Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.22.2
Property, Plant and Equipment
6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment  
Property, Plant and Equipment

6.     Property, Plant and Equipment

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

As of

(in thousands)

June 30, 2022

December 31, 2021

Computers and peripheral equipment

    

$

18,944

    

$

18,883

Office furniture and equipment

 

1,311

 

1,102

Leasehold improvements

 

8,421

 

9,354

Capitalized software development costs

 

18,252

 

15,007

Less accumulated depreciation and amortization

 

(21,970)

 

(26,771)

Total property, plant and equipment, net

$

24,958

$

17,575

For the three months ended June 30, 2022 and June 30, 2021, total depreciation expense was $2.1 million and $3.0 million, respectively. For the six months ended June 30, 2022 and June 30, 2021, total depreciation expense was $4.8 million and $5.6 million, respectively.

Property and equipment under finance lease obligations, consisting of computer equipment, totaled $12.3 million and $12.3 million on June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022 and December 31, 2021, accumulated depreciation related to property and equipment under finance lease obligations totaled $10.7 million and $10.0 million, respectively. Refer to Note 7, Leases.

During the three and six months ended June 30, 2022, the Company disposed of certain office furniture, equipment and leasehold improvements resulting in a loss on disposal of $0.9 million and $1.3 million, respectively. The fixed asset disposals relate 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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).