Note 9 - Segment Information

6 Months Ended

Jun. 30, 2023

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,
	2023			2022			2023			2022
Net revenues:
Americas	$	52,083		$	53,274		$	100,661		$	96,253
APAC		5,658			5,386			11,758			12,205
EMEA		8,195			9,139			17,897			18,336
Total net revenues	$	65,936		$	67,799		$	130,316		$	126,794
Operating income:
Americas	$	2,038		$	2,636		$	4,553		$	4,419
APAC		(97	)		(713	)		(289	)		(1,155	)
EMEA		56			434			883			1,161
Total operating income	$	1,997		$	2,357		$	5,147		$	4,425
Interest expense, net:
Americas	$	357		$	99		$	631		$	201
APAC		17			18			16			17
EMEA		104			61			221			110
Total interest expense, net	$	478		$	178		$	868		$	328
Other income, net:
Americas	$	(12	)	$	(4	)	$	17		$	(11	)
APAC		(4	)		4			(10	)		(12	)
EMEA		(109	)		(149	)		(190	)		(214	)
Total other income, net	$	(125	)	$	(149	)	$	(183	)	$	(237	)
Income before income tax expense:
Americas	$	1,693		$	2,541		$	3,905		$	4,229
APAC		(110	)		(735	)		(295	)		(1,160	)
EMEA		61			522			852			1,265
Total income before income tax expense	$	1,644		$	2,328		$	4,462		$	4,334
Income tax expense:
Americas	$	456		$	509		$	1,223		$	877
APAC		(53	)		46			(35	)		41
EMEA		135			160			391			348
Total income tax expense	$	538		$	715		$	1,579		$	1,266

Net income, depreciation and amortization expense, and capital expenditures of the Company’s reportable segments for the periods presented were (in thousands):

Net income (loss):
Americas	$	1,237		$	2,032		$	2,682		$	3,352
APAC		(57	)		(781	)		(260	)		(1,201	)
EMEA		(74	)		362			461			917
Total net income	$	1,106		$	1,613		$	2,883		$	3,068
Net income (loss) attributable to non-controlling interest
Americas	$	(394	)	$	(525	)	$	(879	)	$	(1,076	)
APAC		(12	)		367			(16	)		520
EMEA		(61	)		(306	)		(483	)		(691	)
Total net income attributable to non-controlling interest	$	(467	)	$	(464	)	$	(1,378	)	$	(1,247	)
Net income attributable to SPAR Group, Inc.
Americas	$	843		$	1,507		$	1,803		$	2,276
APAC		(69	)		(414	)		(276	)		(681	)
EMEA		(135	)		56			(22	)		226
Total net income attributable to SPAR Group, Inc.	$	639		$	1,149		$	1,505		$	1,821
Depreciation and amortization
Americas	$	466		$	487		$	930		$	972
APAC		12			11			24			25
EMEA		16			9			72			20
Total depreciation and amortization	$	494		$	507		$	1,026		$	1,017
Capital expenditures:
Americas	$	371		$	330		$	660		$	780
APAC		3			6			6			14
EMEA		2			–			51			–
Total capital expenditures	$	376		$	336		$	717		$	794

There were no intercompany sales for the three and six months ended June 30, 2023 and 2022.

Total assets of the Company’s reportable segments as of the periods presented were (in thousands):

	June 30,		December 31,
	2023		2022
Assets:
Americas	$	72,804	$	75,440
APAC		8,262		5,952
EMEA		12,010		13,206
Total assets	$	93,076	$	94,598

Long-lived assets of the Company’s reportable segments as of the periods presented were (in thousands):

	June 30,		December 31,
	2023		2022
Long lived assets:
Americas	$	5,257	$	4,605
APAC		962		1,244
EMEA		828		315
Total long lived assets	$	7,047	$	6,164

Geographic Data (in thousands)

	Three Months Ended June 30,										Six Months Ended June 30,
	2023					2022					2023					2022
			% of					% of					% of					% of
			consolidated					consolidated					consolidated					consolidated
			net revenue					net revenue					net revenue					net revenue
United States	$	26,088		39.6	%	$	31,577		46.5	%	$	52,281		40.1	%	$	54,931		43.3	%
Brazil		20,016		30.4			17,032		25.1			38,098		29.2			32,600		25.7
South Africa		8,195		12.4			9,138		13.5			17,897		13.7			18,336		14.5
Mexico		2,559		3.9			2,347		3.5			5,032		3.9			4,757		3.8
China		2,225		3.4			1,610		2.4			4,901		3.8			4,470		3.5
Japan		1,491		2.2			1,788		2.6			3,044		2.4			3,811		3.0
Canada		3,420		5.2			2,318		3.4			5,250		4.0			3,965		3.1
India		1,437		2.1			1,595		2.4			2,843		2.2			3,211		2.5
Australia		505		0.8			394		0.6			970		0.7			713		0.6
Total net revenue	$	65,936		100.0	%	$	67,799		100.0	%	$	130,316		100.0	%	$	126,794		100.0	%