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Property and Equipment, net (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, net
Property and equipment consists of the following:
As of
Estimated useful lives (Years)March 31, 2024December 31, 2023
Owned Assets:
Network equipment and computers
3-5
$153,955 $149,975 
Software
2-5
98,957 94,279 
Leasehold improvements
3-8
42,238 41,933 
Office furniture and equipment
3-8
21,629 21,199 
Motor vehicles
2-5
682 686 
Buildings
30
954 956 
Land—624 625 
Capital work in progress—10,990 12,276 
330,029 321,929 
Less: Accumulated depreciation and amortization(229,400)(222,333)
$100,629 $99,596 
ROU assets under finance leases:
Network equipment and computers58 58 
Leasehold improvements602 604 
Office furniture and equipment425 427 
Motor vehicles1,262 1,020 
2,347 2,109 
Less: Accumulated depreciation(1,354)(1,332)
$993 $777 
Property and equipment, net$101,622 $100,373 
The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the unaudited consolidated statements of income was as follows:
Three months ended March 31,
20242023
Depreciation and amortization expense$9,266 $9,338 

The effect of foreign exchange gain/(loss) upon settlement of cash flow hedges recorded under depreciation and amortization expense, was as follows:
Three months ended March 31,
20242023
Effect of foreign exchange gain/(loss)$(9)$(79)
Internally developed software costs, included under Software, was as follows:
As of
March 31, 2024December 31, 2023
Cost$51,370 $46,625 
Less : Accumulated amortization(27,931)(25,413)
Internally developed software, net$23,439 $21,212 

The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows:
Three months ended March 31,
20242023
Amortization expense$2,520 $1,975