19. Segment Information
As a result of the Hospitality Solutions Sale, we now manage and report our business in one reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer and President, in deciding how to allocate resources and assess performance. Our CODM reviews financial information presented on a consolidated basis to monitor budget versus actual results for purposes of allocating resources and evaluating financial performance. Our measure of segment profit and loss is net income (loss), as reported on our consolidated statements of operations. Our significant segment expenses, which are the expenses included in operating income, and other segment items, which includes other income (expense) and benefit from (provision for) income taxes, are included in our consolidated statements of operations. Total assets as presented on our consolidated balance sheets represent total assets considered by our CODM for any relevant operating evaluations.
A significant portion of our revenue is generated through transaction-based fees that we charge to our customers. We generate revenue from our distribution activities through transaction fees for bookings on our GDS, and from our IT solutions through recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees. Transaction-based revenue accounted for approximately 85% of our revenue for each of the years ended December 31, 2025, 2024 and 2023.
Our revenues and long-lived assets, excluding goodwill and intangible assets, by geographic region are summarized below. Distribution revenue is attributed to countries based on the location of the travel supplier and IT Solutions revenue is based on the location of the customer. The majority of our revenues and long-lived assets are derived from the United States, Europe, and Asia-Pacific ("APAC") as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Revenue: | | | | | |
| United States | $ | 1,084,530 | | | $ | 1,012,591 | | | $ | 964,071 | |
| Europe | 463,065 | | | 517,158 | | | 539,844 | |
| APAC | 511,864 | | | 487,316 | | | 445,784 | |
| All Other | 711,524 | | | 727,780 | | | 692,378 | |
| Total | $ | 2,770,983 | | | $ | 2,744,845 | | | $ | 2,642,077 | |
| | | | | | | | | | | |
| | As of December 31, |
| | 2025 | | 2024 |
| Long-lived assets | | | |
| United States | $ | 281,593 | | | $ | 263,349 | |
| Europe | 16,998 | | | 21,907 | |
| APAC | 5,994 | | | 6,439 | |
| All Other | 8,258 | | | 9,151 | |
| Total | $ | 312,843 | | | $ | 300,846 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.