Property and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Datacenter and other computer equipment	$	741.4	$	671.3
Furniture and fixtures	11.6		19.8
Leasehold improvements	98.8		118.0
Construction in progress	2.2		2.8
Total property and equipment	854.0		811.9
Accumulated depreciation and amortization	(555.1)		(503.5)
Property and equipment, net	$	298.9	$	308.4

The Company leases certain infrastructure, computer equipment, and furniture from various third parties, through equipment finance leases. Infrastructure assets as of September 30, 2023 and December 31, 2022 included a total of $470.2 million and $456.4 million, respectively, acquired under finance lease agreements. These leases are capitalized in property and equipment, and the related amortization of assets under finance leases is included in depreciation and amortization expense. The accumulated depreciation of the equipment under finance leases totaled $256.2 million and $240.9 million as of September 30, 2023 and December 31, 2022, respectively.

Depreciation expense related to property and equipment was $34.2 million and $104.3 million for the three and nine months ended September 30, 2023, respectively, and $35.1 million and $105.9 million for the three and nine months ended September 30, 2022, respectively.