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Note 5 - Business Segment Reporting
 6 Months Ended
Jun. 30, 2024
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,

  
   

2024

    

2023

    

2024

    

2023

  

NLA

   $ 156,990     $ 134,830     $ 287,379     $ 261,058  

ESSA

     168,431       138,062       290,177       251,710  

MENA

     81,429       59,163       152,923       110,108  

APAC

     62,792       64,862       122,652       113,320  

Total

   $ 469,642     $ 396,917     $ 853,131     $ 736,196  

 

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 (loss) 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 before income taxes (in thousands):

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2024

    

2023

    

2024

    

2023

  

NLA

   $ 44,474     $ 36,703     $ 78,851     $ 68,577  

ESSA

     34,997       34,964       60,198       55,749  

MENA

     28,611       18,491       53,149       33,059  

APAC

     15,248       3,452       26,034       754  

Total Segment EBITDA

     123,330       93,610       218,232       158,139  

Corporate costs

     (33,636 )     (24,810 )     (64,936 )     (49,891 )

Equity in income of joint ventures

     4,856       2,805       8,714       5,241  

Depreciation and amortization expense

     (40,647 )     (37,235 )     (80,793 )     (71,972 )

Merger and integration expense

     (8,789 )     (1,377 )     (10,950 )     (3,515 )

Severance and other income (expense)

     236       (2,663 )     (4,826 )     (3,590 )

Stock-based compensation expense

     (7,350 )     (5,577 )     (12,420 )     (9,748 )

Foreign exchange loss

     (5,447 )     (1,440 )     (8,190 )     (370 )

Other income (expense), net

     334       (1,462 )     819       (2,411 )

Interest and finance expense, net

     (3,666 )     (17 )     (6,818 )     (1,315 )

Income before income taxes

   $ 29,221     $ 21,834     $ 38,832     $ 20,568  

 

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.