| Property and Equipment, Net |
Property and Equipment, Net Property and equipment consisted of the following at December 31, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | Estimated Useful Lives in Years | | Equipment | $ | 101,336 | | | $ | 98,561 | | | 1 - 8 | | | | | | | | Leasehold improvements | 57,571 | | | 49,227 | | | 1-17 | | Furniture and fixtures | 11,159 | | | 11,214 | | | 1-8 | | Computer hardware | 34,937 | | | 32,259 | | | 1-8 | | Computer software | 70,579 | | | 55,350 | | | 2-7 | | | | | | | | Construction in progress | 8,511 | | | 3,612 | | | — | | Subtotal | 284,093 | | | 250,223 | | | | | Less: accumulated depreciation | (189,990) | | | (158,211) | | | | | Property and equipment, net | $ | 94,103 | | | $ | 92,012 | | | |
Depreciation expense for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands): | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | | Cost of revenue | $ | 17,087 | | | $ | 16,839 | | | $ | 15,406 | | | General and administrative | 20,061 | | | 18,489 | | | 18,125 | | | Research and development | 1,926 | | | 2,122 | | | 1,841 | | | Sales and marketing | 27 | | | — | | | — | | | Total depreciation | $ | 39,101 | | | $ | 37,450 | | | $ | 35,372 | |
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