Balance Sheet Components

12 Months Ended

Dec. 31, 2023

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):

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Loss		Fair Value
Commercial paper	$	50,975	$	3	$	(16)	$	50,962
Agency debt securities	2,997		—		(2)		2,995
U.S. Treasury and government debt securities	42,867		12		(1)		42,878
Total	$	96,839	$	15	$	(19)	$	96,835
	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Loss		Fair Value
Commercial paper	$	63,483	$	—	$	—	$	63,483
Agency debt securities	5,762		17		—		5,779
U.S. Treasury and government debt securities	12,777		2		(28)		12,751
Total	$	82,022	$	19	$	(28)	$	82,013

The remaining contractual maturity of all marketable securities was within one year as of December 31, 2023 and 2022. Realized gains and losses were not material for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, and 2022 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):

	December 31,
	2023		2022
Internal-use software	$	56,257	$	40,794
Network hardware, computer equipment and software	137,709		129,212
Leasehold improvements	5,173		4,026
Furniture and fixtures	2,304		2,087
Property, equipment and software, gross	201,443		176,119
Less: accumulated depreciation and amortization	(140,714)		(104,963)
Total property, equipment and software, net	$	60,729	$	71,156

Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal use software) was $28.5 million, $23.6 million, and $15.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company capitalized $21.3 million, $14.5 million, and $10.3 million in software development costs during the years ended December 31, 2023, 2022 and 2021, respectively. Fully-amortized software development costs of $5.9 million have been removed from internal-use software and accumulated depreciation and amortization for the year ended December 31, 2023. Amortization expense of internal use software was $13.9 million, $10.0 million, and $7.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. These costs are included within cost of revenue in the consolidated statements of operations.

The Company did not recognize any impairment charges on its long-lived assets during the years ended December 31, 2023, 2022 and 2021.

Accounts Payable

Accounts payable consisted of the following (in thousands):

	December 31,
	2023		2022
Payable to publishers	$	335,061	$	266,506
Trade and other payables	12,612		10,908
Total accounts payable	$	347,673	$	277,414

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	December 31,
	2023		2022
Accrued compensation	$	18,784	$	14,587
Accrued and other current liabilities	6,900		4,349
Total accrued liabilities	$	25,684	$	18,936