Other Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Other Balance Sheet Components [Abstract]

8. Other Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Prepaid expenses	$	47,419	$	48,555
Accrued interest receivable	16,265		14,697
Other current assets	7,018		11,297
Total prepaid expenses and other current assets	$	70,702	$	74,549

Property and equipment, net

Property and equipment, net, consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Servers and related equipment and software	$	919,932	$	914,989
Computer hardware and software licenses	50,980		43,732
Furniture and fixtures	2,084		520
Leasehold improvements	102,551		101,785
Construction in progress	154,013		77,043
Total property and equipment	1,229,560		1,138,069
Less accumulated depreciation and amortization expense	(586,923)		(442,709)
Property and equipment—net	$	642,637	$	695,360

Construction in progress primarily relates to leasehold improvements for the Company’s leased office buildings and network equipment infrastructure to support the Company’s data centers.

In the third quarter of 2024, the Company re-assessed the estimated useful life of certain software licenses, resulting in the acceleration of their remaining depreciation expense of $17.9 million within infrastructure and trust & safety expenses. Total depreciation and amortization expense of property and equipment was $63.9 million and $160.4 million for the three and nine months ended September 30, 2024, respectively, and $48.4 million and $139.4 million for the three and nine months ended September 30, 2023, respectively.

Accrued expenses and other current liabilities

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


	As of
	September 30, 2024		December 31, 2023
Accrued operating expenses	$	60,486	$	51,921
Short term operating lease liabilities	132,977		111,293
Accrued interest on the 2030 Notes	16,146		6,458
Taxes payable	45,493		59,632
Accrued compensation and other employee related liabilities	13,174		32,125
Other current liabilities	5,418		9,692
Total accrued expenses and other current liabilities	$	273,694	$	271,121