Company: QXO-PB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023834
Chunk: 48

Company: QXO, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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March 31, 2025December 31, 2024Proprietary developed software$390$390Intellectual property, customer lists, domain names, and acquired contracts9,7079,049Less: accumulated amortization(5,637)(5,415)Total intangible assets$4,460$4,024Amortization expense related to the above intangible assets for the three months ended March 31, 2025 was $222,400, as compared with $209,300 for the three months ended March 31, 2024.

NOTE 6 – LEASES

The Company leases its corporate offices and data centers under non-cancelable operating lease agreements. The terms of the Company’s real estate leases generally range from 3 to 5 years. Corporate office leases expire at various dates through 2026. The Company also leases certain equipment under finance leases. The terms of equipment leases generally range from 3 to 5 years. These leases expire at various dates through 2027.The table below presents the operating and financing lease-related assets and liabilities recorded on the unaudited condensed consolidated balance sheets:(in thousands)As ofLeasesBalance Sheet ClassificationMarch 31, 2025December 31, 2024AssetsOperatingOperating lease right-of-use assets$212 $259 FinancingProperty and equipment, net176 197 Total lease assets$388 $456 LiabilitiesCurrent:OperatingOperating lease liabilities, current portion$182 $188 FinanceFinance lease obligations, current portion131 128 Non-current:OperatingOperating lease obligations, net of current portion31 71 FinancingFinancing lease liabilities, net of current portion156 190 Total lease liabilities$500 $577 

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The following table presents components of lease cost for operating and finance leases as follows:(in thousands)Three Months Ended March 31,Lease cost20252024Operating lease cost$50 $85 Finance lease cost:Amortization of leased assets56 67 Interest on lease liabilities6 7 Short-term lease cost and variable lease cost78 22 Net lease cost$190 $181 The following table presents supplemental cash flow information related to operating and finance leases as follows:Three Months Ended March 31,(in thousands)20252024Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows for operating leases$50 $85 Financing cash flows for finance leases$31 $49