Segment Reporting and Significant Customer Information

The Company manages its business geographically and has three reportable operating segments: Asia Pacific, Europe and North America. Asia Pacific consists of the Company's operations in Australia, China, Hong Kong, Japan, and Southeast Asia. Europe consists of the Company’s operations in France, Germany, Spain, and the U.K. North America consists of the Company’s operations in Canada and the U.S.

Management relies on an internal management reporting process that provides revenue and segment operating income for making financial decisions and allocating resources. Management believes that segment revenues and operating income are appropriate measures of evaluating the operational performance of the Company’s segments.

The following is a summary of operating results and assets by business segment (in thousands):



Year Ended December 31, 2019	Asia Pacific			Europe			North America		Consolidated
Revenues from unaffiliated customers	$	6,402		$	39,556		$	65,454	$	111,412
Intersegment revenues	88			(2,658		)	2,570		—
Total net revenues	$	6,490		$	36,898		$	68,024	$	111,412
Operating income (loss)	$	(7,488	)	$	4,461		$	12,491	$	9,464



Year Ended December 31, 2018	Asia Pacific			Europe			North America		Consolidated
Revenues from unaffiliated customers	$	7,869		$	36,468		$	66,985	$	111,322
Intersegment revenues	(10		)	(319		)	329		—
Total net revenues	$	7,859		$	36,149		$	67,314	$	111,322
Operating income (loss)	$	(6,322	)	$	4,973		$	9,587	$	8,238



As of December 31, 2019	Asia Pacific		Europe		North America		Elimination			Consolidated
Long-lived assets	$	121	$	263	$	2,598	$	—		$	2,982
Total assets	$	3,215	$	74,604	$	66,803	$	(90,084	)	$	54,538



As of December 31, 2018	Asia Pacific		Europe		North America		Elimination			Consolidated
Long-lived assets	$	145	$	313	$	3,332	$	—		$	3,790
Total assets	$	3,811	$	62,942	$	62,433	$	(85,762	)	$	43,424

Revenue for each segment is recognized based on the customer location within a designated geographic region. Property and equipment are attributed to the geographic region in which the assets are located.

For the years ended December 31, 2019 and 2018, the Company did not have any customers that accounted for 10% or more of revenue. As of December 31, 2019 and 2018, the Company did not have any customers that accounted for 10% or more of accounts receivable.

The following table sets forth the breakdown of revenues by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaway vouchers and hotel platform. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings) (in thousands).



	Year Ended December 31,
	2019		2018
Asia Pacific
Travel	$	6,274	$	7,351
Local	216		508
Total Asia Pacific revenues	6,490		7,859
Europe
Travel	32,081		30,856
Local	4,817		5,293
Total Europe revenues	36,898		36,149
North America
Travel	57,863		56,145
Local	10,161		11,169
Total North America revenues	68,024		67,314
Consolidated
Travel	96,218		94,352
Local	15,194		16,970
Total revenues	$	111,412	$	111,322

Revenue by geography is based on the billing address of the advertiser. Long-lived assets attributed to the U.S. and international geographies are based upon the country in which the asset is located or owned.

The following table sets forth revenue for individual countries that were 10% or more of total revenue (in thousands):



	Year Ended December 31,
	2019		2018
Revenue
United States	$	61,375	$	61,257
United Kingdom	19,961		21,034
Germany	12,176		12,257
Rest of the world	17,900		16,774
Total revenues	$	111,412	$	111,322

The following table sets forth long lived assets by geographic area (in thousands):



	December 31,
	2019		2018
United States	$	2,359	$	3,035
Rest of the world	623		755
Total long lived assets	$	2,982	$	3,790