| Segment Reporting |
The Company's chief operating decision maker ("CODM") evaluates the performance of the Company’s segment based upon consolidated net loss and considers budget-to-actual or forecast-to-actual variances to assess performance and make decisions about allocating resources. The CODM is regularly provided disaggregated expense information at a level more detailed than that presented in financial statements herein. The following tables present the significant revenue streams, significant segment expenses and other segment items regularly reviewed by our CODM, as well as consolidated net loss (in thousands):
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Colocation |
$ |
210,616 |
|
|
$ |
179,313 |
|
|
$ |
413,957 |
|
|
$ |
354,558 |
|
Interconnection |
|
24,661 |
|
|
|
27,493 |
|
|
|
49,614 |
|
|
|
54,034 |
|
Other |
|
12,580 |
|
|
|
12,885 |
|
|
|
25,603 |
|
|
|
22,498 |
|
Non-recurring |
|
12,345 |
|
|
|
12,028 |
|
|
|
19,701 |
|
|
|
21,005 |
|
Metered power revenues |
|
20,149 |
|
|
|
13,032 |
|
|
|
41,938 |
|
|
|
25,415 |
|
Total revenues |
|
280,351 |
|
|
|
244,751 |
|
|
|
550,813 |
|
|
|
477,510 |
|
Significant Segment Expenses: |
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Utilities |
|
(52,853 |
) |
|
|
(44,905 |
) |
|
|
(107,661 |
) |
|
|
(89,945 |
) |
Real estate |
|
(22,531 |
) |
|
|
(29,293 |
) |
|
|
(45,567 |
) |
|
|
(59,247 |
) |
Personnel |
|
(22,403 |
) |
|
|
(19,148 |
) |
|
|
(44,903 |
) |
|
|
(39,612 |
) |
Property taxes |
|
(9,884 |
) |
|
|
(6,857 |
) |
|
|
(21,540 |
) |
|
|
(15,021 |
) |
Repairs and maintenance |
|
(7,475 |
) |
|
|
(8,067 |
) |
|
|
(15,022 |
) |
|
|
(13,880 |
) |
Selling, marketing, general and administrative |
|
(35,170 |
) |
|
|
(22,720 |
) |
|
|
(60,892 |
) |
|
|
(45,648 |
) |
Gain on lease modification |
|
40,043 |
|
|
|
— |
|
|
|
40,043 |
|
|
|
51 |
|
Transaction and other costs |
|
(3,274 |
) |
|
|
(1,757 |
) |
|
|
(13,783 |
) |
|
|
(4,584 |
) |
Depreciation and amortization |
|
(89,581 |
) |
|
|
(64,151 |
) |
|
|
(174,079 |
) |
|
|
(127,884 |
) |
Other (loss) income, net |
|
(2,933 |
) |
|
|
1,929 |
|
|
|
(5,551 |
) |
|
|
1,625 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,313 |
) |
Interest expense |
|
(92,826 |
) |
|
|
(51,566 |
) |
|
|
(181,189 |
) |
|
|
(106,119 |
) |
Income tax (expense) benefit |
|
(12,231 |
) |
|
|
2,199 |
|
|
|
(482 |
) |
|
|
7,657 |
|
Other segment items (1) |
|
(18,060 |
) |
|
|
(14,343 |
) |
|
|
(34,967 |
) |
|
|
(28,433 |
) |
Segment net loss / Consolidated net loss |
$ |
(48,827 |
) |
|
$ |
(13,928 |
) |
|
$ |
(114,780 |
) |
|
$ |
(48,843 |
) |
(1) Other segment items are primarily comprised of cost of revenues related to data center security services, commissions paid to third-party business partners, and other professional services associated with site management. The following table provides information about disaggregated revenue by primary geographic region (in thousands):
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
United States |
$ |
252,341 |
|
|
$ |
225,811 |
|
|
$ |
493,428 |
|
|
$ |
443,517 |
|
Canada |
|
21,761 |
|
|
|
5,179 |
|
|
|
43,779 |
|
|
|
10,432 |
|
United Kingdom |
|
4,655 |
|
|
|
9,733 |
|
|
|
10,168 |
|
|
|
16,115 |
|
All other countries |
|
1,594 |
|
|
|
4,028 |
|
|
|
3,438 |
|
|
|
7,446 |
|
Total revenues |
$ |
280,351 |
|
|
$ |
244,751 |
|
|
$ |
550,813 |
|
|
$ |
477,510 |
|
The following table provides information about long-lived assets by primary geographical region (in thousands):
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Property and equipment, net |
|
|
Right-of-use assets |
|
|
As of June 30,
2026 |
|
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As of
December 31, 2025 |
|
|
As of June 30,
2026 |
|
|
As of
December 31, 2025 |
|
United States |
$ |
3,450,155 |
|
|
$ |
3,290,324 |
|
|
$ |
313,548 |
|
|
$ |
348,549 |
|
Canada |
|
577,879 |
|
|
|
622,378 |
|
|
|
1,395 |
|
|
|
1,652 |
|
United Kingdom |
|
34,573 |
|
|
|
38,387 |
|
|
|
4,920 |
|
|
|
5,036 |
|
Total |
$ |
4,062,607 |
|
|
$ |
3,951,089 |
|
|
$ |
319,863 |
|
|
$ |
355,237 |
|
|