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v3.23.2

Segment Information | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Our reportable segments as of December 31, 2022 are described in Note 11 to Notes to Consolidated Financial Statements included in our Annual Report and are as follows: •Global RIM Business •Global Data Center Business •Corporate and Other An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 2023 and 2022 is as follows:
| THREE MONTHS ENDED JUNE 30, |  | SIX MONTHS ENDED JUNE 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Global RIM Business |  |  |  |  |  |  |  |  |  |  |
Total Revenues | $ | 1,159,867 |  |  | $ | 1,070,476 |  |  | $ | 2,286,393 |  |  | $ | 2,119,367 |  |  |  |  |
Adjusted EBITDA | 499,062 |  |  | 469,368 |  |  | 976,846 |  |  | 918,163 |  |  |  |  |
Global Data Center Business |  |  |  |  |  |  |  |  |  |  |
Total Revenues | $ | 118,033 |  |  | $ | 100,088 |  |  | $ | 230,338 |  |  | $ | 197,075 |  |  |  |  |
Adjusted EBITDA | 53,809 |  |  | 42,307 |  |  | 104,444 |  |  | 84,284 |  |  |  |  |
Corporate and Other |  |  |  |  |  |  |  |  |  |  |
Total Revenues | $ | 80,036 |  |  | $ | 118,970 |  |  | $ | 155,554 |  |  | $ | 221,138 |  |  |  |  |
Adjusted EBITDA | (77,213) |  |  | (56,969) |  |  | (144,824) |  |  | (116,747) |  |  |  |  |
Total Consolidated |  |  |  |  |  |  |  |  |  |  |
Total Revenues | $ | 1,357,936 |  |  | $ | 1,289,534 |  |  | $ | 2,672,285 |  |  | $ | 2,537,580 |  |  |  |  |
Adjusted EBITDA | 475,658 |  |  | 454,706 |  |  | 936,466 |  |  | 885,700 |  |  |  |  |
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 and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other expense (income), 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 six months ended June 30, 2023 and 2022 is as follows:
| THREE MONTHS ENDED JUNE 30, |  | SIX MONTHS ENDED JUNE 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net Income (Loss) | $ | 1,143 |  |  | $ | 201,858 |  |  | $ | 66,678 |  |  | $ | 243,565 |
Add/(Deduct): |  |  |  |  |  |  |
Interest expense, net | 144,178 |  |  | 115,057 |  |  | 281,347 |  |  | 229,499 |
Provision (benefit) for income taxes | 4,255 |  |  | 18,083 |  |  | 21,013 |  |  | 28,163 |
Depreciation and amortization | 195,367 |  |  | 178,254 |  |  | 377,461 |  |  | 361,869 |
Acquisition and Integration Costs | 1,511 |  |  | 16,878 |  |  | 3,106 |  |  | 32,539 |
Restructuring and other transformation | 45,588 |  |  | — |  |  | 82,501 |  |  | — |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (1,505) |  |  | (51,249) |  |  | (14,566) |  |  | (51,954) |
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures | 58,694 |  |  | (46,103) |  |  | 76,185 |  |  | 7,412 |
Stock-based compensation expense | 22,373 |  |  | 20,256 |  |  | 34,882 |  |  | 31,597 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 4,054 |  |  | 1,672 |  |  | 7,859 |  |  | 3,010 |
Adjusted EBITDA | $ | 475,658 |  |  | $ | 454,706 |  |  | $ | 936,466 |  |  | $ | 885,700 |
Information as to our revenues by product and service lines by segment for the three and six months ended June 30, 2023 and 2022 is as follows:
|  | THREE MONTHS ENDED JUNE 30, |  | SIX MONTHS ENDED JUNE 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Global RIM Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 898,634 |  |  | $ | 818,993 |  |  | $ | 1,766,622 |  |  | $ | 1,621,546 |
Data Management(1) |  | 130,251 |  |  | 124,394 |  |  | 259,845 |  |  | 258,050 |
Information Destruction(1)(2) |  | 130,982 |  |  | 127,089 |  |  | 259,926 |  |  | 239,771 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Global Data Center Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1) |  | — |  |  | — |  |  | — |  |  | — |
Data Center(1) |  | 118,033 |  |  | 100,088 |  |  | 230,338 |  |  | 197,075 |
Corporate and Other |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 37,409 |  |  | $ | 36,141 |  |  | $ | 71,757 |  |  | $ | 68,039 |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1)(3) |  | 42,627 |  |  | 82,829 |  |  | 83,797 |  |  | 153,099 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Total Consolidated |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 936,043 |  |  | $ | 855,134 |  |  | $ | 1,838,379 |  |  | $ | 1,689,585 |
Data Management(1) |  | 130,251 |  |  | 124,394 |  |  | 259,845 |  |  | 258,050 |
Information Destruction(1)(2)(3) |  | 173,609 |  |  | 209,918 |  |  | 343,723 |  |  | 392,870 |
Data Center(1) |  | 118,033 |  |  | 100,088 |  |  | 230,338 |  |  | 197,075 |
(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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