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Reportable Segments (Tables)

3 Months Ended

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

X

- 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

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 280
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