We operate under two reportable segments: Telematics Systems and Software & Subscription Services. Our organizational structure is based on a number of factors that our former CEO, the Chief Operating Decision Maker (“CODM”), uses to evaluate and operate the business, which include customer base, homogeneity of products, and technology for the fiscal years presented.

Our Telematics Systems segment offers a portfolio of wireless data communications products, which includes asset tracking units, SVR units in the U.S., mobile telematics devices, fixed and mobile wireless gateways and routers. These wireless networking devices underpin a wide range of our own and third party software and service solutions worldwide and are critical for applications demanding secure, reliable and business-critical communications. Telematics Systems segment revenues consist primarily of stand-alone product sales.

Our Software & Subscription Services segment offers cloud-based, application enablement and telematics service platforms that facilitate integration of our own applications, as well as those of third parties, through open Applications Programing Interfaces (“APIs”) to deliver full-featured IoT solutions to a wide range of customers and markets. Our scalable proprietary SaaS offerings enable rapid and cost-effective deployment of high-value solutions for customers all around the globe. Software & Subscription Services segment revenues includes SaaS, professional services, devices sold with monitoring services and amortization of revenues and costs for customized devices functional only with application subscriptions that are not sold separately.

	Year ended February 29, 2020
	Operating Segments
	Telematics Systems			Software & Subscription Services			Corporate Expenses			Total
Revenues	$	241,212		$	124,895					$	366,107
Gross profit	$	86,558		$	56,745					$	143,303
Gross margin		35.9	%		45.4	%					39.1	%
Adjusted EBITDA	$	19,682		$	21,747		$	(4,528	)	$	36,901

	Year ended February 28, 2019
	Operating Segments
	Telematics Systems			Software & Subscription Services			Corporate Expenses			Total
Revenues	$	287,370		$	76,430					$	363,800
Gross profit	$	110,542		$	37,222					$	147,764
Gross margin		38.5	%		48.7	%					40.6	%
Adjusted EBITDA	$	40,821		$	13,093		$	(5,699	)	$	48,215

	Year ended February 28, 2018
	Operating Segments
	Telematics Systems			Software & Subscription Services			Corporate Expenses			Total
Revenues	$	302,126		$	63,786					$	365,912
Gross profit	$	120,774		$	30,116					$	150,890
Gross margin		40.0	%		47.2	%					41.2	%
Adjusted EBITDA	$	48,943		$	8,233		$	(4,794	)	$	52,382

The amount shown for each period in the “Corporate Expenses” column above consists of expenses that are not allocated to the business segments. These unallocated corporate expenses include salaries and benefits of certain corporate staff and expenses such as audit fees, investor relations, stock listing fees, director and officer liability insurance, and director fees and expenses.

Our CODM evaluates each segment based primarily on revenue and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation, impairment loss and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to calculate Adjusted EBITDA are itemized below (in thousands):

	Year Ended February 29/28,
	2020			2019			2018
Net income (loss)	$	(79,304	)	$	18,398		$	16,617
Investment income		(4,497	)		(5,258	)		(2,256	)
Interest expense		20,096			16,726			10,280
Income tax provision (benefits)		20,454			(1,330	)		10,681
Depreciation and amortization		31,987			20,016			22,957
Stock-based compensation		12,421			11,029			9,298
Impairment loss and equity in net loss of affiliate		530			6,787			1,411
Loss on extinguishment of debt		2,408			2,033			-
Acquisition and integration related expenses		2,210			935			-
Non-recurring legal expenses, net of reversal of litigation provision		6,213			(11,020	)		10,738
Gain on LoJack battery performance legal Settlement		-			(18,333	)		(28,333	)
Restructuring		4,400			8,015			-
Impairment loss		19,143			-			-
Other		840			217			989
Adjusted EBITDA	$	36,901		$	48,215		$	52,382

Our CODM does not obtain identifiable assets by segment because our businesses share resources, functions and facilities.

	Year Ended February 29/28,
	2020		2019		2018
United States	$	266,413	$	268,453	$	265,613
Europe, Middle East and Africa		55,185		49,496		45,830
South America		21,235		15,134		20,699
Asia and Pacific Rim		9,166		13,958		12,873
All other		14,108		16,759		20,897
	$	366,107	$	363,800	$	365,912

Revenues by geographic area are based upon the country of billing. The geographic location of distributors and OEM customers may be different from the geographic location of the ultimate end users of the products and services provided by us. No single non-U.S. country accounted for more than 10% of our revenue in fiscal years ended February 29, 2020, February 28, 2019 and 2018.