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Reportable Segments | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Reportable Segments | 16. Reportable Segments: Summarized financial information for the Company’s reportable segments is shown in the following table:
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2023 |  | 2022
Sales: |  |  |  |  |  |  |  |
Ecoservices |  |  |  |  |  | $ | 137,740 |  |  | $ | 154,060 |
Catalyst Technologies(1) |  |  |  |  |  | 23,134 |  |  | 25,654 |
Total |  |  |  |  |  | $ | 160,874 |  |  | $ | 179,714 |
Adjusted EBITDA:(2) |  |  |  |  |  |  |  |
Ecoservices |  |  |  |  |  | $ | 36,787 |  |  | $ | 49,341 |
Catalyst Technologies(3) |  |  |  |  |  | 12,989 |  |  | 16,975 |
Adjusted EBITDA from reportable segments |  |  |  |  |  | $ | 49,776 |  |  | $ | 66,316 |
(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 9 to these condensed consolidated financial statements for further information). The proportionate share of sales excluded is $22,074 and $28,977 for the three months ended March 31, 2023 and 2022, 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 $5,436 for the three months ended March 31, 2023, which includes $226 of equity in net income plus $1,601 of amortization of investment in affiliate step-up and $3,609 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalyst Technologies segment is $11,474 for the three months ended March 31, 2022, which includes $5,787 of equity in net income plus $1,601 of amortization of investment in affiliate step-up and $4,087 of joint venture depreciation, amortization and interest. A reconciliation of (loss) income before income taxes to Adjusted EBITDA is as follows:
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2023 |  | 2022
Reconciliation of (loss) income before income taxes to Adjusted EBITDA |  |  |  |  |  |  |  |
(Loss) income before income taxes |  |  |  |  |  | $ | (524) |  |  | $ | 13,595 |
Interest expense, net |  |  |  |  |  | 9,832 |  |  | 8,450 |
Depreciation and amortization |  |  |  |  |  | 20,197 |  |  | 19,546 |
Unallocated corporate expenses |  |  |  |  |  | 6,926 |  |  | 7,076 |
Joint venture depreciation, amortization and interest |  |  |  |  |  | 3,609 |  |  | 4,087 |
Amortization of investment in affiliate step-up |  |  |  |  |  | 1,601 |  |  | 1,601 |
Net loss on asset disposals |  |  |  |  |  | 1,178 |  |  | 133 |
Foreign exchange (gain) loss |  |  |  |  |  | (738) |  |  | 647 |
LIFO expense |  |  |  |  |  | 1,399 |  |  | 245 |
Transaction and other related costs |  |  |  |  |  | 1,434 |  |  | 4,281 |
Equity-based compensation |  |  |  |  |  | 4,068 |  |  | 7,294 |
Restructuring, integration and business optimization expenses |  |  |  |  |  | 1,023 |  |  | 382 |
Other |  |  |  |  |  | (229) |  |  | (1,021) |
Adjusted EBITDA from reportable segments |  |  |  |  |  | $ | 49,776 |  |  | $ | 66,316 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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