Cash, cash equivalents, and marketable securities— The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands):


As of December 31, 2025	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	104,166	$	—	$	—	$	104,166
Money market funds	123,314		—		—		123,314
Time deposits	4,005		—		—		4,005
Total cash and cash equivalents	231,485		—		—		231,485
Marketable securities:
U.S. government securities	127,122		137		—		127,259
Total cash, cash equivalents, and marketable securities	$	358,607	$	137	$	—	$	358,744


As of December 31, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	42,326	$	—	$	—	$	42,326
Money market funds	136,771		—		—		136,771
Time deposits	9,809		—		—		9,809
U.S. government securities	1,686		—		—		1,686
Total cash and cash equivalents	190,592		—		—		190,592
Marketable securities:
U.S. government securities	163,747		97		—		163,844
Total cash, cash equivalents, and marketable securities	$	354,339	$	97	$	—	$	354,436


	December 31, 2025				December 31, 2024
	Fair Value		Gross Unrealized Losses(1)		Fair Value		Gross Unrealized Losses(1)
Marketable securities:
U.S. government securities	$	108	$	—	$	4,898	$	—
Total securities in an unrealized loss position	$	108	$	—	$	4,898	$	—
(1) Gross unrealized losses as of December 31, 2025 and December 31, 2024 were less than one thousand dollars and rounded to zero.

Realized gains and losses reclassified from accumulated other comprehensive loss to other expense, net were zero for the fiscal years ended December 31, 2025 and 2024.

No securities had been in a continuous unrealized loss position for twelve months or longer as of December 31, 2025 or December 31, 2024. The Company does not intend to sell available-for-sale marketable debt securities in unrealized loss positions, and it is more likely than not that the Company will hold these securities until maturity or recovery of the cost basis. As of December 31, 2025 and December 31, 2024, the Company did not have an allowance for credit losses related to its available-for-sale debt securities due to a zero loss expectation for the portfolio which consists solely of U.S. government securities.

Property and equipment, net— Property and equipment, net consisted of the following (in thousands):


	December 31,		December 31,
	2025		2024
Leasehold improvements	$	22,828	$	19,064
Computers and equipment	9,530		8,317
Furniture and fixtures	6,013		4,737
Purchased software	383		383
Construction in progress	5		1,757
Total property and equipment	38,759		34,258
Less accumulated depreciation and amortization	(32,065)		(29,724)
Property and equipment, net	$	6,694	$	4,534

Depreciation expense was $3.1 million, $2.7 million, and $3.0 million for the fiscal years ended December 31, 2025, 2024, and 2023, respectively.

Capitalized software, net— Capitalized software, net consisted of the following (in thousands):


	December 31,		December 31,
	2025		2024
Internal use software	$	123,089	$	105,162
Content assets	253		—
Total capitalized software	123,342		105,162
Less accumulated amortization	(94,378)		(73,614)
Capitalized software, net	$	28,964	$	31,548

Amortization expense of capitalized software was $20.8 million, $19.9 million, and $17.5 million for the fiscal years ended December 31, 2025, 2024, and 2023 respectively.

As of December 31, 2025, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):

Intangible assets, net and goodwill— On April 8, 2025, the Company entered into a $1.5 million asset purchase agreement with a private entity. The transaction was accounted for as an asset acquisition in accordance with ASC 805, Business Combinations, and the assembled workforce represented substantially all of the fair value of the acquired assets.


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(3,989)	$	1,511
Assembled workforce	2 years	1,500		(563)		937
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	16,600	$	(14,152)	$	2,448


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(3,072)	$	2,428
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(12,672)	$	2,428

Amortization expense of intangible assets was $1.5 million, $2.8 million, and $4.1 million for the fiscal years ended December 31, 2025, 2024, and 2023, respectively.

Goodwill in the amount of $12.6 million was established as part of the acquisition of CUX, Inc. (d/b/a CorpU) on August 24, 2021, and allocated to the Enterprise segment. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of December 31, 2025.

The Company tests for impairment at least annually, or whenever events or changes in circumstances occur that could impact the recoverability of these assets. No such triggering events were identified during the fiscal years ended December 31, 2025, 2024, or 2023.

Accrued expenses and other current liabilities— Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2025		2024
Accrued expenses	$	17,314	$	14,518
Indirect tax reserves	4,279		2,225
Indirect tax payables	7,806		8,952
Other current liabilities	2,727		5,461
Accrued expenses and other current liabilities	$	32,126	$	31,156