Annual report [Section 13 and 15(d), not S-K Item 405]

Property, Plant and Equipment, net

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Property, Plant and Equipment, net
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment, net  
Property, Plant and Equipment, net

6. Property, Plant and Equipment, net

Property, plant and equipment, net, including equipment under finance lease obligations and capitalized software development costs, consisted of the following:

As of December 31, 

(in thousands)

    

2024

    

2023

Computers and peripheral equipment

$

27,552

$

25,013

Office furniture and equipment

 

4,943

 

3,170

Leasehold improvements

 

36,757

 

32,595

Capitalized software development costs

 

55,131

 

35,039

Less accumulated depreciation and amortization

 

(54,188)

 

(37,797)

Total property, plant and equipment, net

$

70,195

$

58,020

For the years ended December 31, 2024, 2023 and 2022 total depreciation expense was $16.5 million, $12.8 million and $9.2 million, respectively.

Property and equipment under finance lease obligations, consisting of computer equipment, totaled $17.8 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, accumulated depreciation related to property and equipment under finance lease obligations totaled $15.0 million and $12.9 million, respectively, refer to Footnote 7, Leases.

During the year ended December 31, 2022, the Company disposed of certain office furniture, equipment and leasehold improvements resulting in a loss on disposal of $1.4 million. The fixed asset disposals relate primarily to the transfer of fixed assets in a sublease office arrangement and the abandonment of fixed assets no longer in use. The loss on disposal was recorded in General and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income.

There were no impairments of Property, plant and equipment identified during the years ended December 31, 2024, 2023 and 2022.