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 quarter ended September 30, 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 third quarter
distributions to ADES totaled $22.9 million compared to $9.7
million in the prior year.
- Royalty earnings from Tinuum Group
were $4.2 million compared to $3.6 million in the prior year.
- RC Segment operating income was
$26.3 million compared to $12.8 million in the prior year.
Operating income includes earnings from the Company's equity
investments in Tinuum.
- RC Segment Adjusted EBITDA in the
third quarter was $26.9 million compared to $13.1 million in the
prior year.
- Based on 16 invested RC facilities
as of September 30, 2021, and expected project termination
dates, remaining after-tax net RC cash flows to ADES are projected
to approximate $12.0 million to $14.0 million; roughly $8.5 million
of these cash flows are expected to occur in the fourth quarter of
2021 with the remainder expected to be disbursed during the first
half of 2022 as Tinuum winds down its operations.
Advanced Purification Technologies
("APT") Highlights
- Third quarter revenue for the APT
Segment totaled $24.7 million compared to $15.8 million in the
prior year.
- APT Segment operating income in the
third quarter was $4.6 million compared to a segment operating loss
of $3.3 million in the prior year.
- APT Segment Adjusted EBITDA totaled
$4.2 million compared to a loss of $1.6 million in the prior
year.
ADES Consolidated
Highlights
- Third quarter consolidated revenue
was $28.9 million compared to $19.5 million in the prior year.
- Third quarter consolidated net
income was $24.3 million compared to $5.0 million in the prior
year.
- Third quarter consolidated Adjusted
EBITDA was $28.5 million compared to $8.7 million in the prior
year.
- Cash balances, including restricted
cash, totaled $82.1 million at September 30, 2021, an increase
of $46.2 million compared to December 31, 2020. The Company's
only debt outstanding are finance lease obligations.
- In early May, the Company 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 action or
transaction, and no timetable has been set for completion of this
process. The Company has been encouraged by continued progress and
will provide an update as appropriate.
“Our APT segment reported a record quarter for both
total revenue and volume as high prices for alternative energy
sources such as natural gas have supported high demand from our
Power Generation customers,” said Greg Marken, CEO of ADES. “As a
result of the strong volumes, we were able to achieve a
significantly higher gross margin and demonstrate the inherent
operating leverage potential within the segment. We expect demand
to remain high as we enter the fourth quarter and the colder winter
months. However, inventory supply remains tight, and we continue to
supplement our own production through the procurement of additional
inventory from third parties to meet high levels of customer
demand. As a result, margins in our APT segment – although better
than the prior quarter – remain pressured by the higher cost per
unit we are experiencing. We expect these pressures to persist
through the end of the year and well into 2022. Meanwhile, we are
simultaneously focused on continuing to improve our customer and
product mix, instituting price increases for our products and
advancing new activated carbon technologies alongside Cascade
Environmental for the soil and groundwater remediation market.”
Marken added, “As we enter the final quarter before
the scheduled expiration of the Section 45 production tax credits
related to Refined Coal, Tinuum is taking the appropriate steps to
wind down its business and prepare for its ultimate liquidation. We
expect the net, after-tax cash flows from Tinuum to ADES to be
approximately $9 million during the fourth quarter, and the
remaining to be deferred until after year end to be disbursed to us
upon the final liquidation of the Tinuum business.”
Marken concluded, “Lastly, we remain encouraged by
the progress and nature of discussions up to this point as it
pertains to our ongoing strategic review. We will provide
additional updates as necessary and remain focused on fulfilling
our customer commitments and running the business efficiently as
this process unfolds.”
Third Quarter 2021 Results
Third quarter revenues and costs of revenues
were $28.9 million and $18.0 million, respectively, compared with
$19.5 million and $15.0 million for the third quarter of 2020. The
increase in revenue was primarily the result of higher sales of
consumables.
Third quarter royalty earnings from Tinuum Group
were $4.2 million, compared to $3.6 million for the third quarter
of 2020. The increase was primarily the result of a greater number
of invested, royalty-bearing facilities compared to the prior year.
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.
Third quarter other operating expenses were $7.6
million compared to $7.3 million for the third quarter of 2020. The
increase was primarily driven by an increase in payroll expense as
well as higher depreciation and amortization expense.
Third quarter earnings from equity method
investments were $22.2 million, compared to $9.5 million in the
third 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 in which the
distributions occur. Tinuum Group also had an increased number of
RC facilities due to the three new RC facilities added during
2020.
Third quarter interest expense was $0.1 million,
compared to $0.9 million in the third quarter of 2020. The decrease
in interest expense was primarily driven by the full repayment of
amounts outstanding on the term loan used to fund the Carbon
Solutions acquisition during the second quarter of 2021.
Third quarter income tax expense was $4.6
million, compared to $0.9 million for the third 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, as well as higher volumes and improved margins
within the APT segment.
Third quarter net income was $24.3 million
compared to $5.0 million for the third quarter of 2020. The
increase was driven by higher earnings from equity method
investments as well as higher volumes and improved margins within
the APT segment.
Third quarter consolidated adjusted EBITDA was
$28.5 million compared to $8.7 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 third
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.
Conference Call and Webcast
InformationThe Company has scheduled a conference call to
begin at 9:00 a.m. Eastern Time on Wednesday, November 10,
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
http://www.directeventreg.com/registration/event/3168160. 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 |
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
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 after-tax, net RC cash flows,
expectations about future demand for our APT products, pressure on
APT margins and acceptance of price increases as well as 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 outcome of the review of strategic
alternatives, our ability to meet customer supply requirements, 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; competition
within the industries in which we operate; 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) |
|
September 30, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash, cash equivalents and restricted cash |
|
$ |
72,139 |
|
|
$ |
30,932 |
|
Receivables, net |
|
15,279 |
|
|
13,125 |
|
Receivables, related parties |
|
4,165 |
|
|
3,453 |
|
Inventories, net |
|
5,569 |
|
|
9,882 |
|
Prepaid expenses and other assets |
|
4,614 |
|
|
4,597 |
|
Total current assets |
|
101,766 |
|
|
61,989 |
|
Restricted cash, long-term |
|
10,000 |
|
|
5,000 |
|
Property, plant and equipment, net of accumulated depreciation of
$6,600 and $3,340, respectively |
|
30,712 |
|
|
29,433 |
|
Intangible assets, net |
|
1,452 |
|
|
1,964 |
|
Equity method investments |
|
2,884 |
|
|
7,692 |
|
Deferred tax assets, net |
|
1,558 |
|
|
10,604 |
|
Other long-term assets, net |
|
33,401 |
|
|
29,989 |
|
Total Assets |
|
$ |
181,773 |
|
|
$ |
146,671 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
9,125 |
|
|
$ |
7,849 |
|
Accrued payroll and related liabilities |
|
4,498 |
|
|
3,257 |
|
Current portion of long-term debt |
|
1,033 |
|
|
18,441 |
|
Other current liabilities |
|
9,866 |
|
|
12,996 |
|
Total current liabilities |
|
24,522 |
|
|
42,543 |
|
Long-term debt, net of current portion |
|
3,408 |
|
|
5,445 |
|
Other long-term liabilities |
|
12,818 |
|
|
13,473 |
|
Total Liabilities |
|
40,748 |
|
|
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, 23,483,286 and 23,141,284 shares issued, and 18,865,140
and 18,523,138 shares outstanding at September 30, 2021 and
December 31, 2020, respectively |
|
23 |
|
|
23 |
|
Treasury stock, at cost: 4,618,146 and 4,618,146 shares as of
September 30, 2021 and December 31, 2020, respectively |
|
(47,692 |
) |
|
(47,692 |
) |
Additional paid-in capital |
|
101,660 |
|
|
100,425 |
|
Retained earnings |
|
87,034 |
|
|
32,454 |
|
Total stockholders’ equity |
|
141,025 |
|
|
85,210 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
181,773 |
|
|
$ |
146,671 |
|
TABLE 2
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(Unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands, except per share data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
|
|
|
|
Consumables |
|
$ |
24,689 |
|
|
$ |
15,844 |
|
|
$ |
57,696 |
|
|
$ |
33,231 |
|
License royalties, related party |
|
4,165 |
|
|
3,627 |
|
|
11,888 |
|
|
9,986 |
|
Total revenues |
|
28,854 |
|
|
19,471 |
|
|
69,584 |
|
|
43,217 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Consumables cost of revenue, exclusive of depreciation and
amortization |
|
17,952 |
|
|
15,013 |
|
|
43,726 |
|
|
33,920 |
|
Payroll and benefits |
|
2,637 |
|
|
2,285 |
|
|
8,014 |
|
|
8,839 |
|
Legal and professional fees |
|
1,106 |
|
|
1,321 |
|
|
4,340 |
|
|
4,386 |
|
General and administrative |
|
1,715 |
|
|
1,900 |
|
|
5,223 |
|
|
6,693 |
|
Depreciation, amortization, depletion and accretion |
|
2,145 |
|
|
1,777 |
|
|
6,155 |
|
|
5,807 |
|
Impairment of long-lived assets |
|
— |
|
|
— |
|
|
— |
|
|
26,103 |
|
Gain on change in estimate, asset retirement obligation |
|
— |
|
|
— |
|
|
(1,942 |
) |
|
— |
|
Total operating expenses |
|
25,555 |
|
|
22,296 |
|
|
65,516 |
|
|
85,748 |
|
Operating income (loss) |
|
3,299 |
|
|
(2,825 |
) |
|
4,068 |
|
|
(42,531 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
Earnings from equity method investments |
|
22,195 |
|
|
9,518 |
|
|
61,944 |
|
|
25,959 |
|
Gain on extinguishment of debt |
|
3,345 |
|
|
— |
|
|
3,345 |
|
|
— |
|
Interest expense |
|
(86 |
) |
|
(881 |
) |
|
(1,416 |
) |
|
(3,053 |
) |
Other |
|
81 |
|
|
17 |
|
|
652 |
|
|
208 |
|
Total other income |
|
25,535 |
|
|
8,654 |
|
|
64,525 |
|
|
23,114 |
|
Income (loss) before income tax expense |
|
28,834 |
|
|
5,829 |
|
|
68,593 |
|
|
(19,417 |
) |
Income tax expense |
|
4,581 |
|
|
854 |
|
|
14,013 |
|
|
1,315 |
|
Net income (loss) |
|
$ |
24,253 |
|
|
$ |
4,975 |
|
|
$ |
54,580 |
|
|
$ |
(20,732 |
) |
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.33 |
|
|
$ |
0.27 |
|
|
$ |
2.99 |
|
|
$ |
(1.15 |
) |
Diluted |
|
$ |
1.31 |
|
|
$ |
0.27 |
|
|
$ |
2.96 |
|
|
$ |
(1.15 |
) |
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
18,292 |
|
|
18,093 |
|
|
18,243 |
|
|
18,014 |
|
Diluted |
|
18,489 |
|
|
18,103 |
|
|
18,416 |
|
|
18,014 |
|
TABLE 3
Advanced Emissions Solutions, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash
Flows(Unaudited)
|
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
Cash flows from operating activities |
|
|
|
|
Net income (loss) |
|
$ |
54,580 |
|
|
$ |
(20,732 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
Deferred income tax expense |
|
9,046 |
|
|
10,724 |
|
Depreciation, amortization, depletion and accretion |
|
6,155 |
|
|
5,807 |
|
Gain on extinguishment of debt |
|
(3,345 |
) |
|
— |
|
Impairment of long-lived assets |
|
— |
|
|
26,103 |
|
Operating lease expense |
|
1,481 |
|
|
3,130 |
|
Amortization of debt discount and debt issuance costs |
|
945 |
|
|
1,064 |
|
Gain on change in estimate, asset retirement obligation |
|
(1,942 |
) |
|
— |
|
Stock-based compensation expense |
|
1,476 |
|
|
2,070 |
|
Earnings from equity method investments |
|
(61,944 |
) |
|
(25,959 |
) |
Other non-cash items, net |
|
(352 |
) |
|
45 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Receivables and related party receivables |
|
(2,835 |
) |
|
(1,331 |
) |
Prepaid expenses and other assets |
|
(16 |
) |
|
(9,056 |
) |
Inventories, net |
|
3,658 |
|
|
4,688 |
|
Other long-term assets, net |
|
2,383 |
|
|
(1,908 |
) |
Accounts payable |
|
1,147 |
|
|
(1,123 |
) |
Accrued payroll and related liabilities |
|
1,241 |
|
|
1,089 |
|
Other current liabilities |
|
(3,489 |
) |
|
(220 |
) |
Operating lease liabilities |
|
(2,514 |
) |
|
(1,678 |
) |
Other long-term liabilities |
|
(3,031 |
) |
|
(23 |
) |
Distributions from equity method investees, return on
investment |
|
22,044 |
|
|
42,228 |
|
Net cash provided by operating activities |
|
24,688 |
|
|
34,918 |
|
Cash flows from investing activities |
|
|
|
|
Distributions from equity method investees in excess of cumulative
earnings |
|
44,707 |
|
|
— |
|
Acquisition of property, plant, equipment, and intangible assets,
net |
|
(5,403 |
) |
|
(4,879 |
) |
Mine development costs |
|
(1,262 |
) |
|
(723 |
) |
Proceeds from sale of property and equipment |
|
895 |
|
|
— |
|
Net cash provided by (used in) investing activities |
|
38,937 |
|
|
(5,602 |
) |
Cash flows from financing activities |
|
|
|
|
Principal payments on term loan |
|
(16,000 |
) |
|
(18,000 |
) |
Principal payments on finance lease obligations |
|
(1,085 |
) |
|
(1,026 |
) |
Dividends paid |
|
(92 |
) |
|
(4,956 |
) |
Repurchase of common shares |
|
— |
|
|
(159 |
) |
Repurchase of common shares to satisfy tax withholdings |
|
(241 |
) |
|
(531 |
) |
Borrowings from Paycheck Protection Program Loan |
|
— |
|
|
3,305 |
|
Net cash used in financing activities |
|
(17,418 |
) |
|
(21,367 |
) |
Increase in Cash and Cash Equivalents and Restricted Cash |
|
46,207 |
|
|
7,949 |
|
Cash and Cash Equivalents and Restricted Cash, beginning of
period |
|
35,932 |
|
|
17,080 |
|
Cash and Cash Equivalents and Restricted Cash, end of period |
|
$ |
82,139 |
|
|
$ |
25,029 |
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
|
Acquisition of property, plant and equipment through accounts
payable |
|
$ |
128 |
|
|
$ |
446 |
|
Dividends payable |
|
$ |
— |
|
|
$ |
47 |
|
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, gain on extinguishment of debt and gain on
change of an estimate for asset retirement obligations, increased
by cash distributions from equity method investments and the
impairment loss. 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 investment and the gain on debt forgiveness and
increased by cash distributions from equity method investments.
The Company defined APT Segment Adjusted EBITDA as
APT Segment EBITDA decreased for the gain on change of an estimate
for asset retirement obligations and the gain on debt forgiveness
and increased for the impairment loss.
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 Adjusted EBITDA as factors
in evaluating the performance of its business.
The adjustments to Consolidated Adjusted EBITDA, RC
Segment Adjusted EBITDA and APT Segment Adjusted EBITDA in future
periods are generally expected to be similar. Consolidated Adjusted
EBITDA, RC Segment Adjusted EBITDA and APT Segment Adjusted 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 September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) |
|
$ |
24,253 |
|
|
$ |
4,975 |
|
|
$ |
54,580 |
|
|
$ |
(20,732 |
) |
Depreciation, amortization, depletion and accretion |
|
2,145 |
|
|
1,777 |
|
|
6,155 |
|
|
5,807 |
|
Amortization of Upfront Customer Consideration |
|
127 |
|
|
— |
|
|
381 |
|
|
— |
|
Interest expense, net |
|
25 |
|
|
862 |
|
|
1,188 |
|
|
2,974 |
|
Income tax expense |
|
4,581 |
|
|
854 |
|
|
14,013 |
|
|
1,315 |
|
Consolidated EBITDA (loss) |
|
31,131 |
|
|
8,468 |
|
|
76,317 |
|
|
(10,636 |
) |
Cash distributions from equity method investees |
|
22,875 |
|
|
9,712 |
|
|
66,751 |
|
|
42,228 |
|
Equity earnings |
|
(22,195 |
) |
|
(9,518 |
) |
|
(61,944 |
) |
|
(25,959 |
) |
Gain on extinguishment of debt |
|
(3,345 |
) |
|
— |
|
|
(3,345 |
) |
|
— |
|
Gain on change in estimate, asset retirement obligation |
|
— |
|
|
— |
|
|
(1,942 |
) |
|
— |
|
Impairment |
|
— |
|
|
— |
|
|
— |
|
|
26,103 |
|
Consolidated Adjusted EBITDA |
|
$ |
28,466 |
|
|
$ |
8,662 |
|
|
$ |
75,837 |
|
|
$ |
31,736 |
|
TABLE 5
Advanced Emissions Solutions, Inc. and
SubsidiariesRC Segment Adjusted EBITDA
Reconciliation to Segment Operating Income(Amounts
in thousands)(Unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
RC Segment operating income |
|
$ |
26,341 |
|
|
$ |
12,817 |
|
|
$ |
73,517 |
|
|
$ |
34,454 |
|
Depreciation, amortization, depletion and accretion |
|
9 |
|
|
26 |
|
|
41 |
|
|
84 |
|
Interest expense |
|
4 |
|
|
94 |
|
|
11 |
|
|
254 |
|
RC Segment EBITDA |
|
26,354 |
|
|
12,937 |
|
|
73,569 |
|
|
34,792 |
|
Cash distributions from equity method investees |
|
22,875 |
|
|
9,712 |
|
|
66,751 |
|
|
42,228 |
|
Equity earnings |
|
(22,195 |
) |
|
(9,518 |
) |
|
(61,944 |
) |
|
(25,959 |
) |
Gain on extinguishment of debt |
|
(97 |
) |
|
— |
|
|
(97 |
) |
|
— |
|
RC Segment Adjusted EBITDA |
|
$ |
26,937 |
|
|
$ |
13,131 |
|
|
$ |
78,279 |
|
|
$ |
51,061 |
|
TABLE 6
Advanced Emissions Solutions, Inc. and
SubsidiariesAPT Segment Adjusted EBITDA
Reconciliation to Segment Operating Income
(Loss)(Amounts in
thousands)(Unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
APT Segment operating income (loss) |
|
$ |
4,591 |
|
|
$ |
(3,280 |
) |
|
$ |
4,864 |
|
|
$ |
(40,649 |
) |
Depreciation, amortization, depletion and accretion |
|
2,004 |
|
|
1,603 |
|
|
5,706 |
|
|
5,386 |
|
Amortization of Upfront Customer Consideration |
|
127 |
|
|
— |
|
|
381 |
|
|
— |
|
Interest expense, net |
|
75 |
|
|
88 |
|
|
233 |
|
|
275 |
|
APT Segment EBITDA (loss) |
|
6,797 |
|
|
(1,589 |
) |
|
11,184 |
|
|
(34,988 |
) |
Gain on extinguishment of debt |
|
(2,562 |
) |
|
— |
|
|
(2,562 |
) |
|
— |
|
Gain on change in estimate, asset retirement obligation |
|
— |
|
|
— |
|
|
(1,942 |
) |
|
— |
|
Impairment |
|
— |
|
|
— |
|
|
— |
|
|
26,103 |
|
APT Segment Adjusted EBITDA (loss) |
|
$ |
4,235 |
|
|
$ |
(1,589 |
) |
|
$ |
6,680 |
|
|
$ |
(8,885 |
) |
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