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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-38221
ECOVYST INC.
Delaware 81-3406833
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
 
300 Lindenwood Drive 
Malvern, Pennsylvania
19355
(Address of principal executive offices) (Zip Code)
(610)
651-4400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per shareECVTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ☒
The number of shares of common stock outstanding as of November 4, 2021 was 137,059,709.
1

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ECOVYST INC.

INDEX—FORM 10-Q
September 30, 2021
Page

2

Table of Contents

PART IFINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS (UNAUDITED)

ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
2021202020212020
Sales$167,428 $130,675 $441,004 $371,870 
Cost of goods sold113,784 89,844 318,768 258,462 
Gross profit53,644 40,831 122,236 113,408 
Selling, general and administrative expenses24,836 18,650 68,822 61,515 
Other operating expense, net6,314 3,427 16,786 11,319 
Operating income22,494 18,754 36,628 40,574 
Equity in net (income) from affiliated companies(8,758)(134)(20,723)(19,897)
Interest expense, net9,005 10,430 28,202 40,864 
Debt extinguishment costs15,185 14,004 26,902 16,517 
Other (income) expense, net(218)(4,197)3,081 (236)
Income (loss) from continuing operations before income taxes and noncontrolling interest7,280 (1,349)(834)3,326 
Provision (benefit) for income taxes2,591 21,310 5,095 (4,985)
Net income (loss) from continuing operations4,689 (22,659)(5,929)8,311 
Net (loss) income from discontinued operations, net of tax(75,872)30,469 (159,122)16,255 
Net (loss) income(71,183)7,810 (165,051)24,566 
Less: Net income attributable to the noncontrolling interest - discontinued operations76 298 333 904 
Net (loss) income attributable to Ecovyst Inc.$(71,259)$7,512 $(165,384)$23,662 
Income (loss) from continuing operations attributable to Ecovyst Inc.$4,689 $(22,659)$(5,929)$8,311 
(Loss) income from discontinued operations attributable to Ecovyst Inc.(75,948)30,171 (159,455)15,351 
Net (loss) income attributable to Ecovyst Inc.$(71,259)$7,512 $(165,384)$23,662 
Net income (loss) per share:
Basic (loss) income per share - continuing operations$0.03 $(0.17)$(0.04)$0.06 
Diluted (loss) income per share - continuing operations$0.03 $(0.17)$(0.04)$0.06 
Basic income (loss) per share - discontinued operations$(0.56)$0.22 $(1.17)$0.11 
Diluted income (loss) per share - discontinued operations$(0.55)$0.22 $(1.17)$0.11 
Basic (loss) income per share$(0.52)$0.06 $(1.22)$0.17 
Diluted (loss) income per share$(0.52)$0.06 $(1.22)$0.17 
Weighted average shares outstanding:
Basic136,129,591 135,106,969 136,111,555 135,292,163 
Diluted137,354,427 135,106,969 136,111,555 136,188,033 
See accompanying notes to condensed consolidated financial statements.

3

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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 
Three months ended
September 30,
Nine months ended
September 30,
2021202020212020
Net (loss) income$(71,183)$7,810 $(165,051)$24,566 
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits1,090 (20)1,005 (48)
Net gain from hedging activities460 945 1,638 911 
Foreign currency translation2,952 13,572 11,254 (20,844)
Total other comprehensive income (loss)4,502 14,497 13,897 (19,981)
Comprehensive (loss) income(66,681)22,307 (151,154)4,585 
Less: Comprehensive (loss) income attributable to noncontrolling interests(203)607 113 (1,899)
Comprehensive (loss) income attributable to Ecovyst Inc.$(66,478)$21,700 $(151,267)$6,484 
See accompanying notes to condensed consolidated financial statements.

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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
September 30,
2021
December 31,
2020
ASSETS
Cash and cash equivalents$104,752 $113,377 
Accounts receivable, net81,131 45,943 
Inventories, net48,068 52,789 
Prepaid and other current assets17,514 11,468 
Current assets held for sale 205,090 
Total current assets251,465 428,667 
Investments in affiliated companies455,265 458,128 
Property, plant and equipment, net595,088 591,710 
Goodwill406,128 391,565 
Other intangible assets, net149,148 137,446 
Right-of-use lease assets30,972 28,943 
Other long-term assets14,765 12,446 
Long-term assets held for sale 1,149,443 
Total assets$1,902,831 $3,198,348 
LIABILITIES
Current maturities of long-term debt$9,000 $ 
Accounts payable49,235 38,131 
Operating lease liabilities—current8,082 6,715 
Accrued liabilities71,681 48,482 
Current liabilities held for sale 108,537 
Total current liabilities137,998 201,865 
Long-term debt, excluding current portion874,591 1,400,369 
Deferred income taxes130,558 126,210 
Operating lease liabilities—noncurrent22,777 21,972 
Other long-term liabilities29,591 15,399 
Long-term liabilities held for sale 155,354 
Total liabilities1,195,515 1,921,169 
Commitments and contingencies (Note 17)
EQUITY
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 137,835,243 and 137,102,143 on September 30, 2021 and December 31, 2020, respectively; outstanding shares 136,953,030 and 136,318,557 on September 30, 2021 and December 31, 2020, respectively
1,378 1,371 
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on September 30, 2021 and December 31, 2020
  
Additional paid-in capital1,068,815 1,477,859 
Accumulated deficit(341,142)(175,758)
Treasury stock, at cost; shares 882,213 and 783,586 on September 30, 2021 and December 31, 2020, respectively
(12,551)(11,081)
Accumulated other comprehensive loss(9,184)(15,265)
Total Ecovyst Inc. equity707,316 1,277,126 
Noncontrolling interest 53 
Total equity707,316 1,277,179 
Total liabilities and equity$1,902,831 $3,198,348 
See accompanying notes to condensed consolidated financial statements.
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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)


Common
stock
Additional
paid-in
capital
(Accumulated deficit)Treasury
stock, at
cost 
Accumulated
other
comprehensive
income (loss)
Non-
controlling
interest
Total
Balance, December 31, 2020$1,371 $1,477,859 $(175,758)$(11,081)$(15,265)$53 $1,277,179 
Net (loss) income— — (92,635)— — 117 (92,518)
Other comprehensive loss— — — — (2,745)(394)(3,139)
Tax withholdings on equity award vesting— — — (1,470)— — (1,470)
Distributions to noncontrolling interests
— — — — — (516)(516)
Stock compensation expense
— 6,877 — — — — 6,877 
Shares issued under equity incentive plan, net of forfeitures
7 63 — — — — 70 
Balance, March 31, 2021$1,378 $1,484,799 $(268,393)$(12,551)$(18,010)$(740)$1,186,483 
Net income
— — (1,490)— — 140 (1,350)
Other comprehensive income— — — — 12,081 453 12,534 
Distributions to noncontrolling interests— — — — — (593)(593)
Stock compensation expense — 7,499 — — — — 7,499 
Shares issued under equity incentive plan, net of forfeitures 36 — — — — 36 
Balance, June 30, 2021$1,378 $1,492,334 $(269,883)$(12,551)$(5,929)$(740)$1,204,609 
Net income
— — (71,259)— — 76 (71,183)
Other comprehensive income (loss)
— — — — 4,781 (279)4,502 
Dividends paid on common stock ($3.20 per share)
— (435,593)— — — — (435,593)
Disposal of business— —  — (8,036)943 (7,093)
Stock compensation expense
— 11,961 — — — — 11,961 
Shares issued under equity incentive plan, net of forfeitures
 113 — — — — 113 
Balance, September 30, 2021$1,378 $1,068,815 $(341,142)$(12,551)$(9,184)$ $707,316 
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Common
stock
Additional
paid-in
capital
Retained
earnings
Treasury
stock, at
cost 
Accumulated
other
comprehensive
income (loss)
Non-
controlling
interest 
Total 
Balance, December 31, 2019$1,369 $1,696,899 $103,013 $(6,483)$(15,348)$5,868 $1,785,318 
Net income
— — 224 — — 285 509 
Other comprehensive loss— — — — (43,411)(3,488)(46,899)
Repurchases of common shares
— — — (2,059)— — (2,059)
Tax withholdings on equity award vesting— — — (1,830)— — (1,830)
Stock compensation expense
— 5,920 — — — — 5,920 
Shares issued under equity incentive plan, net of forfeitures
4 177 — — — — 181 
Balance, March 31, 2020$1,373 $1,702,996 $103,237 $(10,372)$(58,759)$2,665 $1,741,140 
Net income
— — 15,926 — — 321 16,247 
Other comprehensive income
— — — — 12,045 376 12,421 
Stock compensation expense
— 6,366 — — — — 6,366 
Shares issued under equity incentive plan, net of forfeitures
(5)5 — — — —  
Balance, June 30, 2020$1,368 $1,709,367 $119,163 $(10,372)$(46,714)$3,362 $1,776,174 
Net income
— — 7,512 — — 298 7,810 
Other comprehensive income
— — — — 14,188 309 14,497 
Tax withholdings on equity award vesting— — — (162)— — (162)
Distributions to noncontrolling interests
— — — — — (270)(270)
Stock compensation expense
— 6,137 — — — — 6,137 
Balance, September 30, 2020$1,368 $1,715,504 $126,675 $(10,534)$(32,526)$3,699 $1,804,186 
See accompanying notes to condensed consolidated financial statements.
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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)


Nine months ended
September 30,
20212020
Cash flows from operating activities:
Net (loss) income$(165,051)$24,566 
Net loss (income) from discontinued operations159,122 (16,255)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation49,902 47,857 
Amortization10,182 8,686 
Amortization of deferred financing costs and original issue discount1,409 1,861 
Debt extinguishment costs12,818 14,146 
Foreign currency exchange loss (gain)4,803 (577)
Pension and postretirement healthcare (benefit) expense(1,786)341 
Pension and postretirement healthcare funding (3,282)
Deferred income tax provision4,256 2,731 
Net loss on asset disposals4,535 1,245 
Stock compensation22,837 13,324 
Equity in net income from affiliated companies(20,723)(19,897)
Dividends received from affiliated companies20,000 15,000 
Other, net8,490 350 
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions:
Receivables(33,830)1,691 
Inventories6,120 (4,916)
Prepaids and other current assets(8,405)(1,679)
Accounts payable10,096 412 
Accrued liabilities7,511 (29,191)
Net cash provided by operating activities, continuing operations92,286 56,413 
Net cash (used in) provided by operating activities, discontinued operations(7,420)94,193 
Net cash provided by operating activities84,866 150,606 
Cash flows from investing activities:
Purchases of property, plant and equipment(44,648)(34,568)
Proceeds from business divestiture, net of cash 980,350  
Business combinations, net of cash acquired(42,782) 
Proceeds from sale of assets 2,375 
Other, net(8)(4)
Net cash provided by (used in) investing activities, continuing operations892,912 (32,197)
Net cash used in investing activities, discontinued operations(40,943)(9,854)
Net cash provided by (used in) investing activities851,969 (42,051)
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Nine months ended
September 30,
20212020
Cash flows from financing activities:
Draw down of revolving credit facilities 127,500 
Repayments of revolving credit facilities (127,500)
Issuance of long-term debt, net of discount897,750 640,340 
Debt issuance costs(1,293)(8,987)
Repayments of long-term debt(1,428,613)(626,625)
Debt prepayment fees(8,481)(10,550)
Proceeds from failed sale-leaseback14,104  
Dividends paid to stockholders(435,593) 
Repurchases of common shares(1,470)(4,051)
Proceeds from stock options exercised223 181 
Other, net(104) 
Net cash used in financing activities, continuing operations(963,477)(9,692)
Net cash used in provided by financing activities, discontinued operations(1,144)(534)
Net cash used in financing activities(964,621)(10,226)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(4,681)(5,955)
Net change in cash, cash equivalents and restricted cash(32,467)92,374 
Cash, cash equivalents and restricted cash at beginning of period137,219 73,917 
Cash, cash equivalents and restricted cash at end of period$104,752 $166,291 
Less: cash, cash equivalents, and restricted cash of discontinued operations (41,804)
Cash, cash equivalents and restricted cash at end of period of continuing operations$104,752 $124,487 
For supplemental cash flow disclosures, see Note 21.
See accompanying notes to condensed consolidated financial statements.
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ECOVYST INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)


1. Background and Basis of Presentation:
Description of Business
Ecovyst Inc. and subsidiaries (the “Company” or “Ecovyst”), formerly known as PQ Group Holdings Inc. and subsidiaries (“PQ Group Holdings”), is a leading integrated and innovative global provider of specialty catalysts and services. The Company supports customers globally through its strategically located network of manufacturing facilities. The Company believes that its products, which are predominantly inorganic, and services contribute to improving the sustainability of the environment.
On December 14, 2020, PQ Group Holdings completed the sale of its Performance Materials business for $650,000, and the results of operations of this business have been presented as discontinued operations in the condensed consolidated financial statements for all periods presented. See Note 3 for more information on the transaction.
Effective on August 1, 2021, PQ Group Holdings completed the sale of its Performance Chemicals business for $1,100,000, subject to certain purchase price adjustments as set forth in the agreement. Upon entering into the definitive agreement, the transaction met the held for sale criteria and consequently the financial results of the Performance Chemicals business are reported in discontinued operations in the condensed consolidated financial statements for all periods presented. See Note 3 for more information on the transaction.
In connection with the closing of the sale of the Performance Chemicals business, PQ Group Holdings Inc. changed its name from “PQ Group Holdings Inc.” to “Ecovyst Inc.”, changed the ticker symbol of its common stock listed on the New York Stock Exchange from “PQG” to “ECVT” and rebranded its segments from “Refining Services” to “Ecoservices” and “Catalysts” to “Catalyst Technologies”.
The Company has two uniquely positioned specialty businesses: Ecoservices provides sulfuric acid recycling to the North American refining industry for the production of alkylate and provides on-purpose virgin sulfuric acid for water treatment, mining and industrial applications; and Catalyst Technologies provides finished silica catalysts and catalyst supports necessary to produce high strength and high stiffness plastics and, through its Zeolyst joint venture, supplies zeolites used for catalysts that remove nitric oxide from diesel engine emissions as well as sulfur from fuels during the refining process.
The Company’s regeneration services product group, which is a part of the Company’s Ecoservices segment, typically experiences seasonal fluctuations as a result of higher demand for gasoline products in the summer months and lower demand in the winter months. These demand fluctuations result in higher sales and working capital requirements in the second and third quarters.
The notes to the condensed consolidated financial statements, unless otherwise indicated, are on a continuing operations basis.
Basis of Presentation
The condensed consolidated financial statements included herein are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations for interim reporting. In the opinion of management, all adjustments of a normal and recurring nature necessary to state fairly the financial position and results of operations have been included. The results of operations are not necessarily indicative of the expected results for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
2. New Accounting Standards:
Recently Adopted Accounting Standards
In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance to reduce the complexity in accounting for income taxes by removing certain exceptions to the general principles and simplifying areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The new guidance is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The Company adopted the new guidance effective January 1, 2021, with no material impact to the Company’s condensed consolidated financial position, results of operations or cash flows.
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ECOVYST INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)

Accounting Standards Not Yet Adopted
In March 2020, the FASB issued guidance to address certain accounting consequences from the anticipated transition from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The new guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and may be elected over time as reference rate reform activities occur. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index of the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
3. Divestitures:
Performance Materials Divestiture
On December 14, 2020, the Company completed the sale of its Performance Materials business for $650,000. In the fourth quarter of 2020, the Performance Materials business met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements - Discontinued Operations (“ASC 205-20”), as the sale represented a strategic shift that had a major effect on the Company’s operations and financial results. As a result, the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2020 reflect the Performance Materials business as a discontinued operation. The divested business historically represented a reportable segment of the Company, including certain Australian operations that were historically reported in the Performance Chemicals reportable segment.
The following table summarizes the results of discontinued operations related to the Performance Materials divestiture:
Three months ended
September 30, 2020
Nine months ended
September 30, 2020
Sales$106,777 $280,663 
Cost of goods sold80,449 208,854 
Selling, general and administrative expenses8,710 26,337 
Other operating expense, net3,879 16,585 
Operating income13,739 28,887 
Interest expense, net (1)
3,894 12,810 
Other income, net(1,126)(961)
Income from discontinued operations before income tax10,971 17,038 
(Benefit) provision for income taxes(420)3,085 
Income from discontinued operations, net of tax$11,391 $13,953 
(1)The closing of the transaction triggered the Company’s obligation to provide partial repayment under its Amended and Restated Term Loan Credit Agreement, dated May 4, 2016 and its New Term Loan Credit Agreement, dated as of July 22, 2020. As such, interest expense has been allocated to discontinued operations on the basis of the Company’s mandatory repayment of $275,787 of the Senior Secured Term Loan Facility due February 2027 and its mandatory repayment of $188,722 of the new Senior Secured Term Loan Facility due February 2027.
During the three months ended September 30, 2021, the Company incurred transaction costs of $264 and stock-based compensation expense of $1,194, and an associated tax benefit of $339 related to the Performance Materials divestiture which is included in loss from discontinued operations, net of tax. During the nine months ended September 30, 2021, the Company incurred transaction costs of $1,794 and stock-based compensation expense of $2,477, and an associated tax benefit of $1,045 related to the Performance Materials divestiture which is included in loss from discontinued operations, net of tax.
Net income attributable to the noncontrolling interest related to the Performance Materials business, net of tax was $97 and $219 for the three and nine months ended September 30, 2020, respectively. Net income attributable to Ecovyst Inc., related to the Performance Materials business, net of tax was $11,294 and $13,734 for the three and nine months ended September 30, 2020, respectively.

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ECOVYST INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)

Upon the close of the transaction, the Company entered into a Transition Services Agreement with the buyer pursuant to which the buyer is receiving certain services to provide for the orderly transition of various functions and processes after the closing of the transaction. The services under the Transition Services Agreement include information technology, accounting, tax, financial services, human resources, facilities, and other administrative support services. These services were provided for a period of nine months, with three 30-day extensions available. The Company billed $253 and $3,314 under the Transition Services Agreement to the buyer during the three and nine months ended September 30, 2021, respectively. Those billings are included in selling, general and administrative expenses on the condensed consolidated financial statements for the three and nine months ended September 30, 2021.
Performance Chemicals Divestiture
On February 28, 2021, the Company entered into a definitive agreement to sell its Performance Chemicals business to Sparta Aggregator L.P. (the “Buyer”), a partnership established by Koch Minerals & Trading, LLC and Cerberus Capital Management, L.P., for $1,100,000, subject to certain adjustments including indebtedness, cash, working capital and transaction expenses. The Company completed the sale of the Performance Chemicals business on August 1, 2021.
In the first quarter of 2021, the Performance Chemicals business met the discontinued operations criteria set forth in ASC 205-20, as the sale represents a strategic shift that will have a major effect on the Company’s operations and financial results. As a result, the Company’s condensed consolidated financial statements for all periods presented reflect the Performance Chemicals business as a discontinued operation. The Performance Chemicals business historically represented a reportable segment of the Company.
Prior to the closing of the transaction, the disposal group was tested for recoverability as of each of the balance sheet dates since meeting the discontinued operations criteria, and the Company recognized an estimated disposal loss of $13,990 and $109,584 during the three and six months ended June 30, 2021, respectively, which was included in net loss from discontinued operations, net of tax on the condensed consolidated statements of income for the respective periods.
The final loss on the sale of the Performance Chemicals business was $157,539, which is included in net (loss) income from discontinued operations, net of tax in the Company’s condensed consolidated statements of income for the nine months ended September 30, 2021. The following is a reconciliation of the loss recorded on the sale:
Net proceeds received from the sale of the Performance Chemicals business$980,350 
Transaction costs(35,402)
Net assets derecognized(1,102,487)
Loss on sale of the Performance Chemicals business$(157,539)
In connection with the sale of the Performance Chemicals business and the related loss, as noted above, the Company has recognized a tax benefit of $33,052 within net loss from discontinued operations, net of tax on the condensed consolidated statement of income.
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ECOVYST INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)

The following table summarizes the results of discontinued operations related to the Performance Chemicals business for the periods presented:
Three months ended
September 30,
Nine months ended
September 30,
2021202020212020
Sales$54,973 $145,244 $389,870 $456,462 
Cost of goods sold39,582 115,902 284,220 363,740 
Selling, general and administrative expenses6,552 9,709 29,758 31,440 
Other operating (income) expense, net(1)