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, 2019,
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.
First Quarter Segment
Highlights
Tinuum & Refined Coal (“RC”)
Highlights
- Tinuum distributions to ADES were
$19.5 million, a year-over-year increase of 45%
- ADES earnings from Tinuum were
$21.7 million, significantly higher than the prior year, which was
impacted by the adopted change in lease and revenue accounting
standards
- Royalty earnings from Tinuum were
$4.2 million, a year-over-year increase of 31%
- Tinuum Group invested tonnage was
16.3 million, an increase of 17% over last year
- RC Segment operating income was
$25.4 million, a year-over-year increase of 73%
- RC invested facilities increased to
20 as of March 31, 2019; new facility is royalty bearing to
ADES
- Based on the 20 invested RC
facilities as of March 31, 2019 and cash distributions
received during the three months ended March 31, 2019,
expected future net RC cash flows to ADES are projected to be
between $200 million and $225 million through year end 2021.
Power Generation and Industrials ("PGI")
Highlights
- Recognized segment revenue of $14.6
million, an increase from $0.7 million during the first quarter of
2018, driven by consumables
- Segment operating loss was $3.5
million, inclusive of $3.4 million adjustment to cost of sales due
to the step-up in basis of inventory acquired related to purchase
accounting, a decrease of $2.5 million over the first quarter of
2018
- Segment EBITDA loss was $1.4
million, an increase of $0.5 million over the first quarter of
2018
ADES Consolidated
Highlights
- Recognized consolidated revenue of
$19.3 million
- Consolidated net income was $14.4
million, nearly double the prior year period total of $7.7
million
- Fully diluted earnings per share in
the first quarter was $0.78, a 111% increase
- Consolidated EBITDA was $20.2
million, an increase of $9.6 million over prior year
- Made quarterly payment of $6.0
million on the Company's $70.0 million face value term loan, which
accounted for $1.7 million in interest expense during the first
quarter, and reduced the term loan borrowings to $64.0 million
- Ended the first quarter 2019 with a
total cash balance of $25.9 million, an increase of $2.1 million
from December 31, 2018
- Paid quarterly dividend of $0.25
per share and repurchased 63,876 shares for $0.7 million
L. Heath Sampson, President and CEO of ADES
commented, “In the first quarter of 2019, we capitalized on our
newly acquired assets and continued to see strong distributions
from our RC Segment. Solid distributions from Tinuum and growing
royalty earnings supported another strong quarter, which was
supplemented by our previously announced January closure with a
third-party tax equity investor. As we progress into 2019, we
continue to maintain visibility into an additional eight to nine
million incremental RC tons and see a path to additional closures
by year-end. The first quarter also marked our first full quarter
with our newly acquired specialty chemicals assets, which we are
now calling the Power and Generation and Industrials, or PGI,
segment. We are very pleased with the integration progress to date,
as well as the initial successes we are beginning to see as a
complete mercury control solutions provider. Renewals with existing
customers have exceeded 90% and adding incremental volume on top of
our already highly recurring and contracted revenue base has been
priority number one. We are highly encouraged by the overwhelming
positive reaction we have received from both customers and our new
team, and we continue to believe that we have a great long-term
opportunity to significantly grow the PGI segment.”
Sampson continued, “I'd also like to highlight
that we added two new members to our Board of Directors, Brian Leen
and Carol Eicher. Both bring significant and diverse specialty
chemicals experience and are highly respected across the industries
they continue to serve. Brian previously served as President and
Chief Executive Officer of Carbon Solutions until our acquisition
of the company and has over 25 years of experience in the specialty
chemicals and materials business. Carol brings over 30 years of
experience in global manufacturing, operations and mergers and
acquisitions from her leadership positions at Innocor, Inc. and The
Dow Chemical Company. Carol also currently sits on the board of
Tennant Company. Both individuals will be incredibly valuable
additions to our Board as we continue to integrate and develop our
new suite of consumables products and scale these new assets into
the market opportunities we have identified.”
First Quarter Results
First quarter revenue and cost of revenue were
$19.3 million and $14.1 million, respectively, compared with $3.9
million and $0.6 million in the first quarter of 2018. The increase
in revenues during the first quarter was almost entirely driven by
the $14.5 million increase in consumables sales resulting from the
contribution of the Company's PGI segment which contains the newly
acquired activated carbon assets.
Revenue was also positively impacted by royalty
earnings from Tinuum of $4.2 million, an increase of 31% compared
to $3.2 million in the first quarter of 2018, driven by the
increased number of RC facilities and earnings from the respective
RC facilities.
First quarter other operating expenses were $8.8
million compared to $5.0 million in the first quarter of 2018. The
increase during the first quarter was driven by costs incurred
related to the Carbon Solutions acquisition.
First quarter earnings from equity method investments were $21.7
million, compared to $12.3 million for the first quarter of 2018.
The significant increase was driven by additional RC facilities
year over year as well as the impact of the adopted change in lease
and revenue accounting standards by Tinuum. The change leads to the
upfront revenue recognition of certain RC contracts from Tinuum
Group and may affect the timing of revenue recognition on future
closures of RC facilities. However, this change does not impact the
timing or total expected future cash flows from Tinuum but did
impact the Company's retained earnings as of January 1, 2019 and
may impact the timing of equity earnings related to future RC
deals. Excluding the impacts of this adoption, Tinuum equity
earnings would have totaled $18.7 million in the first quarter of
2019, an increase of over 50% year-over-year.
First quarter interest expense was $2.1 million,
compared to $0.3 million in the first quarter of 2018. The increase
was driven by a contribution of $1.7 million in interest related to
the term loan used to fund the Carbon Solutions acquisition.
First quarter income tax expense was $1.7
million, compared to $2.6 million in the first quarter of 2018,
which was primarily driven by a decrease in the valuation allowance
against the Company's deferred tax assets and partially offset by
expected increases in total pre-tax income for 2019 due to
additional RC facilities and the Carbon Solutions acquisition.
Net income for the first quarter was $14.4
million, compared to net income of $7.7 million for the first
quarter of 2018. The increase in net income was primarily driven by
higher consumables revenue resulting from the contribution of the
PGI segment, higher earnings from Tinuum resulting from additional
RC facilities and the accounting change, as well as higher royalty
income from the RC business and significantly reduced tax expense,
which was partially offset by higher interest expense and higher
non-cost of revenue expenses.
PGI Segment EBITDA (segment operating loss
adjusted for depreciation, amortization, depletion and accretion
and interest expense) loss was $1.4 million, inclusive of a $3.4
million adjustment to cost of revenue due to the step-up in basis
of inventory acquired related to the Carbon Solutions Acquisition.
PGI Segment EBITDA loss increased by $0.5 million over the first
quarter of 2018, mostly driven by an increase in segment operating
loss of $2.5 million, which was offset by additional depreciation,
amortization, depletion and accretion expense of $1.9 million
related to assets acquired from the Carbon Solutions
acquisition.
Consolidated EBITDA (earnings before interest
expense, income tax expense and depreciation, amortization,
depletion and accretion and interest expense) was $20.2 million, an
increase of $9.6 million over the first quarter of 2018, driven by
higher net income as well as higher expenses related to interest
and depreciation, amortization, depletion and accretion, offset by
lower income tax expense.
As of March 31, 2019, the Company had cash
and cash equivalents and restricted cash of $25.9 million, an
increase of $2.1 million compared to $23.8 million as of
December 31, 2018. This increase is inclusive of dividends
paid as well as share repurchase activity which totaled $5.3
million during the quarter.
Long-Term Borrowings
In November 2018 the Company entered into a $70.0 million,
three-year senior term loan to finance the acquisition of Carbon
Solutions. The senior term loan is subject to customary covenants
as well as quarterly principal payments of $6.0 million which began
on March 1, 2019. As of March 31, 2019, the senior term loan, net
of debt issuance costs and debt discount, was $60.3 million.
Dividend
Today, the Board of Directors declared a
quarterly cash dividend of $0.25 per share of common stock. The
dividend is payable on June 7, 2019 to stockholders of record
at the close of business on May 20, 2019.
Tinuum Accounting Change
Tinuum Group adopted ASU 2014-09 (Topic 606), Revenue from
Contracts with Customers (“ASU 2014-09”) and ASU 2016-02, Leases
(Topic 842) as of January 1, 2019. As a result of Tinuum Group’s
adoption, the Company recorded a cumulative effect increase of
$28.8 million to Retained earnings as of January 1, 2019 related to
the Company's percentage of Tinuum Group's cumulative effect
adjustment. As a result of this adjustment, the Company increased
its investment balance in Tinuum Group in the amount of $37.2
million and established a deferred tax liability of $8.4 million.
The Company no longer has cumulative cash distributions in excess
of its cumulative pro-rata share of Tinuum Group's net income.
Therefore, the Company recognized equity earnings by recording our
pro-rata share of Tinuum Group’s net income rather than based upon
cash distributions for the three months ended March 31, 2019.
Conference Call and Webcast
Information
The Company has scheduled a conference call to
begin at 9:00 a.m. Eastern Time on Tuesday, May 7, 2019.
The conference call will be webcast live via the Investor section
of ADES's website at www.advancedemissionssolutions.com. Interested
parties may also participate in the call by dialing (833) 227-5845
(Domestic) or (647) 689-4072 (International) conference ID 6348428.
A supplemental investor presentation will be available on the
Company's investor relations website prior to the start of the
conference call.
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, a
leading provider of powder activated carbon ("PAC") and ADA-ES, 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
StatementsThis 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 RC cash flows, anticipated tonnage
sales and expectations about potential transactions with tax-equity
investors as well as expectation of growth opportunities in the PGI
segment. 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, 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; inability to sell or lease additional RC facilities;
termination of or amendments to the contracts for sale or lease of
RC facilities; customer demand for mercury removal products;
competition within the industries in which we operate; availability
or opportunities to scale and further grow our PGI business;
decreases in the production of RC; loss of key personnel; 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 GroupChris Hodges or Ryan
Coleman312-445-2870ADES@alpha-ir.com
TABLE 1
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(Unaudited)
|
|
As of |
(in
thousands, except share data) |
|
March 31, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash, cash equivalents
and restricted cash |
|
$ |
20,670 |
|
|
$ |
18,577 |
|
Receivables, net |
|
7,772 |
|
|
9,554 |
|
Receivables, related parties |
|
4,220 |
|
|
4,284 |
|
Inventories |
|
18,053 |
|
|
21,791 |
|
Prepaid
expenses and other assets |
|
5,504 |
|
|
5,570 |
|
Total
current assets |
|
56,219 |
|
|
59,776 |
|
Restricted cash,
long-term |
|
5,195 |
|
|
5,195 |
|
Property, plant and
equipment, net of accumulated depreciation of $2,830 and $1,499,
respectively |
|
42,423 |
|
|
42,697 |
|
Intangible assets,
net |
|
4,608 |
|
|
4,830 |
|
Equity method
investments |
|
46,068 |
|
|
6,634 |
|
Deferred tax
assets |
|
24,802 |
|
|
32,539 |
|
Other long-term
assets |
|
14,496 |
|
|
7,993 |
|
Total
Assets |
|
$ |
193,811 |
|
|
$ |
159,664 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
4,785 |
|
|
$ |
6,235 |
|
Accrued
payroll and related liabilities |
|
3,779 |
|
|
8,279 |
|
Current
portion of long-term debt |
|
24,166 |
|
|
24,067 |
|
Other
current liabilities |
|
7,095 |
|
|
2,138 |
|
Total
current liabilities |
|
39,825 |
|
|
40,719 |
|
Long-term debt |
|
43,999 |
|
|
50,058 |
|
Other
long-term liabilities |
|
4,071 |
|
|
940 |
|
Total
Liabilities |
|
87,895 |
|
|
91,717 |
|
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,
22,836,435 and 22,640,677 shares issued, and 18,708,371 and
18,576,489 shares outstanding at March 31, 2019 and December 31,
2018, respectively |
|
23 |
|
|
23 |
|
Treasury
stock, at cost: 4,128,064 and 4,064,188 shares as of March 31, 2019
and December 31, 2018, respectively |
|
(42,433 |
) |
|
(41,740 |
) |
Additional paid-in capital |
|
96,822 |
|
|
96,750 |
|
Retained
earnings |
|
51,504 |
|
|
12,914 |
|
Total
stockholders’ equity |
|
105,916 |
|
|
67,947 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
193,811 |
|
|
$ |
159,664 |
|
|
|
|
|
|
|
|
|
|
TABLE 2
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands, except per share data) |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
|
|
|
Consumables |
|
$ |
15,109 |
|
|
$ |
621 |
|
License
royalties, related party |
|
4,220 |
|
|
3,230 |
|
Other |
|
— |
|
|
48 |
|
Total revenues |
|
19,329 |
|
|
3,899 |
|
Operating
expenses: |
|
|
|
|
Consumables cost of revenue, exclusive of depreciation and
amortization |
|
14,108 |
|
|
711 |
|
Other
sales cost of revenue, exclusive of depreciation and
amortization |
|
— |
|
|
(148 |
) |
Payroll
and benefits |
|
2,556 |
|
|
2,214 |
|
Legal and
professional fees |
|
1,976 |
|
|
1,548 |
|
General
and administrative |
|
2,142 |
|
|
1,170 |
|
Depreciation, amortization, depletion and accretion |
|
2,102 |
|
|
116 |
|
Total operating
expenses |
|
22,884 |
|
|
5,611 |
|
Operating loss |
|
(3,555 |
) |
|
(1,712 |
) |
Other income
(expense): |
|
|
|
|
Earnings
from equity method investments |
|
21,690 |
|
|
12,253 |
|
Interest
income |
|
70 |
|
|
— |
|
Interest
expense |
|
(2,104 |
) |
|
(336 |
) |
Other |
|
— |
|
|
26 |
|
Total other income |
|
19,656 |
|
|
11,943 |
|
Income before income
tax expense |
|
16,101 |
|
|
10,231 |
|
Income tax expense |
|
1,699 |
|
|
2,569 |
|
Net income |
|
$ |
14,402 |
|
|
$ |
7,662 |
|
Earnings per common
share: |
|
|
|
|
Basic |
|
$ |
0.79 |
|
|
$ |
0.37 |
|
Diluted |
|
$ |
0.78 |
|
|
$ |
0.37 |
|
Weighted-average number
of common shares outstanding: |
|
|
|
|
Basic |
|
18,268 |
|
|
20,502 |
|
Diluted |
|
18,433 |
|
|
20,584 |
|
|
|
|
|
|
|
|
TABLE 3
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash Flows(Unaudited)
|
|
Three Months Ended March 31, |
(in thousands) |
|
2019 |
|
2018 |
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,402 |
|
|
$ |
7,662 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
Decrease
in valuation allowance on deferred tax assets |
|
(4,020 |
) |
|
— |
|
Depreciation, amortization, depletion and accretion |
|
2,102 |
|
|
116 |
|
Amortization of debt discount and debt issuance costs |
|
381 |
|
|
— |
|
Stock-based compensation expense |
|
317 |
|
|
335 |
|
Earnings
from equity method investments |
|
(21,690 |
) |
|
(12,253 |
) |
Other
non-cash items, net |
|
75 |
|
|
163 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
Receivables |
|
1,782 |
|
|
(223 |
) |
Related
party receivables |
|
63 |
|
|
17 |
|
Prepaid
expenses and other assets |
|
80 |
|
|
185 |
|
Costs
incurred on uncompleted contracts |
|
— |
|
|
15,945 |
|
Inventories |
|
3,262 |
|
|
— |
|
Deferred
tax assets, net |
|
3,343 |
|
|
1,587 |
|
Other
long-term assets |
|
773 |
|
|
— |
|
Accounts
payable |
|
(789 |
) |
|
297 |
|
Accrued
payroll and related liabilities |
|
(4,500 |
) |
|
(741 |
) |
Other
current liabilities |
|
2,154 |
|
|
638 |
|
Billings
on uncompleted contracts |
|
— |
|
|
(15,945 |
) |
Operating
lease liabilities |
|
(804 |
) |
|
— |
|
Other
long-term liabilities |
|
(401 |
) |
|
(44 |
) |
Distributions from equity method investees, return on
investment |
|
19,488 |
|
|
2,400 |
|
Net cash
provided by operating activities |
|
16,018 |
|
|
139 |
|
Cash flows from
investing activities |
|
|
|
|
Distributions from equity method investees in excess of cumulative
earnings |
|
— |
|
|
11,050 |
|
Acquisition of business |
|
(661 |
) |
|
— |
|
Acquisition of property, plant, equipment, and intangible
assets |
|
(1,087 |
) |
|
(74 |
) |
Mine
development costs |
|
(324 |
) |
|
— |
|
Net cash
(used in) provided by investing activities |
|
(2,072 |
) |
|
10,976 |
|
Cash flows from
financing activities |
|
|
|
|
Principal
payments on term loan |
|
(6,000 |
) |
|
— |
|
Principal
payments on finance lease obligations |
|
(344 |
) |
|
— |
|
Dividends
paid |
|
(4,571 |
) |
|
(5,142 |
) |
Repurchase of common shares |
|
(693 |
) |
|
(1,642 |
) |
Repurchase of shares to satisfy tax withholdings |
|
(245 |
) |
|
(267 |
) |
Net cash
used in financing activities |
|
(11,853 |
) |
|
(7,051 |
) |
Increase
in Cash and Cash Equivalents and Restricted Cash |
|
2,093 |
|
|
4,064 |
|
Cash and Cash
Equivalents and Restricted Cash, beginning of period |
|
23,772 |
|
|
30,693 |
|
Cash and Cash
Equivalents and Restricted Cash, end of period |
|
$ |
25,865 |
|
|
$ |
34,757 |
|
Supplemental disclosure
of non-cash investing and financing activities: |
|
|
|
|
Dividends
declared, not paid |
|
$ |
58 |
|
|
$ |
46 |
|
|
|
|
|
|
|
|
|
|
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
EBITDA and Segment 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,
gains and losses 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 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, interest expense, net and income tax
expense. Because Consolidated EBITDA omits certain non-cash items,
the Company believes that the 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 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 PGI segment
performance relative to the performance of its competitors as well
as performance period over period. Additionally, the Company
believes the measure is less susceptible to variances that affect
its operating performance results.
The Company presents Consolidated EBITDA and Segment EBITDA
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 EBITDA and
Segment EBITDA as factors in evaluating the performance of its
business.
The adjustments to Consolidated EBITDA and Segment EBITDA in
future periods are generally expected to be similar. Consolidated
EBITDA and 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 EBITDA Reconciliation to
Net Income(Amounts in
thousands)(Unaudited)
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Net income |
$ |
14,402 |
|
|
$ |
7,662 |
|
Depreciation, amortization, depletion and accretion |
2,102 |
|
|
116 |
|
Interest
expense, net |
2,034 |
|
|
336 |
|
Income
tax expense |
1,699 |
|
|
2,569 |
|
Consolidated
EBITDA |
$ |
20,237 |
|
|
$ |
10,683 |
|
|
TABLE 5
Advanced Emissions Solutions, Inc. and
SubsidiariesPGI Segment EBITDA Reconciliation to
Segment Operating Loss(Amounts in
thousands)(Unaudited)
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Segment operating
loss |
$ |
(3,462 |
) |
|
$ |
(938 |
) |
Depreciation, amortization, depletion and accretion |
1,959 |
|
|
43 |
|
Interest
expense, net |
131 |
|
|
— |
|
Segment EBITDA |
$ |
(1,372 |
) |
|
$ |
(895 |
) |
|
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