XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 5 - Business Segment Reporting | 12 Months Ended
--- | ---
Dec. 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 (“CEO”), in deciding how to allocate resources and assess performance. Our operations are comprised of four operating segments which also represent our reporting segments and are aligned with our geographic 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):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
NLA |  | $ | 511,800 |  |  | $ | 499,813 |  |  | $ | 193,156 |
ESSA |  |  | 520,951 |  |  |  | 389,342 |  |  |  | 300,557 |
MENA |  |  | 233,528 |  |  |  | 201,495 |  |  |  | 171,136 |
APAC |  |  | 246,485 |  |  |  | 188,768 |  |  |  | 160,913 |
Total |  | $ | 1,512,764 |  |  | $ | 1,279,418 |  |  | $ | 825,762 |
Segment EBITDA Our CODM regularly evaluates the performance of our operating segments using Segment EBITDA, which we define as 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, net, interest and finance expense, net and stock-based compensation expense. The following table presents our Segment EBITDA disaggregated by our operating segments and reconciliation to income (loss) before income taxes (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
NLA |  | $ | 132,869 |  |  | $ | 135,236 |  |  | $ | 32,254 |
ESSA |  |  | 136,007 |  |  |  | 74,681 |  |  |  | 53,336 |
MENA |  |  | 71,201 |  |  |  | 63,315 |  |  |  | 56,312 |
APAC |  |  | 1,805 |  |  |  | 4,850 |  |  |  | 33,444 |
Total Segment EBITDA |  | $ | 341,882 |  |  | $ | 278,082 |  |  | $ | 175,346 |
Corporate costs |  |  | (105,855 | ) |  |  | (87,580 | ) |  |  | (66,153 | )
Equity in income of joint ventures |  |  | 12,853 |  |  |  | 15,731 |  |  |  | 16,747 |
Depreciation and amortization expense |  |  | (172,260 | ) |  |  | (139,767 | ) |  |  | (123,866 | )
Merger and integration expense |  |  | (9,764 | ) |  |  | (13,620 | ) |  |  | (47,593 | )
Severance and other expense |  |  | (14,388 | ) |  |  | (7,825 | ) |  |  | (7,826 | )
Stock-based compensation expense |  |  | (19,574 | ) |  |  | (18,486 | ) |  |  | (54,162 | )
Foreign exchange losses |  |  | (9,238 | ) |  |  | (8,341 | ) |  |  | (4,314 | )
Other income, net |  |  | 1,234 |  |  |  | 3,149 |  |  |  | 3,992 |
Gain on disposal of assets |  |  | - |  |  |  | - |  |  |  | 1,000 |
Interest and finance expense, net |  |  | (3,943 | ) |  |  | (241 | ) |  |  | (8,795 | )
Income (loss) before income taxes |  | $ | 20,947 |  |  | $ | 21,102 |  |  | $ | (115,624 | )
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. We are a Netherlands based company and we derive our revenue from services and product sales to customers primarily in the oil and gas industry. One customer accounted 12.5% of our revenue in the year ended December 31, 2023. No single customer accounted for more than 10% of our revenue for the years ended December 31, 2022 and 2021. The revenue generated in the Netherlands was immaterial for the years ended December 31, 2023, 2022 and 2021. Other than the U.S. in 2023 and 2022 and Norway in 2021, no individual country represented more than 10% of our revenue for the years ended December 31, 2023, 2022 and 2021. The following table presents total assets by geographic region and assets held centrally. Assets held centrally includes certain property plant and equipment, investments in joint ventures, collateral deposits, income tax related balances, corporate cash and cash equivalents, accounts receivable and other current and non-current assets, which are not included in the measure of segment assets reviewed by the CODM:
|  | December 31, |
|  | 2023 |  |  | 2022 |
NLA |  | $ | 709,600 |  |  | $ | 633,644 |
ESSA |  |  | 519,939 |  |  |  | 444,368 |
MENA |  |  | 351,379 |  |  |  | 294,742 |
APAC |  |  | 190,398 |  |  |  | 232,812 |
Assets held centrally |  |  | 241,691 |  |  |  | 331,586 |
Total |  | $ | 2,013,007 |  |  | $ | 1,937,152 |
The following table presents our capital expenditures disaggregated by our operating segments (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
NLA |  | $ | 34,955 |  |  | $ | 18,435 |
ESSA |  |  | 25,232 |  |  |  | 17,574 |
MENA |  |  | 38,673 |  |  |  | 27,354 |
APAC |  |  | 18,056 |  |  |  | 13,457 |
Assets held centrally |  |  | 5,194 |  |  |  | 5,084 |
Total |  | $ | 122,110 |  |  | $ | 81,904 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration