TopBuild Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

4. PROPERTY & EQUIPMENT

The following table sets forth our property and equipment by class as of December 31, 2023 and 2022, in thousands:


	As of December 31,
	2023		2022
Land and improvements	$	7,463	$	7,437
Buildings		47,384		47,384
Equipment		165,227		150,674
Computer hardware and software		173,709		167,897
Company vehicles		250,561		214,137
		644,344		587,529
Less: Accumulated depreciation		(385,435)		(340,692)
Total property and equipment, net	$	258,909	$	246,837

For additions to property and equipment as a result of 2023 acquisitions, see Note 15 – Business Combinations. As of December 31, 2023 and 2022, property and equipment, net on our Consolidated Balance Sheet includes $5.6 million and $6.6 million right of use assets on finance leases, respectively, which is disclosed further in Note 2 – Leases.

Depreciation expense was $61.6 million, $52.9 million and $42.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.