v3.25.2
Property, Equipment and Software
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software Property, Equipment and Software
A summary of property, equipment and software, net was as follows:
(in thousands)June 30, 2025December 31, 2024
Computer software$115,355 $104,683 
Equipment14,513 11,571 
Leasehold improvements2,734 2,718 
Furniture and fixtures1,382 1,365 
Property, equipment and software133,984 120,337 
Less: Accumulated depreciation(77,992)(70,258)
Capital work in-progress1,537 2,398 
Property, equipment and software, net$57,529 $52,477 
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Depreciation expense$4,075 $3,428 $7,937 $6,598 
Computer software represents purchased software and internally developed software that is used to provide the Company's services to its customers.
Fully depreciated assets are retained in property, equipment and software, net, until removed from service. Certain fully depreciated assets were removed from service during the three and six months ended June 30, 2025 and 2024.