v3.26.1
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

5.      PROPERTY AND EQUIPMENT

The major components of property and equipment are as follows:

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As of June 30, 

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As of December 31,

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2026

​

2025

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  ​ ​ ​

(unaudited)

  ​ ​ ​

​

Leasehold improvements

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$

20,411

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$

20,395

Equipment

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17,963

​

 

16,426

Computer software purchased

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1,374

​

 

1,383

Internal-use software developed:

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Cloud-based customer solutions (1)

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381,100

​

 

328,648

Internal systems and tools

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108,258

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92,074

Furniture and fixtures

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7,202

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7,187

In-process internal-use software

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3,324

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21,416

Property and equipment

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539,632

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487,529

Less accumulated depreciation and amortization

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(319,161)

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(277,802)

Property and equipment, net

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$

220,471

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$

209,727

(1) Includes $7,848 of developed technology related to the Brinta acquisition. For further information, refer to Note 3, "Acquisitions".

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Depreciation expense for property and equipment, excluding all internal-use software developed and finance leases, was $1,204 and $1,068 for the three months ended June 30, 2026 and 2025, respectively, and $2,374 and $2,123 for the six months ended June 30, 2026 and 2025, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income (loss).

Finance lease amortization was $8 and $19 for the three months ended June 30, 2026 and 2025, respectively, and $26 and $38 for the six months ended June 30, 2026 and 2025, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income (loss).

Assets under finance leases of $141 and $265, net of accumulated amortization of $73 and $171, respectively, at June 30, 2026 and December 31, 2025, respectively, are included in property and equipment, net in the condensed consolidated balance sheets.

The major components of internal-use software developed are as follows:

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As of June 30, 

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As of December 31,

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2026

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2025

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  ​ ​ ​

(unaudited)

  ​ ​ ​

​

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Internal-use software developed

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$

489,358

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$

420,722

Less accumulated depreciation

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(283,464)

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(244,374)

Internal-use software developed, net of accumulated depreciation

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205,894

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176,348

In-process internal-use software

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3,324

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21,416

Internal-use software developed, net

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$

209,218

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$

197,764

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Amounts included in property and equipment additions related to capitalized internal-use software on the condensed consolidated statements of cash flows are as follows:

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For the six months ended June 30, 

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2026

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2025

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(unaudited)

Cloud-based customer solutions

  ​ ​ ​

$

34,441

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$

31,014

Internal systems and tools

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11,767

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8,476

Total

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$

46,208

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$

39,490

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In-process internal-use software developed is not depreciated until it is available for its intended use. Depreciation expense for internal-use software developed for cloud-based customer solutions for the three months ended June 30, 2026 and 2025 was $15,899 and $11,206, respectively, and $30,102 and $21,269, for the six months ended June 30, 2026 and 2025, respectively, and is included in cost of revenues, software subscriptions in the condensed consolidated statements of comprehensive income (loss).

Depreciation expense for internal-use software developed for internal systems and tools for the three months ended June 30, 2026 and 2025 was $5,508 and $5,101, respectively and $10,762 and $9,906 for the six months ended June 30, 2026 and 2025, respectively, and is included in depreciation and amortization in the condensed consolidated statements of comprehensive income (loss).