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Note 9 - Segment Information | 9 Months Ended
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Sep. 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 35,494 |  |  | $ | 53,796 |  |  | $ | 144,189 |  |  | $ | 154,457 |
APAC |  |  | 2,294 |  |  |  | 5,674 |  |  |  | 11,305 |  |  |  | 17,432 |
EMEA |  |  | - |  |  |  | 7,863 |  |  |  | 8,277 |  |  |  | 25,760 |
Total net revenues |  | $ | 37,788 |  |  | $ | 67,333 |  |  | $ | 163,771 |  |  | $ | 197,649 |
Operating (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (1,089 | ) |  | $ | 1,328 |  |  | $ | 14,569 |  |  | $ | 5,894 |
APAC |  |  | (403 | ) |  |  | (218 | ) |  |  | (822 | ) |  |  | (510 | )
EMEA |  |  | - |  |  |  | 431 |  |  |  | 227 |  |  |  | 1,304 |
Total operating (loss) income |  | $ | (1,492 | ) |  | $ | 1,541 |  |  | $ | 13,974 |  |  | $ | 6,688 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 581 |  |  | $ | 264 |  |  | $ | 1,577 |  |  | $ | 895 |
APAC |  |  | 1 |  |  |  | 31 |  |  |  | 24 |  |  |  | 47 |
EMEA |  |  | - |  |  |  | 85 |  |  |  | 77 |  |  |  | 306 |
Total interest expense |  | $ | 582 |  |  | $ | 380 |  |  | $ | 1,678 |  |  | $ | 1,248 |
Other expense (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (807 | ) |  | $ | 5 |  |  | $ | (1,101 | ) |  | $ | 22 |
APAC |  |  | 556 |  |  |  | (59 | ) |  | $ | 572 |  |  |  | (69 | )
EMEA |  |  | 723 |  |  |  | (110 | ) |  |  | 713 |  |  |  | (300 | )
Total other expense (income), net |  | $ | 472 |  |  | $ | (164 | ) |  | $ | 184 |  |  | $ | (347 | )
(Loss) Income before income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (82 | ) |  | $ | 1,059 |  |  | $ | 13,666 |  |  | $ | 4,977 |
APAC |  |  | (1,752 | ) |  |  | (190 | ) |  |  | 209 |  |  |  | (488 | )
EMEA |  |  | (712 | ) |  |  | 456 |  |  |  | (1,763 | ) |  |  | 1,298 |
Total (loss) income before income tax expense |  | $ | (2,546 | ) |  | $ | 1,325 |  |  | $ | 12,112 |  |  | $ | 5,787 |
Income tax (benefit) expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (1,827 | ) |  | $ | (163 | ) |  | $ | 1,220 |  |  | $ | 1,068 |
APAC |  |  | (166 | ) |  |  | 45 |  |  |  | (126 | ) |  |  | 8 |
EMEA |  |  | (321 | ) |  |  | 345 |  |  |  | (6 | ) |  |  | 730 |
Total income tax (benefit) expense |  | $ | (2,314 | ) |  | $ | 227 |  |  | $ | 1,088 |  |  | $ | 1,806 |
Net (loss) income, depreciation and amortization expense, and capital expenditures of the Company’s reportable segments for the periods presented were (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,745 |  |  | $ | 1,222 |  |  | $ | 12,446 |  |  | $ | 3,909 |
APAC |  |  | (1,586 | ) |  |  | (235 | ) |  |  | 335 |  |  |  | (496 | )
EMEA |  |  | (391 | ) |  |  | 111 |  |  |  | (1,757 | ) |  |  | 568 |
Total net (loss) income |  | $ | (232 | ) |  | $ | 1,098 |  |  | $ | 11,024 |  |  | $ | 3,981 |
Net loss (income) attributable to non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 104 |  |  | $ | (604 | ) |  | $ | (658 | ) |  | $ | (1,484 | )
APAC |  |  | (16 | ) |  |  | 5 |  |  |  | 30 |  |  |  | (11 | )
EMEA |  |  | - |  |  |  | (240 | ) |  |  | (286 | ) |  |  | (722 | )
Total net loss (income) attributable to non-controlling interest |  | $ | 88 |  |  | $ | (839 | ) |  | $ | (914 | ) |  | $ | (2,217 | )
Net (loss) income attributable to SPAR Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,849 |  |  | $ | 618 |  |  | $ | 11,788 |  |  | $ | 2,425 |
APAC |  |  | (1,602 | ) |  |  | (230 | ) |  |  | 365 |  |  |  | (507 | )
EMEA |  |  | (391 | ) |  |  | (129 | ) |  |  | (2,043 | ) |  |  | (154 | )
Total net (loss) income attributable to SPAR Group, Inc. |  | $ | (144 | ) |  | $ | 259 |  |  | $ | 10,110 |  |  | $ | 1,764 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 445 |  |  | $ | 472 |  |  | $ | 1,348 |  |  | $ | 1,402 |
APAC |  |  | 9 |  |  |  | 36 |  |  |  | 64 |  |  |  | 60 |
EMEA |  |  | - |  |  |  | 40 |  |  |  | 31 |  |  |  | 112 |
Total depreciation and amortization |  | $ | 454 |  |  | $ | 548 |  |  | $ | 1,443 |  |  | $ | 1,574 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 127 |  |  | $ | 286 |  |  | $ | 903 |  |  | $ | 946 |
APAC |  |  | – |  |  |  | 30 |  |  |  | – |  |  |  | 37 |
EMEA |  |  | – |  |  |  | 49 |  |  |  | 5 |  |  |  | 100 |
Total capital expenditures |  | $ | 127 |  |  | $ | 365 |  |  | $ | 908 |  |  | $ | 1,083 |
There were no intercompany sales for the three and nine months ended September 30, 2024 and 2023. Total assets of the Company’s reportable segments as of the periods presented were (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Americas |  | $ | 62,634 |  |  | $ | 71,372 |
APAC |  |  | 4,762 |  |  |  | 13,361 |
EMEA |  |  | – |  |  |  | 5,548 |
Total assets |  | $ | 67,396 |  |  | $ | 90,281 |
Long-lived assets of the Company’s reportable segments as of the periods presented were (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Long lived assets: |  |  |  |  |  |  |  |
Americas |  | $ | 4,073 |  |  | $ | 4,585 |
APAC |  |  | – |  |  |  | 1,015 |
EMEA |  |  | – |  |  |  | 745 |
Total long lived assets |  | $ | 4,073 |  |  | $ | 6,345 |
Geographic Data (in thousands)
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  |  |  |  |  | % of |  |  |  |  |  |  | % of |  |  |  |  |  |  | % of |  |  |  |  |  |  | % of |
|  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |  |  |  |  |  |  | consolidated |
|  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |  |  |  |  |  |  | net revenue |
United States |  | $ | 28,768 |  |  |  | 76.1 | % |  | $ | 28,722 |  |  |  | 42.7 | % |  | $ | 90,583 |  |  |  | 55.3 | % |  | $ | 81,004 |  |  |  | 41.0 | %
Brazil |  |  | - |  |  |  | 0.0 | % |  |  | 18,619 |  |  |  | 27.7 | % |  |  | 33,185 |  |  |  | 20.3 | % |  |  | 56,717 |  |  |  | 28.7 | %
South Africa |  |  | - |  |  |  | 0.0 | % |  |  | 7,863 |  |  |  | 11.7 | % |  |  | 8,277 |  |  |  | 5.1 | % |  |  | 25,759 |  |  |  | 13.0 | %
Mexico |  |  | 3,196 |  |  |  | 8.5 | % |  |  | 3,033 |  |  |  | 4.5 | % |  |  | 9,723 |  |  |  | 5.9 | % |  |  | 8,065 |  |  |  | 4.1 | %
China |  |  | - |  |  |  | 0.0 | % |  |  | 2,205 |  |  |  | 3.3 | % |  |  | 2,698 |  |  |  | 1.6 | % |  |  | 7,106 |  |  |  | 3.6 | %
Japan |  |  | 908 |  |  |  | 2.4 | % |  |  | 1,489 |  |  |  | 2.2 | % |  |  | 3,778 |  |  |  | 2.3 | % |  |  | 4,533 |  |  |  | 2.3 | %
Canada |  |  | 3,529 |  |  |  | 9.3 | % |  |  | 3,421 |  |  |  | 5.1 | % |  |  | 10,698 |  |  |  | 6.5 | % |  |  | 8,671 |  |  |  | 4.4 | %
India |  |  | 1,387 |  |  |  | 3.7 | % |  |  | 1,577 |  |  |  | 2.3 | % |  |  | 4,829 |  |  |  | 3.0 | % |  |  | 4,420 |  |  |  | 2.2 | %
Australia |  |  | - |  |  |  | 0.0 | % |  |  | 404 |  |  |  | 0.6 | % |  |  | - |  |  |  | 0.0 | % |  |  | 1,374 |  |  |  | 0.7 | %
Total net revenue |  | $ | 37,788 |  |  |  | 100.0 | % |  | $ | 67,333 |  |  |  | 100.0 | % |  | $ | 163,771 |  |  |  | 100.0 | % |  | $ | 197,649 |  |  |  | 100.0 | %

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