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, 2020,
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 distributions to ADES for the first quarter were $17.1
million compared to $19.5 million in the prior year, a decrease of
12%
- Royalty earnings from Tinuum Group in the first quarter were
$3.0 million compared to $4.2 million in the prior year, a decrease
of 28%
- RC Segment operating income in the first quarter was $10.9
million compared to $25.2 million in the prior year
- RC Segment Adjusted EBITDA in the first quarter was $19.9
million compared to $23.4 million in the prior year
- Based on 20 invested RC facilities as of March 31, 2020,
expected future net RC cash flows to ADES are projected to be
between $125 million and $150 million through year end 2021
Power Generation and Industrials ("PGI")
Highlights
- Recognized first quarter segment revenue of $8.5 million,
compared to $14.6 million in the prior year
- Segment operating loss in the first quarter was $6.6 million
compared to an operating loss of $3.5 million in the prior
year
- Segment EBITDA loss in the first quarter was $4.4 million,
compared to a segment EBITDA loss of $1.4 million in the prior
year
ADES Consolidated
Highlights
- Consolidated revenue was $12.3 million during the first quarter
compared to $19.3 million in the prior year, driven by the decrease
in consumables and royalty revenues
- Consolidated net loss was $1.9 million for the first quarter
compared to a net profit of $14.4 million in 2019; pretax loss was
$1.5 million for the first quarter compared to a pretax profit of
$16.1 million in 2019
- Consolidated Adjusted EBITDA was $10.8 million, a decrease from
$18.0 million over prior year
- Made quarterly principal payment of $6.0 million on the
Company's term loan, and reduced the principal balance to $34.0
million
- Ended the first quarter 2020 with a cash balance, inclusive of
restricted cash, of $17.2 million, an increase of $0.1 million
since December 31, 2019
- Paid first quarter dividend of $0.25 per share on March 10,
2020
- Took proactive steps in response to the COVID-19 pandemic in
order to:o Protect employee health and safety, including updating
safe workplace protocols and offering work-from-home where
possible;o Ensure business continuity as an essential service
provider, which involved taking actions to continue to operate the
Company's activated carbon manufacturing facility, engaging
customers on how to best respond to changing market dynamics and
protecting ADES' integrated supply chain; ando Bolster financial
flexibility and preserve near-term available cash and liquidity, by
evaluating non-core spending and adjusting capital allocation
plans, prioritizing prudent organic investments to ensure continued
manufacturing capabilities, and suspending the Company's quarterly
cash dividend on its common stock
“As the world continues to navigate the
disruptions related to the COVID-19 pandemic, we are doing
everything we can to ensure our employees are safe and healthy,"
said L. Heath Sampson, President and CEO of ADES. “We’re offering
our team work-from-home options and implementing enhanced
sanitizing measures and social distancing protocols at our office
and worksites. From an operations perspective, we engaged each of
our customers to ensure we adapt to changing market dynamics and
continue to serve them in the best way possible. Finally, we took
actions to protect our financial position and maintain liquidity
including the suspension of our quarterly dividend."
Sampson continued, “In terms of our first
quarter performance, lower aggregate coal dispatch continued to put
pressure on both of our segments, driven by mild temperatures,
cheap alternative fuel sources and reduced energy demand brought
about by pandemic-related business shutdowns. Data provided by the
EIA indicates that coal-fired power dispatch in the first quarter
was down approximately 33% compared to the first three months of
2019. These market dynamics continue to impact our PGI segment, but
we are making encouraging strides in our product diversification
efforts away from coal-based solutions toward Industrial, Water and
other non-coal markets. We continue to be confident that our
activated carbon manufacturing plant will remain the cornerstone
asset to growth in this fragmented market. The team has been
building exciting new products and capabilities for the last 12
months and we are well positioned to capture new sustainable volume
across diverse end-markets in the future. Our pipeline includes the
potential to bring on significant capacity and once captured, the
asset will be back in a position of strength and able to pursue
incremental strategic options."
Greg Marken, CFO of ADES, concluded, “Looking
out to the rest of 2020, we expect to continue to execute and
maintain high renewal rates with our current activated carbon
customers. We also expect that the initiatives enacted throughout
2019 to solidify the sales infrastructure and diversity of our
activated carbon product portfolio will allow us to achieve
improved commercial results in non-power generation markets. We are
placing an additional emphasis on our liquidity position to ensure
that we possess the balance sheet strength to weather COVID-19
related business impacts, which includes the suspension of our
quarterly dividend. Reduction of our Senior Term Loan remains a
priority, and we are evaluating all discretionary and non-core
capital spending initiatives to control our cost structure and
drive cash flows.”
First Quarter 2020 Results
First quarter revenues and costs of revenues
were $12.3 million and $11.5 million, respectively, compared with
$19.3 million and $14.1 million in the first quarter of 2019. The
decrease in revenues was primarily the result of lower consumables
revenue resulting from lower volumes that were negatively impacted
by low coal-fired power dispatch driven reduced demand and by power
generation from sources other than coal.
First quarter royalty earnings from Tinuum Group
were $3.0 million, compared to $4.2 million for the first quarter
of 2019. 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. The lower royalty earnings in
the first quarter were due to increased depreciation and lower rent
payments to Tinuum which also impacted the Company's equity
earnings. Royalty earnings are expected to be negatively impacted
due to these changes in both 2020 and 2021.
First quarter other operating expenses were $9.4
million compared to $8.8 million in the first quarter of 2019. The
increase was primarily driven by an increase in general and
administrative costs related to product development and higher
depreciation and amortization expense.
First quarter earnings from equity method investments were $8.3
million, compared to $21.7 million for the first quarter of 2019.
The decrease in earnings from equity method investments during the
first quarter was primarily due to lower earnings from Tinuum Group
resulting from higher depreciation on all Tinuum Group RC
facilities as a result of a reduction in their estimated useful
lives during the third quarter of 2019 and due to Tinuum Group
restructuring RC facility leases with its largest customer, which
decreased net lease payments and equity earnings beginning in the
three months ended September 30, 2019.
First quarter interest expense was $1.2 million,
compared to $2.1 million in the first quarter of 2019. The decrease
in interest expense was driven by a lower principal amount
outstanding on the term loan used to fund the Carbon Solutions
acquisition.
First quarter income tax expense was $0.4
million, compared to $1.7 million in the first quarter of 2019. The
effective tax rate for the three months ended March 31, 2020 was
different from the federal statutory rate due to increases in the
valuation allowance on deferred tax assets.
Net loss was $1.9 million for the first quarter
compared to net profit of $14.4 million in 2019. The decrease in
net income was primarily driven by lower earnings from equity
method investments resulting from higher depreciation on all Tinuum
Group RC facilities as a result of a reduction in their estimated
useful lives and due to Tinuum Group restructuring RC facility
leases with its largest customer, which decreased net lease
payments and equity earnings beginning in the three months ended
September 30, 2019.
Consolidated Adjusted EBITDA was $10.8 million
for the first quarter compared to $18.0 million in 2019. The
decrease in Consolidated Adjusted EBITDA was primarily driven by
$13.4 million lower earnings from equity method investments, and
changes in operating losses related to the activated carbon
business.
Long-Term Borrowings
As of March 31, 2020, the outstanding principal balance of the
senior term loan was $34.0 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.
Conference Call and Webcast
Information
The Company has scheduled a conference call to
begin at 9:00 a.m. Eastern Time on Tuesday, May 12, 2020. 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 1676176.
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 |
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 |
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 |
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 RC cash flows and cash preservation
strategies, 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, 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; 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; 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 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, 2020 |
|
December 31, 2019 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
12,188 |
|
|
$ |
12,080 |
|
Receivables, net |
|
5,641 |
|
|
7,430 |
|
Receivables, related parties |
|
3,045 |
|
|
4,246 |
|
Inventories, net |
|
13,595 |
|
|
15,460 |
|
Prepaid expenses and other assets |
|
7,605 |
|
|
7,832 |
|
Total current assets |
|
42,074 |
|
|
47,048 |
|
Restricted cash,
long-term |
|
5,000 |
|
|
5,000 |
|
Property, plant and equipment,
net of accumulated depreciation of $9,039 and $7,444,
respectively |
|
45,525 |
|
|
44,001 |
|
Intangible assets, net |
|
3,973 |
|
|
4,169 |
|
Equity method investments |
|
30,312 |
|
|
39,155 |
|
Deferred tax assets, net |
|
13,307 |
|
|
14,095 |
|
Other long-term assets,
net |
|
19,992 |
|
|
20,331 |
|
Total Assets |
|
$ |
160,183 |
|
|
$ |
173,799 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
8,458 |
|
|
$ |
8,046 |
|
Accrued payroll and related liabilities |
|
2,051 |
|
|
3,024 |
|
Current portion of long-term debt |
|
24,192 |
|
|
23,932 |
|
Other current liabilities |
|
4,275 |
|
|
4,311 |
|
Total current liabilities |
|
38,976 |
|
|
39,313 |
|
Long-term debt, net of current
portion |
|
14,189 |
|
|
20,434 |
|
Other long-term
liabilities |
|
5,238 |
|
|
5,760 |
|
Total Liabilities |
|
58,403 |
|
|
65,507 |
|
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, 23,114,218 and 22,960,157 shares issued, and 18,496,072
and 18,362,624 shares outstanding at March 31, 2020 and December
31, 2019, respectively |
|
23 |
|
|
23 |
|
Treasury stock, at cost: 4,618,146 and 4,597,533 shares as of March
31, 2020 and December 31, 2019, respectively |
|
(47,692 |
) |
|
(47,533 |
) |
Additional paid-in capital |
|
98,596 |
|
|
98,466 |
|
Retained earnings |
|
50,853 |
|
|
57,336 |
|
Total stockholders’ equity |
|
101,780 |
|
|
108,292 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
160,183 |
|
|
$ |
173,799 |
|
TABLE 2
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands, except per share data) |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
Consumables |
|
$ |
9,217 |
|
|
$ |
15,109 |
|
License royalties, related party |
|
3,046 |
|
|
4,220 |
|
Total revenues |
|
12,263 |
|
|
19,329 |
|
Operating expenses: |
|
|
|
|
Consumables cost of revenue, exclusive of depreciation and
amortization |
|
11,491 |
|
|
14,108 |
|
Payroll and benefits |
|
2,742 |
|
|
2,556 |
|
Legal and professional fees |
|
2,043 |
|
|
2,204 |
|
General and administrative |
|
2,331 |
|
|
1,914 |
|
Depreciation, amortization, depletion and accretion |
|
2,297 |
|
|
2,102 |
|
Total operating expenses |
|
20,904 |
|
|
22,884 |
|
Operating loss |
|
(8,641 |
) |
|
(3,555 |
) |
Other income (expense): |
|
|
|
|
Earnings from equity method investments |
|
8,273 |
|
|
21,690 |
|
Interest expense |
|
(1,210 |
) |
|
(2,104 |
) |
Other |
|
43 |
|
|
70 |
|
Total other income |
|
7,106 |
|
|
19,656 |
|
(Loss) income before income
tax expense |
|
(1,535 |
) |
|
16,101 |
|
Income tax expense |
|
358 |
|
|
1,699 |
|
Net (loss) income |
|
$ |
(1,893 |
) |
|
$ |
14,402 |
|
Earnings per common
share: |
|
|
|
|
Basic |
|
$ |
(0.11 |
) |
|
$ |
0.79 |
|
Diluted |
|
$ |
(0.11 |
) |
|
$ |
0.78 |
|
Weighted-average number of
common shares outstanding: |
|
|
|
|
Basic |
|
17,932 |
|
|
18,268 |
|
Diluted |
|
17,932 |
|
|
18,433 |
|
TABLE 3
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash Flows(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2020 |
|
2019 |
Cash flows from operating
activities |
|
|
|
|
Net (loss) income |
|
$ |
(1,893 |
) |
|
$ |
14,402 |
|
Adjustments to reconcile net
(loss) income to net cash provided by operating activities: |
|
|
|
|
Deferred income tax expense (benefit) |
|
788 |
|
|
(677 |
) |
Depreciation, amortization, depletion and accretion |
|
2,297 |
|
|
2,102 |
|
Operating lease expense |
|
774 |
|
|
775 |
|
Amortization of debt discount and debt issuance costs |
|
354 |
|
|
381 |
|
Stock-based compensation expense |
|
506 |
|
|
317 |
|
Earnings from equity method investments |
|
(8,273 |
) |
|
(21,690 |
) |
Other non-cash items, net |
|
— |
|
|
75 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Receivables and related party receivables |
|
2,988 |
|
|
1,845 |
|
Prepaid expenses and other assets |
|
226 |
|
|
80 |
|
Inventories, net |
|
1,572 |
|
|
3,262 |
|
Other long-term assets, net |
|
(89 |
) |
|
(2 |
) |
Accounts payable |
|
(1,477 |
) |
|
(789 |
) |
Accrued payroll and related liabilities |
|
(973 |
) |
|
(4,500 |
) |
Other current liabilities |
|
(23 |
) |
|
2,154 |
|
Operating lease liabilities |
|
(634 |
) |
|
(804 |
) |
Other long-term liabilities |
|
(22 |
) |
|
(401 |
) |
Distributions from equity method investees, return on
investment |
|
17,116 |
|
|
19,488 |
|
Net cash provided by operating activities |
|
13,237 |
|
|
16,018 |
|
Cash flows from investing
activities |
|
|
|
|
Acquisition of business |
|
— |
|
|
(661 |
) |
Acquisition of property, plant, equipment, and intangible assets,
net |
|
(1,289 |
) |
|
(1,087 |
) |
Mine development costs |
|
(447 |
) |
|
(324 |
) |
Net cash used in investing activities |
|
(1,736 |
) |
|
(2,072 |
) |
Cash flows from financing
activities |
|
|
|
|
Principal payments on term loan |
|
(6,000 |
) |
|
(6,000 |
) |
Principal payments on finance lease obligations |
|
(340 |
) |
|
(344 |
) |
Dividends paid |
|
(4,518 |
) |
|
(4,571 |
) |
Repurchase of common shares |
|
(159 |
) |
|
(693 |
) |
Repurchase of common shares to satisfy tax withholdings |
|
(376 |
) |
|
(245 |
) |
Net cash used in financing activities |
|
(11,393 |
) |
|
(11,853 |
) |
Increase in Cash and Cash Equivalents and Restricted Cash |
|
108 |
|
|
2,093 |
|
Cash and Cash Equivalents and
Restricted Cash, beginning of period |
|
17,080 |
|
|
23,772 |
|
Cash and Cash Equivalents and
Restricted Cash, end of period |
|
$ |
17,188 |
|
|
$ |
25,865 |
|
Supplemental disclosure of
non-cash investing and financing activities: |
|
|
|
|
Acquisition of property, plant and equipment through accounts
payable |
|
$ |
1,890 |
|
|
$ |
— |
|
Dividends payable |
|
$ |
105 |
|
|
$ |
58 |
|
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, Segment EBITDA and RC 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, 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 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 defines 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 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 Segment EBITDA as factors in evaluating the performance
of its business.
The adjustments to Consolidated Adjusted EBITDA, RC Segment
Adjusted EBITDA and Segment EBITDA in future periods are generally
expected to be similar. Consolidated Adjusted EBITDA, RC Segment
Adjusted 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 Adjusted EBITDA
Reconciliation to Net Income(Amounts in
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2020 |
|
2019 |
Net (loss) income (1) |
|
$ |
(1,893 |
) |
|
$ |
14,402 |
|
Depreciation, amortization, depletion and accretion |
|
2,297 |
|
|
2,102 |
|
Interest expense, net |
|
1,167 |
|
|
2,034 |
|
Income tax expense |
|
358 |
|
|
1,699 |
|
Consolidated EBITDA |
|
1,929 |
|
|
20,237 |
|
Equity earnings |
|
(8,273 |
) |
|
(21,690 |
) |
Cash distributions from equity method investees |
|
17,116 |
|
|
19,488 |
|
Consolidated Adjusted
EBITDA |
|
$ |
10,772 |
|
|
$ |
18,035 |
|
(1) Net income for the three months ended March
31, 2019 was inclusive of a $3.6 million adjustment, which
increased cost of revenue due to a step-up in basis of inventory
acquired related to the Carbon Solutions Acquisition.
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) |
|
2020 |
|
2019 |
RC Segment operating income |
|
$ |
10,860 |
|
|
$ |
25,233 |
|
Depreciation, amortization, depletion and accretion |
|
27 |
|
|
21 |
|
Interest expense |
|
132 |
|
|
322 |
|
RC Segment EBITDA |
|
11,019 |
|
|
25,576 |
|
Equity earnings |
|
(8,273 |
) |
|
(21,690 |
) |
Cash distributions from equity method investees |
|
17,116 |
|
|
19,488 |
|
RC Segment Adjusted
EBITDA |
|
$ |
19,862 |
|
|
$ |
23,374 |
|
TABLE 6
Advanced Emissions Solutions, Inc. and
SubsidiariesPGI Segment EBITDA Reconciliation to
Segment Operating Loss(Amounts in
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
(in
thousands) |
|
2020 |
|
2019 |
PGI Segment operating loss (1) |
|
$ |
(6,577 |
) |
|
$ |
(3,462 |
) |
Depreciation, amortization, depletion and accretion |
|
2,035 |
|
|
1,960 |
|
Interest expense, net |
|
94 |
|
|
131 |
|
PGI Segment EBITDA loss |
|
$ |
(4,448 |
) |
|
$ |
(1,371 |
) |
(1) Segment operating loss for the three months
ended March 31, 2019 was inclusive of a $3.4 million adjustment,
which increased cost of revenue due to a step-up in basis of
inventory acquired related to the Carbon Solutions acquisition.
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