Property and Equipment, Net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

(4) Property and Equipment, Net

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

	Useful life	As of			As of
	in years	September 30, 2022			December 31, 2021
Furniture and equipment	5	$	2,377		$	2,530
Leasehold improvements (1)	9		7,046			7,842
System hardware	5		1,610			1,357
Office computers	3		9,866			8,783
Computer and system software	3		2,555			2,694
			23,454			23,206
Less accumulated depreciation and amortization			(14,067	)		(11,021	)
Property and equipment, net		$	9,387		$	12,185

(1)Lesser of the lease term or the estimated useful lives of the improvements, which may be up to 9 years.

Depreciation and amortization expense for property and equipment was $1.3 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation and amortization expense for property and equipment was $3.7 million and $2.7 million for the nine months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022, the Company recognized $0.9 million of loss on disposal of assets related to the 2022 Strategic Realignment (as defined in Note 18). See Note 18 for details on the 2022 Strategic Realignment.