v3.25.4
Property and Equipment
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

7. Property and Equipment

Property and equipment consists of the following:

 

 

 

December 31.

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Computer equipment and purchased software

 

$

19,520

 

 

$

16,919

 

Employee related computer equipment

 

 

47,408

 

 

 

36,699

 

Furniture and fixtures

 

 

20,246

 

 

 

20,642

 

Leasehold improvements

 

 

124,067

 

 

 

112,758

 

Internal-use software

 

 

100,901

 

 

 

72,112

 

Construction in progress

 

 

5,582

 

 

 

1,612

 

Total property and equipment

 

 

317,724

 

 

 

260,742

 

Less accumulated depreciation

 

 

(175,855

)

 

 

(146,577

)

Property and equipment, net

 

$

141,869

 

 

$

114,165

 

Depreciation and amortization expense was $34.5 million in 2025, $29.7 million in 2024, and $29.0 million in 2023.

The Company had capitalized asset retirement costs of $5.0 million at December 31, 2025 and $4.4 million at December 31, 2024 within leasehold improvements and the related liability is within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheet. These costs represent future lease restoration obligations as required by the Company’s leases.

The changes in the asset retirement obligation balance during the years ended December 31, 2025 and December 31, 2024 are as follows:

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

(in thousands)

 

Beginning balance

$

5,854

 

 

$

6,097

 

Additions

 

 

 

 

 

Accretion

 

145

 

 

 

130

 

Updates to estimated cash flows

 

697

 

 

 

(373

)

Ending balance

$

6,696

 

 

$

5,854