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 March 31, 2026	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	104,416	$	—	$	—	$	104,416
Money market funds	142,402		—		—		142,402
Time deposits	5,745		—		—		5,745
Total cash and cash equivalents	252,563		—		—		252,563
Marketable securities:
U.S. government securities	105,352		13		(109)		105,256
Total cash, cash equivalents, and marketable securities	$	357,915	$	13	$	(109)	$	357,819


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


	March 31, 2026				December 31, 2025
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses(1)
Marketable securities:
U.S. government securities	$	59,137	$	109	$	108	$	—
Total securities in an unrealized loss position	$	59,137	$	109	$	108	$	—
(1) Gross unrealized losses as of December 31, 2025 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 three months ended March 31, 2026 and 2025.

No securities had been in a continuous unrealized loss position for twelve months or longer as of March 31, 2026 or December 31, 2025. 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 March 31, 2026 and December 31, 2025, 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):


	March 31,		December 31,
	2026		2025
Leasehold improvements	$	22,887	$	22,828
Computers and equipment	9,782		9,530
Furniture and fixtures	6,036		6,013
Purchased software	383		383
Construction in progress	—		5
Total property and equipment	39,088		38,759
Less accumulated depreciation and amortization	(32,693)		(32,065)
Property and equipment, net	$	6,395	$	6,694

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


	March 31,		December 31,
	2026		2025
Internal use software	$	128,070	$	123,089
Content assets	253		253
Total capitalized software	128,323		123,342
Less accumulated amortization	(99,550)		(94,378)
Capitalized software, net	$	28,773	$	28,964

Amortization expense of capitalized software was $5.1 million and $5.3 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(4,219)	$	1,281
Assembled workforce	2 years	1,500		(750)		750
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	16,600	$	(14,569)	$	2,031


	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

Amortization expense of intangible assets was $0.4 million and $0.2 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026.

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 three month periods ended March 31, 2026 and 2025.

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


	March 31,		December 31,
	2026		2025
Accrued expenses	$	33,814	$	17,314
Indirect tax reserves	6,219		4,279
Indirect tax payables	6,487		7,806
Other current liabilities	2,824		2,727
Accrued expenses and other current liabilities	$	49,344	$	32,126