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v3.24.1

Property and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Data center equipment | $ | 37,245 |  |  | $ | 28,531 |
Leased and financed data center equipment | 68,757 |  |  | 62,300 |
Machinery and equipment | 14,004 |  |  | 11,613 |
Computer equipment | 2,472 |  |  | 2,503 |
Leasehold improvements | 1,114 |  |  | 1,268 |
Construction-in-process | 1,371 |  |  | 3,636 |
Total property and equipment | 124,963 |  |  | 109,851 |
Less: accumulated depreciation and amortization | (79,363) |  |  | (60,476) |
Total property and equipment, net | $ | 45,600 |  |  | $ | 49,375 |
Depreciation expense was $21.3 million and $18.0 million for the years ended December 31, 2023 and 2022, respectively. For the Company’s equipment under finance leases and collateralized financing obligations, accumulated depreciation was $31.6 million and $24.5 million as of December 31, 2023 and 2022, respectively. The carrying value of the Company’s equipment under finance lease agreements and collateralized financing obligations was $37.1 million and $37.8 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, the Company recorded a gain of $0.4 million and a loss of $0.1 million, respectively, as a result of disposing of certain hard drives. These disposals occurred in the ordinary course of business, as the Company continuously evaluates its requirements for operating its data centers. The loss and gains are recorded as general and administrative expenses in the Company’s consolidated statements of operations. The Company had long-lived assets, comprising of property and equipment, net and operating lease right-of-use assets consisting of the following (in thousands):
| December 31,
| 2023 |  | 2022
United States | $ | 50,746 |  |  | $ | 50,176 |
The Netherlands | 4,834 |  |  | 6,080 |
Total property and equipment, net and operating lease right-of-use assets | $ | 55,580 |  |  | $ | 56,256 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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