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Segment Information (Tables) | 9 Months Ended
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Sep. 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 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.
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 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 |
Schedule of Segment Disclosures | 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 |
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):
| 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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