
	Three Months Ended March 31, 2025
	Travel Solutions		Hospitality Solutions		Eliminations		Total
Revenue:
Revenue from external customers	$	691,408	$	85,209	$	—	$	776,617
Intersegment revenue	10,718		—		(10,718)		—
Total revenue	702,126		85,209		(10,718)		776,617

Less(1):
Segment cost of revenue, excluding technology costs(2)	$	301,572	$	37,539	$	(10,718)	$	328,393
Segment technology costs(3)	154,590		24,691		—		179,281
Segment selling, general and administrative(4)	62,200		11,523		—		73,723
Other segment adjustments(5)	(665)		—		—		(665)
Segment adjusted EBITDA	$	184,429	$	11,456	$	—	$	195,885


	Three Months Ended March 31, 2024
	Travel Solutions		Hospitality Solutions		Eliminations		Total
Revenue:
Revenue from external customers	$	704,067	$	78,819	$	—	$	782,886
Intersegment revenue	9,566		—		(9,566)		—
Total revenue	713,633		78,819		(9,566)		782,886

Less(1):
Segment cost of revenue, excluding technology costs(2)	$	288,850	$	36,559	$	(9,566)	$	315,843
Segment technology costs(3)	176,920		23,227		—		200,147
Segment selling, general and administrative(4)	60,514		10,762		—		71,276
Other segment adjustments(5)	(960)		—		—		(960)
Segment adjusted EBITDA	$	188,309	$	8,271	$	—	$	196,580

The following table sets forth the reconciliation of Total segment adjusted EBITDA to Loss from continuing operations before income taxes in our consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2025		2024
Total segment adjusted EBITDA	$	195,885	$	196,580
Unallocated amounts and adjustments:
Corporate expenses(6)	(62,036)		(63,376)
Depreciation and amortization	(29,786)		(34,159)
Interest expense, net	(129,353)		(124,747)
Loss on extinguishment of debt	—		(37,994)
Other, net(7)	3,776		(4,477)
Loss from continuing operations before income taxes	$	(21,514)	$	(68,173)

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the Hospitality Solutions column.

(2)Segment cost of revenue, excluding technology costs, incurred by Travel Solutions and Hospitality Solutions consists primarily of costs associated with the delivery and distribution of our products and services and includes employee-related costs for our delivery, customer operations and call center teams as well as allocated overhead such as facilities and other support costs. Cost of revenue, excluding technology costs, for Travel Solutions also includes incentive consideration expense representing payments or other consideration to travel agencies for reservations made on our GDS which accrue on a monthly basis and Cost of revenue, excluding technology costs, also includes amortization of upfront incentive consideration representing upfront payments or other consideration provided to travel agencies for reservations made on our GDS which are capitalized and amortized over the expected life of the contract.

(3)Segment technology costs incurred by Travel Solutions and Hospitality Solutions consist of expenses related to third-party providers and employee-related costs to operate, maintain and enhance our technology operations including hosting, third-party software, and other associated costs.

(4)Segment selling, general and administrative expenses consist of professional service fees, provision for expected credit losses and personnel-related expenses for employees engaged in sales, sales support, account management and administrative support.

(6)Corporate expenses include certain shared expenses such as accounting, finance, human resources, legal, corporate systems, impairment and related charges, stock-based compensation, restructuring charges (in applicable periods), legal reserves and other items not identifiable with one of our segments.

(7)Other, net includes a gain on the sale of assets of $5 million recognized in the current year period and a fair value loss from our investments in securities of $3 million recognized in the prior year period. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency.