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Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Reconciliation of Revenue from Reportable Segments to Consolidated | 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.
Reconciliation of Net Loss to Segment Adjusted EBITDA | 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 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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