v3.23.2
Property and Equipment, net (Tables)
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment, net consists of the following:
As of
Estimated useful lives (Years)June 30, 2023December 31, 2022
Owned Assets:
Network equipment and computers
3-5
$141,728 $130,218 
Software
2-5
99,828 88,487 
Leasehold improvements
3-8
40,566 42,890 
Office furniture and equipment
3-8
19,938 20,211 
Motor vehicles
2-5
738 605 
Buildings30970 961 
Land—634 629 
Capital work in progress—13,532 14,459 
317,934 298,460 
Less: Accumulated depreciation and amortization(224,764)(216,132)
93,170 82,328 
Right-of-use assets under finance leases*:
Network equipment and computers58 82 
Leasehold improvements611 1,013 
Office furniture and equipment435 662 
Motor vehicles802 742 
1,906 2,499 
Less: Accumulated depreciation and amortization(1,388)(1,999)
518 500 
Property and equipment, net$93,688 $82,828 

*Depreciation on assets held under finance leases are computed using the straight-line method over the shorter of the assets estimated useful lives or the lease term.
The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the unaudited consolidated statements of income was as follows:
Three months ended June 30,Six months ended June 30,
2023202220232022
Depreciation and amortization expense$8,918 $9,929 $18,256 $19,045 
The effect of foreign exchange gain/(loss) upon settlement of cash flow hedges recorded under depreciation and amortization expense, was as follows:
Three months ended June 30,Six months ended June 30,
2023202220232022
Effect of foreign exchange gain/(loss)$(66)$(5)$(145)$62 

Internally developed software costs, included under Software, was as follows:
As of
June 30, 2023December 31, 2022
Cost$42,478 $31,544 
Less : Accumulated amortization(20,540)(16,134)
Internally developed software, net$21,938 $15,410 

The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows:
Three months ended June 30,Six months ended June 30,
2023202220232022
Amortization expense$2,425 $1,549 $4,400 $2,582