XML 54 R43.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information (Tables)
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Components of Segment Revenues and Adjusted EBITDA

Segment revenues and Adjusted EBITDA consisted of the following:

 

 

 

Three Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Segment

 

 

 

 

 

 

Segment

 

 

 

Segment

 

 

Adjusted

 

 

Segment

 

 

Adjusted

 

 

 

Revenues

 

 

EBITDA

 

 

Revenues

 

 

EBITDA

 

Assessment, Permitting and Response

 

$

70,705

 

 

$

14,856

 

 

$

18,631

 

 

$

4,989

 

Measurement and Analysis

 

 

39,117

 

 

 

9,491

 

 

 

37,036

 

 

 

11,615

 

Remediation and Reuse

 

 

26,402

 

 

 

4,309

 

 

 

18,099

 

 

 

2,375

 

Total Operating Segments

 

 

136,224

 

 

 

28,656

 

 

 

73,766

 

 

 

18,979

 

Corporate and Other

 

 

 

 

 

(7,693

)

 

 

 

 

 

(5,084

)

Total

 

$

136,224

 

 

$

20,963

 

 

$

73,766

 

 

$

13,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Segment

 

 

 

 

 

 

Segment

 

 

 

Segment

 

 

Adjusted

 

 

Segment

 

 

Adjusted

 

 

 

Revenues

 

 

EBITDA

 

 

Revenues

 

 

EBITDA

 

Assessment, Permitting and Response

 

$

145,967

 

 

$

30,660

 

 

$

23,161

 

 

$

6,431

 

Measurement and Analysis

 

 

72,557

 

 

 

14,351

 

 

 

73,476

 

 

 

19,176

 

Remediation and Reuse

 

 

51,517

 

 

 

6,790

 

 

 

38,160

 

 

 

4,481

 

Total Operating Segments

 

 

270,041

 

 

 

51,801

 

 

 

134,797

 

 

 

30,088

 

Corporate and Other

 

 

 

 

 

(14,039

)

 

 

 

 

 

(10,640

)

Total

 

$

270,041

 

 

$

37,762

 

 

$

134,797

 

 

$

19,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Presented below is a reconciliation of the Company’s segment measure to (loss) income before (expense) benefit from income taxes:

 

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Total

 

$

20,963

 

 

$

13,895

 

 

$

37,762

 

 

$

19,448

 

Interest expense, net

 

 

(6,798

)

 

 

(5,260

)

 

 

(9,486

)

 

 

(7,853

)

Income tax (expense) benefit

 

 

256

 

 

 

1,759

 

 

 

254

 

 

 

4,911

 

Depreciation and amortization

 

 

(10,905

)

 

 

(9,784

)

 

 

(21,674

)

 

 

(17,344

)

Stock-based compensation

 

 

(2,417

)

 

 

(1,140

)

 

 

(4,222

)

 

 

(2,290

)

Start-up losses and investment in new services

 

 

(1,123

)

 

 

(296

)

 

 

(2,090

)

 

 

(675

)

Acquisition costs

 

 

(506

)

 

 

(2,454

)

 

 

(743

)

 

 

(3,761

)

Fair value changes in financial instruments

 

 

(518

)

 

 

21,842

 

 

 

(1,120

)

 

 

(7,783

)

Fair value changes in business acquisitions contingent consideration

 

 

(12,971

)

 

 

(3,983

)

 

 

(24,035

)

 

 

(3,983

)

Short term purchase accounting fair value adjustment

   to deferred revenue

 

 

 

 

 

 

 

 

 

 

 

(243

)

Initial public offering expense

 

 

 

 

 

 

 

 

 

 

 

(531

)

Discontinued services (i)

 

 

 

 

 

(1,078

)

 

 

 

 

 

(7,496

)

Expenses related to financing transactions

 

 

 

 

 

(277

)

 

 

(50

)

 

 

(277

)

Other losses or expenses

 

 

(464

)

 

 

 

 

 

(675

)

 

 

(147

)

Net (loss) income

 

$

(14,483

)

 

$

13,224

 

 

$

(26,079

)

 

$

(28,024

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.