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Segment Information | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION As discussed in Note 11 to Notes to Consolidated Financial Statements included in our Current Report, in the second quarter of 2022, we reassessed the composition of our reportable segments and note that (i) our Entertainment Services offerings are now managed as part of our Global Records and Information Management ("Global RIM") Business segment; (ii) certain commercial costs that were previously managed as part of Corporate and Other Business are now managed as part of our Global RIM Business segment; and (iii) our ALM services, which includes our legacy secure IT disposition business and our business acquired from ITRenew, are now managed as a separate operating segment that is included in Corporate and Other Business. Previously reported segment information has been restated to conform to the current presentation. Our reportable segments as of December 31, 2021 are described in Note 11 to Notes to Consolidated Financial Statements included in our Current Report and are as follows: •Global RIM Business •Global Data Center Business •Corporate and Other Business The operations associated with acquisitions completed during the first nine months of 2022 have been incorporated into our existing reportable segments. An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022 and 2021 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Global RIM Business |  |  |  |  |  |  |
Total Revenues | $ | 1,091,102 |  |  | $ | 997,843 |  |  | $ | 3,210,469 |  |  | $ | 2,971,085 |
Adjusted EBITDA | 483,862 |  |  | 435,904 |  |  | 1,402,025 |  |  | 1,263,277 |
Global Data Center Business |  |  |  |  |  |  |
Total Revenues | $ | 100,309 |  |  | $ | 88,587 |  |  | $ | 297,384 |  |  | $ | 236,672 |
Adjusted EBITDA | 42,660 |  |  | 35,097 |  |  | 126,944 |  |  | 98,961 |
Corporate and Other Business |  |  |  |  |  |  |
Total Revenues | $ | 95,534 |  |  | $ | 43,718 |  |  | $ | 316,672 |  |  | $ | 124,187 |
Adjusted EBITDA | (57,088) |  |  | (53,232) |  |  | (173,835) |  |  | (158,273) |
Total Consolidated |  |  |  |  |  |  |
Total Revenues | $ | 1,286,945 |  |  | $ | 1,130,148 |  |  | $ | 3,824,525 |  |  | $ | 3,331,944 |
Adjusted EBITDA | 469,434 |  |  | 417,769 |  |  | 1,355,134 |  |  | 1,203,965 |
Adjusted EBITDA for each segment is defined as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
EXCLUDED |
•Acquisition and Integration Costs •Restructuring charges •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other (income) expense, net •Stock-based compensation expense
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the three and nine months ended September 30, 2022 and 2021 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net Income (Loss) | $ | 192,931 |  |  | $ | 68,111 |  |  | $ | 436,496 |  |  | $ | 391,264 |
Add/(Deduct): |  |  |  |  |  |  |
Interest expense, net | 121,767 |  |  | 103,809 |  |  | 351,266 |  |  | 313,451 |
Provision (benefit) for income taxes | 23,934 |  |  | 28,017 |  |  | 52,097 |  |  | 153,073 |
Depreciation and amortization | 175,077 |  |  | 174,818 |  |  | 536,946 |  |  | 507,145 |
Acquisition and Integration Costs | 5,554 |  |  | 1,138 |  |  | 38,093 |  |  | 3,415 |
Restructuring charges | 3,382 |  |  | 50,432 |  |  | 3,382 |  |  | 129,686 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (14,170) |  |  | (935) |  |  | (66,124) |  |  | (134,321) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (56,226) |  |  | (21,517) |  |  | (48,814) |  |  | (209,001) |
Stock-based compensation expense | 14,326 |  |  | 12,644 |  |  | 45,923 |  |  | 45,913 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 2,859 |  |  | 1,252 |  |  | 5,869 |  |  | 3,340 |
Adjusted EBITDA | $ | 469,434 |  |  | $ | 417,769 |  |  | $ | 1,355,134 |  |  | $ | 1,203,965 |
Information as to our revenues by product and service lines by segment for the three and nine months ended September 30, 2022 and 2021 are as follows:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Global RIM Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 829,357 |  |  | $ | 767,059 |  |  | $ | 2,450,903 |  |  | $ | 2,285,000 |
Data Management(1) |  | 127,226 |  |  | 130,679 |  |  | 385,276 |  |  | 399,420 |
Information Destruction(1)(2) |  | 134,519 |  |  | 100,105 |  |  | 374,290 |  |  | 286,665 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Global Data Center Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1) |  | — |  |  | — |  |  | — |  |  | — |
Data Center(1) |  | 100,309 |  |  | 88,587 |  |  | 297,384 |  |  | 236,672 |
Corporate and Other Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 35,787 |  |  | $ | 30,453 |  |  | $ | 103,826 |  |  | $ | 91,850 |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1)(3) |  | 59,747 |  |  | 13,265 |  |  | 212,846 |  |  | 32,337 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Total Consolidated |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 865,144 |  |  | $ | 797,512 |  |  | $ | 2,554,729 |  |  | $ | 2,376,850 |
Data Management(1) |  | 127,226 |  |  | 130,679 |  |  | 385,276 |  |  | 399,420 |
Information Destruction(1)(2)(3) |  | 194,266 |  |  | 113,370 |  |  | 587,136 |  |  | 319,002 |
Data Center(1) |  | 100,309 |  |  | 88,587 |  |  | 297,384 |  |  | 236,672 |
(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service revenue, except for information destruction, which does not have a storage rental component. (2)Includes secure shredding services. (3)Includes product revenue from ITRenew.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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