Fixed Assets, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed assets, net consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Computer and communications equipment	$	112,463	$	103,621
Software, including software development costs	401,040		360,047
Leasehold improvements and other fixed assets	108,303		99,034
	621,806		562,702
Less: accumulated depreciation and amortization	(431,794)		(384,402)
Fixed assets, net	$	190,012	$	178,300

Depreciation expense was $21.9 million, $21.0 million and $22.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Depreciation is included as part of “Occupancy and equipment” in the Company’s Consolidated Statements of Operations.

The Company has approximately $4.6 million and $5.9 million of asset retirement obligations related to certain of its leasehold improvements as of December 31, 2024 and 2023, respectively. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. The liability is discounted and accretion expense is recognized using the credit adjusted risk-free interest rate in effect when the liability was initially recognized.

For the years ended December 31, 2024, 2023 and 2022 software development costs totaling $42.4 million, $45.0 million, and $48.2 million, respectively, were capitalized. Amortization of software development costs totaled $40.1 million, $43.3 million and $37.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization of software development costs is included as part of “Occupancy and equipment” in the Company’s Consolidated Statements of Operations.

Impairment charges of $0.7 million, $3.1 million and $6.1 million were recorded for the years ended December 31, 2024, 2023 and 2022, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges related to capitalized software and fixed assets are reflected in “Occupancy and equipment” in the Company’s Consolidated Statements of Operations.