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Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company conducts business through several operating segments that meet the aggregation criteria under authoritative guidance related to segment reporting. The Company has determined that it has two reportable segments: portfolio purchasing and recovery, and tax lien business. The Company’s management relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources.
Segment operating income includes income from operations before depreciation, amortization of intangible assets, and stock-based compensation expense. The following table provides a reconciliation of revenue and segment operating income by reportable segment to consolidated results and was derived from the segments’ internal financial information as used for corporate management purposes (in thousands):
 
Year Ended December 31,
 
2015
 
2014
 
2013
Revenues:
 
 
 
 
 
Portfolio purchasing and recovery
$
1,129,967

 
$
1,043,429

 
$
756,277

Tax lien business
31,605

 
29,360

 
17,087

 
$
1,161,572

 
$
1,072,789

 
$
773,364

Operating income (loss):
 
 
 
 
 
Portfolio purchasing and recovery
$
337,422

 
$
352,754

 
$
219,510

Tax lien business
(36,167
)
 
11,820

 
5,045

 
301,255

 
364,574

 
224,555

Depreciation and amortization
(33,945
)
 
(27,949
)
 
(13,547
)
Stock-based compensation
(22,008
)
 
(17,181
)
 
(12,649
)
Other expense
(184,321
)
 
(166,829
)
 
(77,491
)
Income from continuing operations before income taxes
$
60,981

 
$
152,615

 
$
120,868


Additionally, assets are allocated to operating segments for management review. As of December 31, 2015, total segment assets were $3.8 billion and $377.5 million for the portfolio purchasing and recovery segment and tax lien business segment, respectively.
As discussed in Note 17, “Subsequent Event,” on February 19, 2016, the Company entered into an agreement to sell Propel which represents the entire tax lien business reportable segment. As the Company’s Board of Directors did not approve a plan to sell Propel until 2016, the tax lien business did not qualify as held for sale as of December 31, 2015.
The following table presents information about geographic areas in which the Company operates (in thousands):
 
Year Ended December 31,
 
2015
 
2014
 
2013
Revenues(1):
 
 
 
 
 
United States
$
741,010

 
$
752,607

 
$
673,302

Europe
376,055

 
295,173

 
95,491

Other geographies
44,507

 
25,009

 
4,571

 
$
1,161,572

 
$
1,072,789

 
$
773,364

________________________ 
(1)
Revenues are attributed to countries based on location of customer.