Property and Equipment

9 Months Ended

Sep. 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 as of the dates presented:

	September 30, 2024		December 31, 2023		Useful life
	(In thousands)				(In years)
Internal-use software development costs	$	187,901	$	181,079	5
Computer equipment and software	126,901		123,580		3 to 5
Furniture, equipment and building improvements	234		327		The lesser of 5 or estimated useful life
Finance lease right-of-use assets	138		3,060		2
Property and equipment, at cost	315,174		308,046
Less: accumulated depreciation	(210,054)		(188,721)
Property and equipment, net	$	105,120	$	119,325

Depreciation and amortization expense of property and equipment was $7.3 million and $7.8 million during the three months ended September 30, 2024 and 2023, respectively, and $23.2 million and $24.9 million during the nine months ended September 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 second quarter of 2024, the Company recorded non-cash impairment charges of $8.3 million related to capitalized software development costs. The impairment charges were included in Impairment of intangibles and other assets in the condensed consolidated statements of operations for the nine months ended September 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 nine months ended September 30, 2023.

Total depreciation included in the condensed consolidated statements of operations for the periods presented is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)				(In thousands)
Cost of revenue	$	1,701	$	1,949	$	5,154	$	6,382
Sales and marketing	752		809		2,392		2,276
General and administrative	35		73		226		373
Product development	4,738		4,933		15,393		15,821
Total	$	7,226	$	7,764	$	23,165	$	24,852