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Property and Equipment, Net | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| September 30, 2024 |  | December 31, 2023
Content | $ | 371,928 |  |  | $ | 346,749 |
Software | 66,210 |  |  | 51,855 |
Leasehold improvements | 11,160 |  |  | 10,857 |
Furniture and fixtures | 4,258 |  |  | 4,607 |
Computer and equipment | 3,304 |  |  | 3,496 |
Property and equipment | 456,860 |  |  | 417,564 |
Less accumulated depreciation and amortization | (278,978) |  |  | (234,491) |
Property and equipment, net | $ | 177,882 |  |  | $ | 183,073 |
Depreciation and content amortization expense during the three and nine months ended September 30, 2024 was $18.2 million and $50.0 million, respectively. Depreciation and content amortization expense during the three and nine months ended September 30, 2023 was $50.8 million and $90.3 million, respectively, which included $34.2 million of accelerated depreciation of certain abandoned content and software assets. In connection with the June 2024 restructuring, we announced that we will no longer offer Chegg Skills directly to customers. As a result, we wrote-off and accelerated depreciation over shortened useful lives for certain content assets of $1.1 million during the nine months ended September 30, 2024, which were classified as cost of revenues on our condensed consolidated statements of operations. For further information on the June 2024 restructuring, see “Note 11, Restructuring and Other Related Charges.” In connection with the intangibles asset impairment analysis performed in June 2024, we also recorded an impairment expense of $10.0 million related to property and equipment, consisting of $6.6 million of content assets and $3.4 million of software assets, during the nine months ended September 30, 2024, which were classified as impairment expense on our condensed consolidated statements of operations. For further information on the impairment analysis, see “Note 6, Goodwill and Intangible Assets.”

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