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Property and Equipment, net
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023:
December 31,
(In thousands)Useful Life (in years)20242023
Office equipment and software
3-5
$8,658 $8,574 
Leasehold improvements107,639 7,459 
Furniture and fixtures53,519 3,658 
Capitalized software319,298 12,560 
Total39,114 32,251 
Accumulated depreciation(18,148)(13,529)
Property and equipment, net$20,966 $18,722 
Depreciation expense was $5.8 million, $3.7 million, and $2.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. Depreciation expense includes cost of sales depreciation expense directly related to delivering cloud subscription revenue of $3.1 million, $1.1 million, and $0 for the years ended December 31, 2024, 2023, and 2022, respectively. Costs are recorded in "Services and other cost of goods sold" on the consolidated statements of operations.
In connection with the continued execution of cost reductions, the Company decided to stop any incremental development investments supporting its previous 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 19, 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 consolidated statement of operations for the year ended December 31, 2024. The remaining write-off amount of $0.3 million was recognized in "Restructuring and other related charges" on the consolidated statement of operations for the year ended December 31, 2024.
As part of the Company's decision to discontinue investment in its Digipass CX product (see Note 19, Restructuring and Other Related Charges), write-offs of $1.5 million for capitalized software were recorded in "Restructuring and other related charges" on the consolidated statement of operations for the year ended December 31, 2023.
In conjunction with the Company's Chicago office lease abandonment (see Note 19, 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 consolidated statements of operations for the year ended December 31, 2023.
Due to the Company's former Brussels office lease termination (see Note 19, Restructuring and Other Related Charges), $0.6 million of leasehold improvements were written off and recorded in "Restructuring and other related charges" on the consolidated statements of operations for the year ended December 31, 2023.