7. Property and Equipment

Depreciation and amortization expense was $29.7 million in 2024, $29.0 million in 2023, and $27.8 million in 2022. During the year ended December 31, 2024, the Company wrote off previously disposed of assets of $24.4 million in property and equipment with accumulated depreciation of $24.4 million, as the assets were determined to no longer have any future economic benefit.

As part of the Restructuring Plan (defined in Note 18), the Company disposed of $1.4 million of fixed assets, net, in the year ended December 31, 2023. The Company also recorded accelerated depreciation expense for fixed assets in connection with the lease abandonments as part of the Restructuring Plan. See Note 18 for more information.

The Company had capitalized asset retirement costs of $4.4 million at December 31, 2024 and $4.7 million at December 31, 2023 within leasehold improvements and the related liability is within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheet. These costs represent future lease restoration obligations as required by Company’s leases.