XML 24 R12.htm IDEA: XBRL DOCUMENT v3.22.2
Note 5 - Business Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30,

  

Six Months Ended June 30,

 
  

2022

  

2021

  

2022

  

2021

 

NLA

 $129,694  $30,630  $233,555  $60,993 

ESSA

  90,118   65,177   172,189   118,807 

MENA

  45,363   42,485   96,078   83,640 

APAC

  48,449   37,959   92,279   69,106 

Total

 $313,624  $176,251  $594,101  $332,546 

 

Segment EBITDA

 

Our CODM regularly evaluates the performance of our operating segments using Segment EBITDA, which we define as income (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 income (expense), net and stock-based compensation expense.

 

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

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2022

  

2021

  

2022

  

2021

 

NLA

 $38,513  $3,355  $60,340  $5,783 

ESSA

  14,868   10,315   26,742   15,681 

MENA

  13,750   14,079   29,215   29,137 

APAC

  4,356   8,317   9,794   13,483 

Total Segment EBITDA

  71,487   36,066   126,091   64,084 

Corporate costs

  (22,812)  (13,419)  (44,777)  (28,102)

Equity in income of joint ventures

  2,429   3,957   6,631   8,049 

Depreciation and amortization expense

  (35,392)  (26,390)  (70,404)  (54,149)

Merger and integration expense

  (2,270)  (4,703)  (6,995)  (9,526)

Severance and other expense

  (678)  (1,637)  (2,172)  (2,192)

Stock-based compensation expense

  (4,230)  -   (10,248)  - 

Foreign exchange loss

  (5,244)  (311)  (2,428)  (1,060)

Other income, net

  244   387   1,240   626 

Interest and finance income (expense), net

  1,712   (1,604)  1,725   (3,231)

Income (loss) before income taxes

 $5,246  $(7,654) $(1,337) $(25,501)

 

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.