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):
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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 |