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Property and Equipment, net
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The following table presents the major classes of property and equipment, net, as of September 30, 2024 and December 31, 2023:
(In thousands)September 30, 2024 December 31, 2023
Office equipment and software$8,820 $8,574 
Leasehold improvements7,642 7,459 
Furniture and fixtures3,669 3,658 
Capitalized software18,063 12,560 
Total38,194 32,251 
Accumulated depreciation(17,356)(13,529)
Property and equipment, net$20,838 $18,722 
Depreciation expense was $1.4 million and $4.1 million for the three and nine months ended September 30, 2024, respectively, compared to $1.0 million and $2.5 million for the three and nine months ended September 30, 2023, respectively. Depreciation expense includes cost of sales depreciation expense directly related to delivering cloud subscription revenue of $0.7 million and $2.2 million for the three and nine months ended September 30, 2024, respectively, and $0.4 million for both the three and nine months ended September 30, 2023. Costs are recorded in "Services and other cost of goods sold" on the condensed consolidated statements of operations.
In connection with the continued execution of cost reductions, the Company decided to stop any incremental development investments supporting its previously acquired blockchain technology and related commercial efforts. As a result, the Company wrote-off the internal capitalized software used to build out connection points for its blockchain technology and its e-signature product (see Note 16, Restructuring and Other Related Charges). The total write off amounted to $1.0 million within property and equipment, net, of which $0.7 million was recognized in "Services and other cost of goods sold" on the condensed consolidated statements of operations for the nine months ended September 30, 2024. The remaining write-off amount of $0.3 million was recognized in "Restructuring and other related charges" on the condensed consolidated statements of operations for the nine months ended September 30, 2024.
As part of the Company's decision to discontinue investments in its Digipass CX product (see Note 16, Restructuring and Other Related Charges), write-offs of $1.4 million for capitalized software were recorded in "Restructuring and other related charges" on the condensed consolidated statements of operations for the nine months ended September 30, 2023.
In conjunction with the Company's Chicago office lease abandonment (see Note 16, Restructuring and Other Related Charges), write-offs of $0.6 million for leasehold improvements and $0.1 million for office equipment and software were recorded in "Restructuring and other related charges" on the condensed consolidated statements of operations for the nine months ended September 30, 2023.
Due to the Company's Brussels office lease termination (see Note 16, Restructuring and Other Related Charges), $0.6 million of leasehold improvements were written off and recorded in "Restructuring and other related charges" on the condensed consolidated statements of operations during the three and nine months ended September 30, 2023.