Segment Information

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

While the Company has a single line of business, which is the design, build-out and operation of IBX data centers, it has determined that it has three reportable segments comprised of its Americas, EMEA and Asia-Pacific geographic regions. The Company’s chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on the Company’s revenue and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. The Company defines adjusted EBITDA as income from operations plus depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, acquisition costs and gains on asset sales as presented below (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015
Adjusted EBITDA:
Americas	$	202,131		$	174,170		$	581,619		$	517,790
EMEA	121,468			81,403			366,412			236,967
Asia-Pacific	96,443			65,899			272,952			183,725
Total adjusted EBITDA	420,042			321,472			1,220,983			938,482
Depreciation, amortization and accretion expense	(215,370		)	(133,268		)	(631,242		)	(384,068		)
Stock-based compensation expense	(42,473		)	(33,969		)	(116,311		)	(98,575		)
Acquisition costs	(12,505		)	(13,352		)	(64,635		)	(24,374		)
Impairment charges	(7,698		)	—			(7,698		)	—
Gains on asset sales	27,945			—			33,187			—
Income from continuing operations	$	169,941		$	140,883		$	434,284		$	431,465

The Company also provides the following additional segment disclosures (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Total revenues:
Americas	$	425,142	$	382,630	$	1,243,007	$	1,118,046
EMEA	301,250		177,563		869,715		516,153
Asia-Pacific	198,284		126,456		556,620		361,206
	$	924,676	$	686,649	$	2,669,342	$	1,995,405
Total depreciation and amortization:
Americas	$	81,724	$	69,721	$	236,385	$	205,674
EMEA	79,292		32,851		237,846		86,991
Asia-Pacific	53,809		29,831		153,179		88,750
	$	214,825	$	132,403	$	627,410	$	381,415
Capital expenditures:
Americas	$	147,328	$	105,250	$	346,817	$	292,376
EMEA	79,585		39,816		223,440		124,299
Asia-Pacific	52,564		70,980		156,787		170,833
	$	279,477	$	216,046	$	727,044	$	587,508

The Company’s long-lived assets are located in the following geographic areas as of (in thousands):

	September 30, 2016		December 31, 2015
Americas	$	3,273,748	$	3,025,450
EMEA	2,400,057		1,157,304
Asia-Pacific	1,577,594		1,423,682
	$	7,251,399	$	5,606,436

Revenue information on a services basis is as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Colocation	$	680,541	$	511,652	$	1,963,103	$	1,489,807
Interconnection	135,489		110,568		391,683		316,887
Managed infrastructure	52,986		22,327		149,697		69,648
Other	8,478		2,174		21,876		6,727
Recurring revenues	877,494		646,721		2,526,359		1,883,069
Non-recurring revenues	47,182		39,928		142,983		112,336
	$	924,676	$	686,649	$	2,669,342	$	1,995,405

The following table presents the retrospective adjustments to the Company's revenue information on a services basis:

	Three months ended
	March 31, 2016		June 30, 2016
Colocation	$	619,893	$	662,669
Interconnection	123,954		132,240
Managed infrastructure	47,987		48,724
Other	5,260		8,138
Recurring revenues	797,094		851,771
Non-recurring revenues	47,062		48,739
	$	844,156	$	900,510

No single customer accounted for 10% or greater of the Company’s revenues for the three and nine months ended September 30, 2016 and 2015. No single customer accounted for 10% or greater of the Company’s gross accounts receivable as of September 30, 2016 and December 31, 2015.