Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the

asset. The Company reviews the estimated useful lives of its property and equipment on an ongoing basis. The following table presents the detail of property and equipment, net for the periods presented:

	June 30, 2024		December 31, 2023		Useful life
	(In thousands)				(In years)
Internal-use software development costs	$	183,169	$	181,079	5
Computer equipment and software	126,181		123,580		3 to 5
Furniture, equipment and building improvements	328		327		The lesser of 5 or estimated useful life
Finance lease right-of-use assets	238		3,060		2
Property and equipment, at cost	309,916		308,046
Less: accumulated depreciation	(202,968)		(188,721)
Property and equipment, net	$	106,948	$	119,325

Depreciation and amortization expense of property and equipment was $7.7 million and $9.7 million during the three months ended June 30, 2024 and 2023, respectively, and $15.9 million and $17.1 million during the six months ended June 30, 2024 and 2023, respectively.

Expenditures for routine maintenance and repairs are charged to operating expense as incurred. Major renewals and improvements are capitalized and depreciated over their estimated useful lives.

During the three months ended June 30, 2024, the Company recorded non-cash impairment charges of $8.3 million related to capitalized software development costs. The impairment charges were included in the condensed consolidated statements of operations for the three and six months ended June 30, 2024. These impairment charges pertained to internal projects that were discontinued and had no future economic benefit. There were no impairments of property and equipment during the three and six months ended June 30, 2023.

Total depreciation included in our condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)				(In thousands)
Cost of revenue	$	1,771	$	2,186	$	3,453	$	4,433
Sales and marketing	740		741		1,640		1,467
General and administrative	33		139		191		300
Product development	5,170		6,660		10,655		10,888
Total	$	7,714	$	9,726	$	15,939	$	17,088