| CONSOLIDATED BALANCE SHEET COMPONENTS Restricted Cash The reconciliation of cash, cash equivalents, and restricted cash was as follows: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Cash and cash equivalents | $ | 775.1 | | | $ | 726.1 | | | Restricted cash, current | — | | | 1.6 | | | Restricted cash, non-current | 0.7 | | | 0.7 | | | Total cash, cash equivalents, and restricted cash | $ | 775.8 | | | $ | 728.4 | |
Accounts Receivable, Net Accounts receivable, net consisted of the following: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Billed accounts receivable, net of allowance for credit losses | $ | 58.2 | | | $ | 55.4 | | | Unbilled accounts receivable | 9.0 | | | 4.3 | | | Accounts receivable, net | $ | 67.2 | | | $ | 59.7 | |
Property, Equipment, and Software, Net Property, equipment, and software, net consisted of the following: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Internal-use software and website development | $ | 106.7 | | | $ | 94.6 | | | Computer equipment and purchased software | 4.8 | | | 4.7 | | | Leasehold improvements | 1.1 | | | 0.7 | | | Furniture and fixtures | 0.8 | | | 0.5 | | | Total property, equipment, and software | 113.4 | | | 100.5 | | | Less accumulated depreciation and amortization | (73.4) | | | (63.6) | | | Property, equipment, and software, net | $ | 40.0 | | | $ | 36.9 | |
The following table presents depreciation and amortization expense related to property, equipment, and software as well as the portion of amortization expense related to internal-use software and website development that is recorded within cost of revenue in the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Depreciation and amortization expense | $ | 4.9 | | | $ | 5.1 | | | $ | 9.9 | | | $ | 10.4 | | | Amortization expense for internal-use software and website development | $ | 4.7 | | | $ | 4.6 | | | $ | 9.4 | | | $ | 9.4 | |
Intangible Assets, Net Intangible assets, net consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Gross
Carrying
Value | | Accumulated
Amortization | | Net
Carrying
Value | | Gross
Carrying
Value | | Accumulated
Amortization | | Net
Carrying
Value | | Content assets | $ | 37.7 | | | $ | (11.5) | | | $ | 26.2 | | | $ | 31.2 | | | $ | (7.6) | | | $ | 23.6 | | | Developed technology | 8.4 | | | (8.2) | | | 0.2 | | | 8.4 | | | (7.5) | | | 0.9 | | | | | | | | | | | | | | | Intangible assets | $ | 46.1 | | | $ | (19.7) | | | $ | 26.4 | | | $ | 39.6 | | | $ | (15.1) | | | $ | 24.5 | |
Capitalization of content assets and amortization expense for intangible assets were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Capitalization of content assets | $ | 4.0 | | | $ | 3.5 | | | $ | 6.8 | | | $ | 5.4 | | | Amortization expense for intangible assets | $ | 2.5 | | | $ | 1.2 | | | $ | 4.6 | | | $ | 2.3 | |
As of June 30, 2025, future expected amortization expense for intangible assets was as follows: | | | | | | | | | | Remainder of 2025 | | $ | 4.6 | | | 2026 | | 7.2 | | | 2027 | | 5.7 | | | 2028 | | 5.2 | | | 2029 | | 3.4 | | | Thereafter | | 0.3 | | | Total | | $ | 26.4 | |
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