Property and Equipment, net

12 Months Ended

Sep. 30, 2023

Property, Plant and Equipment, Net [Abstract]

Property and equipment is stated at cost, and reported net of accumulated depreciation and amortization on the Consolidated Balance Sheets. Depreciation on property and equipment is generally calculated using the straight-line method over the relevant asset’s estimated useful life. The estimated useful lives of property and equipment range from 3 to 10 years. During the years ended September 30, 2023, 2022, and 2021, depreciation expense was $36.3 million, $30.0 million, and $21.3 million respectively.

The Company capitalized $29.9 million and $24.8 million of software development costs during the years ended September 30, 2023 and September 30, 2022.

A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2023 and 2022 is as follows:


	September 30,
(in millions)	2023		2022
Property and equipment:
Furniture and fixtures	$	17.5	$	16.0
Software	38.1		34.4
Equipment	49.9		45.3
Leasehold improvements	47.7		43.3
Capitalized software development	77.0		47.1
Total property and equipment	230.2		186.1
Less: accumulated depreciation and amortization	(106.7)		(73.2)
Property and equipment, net	$	123.5	$	112.9