DoubleVerify Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

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)	September 30, 2023		December 31, 2022
Computers and peripheral equipment	$	24,762	$	19,189
Office furniture and equipment		3,071		2,542
Leasehold improvements		32,485		29,678
Capitalized software development costs		29,491		22,026
Less accumulated depreciation and amortization		(34,045)		(26,401)
Total property, plant and equipment, net	$	55,764	$	47,034

For the three months ended September 30, 2023 and September 30, 2022, total depreciation expense was $3.3 million and $1.9 million, respectively. For the nine months ended September 30, 2023 and September 30, 2022, total depreciation expense was $9.4 million and $6.6 million, respectively.

Property and equipment under finance lease obligations, consisting of computer equipment, totaled $17.8 million and $12.3 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, accumulated depreciation related to property and equipment under finance lease obligations totaled $12.3 million and $11.2 million, respectively. Refer to Note 7, Leases.