NOTE 17 - SEGMENT INFORMATION AND GEOGRAPHIC DATA Our business activities are organized into two reportable segments  Telematics Systems and Software &amp; Subscription Services. Our organizational structure is based on a number of factors that our CEO, the Chief Operating Decision Maker (CODM), uses to evaluate and operate the business, which include, but are not limited to, customer base, homogeneity of products and technology. Our Telematics Systems segment offers a portfolio of wireless data communications products, which includes asset tracking units, 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 &amp; 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 &amp; Subscription Services segment revenues include SaaS, professional services, devices sold with monitoring services and amortization of deferred revenue for customized devices functional only with application subscriptions that are not sold separately. Segment information for the three and six months ended August 31, 2019 and 2018 is as follows (in thousands): Three Months Ended August 31, 2019 Three Months Ended August 31, 2018 Operating Segments Operating Segments Telematics Systems Software &amp; Subscription Services Corporate Expenses Total Telematics Systems Software &amp; Subscription Services Corporate Expenses Total Revenues $ 62,031 $ 31,205 $  $ 93,236 $ 77,100 $ 18,937 $  $ 96,037 Gross profit $ 24,310 $ 13,360 $  $ 37,670 $ 30,396 $ 9,425 $  $ 39,821 Gross margin 39 % 43 % 0 % 40 % 39 % 50 % 0 % 41 % Adjusted EBITDA $ 7,514 $ 3,947 $ (814 ) $ 10,647 $ 11,682 $ 3,373 $ (1,366 ) $ 13,689 Six Months Ended August 31, 2019 Six Months Ended August 31, 2018 Operating Segments Operating Segments Telematics Systems Software &amp; Subscription Services Corporate Expenses Total Telematics Systems Software &amp; Subscription Services Corporate Expenses Total Revenues $ 125,590 $ 56,716 $  $ 182,306 $ 153,452 $ 37,473 $  $ 190,925 Gross profit $ 49,321 $ 23,760 $  $ 73,081 $ 59,905 $ 18,007 $  $ 77,912 Gross margin 39 % 42 % 0 % 40 % 39 % 48 % 0 % 41 % Adjusted EBITDA $ 14,507 $ 6,321 $ (2,612 ) $ 18,216 $ 22,496 $ 6,295 $ (2,925 ) $ 25,866 The amount shown for each period in the Corporate Expenses column above consists of expenses that are not allocated to the business segments. These non-allocated 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 on earnings before interest, taxes, depreciation, amortization and certain other charges (Adjusted EBITDA) and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. The adjustments to our net income (losses) prepared in accordance with U.S. generally accepted accounting principles (GAAP) to calculate Adjusted EBITDA are itemized below (in thousands): Three Months Ended August 31, Six Months Ended August 31, 2019 2018 2019 2018 Net income (loss) $ (7,369 ) $ (854 ) $ (16,062 ) $ 7,657 Investment income (1,256 ) (1,007 ) (3,337 ) (1,860 ) Interest expense 5,555 3,767 11,011 6,432 Income tax provision (1,342 ) (497 ) (3,599 ) 1,274 Depreciation 5,191 2,298 9,036 4,341 Amortization of intangible assets 3,318 2,893 6,358 5,641 Stock-based compensation 3,183 2,680 5,726 5,147 Loss on extinguishment of debt  2,033  2,033 Impairment loss and equity in net loss of affiliate  530 530 969 Restructuring charges 2,272 566 2,272 3,949 Non-recurring legal expenses 777 1,023 4,584 3,137 Acquisition and integration related expenses 46  1,190  Gain on LoJack battery performance legal Settlement   - (13,333 ) Other 272 257 507 479 Adjusted EBITDA $ 10,647 $ 13,689 $ 18,216 $ 25,866 It is not practicable for us to report identifiable assets by segment because these business units share resources, functions and facilities. We do not have significant long-lived assets outside the United States. Revenues by geographic area are as follows (in thousands): Three Months Ended Six Months Ended August 31, August 31, 2019 2018 2019 2018 United States $ 68,684 $ 70,647 $ 131,806 $ 141,064 Europe, Middle East and Africa 13,298 13,788 26,724 27,132 Latin America 4,227 1,723 7,713 4,129 Canada 2,481 2,338 5,317 3,702 Asia and Pacific Rim 1,940 3,480 4,349 7,239 All other 2,606 4,061 6,397 7,659 $ 93,236 $ 96,037 $ 182,306 $ 190,925 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 the three and six months ended August 31, 2019 and 2018.