Property and Equipment, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Property and Equipment, Net | 7.Property and Equipment, Net The balances of the major classes of property and equipment are as follows (in thousands):
Depreciation of fixed assets, including the amortization of capitalized software, for the years ended December 31, 2024, 2023, and 2022 was $38.7 million, $17.1 million, and $15.7 million, respectively. We capitalized $16.4 million, $15.0 million, and $10.9 million in software development costs for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization of capitalized software was $10.2 million, $6.8 million, and $5.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. The net book value of capitalized software development costs was $29.6 million and $23.4 million as of December 31, 2024 and 2023, respectively. We expect to recognize $13.2 million of amortization of capitalized software in future periods. There were no impairments of property and equipment for the years ended December 31, 2024, 2023, and 2022, respectively. For the year ended December 31, 2022, we recorded impairment expense of $4.6 million related to leasehold improvements at closed office locations as general and administrative expense in our consolidated statement of operations. Due to the relocation of one of our offices, we reduced the useful life of the related finance lease and leasehold improvement assets which represented $17.9 million of incremental depreciation in the year ended December 31, 2024. The aforementioned assets have been fully depreciated and disposed of as of December 31, 2024. |
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