EX-99.1 2 ex991.htm EXHIBIT 99.1 Exhibit


EXHIBIT 99.1
Full Year 2016 and 2015 Unaudited Segment Information by Quarter
The following table sets forth certain financial information associated with our results of operations (unaudited, in thousands):
 
Summary of Operations (in thousands)
 
For the Three Months Ended
 
March 31,
2016
 
June 30,
2016
 
September 30,
2016
 
December 31,
2016
 
March 31,
2015
 
June 30,
2015
 
September 30,
2015
 
December 31,
2015
Third-Party Revenues(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Technical Services
$
219,105

 
$
229,130

 
$
232,482

 
$
225,778

 
$
240,325

 
$
248,025

 
$
253,069

 
$
249,991

Industrial and Field Services
130,187

 
164,641

 
172,191

 
151,226

 
167,530

 
369,681

 
323,051

 
163,376

Safety-Kleen
246,961

 
277,715

 
297,082

 
288,969

 
257,491

 
274,980

 
272,659

 
255,796

Oil, Gas and Lodging Services
39,051

 
24,860

 
27,644

 
25,137

 
67,029

 
43,436

 
44,470

 
43,770

Corporate Items
779

 
1,164

 
121

 
1,003

 
124

 
106

 
117

 
111

Total
636,083

 
697,510

 
729,520

 
692,113

 
732,499

 
936,228

 
893,366

 
713,044

Direct Revenues(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Technical Services
$
254,337

 
$
265,375

 
$
271,769

 
$
265,254

 
$
276,526

 
$
287,422

 
$
288,394

 
$
286,738

Industrial and Field Services
123,499

 
156,416

 
161,292

 
141,008

 
160,558

 
358,603

 
315,836

 
154,956

Safety-Kleen
218,806

 
248,624

 
268,367

 
260,286

 
227,651

 
244,752

 
242,964

 
226,322

Oil, Gas and Lodging Services
39,507

 
26,375

 
28,537

 
25,464

 
69,040

 
46,149

 
46,366

 
45,584

Corporate Items
(66
)
 
720

 
(445
)
 
101

 
(1,276
)
 
(698
)
 
(194
)
 
(556
)
Total
636,083

 
697,510

 
729,520

 
692,113

 
732,499

 
936,228

 
893,366

 
713,044

Cost of Revenues(2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Technical Services
174,046

 
176,908

 
178,456

 
180,928

 
189,540

 
189,504

 
194,105

 
196,476

Industrial and Field Services
107,292

 
120,456

 
126,796

 
114,059

 
131,881

 
265,264

 
236,575

 
129,272

Safety-Kleen
147,429

 
160,598

 
163,770

 
173,478

 
172,754

 
156,835

 
161,034

 
158,694

Oil, Gas and Lodging Services
34,155

 
24,167

 
24,663

 
25,703

 
55,711

 
39,813

 
40,179

 
38,569

Corporate Items
1,357

 
(2,127
)
 
(1,770
)
 
2,493

 
(3,379
)
 
1,272

 
2,753

 
(46
)
Total
464,279

 
480,002

 
491,915

 
496,661

 
546,507

 
652,688

 
634,646

 
522,965

Selling, General and Administrative Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Technical Services
19,893

 
19,576

 
20,980

 
14,772

 
23,585

 
21,110

 
15,241

 
17,782

Industrial and Field Services
15,774

 
16,000

 
16,262

 
14,385

 
17,324

 
19,245

 
15,110

 
13,835

Safety-Kleen
31,322

 
32,792

 
34,544

 
32,604

 
32,124

 
30,898

 
29,711

 
27,377

Oil, Gas and Lodging Services
4,042

 
3,407

 
3,850

 
3,188

 
6,060

 
5,679

 
4,472

 
4,952

Corporate Items
33,453

 
35,288

 
35,318

 
34,565

 
28,622

 
43,486

 
28,579

 
28,972

Total
104,484

 
107,063

 
110,954

 
99,514

 
107,715

 
120,418

 
93,113

 
92,918

Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Technical Services
60,398

 
68,891

 
72,333

 
69,554

 
63,401

 
76,808

 
79,048

 
72,480

Industrial and Field Services
433

 
19,960

 
18,234

 
12,564

 
11,353

 
74,094

 
64,151

 
11,849

Safety-Kleen
40,055

 
55,234

 
70,053

 
54,204

 
22,773

 
57,019

 
52,219

 
40,251

Oil, Gas and Lodging Services
1,310

 
(1,199
)
 
24

 
(3,427
)
 
7,269

 
657

 
1,715

 
2,063

Corporate Items
(34,876
)
 
(32,441
)
 
(33,993
)
 
(36,957
)
 
(26,519
)
 
(45,456
)
 
(31,526
)
 
(29,482
)
Total
$
67,320

 
$
110,445

 
$
126,651

 
$
95,938

 
$
78,277

 
$
163,122

 
$
165,607

 
$
97,161

___________________________________
(1)
Third party revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment performing the provided service.
(2)
Cost of revenue is shown exclusive of items presented separately on the statements of operations, which consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization.

    





The following is a reconciliation of net (loss) income to Adjusted EBITDA (unaudited, in thousands):
 
For the Three Months Ended
 
March 31,
2016
 
June 30,
2016
 
September 30,
2016
 
December 31,
2016
 
March 31,
2015
 
June 30,
2015
 
September 30,
2015
 
December 31,
2015
Net (loss) income
$
(20,871
)
 
$
3,966

 
$
(10,255
)
 
$
(12,713
)
 
$
(7,089
)
 
$
10,395

 
$
40,228

 
$
568

Accretion of environmental liabilities
2,505

 
2,548

 
2,476

 
2,648

 
2,619

 
2,599

 
2,577

 
2,607

Depreciation and amortization
68,902

 
73,393

 
73,360

 
71,347

 
68,356

 
67,773

 
69,060

 
69,005

Goodwill impairment charges

 

 
34,013

 

 

 
31,992

 

 

Other expense (income), net
350

 
189

 
198

 
(6,932
)
 
(409
)
 
660

 
139

 
990

Gain on sale of business

 

 
(16,431
)
 
(453
)
 

 

 

 

Interest expense, net
18,980

 
21,647

 
21,565

 
21,333

 
19,438

 
19,249

 
19,017

 
18,849

(Benefit) provision for income taxes
(2,546
)
 
8,702

 
21,725

 
20,708

 
(4,638
)
 
30,454

 
34,586

 
5,142

Adjusted EBITDA
$
67,320

 
$
110,445

 
$
126,651

 
$
95,938

 
$
78,277

 
$
163,122

 
$
165,607

 
$
97,161