Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, EQUIPMENT AND SOFTWARE

v3.21.1
PROPERTY, EQUIPMENT AND SOFTWARE
3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, EQUIPMENT AND SOFTWARE PROPERTY, EQUIPMENT, AND SOFTWARE
The Company's property, equipment, and software balance primarily consists of furniture, fixtures, and equipment used in the normal course of business, computer software developed for internal use, and leasehold improvements. Computer software represents purchased software and internally developed back office and merchant interfacing systems used to assist the reporting of merchant processing transactions and other related information.

A summary of property, equipment, and software as of March 31, 2021 and December 31, 2020 follows:

(in thousands) March 31, 2021 December 31, 2020
Furniture and fixtures $ 2,795  $ 2,795 
Equipment 11,442  10,216 
Computer software 46,065  44,320 
Leasehold improvements 6,250  6,250 
  66,552  63,581 
Less accumulated depreciation (42,761) (40,706)
Property, equipment, and software, net $ 23,791  $ 22,875 
Depreciation expense for property, equipment, and software totaled $2.1 million and $1.8 million for the three months ended March 31, 2021 and 2020, respectively.