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Note 5 - Business Segment Reporting | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
NLA |  | $ | 139,397 |  |  | $ | 105,252 |  |  | $ | 426,776 |  |  | $ | 366,310 |
ESSA |  |  | 131,475 |  |  |  | 135,395 |  |  |  | 421,652 |  |  |  | 387,105 |
MENA |  |  | 86,736 |  |  |  | 58,057 |  |  |  | 239,659 |  |  |  | 168,165 |
APAC |  |  | 65,220 |  |  |  | 71,114 |  |  |  | 187,872 |  |  |  | 184,434 |
Total |  | $ | 422,828 |  |  | $ | 369,818 |  |  | $ | 1,275,959 |  |  | $ | 1,106,014 |
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
NLA |  | $ | 33,064 |  |  | $ | 19,967 |  |  | $ | 111,915 |  |  | $ | 88,544 |
ESSA |  |  | 32,175 |  |  |  | 39,268 |  |  |  | 92,373 |  |  |  | 95,017 |
MENA |  |  | 30,032 |  |  |  | 16,871 |  |  |  | 83,181 |  |  |  | 49,930 |
APAC |  |  | 16,193 |  |  |  | (4,286 | ) |  |  | 42,227 |  |  |  | (3,532 | )
Total Segment EBITDA |  |  | 111,464 |  |  |  | 71,820 |  |  |  | 329,696 |  |  |  | 229,959 |
Corporate costs |  |  | (30,669 | ) |  |  | (24,070 | ) |  |  | (95,605 | ) |  |  | (73,961 | )
Equity in income of joint ventures |  |  | 4,241 |  |  |  | 2,495 |  |  |  | 12,955 |  |  |  | 7,736 |
Depreciation and amortization expense |  |  | (40,391 | ) |  |  | (37,414 | ) |  |  | (121,184 | ) |  |  | (109,386 | )
Merger and integration expense |  |  | (1,437 | ) |  |  | (817 | ) |  |  | (12,387 | ) |  |  | (4,332 | )
Severance and other expense |  |  | (3,181 | ) |  |  | (1,897 | ) |  |  | (8,007 | ) |  |  | (5,487 | )
Stock-based compensation expense |  |  | (6,831 | ) |  |  | (4,934 | ) |  |  | (19,251 | ) |  |  | (14,682 | )
Foreign exchange loss |  |  | (2,838 | ) |  |  | (4,260 | ) |  |  | (11,028 | ) |  |  | (4,630 | )
Other income (expense), net |  |  | 262 |  |  |  | (1,129 | ) |  |  | 1,081 |  |  |  | (3,540 | )
Interest and finance expense, net |  |  | (3,895 | ) |  |  | (373 | ) |  |  | (10,713 | ) |  |  | (1,688 | )
Income (loss) before income taxes |  | $ | 26,725 |  |  | $ | (579 | ) |  | $ | 65,557 |  |  | $ | 19,989 |
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. 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