Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

The following table presents the major classes of property and equipment, net, as of December 31, 2023 and 2022:


		December 31,
(In thousands)	Useful Life (in years)	2023		2022
Office equipment and software	3-5	$	8,574	$	14,451
Leasehold improvements	10	7,459		9,927
Furniture and fixtures	5	3,658		4,260
Capitalized software	3	12,560		4,007
Total		32,251		32,645
Accumulated depreciation		(13,529)		(19,964)
Property and equipment, net		$	18,722	$	12,681

Depreciation expense was $3.7 million, $2.9 million, and $3.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. Depreciation expense includes cost of sales depreciation expense directly related to delivering cloud subscription revenue of $1.1 million, $0, and $0 for the years ended December 31, 2023, 2022, and 2021, respectively. Costs are recorded in "Cost of goods sold - Services and other" on the consolidated statements of operations.

In conjunction with the Company's Chicago office lease abandonment (see Note 20, Restructuring and Other Related Charges), write-offs of $0.6 million for leasehold improvements and $0.1 million for office equipment and software were recorded in "Restructuring and other related charges" on the consolidated statements of operations during the three months ended June 30, 2023.

Due to the Company's Brussels office lease termination (see Note 20, Restructuring and Other Related Charges), $0.6 million of leasehold improvements were written off and recorded in "Restructuring and other related charges" on the consolidated statements of operations during the three months ended September 30, 2023.