Segment Information

3 Months Ended

Mar. 31, 2020

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 revenues and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments.

The following tables present revenue information disaggregated by product lines and geographic areas (in thousands):

	Three Months Ended March 31, 2020
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	450,954	$	362,330	$	221,093	$	1,034,377
Interconnection	150,929		48,541		42,671		242,141
Managed infrastructure	25,529		30,137		21,824		77,490
Other (1)	5,220		2,466		—		7,686
Recurring revenues	632,632		443,474		285,588		1,361,694
Non-recurring revenues	29,273		35,435		18,140		82,848
Total	$	661,905	$	478,909	$	303,728	$	1,444,542

⁽¹⁾ Includes some leasing and hedging activities.

	Three Months Ended March 31, 2019
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	439,981	$	331,125	$	209,665	$	980,771
Interconnection	138,563		37,525		36,696		212,784
Managed infrastructure	21,787		29,088		21,920		72,795
Other (1)	5,979		2,499		—		8,478
Recurring revenues	606,310		400,237		268,281		1,274,828
Non-recurring revenues	38,056		34,423		15,911		88,390
Total	$	644,366	$	434,660	$	284,192	$	1,363,218

⁽¹⁾ Includes some leasing and hedging activities.

No single customer accounted for 10% or greater of the Company's accounts receivable or revenues for the three months ended March 31, 2020 and 2019.

The Company defines adjusted EBITDA as income from operations excluding depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below (in thousands):

	Three Months Ended March 31,
	2020			2019
Adjusted EBITDA:
Americas	$	293,613		$	307,838
EMEA	230,158			199,072
Asia-Pacific	160,439			153,245
Total adjusted EBITDA	684,210			660,155
Depreciation, amortization and accretion expense	(337,431		)	(314,705		)
Stock-based compensation expense	(80,566		)	(49,023		)
Impairment charges	—			(14,448		)
Transaction costs	(11,530		)	(2,471		)
Loss on asset sales	(1,199		)	—
Income from operations	$	253,484		$	279,508

 

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

	Three Months Ended March 31,
	2020		2019
Depreciation and amortization:
Americas	$	171,074	$	166,770
EMEA	92,374		84,165
Asia-Pacific	72,421		62,243
Total	$	335,869	$	313,178
Capital expenditures:
Americas	$	184,401	$	144,495
EMEA	122,128		164,355
Asia-Pacific	94,412		55,117
Total	$	400,941	$	363,967

The Company's long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, located in the following geographic areas as of (in thousands):

	March 31, 2020		December 31, 2019
Americas	$	5,542,288	$	5,400,287
EMEA	4,005,962		4,051,701
Asia-Pacific	2,628,794		2,700,609
Total Property, plant and equipment, net	$	12,177,044	$	12,152,597
Americas	$	374,778	$	387,598
EMEA	495,554		521,129
Asia-Pacific	544,379		566,640
Total Operating lease right-of-use assets	$	1,414,711	$	1,475,367