Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments

v3.21.2
Reportable Segments
 9 Months Ended
Sep. 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
September 30,		 Nine months ended
September 30,
2021 2020 2021 2020
Sales:
Ecoservices $ 137,550  $ 107,604  $ 358,509  $ 298,727 
Catalyst Technologies(1)
29,878  23,071  82,495  73,143 
Total $ 167,428  $ 130,675  $ 441,004  $ 371,870 
 Segment Adjusted EBITDA:(2)
Ecoservices $ 51,920  $ 44,272  $ 125,372  $ 116,451 
Catalyst Technologies(3)
25,441  11,762  64,623  59,741 
 Total Segment Adjusted EBITDA(4)
$ 77,361  $ 56,034  $ 189,995  $ 176,192 
(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 $32,820 and $26,552 for the three months ended September 30, 2021 and 2020, respectively. The proportionate share of sales is $94,984 and $99,695 for the nine months ended September 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 $14,493 for the three months ended September 30, 2021, which includes $8,780 of equity in net income plus $1,601 of amortization of investment in affiliate step-up and $4,112 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $5,331 for the three months ended September 30, 2020, which includes $76 of equity in net income plus $1,658 of amortization of investment in affiliate step-up and $3,597 of joint venture depreciation, amortization and interest.
The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $37,085 for the nine months ended September 30, 2021, which includes $20,794 of equity in net income plus $4,879 of amortization of investment in affiliate step-up and $11,412 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $35,911 for the nine months ended September 30, 2020, which includes $19,882 of equity in net income plus $4,975 of amortization of investment in affiliate step-up and $11,054 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 income (loss) from continuing operations to Segment Adjusted EBITDA is as follows:
Three months ended
September 30,		 Nine months ended
September 30,
2021 2020 2021 2020
Reconciliation of net income (loss) from continuing operations to Segment Adjusted EBITDA
Net income (loss) from continuing operations $ 4,689  $ (22,659) $ (5,929) $ 8,311 
Provision (benefit) for income taxes 2,591  21,310  5,095  (4,985)
Interest expense, net 9,005  10,430  28,202  40,864 
Depreciation and amortization 20,599  19,122  60,084  56,543 
EBITDA 36,884  28,203  87,452  100,733 
Joint venture depreciation, amortization and interest 4,112  3,597  11,412  11,054 
Amortization of investment in affiliate step-up 1,601  1,659  4,879  4,975 
Debt extinguishment costs 15,185  14,004  26,902  16,517 
Net loss on asset disposals 2,156  642  4,535  1,245 
Foreign exchange losses (gains) 922  (4,286) 4,803  (577)
LIFO benefit (1,295) (1,261) (1,998) (4,902)
Transaction and other related costs 538  197  1,620  1,389 
Equity-based compensation 10,193  4,387  22,837  13,324 
Restructuring, integration and business optimization expenses 78  250  2,408  1,445 
Defined benefit pension plan benefit (1,029) (155) (2,219) (466)
Other 30  784  1,723  1,959 
Adjusted EBITDA 69,375  48,021  164,354  146,696 
Unallocated corporate expenses 7,986  8,013  25,641  29,496 
Segment Adjusted EBITDA $ 77,361  $ 56,034  $ 189,995  $ 176,192