Property and Equipment (Tables)

9 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, equipment and leasehold improvements

Property, equipment and leasehold improvements in the accompanying consolidated and combined balance sheets consist of the following:

	June 30,		September 30,
	2022		2021
	(Dollars in Thousands)
Property, equipment and leasehold improvements, at cost:
Construction in progress	$	493	$	99
Computer equipment, furniture & fixtures	27,465		24,857
Leasehold improvements	7,158		4,793
Property, equipment and leasehold improvements, at cost	35,116		29,749
Accumulated depreciation	(17,968)		(15,005)
Property, equipment and leasehold improvements, net	$	17,148	$	14,744

The increase in property, equipment and leasehold improvements, net balances in fiscal year 2022 was primarily due to the Heritage AspenTech acquisition. See Note 4, "Acquisitions".

Property and equipment are stated at cost. The Company records depreciation using the straight-line method over their estimated useful lives, as follows:

Asset Classification	Estimated Useful Life
Computer equipment	3 years
Furniture and fixtures	10 years
Leasehold improvements	Life of lease or asset, whichever is shorter