Priority Technology Holdings Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 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) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Computer software | $85,933 | $78,492 |
| Equipment | 10,712 | 10,377 |
| Leasehold improvements | 2,788 | 1,535 |
| Furniture and fixtures | 1,442 | 1,442 |
| Property, equipment and software | 100,875 | 91,846 |
| Less: Accumulated depreciation | (59,549) | (56,442) |
| Capital work in-progress | 6,794 | 9,276 |
| Property, equipment and software, net | $48,120 | $44,680 |
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Depreciation expense | $3,170 | $2,757 |
Computer software represents purchased software and internally developed software that is used to provide the Company's services to its customers.
Fully depreciated assets are retained in property, equipment and software, net, until removed from service. During the quarter ended March 31, 2024, certain fully depreciated assets were removed from service.
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