Property and Equipment, Net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant, and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net | 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 three months ended September 30, 2026 and 2025 was $7.0 million and $5.4 million, respectively. Depreciation of fixed assets, including the amortization of capitalized software, for the nine months ended September 30, 2026 and 2025 was $21.0 million and $16.0 million, respectively. We capitalized $9.5 million and $4.6 million in software development costs for the three months ended September 30, 2026 and 2025, respectively. We capitalized $27.9 million and $13.5 million in software development costs for the nine months ended September 30, 2026 and 2025, respectively. Amortization of capitalized software was $4.7 million and $3.6 million for the three months ended September 30, 2026 and 2025, respectively. Amortization of capitalized software was $14.0 million and $10.3 million for the nine months ended September 30, 2026 and 2025, respectively. The net book value of capitalized software development costs was $49.7 million and $35.9 million as of September 30, 2026 and December 31, 2025, respectively. During the nine months ended September 30, 2026, we recorded impairment expense of $2.0 million within general and administrative expense in our consolidated statement of operations related to a right-of-use asset and leasehold improvements at an office location we plan to exit. The impairment resulted from a change in the expected use of the facility and was measured as the excess of the carrying value of the asset group over its estimated fair value. Fair value was determined using an income approach based on estimated future sublease income. There were no other impairments of property and equipment for the three and nine months ended September 30, 2026 and 2025, respectively.
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