Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment InformationWhile 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. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

The following tables present revenue information disaggregated by product lines and geographic areas, (in thousands):

	Three Months Ended March 31, 2023
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	574,098	$	515,611	$	318,705	$	1,408,414
Interconnection	198,639		72,606		65,562		336,807
Managed infrastructure	60,860		31,424		18,963		111,247
Other (1)	4,872		25,200		3,540		33,612
Recurring revenues	838,469		644,841		406,770		1,890,080
Non-recurring revenues	43,906		46,376		17,847		108,129
Total	$	882,375	$	691,217	$	424,617	$	1,998,209

(1) Includes some leasing and hedging activities.

	Three Months Ended March 31, 2022
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	522,171	$	414,569	$	282,615	$	1,219,355
Interconnection	181,103		68,140		59,987		309,230
Managed infrastructure	49,222		30,990		20,642		100,854
Other (1)	5,134		6,414		1,337		12,885
Recurring revenues	757,630		520,113		364,581		1,642,324
Non-recurring revenues	42,791		30,367		18,965		92,123
Total	$	800,421	$	550,480	$	383,546	$	1,734,447

(1) Includes some leasing and hedging activities.

No single customer accounted for 10% or greater of our accounts receivable or revenues for the three months ended March 31, 2023 and 2022. There is no country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues for the three months ended March 31, 2023 and 2022.

We define adjusted EBITDA 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 as presented below (in thousands):

	Three Months Ended March 31,
	2023		2022
Adjusted EBITDA:
Americas	$	405,087	$	356,555
EMEA	326,513		260,345
Asia-Pacific	212,683		182,812
Total adjusted EBITDA	944,283		799,712
Depreciation, amortization and accretion expense	(458,995)		(436,386)
Stock-based compensation expense	(98,715)		(89,952)
Transaction costs	(1,600)		(4,240)
Loss on asset sales	(852)		(1,818)
Interest income	19,388		2,106
Interest expense	(97,481)		(79,965)
Other income (expense)	7,503		(9,549)
Gain on debt extinguishment	254		529
Income before income taxes	$	313,785	$	180,437

 We also provide the following additional segment disclosures (in thousands):

	Three Months Ended March 31,
	2023		2022
Depreciation and amortization:
Americas	$	244,714	$	229,709
EMEA	124,017		115,054
Asia-Pacific	88,369		90,577
Total	$	457,100	$	435,340
Capital expenditures:
Americas	$	300,675	$	185,046
EMEA	145,820		162,503
Asia-Pacific	83,105		64,969
Total	$	529,600	$	412,518

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, located in the following geographic areas as of (in thousands):

	March 31, 2023		December 31, 2022
Americas	$	7,706,923	$	7,532,125
EMEA	5,727,022		5,577,498
Asia-Pacific	3,479,789		3,539,911
Total property, plant and equipment, net	$	16,913,734	$	16,649,534
Americas	$	252,022	$	263,148
EMEA	450,460		440,139
Asia-Pacific	701,234		724,663
Total operating lease right-of-use assets	$	1,403,716	$	1,427,950