Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Adjusted EBITDA

The following tables present segment information, including revenue information disaggregated by product lines and segment adjusted EBITDA, and a reconciliation to total consolidated income before income taxes (in millions):

	Three Months Ended March 31, 2025
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	636	$	567	$	342	$	1,545
Interconnection	229		87		77		393
Managed infrastructure	63		35		17		115
Other (1)	3		27		4		34
Recurring revenues	931		716		440		2,087
Non-recurring revenues	70		27		41		138
Total revenues (2)	1,001		743		481		2,225
Less:
Segment cost of revenues	290		281		156		727
Other segment items (3)	268		97		66		431
Segment adjusted EBITDA	$	443	$	365	$	259	$	1,067
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(480)
Stock-based compensation expense							(113)
Transaction costs							(6)
Restructuring charges							(10)
Interest income							47
Interest expense							(122)
Other income (expense)							9
Income before income taxes							$	392

(1)     Includes some leasing and hedging activities.

(2)    Total revenues attributed to the U.S. were $873 million. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three months ended March 31, 2025.

(3)    Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.

	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 revenues (2)	939		727		461		2,127
Less:
Segment cost of revenues	270		305		139		714
Other segment items (3)	260		94		67		421
Segment adjusted EBITDA	$	409	$	328	$	255	$	992
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(525)
Stock-based compensation expense							(101)
Transaction costs							(2)
Interest income							24
Interest expense							(104)
Other income (expense)							(6)
Gain (loss) on debt extinguishment							(1)
Income before income taxes							$	277

(1)     Includes some leasing and hedging activities.

(2)    Total revenues attributed to the U.S. and the United Kingdom were $795 million and $218 million, respectively. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three months ended March 31, 2024.

(3)    Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.

Schedule of Segment Disclosures

We provide the following additional segment disclosures for the three months ended March 31, 2025 (in millions):

	Three Months Ended March 31,
	2025		2024
Depreciation and amortization:
Americas	$	269	$	307
EMEA	123		132
Asia-Pacific	87		87
Total	$	479	$	526
Capital expenditures:
Americas	$	501	$	425
EMEA	171		191
Asia-Pacific	78		91
Total	$	750	$	707

Schedule of Segment Long-Lived Assets

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

	Property, plant and equipment, net				Operating lease right-of-use assets
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Americas	$	9,467	$	9,193	$	386	$	389
EMEA	6,717		6,405		437		398
Asia-Pacific	3,833		3,651		654		632
Total	$	20,017	$	19,249	$	1,477	$	1,419