v3.25.2
Balance Sheet Information
 6 Months Ended
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Information Balance Sheet Information
Property and Equipment, Net
Property and equipment, net consisted of the following:
As of June 30, 2025As of December 31, 2024
(in thousands)
Computer and networking equipment$255,388 $237,148 
Leasehold improvements8,181 8,139 
Furniture and fixtures2,401 2,153 
Office equipment1,219 1,218 
Internal-use software136,510 123,849 
Property and equipment, gross$403,699 $372,507 
Accumulated depreciation and amortization(221,929)(193,410)
Property and equipment, net$181,770 $179,097 
During both the three and six months ended June 30, 2024, the Company recognized a non-recurring impairment charge of $1.8 million related to an internal-use software project the Company does not plan to continue with and therefore abandoned. These impairment charges are included within the impairment expense line in the Company's condensed consolidated statements of operations. The Company did not recognize any material impairment on its internal-use software for either of the three and six months ended June 30, 2025.
Depreciation on property and equipment for the three months ended June 30, 2025 and 2024 was approximately $15.0 million and $13.3 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of approximately $5.4 million and $4.0 million for the three months ended June 30, 2025 and 2024, respectively.
Depreciation on property and equipment for the six months ended June 30, 2025 and 2024 was approximately $30.1 million and $26.6 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of approximately $11.0 million and $7.9 million for the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025 and December 31, 2024, the unamortized balance of capitalized internal-use software costs on the Company’s condensed consolidated balance sheets was approximately $81.1 million and $79.5 million, respectively.
The Company leases certain networking equipment from various third parties through equipment finance leases. The Company’s networking equipment assets as of both June 30, 2025 and December 31, 2024 included a total of $73.2 million acquired under finance lease agreements. These leases are capitalized in property and equipment, and the related amortization of assets under finance leases is included in depreciation and amortization expense. The accumulated depreciation of the associated networking equipment assets under finance leases totaled $58.2 million and $52.2 million as of June 30, 2025 and December 31, 2024, respectively.
Other Assets
Other assets consisted of the following:
As of June 30, 2025As of December 31, 2024
(in thousands)
Deferred contract costs, net$47,932 $52,583 
Advance payment for purchase of property and equipment2,700 9,837 
Other assets8,941 5,982 
Total other assets$59,573 $68,402 
Accrued Expenses
Accrued expenses consisted of the following:
As of June 30, 2025As of December 31, 2024
(in thousands)
Accrued compensation and related benefits$9,505 $12,700 
Accrued bonus12,247 6,566 
Accrued colocation and bandwidth costs15,147 15,317 
Other tax liabilities
4,540 4,266 
Other accrued expenses
3,843 2,773 
Total accrued expenses$45,282 $41,622 
Other Current Liabilities
Other current liabilities consisted of the following:
As of June 30, 2025As of December 31, 2024
(in thousands)
Deferred revenue$34,356 $26,511 
Accrued computer and networking equipment704 743 
Other current liabilities7,313 2,053 
Total other current liabilities$42,373 $29,307 
Accumulated Other Comprehensive Loss
For the three and six months ended June 30, 2025 and 2024, components of accumulated other comprehensive loss, net of taxes, were as follows (in thousands):

Foreign Currency Translation Available-for-sale investments
Accumulated Other Comprehensive Loss
Balance, March 31, 2025$(12)$(118)$(130)
Other comprehensive loss — (39)(39)
Balance, June 30, 2025$(12)$(157)$(169)
Foreign Currency Translation Available-for-sale investments
Accumulated Other Comprehensive Loss
Balance, March 31, 2024$(12)$(509)$(521)
Other comprehensive income — 239 239 
Balance, June 30, 2024$(12)$(270)$(282)
Foreign Currency Translation Available-for-sale investments
Accumulated Other Comprehensive Loss
Balance, December 31, 2024$(12)$(88)$(100)
Other comprehensive loss— (69)(69)
Balance, June 30, 2025$(12)$(157)$(169)
Foreign Currency Translation Available-for-sale investments
Accumulated Other Comprehensive Loss
Balance, December 31, 2023$(12)$(996)$(1,008)
Other comprehensive income— 726 726 
Balance, June 30, 2024$(12)$(270)$(282)
There were no material reclassifications out of accumulated other comprehensive loss during the three and six months ended June 30, 2025 and 2024. Additionally, there was no material tax impact on the amounts presented.