Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

The following table presents our property and equipment, net balances (in thousands):


	December 31,
	2023		2022
Content	$	346,749	$	339,879
Internal-use software and website development	51,855		45,422
Leasehold improvements	10,857		10,860
Furniture and fixtures	4,607		4,952
Computer and equipment	3,496		3,321
Property and equipment	417,564		404,434
Less accumulated depreciation and content amortization	(234,491)		(200,051)
Property and equipment, net	$	183,073	$	204,383

Depreciation and content amortization expense during the years ended December 31, 2023, 2022, and 2021 was approximately $105.3 million, which included the $34.2 million accelerated depreciation discussed below, $64.1 million, and $49.6 million, respectively.

As part of the design and build of our new generative AI experience, in August 2023, we streamlined our product experiences. As a result, we elected to abandon certain content and software assets and accelerated depreciation over shortened useful lives for completed assets as well as impaired in-progress software assets prior to their completion. We also recognized other costs associated with abandoning these content and software assets. Additionally, we impaired our internships.com trade name and adjusted the carrying value to zero. The total content and related assets charge has been recorded during the year ended December 31, 2023.

The following table presents the consolidated statements of operations classification and total content and related assets charge (in thousands):


	Classification	Year Ended December 31, 2023
Accelerated depreciation of content and software	Cost of revenues	$	34,195
Impairment of in-progress software	Cost of revenues	2,616
Other costs	Cost of revenues	1,431
Total cost of revenues		38,242
Impairment of indefinite-lived trade name	General and administrative	3,600

Total content and related assets charge		$	41,842