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Note 5 - Business Segment Reporting
 9 Months Ended
Sep. 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 September 30,

  

Nine Months Ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 

NLA

 $134,574  $31,769  $368,129  $92,762 

ESSA

  99,809   87,428   271,998   206,235 

MENA

  50,030   38,032   146,108   121,672 

APAC

  49,938   40,318   142,217   109,424 

Total

 $334,351  $197,547  $928,452  $530,093 

 

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 (loss) on disposal of assets, foreign exchange gains (losses), merger and integration expense, other income (expense), net, 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 loss before income taxes (in thousands):

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 

NLA

 $39,743  $5,309  $100,083  $11,092 

ESSA

  17,760   17,796   44,502   33,477 

MENA

  14,667   11,099   43,882   40,236 

APAC

  (8,617)  7,755   1,177   21,238 

Total Segment EBITDA

  63,553   41,959   189,644   106,043 

Corporate costs

  (18,849)  (14,065)  (63,626)  (42,167)

Equity in income of joint ventures

  3,510   3,459   10,141   11,508 

Depreciation and amortization expense

  (34,825)  (25,605)  (105,229)  (79,754)

Merger and integration expense

  (1,629)  (9,617)  (8,624)  (19,143)

Severance and other expense

  (3,242)  (3,905)  (5,414)  (6,097)

Stock-based compensation expense

  (4,684)  -   (14,932)  - 

Foreign exchange loss

  (7,957)  (451)  (10,385)  (1,511)

Other income, net

  432   685   1,672   1,311 

Interest and finance income (expense), net

  1,502   678   3,227   (2,553)

Loss before income taxes

 $(2,189) $(6,862) $(3,526) $(32,363)

 

 

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.