Segment Information

3 Months Ended

Mar. 31, 2022

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 March 31, 2022
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	522,171	$	414,569	$	282,615	$	1,219,355
Interconnection	181,103		68,140		59,987		309,230
Managed infrastructure	49,222		30,990		20,642		100,854
Other (1)	5,134		6,414		1,337		12,885
Recurring revenues	757,630		520,113		364,581		1,642,324
Non-recurring revenues	42,791		30,367		18,965		92,123
Total	$	800,421	$	550,480	$	383,546	$	1,734,447

(1) Includes some leasing and hedging activities.

	Three Months Ended March 31, 2021
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	487,459	$	388,275	$	254,558	$	1,130,292
Interconnection	164,887		61,650		53,182		279,719
Managed infrastructure	38,485		32,111		22,749		93,345
Other (1)	2,038		5,046		493		7,577
Recurring revenues	692,869		487,082		330,982		1,510,933
Non-recurring revenues	33,071		31,635		20,425		85,131
Total	$	725,940	$	518,717	$	351,407	$	1,596,064

(1) Includes some leasing and hedging activities.

No single customer accounted for 10% or greater of our accounts receivable or revenues for the three months ended March 31, 2022 and 2021. There is no country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues for the three months ended March 31, 2022 and 2021.

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 March 31,
	2022		2021
Adjusted EBITDA:
Americas	$	356,555	$	344,492
EMEA	260,345		243,563
Asia-Pacific	182,812		185,177
Total adjusted EBITDA	799,712		773,232
Depreciation, amortization and accretion expense	(436,386)		(394,318)
Stock-based compensation expense	(89,952)		(78,350)
Transaction costs	(4,240)		(1,182)
Loss on asset sales	(1,818)		(1,720)
Income from operations	$	267,316	$	297,662

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

	Three Months Ended March 31,
	2022		2021
Depreciation and amortization:
Americas	$	229,709	$	203,433
EMEA	115,054		110,779
Asia-Pacific	90,577		80,805
Total	$	435,340	$	395,017
Capital expenditures:
Americas	$	185,046	$	205,174
EMEA	162,503		235,416
Asia-Pacific	64,969		123,008
Total	$	412,518	$	563,598

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):

	March 31, 2022		December 31, 2021
Americas	$	6,892,787	$	6,777,174
EMEA	5,106,472		5,125,341
Asia-Pacific	3,513,732		3,543,260
Total property, plant and equipment, net	$	15,512,991	$	15,445,775
Americas	$	286,499	$	297,300
EMEA	455,048		470,330
Asia-Pacific	492,710		514,788
Total operating lease right-of-use assets	$	1,234,257	$	1,282,418