Property, Plant and Equipment

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment

Property, Plant and Equipment

6.     Property, Plant and Equipment

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

	As of
(in thousands)	June 30, 2025		December 31, 2024
Computers and peripheral equipment	$	42,181	$	27,552
Office furniture and equipment		5,525		4,943
Leasehold improvements		39,220		36,757
Capitalized software development costs		71,808		55,131
Less accumulated depreciation and amortization		(66,848)		(54,188)
Total property, plant and equipment, net	$	91,886	$	70,195

For the three months ended June 30, 2025 and June 30, 2024, total depreciation expense was $6.6 million and $3.9 million, respectively. For the six months ended June 30, 2025 and June 30, 2024, total depreciation expense was $11.8 million and $7.5 million, respectively.

Property and equipment under finance lease obligations, consisting of computer equipment, totaled $31.6 million and $17.8 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, accumulated depreciation related to property and equipment under finance lease obligations totaled $17.6 million and $15.0 million, respectively. Refer to Note 7 for further information.

There were no impairments of Property, plant and equipment identified during the six months ended June 30, 2025 and June 30, 2024.