Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

While 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, 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 millions):

	Three Months Ended March 31, 2024
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	607	$	549	$	334	$	1,490
Interconnection	215		83		70		368
Managed infrastructure	66		35		17		118
Other (1)	6		24		4		34
Recurring revenues	894		691		425		2,010
Non-recurring revenues	45		36		36		117
Total	$	939	$	727	$	461	$	2,127

(1) Includes some leasing and hedging activities.

	Three Months Ended March 31, 2023
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	573	$	516	$	319	$	1,408
Interconnection	199		73		65		337
Managed infrastructure	61		31		19		111
Other (1)	5		25		4		34
Recurring revenues	838		645		407		1,890
Non-recurring revenues	44		46		18		108
Total	$	882	$	691	$	425	$	1,998

(1) Includes some leasing and hedging activities.

Total revenues attributed to the U.S. were $795 million and $753 million during the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024, we derived revenues of $218 million from the United Kingdom, which is the only country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the three months ended March 31, 2023. No single customer accounted for 10% or greater of our accounts receivable or revenues for the three months ended March 31, 2024 and 2023.

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 millions):

	Three Months Ended March 31,
	2024		2023
Adjusted EBITDA:
Americas	$	409	$	405
EMEA	328		327
Asia-Pacific	255		213
Total adjusted EBITDA	992		945
Depreciation, amortization and accretion expense	(525)		(459)
Stock-based compensation expense	(101)		(99)
Transaction costs	(2)		(2)
Loss on asset sales	—		(1)
Interest income	24		19
Interest expense	(104)		(97)
Other income (expense)	(6)		8
Loss on debt extinguishment	(1)		—
Income before income taxes	$	277	$	314

 We also provide the following segment disclosures related to our operations as follows (in millions):

	Three Months Ended March 31,
	2024		2023
Depreciation and amortization:
Americas	$	307	$	245
EMEA	132		124
Asia-Pacific	87		88
Total	$	526	$	457
Capital expenditures:
Americas	$	425	$	301
EMEA	191		146
Asia-Pacific	91		83
Total	$	707	$	530

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas (in millions):

	March 31, 2024		December 31, 2023
Americas	$	8,722	$	8,611
EMEA	6,195		6,321
Asia-Pacific	3,594		3,669
Total property, plant and equipment, net	$	18,511	$	18,601
Americas	$	409	$	421
EMEA	353		368
Asia-Pacific	633		660
Total operating lease right-of-use assets	$	1,395	$	1,449