OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

OPERATING SEGMENTS

Schedule of income statements by operating segment

The following tables present the Company’s income statements by operating segment (in thousands):

	Three Months Ended March 31, 2024
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	18,287	$	8,451	$	26,738
Reimbursable revenue		4,809		37		4,846
		23,096		8,488		31,584
Operating costs:
Fee operating expenses		13,179		4,317		17,496
Reimbursable operating expenses		4,809		37		4,846
Operating expenses		17,988		4,354		22,342
General and administrative		1,742		169		1,911
Depreciation and amortization		1,305		284		1,589
		21,035		4,807		25,842
Income from operations		2,061		3,681		5,742
Other income (expense):
Interest income		99		14		113
Interest expense		(36)		(10)		(46)
Other income (expense)		245		(6)		239
Income before income tax		2,369		3,679		6,048
Income tax expense		(202)		—		(202)
Net income		2,167		3,679		5,846
Other comprehensive loss:
Net unrealized loss on foreign exchange rate translation		—		(160)		(160)
Comprehensive income	$	2,167	$	3,519	$	5,686

	Three Months Ended March 31, 2023
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	12,263	$	10,010	$	22,273
Reimbursable revenue		6,533		602		7,135
		18,796		10,612		29,408
Operating costs:
Fee operating expenses		9,644		7,003		16,647
Reimbursable operating expenses		6,533		602		7,135
Operating expenses		16,177		7,605		23,782
General and administrative		3,102		397		3,499
Depreciation and amortization		2,118		582		2,700
		21,397		8,584		29,981
(Loss) income from operations		(2,601)		2,028		(573)
Other income (expense):
Interest income		87		21		108
Interest expense		(12)		(5)		(17)
Other income, net		49		3		52
(Loss) income before income tax		(2,477)		2,047		(430)
Income tax benefit		17		—		17
Net (loss) income		(2,460)		2,047		(413)
Other comprehensive loss:
Net unrealized loss on foreign exchange rate translation		—		(6)		(6)
Comprehensive (loss) income	$	(2,460)	$	2,041	$	(419)

Schedule of total assets disaggregated by operating segment

The following table presents the Company’s total assets (unaudited and in thousands) disaggregated by operating segment:

	March 31,		December 31,
	2024		2023
Total Assets
United States	$	42,518	$	48,495
Canada		15,262		9,024
Total Assets	$	57,780	$	57,519

Schedule of reconciliation of EBITDA to net income (loss) and to net cash provided by (used in) operating activities

The reconciliation of the Company’s EBITDA to net income (loss) and to net cash provided by (used in) operating activities, which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands):

	Three Months Ended March 31,
	2024 US		2024 CA		2024 Consol.		2023 US		2023 CA		2023 Consol.
Net income (loss)	$	2,167	$	3,679	$	5,846	$	(2,460)	$	2,047	$	(413)
Depreciation and amortization		1,305		284		1,589		2,118		582		2,700
Severance expense		—		—		—		—		—		—
Interest (income) expense, net		(63)		(4)		(67)		(75)		(16)		(91)
Income tax expense (benefit)		202		—		202		(17)		—		(17)
EBITDA	$	3,611	$	3,959	$	7,570	$	(434)	$	2,613	$	2,179

	Three Months Ended March 31,
	2024 US		2024 CA		2024 Consol.		2023 US		2023 CA		2023 Consol.
Net cash provided by (used in) operating activities	$	1,996	$	(126)	$	1,870	$	2,578	$	(4,398)	$	(1,820)
Changes in working capital and other items		1,835		4,136		5,971		(2,794)		7,047		4,253
Non-cash adjustments to net income (loss)		(220)		(51)		(271)		(218)		(36)		(254)
EBITDA	$	3,611	$	3,959	$	7,570	$	(434)	$	2,613	$	2,179