Segment Information

9 Months Ended

Sep. 30, 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 September 30, 2022								Nine Months Ended September 30, 2022
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	555,352	$	445,733	$	295,008	$	1,296,093	$	1,619,511	$	1,293,641	$	859,258	$	3,772,410
Interconnection	190,283		66,703		61,264		318,250		558,877		201,688		182,092		942,657
Managed infrastructure	54,704		28,493		19,269		102,466		159,255		89,930		59,827		309,012
Other (1)	5,127		23,105		3,091		31,323		15,842		51,567		6,419		73,828
Recurring revenues	805,466		564,034		378,632		1,748,132		2,353,485		1,636,826		1,107,596		5,097,907
Non-recurring revenues	40,695		27,778		24,054		92,527		123,961		104,667		65,725		294,353
Total	$	846,161	$	591,812	$	402,686	$	1,840,659	$	2,477,446	$	1,741,493	$	1,173,321	$	5,392,260

(1) Includes some leasing and hedging activities.

	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.

No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and nine months ended September 30, 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 and nine months ended September 30, 2022 and 2021.

We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, 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,
	2022		2021		2022		2021
Adjusted EBITDA:
Americas	$	395,159	$	321,768	$	1,127,938	$	992,184
EMEA	283,286		267,553		839,013		773,642
Asia-Pacific	192,471		196,977		564,009		590,981
Total adjusted EBITDA	870,916		786,298		2,530,960		2,356,807
Depreciation, amortization and accretion expense	(431,668)		(419,684)		(1,300,882)		(1,231,760)
Stock-based compensation expense	(101,830)		(94,710)		(296,464)		(267,395)
Transaction costs	(2,007)		(5,197)		(11,310)		(13,364)
Gain (loss) on asset sales	(2,252)		15,414		(3,976)		14,149
Interest income	11,192		411		17,806		1,514
Interest expense	(91,346)		(78,943)		(262,137)		(255,855)
Other income (expense)	(6,735)		1,482		(22,522)		(44,845)
Gain (loss) on debt extinguishment	75		179		184		(115,339)
Income before income taxes	$	246,345	$	205,250	$	651,659	$	443,912

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation and amortization:
Americas	$	234,300	$	218,749	$	693,232	$	644,316
EMEA	111,879		114,494		342,552		340,435
Asia-Pacific	84,013		85,688		263,018		245,438
Total	$	430,192	$	418,931	$	1,298,802	$	1,230,189
Capital expenditures:
Americas	$	278,487	$	246,497	$	688,635	$	702,013
EMEA	168,481		277,124		528,808		765,342
Asia-Pacific	105,761		154,656		232,634		466,752
Total	$	552,729	$	678,277	$	1,450,077	$	1,934,107

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, 2022		December 31, 2021
Americas	$	7,085,772	$	6,777,174
EMEA	4,865,289		5,125,341
Asia-Pacific	3,189,536		3,543,260
Total property, plant and equipment, net	$	15,140,597	$	15,445,775
Americas	$	268,966	$	297,300
EMEA	405,170		470,330
Asia-Pacific	703,059		514,788
Total operating lease right-of-use assets	$	1,377,195	$	1,282,418