Property and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Data center equipment	$	32,205	$	28,531
Leased and financed data center equipment	62,972		62,300
Machinery and equipment	14,416		11,613
Computer equipment	2,503		2,503
Leasehold improvements	1,122		1,268
Construction-in-progress	2,386		3,636
Total property and equipment	115,604		109,851
Less: accumulated depreciation	(65,289)		(60,476)
Total property and equipment, net	$	50,315	$	49,375

Depreciation expense was $5.0 million and $4.4 million for the three months ended March 31, 2023 and 2022, respectively. For the Company’s equipment under finance leases and lease financing obligations, accumulated depreciation was $26.7 million and $24.5 million as of March 31, 2023 and December 31, 2022, respectively. The carrying value of the Company’s equipment under finance lease agreements and lease financing obligations was $36.3 million and $37.8 million as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023, the Company had long-lived assets of $56.6 million, comprising of property and equipment, net and operating lease right-of-use assets, with $51.1 million located in the United States and $5.5 million located in the Netherlands.

As of December 31, 2022, the Company had long-lived assets of $56.3 million, comprising of property and equipment, net and operating lease right-of-use assets, with $50.2 million located in the United States and $6.1 million located in the Netherlands.