Priority Technology Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 12, 2024
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6. Property, Equipment and Software
- Property, Equipment and Software
A summary of property, equipment and software, net was as follows:
| (in thousands) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Computer software | $78,492 | $64,197 |
| Equipment | 10,377 | 13,302 |
| Leasehold improvements | 1,535 | 6,990 |
| Furniture and fixtures | 1,442 | 2,909 |
| Property, equipment and software | 91,846 | 87,398 |
| Less: Accumulated depreciation | (56,442) | (58,409) |
| Capital work in-progress | 9,276 | 5,698 |
| Property, equipment and software, net | $44,680 | $34,687 |
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Depreciation expense | $11,494 | $9,511 | $8,460 |
Computer software consists of purchased software, internally developed back office systems including those used to assist in the reporting of merchant processing transactions and other related information.
Fully depreciated assets are retained in property, equipment and software, net, until removed from service. During the year ended December 31, 2023, certain fully depreciated assets were removed from service.
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