Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the "Company" or
"ADES") today filed its Quarterly Report on Form 10-Q and reported
financial results for the first quarter ended March 31, 2021,
including information about its equity investments in Tinuum Group,
LLC ("Tinuum Group") and Tinuum Services, LLC ("Tinuum Services")
(collectively "Tinuum"), of which ADES owns 42.5% and 50%,
respectively.
Tinuum & Refined Coal (“RC”)
Highlights
- Tinuum's first quarter
distributions to ADES totaled $23.3 million compared to $17.1
million in the prior year.
- Royalty earnings from Tinuum Group
were $4.1 million compared to $3.0 million in the prior year.
- RC Segment operating income was
$22.3 million compared to $10.9 million in the prior year.
Operating income includes earnings from the Company's equity
investments in Tinuum.
- RC Segment Adjusted EBITDA in the
first quarter was $27.2 million compared to $19.9 million in the
prior year.
- Based on 23 invested RC facilities
as of March 31, 2021, expected future after-tax net RC cash
flows to ADES are projected to be between $50 million and $60
million.
Advanced Purification Technologies
("APT") Highlights
- First quarter revenue for the APT
Segment totaled $17.0 million compared to $9.2 million in the prior
year.
- APT Segment operating income was
zero compared to a segment operating loss of $7.4 million in the
prior year.
- APT Segment EBITDA totaled $2.2
million compared to a loss of $5.0 million in the prior year.
ADES Consolidated
Highlights
- Consolidated revenue was $21.1
million compared to $12.3 million in the prior year.
- Consolidated net income was $13.7
million compared to a net loss of $1.9 million in the prior
year.
- The Company repaid $10 million of
its senior term loan during the quarter, reducing the outstanding
balance to $6.0 million as of March 31, 2021.
- Cash balances, including restricted
cash, totaled $52.2 million, an increase of $16.3 million compared
to $35.9 million as of December 31, 2020
- As previously announced on February
4, 2021, the Company has entered into a 5-year supply agreement
with Cabot Norit Nederland B.V., a subsidiary of Cabot Corporation
("Cabot"), to supply Cabot with lignite activated carbon products
and other ADES proprietary products used for mercury removal in
utility and industrial coal-fired power plants. Cabot will be the
exclusive and sole reseller of the products through their existing
sales channels in Europe, Turkey, the Middle East and Africa
("EMEA").
- Initiated a strategic review to
assess a range of strategic alternatives to maximize shareholder
value. There is no assurance that the review process will result in
pursuing or completing any transaction, and no timetable has been
set for completion of this process. The Company will provide an
update, as appropriate.
“We continue to improve the earnings profile of
our APT segment as our efforts to diversify the product mix,
increase the plant’s capacity utilization and fulfill our
commitments to our 15-Year Master Supply Agreement with Cabot are
all helping to yield improved profitability", said Greg Marken,
Interim CEO of ADES. “We remain ahead of our internal volumes
forecasts, including those for water treatment, as the segment
moves further away from mercury removal for traditional power
generation. Our cash position continues to grow and we have a clear
line-of-sight to the remaining $50 million to $60 million of net,
after-tax RC cash flows. As a result, we continue to de-lever and
now expect to pay off the remainder of our three-year term loan in
the second quarter of this year.”
Marken added, “Also, as we previously disclosed,
there was an isolated incident at our Red River plant on April 22
which included a fire in one of the plant’s coal handling systems.
We are incredibly thankful that this incident did not result in any
life-threatening injuries to any of our team members. I want to
reiterate our gratitude to plant personal and local first
responders for their swift action and commitment to the safety of
our teammates. The plant is now back and up running after
approximately one week of downtime. Fortunately, we had sufficient
inventory as well as alternative supply sources to meet customer
commitments during that period, however due to the lost production,
we will likely have to supplement future inventory. Based on the
downtime, we estimate the cash flow impact, including maintenance
and repairs, capital expenditures, inventory replacement due to
lost production and other items, is not expected to exceed $3.0
million.”
Marken concluded, “Concurrent with our
announcement of our first quarter results, we announced that we
have initiated a strategic alternatives review to assess a range of
possibilities to maximize shareholder value. We believe that the
current state of the business, coupled with the competitively
advantaged position that our APT assets offer us, leaves us
well-positioned to evaluate and assess the opportunities available
to us. We will remain acutely focused on fulfilling our customer
commitments and running the business efficiently as this process
unfolds.”
First Quarter 2021 Results
First quarter revenues and costs of revenues
were $21.1 million and $12.5 million, respectively, compared with
$12.3 million and $11.5 million in the first quarter of 2020. The
increase in revenue was primarily the result of higher sales of
consumables as well as higher royalty income.
First quarter royalty earnings from Tinuum Group
were $4.1 million, compared to $3.0 million for the first quarter
of 2020. Royalty income is based upon a percentage of the per-ton,
pre-tax margin, inclusive of impacts related to depreciation
expense and other allocable expenses.
First quarter other operating expenses were $8.3
million compared to $9.4 million in the first quarter of 2020. The
decrease was primarily driven by lower legal and professional fees
and lower payroll expense.
First quarter earnings from equity method
investments were $18.3 million, compared to $8.3 million for the
first quarter of 2020. The increase in earnings is first
attributable to distributions recorded into earnings as a result of
distributions from Tinuum Group being in excess of the carrying
value of the investment, and therefore excess distributions are
recognized as equity method earnings in the period the
distributions occur. Tinuum Group also had increased RC facilities
due to the three new RC facilities added in 2020.
First quarter interest expense was $0.8 million,
compared to $1.2 million in the first quarter of 2020. The decrease
in interest expense was primarily driven by a lower principal
amount outstanding on the term loan used to fund the Carbon
Solutions acquisition.
First quarter income tax expense was $4.5
million, compared to $0.4 million in the first quarter of 2020. The
change in income tax expense was driven by an increase in taxable
income, mainly the result of higher earnings from equity method
investments.
First quarter net income was $13.7 million
compared to a net loss of $1.9 million for the first quarter of
2020. The increase in net income was primarily driven by the
increase in earnings from equity method investments as well as by
higher consumables revenue.
First quarter consolidated adjusted EBITDA was
$26.1 million compared to $10.8 million in 2020. The increase in
adjusted EBITDA was driven by the increase in distributions from
Tinuum as well as higher consumables revenue compared to the first
quarter of 2020. See note below regarding the use of the Non-GAAP
financial measure Adjusted EBITDA and a reconciliation to the most
comparable GAAP financial measure.
Long-Term Borrowings
As of March 31, 2021, the outstanding
principal balance of the Company's senior term loan was $6.0
million. The senior term loan is subject to customary covenants as
well as quarterly principal payments of $6.0 million that began on
March 1, 2019. As of March 31, 2021, the remaining outstanding
principal balance of the senior term loan is classified as
current.
Strategic Alternatives
Review
The Company announced today that it has
initiated a strategic review to assess a range of strategic
alternatives to maximize shareholder value. The intention is to
complete the strategic review process in a timely fashion. However,
there is no assurance that the review process will result in
pursuing or completing any transaction, and no timetable has been
set for completion of this process. The Company will provide
updates, as appropriate.
In connection with the strategic review process,
the Company has engaged Ducera Partners, LLC as its financial
advisor and Gibson, Dunn & Crutcher LLP to serve as its legal
advisor to assist with the evaluation process.
Conference Call and Webcast
Information
The Company has scheduled a conference call to
begin at 9:00 a.m. Eastern Time on Tuesday, May 11, 2021. The
conference call webcast information will be available via the
Investor Resources section of ADES's website at
www.advancedemissionssolutions.com. Interested parties may also
participate in the call by registering at
www.directeventreg.com/registration/event/1599975. A supplemental
investor presentation will be available on the Company's Investor
Resources section of the website prior to the start of the
conference call. As part of the conference call, ADES will conduct
a question and answer session. Investors are invited to email their
questions in advance to ADES@alpha-ir.com.
About Advanced Emissions Solutions,
Inc.Advanced Emissions Solutions, Inc. serves as the
holding entity for a family of companies that provide emissions
solutions to customers in the power generation and other
industries.
ADA brings together ADA Carbon Solutions, LLC, a leading
provider of powder activated carbon ("PAC") and ADA-ES, Inc., the
providers of ADA® M-Prove™ Technology. We provide products
and services to control mercury and other contaminants at
coal-fired power generators and other industrial companies. Our
broad suite of complementary products control contaminants and help
our customers meet their compliance objectives consistently and
reliably.
CarbPure Technologies LLC, (“CarbPure”), formed in 2015 provides
high-quality PAC and granular activated carbon
ideally suited for treatment of potable water and wastewater. Our
affiliate company, ADA Carbon Solutions, LLC manufactures the
products for CarbPure.
Tinuum Group, LLC (“Tinuum Group”) is a 42.5% owned joint
venture by ADA that provides patented Refined Coal (“RC”)
technologies to enhance combustion of and reduce emissions of NOx
and mercury from coal-fired power plants.
Caution on Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, which provides a “safe harbor” for such
statements in certain circumstances. The forward-looking statements
include projection on future after-tax, net RC cash flows, timing
of loan repayment, estimated costs of the plant incident and
results from the Company's review of strategic alternatives. These
forward-looking statements involve risks and uncertainties. Actual
events or results could differ materially from those discussed in
the forward-looking statements as a result of various factors
including, but not limited to, opportunities for additional sales
of our lignite activated carbon products and end-market
diversification, the rate of coal-fired power generation in the
United States, timing of new and pending regulations and any legal
challenges to or extensions of compliance dates of them; the US
government’s failure to promulgate regulations that benefit our
business; changes in laws and regulations, IRS interpretations or
guidance, accounting rules, any pending court decisions, prices,
economic conditions and market demand; impact of competition;
availability, cost of and demand for alternative energy sources and
other technologies; technical, start up and operational
difficulties; failure of the RC facilities to produce RC;
termination of or amendments to the contracts for sale or lease of
RC facilities; competition within the industries in which we
operate; decreases in the production of RC; loss of key personnel;
ongoing effects of the COVID-19 pandemic and associated economic
downturn on our operations and prospects; as well as other factors
relating to our business, as described in our filings with the SEC,
with particular emphasis on the risk factor disclosures contained
in those filings. You are cautioned not to place undue reliance on
the forward-looking statements and to consult filings we have made
and will make with the SEC for additional discussion concerning
risks and uncertainties that may apply to our business and the
ownership of our securities. The forward-looking statements speak
only as to the date of this press release.
Source: Advanced Emissions Solutions, Inc.
Investor Contact:
Alpha IR GroupRyan Coleman or Chris
Hodges312-445-2870ADES@alpha-ir.com
TABLE 1
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(Unaudited)
|
|
As of |
(in
thousands, except share data) |
|
March 31, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash, cash equivalents and restricted cash |
|
$ |
42,234 |
|
|
|
$ |
30,932 |
|
|
Receivables, net |
|
10,349 |
|
|
|
13,125 |
|
|
Receivables, related parties |
|
4,064 |
|
|
|
3,453 |
|
|
Inventories, net |
|
8,040 |
|
|
|
9,882 |
|
|
Prepaid expenses and other assets |
|
3,420 |
|
|
|
4,597 |
|
|
Total current assets |
|
68,107 |
|
|
|
61,989 |
|
|
Restricted cash,
long-term |
|
10,000 |
|
|
|
5,000 |
|
|
Property, plant and equipment,
net of accumulated depreciation of $4,172 and $3,340,
respectively |
|
29,777 |
|
|
|
29,433 |
|
|
Intangible assets, net |
|
1,804 |
|
|
|
1,964 |
|
|
Equity method investments |
|
2,753 |
|
|
|
7,692 |
|
|
Deferred tax assets, net |
|
7,553 |
|
|
|
10,604 |
|
|
Other long-term assets,
net |
|
31,576 |
|
|
|
29,989 |
|
|
Total Assets |
|
$ |
151,570 |
|
|
|
$ |
146,671 |
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
7,908 |
|
|
|
$ |
7,849 |
|
|
Accrued payroll and related liabilities |
|
2,214 |
|
|
|
3,257 |
|
|
Current portion of long-term debt |
|
9,913 |
|
|
|
18,441 |
|
|
Other current liabilities |
|
14,888 |
|
|
|
12,996 |
|
|
Total current liabilities |
|
34,923 |
|
|
|
42,543 |
|
|
Long-term debt, net of current
portion |
|
4,287 |
|
|
|
5,445 |
|
|
Other long-term
liabilities |
|
13,208 |
|
|
|
13,473 |
|
|
Total Liabilities |
|
52,418 |
|
|
|
61,461 |
|
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock: par value of $.001 per share, 50,000,000 shares
authorized, none outstanding |
|
— |
|
|
|
— |
|
|
Common stock: par value of $.001 per share, 100,000,000 shares
authorized, 23,481,648 and 23,141,284 shares issued, and 18,863,502
and 18,523,138 shares outstanding at March 31, 2021 and December
31, 2020, respectively |
|
23 |
|
|
|
23 |
|
|
Treasury stock, at cost: 4,618,146 and 4,618,146 shares as of March
31, 2021 and December 31, 2020, respectively |
|
(47,692 |
) |
|
|
(47,692 |
) |
|
Additional paid-in capital |
|
100,630 |
|
|
|
100,425 |
|
|
Retained earnings |
|
46,191 |
|
|
|
32,454 |
|
|
Total stockholders’ equity |
|
99,152 |
|
|
|
85,210 |
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
151,570 |
|
|
|
$ |
146,671 |
|
|
TABLE 2
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands, except per share data) |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
Consumables |
|
$ |
17,031 |
|
|
|
$ |
9,217 |
|
|
License royalties, related party |
|
4,066 |
|
|
|
3,046 |
|
|
Total revenues |
|
21,097 |
|
|
|
12,263 |
|
|
Operating expenses: |
|
|
|
|
Consumables cost of revenue, exclusive of depreciation and
amortization |
|
12,474 |
|
|
|
11,491 |
|
|
Payroll and benefits |
|
2,469 |
|
|
|
2,742 |
|
|
Legal and professional fees |
|
1,803 |
|
|
|
2,043 |
|
|
General and administrative |
|
1,915 |
|
|
|
2,331 |
|
|
Depreciation, amortization, depletion and accretion |
|
2,106 |
|
|
|
2,297 |
|
|
Total operating expenses |
|
20,767 |
|
|
|
20,904 |
|
|
Operating income (loss) |
|
330 |
|
|
|
(8,641 |
) |
|
Other income (expense): |
|
|
|
|
Earnings from equity method investments |
|
18,312 |
|
|
|
8,273 |
|
|
Interest expense |
|
(837 |
) |
|
|
(1,210 |
) |
|
Other |
|
421 |
|
|
|
43 |
|
|
Total other income |
|
17,896 |
|
|
|
7,106 |
|
|
Income (loss) before income
tax expense |
|
18,226 |
|
|
|
(1,535 |
) |
|
Income tax expense |
|
4,489 |
|
|
|
358 |
|
|
Net income (loss) |
|
$ |
13,737 |
|
|
|
$ |
(1,893 |
) |
|
(Loss) earnings per common
share: |
|
|
|
|
Basic |
|
$ |
0.76 |
|
|
|
$ |
(0.11 |
) |
|
Diluted |
|
$ |
0.75 |
|
|
|
$ |
(0.11 |
) |
|
Weighted-average number of
common shares outstanding: |
|
|
|
|
Basic |
|
18,166 |
|
|
|
17,932 |
|
|
Diluted |
|
18,274 |
|
|
|
17,932 |
|
|
TABLE 3
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash
Flows(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2021 |
|
2020 |
Cash flows from operating activities |
|
|
|
|
Net income (loss) |
|
$ |
13,737 |
|
|
|
$ |
(1,893 |
) |
|
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
Deferred income tax expense |
|
3,051 |
|
|
|
788 |
|
|
Depreciation, amortization, depletion and accretion |
|
2,106 |
|
|
|
2,297 |
|
|
Operating lease expense |
|
379 |
|
|
|
774 |
|
|
Amortization of debt discount and debt issuance costs |
|
591 |
|
|
|
354 |
|
|
Stock-based compensation expense |
|
421 |
|
|
|
506 |
|
|
Earnings from equity method investments |
|
(18,312 |
) |
|
|
(8,273 |
) |
|
Other non-cash items, net |
|
(273 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Receivables and related party receivables |
|
2,147 |
|
|
|
2,988 |
|
|
Prepaid expenses and other assets |
|
1,178 |
|
|
|
226 |
|
|
Inventories, net |
|
1,548 |
|
|
|
1,572 |
|
|
Other long-term assets, net |
|
(1,817 |
) |
|
|
(89 |
) |
|
Accounts payable |
|
(706 |
) |
|
|
(1,477 |
) |
|
Accrued payroll and related liabilities |
|
(1,043 |
) |
|
|
(973 |
) |
|
Other current liabilities |
|
1,305 |
|
|
|
(23 |
) |
|
Operating lease liabilities |
|
2,104 |
|
|
|
(634 |
) |
|
Other long-term liabilities |
|
(2,113 |
) |
|
|
(22 |
) |
|
Distributions from equity method investees, return on
investment |
|
17,644 |
|
|
|
17,116 |
|
|
Net cash provided by operating activities |
|
21,947 |
|
|
|
13,237 |
|
|
Cash flows from investing
activities |
|
|
|
|
Distributions from equity method investees in excess of cumulative
earnings |
|
5,607 |
|
|
|
— |
|
|
Acquisition of property, plant, equipment, and intangible assets,
net |
|
(1,321 |
) |
|
|
(1,289 |
) |
|
Mine development costs |
|
(248 |
) |
|
|
(447 |
) |
|
Proceeds from sale of property and equipment |
|
848 |
|
|
|
— |
|
|
Net cash provided by (used in) investing activities |
|
4,886 |
|
|
|
(1,736 |
) |
|
Cash flows from financing
activities |
|
|
|
|
Principal payments on term loan |
|
(10,000 |
) |
|
|
(6,000 |
) |
|
Principal payments on finance lease obligations |
|
(315 |
) |
|
|
(340 |
) |
|
Dividends paid |
|
— |
|
|
|
(4,518 |
) |
|
Repurchase of common shares |
|
— |
|
|
|
(159 |
) |
|
Repurchase of common shares to satisfy tax withholdings |
|
(216 |
) |
|
|
(376 |
) |
|
Net cash used in financing activities |
|
(10,531 |
) |
|
|
(11,393 |
) |
|
Increase in Cash and Cash Equivalents and Restricted Cash |
|
16,302 |
|
|
|
108 |
|
|
Cash and Cash Equivalents and
Restricted Cash, beginning of period |
|
35,932 |
|
|
|
17,080 |
|
|
Cash and Cash Equivalents and
Restricted Cash, end of period |
|
$ |
52,234 |
|
|
|
$ |
17,188 |
|
|
Supplemental disclosure of
non-cash investing and financing activities: |
|
|
|
|
Acquisition of property, plant and equipment through accounts
payable |
|
$ |
765 |
|
|
|
$ |
1,890 |
|
|
Dividends payable |
|
$ |
— |
|
|
|
$ |
105 |
|
|
Note on Non-GAAP Financial Measures
To supplement the Company's financial
information presented in accordance with U.S. generally accepted
accounting principles, or GAAP, the Press Release includes non-GAAP
measures of certain financial performance. These non-GAAP measures
include Consolidated Adjusted EBITDA, RC Segment Adjusted EBITDA
and APT Segment Adjusted EBITDA. The Company included non-GAAP
measures because management believes that they help to facilitate
comparison of operating results between periods. The Company
believes the non-GAAP measures provide useful information to both
management and users of the financial statements by excluding
certain expenses that may not be indicative of core operating
results and business outlook. These non-GAAP measures are not in
accordance with, or an alternative to, measures prepared in
accordance with GAAP and may be different from non-GAAP measures
used by other companies. In addition, these non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles. These measures should only be used to evaluate the
Company's results of operations in conjunction with the
corresponding GAAP measures.
The Company has defined Consolidated Adjusted
EBITDA as net income, adjusted for the impact of the following
items that are either non-cash or that the Company does not
consider representative of its ongoing operating performance:
depreciation, amortization, depletion and accretion, amortization
of upfront customer consideration that was recorded as a component
of the Marshall Mine Acquisition ("Upfront Customer
Consideration"), interest expense, net, income tax expense; then
reduced by the non-cash impact of equity earnings from equity
method investments and increased by cash distributions from equity
method investments. The Company believes that the Consolidated
Adjusted EBITDA measure is less susceptible to variances that
affect the Company's operating performance.
Segment EBITDA is calculated as Segment
operating income (loss) adjusted for the impact of the following
items that are either non-cash or that the Company does not
consider representative of its ongoing operating performance:
depreciation, amortization, depletion and accretion, amortization
of upfront customer consideration and interest expense, net. When
used in conjunction with GAAP financial measures, Segment EBITDA is
a supplemental measure of operating performance that management
believes is a useful measure related the Company's APT segment
performance and the APT segment performance relative to the
performance of their respective competitors as well as performance
period over period. Additionally, the Company believes these
measures are less susceptible to variances that affect their
respective operating performance results.
The Company defined RC Segment Adjusted EBITDA
as RC Segment EBITDA reduced by the non-cash impact of equity
earnings from equity method investments and increased by cash
distributions from equity method investments.
The Company defined APT Segment Adjusted EBITDA
as APT Segment EBITDA as there are no additional adjustments made
to the APT Segment.
The Company presents the non-GAAP measures
because the Company believes they are useful as supplemental
measures in evaluating the performance of the Company's operating
performance and provide greater transparency into the results of
operations. The Company's management uses Consolidated Adjusted
EBITDA, RC Segment Adjusted EBITDA and APT Segment EBITDA as
factors in evaluating the performance of its business.
The adjustments to Consolidated Adjusted EBITDA,
RC Segment Adjusted EBITDA and APT Segment EBITDA in future periods
are generally expected to be similar. Consolidated Adjusted EBITDA,
RC Segment Adjusted EBITDA and APT Segment EBITDA have limitations
as analytical tools, and you should not consider these measures in
isolation or as a substitute for analyzing the Company's results as
reported under GAAP.
TABLE 4
Advanced Emissions Solutions, Inc. and
SubsidiariesConsolidated Adjusted EBITDA
Reconciliation to Net Income (Loss)(Amounts in
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2021 |
|
2020 |
Net income (loss) |
|
$ |
13,737 |
|
|
|
$ |
(1,893 |
) |
|
Depreciation, amortization, depletion and accretion |
|
2,106 |
|
|
|
2,297 |
|
|
Amortization of Upfront Customer Consideration |
|
127 |
|
|
|
— |
|
|
Interest expense, net |
|
729 |
|
|
|
1,167 |
|
|
Income tax expense |
|
4,489 |
|
|
|
358 |
|
|
Consolidated EBITDA |
|
21,188 |
|
|
|
1,929 |
|
|
Cash distributions from equity method investees |
|
23,251 |
|
|
|
17,116 |
|
|
Equity earnings |
|
(18,312 |
) |
|
|
(8,273 |
) |
|
Consolidated Adjusted
EBITDA |
|
$ |
26,127 |
|
|
|
$ |
10,772 |
|
|
TABLE 5
Advanced Emissions Solutions, Inc. and
SubsidiariesRC Segment Adjusted EBITDA
Reconciliation to Segment Operating Income(Amounts
in thousands)(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2021 |
|
2020 |
RC Segment operating income |
|
$ |
22,271 |
|
|
|
$ |
10,860 |
|
|
Depreciation, amortization, depletion and accretion |
|
20 |
|
|
|
27 |
|
|
Interest expense |
|
— |
|
|
|
132 |
|
|
RC Segment EBITDA |
|
22,291 |
|
|
|
11,019 |
|
|
Cash distributions from equity method investees |
|
23,251 |
|
|
|
17,116 |
|
|
Equity earnings |
|
(18,312 |
) |
|
|
(8,273 |
) |
|
RC Segment Adjusted
EBITDA |
|
$ |
27,230 |
|
|
|
$ |
19,862 |
|
|
TABLE 6
Advanced Emissions Solutions, Inc. and
SubsidiariesAPT Segment EBITDA Reconciliation to
Segment Operating Income (Loss)(Amounts in
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2021 |
|
2020 |
APT Segment operating income (loss) |
|
$ |
15 |
|
|
$ |
(7,370 |
) |
|
Depreciation, amortization, depletion and accretion |
|
1,932 |
|
|
2,244 |
|
|
Amortization of Upfront Customer Consideration |
|
127 |
|
|
— |
|
|
Interest expense, net |
|
79 |
|
|
94 |
|
|
APT Segment EBITDA (loss) |
|
$ |
2,153 |
|
|
$ |
(5,032 |
) |
|
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