Quarterly report [Sections 13 or 15(d)]

Segment Information (Tables)

v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Financial Information by Reportable Segment
Summarized financial information for the Company’s Ecoservices reportable segment is shown in the following table:
Three months ended
September 30,		 Nine months ended
September 30,
2025 2024 2025 2024
Sales $ 204,907  $ 153,867  $ 524,082  $ 449,428 
Adjusted EBITDA (1)
$ 63,631  $ 55,098  $ 141,928  $ 146,301 
(1)The Company defines Adjusted EBITDA as EBITDA adjusted for certain items as noted in the reconciliation below. Management evaluates the performance 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 (loss) from continuing operations 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.
Reconciliation of Net Income to Segment Adjusted EBITDA
The following table presents selected financial information with respect to the Company’s Ecoservices reportable segment:
Three months ended
September 30,		 Nine months ended
September 30,
2025 2024 2025 2024
Sales $ 204,907  $ 153,867  $ 524,082  $ 449,428 
Less:(1)
Cost of goods sold $ 134,628  $ 92,619  $ 362,083  $ 283,589 
Selling, general and administrative expenses 6,652  6,155  19,864  19,541 
Other segment items (4) (5) 207  (3)
Adjusted EBITDA from the Ecoservices segment $ 63,631  $ 55,098  $ 141,928  $ 146,301 
Less:
Interest expense, net 8,368  7,912  24,802  27,068 
Depreciation and amortization 20,668  18,488  58,016  52,520 
Unallocated corporate expenses 6,157  6,445  21,170  21,394 
Debt modification and extinguishment costs —  —  960  4,560 
Net loss on asset disposals 3,630  218  4,047  832 
Transaction and other related costs 554  —  2,845  198 
Equity-based compensation 2,271  2,348  7,551  8,291 
Restructuring, integration and business optimization expenses 1,764  58  2,931  232 
Other (348) 188  1,994  788 
Income from continuing operations before income taxes $ 20,567  $ 19,441  $ 17,612  $ 30,418 
(1)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. All lines exclude depreciation, amortization and other items as noted in the above reconciliation.
Reconciliation of Capital Expenditures for the Reportable Segments
A reconciliation of capital expenditures for the Company’s continuing operations is shown in the following table:
  Nine months ended
September 30,
  2025 2024
Capital expenditures:
Ecoservices $ 48,826  $ 42,107 
Other(1)
2,770  854 
Capital expenditures per the condensed consolidated statements of cash flows $ 51,596  $ 42,961 
(1)    Includes corporate capital expenditures, the cash impact from changes in capital expenditures in accounts payable and capitalized interest.