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v3.25.1

Property and Equipment, Net | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Content | $ | 339,227 |  |  | $ | 381,629 |
Software | 51,003 |  |  | 67,612 |
Leasehold improvements | 8,235 |  |  | 8,207 |
Furniture and fixtures | 3,337 |  |  | 3,346 |
Computer and equipment | 2,985 |  |  | 2,953 |
Property and equipment | 404,787 |  |  | 463,747 |
Less accumulated depreciation | (259,816) |  |  | (293,099) |
Property and equipment, net | $ | 144,971 |  |  | $ | 170,648 |
Depreciation expense during the three months ended March 31, 2025 and 2024 was $31.0 million and $15.7 million, respectively. During the three months ended March 31, 2025, we streamlined our product experiences. As a result, we elected to abandon certain content and internal-use software assets and recorded charges of $18.2 million, consisting of $16.2 million of accelerated depreciation classified as cost of revenues on our condensed consolidated statements of operations and $2.0 million of impairment of in-progress internal-use software assets classified as impairment expense on our condensed consolidated statements of operations.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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