PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following:


	Weighted Average Useful Life (in years)	As of December 31, 2025		As of December 31, 2024
Computer hardware	4	$	154,550	$	146,966
Purchased computer software	4	94,557		91,630
Buildings and land improvements	46	57,194		57,194
Leasehold improvements	6	44,379		39,278
Furniture, fixtures and equipment	7	42,881		39,585
Land	n/a	1,339		1,339
Construction in progress	n/a	52,344		52,264
		447,244		428,256
Less: accumulated depreciation and amortization		(244,857)		(220,589)
Total		$	202,387	$	207,667

Depreciation and amortization expense related to property and equipment was $53.1 million, $59.4 million and $68.2 million during the years ended December 31, 2025, 2024 and 2023, respectively.

The Company has assets which generate lease income including subleases of portions of its office space to third parties. The gross amount of such assets was $20.0 million and $10.6 million, and the associated accumulated depreciation was $6.9 million and $4.0 million as of December 31, 2025 and 2024, respectively. Depreciation expense associated with these assets held under operating leases was $1.2 million, $0.8 million and $0.5 million for the year ended December 31, 2025, 2024 and 2023, respectively.

The Company owns buildings located in Belarus, which are used in the Company’s normal operations as office space for its employees. On November 17, 2021, the Company acquired an office building in the process of being constructed in Kyiv, Ukraine for $50.1 million. Once completed, the acquired building is intended to be used in the Company’s normal operations as office space for its employees. The office building is classified as construction-in-progress as of December 31, 2025 and, due to Russia’s invasion of Ukraine, it is uncertain when this office building will be available for its intended use. See Note 2 “Impact of the Invasion of Ukraine” for more information regarding the assets in Ukraine.

During the year ended December 31, 2022, the Company completed an asset acquisition of software licenses for use in the regular course of business for a purchase price of $66.1 million, which included an upfront payment of $13.3 million and fixed deferred consideration, payable in annual installments, with an acquisition-date fair value of $52.8 million. To estimate fair value, the future payments were discounted to present value using a discount rate based on the estimated borrowing rate of the Company. The weighted average discount rate used to determine the acquisition-date fair value was 5.2%. During the year ended December 31, 2023, this agreement was amended resulting in the derecognition of $20.8 million of software license assets, net of accumulated depreciation, and $21.4 million of deferred consideration liability. As part of the amendment, the Company purchased new software licenses for use in the regular course of business for a purchase price of $26.7 million, which included an upfront payment of $6.8 million and fixed deferred consideration, payable in annual installments, with an acquisition-date fair value of $19.9 million. To estimate fair value, the future payments were discounted to present value using a discount rate based on the estimated borrowing rate of the Company. The weighted average discount rate used to determine the acquisition-date fair value was 5.5%. See Note 18 “Commitments and Contingencies” for more information regarding the deferred consideration.