Segment Data

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Data

Note 3: Segment Data

The Company reports its operations through the following segments: (1) Americas, (2) EMEA and (3) APAC. The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region.

Adjusted EBITDA is the profitability metric reported to the chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before integration and other costs related to mergers, pre-IPO stock-based compensation, acquisition related costs and efficiency initiatives, and other items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization.

As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		% Change		2020		2019		% Change
Total revenue
Americas	$	1,416.1	$	1,512.8	(6)	%	$	4,059.4	$	4,353.3	(7)	%
EMEA	223.2		235.5		(5)	%	638.3		667.0		(4)	%
APAC	292.3		370.5		(21)	%	872.9		1,123.2		(22)	%
Total revenue	$	1,931.6	$	2,118.8	(9)	%	$	5,570.6	$	6,143.5	(9)	%
Adjusted EBITDA
Americas	$	81.2	$	125.2	(35)	%	$	199.1	$	318.0	(37)	%
EMEA	11.5		20.3		(43)	%	34.2		35.5		(4)	%
APAC	24.4		23.0		6	%	72.9		77.9		(6)	%

Adjusted EBITDA is calculated as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted EBITDA - Americas	$	81.2	$	125.2	$	199.1	$	318.0
Adjusted EBITDA - EMEA	11.5		20.3		34.2		35.5
Adjusted EBITDA - APAC	24.4		23.0		72.9		77.9
Add/(less):
Depreciation and amortization	(64.9)		(75.0)		(211.5)		(222.8)
Interest expense, net of interest income	(44.9)		(37.4)		(120.2)		(112.8)
Benefit from income taxes	4.6		11.0		38.8		40.5
Integration and other costs related to merger	(12.8)		(29.9)		(47.6)		(74.1)
Pre-IPO stock-based compensation	(4.5)		(11.4)		(16.7)		(33.6)
Acquisition related costs and efficiency initiatives	(28.3)		(8.0)		(114.7)		(17.7)
Other	(3.6)		(6.1)		(27.5)		(13.8)
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)