Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment are recorded at cost and consist of the following:


	As of September 30, 2023		As of December 31, 2022
	(in thousands)
Computer equipment and software	$	26,103	$	24,568
Furniture and fixtures	11,090		11,823
Leasehold improvements (1)	56,037		66,180
Total	93,230		102,571
Less accumulated depreciation	(50,781)		(44,680)
Property and equipment, net	$	42,449	$	57,891

(1) As of September 30, 2023, leasehold improvements with a net book value of $8.6 million were recorded as an impairment of long-lived assets related to certain idle office space at our corporate headquarters in Boston, Massachusetts and idle office space in Los Angeles, California, and Toronto, Canada. Refer to Note 11, Leases, for further details on the impairment of long-lived assets.

Depreciation expense was $3.3 million and $3.5 million for the three months ended September 30, 2023 and 2022, respectively, and $10.9 million and $10.0 million for the nine months ended September 30, 2023 and 2022, respectively.