XML 54 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Components of Segment Revenues and Adjusted EBITDA

Segment revenues and Adjusted EBITDA for the three and six months ended June 30, 2020 and June 30, 2019 were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Segment

 

 

 

 

 

 

Segment

 

 

 

 

 

 

Segment

 

 

 

 

 

 

Segment

 

 

 

Segment

 

 

Adjusted

 

 

Segment

 

 

Adjusted

 

 

Segment

 

 

Adjusted

 

 

Segment

 

 

Adjusted

 

 

 

Revenues

 

 

EBITDA

 

 

Revenues

 

 

EBITDA

 

 

Revenues

 

 

EBITDA

 

 

Revenues

 

 

EBITDA

 

Assessment, Permitting and Response

 

$

18,631

 

 

$

4,989

 

 

$

5,028

 

 

$

2,002

 

 

$

23,161

 

 

$

6,431

 

 

$

9,603

 

 

$

3,996

 

Measurement and Analysis

 

 

37,036

 

 

 

11,615

 

 

 

34,617

 

 

 

7,979

 

 

 

73,476

 

 

 

19,176

 

 

 

62,948

 

 

 

12,112

 

Remediation and Reuse

 

 

18,099

 

 

 

2,375

 

 

 

17,756

 

 

 

2,399

 

 

 

38,160

 

 

 

4,481

 

 

 

35,804

 

 

 

4,875

 

Total Operating Segments

 

 

73,766

 

 

 

18,979

 

 

 

57,401

 

 

 

12,380

 

 

 

134,797

 

 

 

30,088

 

 

 

108,355

 

 

 

20,983

 

Corporate and Other

 

 

 

 

 

 

(5,084

)

 

 

 

 

 

 

(3,842

)

 

 

 

 

 

 

(10,640

)

 

 

 

 

 

 

(7,373

)

Total

 

$

73,766

 

 

$

13,895

 

 

$

57,401

 

 

$

8,538

 

 

$

134,797

 

 

$

19,448

 

 

$

108,355

 

 

$

13,610

 
Reconciliation of Segment Measure to Income (Loss) Before Benefit from Income Taxes

Presented below is a reconciliation of the Company’s segment measure to income (loss) before benefit from income taxes for the three and six months ended June 30, 2020 and June 30, 2019:

 

 

 

For the Three Months Ended

June 30,

 

 

For the Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Total

 

$

13,895

 

 

$

8,538

 

 

$

19,448

 

 

$

13,610

 

Interest Expense, net

 

 

(5,260

)

 

 

(1,181

)

 

 

(7,853

)

 

 

(2,460

)

Income tax benefit

 

 

1,759

 

 

 

1,712

 

 

 

4,911

 

 

 

896

 

Depreciation and Amortization

 

 

(9,784

)

 

 

(6,401

)

 

 

(17,344

)

 

 

(12,850

)

Stock-based compensation

 

 

(1,140

)

 

 

(1,294

)

 

 

(2,290

)

 

 

(2,522

)

Start-up losses and investment in new services

 

 

(296

)

 

 

(143

)

 

 

(675

)

 

 

(457

)

Acquisition costs

 

 

(2,454

)

 

 

(857

)

 

 

(3,761

)

 

 

(1,072

)

Fair value changes in contingent put option

 

 

22,602

 

 

 

—

 

 

 

(7,025

)

 

 

—

 

Fair value changes in warrant options

 

 

(4

)

 

 

(1,549

)

 

 

(2

)

 

 

(1,549

)

Fair value changes in compound embedded option

 

 

(756

)

 

 

—

 

 

 

(756

)

 

 

—

 

Fair value changes in contingent liabilities

 

 

(3,983

)

 

 

926

 

 

 

(3,983

)

 

 

926

 

Short term purchase accounting fair value adjustment

   to deferred revenue

 

 

—

 

 

 

—

 

 

 

(243

)

 

 

—

 

IPO preparation costs

 

 

—

 

 

 

(73

)

 

 

(531

)

 

 

(86

)

Discontinued services (i)

 

 

(1,078

)

 

 

—

 

 

 

(7,496

)

 

 

—

 

Other expenses

 

 

—

 

 

 

—

 

 

 

(147

)

 

 

—

 

Expenses related to financing transactions

 

 

(277

)

 

 

—

 

 

 

(277

)

 

 

—

 

Net Income (Loss)

 

$

13,224

 

 

$

(322

)

 

$

(28,024

)

 

$

(5,564

)

 

(i)During the first quarter of 2020, the Company determined to reduce the footprint of its environmental lab in Berkeley, California, and to exit its non-specialized municipal water engineering service line and its food waste biogas engineering service line. As a part of discontinuing service lines, the Company made the decision to book an additional bad debt reserve related to the uncertainty around the ability to collect on receivables related to these service lines (Note 3). It was determined that the discontinuation of these service lines did not represent a strategic shift that had (or will have) a major effect on the Company’s operations and financial results therefore did not meet the requirements to be classified as discontinued operations.