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Property and Equipment
12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. Property and Equipment

Property and equipment consist of the following:

 

 

 

 

 

 

 

 

 

 

December 31

 

(in thousands)

 

2022

 

 

2021

 

Software

 

$

129,329

 

 

$

115,093

 

Computer hardware

 

 

55,736

 

 

 

58,762

 

Leasehold improvements

 

 

20,860

 

 

 

17,286

 

Furniture, fixtures, and other

 

 

10,473

 

 

 

10,092

 

Total property and equipment

 

 

216,398

 

 

 

201,233

 

Less: accumulated depreciation

 

 

(145,500

)

 

 

(137,537

)

Total property and equipment, net

 

$

70,898

 

 

$

63,696

 

 

Depreciation expense was $32.2 million, $41.1 million, and $45.1 million related to property and equipment for the years ended December 31, 2022, 2021, and 2020, respectively.

 

The Company commenced a plan to strategically exit certain offices during the year ended December 31, 2020. In enacting the plan, the Company recognized $21.1 million of loss primarily related to disposal of property and equipment from abandoning several office leases for the year ended December 31, 2020.