Property and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following:


	As of
	March 31, 2025		December 31, 2024
Datacenter and other computer equipment	$	837.2	$	830.2
Furniture and fixtures	10.3		10.7
Leasehold improvements	99.7		101.9
Construction in progress	0.6		0.2
Total property and equipment	947.8		943.0
Accumulated depreciation	(583.2)		(584.2)
Property and equipment, net	$	364.6	$	358.8

The Company leases certain infrastructure and computer equipment from various third parties, through equipment finance leases. Infrastructure assets as of March 31, 2025 and December 31, 2024 included a total of $516.3 million and $501.1 million, respectively, of assets acquired under finance lease agreements. These leases are capitalized in property and equipment, and the related depreciation of assets under finance leases is included in depreciation expense. The accumulated depreciation of the equipment under finance leases totaled $226.1 million and $223.3 million as of March 31, 2025 and December 31, 2024, respectively.

Depreciation expense related to property and equipment was $31.7 million and $24.8 million for the three months ended March 31, 2025 and 2024, respectively.