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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
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 December 31,

 

 

 

in years

 

2023

 

 

2022

 

Furniture and equipment

 

5

 

$

1,965

 

 

$

1,655

 

Leasehold improvements (1)

 

9

 

 

9,371

 

 

 

7,081

 

System hardware

 

5

 

 

1,928

 

 

 

1,718

 

Office computers

 

3

 

 

8,950

 

 

 

7,553

 

Computer and system software

 

3

 

 

2,408

 

 

 

2,398

 

 

 

 

 

24,622

 

 

 

20,405

 

Less accumulated depreciation and amortization

 

 

 

 

(16,317

)

 

 

(11,412

)

Property and equipment, net

 

 

 

$

8,305

 

 

$

8,993

 

(1)
Lesser of the lease term or the estimated useful lives of the improvements, which may be up to 9 years as of December 31, 2023.

Depreciation and amortization expense for property and equipment for the years ended December 31, 2023, 2022 and 2021 was $5.6 million, $5.1 million and $3.8 million, respectively.