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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

12. Property and Equipment, Net

Property and equipment, net is summarized as follows (in thousands):

 

 

December 31, 2025

 

 

December 31, 2024

 

Land and land improvements

 

$

2,120

 

 

$

2,106

 

Furniture and equipment

 

 

244,505

 

 

 

201,364

 

Software

 

 

234,445

 

 

 

213,358

 

Buildings

 

 

9,495

 

 

 

8,806

 

Leasehold improvements

 

 

76,683

 

 

 

65,432

 

Property and equipment under finance lease (Note 13)

 

 

39,640

 

 

 

28,357

 

Construction in progress

 

 

2,679

 

 

 

1,039

 

Property and equipment

 

 

609,567

 

 

 

520,462

 

Less: accumulated depreciation

 

 

404,878

 

 

 

339,892

 

Property and equipment, net

 

$

204,689

 

 

$

180,570

 

 

Depreciation expense is recorded within cost of goods, cost of services, and selling, general, and administrative expenses within our consolidated statements of operations, depending on the nature of the underlying fixed assets. Depreciation expense was $71.8 million, $66.8 million and $57.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.