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PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

6. PROPERTY AND EQUIPMENT

The major components of property and equipment are as follows:

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	2024		​	2023
Leasehold improvements	​	$	20,096	​	$	20,662
Equipment	​		14,386	​		22,012
Computer software purchased	​		1,344	​		2,690
Internal-use software developed:	​		​	​		​
Cloud-based customer solutions	​		237,232	​		142,302
Internal systems and tools	​		72,406	​		39,430
Furniture and fixtures	​		7,292	​		7,669
In-process internal-use software	​		28,916	​		28,883
Property and equipment	​		381,672	​		263,648
Less accumulated depreciation and amortization	​		(204,113)	​		(162,914)
Property and equipment, net	​	$	177,559	​	$	100,734
​	​	​	​	​	​	​

​

Depreciation expense for property and equipment, excluding all internal-use software developed and finance leases, was $4,394, $5,847, and $6,445 for the years ended December 31, 2024, 2023, and 2022, respectively. Depreciation for property and equipment, excluding internal-use software developed for cloud-based customer solutions, is reflected in depreciation and amortization in the consolidated statements of comprehensive loss.

Finance lease amortization was $78, $610, and $1,082 for the years ended December 31, 2024, 2023, and 2022, respectively. Finance lease amortization is included in depreciation and amortization in the consolidated statements of comprehensive loss.

Assets under finance leases of $172, and $297, net of accumulated amortization of $97 and $190, at December 31, 2024 and 2023, respectively, are included in property and equipment in the consolidated balance sheets.

The major components of internal-use software developed are as follows:

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	2024		​	2023
Internal-use software developed	​	$	309,638	​	$	181,732
Less accumulated depreciation	​		(171,181)	​		(121,646)
Internal-use software developed, net of accumulated depreciation	​		138,457	​		60,086
In-process internal-use software	​		28,916	​		28,883
Internal-use software developed, net	​	$	167,373	​	$	88,969

​

Amounts included in property and equipment additions related to capitalized internal-use software on the consolidated statements of cash flows are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	For the year ended December 31,
​	​	2024		​	2023		​	2022
Cloud-based customer solutions		$	45,374		$	29,496		$	28,918
Internal systems and tools	​		19,024	​		17,751	​		13,356
Total	​	$	64,398	​	$	47,247	​	$	42,274

​

In-process internal-use software developed is not depreciated until it is available for its intended use. Depreciation expense for internal-use software developed for cloud-based customer solutions for the years ended December 31, 2024, 2023, and 2022, was $35,312, $34,592, and $27,682, respectively, and is included in cost of revenues, software subscriptions in the consolidated statements of comprehensive loss. Developed technology for cloud-based customer solutions with an acquisition date fair value of $63,800 was recorded in connection with the ecosio acquisition and is reflected in property and equipment, net, in the consolidated balance sheets at December 31, 2024. Depreciation expense related to this developed technology was $2,962 for the year ended December 31, 2024, and is reflected in cost of revenues - software subscriptions in the consolidated statement of comprehensive loss.

Depreciation expense for internal-use software developed for internal systems and tools for the years ended December 31, 2024, 2023, and 2022 was $16,481, $8,745, and $4,913, respectively, and is included in depreciation and amortization in the consolidated statements of comprehensive loss.

Amortization expense of internal-use software developed, excluding in-process internal-use software not yet available for its intended use at December 31, 2024 is as follows for all future years:

​

​	​	​	​	​	​	​
Year Ending December 31,		Internal Systems and Tools			Cloud-Based Customer Solutions
2025	​	$	17,779	​	​	33,764
2026	​		12,607	​	​	24,864
2027	​		4,113	​	​	13,699
2028	​		207	​	​	8,570
2029	​		—	​	​	22,854
Total	​	$	34,706	​	$	103,751

​

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

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