Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment, net, consisted of the following (in thousands):

	As of December 31,
	2023		2022
Internal-use software	$	91,424	$	67,371
Purchased software	1,360		2,228
Furniture and office equipment	1,797		2,518
Computer hardware	7,588		14,074
Leasehold improvements	1,476		1,985
Software development in-progress	—		105
Total cost of property and equipment	103,645		88,281
Less: accumulated depreciation and amortization	(55,413)		(57,458)
Property and equipment, net	$	48,232	$	30,823

Depreciation and amortization expense related to property and equipment was $20.2 million, $18.2 million and $15.7 million for 2023, 2022 and 2021, respectively.

At December 31, 2023 and 2022 accumulated amortization in connection with internal-use software costs was $47.6 million and $41.0 million, respectively. In 2023, 2022 and 2021, we recorded amortization expense of $17.6 million, $14.6 million and $11.6 million, respectively, in connection with these costs. Software development in-progress consists primarily of internal-use software projects, which when placed in service, will provide enhancements and improvements to the operational and functional capabilities to our online platforms and our customer-facing website. In 2023, 2022 and 2021 we capitalized internal-use software development costs of $35.0 million, $21.4 million and $9.9 million respectively. In 2023 and 2022, no software development costs were impaired. In 2021, we impaired $0.9 million of capitalized software development costs related primarily to internal-use software projects that no longer met our business requirements or were no longer expected to be placed in service.