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Property and Equipment, Net
 3 Months Ended
Mar. 31, 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

 

 

March 31, 2022

 

 

December 31, 2021

 

Furniture and equipment

 

 

5

 

 

$

2,691

 

 

$

2,530

 

Leasehold improvements (1)

 

 

9

 

 

 

8,238

 

 

 

7,842

 

System hardware

 

 

5

 

 

 

1,671

 

 

 

1,357

 

Office computers

 

 

3

 

 

 

9,431

 

 

 

8,783

 

Computer and system software

 

 

3

 

 

 

2,599

 

 

 

2,694

 

 

 

 

 

 

 

 

24,630

 

 

 

23,206

 

Less accumulated depreciation and amortization

 

 

 

 

 

 

(12,109

)

 

 

(11,021

)

Property and equipment, net

 

 

 

 

 

$

12,521

 

 

$

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 $1.1 million and $0.8 million for the three months ended March 31, 2022 and 2021, respectively.