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Note 9 - Segment Information | 6 Months Ended
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Jun. 30, 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 |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 54,041 |  |  | $ | 52,083 |  |  | $ | 108,696 |  |  | $ | 100,661 |
APAC |  |  | 3,249 |  |  |  | 5,658 |  |  |  | 9,011 |  |  |  | 11,758 |
EMEA |  |  | - |  |  |  | 8,195 |  |  |  | 8,277 |  |  |  | 17,897 |
Total net revenues |  | $ | 57,290 |  |  | $ | 65,936 |  |  | $ | 125,984 |  |  | $ | 130,316 |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 6,071 |  |  | $ | 2,038 |  |  | $ | 15,573 |  |  | $ | 4,553 |
APAC |  |  | (178 | ) |  |  | (97 | ) |  |  | (407 | ) |  |  | (289 | )
EMEA |  |  | - |  |  |  | 56 |  |  |  | 299 |  |  |  | 883 |
Total operating income |  | $ | 5,893 |  |  | $ | 1,997 |  |  | $ | 15,465 |  |  | $ | 5,147 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 570 |  |  | $ | 357 |  |  | $ | 996 |  |  | $ | 631 |
APAC |  |  | 11 |  |  |  | 17 |  |  |  | 24 |  |  |  | 16 |
EMEA |  |  | (14 | ) |  |  | 104 |  |  |  | 77 |  |  |  | 221 |
Total interest expense |  | $ | 567 |  |  | $ | 478 |  |  | $ | 1,097 |  |  | $ | 868 |
Other income, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (281 | ) |  | $ | (12 | ) |  | $ | (295 | ) |  | $ | 17 |
APAC |  |  | (15 | ) |  |  | (4 | ) |  | $ | 17 |  |  |  | (10 | )
EMEA |  |  | - |  |  |  | (109 | ) |  |  | (10 | ) |  |  | (190 | )
Total other income, net |  | $ | (296 | ) |  | $ | (125 | ) |  | $ | (288 | ) |  | $ | (183 | )
Income before income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 4,167 |  |  | $ | 1,693 |  |  | $ | 13,829 |  |  | $ | 3,905 |
APAC |  |  | 1,455 |  |  |  | (110 | ) |  |  | 1,950 |  |  |  | (295 | )
EMEA |  |  | - |  |  |  | 61 |  |  |  | (1,123 | ) |  |  | 852 |
Total income before income tax expense |  | $ | 5,622 |  |  | $ | 1,644 |  |  | $ | 14,656 |  |  | $ | 4,462 |
Income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,187 |  |  | $ | 456 |  |  | $ | 2,857 |  |  | $ | 1,223 |
APAC |  |  | 39 |  |  |  | (53 | ) |  |  | 67 |  |  |  | (35 | )
EMEA |  |  | 321 |  |  |  | 135 |  |  |  | 477 |  |  |  | 391 |
Total income tax expense |  | $ | 1,547 |  |  | $ | 538 |  |  | $ | 3,401 |  |  | $ | 1,579 |
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 |  |  |  | Six Months Ended |
|  |  | June 30, |  |  |  | June 30, |
|  |  | 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |
Net income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2,980 |  |  | $ | 1,237 |  |  | $ | 10,972 |  |  | $ | 2,682 |
APAC |  |  | 1,416 |  |  |  | (57 | ) |  |  | 1,882 |  |  |  | (260 | )
EMEA |  |  | (321 | ) |  |  | (74 | ) |  |  | (1,599 | ) |  |  | 461 |
Total net income |  | $ | 4,075 |  |  | $ | 1,106 |  |  | $ | 11,255 |  |  | $ | 2,883 |
Net income (loss) attributable to non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (475 | ) |  | $ | (394 | ) |  | $ | (757 | ) |  | $ | (879 | )
APAC |  | $ | 27 |  |  |  | (12 | ) |  |  | 45 |  |  |  | (16 | )
EMEA |  | $ | - |  |  |  | (61 | ) |  |  | (290 | ) |  |  | (483 | )
Total net income attributable to non-controlling interest |  | $ | (448 | ) |  | $ | (467 | ) |  | $ | (1,002 | ) |  | $ | (1,378 | )
Net income attributable to SPAR Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2,505 |  |  | $ | 843 |  |  | $ | 10,215 |  |  | $ | 1,803 |
APAC |  |  | 1,443 |  |  |  | (69 | ) |  |  | 1,927 |  |  |  | (276 | )
EMEA |  |  | (321 | ) |  |  | (135 | ) |  |  | (1,889 | ) |  |  | (22 | )
Total net income attributable to SPAR Group, Inc. |  | $ | 3,627 |  |  | $ | 639 |  |  | $ | 10,253 |  |  | $ | 1,505 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 453 |  |  | $ | 466 |  |  | $ | 894 |  |  | $ | 930 |
APAC |  |  | 25 |  |  |  | 12 |  |  |  | 57 |  |  |  | 24 |
EMEA |  |  | - |  |  |  | 16 |  |  |  | 38 |  |  |  | 72 |
Total depreciation and amortization |  | $ | 478 |  |  | $ | 494 |  |  | $ | 989 |  |  | $ | 1,026 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 360 |  |  | $ | 371 |  |  | $ | 776 |  |  | $ | 660 |
APAC |  |  | – |  |  |  | 3 |  |  |  | – |  |  |  | 6 |
EMEA |  |  | – |  |  |  | 2 |  |  |  | 5 |  |  |  | 51 |
Total capital expenditures |  | $ | 360 |  |  | $ | 376 |  |  | $ | 781 |  |  | $ | 717 |
There were no intercompany sales for the three and six months ended June 30, 2024 and 2023. Total assets of the Company’s reportable segments as of the periods presented were (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Americas |  | $ | 65,263 |  |  | $ | 71,372 |
APAC |  |  | 4,762 |  |  |  | 13,361 |
EMEA |  |  | – |  |  |  | 5,548 |
Total assets |  | $ | 70,025 |  |  | $ | 90,281 |
Long-lived assets of the Company’s reportable segments as of the periods presented were (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Long lived assets: |  |  |  |  |  |  |  |
Americas |  | $ | 4,407 |  |  | $ | 4,585 |
APAC |  |  | 16 |  |  |  | 1,015 |
EMEA |  |  | – |  |  |  | 745 |
Total long lived assets |  | $ | 4,423 |  |  | $ | 6,345 |
Geographic Data (in thousands)
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  |  |  |  |  | % of |  |  |  |  |  |  | % of |  |  |  |  |  |  | % of |  |  |  |  |  |  | % of |
|  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |
|  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |
United States |  | $ | 32,993 |  |  |  | 57.7 | % |  | $ | 26,088 |  |  |  | 39.6 | % |  | $ | 61,816 |  |  |  | 49.1 | % |  | $ | 52,281 |  |  |  | 40.1 | %
Brazil |  |  | 13,888 |  |  |  | 24.2 | % |  |  | 20,016 |  |  |  | 30.4 | % |  |  | 33,185 |  |  |  | 26.3 | % |  |  | 38,098 |  |  |  | 29.2 | %
South Africa |  |  | - |  |  |  | 0.0 | % |  |  | 8,195 |  |  |  | 12.4 | % |  |  | 8,277 |  |  |  | 6.6 | % |  |  | 17,897 |  |  |  | 13.7 | %
Mexico |  |  | 3,260 |  |  |  | 5.7 | % |  |  | 2,559 |  |  |  | 3.9 | % |  |  | 6,527 |  |  |  | 5.2 | % |  |  | 5,032 |  |  |  | 3.9 | %
China |  |  | - |  |  |  | 0.0 | % |  |  | 2,225 |  |  |  | 3.4 | % |  |  | 2,698 |  |  |  | 2.1 | % |  |  | 4,901 |  |  |  | 3.8 | %
Japan |  |  | 1,452 |  |  |  | 2.5 | % |  |  | 1,491 |  |  |  | 2.3 | % |  |  | 2,870 |  |  |  | 2.3 | % |  |  | 3,044 |  |  |  | 2.3 | %
Canada |  |  | 3,900 |  |  |  | 6.8 | % |  |  | 3,420 |  |  |  | 5.2 | % |  |  | 7,169 |  |  |  | 5.7 | % |  |  | 5,250 |  |  |  | 4.0 | %
India |  |  | 1,797 |  |  |  | 3.1 | % |  |  | 1,437 |  |  |  | 2.2 | % |  |  | 3,442 |  |  |  | 2.7 | % |  |  | 2,843 |  |  |  | 2.2 | %
Australia |  |  | - |  |  |  | 0.0 | % |  |  | 505 |  |  |  | 0.8 | % |  |  | - |  |  |  | 0.0 | % |  |  | 970 |  |  |  | 0.7 | %
Total net revenue |  | $ | 57,290 |  |  |  | 100.0 | % |  | $ | 65,936 |  |  |  | 100.0 | % |  | $ | 125,984 |  |  |  | 100.0 | % |  | $ | 130,316 |  |  |  | 100.0 | %

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