Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following (in thousands):
December 31, 2024 December 31, 2023
Office equipment $ 6,626  $ 5,830 
Office furniture 5,670  6,416 
Leasehold improvements 2,763  2,731 
Fixed assets not placed in service —  25 
Capitalized internal-use software 7,059  6,827 
Payment terminals 2,308  2,354 
Property and equipment, gross 24,426  24,183 
Less accumulated depreciation and amortization (15,983) (14,261)
Property and equipment, net $ 8,443  $ 9,922 
Depreciation and amortization expense on property and equipment was $11.5 million, $12.0 million, and $13.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Of this expense, $7.1 million, $7.4 million and $8.5 million was related to phone hardware finance ROU assets (see also Note 7) and data center equipment, and has been included in cost of revenue in the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively.
The carrying value of capitalized internal-use software consisted of the following (in thousands):
December 31, 2024 December 31, 2023
Capitalized internal-use software $ 7,059  $ 6,827 
Less: accumulated amortization (4,508) (3,665)
Capitalized internal-use software, net $ 2,551  $ 3,162 
Capitalized internal-use software amortization expense was $1.2 million for each of the years ended December 31, 2024 and 2023, and $0.8 million for the year ended December 31, 2022, and has been included in the cost of revenue in the consolidated statements of operations. Capitalized software implementation amortization expense was $0.3 million, $0.1 million, and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, and has been included in operating expense in the consolidated statements of operations.