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Reportable Segments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 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.
Reconciliation of Net Income (Loss) from Continuing Operations to Adjusted EBITDA | 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 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + 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 https://asc.fasb.org/extlink&oid=126901519&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 (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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