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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023 |  | Six Months Ended June 30, 2023
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 583,568 |  |  | $ | 517,366 |  |  | $ | 323,116 |  |  | $ | 1,424,050 |  |  | $ | 1,157,666 |  |  | $ | 1,032,977 |  |  | $ | 641,821 |  |  | $ | 2,832,464 |
Interconnection | 204,266 |  |  | 76,317 |  |  | 66,455 |  |  | 347,038 |  |  | 402,905 |  |  | 148,923 |  |  | 132,017 |  |  | 683,845 |
Managed infrastructure | 60,539 |  |  | 32,891 |  |  | 18,195 |  |  | 111,625 |  |  | 121,399 |  |  | 64,315 |  |  | 37,158 |  |  | 222,872 |
Other (1) | 5,086 |  |  | 26,292 |  |  | 3,479 |  |  | 34,857 |  |  | 9,958 |  |  | 51,492 |  |  | 7,019 |  |  | 68,469 |
Recurring revenues | 853,459 |  |  | 652,866 |  |  | 411,245 |  |  | 1,917,570 |  |  | 1,691,928 |  |  | 1,297,707 |  |  | 818,015 |  |  | 3,807,650 |
Non-recurring revenues | 36,254 |  |  | 33,891 |  |  | 30,693 |  |  | 100,838 |  |  | 80,160 |  |  | 80,267 |  |  | 48,540 |  |  | 208,967 |
Total | $ | 889,713 |  |  | $ | 686,757 |  |  | $ | 441,938 |  |  | $ | 2,018,408 |  |  | $ | 1,772,088 |  |  | $ | 1,377,974 |  |  | $ | 866,555 |  |  | $ | 4,016,617 |
(1) Includes some leasing and hedging activities.
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 541,988 |  |  | $ | 433,339 |  |  | $ | 281,635 |  |  | $ | 1,256,962 |  |  | $ | 1,064,159 |  |  | $ | 847,908 |  |  | $ | 564,250 |  |  | $ | 2,476,317 |
Interconnection | 187,491 |  |  | 66,845 |  |  | 60,841 |  |  | 315,177 |  |  | 368,594 |  |  | 134,985 |  |  | 120,828 |  |  | 624,407 |
Managed infrastructure | 55,329 |  |  | 30,447 |  |  | 19,916 |  |  | 105,692 |  |  | 104,551 |  |  | 61,437 |  |  | 40,558 |  |  | 206,546 |
Other (1) | 5,581 |  |  | 22,048 |  |  | 1,991 |  |  | 29,620 |  |  | 10,715 |  |  | 28,462 |  |  | 3,328 |  |  | 42,505 |
Recurring revenues | 790,389 |  |  | 552,679 |  |  | 364,383 |  |  | 1,707,451 |  |  | 1,548,019 |  |  | 1,072,792 |  |  | 728,964 |  |  | 3,349,775 |
Non-recurring revenues | 40,475 |  |  | 46,522 |  |  | 22,706 |  |  | 109,703 |  |  | 83,266 |  |  | 76,889 |  |  | 41,671 |  |  | 201,826 |
Total | $ | 830,864 |  |  | $ | 599,201 |  |  | $ | 387,089 |  |  | $ | 1,817,154 |  |  | $ | 1,631,285 |  |  | $ | 1,149,681 |  |  | $ | 770,635 |  |  | $ | 3,551,601 |
(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 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Adjusted EBITDA: |  |  |  |  |  |  |
Americas | $ | 392,748 |  |  | $ | 376,224 |  |  | $ | 797,835 |  |  | $ | 732,779 |
EMEA | 294,814 |  |  | 295,382 |  |  | 621,327 |  |  | 555,727 |
Asia-Pacific | 213,608 |  |  | 188,726 |  |  | 426,291 |  |  | 371,538 |
Total adjusted EBITDA | 901,170 |  |  | 860,332 |  |  | 1,845,453 |  |  | 1,660,044 |
Depreciation, amortization and accretion expense | (460,461) |  |  | (432,828) |  |  | (919,456) |  |  | (869,214) |
Stock-based compensation expense | (104,546) |  |  | (104,682) |  |  | (203,261) |  |  | (194,634) |
Transaction costs | (5,718) |  |  | (5,063) |  |  | (7,318) |  |  | (9,303) |
Gain (loss) on asset sales | 1,941 |  |  | 94 |  |  | 1,089 |  |  | (1,724) |
Interest income | 23,503 |  |  | 4,508 |  |  | 42,891 |  |  | 6,614 |
Interest expense | (99,973) |  |  | (90,826) |  |  | (197,454) |  |  | (170,791) |
Other expense | (11,518) |  |  | (6,238) |  |  | (4,015) |  |  | (15,787) |
Gain (loss) on debt extinguishment | — |  |  | (420) |  |  | 254 |  |  | 109 |
Income before income taxes | $ | 244,398 |  |  | $ | 224,877 |  |  | $ | 558,183 |  |  | $ | 405,314 |
Schedule of Segment Disclosures | We also provide the following additional segment disclosures (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 252,782 |  |  | $ | 229,223 |  |  | $ | 497,496 |  |  | $ | 458,932 |
EMEA | 122,997 |  |  | 115,619 |  |  | 247,014 |  |  | 230,673 |
Asia-Pacific | 85,857 |  |  | 88,428 |  |  | 174,226 |  |  | 179,005 |
Total | $ | 461,636 |  |  | $ | 433,270 |  |  | $ | 918,736 |  |  | $ | 868,610 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 392,864 |  |  | $ | 225,102 |  |  | $ | 693,539 |  |  | $ | 410,148 |
EMEA | 156,412 |  |  | 197,824 |  |  | 302,232 |  |  | 360,327 |
Asia-Pacific | 88,883 |  |  | 61,904 |  |  | 171,988 |  |  | 126,873 |
Total | $ | 638,159 |  |  | $ | 484,830 |  |  | $ | 1,167,759 |  |  | $ | 897,348 |
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):
| June 30, 2023 |  | December 31, 2022
Americas | $ | 8,058,588 |  |  | $ | 7,532,125 |
EMEA | 5,785,034 |  |  | 5,577,498 |
Asia-Pacific | 3,423,660 |  |  | 3,539,911 |
Total property, plant and equipment, net | $ | 17,267,282 |  |  | $ | 16,649,534 |
Americas | $ | 407,039 |  |  | $ | 263,148 |
EMEA | 447,583 |  |  | 440,139 |
Asia-Pacific | 674,442 |  |  | 724,663 |
Total operating lease right-of-use assets | $ | 1,529,064 |  |  | $ | 1,427,950 |

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