v3.26.1
Financial Statement Components
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Statement Components Financial Statement Components
Cash and cash equivalents consisted of the following (in thousands):
June 30, 2026December 31, 2025
Cash$147,180 $127,700 
Money market funds28,940 103,637 
Certificates of deposit1,231 747 
U.S. treasury securities9,954 — 
Total cash and cash equivalents$187,305 $232,084 
Accounts receivable, net consisted of the following (in thousands):
June 30, 2026December 31, 2025
Trade accounts receivable$119,699 $112,918 
Unbilled trade accounts receivable, net of advance customer deposits22,203 18,501 
Provision for credit losses(395)(435)
Accounts receivable, net$141,507 $130,984 
There was one customer that represented 16% of accounts receivable as of June 30, 2026 and no single customer accounted for more than 10% of the Company's total revenue during the six months ended June 30, 2026.
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Prepaid expenses$39,217 $24,209 
Other current assets16,629 14,797 
Contract assets5,641 4,101 
Prepaid expenses and other current assets$61,487 $43,107 
Property and equipment, net consisted of the following (in thousands):
June 30, 2026December 31, 2025
Computer and network equipment$187,606 $178,485 
Computer software72,138 63,547 
Internal-use software development costs121,314 98,542 
Furniture and fixtures4,676 4,561 
Leasehold improvements5,577 6,757 
Property and equipment391,311 351,892 
Accumulated depreciation and amortization(211,663)(187,257)
Property and equipment, net$179,648 $164,635 
Depreciation and amortization expense associated with property and equipment was $16.5 million and $30.9 million for the three and six months ended June 30, 2026, respectively. Depreciation and amortization expense associated with property and equipment was $11.2 million and $21.6 million for the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the Company recorded impairment charges of property and equipment in the amount of $1.0 million and $1.1 million, respectively. During the three and six months ended June 30, 2025, the Company recorded impairment charges of property and equipment in the amount of $0.5 million and $0.8 million, respectively.
Other assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Other assets$42,880 $7,136 
Equity investment in a privately-held company750 750 
Deferred tax assets2,818 2,839 
Other assets$46,448 $10,725 
Accrued and other current liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Accrued expenses$25,998 $24,550 
Accrued compensation and benefits53,066 52,387 
Financing liability10,779 — 
Accrued federal fees3,253 3,911 
Sales and other tax liabilities2,586 3,272 
Accrued and other current liabilities$95,682 $84,120 
During the first half of 2026, the Company entered into a $53.9 million five-year agreement for data center support and maintenance services, which was financed through a non-interest bearing financing arrangement. In accordance with ASC 835-30, the financing arrangement was recorded as a liability at its present value of $48.3 million using an imputed interest rate. The current (included in Prepaid expenses) and long-term (included in Other assets) prepaid portions of this obligation were $9.6 million and $34.8 million, respectively, as of June 30,
2026. The current and long-term portions of this obligation were $10.8 million and $27.4 million, respectively, as of June 30, 2026.
Other long-term liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Deferred revenue$915 $1,545 
Deferred tax liabilities53 56 
Sales and other tax liabilities1,639 1,357 
Financing liability27,449 — 
Other long-term liabilities3,747 4,589 
Other long-term liabilities$33,803 $7,547