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Note 5 - Business Segment Reporting
 9 Months Ended
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.