Table:
|  |  |  | Year Ended December 31, |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2018 | 2017 | 2016 | 2015 | 2014 |
|  |  |  | (in thousands) |  |  |
| Total net revenue | $3,298,177 | $2,214,253 | $1,708,721 | $1,267,118 | $850,192 |
| Less: Starbucks transaction-based revenue | — | — | 78,903 | 142,283 | 123,024 |
| Less: transaction-based costs | 1,558,562 | 1,230,290 | 943,200 | 672,667 | 450,858 |
| Less: bitcoin costs | 164,827 | — | — | — | — |
| Add: deferred revenue adjustment related to purchase accounting | $12,853 | $— | $— | $— | $— |
| Adjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310 |
Paragraphs:
Adjusted Revenue has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:
• Adjusted Revenue is net of transaction-based costs, which is our largest cost of revenue item; • Adjusted Revenue is net of bitcoin costs, which could be a significant cost; • The deferred revenue adjustment that is added back to Adjusted Revenue will never be recognized as revenue by the Company; and • other companies, including companies in our industry, may calculate Adjusted Revenue differently or not at all, which reduces its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted Revenue alongside other financial performance measures, including total net revenue and our financial results presented in accordance with GAAP.
The following table presents a reconciliation of total net revenue to Adjusted Revenue for each of the periods indicated:
Question:
What is the largest cost of revenue item in Adjusted Revenue?