Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

v3.22.1
Property and Equipment, net
12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment as of December 31, 2021 and December 31, 2020 consist of the following:
Depreciation Period in Years December 31,
2021
December 31,
2020
Internally developed software 5 $ 40,788  $ 23,545 
Acquired software 3 6,396  7,538 
Equipment 5 26,322  18,210 
Leasehold improvements
1-10
7,671  6,548 
Furniture and fixtures 5 2,281  2,181 
Construction in progress 2,239  7,255 
Total property and equipment, cost 85,697  65,277 
Less: accumulated depreciation (41,175) (30,036)
Total property and equipment, net $ 44,522  $ 35,241 
Depreciation and amortization expense related to property and equipment for the years ended December 31, 2021, 2020 and 2019 was approximately $12,304, $9,406 and $7,308 respectively.
During the years ended December 31, 2021 and 2020, $17,243 and $7,359 was capitalized in connection with internally developed software. Amortization expense was $5,416, $3,748 and $4,424 for the years ended December 31, 2021, 2020 and 2019 respectively.
During the years ended December 31, 2021 and 2020, the Company recognized impairment charges of $4,567 and $0 on certain long-lived assets within other income (expense), net. During 2021, the Company determined that certain long-lived assets were no longer recoverable. The Company recognized these impairment charges on hardware components recorded within construction in progress and equipment, because it decided to cancel certain development projects due to the change in market demand as a result of the COVID-19 pandemic. The Company disposed of $490 of net book value that was placed in service as of the impairment date.