Segment Information

6 Months Ended

Jun. 30, 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 June 30, 2024								Six Months Ended June 30, 2024
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	624	$	543	$	333	$	1,500	$	1,231	$	1,092	$	667	$	2,990
Interconnection	219		84		71		374		434		167		141		742
Managed infrastructure	66		34		16		116		132		69		33		234
Other (1)	7		24		3		34		13		48		7		68
Recurring revenues	916		685		423		2,024		1,810		1,376		848		4,034
Non-recurring revenues	50		36		49		135		95		72		85		252
Total	$	966	$	721	$	472	$	2,159	$	1,905	$	1,448	$	933	$	4,286

(1) Includes some leasing and hedging activities.

	Three Months Ended June 30, 2023								Six Months Ended June 30, 2023
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	584	$	517	$	323	$	1,424	$	1,157	$	1,033	$	642	$	2,832
Interconnection	204		77		66		347		403		150		131		684
Managed infrastructure	61		33		18		112		122		64		37		223
Other (1)	5		26		4		35		10		51		8		69
Recurring revenues	854		653		411		1,918		1,692		1,298		818		3,808
Non-recurring revenues	36		34		31		101		80		80		49		209
Total	$	890	$	687	$	442	$	2,019	$	1,772	$	1,378	$	867	$	4,017

(1) Includes some leasing and hedging activities.

Total revenues attributed to the U.S. were $825 million and $753 million during the three months ended June 30, 2024 and 2023, respectively. Total revenues attributed to the U.S. were $1.6 billion and $1.5 billion during the six months ended June 30, 2024 and 2023, respectively. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the three and six months ended June 30, 2024 and 2023. No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Adjusted EBITDA:
Americas	$	451	$	393	$	860	$	798
EMEA	324		295		652		622
Asia-Pacific	261		213		516		426
Total adjusted EBITDA	1,036		901		2,028		1,846
Depreciation, amortization and accretion expense	(490)		(461)		(1,015)		(920)
Stock-based compensation expense	(125)		(104)		(226)		(203)
Transaction costs	(3)		(6)		(5)		(8)
Gain on asset sales	18		2		18		1
Interest income	29		24		53		43
Interest expense	(110)		(100)		(214)		(197)
Other expense	(7)		(12)		(13)		(4)
Loss on debt extinguishment	—		—		(1)		—
Income before income taxes	$	348	$	244	$	625	$	558

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation and amortization:
Americas	$	269	$	253	$	576	$	498
EMEA	133		123		265		247
Asia-Pacific	87		86		174		174
Total	$	489	$	462	$	1,015	$	919
Capital expenditures:
Americas	$	393	$	393	$	818	$	694
EMEA	146		156		337		302
Asia-Pacific	109		89		200		172
Total	$	648	$	638	$	1,355	$	1,168

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):

	June 30, 2024		December 31, 2023
Americas	$	8,695	$	8,611
EMEA	6,314		6,321
Asia-Pacific	3,605		3,669
Total property, plant and equipment, net	$	18,614	$	18,601
Americas	$	417	$	421
EMEA	345		368
Asia-Pacific	617		660
Total operating lease right-of-use assets	$	1,379	$	1,449