The Company reports its financial results within two reportable segments: (1) Product Licensing and (2) Semiconductor and IP Licensing. There are certain corporate overhead costs that are not allocated to these reportable segments because these operating amounts are not considered in evaluating the operating performance of the Company’s business segments.

The Chief Executive Officer is also the Chief Operating Decision Maker (“CODM”) as defined by the authoritative guidance on segment reporting.

The Product Licensing segment is comprised of the Company’s audio and imaging businesses, which the Company licenses through the DTS, HD Radio, and IMAX Enhanced brands. These licenses typically include the delivery of software and/or hardware-based solutions to the Company’s customers or to their suppliers. Product Licensing revenue is derived primarily from sales into the home, automotive and mobile markets.

The Semiconductor and IP Licensing segment includes the Company’s Tessera, Invensas and Invensas Bonding Technologies subsidiaries, which license semiconductor packaging and interconnect technologies and associated IP. Semiconductor and IP Licensing revenue is derived from technology and IP licenses to semiconductor companies, foundries and packaging companies. The Company has a long history of developing and monetizing next-generation technologies, including chip-scale and multi-chip packaging solutions as well as low-temperature wafer and die bonding solutions. Today, the Company is actively developing and licensing 3D semiconductor packaging, interconnect and bonding solutions for semiconductors that are used in everyday products such as smartphones, tablets, and laptops as well as servers used in datacenters. The Company also provides engineering services to its customers to assist them in their evaluation and adoption of the Company’s technologies including the transition into high volume production.

The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information. Reportable segments do not record inter-segment revenue and accordingly there are none to report. The Company does not allocate other income and expense to reportable segments. Although the CODM uses operating income to evaluate reportable segments, operating costs included in one segment may benefit other segments.

The following table sets forth the Company’s segment revenue, operating expenses and operating income (loss) for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended
	March 31, 2020			March 31, 2019
Revenue:
Product Licensing segment	$	55,942		$	44,567
Semiconductor and IP Licensing segment		61,723			12,000
Total revenue		117,665			56,567
Operating expenses:
Product Licensing segment		45,166			45,757
Semiconductor and IP Licensing segment		10,169			10,238
Unallocated operating expenses (1)		37,803			30,569
Total operating expenses		93,138			86,564
Operating income (loss):
Product Licensing segment		10,776			(1,190	)
Semiconductor and IP Licensing segment		51,554			1,762
Unallocated operating expenses (1)		(37,803	)		(30,569	)
Total operating income (loss)	$	24,527		$	(29,997	)

A significant portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., principally in Asia, and it is expected that this revenue will continue to account for a significant portion of total revenue in future periods. The table below lists the geographic revenue for the periods indicated (in thousands):

	Three Months Ended
	March 31, 2020				March 31, 2019
Japan	$	51,322	44	%	$	17,232	31	%
Korea		27,583	23			17,503	31
U.S.		23,136	20			11,432	20
China		8,846	7			3,443	6
Europe and Middle East		4,448	4			4,000	7
Other		2,330	2			2,957	5
	$	117,665	100	%	$	56,567	100	%

For the three months ended March 31, 2020 and 2019, there were two customers and one customer, respectively, that accounted for 10% or more of total revenue. As of March 31, 2020 and December 31, 2019, there were two and three customers, respectively, that each accounted for 10% or more of total accounts receivable.