PROPERTY, SOFTWARE, AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

NOTE 9: PROPERTY, SOFTWARE, AND EQUIPMENT, NET

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


	Year ended December 31,
(in thousands)	2020		2021
Tenant improvements	$	18,945	$	64,313
Internally developed software	16,992		31,142
Computer equipment	9,203		23,731
Furniture and fixtures	8,024		21,927
Construction in progress	9,756		44,343
Total	62,920		185,456
Less: accumulated depreciation and amortization	(17,086)		(39,037)
Property, software, and equipment, net	$	45,834	$	146,419

Depreciation expense of property and equipment was $2.1 million, $5.7 million, and $15.3 million for the years ended December 31, 2019, 2020, and 2021.

Amortization expense of internally developed software was $3.3 million, $4.2 million, and $6.8 million for the years ended December 31, 2019, 2020, and 2021.