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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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 millions):
| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 624 |  |  | $ | 543 |  |  | $ | 333 |  |  | $ | 1,500 |  |  | $ | 1,231 |  |  | $ | 1,092 |  |  | $ | 667 |  |  | $ | 2,990 |
Interconnection | 219 |  |  | 84 |  |  | 71 |  |  | 374 |  |  | 434 |  |  | 167 |  |  | 141 |  |  | 742 |
Managed infrastructure | 66 |  |  | 34 |  |  | 16 |  |  | 116 |  |  | 132 |  |  | 69 |  |  | 33 |  |  | 234 |
Other (1) | 7 |  |  | 24 |  |  | 3 |  |  | 34 |  |  | 13 |  |  | 48 |  |  | 7 |  |  | 68 |
Recurring revenues | 916 |  |  | 685 |  |  | 423 |  |  | 2,024 |  |  | 1,810 |  |  | 1,376 |  |  | 848 |  |  | 4,034 |
Non-recurring revenues | 50 |  |  | 36 |  |  | 49 |  |  | 135 |  |  | 95 |  |  | 72 |  |  | 85 |  |  | 252 |
Total | $ | 966 |  |  | $ | 721 |  |  | $ | 472 |  |  | $ | 2,159 |  |  | $ | 1,905 |  |  | $ | 1,448 |  |  | $ | 933 |  |  | $ | 4,286 |
(1) Includes some leasing and hedging activities.
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 584 |  |  | $ | 517 |  |  | $ | 323 |  |  | $ | 1,424 |  |  | $ | 1,157 |  |  | $ | 1,033 |  |  | $ | 642 |  |  | $ | 2,832 |
Interconnection | 204 |  |  | 77 |  |  | 66 |  |  | 347 |  |  | 403 |  |  | 150 |  |  | 131 |  |  | 684 |
Managed infrastructure | 61 |  |  | 33 |  |  | 18 |  |  | 112 |  |  | 122 |  |  | 64 |  |  | 37 |  |  | 223 |
Other (1) | 5 |  |  | 26 |  |  | 4 |  |  | 35 |  |  | 10 |  |  | 51 |  |  | 8 |  |  | 69 |
Recurring revenues | 854 |  |  | 653 |  |  | 411 |  |  | 1,918 |  |  | 1,692 |  |  | 1,298 |  |  | 818 |  |  | 3,808 |
Non-recurring revenues | 36 |  |  | 34 |  |  | 31 |  |  | 101 |  |  | 80 |  |  | 80 |  |  | 49 |  |  | 209 |
Total | $ | 890 |  |  | $ | 687 |  |  | $ | 442 |  |  | $ | 2,019 |  |  | $ | 1,772 |  |  | $ | 1,378 |  |  | $ | 867 |  |  | $ | 4,017 |
(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 millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Adjusted EBITDA: |  |  |  |  |  |  |
Americas | $ | 451 |  |  | $ | 393 |  |  | $ | 860 |  |  | $ | 798 |
EMEA | 324 |  |  | 295 |  |  | 652 |  |  | 622 |
Asia-Pacific | 261 |  |  | 213 |  |  | 516 |  |  | 426 |
Total adjusted EBITDA | 1,036 |  |  | 901 |  |  | 2,028 |  |  | 1,846 |
Depreciation, amortization and accretion expense | (490) |  |  | (461) |  |  | (1,015) |  |  | (920) |
Stock-based compensation expense | (125) |  |  | (104) |  |  | (226) |  |  | (203) |
Transaction costs | (3) |  |  | (6) |  |  | (5) |  |  | (8) |
Gain on asset sales | 18 |  |  | 2 |  |  | 18 |  |  | 1 |
Interest income | 29 |  |  | 24 |  |  | 53 |  |  | 43 |
Interest expense | (110) |  |  | (100) |  |  | (214) |  |  | (197) |
Other expense | (7) |  |  | (12) |  |  | (13) |  |  | (4) |
Loss on debt extinguishment | — |  |  | — |  |  | (1) |  |  | — |
Income before income taxes | $ | 348 |  |  | $ | 244 |  |  | $ | 625 |  |  | $ | 558 |
Schedule of Segment Disclosures | We also provide the following segment disclosures related to our operations as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 269 |  |  | $ | 253 |  |  | $ | 576 |  |  | $ | 498 |
EMEA | 133 |  |  | 123 |  |  | 265 |  |  | 247 |
Asia-Pacific | 87 |  |  | 86 |  |  | 174 |  |  | 174 |
Total | $ | 489 |  |  | $ | 462 |  |  | $ | 1,015 |  |  | $ | 919 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 393 |  |  | $ | 393 |  |  | $ | 818 |  |  | $ | 694 |
EMEA | 146 |  |  | 156 |  |  | 337 |  |  | 302 |
Asia-Pacific | 109 |  |  | 89 |  |  | 200 |  |  | 172 |
Total | $ | 648 |  |  | $ | 638 |  |  | $ | 1,355 |  |  | $ | 1,168 |
Schedule of Segment Long-Lived Assets | Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas (in millions):
| June 30, 2024 |  | December 31, 2023
Americas | $ | 8,695 |  |  | $ | 8,611 |
EMEA | 6,314 |  |  | 6,321 |
Asia-Pacific | 3,605 |  |  | 3,669 |
Total property, plant and equipment, net | $ | 18,614 |  |  | $ | 18,601 |
Americas | $ | 417 |  |  | $ | 421 |
EMEA | 345 |  |  | 368 |
Asia-Pacific | 617 |  |  | 660 |
Total operating lease right-of-use assets | $ | 1,379 |  |  | $ | 1,449 |

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