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Segment Information | 9 Months Ended
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Sep. 30, 2021
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, 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.
| Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 450,030 |  |  | $ | 391,773 |  |  | $ | 236,762 |  |  | $ | 1,078,565 |  |  | $ | 1,348,482 |  |  | $ | 1,135,247 |  |  | $ | 686,658 |  |  | $ | 3,170,387 |
Interconnection | 156,677 |  |  | 55,700 |  |  | 48,565 |  |  | 260,942 |  |  | 460,993 |  |  | 155,145 |  |  | 136,376 |  |  | 752,514 |
Managed infrastructure | 28,954 |  |  | 30,690 |  |  | 22,614 |  |  | 82,258 |  |  | 83,372 |  |  | 89,839 |  |  | 66,588 |  |  | 239,799 |
Other (1) | 3,911 |  |  | 5,581 |  |  | 815 |  |  | 10,307 |  |  | 14,212 |  |  | 14,177 |  |  | 815 |  |  | 29,204 |
Recurring revenues | 639,572 |  |  | 483,744 |  |  | 308,756 |  |  | 1,432,072 |  |  | 1,907,059 |  |  | 1,394,408 |  |  | 890,437 |  |  | 4,191,904 |
Non-recurring revenues | 32,760 |  |  | 34,339 |  |  | 20,596 |  |  | 87,695 |  |  | 88,597 |  |  | 90,674 |  |  | 63,255 |  |  | 242,526 |
Total | $ | 672,332 |  |  | $ | 518,083 |  |  | $ | 329,352 |  |  | $ | 1,519,767 |  |  | $ | 1,995,656 |  |  | $ | 1,485,082 |  |  | $ | 953,692 |  |  | $ | 4,434,430 |
(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, 2021 and 2020. 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, 2021 and 2020. We define adjusted EBITDA as income from operations excluding 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Adjusted EBITDA: |  |  |  |  |  |  |
Americas | $ | 321,768 |  |  | $ | 290,550 |  |  | $ | 992,184 |  |  | $ | 886,270 |
EMEA | 267,553 |  |  | 263,216 |  |  | 773,642 |  |  | 736,971 |
Asia-Pacific | 196,977 |  |  | 183,479 |  |  | 590,981 |  |  | 518,255 |
Total adjusted EBITDA | 786,298 |  |  | 737,245 |  |  | 2,356,807 |  |  | 2,141,496 |
Depreciation, amortization and accretion expense | (419,684) |  |  | (362,286) |  |  | (1,231,760) |  |  | (1,048,151) |
Stock-based compensation expense | (94,710) |  |  | (75,248) |  |  | (267,395) |  |  | (231,658) |
Impairment charges | — |  |  | (7,306) |  |  | — |  |  | (7,306) |
Transaction costs | (5,197) |  |  | (5,840) |  |  | (13,364) |  |  | (30,987) |
Gain on asset sales | 15,414 |  |  | 1,785 |  |  | 14,149 |  |  | 928 |
Income from operations | $ | 282,121 |  |  | $ | 288,350 |  |  | $ | 858,437 |  |  | $ | 824,322 |
We also provide the following additional segment disclosures (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 218,749 |  |  | $ | 182,537 |  |  | $ | 644,316 |  |  | $ | 534,545 |
EMEA | 114,494 |  |  | 100,861 |  |  | 340,435 |  |  | 286,247 |
Asia-Pacific | 85,688 |  |  | 77,290 |  |  | 245,438 |  |  | 224,358 |
Total | $ | 418,931 |  |  | $ | 360,688 |  |  | $ | 1,230,189 |  |  | $ | 1,045,150 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 246,497 |  |  | $ | 237,737 |  |  | $ | 702,013 |  |  | $ | 604,051 |
EMEA | 277,124 |  |  | 249,310 |  |  | 765,342 |  |  | 568,702 |
Asia-Pacific | 154,656 |  |  | 78,238 |  |  | 466,752 |  |  | 275,421 |
Total | $ | 678,277 |  |  | $ | 565,285 |  |  | $ | 1,934,107 |  |  | $ | 1,448,174 |
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, 2021 |  | December 31, 2020
Americas | $ | 6,703,449 |  |  | $ | 6,429,861 |
EMEA | 5,117,439 |  |  | 5,002,271 |
Asia-Pacific | 3,486,161 |  |  | 3,070,952 |
Total property, plant and equipment, net | $ | 15,307,049 |  |  | $ | 14,503,084 |
Americas | $ | 313,589 |  |  | $ | 363,515 |
EMEA | 478,418 |  |  | 547,547 |
Asia-Pacific | 533,865 |  |  | 563,995 |
Total operating lease right-of-use assets | $ | 1,325,872 |  |  | $ | 1,475,057 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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