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Reportable Segments | 3 Months Ended
--- | ---
Mar. 31, 2024
Segment Reporting [Abstract] |
Reportable Segments | 17. Reportable Segments: 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. 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 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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