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Reportable Segments (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Sales: |  |  |  |  |  |
Ecoservices |  | $ | 500,513 |  |  | $ | 401,913 |  |  | $ | 447,080 |
Catalyst Technologies(1) |  | 110,688 |  |  | 94,007 |  |  | 85,667 |
Total |  | $ | 611,201 |  |  | $ | 495,920 |  |  | $ | 532,747 |
Adjusted EBITDA:(2) |  |  |  |  |  |
Ecoservices |  | $ | 177,672 |  |  | $ | 157,198 |  |  | $ | 175,640 |
Catalyst Technologies(3) |  | 88,028 |  |  | 74,504 |  |  | 107,808 |
Unallocated corporate expenses |  | (38,089) |  |  | (39,087) |  |  | (43,263) |
Total |  | $ | 227,611 |  |  | $ | 192,615 |  |  | $ | 240,185 |
(1)Excludes the Company’s proportionate share of sales from the Zeolyst Joint Venture accounted for using the equity method. The proportionate share of sales is $131,332, $128,623 and $170,338 for the years ended December 31, 2021, 2020 and 2019, 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 $49,872 for the year ended December 31, 2021, which includes $27,827 of equity in net income plus $6,480 of amortization of investment in affiliate step-up plus $15,565 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $42,515 for the year ended December 31, 2020, which includes $21,157 of equity in net income plus $6,634 of amortization of investment in affiliate step-up plus $14,724 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $68,138 for the year ended December 31, 2019, which includes $45,899 of equity in net income plus $7,534 of amortization of investment in affiliate step-up plus $14,705 of joint venture depreciation, amortization and interest.
Reconciliation of Net Income to Segment Adjusted EBITDA | A reconciliation of net income attributable to Ecovyst to Adjusted EBITDA is as follows:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Reconciliation of net income attributable to Ecovyst Inc. to Adjusted EBITDA |  |  |  |  |  |
Net income from continuing operations |  | $ | 1,794 |  |  | $ | 54,280 |  |  | $ | 31,120 |
Provision (benefit) for income taxes |  | 12,147 |  |  | (52,065) |  |  | 12,299 |
Interest expense, net |  | 36,990 |  |  | 50,409 |  |  | 66,872 |
Depreciation and amortization |  | 79,741 |  |  | 76,926 |  |  | 74,781 |
EBITDA |  | 130,672 |  |  | 129,550 |  |  | 185,072 |
Joint venture depreciation, amortization and interest |  | 15,565 |  |  | 14,724 |  |  | 14,705 |
Amortization of investment in affiliate step-up |  | 6,480 |  |  | 6,634 |  |  | 7,534 |
Debt extinguishment costs |  | 26,902 |  |  | 25,028 |  |  | 3,400 |
Net loss on asset disposals |  | 5,666 |  |  | 4,722 |  |  | 4,559 |
Foreign currency exchange (gain) loss |  | 4,716 |  |  | (5,264) |  |  | 1,228 |
LIFO (benefit) expense |  | (1,931) |  |  | (5,262) |  |  | 6,458 |
Transaction and other related costs |  | 2,009 |  |  | 1,118 |  |  | 186 |
Equity-based compensation |  | 31,838 |  |  | 17,194 |  |  | 13,281 |
Restructuring, integration and business optimization expenses |  | 2,964 |  |  | 1,994 |  |  | 2,571 |
Defined benefit pension plan (benefit) cost |  | (858) |  |  | (598) |  |  | 553 |
Other |  | 3,588 |  |  | 2,775 |  |  | 638 |
Adjusted EBITDA |  | $ | 227,611 |  |  | $ | 192,615 |  |  | $ | 240,185 |
Capital Expenditures from Segment to Consolidated | Capital expenditures for the Company’s reportable segments are shown in the following table:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Capital expenditures: |  |  |  |  |  |
Ecoservices |  | $ | 43,561 |  |  | $ | 31,799 |  |  | $ | 42,310 |
Catalyst Technologies(1) |  | 15,997 |  |  | 11,177 |  |  | 8,984 |
Corporate(2) |  | 487 |  |  | 11,861 |  |  | 3,958 |
Capital expenditures per the consolidated statements of cash flows |  | $ | 60,045 |  |  | $ | 54,837 |  |  | $ | 55,252 |
(1) Excludes the Company’s proportionate share of capital expenditures from the Zeolyst Joint Venture. (2) Includes corporate capital expenditures, the cash impact from changes in capital expenditures in accounts payable and capitalized interest.
Revenue from External Customers by Geographic Areas | Sales and long-lived assets by geographic area are presented in the following tables. Sales are attributed to countries based upon location of products shipped.
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Sales(1): |  |  |  |  |  |
United States |  | $ | 571,587 |  |  | $ | 443,682 |  |  | $ | 492,146 |
Other foreign countries |  | 39,614 |  |  | 52,238 |  |  | 40,601 |
Total |  | $ | 611,201 |  |  | $ | 495,920 |  |  | $ | 532,747 |
(1) Except for the United States, no sales in an individual country exceeded 10% of the Company’s total sales. The Company sold products through its Ecoservices and Catalyst Technologies segments to customer A, which accounted for 12.6%, 10.4% and 11.7% of the Company’s total sales as of December 31, 2021, 2020, and 2019 respectively.
Long-lived Assets by Geographic Areas |
|  | December 31,
|  | 2021 |  | 2020
Long-lived assets(1): |  |  |  |
United States |  | $ | 597,506 |  |  | $ | 555,558 |
Other foreign countries |  | 28,840 |  |  | 65,095 |
Total |  | $ | 626,346 |  |  | $ | 620,653 |
(1) Long-lived assets includes property, plant and equipment, net and right-of-use lease assets.

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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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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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