v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment [Text Block] Property and Equipment
Property and equipment consists of the following:
As of June 30,As of December 31,
20262025
(in millions)
Furniture and equipment$0.8 $0.8 
Leasehold improvements0.4 0.4 
Computers and software42.1 41.5 
Property and equipment, gross43.3 42.7 
Accumulated depreciation(37.1)(36.2)
Property and equipment, net$6.2 $6.5 
Depreciation expenses related to property and equipment were $0.9 million and $1.8 million for the three and six months ended June 30, 2026, respectively, and $0.9 million and $1.7 million for the three and six months ended June 30, 2025, respectively. Capitalized costs associated with internally developed software were $1.8 million during the six months ended June 30, 2026 and $2.6 million during the year ended December 31, 2025.
Cloud Computing Arrangements
Capitalized costs associated with cloud computing arrangements totaled $15.2 million and $12.9 million, which were comprised of non-cancellable arrangements, service contract fees and implementation costs associated with hosting arrangements as of June 30, 2026 and December 31, 2025, respectively. Total amortization for these arrangements was $1.3 million and $2.4 million for the three and six months ended June 30, 2026, respectively, and $2.4 million and $5.0 million for the three and six months ended June 30, 2025, respectively.
Leases
The Company determines if an arrangement is a lease at the inception of the transaction. Operating leases for offices are presented as both an Operating lease right-of-use (ROU) asset and an Operating lease liability on the Company’s Consolidated Balance Sheets. Finance leases for automobiles are presented as both Property and equipment and Other liabilities on the Company’s Consolidated Balance Sheets. As of March 31, 2025, the Company no longer had finance leases for automobiles. ROU assets represent the right to use an underlying asset for the lease term and the lease liability represents the obligation to make lease payments arising from the lease transaction. Operating lease assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company uses collateralized incremental borrowing rates to determine the present value of lease payments. ROU assets also include lease payments less any lease incentives within a lease agreement. The Company’s lease terms may include options to extend or terminate a lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As of June 30, 2026, the Company’s operating leases have remaining terms of one year to six years, with options to extend up to five years with no termination provision.
Components of lease expense were as follows:
Three Months Ended
Six Months Ended
June 30,June 30,
2026202520262025
(in millions)
Operating lease expense$0.2 $0.3 $0.5 $0.6 
Finance lease expense— — — — 
Total lease expense$0.2 $0.3 $0.5 $0.6 
As of June 30, 2026, the weighted average remaining lease terms for operating leases were 5.5 years, and the associated weighted average discount rate was 4.5%.
Maturities of lease liabilities were as follows:
As of June 30, 2026
Operating LeasesFinance Leases
(in millions)
2026
$0.4 $— 
2027
0.8 — 
2028
0.8 — 
2029
0.6 — 
2030
0.6 — 
Thereafter0.9 — 
Total lease payments4.1 — 
Less: imputed interest(0.5)— 
Total$3.6 $— 
Supplemental balance sheet information related to leases was as follows:
As of June 30,As of December 31,
20262025
(in millions)
Operating leases:
Operating lease right-of-use asset$3.4 $3.7 
Operating lease liability3.6 3.9 
Finance leases:
Property and equipment, gross— — 
Accumulated depreciation— — 
Property and equipment, net— — 
Other liabilities$— $— 
Supplemental cash flow information related to leases was as follows:
Six Months Ended
June 30,
20262025
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$0.5 $0.6 
Financing cash flows used for finance leases— —