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Note 5 - Business Segment Reporting | 6 Months Ended
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Jun. 30, 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
NLA |  | $ | 134,830 |  |  | $ | 129,694 |  |  | $ | 261,058 |  |  | $ | 233,555 |
ESSA |  |  | 138,062 |  |  |  | 90,118 |  |  |  | 251,710 |  |  |  | 172,189 |
MENA |  |  | 59,163 |  |  |  | 45,363 |  |  |  | 110,108 |  |  |  | 96,078 |
APAC |  |  | 64,862 |  |  |  | 48,449 |  |  |  | 113,320 |  |  |  | 92,279 |
Total |  | $ | 396,917 |  |  | $ | 313,624 |  |  | $ | 736,196 |  |  | $ | 594,101 |
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 income (loss) before income taxes (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
NLA |  | $ | 36,703 |  |  | $ | 38,513 |  |  | $ | 68,577 |  |  | $ | 60,340 |
ESSA |  |  | 34,964 |  |  |  | 14,868 |  |  |  | 55,749 |  |  |  | 26,742 |
MENA |  |  | 18,491 |  |  |  | 13,750 |  |  |  | 33,059 |  |  |  | 29,215 |
APAC |  |  | 3,452 |  |  |  | 4,356 |  |  |  | 754 |  |  |  | 9,794 |
Total Segment EBITDA |  |  | 93,610 |  |  |  | 71,487 |  |  |  | 158,139 |  |  |  | 126,091 |
Corporate costs |  |  | (24,810 | ) |  |  | (22,812 | ) |  |  | (49,891 | ) |  |  | (44,777 | )
Equity in income of joint ventures |  |  | 2,805 |  |  |  | 2,429 |  |  |  | 5,241 |  |  |  | 6,631 |
Depreciation and amortization expense |  |  | (37,235 | ) |  |  | (35,392 | ) |  |  | (71,972 | ) |  |  | (70,404 | )
Merger and integration expense |  |  | (1,377 | ) |  |  | (2,270 | ) |  |  | (3,515 | ) |  |  | (6,995 | )
Severance and other expense |  |  | (2,663 | ) |  |  | (678 | ) |  |  | (3,590 | ) |  |  | (2,172 | )
Stock-based compensation expense |  |  | (5,577 | ) |  |  | (4,230 | ) |  |  | (9,748 | ) |  |  | (10,248 | )
Foreign exchange loss |  |  | (1,440 | ) |  |  | (5,244 | ) |  |  | (370 | ) |  |  | (2,428 | )
Other (expense) income, net |  |  | (1,462 | ) |  |  | 244 |  |  |  | (2,411 | ) |  |  | 1,240 |
Interest and finance (expense) income, net |  |  | (17 | ) |  |  | 1,712 |  |  |  | (1,315 | ) |  |  | 1,725 |
Income (loss) before income taxes |  | $ | 21,834 |  |  | $ | 5,246 |  |  | $ | 20,568 |  |  | $ | (1,337 | )
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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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