Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

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

The operations associated with acquisitions completed during the first nine months of 2023 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, 2023 and 2022 is as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022		2023		2022
Global RIM Business
Total Revenues	$	1,182,652	$	1,091,102	$	3,469,045	$	3,210,469
Adjusted EBITDA	516,548		483,862		1,493,394		1,402,025
Global Data Center Business
Total Revenues	$	127,535	$	100,309	$	357,873	$	297,384
Adjusted EBITDA	53,216		42,660		157,660		126,944
Corporate and Other
Total Revenues	$	77,988	$	95,534	$	233,542	$	316,672
Adjusted EBITDA	(69,802)		(57,088)		(214,626)		(173,835)
Total Consolidated
Total Revenues	$	1,388,175	$	1,286,945	$	4,060,460	$	3,824,525
Adjusted EBITDA	499,962		469,434		1,436,428		1,355,134

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 (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, 2023 and 2022 is as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022		2023		2022
Net Income (Loss)	$	91,391	$	192,931	$	158,069	$	436,496
Add/(Deduct):
Interest expense, net	152,801		121,767		434,148		351,266
Provision (benefit) for income taxes	9,912		23,934		30,925		52,097
Depreciation and amortization	198,757		175,077		576,218		536,946
Acquisition and Integration Costs	9,909		5,554		13,015		38,093
Restructuring and other transformation	38,861		3,382		121,362		3,382
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)	(4,416)		(14,170)		(18,982)		(66,124)
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures	(17,626)		(56,226)		58,559		(48,814)
Stock-based compensation expense	18,313		14,326		53,195		45,923
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures	2,060		2,859		9,919		5,869
Adjusted EBITDA	$	499,962	$	469,434	$	1,436,428	$	1,355,134

Information as to our revenues by product and service lines by segment for the three and nine months ended September 30, 2023 and 2022 is as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022		2023		2022
Global RIM Business
Records Management(1)	$	926,424	$	829,357	$	2,693,046	$	2,450,903
Data Management(1)	128,191		127,226		388,036		385,276
Information Destruction(1)(2)	128,037		134,519		387,963		374,290
Data Center(1)	—		—		—		—
Global Data Center Business
Records Management(1)	$	—	$	—	$	—	$	—
Data Management(1)	—		—		—		—
Information Destruction(1)	—		—		—		—
Data Center(1)	127,535		100,309		357,873		297,384
Corporate and Other
Records Management(1)	$	36,092	$	35,787	$	107,849	$	103,826
Data Management(1)	—		—		—		—
Information Destruction(1)(3)	41,896		59,747		125,693		212,846
Data Center(1)	—		—		—		—
Total Consolidated
Records Management(1)	$	962,516	$	865,144	$	2,800,895	$	2,554,729
Data Management(1)	128,191		127,226		388,036		385,276
Information Destruction(1)(2)(3)	169,933		194,266		513,656		587,136
Data Center(1)	127,535		100,309		357,873		297,384

(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.