Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

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


	March 31, 2022		December 31, 2021
Data center equipment	$	25,677	$	25,338
Leased and financed data center equipment	54,646		50,419
Machinery and equipment	7,977		7,803
Computer equipment	1,843		1,631
Leasehold improvements	966		956
Construction-in-process	—		—
Total property and equipment	91,109		86,147
Less: accumulated depreciation	(47,431)		(43,079)
Total property and equipment, net	$	43,678	$	43,068

Depreciation expense was $4.4 million and $3.6 million for the three months ended March 31, 2022 and 2021, respectively. For the Company’s equipment under finance leases and collateralized financing obligations, accumulated depreciation was $16.4 million and $13.5 million as of March 31, 2022 and December 31, 2021, respectively. The carrying value of the Company’s equipment under finance lease agreements and lease financing obligations was $38.2 million and $36.9 million as of March 31, 2022 and December 31, 2021, respectively.

During the three months ended March 31, 2022 and 2021, the Company recorded a gain and a loss of less than $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 condensed statements of operations.

As of March 31, 2022 and December 31, 2021, substantially all of the Company’s assets were held in the United States.