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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
88
The carrying value of the Term Loan was $443.3 million at December 31, 2013, compared with a fair value of $446.8
million. At December 31, 2012, the carrying value of the Term Loan was $440.0 million, compared with a fair value of $425.7
million. The fair values were determined based on quoted market ask prices, which is classified as a Level 2 measurement.
17. Segment Information
We determine operating segments based on how our chief operating decision maker manages the business, including
making operating decisions deciding how to allocate resources and evaluating operating performance. We operate in one
segment and have one reportable segment.
We maintain operations in the United States, United Kingdom, Australia, Germany, Sweden, France, Finland, Ireland,
Switzerland and other international territories. The table below presents net revenue by geographic area: the United States and
all other countries. Net revenue is based on the location of the legal entity through which the booking is processed.
Years Ended December 31,
2013 2012 2011
(in thousands)
Net revenue
United States $ 618,623 $ 562,026 $ 546,840
All other countries 228,380 216,770 219,979
Total $ 847,003 $ 778,796 $ 766,819
The table below presents property and equipment, net, by geographic area.
December 31, 2013 December 31, 2012
(in thousands)
Long-lived assets
United States $ 111,458 $ 126,233
All other countries 4,687 6,311
Total $ 116,145 $ 132,544
18. Quarterly Financial Data (Unaudited)
The following tables present certain unaudited consolidated quarterly financial information.
Three Months Ended
December 31,
2013 September 30,
2013 June 30,
2013 March 31,
2013 (a)
(in thousands, except per share data)
Net revenue $ 197,426 $ 220,919 $ 225,798 $ 202,860
Cost and expenses 182,746 193,450 203,171 205,670
Operating income/(loss) 14,680 27,469 22,627 (2,810)
Net income 5,342 12,982 561 146,200
Basic net income per share $0.05 $0.12 $0.01 $1.38
Diluted net income per share $0.05 $0.11 $0.00 $1.34
(a) During the three months ended March 31, 2013, we reversed $157.5 million in valuation allowance related to
deferred tax assets (see Note 10 - Income Taxes).