Fixed assets, net consist of the following as of December 31, 2025 and 2024 (in thousands):
 20252024
Capitalized development costs53,300 60,608 
Computer equipment and software$3,590 $3,691 
Furniture and fixtures776 776 
Leasehold improvements3,993 3,992 
61,659 69,067 
Less: Accumulated depreciation and amortization(48,371)(48,677)
Fixed assets, net$13,288 $20,390 
During the years ended December 31, 2025, 2024, and 2023, depreciation expense was $14.2 million, $18.0 million, and $16.9 million, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2018Feb 8, 2019

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.