Property and equipment, net consisted of the following (in thousands):
December 31,
2025
December 31,
2024
Computers and equipment$63,146 $46,155 
Furniture and fixtures28,319 20,752 
Leasehold improvements99,009 67,855 
Capitalized software development costs329,117 285,015 
Total property and equipment$519,591 $419,777 
Less: accumulated depreciation and amortization(181,498)(192,807)
Total property and equipment, net$338,093 $226,970 

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 20, 2025
2023Feb 23, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Mar 1, 2021
2019Feb 25, 2020

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.