Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment consisted of the following at December 31, 2023 and 2022 (in thousands):


	2023		2022		Estimated Useful Lives in Years
Equipment	$	98,561	$	91,759	1 - 13

Leasehold improvements	49,227		44,418		1-17
Furniture and fixtures	11,214		12,274		1-8
Computer hardware and office equipment	32,259		32,843		1-8
Computer software	55,350		44,151		1-7

Construction in progress	3,612		8,984		—
Subtotal	250,223		234,429
Less: accumulated depreciation	(158,211)		(131,930)
Property and equipment, net	$	92,012	$	102,499

In 2021, the Company committed to selling the Carlsbad facility and the associated land and concluded that these assets met the held for sale criteria. The Company sold this property and associated land for proceeds of $12.1 million, net of closing costs, in 2022. For the year ended December 31, 2022, a net gain on the sale of this property and associated land of $2.0 million is included in general and administrative expenses on the Consolidated Statements of Operations.

Depreciation expense for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):


	2023		2022		2021
Cost of revenue	$	16,839	$	15,406	$	14,200
General and administrative	18,489		18,125		15,299
Research and development	2,122		1,841		693
Total depreciation	$	37,450	$	35,372	$	30,192