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Reportable Segments (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Summary Financial Information by Reportable Segment | Summarized financial information for the Company’s reportable segments is shown in the following table:
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Sales: |  |  |  |  |  |  |  |
Ecoservices |  |  |  |  |  | $ | 141,602 |  |  | $ | 137,740 |
Advanced Materials & Catalysts(1) |  |  |  |  |  | 18,935 |  |  | 23,134 |
Total |  |  |  |  |  | $ | 160,537 |  |  | $ | 160,874 |
Adjusted EBITDA:(2) |  |  |  |  |  |  |  |
Ecoservices |  |  |  |  |  | $ | 41,494 |  |  | $ | 36,787 |
Advanced Materials & Catalysts(3) |  |  |  |  |  | 11,129 |  |  | 12,989 |
Adjusted EBITDA from reportable segments |  |  |  |  |  | $ | 52,623 |  |  | $ | 49,776 |
(1)Excludes the Company’s proportionate share of sales from 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 $23,481 and $22,074 for the three months ended March 31, 2024 and 2023, 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 for the Company’s Advanced Materials & Catalysts segment includes the Company’s 50% portion of the Adjusted EBITDA from the Zeolyst Joint Venture. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $6,927 for the three months ended March 31, 2024, which includes $2,072 of equity in net income plus $1,601 of amortization of investment in affiliate step-up and $3,254 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $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.
Reconciliation of Net Income to Segment Adjusted EBITDA | A reconciliation of income (loss) before income taxes to Adjusted EBITDA is as follows:
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Reconciliation of income (loss) before income taxes to Adjusted EBITDA from reportable segments |  |  |  |  |  |  |  |
Income (loss) before income taxes |  |  |  |  |  | $ | 2,400 |  |  | $ | (524) |
Interest expense, net |  |  |  |  |  | 13,409 |  |  | 9,832 |
Depreciation and amortization |  |  |  |  |  | 21,933 |  |  | 20,197 |
Unallocated corporate expenses |  |  |  |  |  | 7,081 |  |  | 6,926 |
Joint venture depreciation, amortization and interest |  |  |  |  |  | 3,254 |  |  | 3,609 |
Amortization of investment in affiliate step-up |  |  |  |  |  | 1,601 |  |  | 1,601 |
Net loss on asset disposals |  |  |  |  |  | 648 |  |  | 1,178 |
Foreign exchange loss (gain) |  |  |  |  |  | 178 |  |  | (738) |
LIFO (benefit) expense |  |  |  |  |  | (1,124) |  |  | 1,399 |
Transaction and other related costs |  |  |  |  |  | 58 |  |  | 1,434 |
Equity-based compensation |  |  |  |  |  | 3,680 |  |  | 4,068 |
Restructuring, integration and business optimization expenses |  |  |  |  |  | 226 |  |  | 1,023 |
Other |  |  |  |  |  | (721) |  |  | (229) |
Adjusted EBITDA from reportable segments |  |  |  |  |  | $ | 52,623 |  |  | $ | 49,776 |

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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