Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

Segment InformationWhile we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

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

	Three Months Ended September 30, 2021								Nine Months Ended September 30, 2021
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	504,711	$	400,395	$	259,092	$	1,164,198	$	1,489,829	$	1,187,373	$	773,223	$	3,450,425
Interconnection	168,511		65,809		56,789		291,109		501,016		192,717		164,869		858,602
Managed infrastructure	43,313		31,445		21,572		96,330		122,532		94,732		66,415		283,679
Other (1)	4,757		5,639		1,583		11,979		7,246		14,367		2,692		24,305
Recurring revenues	721,292		503,288		339,036		1,563,616		2,120,623		1,489,189		1,007,199		4,617,011
Non-recurring revenues	41,761		41,939		27,860		111,560		119,013		112,684		80,451		312,148
Total	$	763,053	$	545,227	$	366,896	$	1,675,176	$	2,239,636	$	1,601,873	$	1,087,650	$	4,929,159

(1) Includes some leasing and hedging activities.

	Three Months Ended September 30, 2020								Nine Months Ended September 30, 2020
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	450,030	$	391,773	$	236,762	$	1,078,565	$	1,348,482	$	1,135,247	$	686,658	$	3,170,387
Interconnection	156,677		55,700		48,565		260,942		460,993		155,145		136,376		752,514
Managed infrastructure	28,954		30,690		22,614		82,258		83,372		89,839		66,588		239,799
Other (1)	3,911		5,581		815		10,307		14,212		14,177		815		29,204
Recurring revenues	639,572		483,744		308,756		1,432,072		1,907,059		1,394,408		890,437		4,191,904
Non-recurring revenues	32,760		34,339		20,596		87,695		88,597		90,674		63,255		242,526
Total	$	672,332	$	518,083	$	329,352	$	1,519,767	$	1,995,656	$	1,485,082	$	953,692	$	4,434,430

(1) Includes some leasing and hedging activities.

No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and nine months ended September 30, 2021 and 2020. There is no country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues for the three and nine months ended September 30, 2021 and 2020.

We define 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Adjusted EBITDA:
Americas	$	321,768	$	290,550	$	992,184	$	886,270
EMEA	267,553		263,216		773,642		736,971
Asia-Pacific	196,977		183,479		590,981		518,255
Total adjusted EBITDA	786,298		737,245		2,356,807		2,141,496
Depreciation, amortization and accretion expense	(419,684)		(362,286)		(1,231,760)		(1,048,151)
Stock-based compensation expense	(94,710)		(75,248)		(267,395)		(231,658)
Impairment charges	—		(7,306)		—		(7,306)
Transaction costs	(5,197)		(5,840)		(13,364)		(30,987)
Gain on asset sales	15,414		1,785		14,149		928
Income from operations	$	282,121	$	288,350	$	858,437	$	824,322

 We also provide the following additional segment disclosures (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Depreciation and amortization:
Americas	$	218,749	$	182,537	$	644,316	$	534,545
EMEA	114,494		100,861		340,435		286,247
Asia-Pacific	85,688		77,290		245,438		224,358
Total	$	418,931	$	360,688	$	1,230,189	$	1,045,150
Capital expenditures:
Americas	$	246,497	$	237,737	$	702,013	$	604,051
EMEA	277,124		249,310		765,342		568,702
Asia-Pacific	154,656		78,238		466,752		275,421
Total	$	678,277	$	565,285	$	1,934,107	$	1,448,174

Our 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):

	September 30, 2021		December 31, 2020
Americas	$	6,703,449	$	6,429,861
EMEA	5,117,439		5,002,271
Asia-Pacific	3,486,161		3,070,952
Total property, plant and equipment, net	$	15,307,049	$	14,503,084
Americas	$	313,589	$	363,515
EMEA	478,418		547,547
Asia-Pacific	533,865		563,995
Total operating lease right-of-use assets	$	1,325,872	$	1,475,057