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Note 9 - Segment Information | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
9. | Segment Information
Select statement of operations activity of the Company’s reportable segments for the periods presented were (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2024 |  |  | 2023 |
Net revenues: |  |  |  |  |  |  |  |
Americas |  | $ | 54,655 |  |  | $ | 48,578 |
APAC |  |  | 5,761 |  |  |  | 6,100 |
EMEA |  |  | 8,277 |  |  |  | 9,702 |
Total net revenues |  | $ | 68,693 |  |  | $ | 64,380 |
Operating income: |  |  |  |  |  |  |  |
Americas |  | $ | 9,427 |  |  | $ | 2,521 |
APAC |  |  | (216 | ) |  |  | (192 | )
EMEA |  |  | 361 |  |  |  | 821 |
Total operating income |  | $ | 9,572 |  |  | $ | 3,150 |
Interest expense: |  |  |  |  |  |  |  |
Americas |  | $ | 426 |  |  | $ | 274 |
APAC |  |  | 13 |  |  |  | (1 | )
EMEA |  |  | 91 |  |  |  | 117 |
Total interest expense, net |  | $ | 530 |  |  | $ | 390 |
Other expense (income), net: |  |  |  |  |  |  |  |
Americas |  | $ | (15 | ) |  | $ | 28 |
APAC |  |  | 32 |  |  |  | (6 | )
EMEA |  |  | (10 | ) |  |  | (80 | )
Total other income, net |  | $ | 7 |  |  | $ | (58 | )
Income before income tax expense: |  |  |  |  |  |  |  |
Americas |  | $ | 9,461 |  |  | $ | 2,219 |
APAC |  |  | 531 |  |  |  | (185 | )
EMEA |  |  | (957 | ) |  |  | 784 |
Total income before income tax expense |  | $ | 9,035 |  |  | $ | 2,818 |
Income tax expense: |  |  |  |  |  |  |  |
Americas |  | $ | 1,777 |  |  | $ | 755 |
APAC |  |  | 8 |  |  |  | 21 |
EMEA |  |  | 69 |  |  |  | 265 |
Total income tax expense |  | $ | 1,854 |  |  | $ | 1,041 |
Net income, depreciation and amortization expense, and capital expenditures of the Company’s reportable segments for the periods presented were (in thousands):
|  | Three Months Ended |
|  | March 31, |
Net income (loss): |  |  |  |  |  |  |  |
Americas |  | $ | 7,685 |  |  | $ | 1,464 |
APAC |  |  | 523 |  |  |  | (206 | )
EMEA |  |  | (1,027 | ) |  |  | 519 |
Total net income |  | $ | 7,181 |  |  | $ | 1,777 |
Net income (loss) attributable to non-controlling interest |  |  |  |  |  |  |  |
Americas |  | $ | 282 |  |  | $ | 485 |
APAC |  |  | (18 | ) |  |  | 4 |
EMEA |  |  | 290 |  |  |  | 422 |
Total net income attributable to non-controlling interest |  | $ | 554 |  |  | $ | 911 |
Net income attributable to SPAR Group, Inc. |  |  |  |  |  |  |  |
Americas |  | $ | 7,403 |  |  | $ | 979 |
APAC |  |  | 541 |  |  |  | (210 | )
EMEA |  |  | (1,317 | ) |  |  | 97 |
Total net income attributable to SPAR Group, Inc. |  | $ | 6,627 |  |  | $ | 866 |
Depreciation and amortization |  |  |  |  |  |  |  |
Americas |  | $ | 442 |  |  | $ | 462 |
APAC |  |  | 32 |  |  |  | 13 |
EMEA |  |  | 37 |  |  |  | 57 |
Total depreciation and amortization |  | $ | 511 |  |  | $ | 532 |
Capital expenditures: |  |  |  |  |  |  |  |
Americas |  | $ | 416 |  |  | $ | 289 |
APAC |  |  | 11 |  |  |  | 5 |
EMEA |  |  | 5 |  |  |  | 49 |
Total capital expenditures |  | $ | 432 |  |  | $ | 343 |
There were no intercompany sales for the three months ended March 31, 2024 and 2023. Total assets of the Company’s reportable segments as of the periods presented were (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Americas |  | $ | 98,820 |  |  | $ | 71,372 |
APAC |  |  | 5,711 |  |  |  | 13,361 |
EMEA |  |  | – |  |  |  | 5,548 |
Total assets |  | $ | 104,531 |  |  | $ | 90,281 |
Long-lived assets of the Company’s reportable segments as of the periods presented were (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Long lived assets: |  |  |  |  |  |  |  |
Americas |  | $ | 4,408 |  |  | $ | 4,585 |
APAC |  |  | 42 |  |  |  | 1,015 |
EMEA |  |  | - |  |  |  | 745 |
Total long lived assets |  | $ | 4,450 |  |  | $ | 6,345 |
Geographic Data (in thousands)
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  |  |  |  |  | % of |  |  |  |  |  |  | % of |
|  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |
|  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |
United States |  | $ | 28,822 |  |  |  | 42.0 | % |  | $ | 26,194 |  |  |  | 40.7 | %
Brazil |  |  | 19,297 |  |  |  | 28.1 | % |  |  | 18,082 |  |  |  | 28.1 | %
South Africa |  |  | 8,277 |  |  |  | 12.0 | % |  |  | 9,701 |  |  |  | 15.1 | %
Mexico |  |  | 3,267 |  |  |  | 4.8 | % |  |  | 2,472 |  |  |  | 3.8 | %
China |  |  | 2,698 |  |  |  | 3.9 | % |  |  | 2,677 |  |  |  | 4.2 | %
Japan |  |  | 1,418 |  |  |  | 2.1 | % |  |  | 1,553 |  |  |  | 2.4 | %
Canada |  |  | 3,269 |  |  |  | 4.8 | % |  |  | 1,830 |  |  |  | 2.8 | %
India |  |  | 1,645 |  |  |  | 2.4 | % |  |  | 1,406 |  |  |  | 2.2 | %
Australia |  |  | - |  |  |  | 0.0 | % |  |  | 465 |  |  |  | 0.7 | %
Total net revenue |  | $ | 68,693 |  |  |  | 100.0 | % |  | $ | 64,380 |  |  |  | 100.0 | %

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