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 |
|