PROPERTY, SOFTWARE AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, SOFTWARE AND EQUIPMENT, NET

NOTE 9: PROPERTY, SOFTWARE AND EQUIPMENT, NET

Property, software and equipment are presented net of accumulated depreciation and amortization and summarized as follows:

	December 31,		September 30,
(in thousands)	2020		2021
Tenant improvements	$	18,945	$	53,395
Internally developed software	16,992		25,397
Computer equipment	9,203		22,003
Furniture and fixtures	8,024		17,965
Construction in progress	9,756		27,413
Total	62,920		146,173
Less: accumulated depreciation and amortization	(17,086)		(31,507)
Property, software and equipment, net	$	45,834	$	114,666

Depreciation expense of property and equipment was $1.6 million and $3.7 million for the three and nine months ended September 30, 2020, and $4.1 million and $9.9 million for the three and nine months ended September 30, 2021.

Amortization expense of internally developed software was $1.1 million and $2.9 million for the three and nine months ended September 30, 2020 and $1.8 million and $4.7 million for the three and nine months ended September 30, 2021.