Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments

v3.21.1
Reportable Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Reportable Segments
18. Reportable Segments:
Summarized financial information for the Company’s reportable segments is shown in the following table:
Three months ended
March 31,
2021 2020
Sales:
Refining Services $ 100,222  $ 100,690 
Catalysts(1)
26,402  24,864 
Total $ 126,624  $ 125,554 
 Segment Adjusted EBITDA:(2)
Refining Services
 $ 33,002  $ 37,183 
Catalysts(3)
18,469  22,667 
 Total Segment Adjusted EBITDA(4)
$ 51,471  $ 59,850 

(1)Excludes the Company’s proportionate share of sales from the Zeolyst International and Zeolyst C.V. joint ventures (collectively, the “Zeolyst Joint Venture”) accounted for using the equity method (see Note 11 to these condensed consolidated financial statements for further information). The proportionate share of sales is $28,978 and $32,291 for the three months ended March 31, 2021 and 2020, 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 from the Zeolyst Joint Venture included in the Catalysts segment is $10,537 for the three months ended March 31, 2021, which includes $5,237 of equity in net income plus $1,658 of amortization of investment in affiliate step-up and $3,645 of joint venture depreciation, amortization and interest. The Adjusted EBITDA from the Zeolyst Joint Venture included in the Catalysts segment is $13,725 for the three months ended March 31, 2020, which includes $8,317 of equity in net income plus $1,658 of amortization of investment in affiliate step-up and $3,750 of joint venture depreciation, amortization and interest.
(4)Total Segment Adjusted EBITDA differs from the Company’s consolidated Adjusted EBITDA due to unallocated corporate expenses.
A reconciliation of net loss from continuing operations to Segment Adjusted EBITDA is as follows:
Three months ended
March 31,
2021 2020
Reconciliation of net loss from continuing operations to Segment Adjusted EBITDA
Net loss from continuing operations $ (2,748) $ (3,347)
Benefit for income taxes (5,190) (1,665)
Interest expense, net 10,456  15,298 
Depreciation and amortization 19,500  18,675 
Segment EBITDA 22,018  28,961 
Joint venture depreciation, amortization and interest 3,645  3,750 
Amortization of investment in affiliate step-up 1,658  1,658 
Debt extinguishment costs —  2,513 
Net loss on asset disposals 778  163 
Foreign currency exchange loss 5,101  7,070 
LIFO benefit (253) (1,681)
Transaction and other related costs 472  800 
Equity-based compensation 6,305  4,294 
Restructuring, integration and business optimization expenses 2,259  348 
Defined benefit pension plan benefit (595) (131)
Other 916  896 
Adjusted EBITDA 42,304  48,641 
Unallocated corporate expenses 9,167  11,209 
Segment Adjusted EBITDA $ 51,471  $ 59,850