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Note 5 - Business Segment Reporting
 3 Months Ended
Mar. 31, 2023
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,

  
   

2023

    

2022

  

NLA

   $ 126,228     $ 103,861  

ESSA

     113,648       82,071  

MENA

     50,945       50,715  

APAC

     48,458       43,830  

Total

   $ 339,279     $ 280,477  

 

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, gain on disposal of assets, merger and integration expense, severance and other expense, stock-based compensation expense, foreign exchange gains (losses), other income (expense), net, and interest and finance income (expense), net.

 

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,

  
   

2023

    

2022

  

NLA

   $ 31,874     $ 21,827  

ESSA

     20,785       11,874  

MENA

     14,568       15,465  

APAC

     (2,698 )     5,438  

Total Segment EBITDA

     64,529       54,604  

Corporate costs

     (25,081 )     (21,965 )

Equity in income of joint ventures

     2,436       4,202  

Depreciation and amortization expense

     (34,737 )     (35,012 )

Merger and integration expense

     (2,138 )     (4,725 )

Severance and other expense

     (927 )     (1,494 )

Stock-based compensation expense

     (4,171 )     (6,018 )

Foreign exchange gain

     1,070       2,816  

Other (expense) income, net

     (949 )     996  

Interest and finance (expense) income, net

     (1,298 )     13  

Loss before income taxes

   $ (1,266 )   $ (6,583 )

 

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.