Software, equipment, and property as of December 31, 2025 and 2024, consists of the following (in thousands):

 

December 31,

 

 

2025

 

 

2024

 

Software, licenses and database

$

316,557

 

 

$

275,127

 

Leasehold improvements

 

31,590

 

 

 

30,993

 

Computer equipment

 

4,624

 

 

 

18,993

 

Building and land

 

4,910

 

 

 

4,910

 

Furniture and other equipment

 

1,466

 

 

 

1,332

 

           Total software, equipment, and property

 

359,147

 

 

 

331,355

 

Less accumulated depreciation and amortization

 

(192,351

)

 

 

(159,276

)

Net software, equipment, and property

$

166,796

 

 

$

172,079

 

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Feb 28, 2024
2022Mar 1, 2023
2021Mar 1, 2022

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.