v3.26.1
Balance Sheet Components
6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Marketable Securities
The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):
June 30, 2026
Amortized CostUnrealized GainUnrealized LossFair Value
Commercial paper$17,539 $— $(3)$17,536 
Total$17,539 $— $(3)$17,536 
There were no marketable securities as of December 31, 2025. The remaining contractual maturity of all marketable securities was within one year as of June 30, 2026. Realized gains and losses were not material for the six months ended June 30, 2026 and 2025. As of June 30, 2026 and 2025, there were no securities that were in an unrealized loss position for more than twelve months.
Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
June 30,
2026
December 31,
2025
Internal-use software$99,751 $89,161 
Network hardware, computer equipment and software161,856 151,276 
Leasehold improvements7,583 7,553 
Furniture and fixtures2,427 2,534 
Property, equipment and software, gross271,617 250,524 
Less: accumulated depreciation and amortization(213,089)(197,867)
Total property, equipment and software, net$58,528 $52,657 
Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal-use software) was $3.6 million and $5.7 million for the three months ended June 30, 2026 and 2025, respectively, and $7.1 million and $11.5 million for the six months ended June 30, 2026 and 2025, respectively.
The Company capitalized $5.2 million and $6.0 million in software development costs during the three months ended June 30, 2026 and 2025, respectively, and $10.6 million and $12.1 million for the six months ended June 30, 2026 and 2025, respectively. Amortization expense of internal-use software was $6.0 million and $5.7 million during the three months ended June 30, 2026 and 2025, respectively, and $12.1 million and $11.2 million for the six months ended June 30, 2026 and 2025, respectively. These costs are included within cost of revenue in the condensed consolidated statements of operations.
The Company did not recognize any impairment charges on its long-lived assets during the six months ended June 30, 2026 and 2025.
Accounts Payable
Accounts payable consisted of the following (in thousands):
June 30,
2026
December 31,
2025
Payable to publishers$351,543 $319,482 
Trade and other payables38,503 24,137 
Total accounts payable$390,046 $343,619 
Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
June 30,
2026
December 31,
2025
Accrued compensation$17,065 $19,583 
Accrued and other current liabilities7,165 5,695 
Total accrued liabilities$24,230 $25,278