Property and Equipment, net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Note 4. Property and Equipment, net

Property and equipment, net as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


	September 30, 2025			December 31, 2024
Furniture and equipment	$	33,256		$	32,054
Capitalized software for internal use, acquired by business combination		467,019			490,346
Capitalized software for internal use, developed internally or otherwise purchased		151,370			125,973
Leasehold improvements		2,874			3,007
Total property and equipment		654,519			651,380
Less: accumulated depreciation and amortization		(393,567	)		(343,841	)
Property and equipment, net	$	260,952		$	307,539

Depreciation and amortization expense of property and equipment was approximately $28.0 million and $15.9 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation and amortization expense of property and equipment was approximately $83.3 million and $47.1 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company capitalizes certain costs associated with software developed or acquired for internal use in accordance with ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software. These capitalized software assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. For the three and nine months ended September 30, 2025, the Company recognized impairment losses of $1.2 million, related to retiring legacy acquired platforms.