Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net consist of the following:


	December 31,
	2023		2022
Land	$	2,811	$	2,811
Building and improvements	31,025		35,717
Computer equipment and software	46,202		54,636
Furniture, fixtures, and equipment	9,799		14,600
Aircraft	2,038		2,038
Other	89		156
Property and equipment, at cost	91,964		109,958
Less: Accumulated depreciation	(51,864)		(77,707)
Total property and equipment, net	$	40,100	$	32,251

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $12,368, $10,706, and $11,217, respectively.

Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight‑line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful life of the leasehold improvements or the lease term. Land is not depreciated. Depreciation for equipment commences once it is placed in service, and depreciation for buildings and leasehold improvements commences once they are ready for their intended use.

Estimated useful lives of property and equipment are as follows:


	Useful Life
Building and improvements	25	years
Computer equipment and software	3	years
Furniture, fixtures, and equipment	5	years
Aircraft	6	years
Automobiles	3	years

Cost of maintenance and repairs is charged to expense as incurred. Upon retirement or other disposition, the cost of the asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations.

The Company evaluates the recoverability of property and equipment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If circumstances require an asset to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset to its carrying value. If the carrying value of the asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. No impairment of property and equipment occurred for the years ended December 31, 2023, 2022, and 2021.

Related Party Equipment Sale

In January 2022, the Audit Committee of the Company’s Board of Directors authorized the Company to sell 50% of its interest in the Company’s aircraft at fair market value to an entity controlled by the Company’s Chief Executive Officer. The transaction was completed on February 1, 2022 for $2,380 and resulted in a gain of $2,029, which was recorded in Other (expense) income, net in the consolidated statements of operations for the year ended December 31, 2022 (see Note 20). Subsequent to the transaction, ongoing operating and fixed costs of the aircraft are shared on a proportional use basis subject to a cost-sharing agreement. Such costs were not material during the years ended December 31, 2023 and 2022. The Company determined this transaction was with a related party.