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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2021

Summary of reportable segment data for continuing operations


	Three Months Ended June 30, 2021
	Terminalling services		Fleet services		Corporate		Total
	(in thousands)
Revenues
Terminalling services	$	30,992	$	—	$	—	$	30,992
Terminalling services — related party	1,111		—		—		1,111

Fleet leases — related party	—		983		—		983
Fleet services	—		—		—		—
Fleet services — related party	—		228		—		228
Freight and other reimbursables	176		31		—		207
Freight and other reimbursables — related party	—		—		—		—
Total revenues	32,279		1,242		—		33,521
Operating costs
Subcontracted rail services	3,523		—		—		3,523
Pipeline fees	6,398		—		—		6,398
Freight and other reimbursables	176		31		—		207
Operating and maintenance	3,710		993		—		4,703
Selling, general and administrative	1,055		73		2,908		4,036
Goodwill impairment loss	—		—		—		—
Depreciation and amortization	5,500		—		—		5,500
Total operating costs	20,362		1,097		2,908		24,367
Operating income (loss)	11,917		145		(2,908)		9,154
Interest expense	—		—		1,591		1,591
Loss associated with derivative instruments	—		—		718		718
Foreign currency transaction loss (gain)	57		1		(99)		(41)
Other expense (income), net	5		—		(1)		4
Provision for income taxes	145		21		—		166
Net income (loss)	$	11,710	$	123	$	(5,117)	$	6,716


	Three Months Ended June 30, 2020
	Terminalling services		Fleet services		Corporate		Total
	(in thousands)
Revenues
Terminalling services	$	22,309	$	—	$	—	$	22,309
Terminalling services — related party	3,800		—		—		3,800

Fleet leases — related party	—		983		—		983
Fleet services	—		51		—		51
Fleet services — related party	—		228		—		228
Freight and other reimbursables	32		32		—		64
Freight and other reimbursables — related party	—		1		—		1
Total revenues	26,141		1,295		—		27,436
Operating costs
Subcontracted rail services	2,688		—		—		2,688
Pipeline fees	5,395		—		—		5,395
Freight and other reimbursables	32		33		—		65
Operating and maintenance	3,604		1,025		—		4,629
Selling, general and administrative	1,417		213		2,825		4,455
Goodwill impairment loss	—		—		—		—
Depreciation and amortization	5,203		—		—		5,203
Total operating costs	18,339		1,271		2,825		22,435
Operating income (loss)	7,802		24		(2,825)		5,001
Interest expense	—		—		2,256		2,256
Loss associated with derivative instruments	—		—		332		332
Foreign currency transaction loss	81		3		1,066		1,150
Other income, net	(110)		—		(1)		(111)
Provision for (benefit from) income taxes	208		(20)		—		188
Net income (loss)	$	7,623	$	41	$	(6,478)	$	1,186


	Six Months Ended June 30, 2021
	Terminalling services		Fleet services		Corporate		Total
	(in thousands)
Revenues
Terminalling services	$	59,097	$	—	$	—	$	59,097
Terminalling services — related party	2,214		—		—		2,214

Fleet leases — related party	—		1,967		—		1,967
Fleet services	—		24		—		24
Fleet services — related party	—		455		—		455
Freight and other reimbursables	300		63		—		363
Freight and other reimbursables — related party	—		—		—		—
Total revenues	61,611		2,509		—		64,120
Operating costs
Subcontracted rail services	6,664		—		—		6,664
Pipeline fees	12,444		—		—		12,444
Freight and other reimbursables	300		63		—		363
Operating and maintenance	7,634		1,991		—		9,625
Selling, general and administrative	2,074		165		6,530		8,769
Goodwill impairment loss	—		—		—		—
Depreciation and amortization	10,971		—		—		10,971
Total operating costs	40,087		2,219		6,530		48,836
Operating income (loss)	21,524		290		(6,530)		15,284
Interest expense	—		—		3,326		3,326
Gain associated with derivative instruments	—		—		(2,358)		(2,358)
Foreign currency transaction loss (gain)	190		1		(293)		(102)
Other income, net	(15)		—		(1)		(16)
Provision from income taxes	342		48		—		390
Net income (loss)	$	21,007	$	241	$	(7,204)	$	14,044


	Six Months Ended June 30, 2020
	Terminalling services		Fleet services		Corporate		Total
	(in thousands)
Revenues
Terminalling services	$	46,544	$	—	$	—	$	46,544
Terminalling services — related party	7,888		—		—		7,888

Fleet leases — related party	—		1,967		—		1,967
Fleet services	—		101		—		101
Fleet services — related party	—		455		—		455
Freight and other reimbursables	649		37		—		686
Freight and other reimbursables — related party	—		1		—		1
Total revenues	55,081		2,561		—		57,642
Operating costs
Subcontracted rail services	6,133		—		—		6,133
Pipeline fees	11,742		—		—		11,742
Freight and other reimbursables	649		38		—		687
Operating and maintenance	7,692		2,045		—		9,737
Selling, general and administrative	3,140		526		5,962		9,628
Goodwill impairment loss	33,589		—		—		33,589
Depreciation and amortization	10,625		—		—		10,625
Total operating costs	73,570		2,609		5,962		82,141
Operating loss	(18,489)		(48)		(5,962)		(24,499)
Interest expense	—		—		4,995		4,995
Loss associated with derivative instruments	—		—		3,205		3,205
Foreign currency transaction loss (gain)	7		(3)		1,054		1,058
Other income, net	(839)		—		(4)		(843)
Provision for (benefit from) income taxes	161		(480)		—		(319)
Net income (loss)	$	(17,818)	$	435	$	(15,212)	$	(32,595)

Reconciliation of adjusted EBITDA to loss from continuing operations

The following tables present the computation of Segment Adjusted EBITDA, which is a measure determined in accordance with GAAP, for each of our segments for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
Terminalling Services Segment	2021		2020		2021		2020
	(in thousands)
Net income (loss)	$	11,710	$	7,623	$	21,007	$	(17,818)

Interest income (1)	—		(2)		(1)		(23)
Depreciation and amortization	5,500		5,203		10,971		10,625
Provision for income taxes	145		208		342		161
Foreign currency transaction loss (2)	57		81		190		7
Loss associated with disposal of assets	5		—		5		—
Goodwill impairment loss	—		—		—		33,589

Non-cash deferred amounts (3)	543		1,119		2,226		1,556

Segment Adjusted EBITDA	$	17,960	$	14,232	$	34,740	$	28,097

(1) Represents interest income associated with our Terminalling Services segment that is included in “Other income, net” in our consolidated statements of operations.

(2) Represents foreign exchange transaction amounts associated with activities between our U.S. and Canadian subsidiaries.

(3) Represents the change in non-cash contract assets and liabilities associated with revenue recognized at blended rates based on tiered rate structures in certain of our customer contracts and deferred revenue associated with deficiency credits that are expected to be used in the future prior to their expiration. Amounts presented are net of the corresponding prepaid Gibson pipeline fee that will be recognized as expense concurrently with the recognition of revenue.


	Three Months Ended June 30,				Six Months Ended June 30,
Fleet Services Segment	2021		2020		2021		2020
	(in thousands)
Net income	$	123	$	41	$	241	$	435
Provision for (benefit from) income taxes	21		(20)		48		(480)

Foreign currency transaction loss (gain) (1)	1		3		1		(3)
Segment Adjusted EBITDA	$	145	$	24	$	290	$	(48)

(1) Represents foreign exchange transaction amounts associated with activities between our U.S. and Canadian subsidiaries.