Segment information |
Segment information Management has identified three reportable segments, which correspond to our three operating segments: the Americas, Developed Europe and Rest of World. Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our Rest of World segment is comprised of all other countries, the most significant by revenue of which are Japan, Turkey, Australia, Hong Kong and India. We determined our operating segments based on how our chief operating decision makers manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Return on Advertising Spend, or ROAS, for each of our segments, which compares Referral Revenue to Advertising Spend. ROAS includes the allocation of revenue by segment which is based on the location of the website, or domain name, regardless of where the consumer resides. This is consistent with how management monitors and runs the business. Corporate and Eliminations also includes all corporate functions and expenses except for direct advertising. In addition, we record amortization of intangible assets and any related impairment, share-based compensation expense, restructuring and related reorganization charges, legal reserves, occupancy tax and other taxes, and other items excluded from segment operating performance in Corporate and Eliminations. Such amounts are detailed in our segment reconciliations below. The following tables present our segment information for the years ended December 31, 2023, 2022 and 2021. As a significant portion of our property and equipment is not allocated to our operating segments and depreciation is not included in our segment measure, we do not report the assets by segment as it would not be meaningful. We do not regularly provide such information to our chief operating decision makers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | (€ thousands) | Developed Europe | | Americas | | Rest of World | | Corporate & Eliminations | | Total | Referral revenue | € | 215,687 | | | € | 176,404 | | | € | 84,749 | | | € | — | | | € | 476,840 | | Subscription revenue | — | | | — | | | — | | | 2,571 | | | 2,571 | | Other revenue | — | | | — | | | — | | | 5,620 | | | 5,620 | | Total revenue | € | 215,687 | | | € | 176,404 | | | € | 84,749 | | | € | 8,191 | | | € | 485,031 | | Advertising spend | 147,713 | | | 118,965 | | | 56,469 | | | — | | | 323,147 | | ROAS contribution | € | 67,974 | | | € | 57,439 | | | € | 28,280 | | | € | 8,191 | | | € | 161,884 | | Costs and expenses: | | | | | | | | | | Cost of revenue, including related party, excluding amortization | | | | 11,971 | | Other selling and marketing, including related party (1) | | | | 22,492 | | Technology and content, including related party | | | | 49,020 | | General and administrative, including related party | | | | 38,726 | | Amortization of intangible assets | | | | 135 | | Impairment of intangible assets and goodwill | | | | 196,127 | | Operating loss | | | | € | (156,587) | | Other income/(expense) | | | | | Interest expense | | | | (12) | | Interest income | | | | 5,213 | | Other, net | | | | (478) | | Total other income/(expense), net | | | | € | 4,723 | | Loss before income taxes | | | | € | (151,864) | | Expense for income taxes | | | | 12,391 | | Loss before equity method investment | | | | € | (164,255) | | Loss from equity method investment | | | | (221) | | Net loss | | | | € | (164,476) | |
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2022 | (€ thousands) | Developed Europe | | Americas | | Rest of World | | Corporate & Eliminations | | Total | Referral revenue | € | 237,692 | | | € | 216,406 | | | € | 67,692 | | | € | — | | | € | 521,790 | | Subscription revenue | — | | | — | | | — | | | 3,398 | | | 3,398 | | Other revenue | — | | | — | | | — | | | 9,816 | | | 9,816 | | Total revenue | € | 237,692 | | | € | 216,406 | | | € | 67,692 | | | € | 13,214 | | | € | 535,004 | | Advertising spend | 149,823 | | | 131,638 | | | 35,862 | | | — | | | 317,323 | | ROAS contribution | € | 87,869 | | | € | 84,768 | | | € | 31,830 | | | € | 13,214 | | | € | 217,681 | | Costs and expenses: | | | | | | | | | | Cost of revenue, including related party, excluding amortization | | | | 12,691 | | Other selling and marketing, including related party (1) | | | | 24,701 | | Technology and content, including related party | | | | 54,921 | | General and administrative, including related party | | | | 60,852 | | Amortization of intangible assets | | | | 136 | | Impairment of intangible assets and goodwill | | | | 184,642 | | Operating loss | | | | € | (120,262) | | Other income/(expense) | | | | | Interest expense | | | | (51) | | Interest income | | | | 622 | | Other, net | | | | (556) | | Total other income/(expense), net | | | | € | 15 | | Loss before income taxes | | | | € | (120,247) | | Expense for income taxes | | | | 6,570 | | Loss before equity method investment | | | | € | (126,817) | | Loss from equity method investment | | | | (401) | | Net loss | | | | € | (127,218) | |
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2021 | (€ thousands) | Developed Europe | | Americas | | Rest of World | | Corporate & Eliminations | | Total | Referral revenue | € | 163,700 | | | € | 140,143 | | | € | 45,599 | | | € | — | | | € | 349,442 | | Subscription revenue | — | | | — | | | — | | | 3,914 | | | 3,914 | | Other revenue | — | | | — | | | — | | | 8,109 | | | 8,109 | | Total revenue | € | 163,700 | | | € | 140,143 | | | € | 45,599 | | | € | 12,023 | | | € | 361,465 | | Advertising spend | 106,984 | | | 94,096 | | | 22,470 | | | — | | | 223,550 | | ROAS contribution | € | 56,716 | | | € | 46,047 | | | € | 23,129 | | | € | 12,023 | | | € | 137,915 | | Costs and expenses: | | | | | | | | | | Cost of revenue, including related party, excluding amortization | | | | 11,500 | | Other selling and marketing, including related party (1) | | | | 25,646 | | Technology and content, including related party | | | | 52,374 | | General and administrative, including related party | | | | 38,208 | | Amortization of intangible assets | | | | 136 | | | | | | | Operating income | | | | € | 10,051 | | Other income/(expense) | | | | | Interest expense | | | | (389) | | | | | | | Interest income | | | | 174 | | Other, net | | | | 13,454 | | Total other income/(expense), net | | | | € | 13,239 | | Income before income taxes | | | | € | 23,290 | | Expense for income taxes | | | | 12,586 | | | | | | | | | | | | Net income | | | | | | | | | € | 10,704 | | (1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.Geographic information The following table presents revenue by geographic area for the years ended December 31, 2023, 2022 and 2021. Referral Revenue was allocated by country using the same methodology as the allocation of segment revenue, while non-Referral Revenue was allocated either based upon the location of the customer using the service, or using the same methodology as the allocation of segment revenue, depending on the nature of the non-Referral Revenue stream. | | | | | | | | | | | | | | | | | | | Year ended December 31, | (in thousands) | 2023 | | 2022 | | 2021 | Total revenues | | | | | | United States | € | 106,032 | | | € | 139,885 | | | € | 102,687 | | Germany | 45,209 | | | 52,789 | | | 42,301 | | United Kingdom | 55,867 | | | 68,554 | | | 41,389 | | Canada | 29,240 | | | 31,899 | | | 11,862 | | | | | | | | Japan | 39,016 | | | 19,200 | | | 5,999 | | All other countries | 209,667 | | | 222,677 | | | 157,227 | | | € | 485,031 | | | € | 535,004 | | | € | 361,465 | |
The following table presents property and equipment, net for Germany and all other countries, as of December 31, 2023 and 2022: | | | | | | | | | | | | (€ thousands) | Years ended December 31, | | 2023 | | 2022 | Property and equipment, net: | | | | Germany | € | 10,040 | | | € | 13,012 | | All other countries | 39 | | | 63 | | | € | 10,079 | | | € | 13,075 | |
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