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8-K - 8-K - CLEAN HARBORS INC | clh-20210505.htm |
EXHIBIT 99.1
Full Year 2020 by Quarter and Full Year 2019 Unaudited Segment Information
The following table sets forth certain financial information associated with our results of operations (unaudited, in thousands):
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Summary of Operations | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
Direct Revenues(1): | |||||||||||||||||||||||||||||||||||
Environmental Services | $ | 705,192 | $ | 612,594 | $ | 650,560 | $ | 667,555 | $ | 2,635,901 | $ | 2,795,994 | |||||||||||||||||||||||
Safety-Kleen Sustainability Solutions | 153,281 | 97,350 | 128,712 | 128,563 | 507,906 | 615,060 | |||||||||||||||||||||||||||||
Corporate Items | 90 | 56 | 72 | 72 | 290 | 1,136 | |||||||||||||||||||||||||||||
Total | 858,563 | 710,000 | 779,344 | 796,190 | 3,144,097 | 3,412,190 | |||||||||||||||||||||||||||||
Cost of Revenues(2): | |||||||||||||||||||||||||||||||||||
Environmental Services | 491,121 | 385,113 | 416,539 | 446,342 | 1,739,115 | 1,934,556 | |||||||||||||||||||||||||||||
Safety-Kleen Sustainability Solutions | 113,828 | 76,318 | 87,924 | 96,802 | 374,872 | 430,746 | |||||||||||||||||||||||||||||
Corporate Items | 1,717 | 9,250 | 7,166 | 5,631 | 23,764 | 22,517 | |||||||||||||||||||||||||||||
Total | 606,666 | 470,681 | 511,629 | 548,775 | 2,137,751 | 2,387,819 | |||||||||||||||||||||||||||||
Selling, General and Administrative Expenses: | |||||||||||||||||||||||||||||||||||
Environmental Services | 68,213 | 51,240 | 54,019 | 57,396 | 230,868 | 261,025 | |||||||||||||||||||||||||||||
Safety-Kleen Sustainability Solutions | 15,249 | 12,601 | 11,175 | 10,795 | 49,820 | 56,065 | |||||||||||||||||||||||||||||
Corporate Items | 45,845 | 39,998 | 41,350 | 43,163 | 170,356 | 166,964 | |||||||||||||||||||||||||||||
Total | 129,307 | 103,839 | 106,544 | 111,354 | 451,044 | 484,054 | |||||||||||||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
Environmental Services | 145,858 | 176,241 | 180,002 | 163,817 | 665,918 | 600,413 | |||||||||||||||||||||||||||||
Safety-Kleen Sustainability Solutions | 24,204 | 8,431 | 29,613 | 20,966 | 83,214 | 128,249 | |||||||||||||||||||||||||||||
Corporate Items | (44,181) | (46,406) | (41,782) | (42,959) | (175,328) | (170,529) | |||||||||||||||||||||||||||||
Total | $ | 125,881 | $ | 138,266 | $ | 167,833 | $ | 141,824 | $ | 573,804 | $ | 558,133 |
(1) 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 consolidated statements of operations, which consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization.
The following is a reconciliation of net income to Adjusted EBITDA (unaudited, in thousands):
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
Net income | $ | 11,572 | $ | 29,023 | $ | 54,910 | $ | 39,332 | $ | 134,837 | $ | 97,740 | |||||||||||||||||||||||
Accretion of environmental liabilities | 2,561 | 2,766 | 2,822 | 2,902 | 11,051 | 10,136 | |||||||||||||||||||||||||||||
Stock-based compensation | 3,291 | 2,786 | 6,662 | 5,763 | 18,502 | 17,816 | |||||||||||||||||||||||||||||
Depreciation and amortization | 74,533 | 72,494 | 74,470 | 71,418 | 292,915 | 300,725 | |||||||||||||||||||||||||||||
Other expense (income), net | 2,365 | 500 | (2,268) | (307) | 290 | (2,897) | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | 6,131 | |||||||||||||||||||||||||||||
Loss (gain) on sale of businesses | 3,074 | 184 | 118 | — | 3,376 | (687) | |||||||||||||||||||||||||||||
Interest expense, net of interest income | 18,787 | 18,654 | 17,407 | 18,272 | 73,120 | 78,670 | |||||||||||||||||||||||||||||
Provision for income taxes | 9,698 | 11,859 | 13,712 | 4,444 | 39,713 | 50,499 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 125,881 | $ | 138,266 | $ | 167,833 | $ | 141,824 | $ | 573,804 | $ | 558,133 |