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Note 5 - Business Segment Reporting
 6 Months Ended
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.