v3.25.4

Property and Equipment | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment | 7. Property and Equipment Property and equipment consists of the following:
|  | December 31. |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Computer equipment and purchased software |  | $ | 19,520 |  |  | $ | 16,919 |
Employee related computer equipment |  |  | 47,408 |  |  |  | 36,699 |
Furniture and fixtures |  |  | 20,246 |  |  |  | 20,642 |
Leasehold improvements |  |  | 124,067 |  |  |  | 112,758 |
Internal-use software |  |  | 100,901 |  |  |  | 72,112 |
Construction in progress |  |  | 5,582 |  |  |  | 1,612 |
Total property and equipment |  |  | 317,724 |  |  |  | 260,742 |
Less accumulated depreciation |  |  | (175,855 | ) |  |  | (146,577 | )
Property and equipment, net |  | $ | 141,869 |  |  | $ | 114,165 |
Depreciation and amortization expense was $34.5 million in 2025, $29.7 million in 2024, and $29.0 million in 2023. The Company had capitalized asset retirement costs of $5.0 million at December 31, 2025 and $4.4 million at December 31, 2024 within leasehold improvements and the related liability is within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheet. These costs represent future lease restoration obligations as required by the Company’s leases. The changes in the asset retirement obligation balance during the years ended December 31, 2025 and December 31, 2024 are as follows:
| Year Ended December 31, |
| 2025 |  |  | 2024 |
| (in thousands) |
Beginning balance | $ | 5,854 |  |  | $ | 6,097 |
Additions |  | — |  |  |  | — |
Accretion |  | 145 |  |  |  | 130 |
Updates to estimated cash flows |  | 697 |  |  |  | (373 | )
Ending balance | $ | 6,696 |  |  | $ | 5,854 |

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