Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net consist of the following:


	December 31,
	2024		2023
Land	$	1,341	$	2,811
Building and improvements	32,115		31,025
Computer equipment and software	50,696		46,202
Furniture, fixtures, and equipment	9,183		9,799
Aircraft	2,038		2,038
Other	40		89
Property and equipment, at cost	95,413		91,964
Less: Accumulated depreciation	(61,615)		(51,864)
Total property and equipment, net	$	33,798	$	40,100

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $13,684, $12,368, and $10,706, respectively.

Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight‑line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. Land is not depreciated. Depreciation for equipment commences once it is placed in service, and depreciation for buildings and leasehold improvements commences once they are ready for their intended use.

Estimated useful lives of property and equipment are as follows:


	Useful Life
Building and improvements	25	years
Computer equipment and software	3	years
Furniture, fixtures, and equipment	5	years
Aircraft	6	years
Automobiles	3	years

Cost of maintenance and repairs is charged to expense as incurred. Upon retirement or other disposition, the cost of the asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations.

The Company evaluates the recoverability of property and equipment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require an asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Impairments of property and equipment were not material during the years ended December 31, 2024 or 2023. No impairment of property and equipment occurred for the year ended December 31, 2022.

Related Party Equipment Sale

In January 2022, the Audit Committee of the Company’s Board of Directors authorized the Company to sell 50% of its interest in the Company’s aircraft at fair market value to an entity controlled by the Company’s Chief Executive Officer. The transaction was completed on February 1, 2022 for $2,380 and resulted in a gain of $2,029, which was recorded in Other income (expense), net in the consolidated statements of operations for the year ended December 31, 2022 (see Note 20). Subsequent to the transaction, ongoing operating and fixed costs of the aircraft are shared on a proportional use basis subject to a cost-sharing agreement. Such costs were not material during the years ended December 31, 2024, 2023, and 2022. The Company determined this transaction was with a related party.