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Cost of Revenue | 9 Months Ended
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Sep. 30, 2023
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization [Abstract] |
Cost of Revenue | (7) Cost of Revenue (Excluding Depreciation and Amortization) Cost of Revenue (excluding depreciation and amortization) is comprised of expenses associated with the selling of cryptocurrencies and operating the Company’s BTM kiosks, excluding depreciation and amortization. The following table presents cost of revenue (excluding depreciation and amortization) by category (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cryptocurrency expenses |  | $ | 138,828 |  |  | $ | 139,265 |  |  | $ | 419,682 |  |  | $ | 401,844 |
Floorspace lease expenses |  |  | 8,489 |  |  |  | 9,998 |  |  |  | 26,270 |  |  |  | 30,365 |
Kiosk operations expenses |  |  | 5,228 |  |  |  | 4,194 |  |  |  | 15,135 |  |  |  | 11,730 |
Total Cost of Revenue (excluding depreciation and amortization reported separately) |  | $ | 152,545 |  |  | $ | 153,457 |  |  | $ | 461,087 |  |  | $ | 443,939 |
The following table presents the components of cryptocurrency expenses (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cost of Cryptocurrency (1) - BTM Kiosk |  | $ | 138,551 |  |  | $ | 138,229 |  |  | $ | 418,425 |  |  | $ | 396,992 |
Cost of Cryptocurrency (1) - OTC |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,958 |
Cost of Cryptocurrency (1) - BDCheckout |  |  | 234 |  |  |  | 241 |  |  |  | 749 |  |  |  | 248 |
Software Processing Fees |  |  | 8 |  |  |  | 697 |  |  |  | 267 |  |  |  | 2,424 |
Exchange Fees |  |  | 1 |  |  |  | 31 |  |  |  | 21 |  |  |  | 89 |
Mining Fees |  |  | 30 |  |  |  | 63 |  |  |  | 207 |  |  |  | 129 |
Software Processing Fee - BDCheckout |  |  | 4 |  |  |  | 4 |  |  |  | 13 |  |  |  | 4 |
Total cryptocurrency expenses |  | $ | 138,828 |  |  | $ | 139,265 |  |  | $ | 419,682 |  |  | $ | 401,844 |
(1) Cost of Cryptocurrency includes impairment losses recognized on cryptocurrencies net of any gains recognized from sales of cryptocurrencies on an exchange. Impairment of $1.8 million and $1.7 million were offset by no gains from the sale of cryptocurrencies on exchange for the three months ended September 30, 2023 and 2022, respectively. Impairment of $6.4 million and $5.6 million were offset by gains from the sale of cryptocurrencies on exchange of $0.1 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively. The Company presents cost of revenue in the consolidated Statements of Income (Loss) and Comprehensive Income (Loss) exclusive of depreciation related to BTM kiosks and amortization of intangible assets related to software applications, tradenames and customer relationships. The following table reconciles amounts excluded from the cost of revenue (excluding depreciation and amortization) caption in the consolidated Statements of Income (Loss) and Comprehensive Income (Loss) included in total depreciation and amortization expense in the consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the period presented (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Depreciation of owned BTM kiosks |  | $ | 919 |  |  | $ | 661 |  |  | $ | 1,794 |  |  | $ | 2,125 |
Depreciation of leased BTM kiosks |  |  | 1,862 |  |  |  | 3,687 |  |  |  | 6,375 |  |  |  | 11,062 |
Amortization of intangible assets |  |  | 382 |  |  |  | 382 |  |  |  | 1,134 |  |  |  | 1,128 |
Total depreciation and amortization excluded from cost of revenue |  | $ | 3,163 |  |  | $ | 4,730 |  |  | $ | 9,303 |  |  | $ | 14,315 |
Other depreciation and amortization included in operating expenses |  |  | 97 |  |  |  | 33 |  |  |  | 251 |  |  |  | 50 |
Total depreciation and amortization |  | $ | 3,260 |  |  | $ | 4,763 |  |  | $ | 9,554 |  |  | $ | 14,365 |

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