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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information While 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, 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 millions):
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 617 |  |  | $ | 566 |  |  | $ | 337 |  |  | $ | 1,520 |  |  | $ | 1,848 |  |  | $ | 1,658 |  |  | $ | 1,004 |  |  | $ | 4,510 |
Interconnection | 224 |  |  | 86 |  |  | 74 |  |  | 384 |  |  | 658 |  |  | 253 |  |  | 215 |  |  | 1,126 |
Managed infrastructure | 66 |  |  | 35 |  |  | 17 |  |  | 118 |  |  | 198 |  |  | 104 |  |  | 50 |  |  | 352 |
Other (1) | 7 |  |  | 26 |  |  | 4 |  |  | 37 |  |  | 20 |  |  | 74 |  |  | 11 |  |  | 105 |
Recurring revenues | 914 |  |  | 713 |  |  | 432 |  |  | 2,059 |  |  | 2,724 |  |  | 2,089 |  |  | 1,280 |  |  | 6,093 |
Non-recurring revenues | 44 |  |  | 30 |  |  | 68 |  |  | 142 |  |  | 139 |  |  | 102 |  |  | 153 |  |  | 394 |
Total | $ | 958 |  |  | $ | 743 |  |  | $ | 500 |  |  | $ | 2,201 |  |  | $ | 2,863 |  |  | $ | 2,191 |  |  | $ | 1,433 |  |  | $ | 6,487 |
(1) Includes some leasing and hedging activities.
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 597 |  |  | $ | 538 |  |  | $ | 329 |  |  | $ | 1,464 |  |  | $ | 1,754 |  |  | $ | 1,571 |  |  | $ | 971 |  |  | $ | 4,296 |
Interconnection | 207 |  |  | 79 |  |  | 67 |  |  | 353 |  |  | 610 |  |  | 229 |  |  | 198 |  |  | 1,037 |
Managed infrastructure | 63 |  |  | 33 |  |  | 18 |  |  | 114 |  |  | 185 |  |  | 97 |  |  | 55 |  |  | 337 |
Other (1) | 5 |  |  | 23 |  |  | 2 |  |  | 30 |  |  | 15 |  |  | 74 |  |  | 10 |  |  | 99 |
Recurring revenues | 872 |  |  | 673 |  |  | 416 |  |  | 1,961 |  |  | 2,564 |  |  | 1,971 |  |  | 1,234 |  |  | 5,769 |
Non-recurring revenues | 41 |  |  | 36 |  |  | 23 |  |  | 100 |  |  | 121 |  |  | 116 |  |  | 72 |  |  | 309 |
Total | $ | 913 |  |  | $ | 709 |  |  | $ | 439 |  |  | $ | 2,061 |  |  | $ | 2,685 |  |  | $ | 2,087 |  |  | $ | 1,306 |  |  | $ | 6,078 |
(1) Includes some leasing and hedging activities. Total revenues attributed to the U.S. were $819 million and $772 million during the three months ended September 30, 2024 and 2023, respectively. Total revenues attributed to the U.S. were $2.4 billion and $2.3 billion during the nine months ended September 30, 2024 and 2023, respectively. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, we derived revenues of $219 million and $608 million, respectively, from the United Kingdom, which is the only country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues during either of these periods. No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and nine months ended September 30, 2024 and 2023. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Adjusted EBITDA: |  |  |  |  |  |  |
Americas | $ | 427 |  |  | $ | 405 |  |  | $ | 1,287 |  |  | $ | 1,203 |
EMEA | 372 |  |  | 310 |  |  | 1,024 |  |  | 932 |
Asia-Pacific | 249 |  |  | 221 |  |  | 765 |  |  | 647 |
Total adjusted EBITDA | 1,048 |  |  | 936 |  |  | 3,076 |  |  | 2,782 |
Depreciation, amortization and accretion expense | (494) |  |  | (462) |  |  | (1,509) |  |  | (1,382) |
Stock-based compensation expense | (122) |  |  | (98) |  |  | (348) |  |  | (301) |
Transaction costs | (7) |  |  | 1 |  |  | (12) |  |  | (7) |
Gain on asset sales | — |  |  | 4 |  |  | 18 |  |  | 5 |
Interest income | 35 |  |  | 23 |  |  | 88 |  |  | 66 |
Interest expense | (117) |  |  | (102) |  |  | (331) |  |  | (299) |
Other income (expense) | 7 |  |  | (6) |  |  | (6) |  |  | (10) |
Loss on debt extinguishment | — |  |  | — |  |  | (1) |  |  | — |
Income before income taxes | $ | 350 |  |  | $ | 296 |  |  | $ | 975 |  |  | $ | 854 |
We also provide the following segment disclosures related to our operations as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 272 |  |  | $ | 252 |  |  | $ | 848 |  |  | $ | 750 |
EMEA | 132 |  |  | 127 |  |  | 397 |  |  | 374 |
Asia-Pacific | 92 |  |  | 84 |  |  | 266 |  |  | 258 |
Total | $ | 496 |  |  | $ | 463 |  |  | $ | 1,511 |  |  | $ | 1,382 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 412 |  |  | $ | 382 |  |  | $ | 1,230 |  |  | $ | 1,076 |
EMEA | 204 |  |  | 147 |  |  | 541 |  |  | 449 |
Asia-Pacific | 108 |  |  | 88 |  |  | 308 |  |  | 260 |
Total | $ | 724 |  |  | $ | 617 |  |  | $ | 2,079 |  |  | $ | 1,785 |
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):
| September 30, 2024 |  | December 31, 2023
Americas | $ | 9,076 |  |  | $ | 8,611 |
EMEA | 6,685 |  |  | 6,321 |
Asia-Pacific | 3,904 |  |  | 3,669 |
Total property, plant and equipment, net | $ | 19,665 |  |  | $ | 18,601 |
Americas | $ | 398 |  |  | $ | 421 |
EMEA | 408 |  |  | 368 |
Asia-Pacific | 681 |  |  | 660 |
Total operating lease right-of-use assets | $ | 1,487 |  |  | $ | 1,449 |

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