Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments

v3.21.2
Reportable Segments
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Reportable Segments
18. Reportable Segments:
Summarized financial information for the Company’s reportable segments is shown in the following table:
Three months ended
June 30,		 Six months ended
June 30,
2021 2020 2021 2020
Sales:
Ecoservices $ 120,741  $ 90,433  $ 220,963  $ 191,123 
Silica Catalysts(1)
26,215  25,208  52,617  50,072 
Total $ 146,952  $ 115,641  $ 273,576  $ 241,195 
 Segment Adjusted EBITDA:(2)
Ecoservices $ 40,450  $ 34,996  $ 73,452  $ 72,179 
Catalyst Technologies(3)
20,714  25,312  39,183  47,979 
 Total Segment Adjusted EBITDA(4)
$ 61,164  $ 60,308  $ 112,635  $ 120,158 
(1)Excludes the Company’s proportionate share of sales from the Zeolyst International and Zeolyst C.V. joint ventures (collectively, the “Zeolyst Joint Venture”) accounted for using the equity method (see Note 11 to these condensed consolidated financial statements for further information). The proportionate share of sales is $33,186 and $40,852 for the three months ended June 30, 2021 and 2020, respectively. The proportionate share of sales is $62,164 and $73,143 for the six months ended June 30, 2021 and 2020, respectively.
(2)The Company defines Adjusted EBITDA as EBITDA adjusted for certain items as noted in the reconciliation below. Management evaluates the performance of its segments and allocates resources based on several factors, of which the primary measure is Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income as an indicator of the Company’s operating performance. Adjusted EBITDA as defined by the Company may not be comparable with EBITDA or Adjusted EBITDA as defined by other companies.
(3)The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $12,055 for the three months ended June 30, 2021, which includes $6,779 of equity in net income plus $1,620 of amortization of investment in affiliate step-up and $3,656 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $16,855 for the three months ended June 30, 2020, which includes $11,489 of equity in net income plus $1,659 of amortization of investment in affiliate step-up and $3,707 of joint venture depreciation, amortization and interest.
The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $22,592 for the six months ended June 30, 2021, which includes $12,014 of equity in net income plus $3,278 of amortization of investment in affiliate step-up and $7,300 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $30,580 for the six months ended June 30, 2020, which includes $19,806 of equity in net income plus $3,317 of amortization of investment in affiliate step-up and $7,457 of joint venture depreciation, amortization and interest.
(4)Total Segment Adjusted EBITDA differs from the Company’s consolidated Adjusted EBITDA due to unallocated corporate expenses.
A reconciliation of net loss from continuing operations to Segment Adjusted EBITDA is as follows:
Three months ended
June 30,		 Six months ended
June 30,
2021 2020 2021 2020
Reconciliation of net (loss) income from continuing operations to Segment Adjusted EBITDA
Net (loss) income from continuing operations $ (7,870) $ 34,317  $ (10,618) $ 30,970 
Provision (benefit) for income taxes 7,694  (24,630) 2,504  (26,295)
Interest expense, net 8,741  15,136  19,197  30,434 
Depreciation and amortization 19,985  18,746  39,485  37,421 
Segment EBITDA 28,550  43,569  50,568  72,530 
Joint venture depreciation, amortization and interest 3,656  3,707  7,300  7,457 
Amortization of investment in affiliate step-up 1,620  1,659  3,278  3,317 
Debt extinguishment costs 11,717  —  11,717  2,513 
Net loss on asset disposals 1,601  440  2,379  602 
Foreign currency exchange (gain) loss (1,219) (3,361) 3,882  3,709 
LIFO benefit (450) (1,959) (703) (3,640)
Transaction and other related costs 610  392  1,083  1,192 
Equity-based compensation 6,339  4,643  12,644  8,937 
Restructuring, integration and business optimization expenses 71  848  2,330  1,196 
Defined benefit pension plan benefit (595) (179) (1,190) (310)
Other 783  275  1,699  1,172 
Adjusted EBITDA 52,683  50,034  94,987  98,675 
Unallocated corporate expenses 8,481  10,274  17,648  21,483 
Segment Adjusted EBITDA $ 61,164  $ 60,308  $ 112,635  $ 120,158