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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Our reportable segments as of December 31, 2023 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 The remaining activities of our business consist primarily of our Fine Arts and ALM businesses and other corporate items ("Corporate and Other"). The operations associated with acquisitions completed during the first nine months of 2024 have been incorporated into Corporate and Other. 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, 2024 and 2023 is as follows:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Global RIM Business |  |  |  |  |  |  |  |
Total Revenues |  | $ | 1,260,358 |  |  | $ | 1,182,652 |  |  | $ | 3,721,092 |  |  | $ | 3,469,045 |
Adjusted EBITDA |  | 568,994 |  |  | 516,548 |  |  | 1,644,004 |  |  | 1,493,394 |
Global Data Center Business |  |  |  |  |  |  |  |
Total Revenues |  | $ | 153,206 |  |  | $ | 127,535 |  |  | $ | 449,845 |  |  | $ | 357,873 |
Adjusted EBITDA |  | 66,796 |  |  | 53,216 |  |  | 194,381 |  |  | 157,660 |
Corporate and Other |  |  |  |  |  |  |  |
Total Revenues |  | $ | 143,794 |  |  | $ | 77,988 |  |  | $ | 397,693 |  |  | $ | 233,542 |
Adjusted EBITDA |  | (67,677) |  |  | (69,802) |  |  | (207,056) |  |  | (214,626) |
Total Consolidated |  |  |  |  |  |  |  |
Total Revenues |  | $ | 1,557,358 |  |  | $ | 1,388,175 |  |  | $ | 4,568,630 |  |  | $ | 4,060,460 |
Adjusted EBITDA |  | 568,113 |  |  | 499,962 |  |  | 1,631,329 |  |  | 1,436,428 |
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 •Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate) | •Other expense (income), net •Stock-based compensation expense •Intangible impairments
Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. A reconciliation of Net (Loss) Income to Adjusted EBITDA on a consolidated basis for the three and nine months ended September 30, 2024 and 2023 is as follows:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Net (Loss) Income |  | $ | (33,665) |  |  | $ | 91,391 |  |  | $ | 77,981 |  |  | $ | 158,069 |
Add/(Deduct): |  |  |  |  |  |  |  |
Interest expense, net |  | 186,067 |  |  | 152,801 |  |  | 527,107 |  |  | 434,148 |
Provision (benefit) for income taxes |  | 12,400 |  |  | 9,912 |  |  | 42,328 |  |  | 30,925 |
Depreciation and amortization |  | 232,240 |  |  | 198,757 |  |  | 666,296 |  |  | 576,218 |
Acquisition and Integration Costs |  | 11,262 |  |  | 9,909 |  |  | 28,573 |  |  | 13,015 |
Restructuring and other transformation |  | 37,282 |  |  | 38,861 |  |  | 124,562 |  |  | 121,362 |
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate) |  | 5,091 |  |  | (4,416) |  |  | 8,270 |  |  | (18,982) |
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures |  | 85,532 |  |  | (17,626) |  |  | 76,954 |  |  | 58,559 |
Stock-based compensation expense |  | 29,563 |  |  | 18,313 |  |  | 73,491 |  |  | 53,195 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures |  | 2,341 |  |  | 2,060 |  |  | 5,767 |  |  | 9,919 |
Adjusted EBITDA |  | $ | 568,113 |  |  | $ | 499,962 |  |  | $ | 1,631,329 |  |  | $ | 1,436,428 |
Segment revenue by product and service lines for the three and nine months ended September 30, 2024 and 2023 is as follows:
|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Global RIM Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 990,333 |  |  | $ | 926,424 |  |  | $ | 2,901,465 |  |  | $ | 2,693,046 |
Data Management(1) |  | 127,583 |  |  | 128,191 |  |  | 390,706 |  |  | 388,036 |
Information Destruction(1)(2) |  | 142,442 |  |  | 128,037 |  |  | 428,921 |  |  | 387,963 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Global Data Center Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1) |  | — |  |  | — |  |  | — |  |  | — |
Data Center(1) |  | 153,206 |  |  | 127,535 |  |  | 449,845 |  |  | 357,873 |
Corporate and Other |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 41,460 |  |  | $ | 36,092 |  |  | $ | 121,528 |  |  | $ | 107,849 |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1)(3) |  | 102,334 |  |  | 41,896 |  |  | 276,165 |  |  | 125,693 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Total Consolidated |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 1,031,793 |  |  | $ | 962,516 |  |  | $ | 3,022,993 |  |  | $ | 2,800,895 |
Data Management(1) |  | 127,583 |  |  | 128,191 |  |  | 390,706 |  |  | 388,036 |
Information Destruction(1)(2)(3) |  | 244,776 |  |  | 169,933 |  |  | 705,086 |  |  | 513,656 |
Data Center(1) |  | 153,206 |  |  | 127,535 |  |  | 449,845 |  |  | 357,873 |
(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service related, except for information destruction, which does not have a storage rental component. (2)Information destruction revenue for our Global RIM Business includes secure shredding services. (3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.

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