CAPITALIZED SOFTWARE DEVELOPMENT COSTS

12 Months Ended

Dec. 31, 2024

Capitalized Software Development Costs [Abstract]

The Company’s capitalized software development costs are summarized as follows (in thousands):


	December 31,
	2024		2023
Gross carrying amount	$	205,158	$	143,403
Accumulated amortization	(92,837)		(60,358)
Net capitalized software costs (1)	$	112,321	$	83,045

(1) December 31, 2024 and 2023, the above balances include $9.7 million and $12.5 million, respectively, of capitalized software costs developed by the Company for internal use.

Amortization of capitalized software related to the Company's SaaS platform was $29.3 million, $17.6 million, and $10.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is recorded in cost of revenue within the accompanying consolidated statements of operations and comprehensive loss. Amortization of capitalized software related to software used internally was $3.2 million and $1.7 million for the years ended December 31, 2024 and 2023, respectively, and is recorded in operating expenses within the accompanying consolidated statements of operations and comprehensive loss.

During 2024, 2023, and 2022, the Company recorded expense for certain software development costs of $0.4 million, $0.4 million, and $0.3 million, respectively, within research and development expense in the accompanying consolidated statements of operations and comprehensive loss, relating to development projects the Company decided to abandon prior to completion.

The estimated amortization is comprised of (i) amortization of completed software and (ii) the expected amortization for software that is not yet complete based on its estimated economic lives and projected completion dates. The following table presents the remaining estimated amortization of capitalized software development costs as of December 31, 2024 (in thousands):


Years Ending December 31,
2025	$	53,557
2026	44,574
2027	13,115
2028	897
2029	162
Thereafter	16
Total	$	112,321