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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 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. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. We define adjusted EBITDA, our measure of segment profit or loss, 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. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition of adjusted EBITDA. The following tables present segment information, including revenue information disaggregated by product lines and segment adjusted EBITDA, and a reconciliation to total consolidated income before income taxes (in millions):
| Year Ended December 31, 2024
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 2,474 |  |  | $ | 2,235 |  |  | $ | 1,349 |  |  | $ | 6,058 |
Interconnection | 885 |  |  | 340 |  |  | 294 |  |  | 1,519 |
Managed infrastructure | 261 |  |  | 138 |  |  | 68 |  |  | 467 |
Other (1) | 27 |  |  | 99 |  |  | 14 |  |  | 140 |
Recurring revenues | 3,647 |  |  | 2,812 |  |  | 1,725 |  |  | 8,184 |
Non-recurring revenues | 215 |  |  | 155 |  |  | 194 |  |  | 564 |
Total revenues (2) | $ | 3,862 |  |  | $ | 2,967 |  |  | $ | 1,919 |  |  | $ | 8,748 |
Less: |  |  |  |  |  |  |
Segment cost of revenues | 1,158 |  |  | 1,190 |  |  | 635 |  |  | 2,983 |
Other segment items (3) | 995 |  |  | 399 |  |  | 274 |  |  | 1,668 |
Segment adjusted EBITDA | 1,709 |  |  | 1,378 |  |  | 1,010 |  |  | 4,097 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Depreciation, amortization and accretion expense |  |  |  |  |  |  | (2,011) |
Stock-based compensation expense |  |  |  |  |  |  | (462) |
Transaction costs |  |  |  |  |  |  | (50) |
Restructuring charges |  |  |  |  |  |  | (31) |
Impairment charges |  |  |  |  |  |  | (233) |
Gain on asset sales |  |  |  |  |  |  | 18 |
Interest income |  |  |  |  |  |  | 137 |
Interest expense |  |  |  |  |  |  | (457) |
Other expense |  |  |  |  |  |  | (17) |
Loss on debt extinguishment |  |  |  |  |  |  | (16) |
Income before income taxes |  |  |  |  |  |  | $ | 975 |
(1) Includes some leasing and hedging activities. (2) Total revenues attributed to the U.S. were $3.3 billion. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the year ended December 31, 2024. (3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
| Year Ended December 31, 2023
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 2,364 |  |  | $ | 2,112 |  |  | $ | 1,289 |  |  | $ | 5,765 |
Interconnection | 821 |  |  | 308 |  |  | 266 |  |  | 1,395 |
Managed infrastructure | 250 |  |  | 130 |  |  | 72 |  |  | 452 |
Other (1) | 22 |  |  | 98 |  |  | 13 |  |  | 133 |
Recurring revenues | 3,457 |  |  | 2,648 |  |  | 1,640 |  |  | 7,745 |
Non-recurring revenues | 160 |  |  | 190 |  |  | 93 |  |  | 443 |
Total revenues (2) | $ | 3,617 |  |  | $ | 2,838 |  |  | $ | 1,733 |  |  | $ | 8,188 |
Less: |  |  |  |  |  |  |
Segment cost of revenues | 1,047 |  |  | 1,199 |  |  | 624 |  |  | 2,870 |
Other segment items (3) | 956 |  |  | 388 |  |  | 272 |  |  | 1,616 |
Segment adjusted EBITDA | 1,614 |  |  | 1,251 |  |  | 837 |  |  | 3,702 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Depreciation, amortization and accretion expense |  |  |  |  |  |  | (1,844) |
Stock-based compensation expense |  |  |  |  |  |  | (407) |
Transaction costs |  |  |  |  |  |  | (13) |
Gain on asset sales |  |  |  |  |  |  | 5 |
Interest income |  |  |  |  |  |  | 94 |
Interest expense |  |  |  |  |  |  | (402) |
Other expense |  |  |  |  |  |  | (11) |
Income before income taxes |  |  |  |  |  |  | $ | 1,124 |
(1) Includes some leasing and hedging activities. (2) Total revenues attributed to the U.S. and the United Kingdom were $3.1 billion and $822 million, respectively. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the year ended December 31, 2023. (3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
| Year Ended December 31, 2022
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 2,188 |  |  | $ | 1,744 |  |  | $ | 1,151 |  |  | $ | 5,083 |
Interconnection | 756 |  |  | 268 |  |  | 244 |  |  | 1,268 |
Managed infrastructure | 218 |  |  | 119 |  |  | 78 |  |  | 415 |
Other (1) | 21 |  |  | 75 |  |  | 9 |  |  | 105 |
Recurring revenues | 3,183 |  |  | 2,206 |  |  | 1,482 |  |  | 6,871 |
Non-recurring revenues | 166 |  |  | 136 |  |  | 90 |  |  | 392 |
Total revenues (2) | $ | 3,349 |  |  | $ | 2,342 |  |  | $ | 1,572 |  |  | $ | 7,263 |
Less: |  |  |  |  |  |  |
Segment cost of revenues | 994 |  |  | 866 |  |  | 574 |  |  | 2,434 |
Other segment items (3) | 833 |  |  | 368 |  |  | 258 |  |  | 1,459 |
Segment adjusted EBITDA | 1,522 |  |  | 1,108 |  |  | 740 |  |  | 3,370 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Depreciation, amortization and accretion expense |  |  |  |  |  |  | (1,740) |
Stock-based compensation expense |  |  |  |  |  |  | (404) |
Transaction costs |  |  |  |  |  |  | (22) |
Loss on asset sales |  |  |  |  |  |  | (4) |
Interest income |  |  |  |  |  |  | 36 |
Interest expense |  |  |  |  |  |  | (356) |
Other expense |  |  |  |  |  |  | (51) |
Income before income taxes |  |  |  |  |  |  | $ | 829 |
(1) Includes some leasing and hedging activities. (2) Total revenues attributed to the U.S. were $2.9 billion. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the year ended December 31, 2022. (3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense. We provide the following additional segment disclosures for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Depreciation and amortization: |  |  |  |  |
Americas | $ | 1,119 |  |  | $ | 1,001 |  |  | $ | 933 |
EMEA | 530 |  |  | 501 |  |  | 458 |
Asia-Pacific | 360 |  |  | 343 |  |  | 346 |
Total | $ | 2,009 |  |  | $ | 1,845 |  |  | $ | 1,737 |
Capital expenditures: |  |  |  |  |
Americas | $ | 1,838 |  |  | $ | 1,627 |  |  | $ | 1,139 |
EMEA | 808 |  |  | 717 |  |  | 751 |
Asia-Pacific | 420 |  |  | 437 |  |  | 388 |
Total | $ | 3,066 |  |  | $ | 2,781 |  |  | $ | 2,278 |
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions as of December 31 (in millions):
| Property, plant and equipment, net |  | Operating lease right-of-use assets
| 2024 |  | 2023 |  | 2024 |  | 2023
Americas (1) | $ | 9,193 |  |  | $ | 8,611 |  |  | $ | 389 |  |  | $ | 421 |
EMEA | 6,405 |  |  | 6,321 |  |  | 398 |  |  | 368 |
Asia-Pacific | 3,651 |  |  | 3,669 |  |  | 632 |  |  | 660 |
Total | $ | 19,249 |  |  | $ | 18,601 |  |  | $ | 1,419 |  |  | $ | 1,449 |
(1)Property, plant and equipment, net of $7.2 billion and $6.7 billion and operating lease right-of-use assets of $368 million and $398 million were located in the U.S. as of December 31, 2024 and 2023, respectively.

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