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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Revenue Information Disaggregated by Service Lines and Geographic Areas | The following tables present revenue information disaggregated by product lines and geographic areas, (in thousands):
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 555,352 |  |  | $ | 445,733 |  |  | $ | 295,008 |  |  | $ | 1,296,093 |  |  | $ | 1,619,511 |  |  | $ | 1,293,641 |  |  | $ | 859,258 |  |  | $ | 3,772,410 |
Interconnection | 190,283 |  |  | 66,703 |  |  | 61,264 |  |  | 318,250 |  |  | 558,877 |  |  | 201,688 |  |  | 182,092 |  |  | 942,657 |
Managed infrastructure | 54,704 |  |  | 28,493 |  |  | 19,269 |  |  | 102,466 |  |  | 159,255 |  |  | 89,930 |  |  | 59,827 |  |  | 309,012 |
Other (1) | 5,127 |  |  | 23,105 |  |  | 3,091 |  |  | 31,323 |  |  | 15,842 |  |  | 51,567 |  |  | 6,419 |  |  | 73,828 |
Recurring revenues | 805,466 |  |  | 564,034 |  |  | 378,632 |  |  | 1,748,132 |  |  | 2,353,485 |  |  | 1,636,826 |  |  | 1,107,596 |  |  | 5,097,907 |
Non-recurring revenues | 40,695 |  |  | 27,778 |  |  | 24,054 |  |  | 92,527 |  |  | 123,961 |  |  | 104,667 |  |  | 65,725 |  |  | 294,353 |
Total | $ | 846,161 |  |  | $ | 591,812 |  |  | $ | 402,686 |  |  | $ | 1,840,659 |  |  | $ | 2,477,446 |  |  | $ | 1,741,493 |  |  | $ | 1,173,321 |  |  | $ | 5,392,260 |
(1) Includes some leasing and hedging activities.
| 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.
Schedule of Adjusted EBITDA | 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 thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Adjusted EBITDA: |  |  |  |  |  |  |
Americas | $ | 395,159 |  |  | $ | 321,768 |  |  | $ | 1,127,938 |  |  | $ | 992,184 |
EMEA | 283,286 |  |  | 267,553 |  |  | 839,013 |  |  | 773,642 |
Asia-Pacific | 192,471 |  |  | 196,977 |  |  | 564,009 |  |  | 590,981 |
Total adjusted EBITDA | 870,916 |  |  | 786,298 |  |  | 2,530,960 |  |  | 2,356,807 |
Depreciation, amortization and accretion expense | (431,668) |  |  | (419,684) |  |  | (1,300,882) |  |  | (1,231,760) |
Stock-based compensation expense | (101,830) |  |  | (94,710) |  |  | (296,464) |  |  | (267,395) |
Transaction costs | (2,007) |  |  | (5,197) |  |  | (11,310) |  |  | (13,364) |
Gain (loss) on asset sales | (2,252) |  |  | 15,414 |  |  | (3,976) |  |  | 14,149 |
Interest income | 11,192 |  |  | 411 |  |  | 17,806 |  |  | 1,514 |
Interest expense | (91,346) |  |  | (78,943) |  |  | (262,137) |  |  | (255,855) |
Other income (expense) | (6,735) |  |  | 1,482 |  |  | (22,522) |  |  | (44,845) |
Gain (loss) on debt extinguishment | 75 |  |  | 179 |  |  | 184 |  |  | (115,339) |
Income before income taxes | $ | 246,345 |  |  | $ | 205,250 |  |  | $ | 651,659 |  |  | $ | 443,912 |
Schedule of Segment Disclosures | We also provide the following additional segment disclosures (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 234,300 |  |  | $ | 218,749 |  |  | $ | 693,232 |  |  | $ | 644,316 |
EMEA | 111,879 |  |  | 114,494 |  |  | 342,552 |  |  | 340,435 |
Asia-Pacific | 84,013 |  |  | 85,688 |  |  | 263,018 |  |  | 245,438 |
Total | $ | 430,192 |  |  | $ | 418,931 |  |  | $ | 1,298,802 |  |  | $ | 1,230,189 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 278,487 |  |  | $ | 246,497 |  |  | $ | 688,635 |  |  | $ | 702,013 |
EMEA | 168,481 |  |  | 277,124 |  |  | 528,808 |  |  | 765,342 |
Asia-Pacific | 105,761 |  |  | 154,656 |  |  | 232,634 |  |  | 466,752 |
Total | $ | 552,729 |  |  | $ | 678,277 |  |  | $ | 1,450,077 |  |  | $ | 1,934,107 |
Schedule of Segment Long-Lived Assets | 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, 2022 |  | December 31, 2021
Americas | $ | 7,085,772 |  |  | $ | 6,777,174 |
EMEA | 4,865,289 |  |  | 5,125,341 |
Asia-Pacific | 3,189,536 |  |  | 3,543,260 |
Total property, plant and equipment, net | $ | 15,140,597 |  |  | $ | 15,445,775 |
Americas | $ | 268,966 |  |  | $ | 297,300 |
EMEA | 405,170 |  |  | 470,330 |
Asia-Pacific | 703,059 |  |  | 514,788 |
Total operating lease right-of-use assets | $ | 1,377,195 |  |  | $ | 1,282,418 |

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