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Note 5 - Business Segment Reporting
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

5.

Business segment reporting

 

Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM manages our operational segments that are aligned with our geographical regions as below:

 

 

●

North and Latin America (“NLA”),

 

●

Europe and Sub-Saharan Africa (“ESSA”),

 

●

Middle East and North Africa (“MENA”), and

 

●

Asia-Pacific (“APAC”).

 

The following table presents our revenue disaggregated by our operating segments (in thousands):         

 

  

Three Months Ended March 31,

 
  

2022

  

2021

 

NLA

 $103,861  $30,363 

ESSA

  82,071   53,630 

MENA

  50,715   41,155 

APAC

  43,830   31,147 

Total

 $280,477  $156,295 

 

Segment EBITDA

 

Our CODM regularly evaluates the performance of our operating segments using Segment EBITDA, which we define as loss before income taxes adjusted for corporate costs, equity in income of joint ventures, depreciation and amortization expense, impairment expense, severance and other expense, gain on disposal of assets, foreign exchange losses, merger and integration expense, other income, interest and finance expense, net and stock-based compensation expense.

 

The following table presents our Segment EBITDA disaggregated by our operating segments and a reconciliation to loss before income taxes (in thousands):

 

  

Three Months Ended March 31,

 
  

2022

  

2021

 

NLA

 $21,827  $2,428 

ESSA

  11,874   5,366 

MENA

  15,465   15,058 

APAC

  5,438   5,166 

Total Segment EBITDA

  54,604   28,018 

Corporate costs

  (21,965)  (14,684)

Equity in income of joint ventures

  4,202   4,092 

Depreciation and amortization expense

  (35,012)  (27,759)

Merger and integration expense

  (4,725)  (4,823)

Severance and other expense

  (1,494)  (555)

Stock-based compensation expense

  (6,018)  - 

Foreign exchange gain (loss)

  2,816   (748)

Other income, net

  996   239 

Interest and finance income (expense), net

  13   (1,627)

Loss before income taxes

 $(6,583) $(17,847)

 

 

Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments, including research, engineering and development, logistics, sales and marketing and health and safety and are not attributable to a particular operating segment.