1 unchanged sentence
AND SUBSIDIARIES
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
+Added: CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Sales $ 200,128 $ 182,820 $ 362,326 $ 343,357
3 unchanged sentences
Other operating expense, net 9,252 3,108 14,433 6,774
−Removed: Operating (loss) income ( 912 ) 13,953
+Added: Operating income 17,809 27,848 16,899 41,802
Equity in net (income) from affiliated companies ( 1,928 ) ( 1,392 ) ( 10,844 ) ( 3,464 )
2 unchanged sentences
Other expense, net 570 410 755 627
−Removed: (Loss) income before income taxes ( 4,149 ) 2,400
−Removed: (Benefit) provision for income taxes ( 552 ) 1,179
−Removed: Net (loss) income $ ( 3,597 ) $ 1,221
−Removed: Net (loss) income per share:
−Removed: Basic (loss) income per share $ ( 0.03 ) $ 0.01
−Removed: Diluted (loss) income per share $ ( 0.03 ) $ 0.01
+Added: Income before income taxes 8,050 11,375 3,901 13,775
+Added: Provision for income taxes 2,064 3,080 1,512 4,259
+Added: Net income $ 5,986 $ 8,295 $ 2,389 $ 9,516
+Added: Net income per share:
+Added: Basic income per share $ 0.05 $ 0.07 $ 0.02 $ 0.08
+Added: Diluted income per share $ 0.05 $ 0.07 $ 0.02 $ 0.08
Weighted average shares outstanding:
3 unchanged sentences
AND SUBSIDIARIES
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
+Added: CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Three months ended
−Removed: Net (loss) income $ ( 3,597 ) $ 1,221
−Removed: Other comprehensive income, net of tax:
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
+Added: Net income $ 5,986 $ 8,295 $ 2,389 $ 9,516
+Added: Other comprehensive income (loss), net of tax:
Pension and postretirement benefits 171 530 170 524
1 unchanged sentence
Foreign currency translation 8,582 ( 679 ) 13,113 ( 2,363 )
−Removed: Total other comprehensive income 226 2,174
−Removed: Comprehensive (loss) income $ ( 3,371 ) $ 3,395
+Added: Total other comprehensive income (loss) 6,343 ( 1,224 ) 6,569 950
+Added: Comprehensive income $ 12,329 $ 7,071 $ 8,958 $ 10,466
See accompanying notes to condensed consolidated financial statements.
29 unchanged sentences
authorized shares 450,000,000 ;
−Removed: issued shares 140,872,846 and 140,872,846 on March 31, 2025 and December 31, 2024, respectively;
−Removed: outstanding shares 117,385,510 and 116,534,803 on March 31, 2025 and December 31, 2024, respectively
+Added: issued shares 140,872,846 and 140,872,846 on June 30, 2025 and December 31, 2024, respectively;
+Added: outstanding shares 114,487,661 and 116,534,803 on June 30, 2025 and December 31, 2024, respectively
Preferred stock ($ 0.01 par);
authorized shares 50,000,000 ;
−Removed: no shares issued or outstanding on March 31, 2025 and December 31, 2024
+Added: no shares issued or outstanding on June 30, 2025 and December 31, 2024
Additional paid-in capital 1,103,528 1,106,792
1 unchanged sentence
Treasury stock, at cost;
−Removed: shares 23,487,336 and 24,338,043 on March 31, 2025 and December 31, 2024, respectively
+Added: shares 26,385,185 and 24,338,043 on June 30, 2025 and December 31, 2024, respectively
( 236,593 ) ( 222,826 )
17 unchanged sentences
Balance, March 31, 2025 $ 1,409 $ 1,100,345 $ ( 181,105 ) $ ( 214,784 ) $ ( 7,181 ) $ 698,684
+Added: Net income — — 5,986 — — 5,986
+Added: Other comprehensive income — — — — 6,343 6,343
+Added: Repurchases of common shares — — — ( 21,917 ) — ( 21,917 )
+Added: Excise tax on repurchases of common shares — — — ( 151 ) — ( 151 )
+Added: Stock compensation expense — 3,395 — — — 3,395
+Added: Shares issued under equity incentive plan, net of forfeitures — ( 212 ) — 259 — 47
+Added: Balance, June 30, 2025 $ 1,409 $ 1,103,528 $ ( 175,119 ) $ ( 236,593 ) $ ( 838 ) $ 692,387
stock Additional
10 unchanged sentences
Balance, March 31, 2024 $ 1,409 $ 1,096,965 $ ( 169,635 ) $ ( 218,599 ) $ 1,216 $ 711,356
+Added: Net income — — 8,295 — — 8,295
+Added: Other comprehensive income — — — — ( 1,224 ) ( 1,224 )
+Added: Repurchases of common shares — — — ( 5,010 ) — ( 5,010 )
+Added: Stock compensation expense — 3,827 — — — 3,827
+Added: Shares issued under equity incentive plan, net of forfeitures — ( 43 ) — 82 — 39
+Added: Balance, June 30, 2024 $ 1,409 $ 1,100,749 $ ( 161,340 ) $ ( 223,527 ) $ ( 8 ) $ 717,283
See accompanying notes to condensed consolidated financial statements.
2 unchanged sentences
(in thousands)
−Removed: Three months ended
+Added: Six months ended
Cash flows from operating activities:
−Removed: Net (loss) income $ ( 3,597 ) $ 1,221
−Removed: Adjustments to reconcile net (loss) income to net cash provided by operating activities:
+Added: Net income $ 2,389 $ 9,516
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 40,017 36,523
1 unchanged sentence
Amortization of deferred financing costs and original issue discount 701 1,052
+Added: Debt extinguishment costs — 90
Foreign currency exchange loss 395 155
−Removed: Deferred income tax provision 782 156
+Added: Deferred income tax provision (benefit) 1,370 ( 1,690 )
Net loss on asset disposals 417 614
12 unchanged sentences
Purchases of property, plant and equipment ( 49,525 ) ( 36,649 )
+Added: Business combinations ( 41,315 ) —
+Added: Other, net — ( 200 )
Net cash used in investing activities ( 90,840 ) ( 36,849 )
2 unchanged sentences
Repayments of long-term debt ( 875,183 ) ( 877,500 )
+Added: Repurchases of common shares ( 21,917 ) ( 5,010 )
Tax withholdings on equity award vesting ( 1,477 ) ( 1,218 )
65 unchanged sentences
Disaggregated Revenue
−Removed: The Company’s primary means of disaggregating revenues is by reportable segments, which can be found in Note 16 to these condensed consolidated financial statements.
+Added: The Company’s primary means of disaggregating revenue is by reportable segments, which can be found in Note 17 to these condensed consolidated financial statements.
The Company’s portfolio of products is integrated into a variety of end uses, which are described in the table below.
18 unchanged sentences
(Dollars in thousands, except share and per share amounts)
−Removed: The following tables disaggregate the Company’s sales, by segment and end uses, for the three months ended March 31, 2025 and 2024, respectively:
−Removed: Three months ended March 31, 2025
+Added: The following tables disaggregate the Company’s sales, by segment and end uses, for the three and six months ended June 30, 2025 and 2024, respectively:
+Added: Three months ended June 30, 2025
Ecoservices Advanced Materials & Catalysts (2)
5 unchanged sentences
Total segment sales $ 176,065 $ 24,063 $ 200,128
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Ecoservices Advanced Materials & Catalysts (2)
5 unchanged sentences
Total segment sales $ 153,958 $ 28,862 $ 182,820
+Added: Six months ended June 30, 2025
+Added: Ecoservices Advanced Materials & Catalysts (2)
+Added: Clean fuels, emission control & other $ 16,929 $ — $ 16,929
+Added: Polyethylene, polymers & engineered plastics — 43,151 43,151
+Added: Regeneration and treatment services (1)
+Added: 172,035 — 172,035
+Added: Industrial, mining & automotive 130,211 — 130,211
+Added: Total segment sales $ 319,175 $ 43,151 $ 362,326
+Added: Six months ended June 30, 2024
+Added: Ecoservices Advanced Materials & Catalysts (2)
+Added: Clean fuels, emission control & other $ 16,003 $ — $ 16,003
+Added: Polyethylene, polymers & engineered plastics — 47,797 47,797
+Added: Regeneration and treatment services (1)
+Added: 178,684 — 178,684
+Added: Industrial, mining & automotive 100,873 — 100,873
+Added: Total segment sales $ 295,560 $ 47,797 $ 343,357
(1) As described in Note 1 to these condensed consolidated financial statements, the Company experiences seasonal s ales fluctuations to customers in the regeneration services product group.
23 unchanged sentences
Fair value on a recurring basis
−Removed: The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
+Added: The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
2025 Quoted Prices in
25 unchanged sentences
For OTC derivatives that trade in liquid markets, such as forward contracts, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.
−Removed: As of March 31, 2025, th e Company had interest rate c aps th at were fair valued using Level 2 inputs.
+Added: As of June 30, 2025, th e Company had interest rate c aps th at were fair valued using Level 2 inputs.
In addition, the Company applies a credit valuation adjustment to reflect credit risk which is calculated based on credit default swaps.
6 unchanged sentences
Non-marketable equity securities are accounted for using the measurement alternative, defined as cost less impairment, if any, plus or minus adjustments from observable price changes for identical or similar securities of the same issuer.
−Removed: Adjustments to fair value or impairments, if any, are recorded in the condensed consolidated statements of (loss) income.
+Added: Adjustments to fair value or impairments, if any, are recorded in the condensed consolidated statements of income.
In July 2024, the Company paid $ 4,500 for a minority equity investment in Pajarito Powder LLC (“Pajarito”), an innovative materials science company that focuses on supports and catalysts required for the manufacture and operation of electrolyzers and fuel cells.
The investment is recorded in other long-term assets in the condensed consolidated balance sheet.
−Removed: As of March 31, 2025, the carrying value in Pajarito was $ 4,500 .
−Removed: There were no remeasurement events or recognized gains or losses for the three months ended March 31, 2025.
+Added: As of June 30, 2025, the carrying value in Pajarito was $ 4,500 .
+Added: There were no remeasurement events or recognized gains or losses for the three and six months ended June 30, 2025.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Stockholders' Equity:
Accumulated Other Comprehensive Loss
−Removed: The following tables present the tax effects of each component of other comprehensive income for the three months ended March 31, 2025 and 2024, respectively:
−Removed: Three months ended March 31,
+Added: The following tables present the tax effects of each component of other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024, respectively:
+Added: Three months ended June 30,
+Added: Pre-tax amount Tax benefit/(expense) After-tax amount Pre-tax amount Tax benefit/(expense) After-tax amount
+Added: Defined benefit and other postretirement plans:
+Added: Net gain $ 226 $ ( 55 ) $ 171 $ 714 $ ( 178 ) $ 536
+Added: Net prior service cost — — — ( 7 ) 1 ( 6 )
+Added: Benefit plans, net 226 ( 55 ) 171 707 ( 177 ) 530
+Added: Net loss from hedging activities ( 3,214 ) 804 ( 2,410 ) ( 1,433 ) 358 ( 1,075 )
+Added: Foreign currency translation 8,582 — 8,582 ( 679 ) — ( 679 )
+Added: Other comprehensive income (loss) $ 5,594 $ 749 $ 6,343 $ ( 1,405 ) $ 181 $ ( 1,224 )
+Added: Six months ended June 30,
amount Tax benefit/
3 unchanged sentences
Defined benefit and other postretirement plans:
−Removed: Net loss $ ( 1 ) $ — $ ( 1 ) $ ( 1 ) $ — $ ( 1 )
+Added: Net gain $ 225 $ ( 55 ) $ 170 $ 713 $ ( 178 ) $ 535
Net prior service cost — — — ( 15 ) 4 ( 11 )
3 unchanged sentences
Other comprehensive income $ 4,386 $ 2,183 $ 6,569 $ 2,054 $ ( 1,104 ) $ 950
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
−Removed: The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the three months ended March 31, 2025 and 2024, respectively:
+Added: The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the six months ended June 30, 2025 and 2024, respectively:
Defined benefit
3 unchanged sentences
December 31, 2024 $ 1,467 $ 9,902 $ ( 18,776 ) $ ( 7,407 )
−Removed: Other comprehensive (loss) income before reclassifications — ( 2,699 ) 4,531 1,832
+Added: Other comprehensive income (loss) before reclassifications 172 ( 3,545 ) 13,113 9,740
Amounts reclassified from AOCI (1)
( 2 ) ( 3,169 ) — ( 3,171 )
−Removed: Net current period other comprehensive (loss) income ( 1 ) ( 4,304 ) 4,531 226
−Removed: March 31, 2025 $ 1,466 $ 5,598 $ ( 14,245 ) $ ( 7,181 )
+Added: Net current period other comprehensive income (loss) 170 ( 6,714 ) 13,113 6,569
+Added: June 30, 2025 $ 1,637 $ 3,188 $ ( 5,663 ) $ ( 838 )
December 31, 2023 $ 612 $ 12,546 $ ( 14,116 ) $ ( 958 )
2 unchanged sentences
( 16 ) ( 6,989 ) — ( 7,005 )
−Removed: Net current period other comprehensive (loss) income ( 6 ) 3,864 ( 1,684 ) 2,174
−Removed: March 31, 2024 $ 606 $ 16,410 $ ( 15,800 ) $ 1,216
+Added: Net current period other comprehensive income (loss) 524 2,789 ( 2,363 ) 950
+Added: June 30, 2024 $ 1,136 $ 15,335 $ ( 16,479 ) $ ( 8 )
(1) See the following table for details about these reclassifications.
Amounts in parentheses indicate debits.
−Removed: The following table presents the reclassifications out of AOCI for the three months ended March 31, 2025 and 2024, respectively:
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
+Added: The following table presents the reclassifications out of AOCI for the three and six months ended June 30, 2025 and 2024, respectively:
Details about AOCI Components Amounts reclassified from AOCI (1)
2 unchanged sentences
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Amortization of defined benefit and other postretirement items:
−Removed: Net loss $ 1 $ 1 Other (expense) income (2)
−Removed: Net prior service cost — 7 Other (expense) income (2)
+Added: Net loss $ 2 $ 6 $ 3 $ 7 Other expense (2)
+Added: Net prior service cost — 7 — 15 Other expense (2)
2 13 3 22 Total before tax
−Removed: — ( 2 ) Tax benefit (expense)
+Added: ( 1 ) ( 3 ) ( 1 ) ( 6 ) Tax benefit
$ 1 $ 10 $ 2 $ 16 Net of tax
1 unchanged sentence
Interest rate caps $ 2,085 $ 4,662 $ 4,225 $ 9,318 Interest expense
−Removed: ( 535 ) ( 1,164 ) Tax expense
+Added: ( 521 ) ( 1,166 ) ( 1,056 ) ( 2,329 ) Tax benefit
$ 1,564 $ 3,496 $ 3,169 $ 6,989 Net of tax
2 unchanged sentences
(2) These AOCI components are components of net periodic pension and other postretirement cost (see Note 14 to these condensed consolidated financial statements for additional details).
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
Treasury Stock Repurchases
2 unchanged sentences
Under the plan, the Company is permitted to repurchase shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws, with the Company determining the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors.
−Removed: The Company did not repurchase any of its common stock pursuant to the stock repurchase program during the three months ended March 31, 2025 and 2024.
−Removed: As of March 31, 2025, $ 229,594 was available for share repurchases under the program.
+Added: During the six months ended June 30, 2025, the Company repurchased 2,926,152 shares on the open market at an average price of $ 7.47 per share, for a total of $ 21,859 , excluding brokerage commissions and accrued excise tax.
+Added: During the six months ended June 30, 2025, the Company accrued $ 151 of excise tax related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 18 to these condensed consolidated financial statements).
+Added: As of June 30, 2025, $ 207,735 was available for share repurchases under the program.
+Added: During the six months ended June 30, 2024, the Company repurchased 552,081 shares on the open market at an average price of $ 9.05 per share, for a total of $ 4,998 , excluding brokerage commissions and accrued excise tax.
+Added: During the six months ended June 30, 2024, the Company did not need to accrue excise tax related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 18 to these condensed consolidated financial statements).
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Tax Withholdings on Equity Award Vesting
1 unchanged sentence
These transactions, when they occur, are accounted for as stock repurchases by the Company, with the shares returned to treasury stock at a cost representing the payment by the Company of the tax obligations on behalf of the employees in lieu of shares for the vesting event.
−Removed: There were 189,446 and 128,801 shares delivered to the Company to cover tax payments for the three months ended March 31, 2025 and 2024, respectively, and the fair value of those shares withheld were $ 1,477 and $ 1,218 for the three months ended March 31, 2025 and 2024, respectively.
−Removed: The change in the carrying amount of goodwill for the three months ended March 31, 2025 is summarized as follows:
+Added: There were 189,446 and 128,801 shares delivered to the Company to cover tax payments for the six months ended June 30, 2025 and 2024, respectively, and the fair value of those shares withheld were $ 1,477 and $ 1,218 for the six months ended June 30, 2025 and 2024, respectively.
+Added: The change in the carrying amount of goodwill for the six months ended June 30, 2025 is summarized as follows:
Ecoservices Advanced Materials & Catalysts Total
Balance as of December 31, 2024 $ 326,589 $ 77,513 $ 404,102
+Added: Goodwill recognized (Note 7) 363 — 363
Foreign exchange impact — 2,284 2,284
−Removed: Balance as of March 31, 2025 $ 326,589 $ 78,321 $ 404,910
+Added: Balance as of June 30, 2025 $ 326,952 $ 79,797 $ 406,749
The Company completes its annual goodwill and indefinite-lived intangible assets impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment.
1 unchanged sentence
As of October 1, 2024, the date of the Company’s most recent quantitative assessments, the fair values of each of the Company’s reporting units and the fair values of the Company’s indefinite-lived trade names and trademarks exceeded their respective carrying values.
−Removed: During the three months ended March 31, 2025, the Company did not identify any events or circumstances that would more likely than not reduce the fair value of the Company's reporting units below their respective carrying values.
+Added: During the six months ended June 30, 2025, the Company did not identify any events or circumstances that would more likely than not reduce the fair value of the Company's reporting units below their respective carrying values.
The estimated fair value of the Advanced Materials & Catalysts reporting unit exceeded its carrying value on October 1, 2024 by over 15 %.
−Removed: Prolonged unfavorable effects could adversely impact the estimated fair value of the Advanced Materials & Catalysts reporting unit in future periods and may result in impairment charges.
+Added: Prolonged unfavorable effects or results of the current strategic review could adversely impact the estimated fair value of the Advanced Materials & Catalysts reporting unit in future periods and may result in impairment charges.
AND SUBSIDIARIES
1 unchanged sentence
(Dollars in thousands, except share and per share amounts)
+Added: On May 6, 2025 (the “Closing Date”), the Company completed its acquisition of the sulfuric acid production assets of Cornerstone Chemical Company LLC (“Cornerstone”) located in Waggaman, Louisiana.
+Added: As part of an asset purchase agreement (the “Acquisition”), the Company paid $ 41,315 in cash, consisting of the $ 35,000 purchase price plus $ 6,315 of adjustments for working capital, pursuant to the agreement.
+Added: The sulfuric acid production assets will be used to increase capacity of virgin sulfuric acid and sulfuric acid regeneration services to current and future customers.
+Added: The Acquisition is a business combination, therefore the acquisition method was applied.
+Added: Under the acquisition method, the purchase price was allocated to the identifiable assets acquired based on the fair values of the identifiable assets acquired as of the Closing Date.
+Added: The excess of the purchase price over fair values of the identifiable assets acquired was recorded to goodwill.
+Added: The table below presents the provisional fair values allocated to the assets acquired.
+Added: The purchase accounting and purchase price allocation for Cornerstone are preliminary and the Company continues to refine the preliminary valuation of certain acquired assets which could impact the amount of residual goodwill recorded.
+Added: The Company intends to finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition.
+Added: Final determination of the fair values may result in further adjustments to the values presented in the following table:
+Added: Preliminary Purchase
+Added: Price Allocation
+Added: Cash paid $ 41,315
+Added: Recognized amounts of identifiable assets acquired:
+Added: Accounts receivable $ 9,812
+Added: Inventories 3,055
+Added: Property, plant and equipment 25,000
+Added: Other intangible assets 2,390
+Added: Other long-term assets 695
+Added: Fair value of identifiable assets acquired 40,952
+Added: Total assets acquired $ 41,315
+Added: Adjustments to the preliminary amounts during the measurement period that result in changes to depreciation, amortization or other income effects will be recognized in the reporting period(s) in which the adjustments are determined.
+Added: In accordance with the requirements of the purchase method of accounting for acquisitions, accounts receivable and inventories were recorded at fair market value.
+Added: As of the Closing Date, the fair value of accounts receivable approximated historical cost.
+Added: The gross contractual amount of accounts receivable at the Closing Date was $ 9,812 , of which there was no amount deemed uncollectible.
+Added: Fair value of inventory is defined as estimated selling prices less the sum of (a) costs of disposal and (b) a reasonable profit allowance for the selling effort of the acquiring entity.
+Added: Prior to the acquisition, the Company had a preexisting relationship with Cornerstone.
+Added: The Company had a net payable of $ 619 for a sulfuric acid exchange balance.
+Added: As part of the acquisition terms, the payable was settled at cost, which was recorded separate from the business combination.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
+Added: The valuation of intangibles assets acquired and the related weighted-average amortization period are as follows:
+Added: Amount Weighted-Average
+Added: Expected Useful Life
+Added: Intangible assets subject to amortization:
+Added: Customer relationships $ 2,390 15
+Added: Net sales and net income attributable to Cornerstone during the period from the Closing Date through June 30, 2025 were immaterial.
+Added: Pro forma financial information has not been presented as it is immaterial for the three and six months ended June 30, 2025.
+Added: Acquisition and integration costs were $ 806 and $ 2,755 for the three and six months ended June 30, 2025, respectively, and are included in other operating expense, net in the Company’s condensed consolidated statements of income.
+Added: The Company entered into an agreement with Cornerstone to lease the land where the acquired assets are located for a 7 year term plus renewal options.
+Added: Additionally, Cornerstone will charge the Company for site services and utilities for the location.
Other Operating Expense, Net:
1 unchanged sentence
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Amortization expense $ 2,655 $ 2,644 $ 5,298 $ 5,289
1 unchanged sentence
Restructuring, integration and business optimization costs 1,030 159 1,167 385
−Removed: Net loss on asset disposals 167 648
+Added: Net loss (gain) on asset disposals 250 ( 34 ) 417 614
Other, net 2,656 199 3,023 288
11 unchanged sentences
Total inventories, net $ 66,900 $ 57,126
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Investments in Affiliated Companies:
The Company accounts for investments in affiliated companies under the equity method.
−Removed: Affiliated companies accounted for on the equity basis as of March 31, 2025 are as follows:
+Added: Affiliated companies accounted for on the equity basis as of June 30, 2025 are as follows:
Company Country Percent
3 unchanged sentences
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Sales $ 68,579 $ 70,644 $ 158,109 $ 127,505
4 unchanged sentences
the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above.
+Added: The Company’s investments in affiliated companies balance as of June 30, 2025 and December 31, 2024 includes net purchase accounting fair value adjustments of $ 153,918 and $ 155,138 , respectively, related to a prior business combination consisting primarily of goodwill and intangible assets such as technical know-how and trade names.
+Added: Consolidated equity in net income from affiliates is net of $ 610 and $ 1,220 of amortization expense related to purchase accounting fair value adjustments for the three and six months ended June 30, 2025, respectively.
+Added: Consolidated equity in net income from affiliates is net of $ 940 and $ 2,541 of amortization expense related to purchase accounting fair value adjustments for the three and six months ended June 30, 2024, respectively.
+Added: The Company had receivables due from affiliates of $ 2,770 and $ 2,794 as of June 30, 2025 and December 31, 2024, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheets.
+Added: The Company had payables to affiliates of $ 2,281 and $ 929 as of June 30, 2025 and December 31, 2024, respectively, which were included in accrued liabilities in the condensed consolidated balance sheets.
+Added: Receivables and payables due from/to affiliates are generally non-trade.
+Added: The Company had $ 1,579 and $ 2,461 of sales to affiliates for the three and six months ended June 30, 2025, respectively and $ 2,110 of sales to affiliates for the three and six months ended June 30, 2024.
+Added: There were no purchases from affiliates for the three and six months ended June 30, 2025 and 2024.
AND SUBSIDIARIES
1 unchanged sentence
(Dollars in thousands, except share and per share amounts)
−Removed: The Company’s investments in affiliated companies balance as of March 31, 2025 and December 31, 2024 includes net purchase accounting fair value adjustments of $ 154,528 and $ 155,138 , respectively, related to a prior business combination consisting primarily of goodwill and intangible assets such as technical know-how and trade names.
−Removed: Consolidated equity in net income from affiliates is net of $ 610 and $ 1,601 of amortization expense related to purchase accounting fair value adjustments for the three months ended March 31, 2025 and 2024, respectively.
−Removed: The Company had receivables due from affiliates of $ 3,792 and $ 2,794 as of March 31, 2025 and December 31, 2024, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheets.
−Removed: The Company had payables to affiliates of $ 1,046 and $ 929 as of March 31, 2025 and December 31, 2024, respectively, which were included in accrued liabilities in the condensed consolidated balance sheets.
−Removed: Receivables and payables due from/to affiliates are generally non-trade.
−Removed: The Company had $ 882 of sales to affiliates for the three months ended March 31, 2025.
−Removed: There were no sales to affiliates for the three months ended March 31, 2024.
−Removed: There were no purchases from affiliates for the three months ended March 31, 2025 and 2024 .
Long-term Debt:
10 unchanged sentences
Term Loan Facility
−Removed: In January 2025, the Company amended its Term Loan Credit Agreement dated as of June 12, 2024 to, among other things, (a) reduce the interest rate applicable to all outstanding Secured Overnight Financing Rate (“SOFR”) term loans to a rate equal to the forward-looking term rate based on SOFR as administered by the Federal Reserve Bank of New York (“Term SOFR”) plus 2.00 % per annum from a maximum of Term SOFR plus 2.25 % per annum and (b) reduce the interest rate applicable to all outstanding base rate term loans to the alternate base rate plus 1.00 % per annum from a maximum of the alternate base rate plus 1.25 % per annum (the amended term loans, the “2025 Term Loan Facility”).
−Removed: The Company evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was a modification of debt.
−Removed: As a result, the Company recorded $ 960 of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of (loss) income for the three months ended March 31, 2025.
−Removed: No original issue discount was paid in relation to the amendment.
−Removed: The interest rate on the 2025 Term Loan Facility was 6.29 % as of March 31, 2025.
−Removed: The borrowings under the senior secured asset-based lending revolving credit facility (“ABL Facility”) bore interest at a rate equal to an adjusted Term SOFR, which included a credit spread adjustment of 10 basis points or the base rate, plus a margin of between 1.25 % to 1.75 % or 0.25 % to 0.75 %, respectively.
−Removed: The interest rate on the ABL Facility was 7.75 % as of March 31, 2025.
+Added: In June 2024, the Company amended its Term Loan Credit Agreement dated as of June 9, 2021 to, among other things, (a) reduce the interest rate applicable to all outstanding Secured Overnight Financing Rate (“SOFR”) term loans to a rate equal to the forward-looking term rate based on SOFR as administered by the Federal Reserve Bank of New York (“Term SOFR”) plus 2.25 % per annum from a maximum of adjusted Term SOFR plus 2.75 % per annum, (b) reduce the interest rate applicable to all outstanding base rate term loans to the alternate base rate plus 1.25 % per annum from a maximum of the alternate base rate plus 1.75 % per annum and (c) extend the maturity date of all outstanding term loans to June 12, 2031.
+Added: As a result of the amendment, there is no longer a credit spread adjustment of 10 basis points.
+Added: In January 2025, the Company amended its Term Loan Credit Agreement dated as of June 12, 2024 to, among other things, (a) reduce the interest rate applicable to all outstanding SOFR term loans to Term SOFR plus 2.00 % per annum from a maximum of Term SOFR plus 2.25 % per annum and (b) reduce the interest rate applicable to all outstanding base rate term loans to the alternate base rate plus 1.00 % per annum from a maximum of the alternate base rate plus 1.25 % per annum (the amended term loans, the “2025 Term Loan Facility”).
+Added: The Company evaluated the terms of the amendments in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that both amendments were a modification of debt.
+Added: As a result of the January 2025 amendment, the Company recorded $ 960 of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of income for the six months ended June 30, 2025.
+Added: No third-party financing costs were recorded for the three months ended June 30, 2025, and no original issue discount was paid for the three and six months ended June 30, 2025.
+Added: As a result of the June 2024 amendment, the Company recorded $ 4,471 of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of income for the three and six months ended June 30, 2024 and capitalized $ 2,183 of original issued discount within long-term debt, excluding current portion in the condensed consolidated balance sheets during the quarter ended June 30, 2024.
+Added: In addition, $ 89 of previous unamortized deferred financing costs and original issue discount associated with the previously outstanding debt were written off as debt modification and extinguishment costs for the three and six months ended June 30, 2024.
+Added: The interest rate on the 2025 Term Loan Facility was 6.29 % as of June 30, 2025.
+Added: The borrowings under the senior secured asset-based lending revolving credit facility (“ABL Facility”) bear interest at a rate equal to an adjusted Term SOFR or the base rate plus a margin of between 1.25 % to 1.75 % or 0.25 % to 0.75 %, respectively.
+Added: The interest rate on the ABL Facility was 7.75 % as of June 30, 2025.
In April 2025, the Company amended its ABL credit agreement (“ABL Credit Agreement”) to, among other things, (a) reallocate all European revolving loan commitments thereunder as United States revolving loan commitments, (b) extend the maturity date with respect to borrowings under the ABL Credit Agreement by over three years to April 10, 2030 (subject to acceleration under certain circumstances), (c) reduce the interest rate applicable to outstanding revolving loans that bear interest at a rate equal to Term SOFR by removing the credit spread adjustment that was applied to Term SOFR in the ABL Credit Agreement in calculating adjusted Term SOFR, and (d) reduce the frequency of borrowing base reporting, field examinations and appraisals (subject to higher frequency under certain circumstances).
+Added: As a result of the amendment, the Company capitalized $ 551 of deferred financing costs within long-term debt, excluding current portion in the condensed consolidated balance sheets during the quarter ended June 30, 2025.
AND SUBSIDIARIES
3 unchanged sentences
The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.
−Removed: As of March 31, 2025 and December 31, 2024, the fair value of the Company’s term loan facility was $ 853,434 and $ 874,083 , respectively.
+Added: As of June 30, 2025 and December 31, 2024, the fair value of the Company’s term loan facility was $ 859,954 and $ 874,083 , respectively.
The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).
17 unchanged sentences
As the derivatives are designated and qualify as cash flow hedges, the gains or losses on the interest rate cap agreements are recorded in stockholders’ equity as a component of other comprehensive income, net of tax.
−Removed: Reclassifications of the gains and losses on the interest rate cap agreements into earnings are recorded as part of interest expense in the condensed consolidated statements of (loss) income as the Company makes its interest payments on the hedged portion of its senior secured credit facilities.
+Added: Reclassifications of the gains and losses on the interest rate cap agreements into earnings are recorded as part of interest expense in the condensed consolidated statements of income as the Company makes its interest payments on the hedged portion of its senior secured credit facilities.
Fair value is determined based on estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices.
The following table provides a summary of the Company’s interest rate cap agreements:
−Removed: Financial instrument Number of instruments In effect as of March 31, 2025
−Removed: Current notional amount of instruments in effect Annuitized premium of instruments in effect Cap rate in effect for all agreements at March 31, 2025
+Added: Financial instrument Number of instruments In effect as of June 30, 2025
+Added: Current notional amount of instruments in effect Annuitized premium of instruments in effect Cap rate in effect for all agreements at June 30, 2025
Interest rate caps 4 3 $ 625,000 $ 35,285 1.00 %
−Removed: The current notional amounts of the three interest rate cap agreements in effect at March 31, 2025 are $ 250,000 , $ 175,000 and $ 200,000 .
+Added: The current notional amounts of the three interest rate cap agreements in effect at June 30, 2025 are $ 250,000 , $ 175,000 and $ 200,000 .
The Company entered into a $ 250,000 interest rate cap to mitigate interest rate volatility from September 2023 to October 2025, a $ 175,000 interest rate cap agreement to mitigate interest rate volatility from August 2024 to July 2026 and a $ 200,000 interest rate cap agreement to mitigate interest rate volatility from November 2024 to October 2025.
4 unchanged sentences
(Dollars in thousands, except share and per share amounts)
−Removed: The fair values of derivative instruments held as of March 31, 2025 and December 31, 2024, respectively are shown below:
−Removed: Balance sheet location March 31,
+Added: The fair values of derivative instruments held as of June 30, 2025 and December 31, 2024, respectively, are shown below:
+Added: Balance sheet location June 30,
2025 December 31,
9 unchanged sentences
Total derivative liabilities $ 1,628 $ 710
−Removed: The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI and the condensed consolidated statements of (loss) income for the three months ended March 31, 2025 and 2024, respectively:
+Added: The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI and the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024, respectively:
Amount of (loss) gain recognized in OCI
−Removed: Three months ended
+Added: Three months ended June 30, Six months ended
+Added: 2025 2024 2025 2024
Interest rate caps $ ( 1,129 ) $ 3,229 $ ( 4,727 ) $ 13,037
Amount of (loss) gain reclassified from AOCI
−Removed: Three months ended
+Added: Three months ended June 30, Six months ended
+Added: 2025 2024 2025 2024
Interest rate caps $ ( 2,085 ) $ ( 4,662 ) $ ( 4,225 ) $ ( 9,318 )
Amount of loss reclassified into income
−Removed: Three months ended
+Added: Three months ended June 30, Six months ended
+Added: 2025 2024 2025 2024
Interest rate caps $ 2,085 $ 4,662 $ 4,225 $ 9,318
−Removed: The following table shows the amounts in the line items presented in the condensed consolidated statements of (loss) income in which the effects of cash flow hedges are recorded for the three months ended March 31, 2025 and 2024, respectively:
−Removed: Three months ended
−Removed: Derivatives designated as cash flow hedges:
−Removed: Interest rate caps Interest (expense) income $ ( 11,010 ) $ ( 13,409 )
−Removed: The amount of net unrealized gains in AOCI related to the Company’s cash flow hedges that is expected to be reclassified to the condensed consolidated statements of (loss) income over the next twelve months is $ 5,236 as of March 31, 2025.
AND SUBSIDIARIES
1 unchanged sentence
(Dollars in thousands, except share and per share amounts)
+Added: The following table shows the amounts in the line items presented in the condensed consolidated statements of income in which the effects of derivatives designated as cash flow hedges are recorded for the three and six months ended June 30, 2025 and 2024, respectively:
+Added: Three months ended
+Added: Location and amount of gain (loss) recognized in income on cash flow hedging relationships 2025 2024
+Added: Interest rate caps Interest expense $ ( 11,117 ) $ ( 12,895 )
+Added: Six months ended
+Added: Interest rate caps Interest expense $ ( 22,127 ) $ ( 26,304 )
+Added: The amount of net unrealized gains in AOCI related to the Company’s cash flow hedges that is expected to be reclassified to the condensed consolidated statements of income over the next twelve months is $ 4,137 as of June 30, 2025.
Income Taxes:
−Removed: The effective income tax rate for the three months ended March 31, 2025 was 13.3 %, compared to 49.1 % for the three months ended March 31, 2024.
−Removed: The Company’s effective income tax rates for the three months ended March 31, 2025 and 2024, respectively, fluctuated primarily due to a reduced discrete tax impact relative to pre-tax book income, and a reduction to the discrete tax expense related to accrued penalties and interest on historical uncertain tax positions that expired due to statute of limitations in the prior year.
+Added: The effective income tax rate for the three months ended June 30, 2025 was 25.6 %, compared to 27.1 % for the three months ended June 30, 2024.
+Added: The effective income tax rate for the six months ended June 30, 2025 was 38.8 %, compared to 30.9 % for the six months ended June 30, 2024.
+Added: The Company’s effective income tax rates for the three and six months ended June 30, 2025 and 2024, respectively, fluctuated primarily due to the increased discrete tax impact relative to pre-tax book income related to a stock compensation shortfall, state tax law changes, state tax refunds associated with prior tax years and expense related to accrued penalties and interest on historical uncertain tax positions.
The difference between the U.S.
−Removed: federal statutory income tax rate and the Company’s effective income tax rate for the three months ended March 31, 2025 was mainly due to state and local taxes and a discrete shortfall tax expense related to stock compensation.
+Added: federal statutory income tax rate and the Company’s effective income tax rate for the six months ended June 30, 2025 was mainly due to state and local taxes, a shortfall tax expense related to stock compensation, state and local tax law changes and a tax benefit related to state tax refunds associated with prior tax years.
The difference between the U.S.
−Removed: federal statutory income tax rate and the Company’s effective income tax rate for the three months ended March 31, 2024 was mainly due to state and local taxes, a discrete shortfall tax expense related to stock compensation and a discrete tax expense associated with the recording of accrued penalties and interest on historical uncertain tax positions.
+Added: federal statutory income tax rate and the Company’s effective income tax rate for the six months ended June 30, 2024 was mainly due to state and local taxes, a discrete shortfall tax expense related to stock compensation and a discrete tax expense associated with the recording of accrued penalties and interest on historical uncertain tax positions.
+Added: On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”), was enacted in the U.S.
+Added: The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.
+Added: The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.
+Added: We are currently assessing its impact on our condensed consolidated financial statements.
Benefit Plans:
2 unchanged sentences
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Interest cost $ 820 $ 808 $ 1,642 $ 1,616
Expected return on plan assets ( 808 ) ( 827 ) ( 1,617 ) ( 1,654 )
+Added: Settlement gain ( 1 ) ( 6 ) ( 1 ) ( 6 )
Net periodic expense (benefit) $ 11 $ ( 25 ) $ 24 $ ( 44 )
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Other Postretirement Benefit Plan
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Interest cost $ 7 $ 6 $ 13 $ 12
2 unchanged sentences
Net periodic expense (benefit) $ 6 $ ( 1 ) $ 11 $ ( 4 )
−Removed: All components of net periodic expense (benefit) other than service cost are presented within other expense (income), net in the Company’s condensed consolidated statements of (loss) income.
+Added: All components of net periodic expense (benefit) are presented within other expense, net in the Company’s condensed consolidated statements of income.
Commitments and Contingent Liabilities:
4 unchanged sentences
When these matters are ultimately concluded and determined, the Company believes that there will be no material adverse effect on its condensed consolidated financial position, results of operations or liquidity.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
Related Party Transactions:
6 unchanged sentences
Under the terms of the ZI Partnership Agreement, the Partnership leases certain land used in its Kansas City production facilities from Ecovyst.
−Removed: This lease, which has been recorded as an operating lease and with evergreen terms as long as the ZI Partnership Agreement is in place, provided for rental payments to the Company of $ 77 for the three months ended March 31, 2025 and 2024.
−Removed: These rental payments were included in cost of goods sold in the condensed consolidated statements of (loss) income.
−Removed: The Partnership had no sales to the Company for the three months ended March 31, 2025 and 2024.
+Added: This lease, which has been recorded as an operating lease and with evergreen terms as long as the ZI Partnership Agreement is in place, provided for rental payments to the Company of $ 78 and $ 155 for the three and six months ended June 30, 2025 and 2024, respectively.
+Added: These rental payments were included in cost of goods sold in the condensed consolidated statements of income.
+Added: The Partnership had no sales to the Company for the three and six months ended June 30, 2025 and 2024.
The Partnership purchases certain raw materials from the Company and was charged for various manufacturing costs incurred at the Company’s Kansas City production facility.
−Removed: The amount of these costs charged to the Partnership were $ 4,616 and $ 4,034 for the three months ended March 31, 2025 and 2024, respectively and were included in cost of goods sold in the condensed consolidated statements of (loss) income.
−Removed: In addition, the Partnership was charged certain product demonstration costs of $ 226 and $ 357 for the three months ended March 31, 2025 and 2024, respectively, which were also included in cost of goods sold in the condensed consolidated statements of (loss) income.
+Added: The amount of these costs charged to the Partnership were $ 5,142 and $ 9,758 for the three and six months ended June 30, 2025, respectively and $ 6,050 and $ 10,084 for the three and six months ended June 30, 2024, respectively, which were included in cost of goods sold in the condensed consolidated statements of income.
+Added: In addition, the Partnership was charged certain product demonstration costs of $ 259 and $ 485 for the three and six months ended June 30, 2025, respectively and $ 238 and $ 595 for the three and six months ended June 30, 2024, respectively, which were also included in cost of goods sold in the condensed consolidated statements of income.
Certain administrative, marketing, engineering, management-related and research and development services are provided to the Partnership by the Company.
−Removed: The Partnership was charged $ 4,122 and $ 4,300 for the three months ended March 31, 2025 and 2024, respectively and were included in selling, general and administrative expenses in the condensed consolidated statements of (loss) income.
−Removed: The Company had an accounts receivable from the Partnership of $ 3,791 and $ 2,794 as of March 31, 2025 and December 31, 2024, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheet.
−Removed: There were no accounts payable with the Partnership as of March 31, 2025 and December 31, 2024.
+Added: The Partnership was charged $ 4,121 and $ 8,243 for the three and six months ended June 30, 2025 and $ 4,600 and $ 8,900 for the three and six months ended June 30, 2024, respectively, which were included in selling, general and administrative expenses in the condensed consolidated statements of income.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
+Added: The Company had an accounts receivable from the Partnership of $ 2,770 and $ 2,794 as of June 30, 2025 and December 31, 2024, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheet.
+Added: Accounts payable to the Partnership was immaterial as of June 30, 2025.
+Added: There were no accounts payable with the Partnership as of December 31, 2024.
Reportable Segments:
1 unchanged sentence
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Ecoservices $ 176,065 $ 153,958 $ 319,175 $ 295,560
8 unchanged sentences
(1) The Company does not record its proportionate share of sales from the Zeolyst Joint Venture accounted for using the equity method as revenue and such sales are not consolidated within its results of operations.
−Removed: See Note 9 to these condensed
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
−Removed: consolidated financial statements for further information.
−Removed: The Company’s proportionate share of sales from the Zeolyst Joint Venture was $ 37,741 and $ 23,481 for the three months ended March 31, 2025 and 2024, respectively.
+Added: See Note 10 to these condensed consolidated financial statements for further information.
+Added: The Company’s proportionate share of sales from the Zeolyst Joint Venture was $ 28,444 and $ 66,186 for the three and six months ended June 30, 2025, respectively.
+Added: The Company’s proportionate share of sales from the Zeolyst Joint Venture was $ 29,024 and $ 52,505 for the three and six months ended June 30, 2024, respectively.
(2) The Company defines Adjusted EBITDA as EBITDA adjusted for certain items as noted in the reconciliation below.
Management evaluates the performance of its segments and allocates resources based on several factors, of which the primary measure is Adjusted EBITDA.
−Removed: Adjusted EBITDA should not be considered as an alternative to net (loss) income as an indicator of the Company’s operating performance.
+Added: Adjusted EBITDA should not be considered as an alternative to net income as an indicator of the Company’s operating performance.
Adjusted EBITDA as defined by the Company may not be comparable with EBITDA or Adjusted EBITDA as defined by other companies.
−Removed: (3) The Adjusted EBITDA for the Company’s Advanced Materials & Catalysts segment reflects the Company’s 50 % portion of the earnings from the Zeolyst Joint Venture that have been recorded as equity in net income in its condensed consolidated statements of (loss) income and includes Zeolyst Joint Venture adjustments on a proportionate basis based on the Company’s 50% ownership interest.
−Removed: For the three months ended March 31, 2025, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $ 12,681 , which includes $ 8,916 of equity in net income plus $ 610 of amortization of investment in affiliate step-up and $ 3,155 of joint venture depreciation, amortization and interest.
−Removed: For the three months ended March 31, 2024, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $ 6,927 , which includes $ 2,072 of equity in net income plus $ 1,601 of amortization of investment in affiliate step-up and $ 3,254 of joint venture depreciation, amortization and interest.
+Added: (3) The Adjusted EBITDA for the Company’s Advanced Materials & Catalysts segment reflects the Company’s 50 % portion of the earnings from the Zeolyst Joint Venture that have been recorded as equity in net income in its condensed consolidated statements of income and includes Zeolyst Joint Venture adjustments on a proportionate basis based on the Company’s 50 % ownership interest.
+Added: For the three months ended June 30, 2025, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $ 5,722 , which includes $ 1,928 of equity in net income plus $ 610 of amortization of investment in affiliate step-up and $ 3,184 of joint venture depreciation, amortization and interest.
+Added: For the six months ended June 30, 2025, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $ 18,403 , which includes $ 10,844 of equity in net income plus $ 1,220 of amortization of investment in affiliate step-up and $ 6,339 of joint venture depreciation, amortization and interest.
+Added: For the three months ended June 30, 2024, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $ 5,559 , which includes $ 1,392 of equity in net income plus $ 940 of amortization of investment in affiliate step-up and $ 3,227 of joint venture depreciation, amortization and interest.
+Added: For the six months ended June 30, 2024, the Adjusted EBITDA from the Zeolyst Joint Venture included in the Advanced Materials & Catalysts segment was $ 12,486 , which includes $ 3,464 of equity in net income plus $ 2,541 of amortization of investment in affiliate step-up and $ 6,481 of joint venture depreciation, amortization and interest.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
The following tables reconcile sales to Adjusted EBITDA from reportable segments:
−Removed: Three months ended March 31, 2025
+Added: Three months ended June 30, 2025
Ecoservices Advanced Materials & Catalysts Total
5 unchanged sentences
Adjusted EBITDA from reportable segments $ 49,772 $ 13,717 $ 63,489
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Ecoservices Advanced Materials & Catalysts Total
5 unchanged sentences
Adjusted EBITDA from reportable segments $ 49,709 $ 14,717 $ 64,426
−Removed: (1) The Company does not record its proportionate share of sales from the Zeolyst Joint Venture accounted for using the equity method as revenue and such sales are not consolidated within its results of operations.
−Removed: See Note 9 to these condensed consolidated financial statements for further information.
−Removed: The Company’s proportionate share of sales from the Zeolyst Joint Venture was $ 37,741 and $ 23,481 for the three months ended March 31, 2025 and 2024, respectively.
+Added: Six months ended June 30, 2025
+Added: Ecoservices Advanced Materials & Catalysts Total
+Added: $ 319,175 $ 43,151 $ 362,326
+Added: Cost of goods sold 227,455 22,223
+Added: Selling, general and administrative expenses 13,212 7,834
+Added: Other segment items (3)
+Added: Adjusted EBITDA from the Zeolyst Joint Venture — 18,403
+Added: Adjusted EBITDA from reportable segments $ 78,296 $ 31,221 $ 109,517
AND SUBSIDIARIES
1 unchanged sentence
(Dollars in thousands, except share and per share amounts)
+Added: Six months ended June 30, 2024
+Added: Ecoservices Advanced Materials & Catalysts Total
+Added: $ 295,560 $ 47,797 $ 343,357
+Added: Cost of goods sold 190,970 26,984
+Added: Selling, general and administrative expenses 13,387 7,345
+Added: Other segment items (3)
+Added: Adjusted EBITDA from the Zeolyst Joint Venture — 12,486
+Added: Adjusted EBITDA from reportable segments $ 91,203 $ 25,846 $ 117,049
+Added: (1) The Company does not record its proportionate share of sales from the Zeolyst Joint Venture accounted for using the equity method as revenue and such sales are not consolidated within its results of operations.
+Added: See Note 10 to these condensed consolidated financial statements for further information.
+Added: The Company’s proportionate share of sales from the Zeolyst Joint Venture was $ 28,444 and $ 66,186 for the three and six months ended June 30, 2025, respectively.
+Added: The Company’s proportionate share of sales from the Zeolyst Joint Venture was $ 29,024 and $ 52,505 for the three and six months ended June 30, 2024, respectively.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
1 unchanged sentence
(3) Other segment items include other operating (income) expense, foreign currency exchange (gains) losses and other (income) expense.
−Removed: The following table reconciles Adjusted EBITDA from reportable segments to (loss) income from continuing operations before income taxes:
+Added: The following table reconciles Adjusted EBITDA from reportable segments to income from continuing operations before income taxes:
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Adjusted EBITDA from reportable segments $ 63,489 $ 64,426 $ 109,517 $ 117,049
5 unchanged sentences
Debt modification and extinguishment costs — 4,560 960 4,560
−Removed: Net loss on asset disposals 167 648
−Removed: Foreign exchange loss 146 178
+Added: Net loss (gain) on asset disposals 250 ( 34 ) 417 614
+Added: Foreign exchange (gain) loss ( 24 ) ( 99 ) 122 79
LIFO benefit ( 356 ) ( 1,547 ) ( 1,176 ) ( 2,671 )
3 unchanged sentences
Other 1,874 ( 173 ) 1,503 ( 894 )
−Removed: (Loss) income before income taxes $ ( 4,149 ) $ 2,400
+Added: Income before income taxes $ 8,050 $ 11,375 $ 3,901 $ 13,775
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Capital expenditures for the Company’s reportable segments are shown in the following table:
−Removed: Three months ended
+Added: Six months ended
Capital expenditures:
1 unchanged sentence
Advanced Materials & Catalysts (1)
−Removed: Corporate and Other (2)
Capital expenditures per the condensed consolidated statements of cash flows $ 49,525 $ 36,649
3 unchanged sentences
The Company has an equity incentive plan under which it grants common stock awards to employees, directors and affiliates of the Company.
−Removed: At March 31, 2025, 6,823,081 shares of common stock were available for issuance under the plan.
+Added: At June 30, 2025, 6,878,222 shares of common stock were available for issuance under the plan.
The Company settles these awards through the issuance of treasury shares under its equity incentive plan.
The Company has granted RSAs, RSUs and PSUs as part of its equity incentive compensation program.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
−Removed: During the three months ended March 31, 2025, the Company granted 967,683 RSUs under its equity incentive plan.
−Removed: Each RSU provides the recipient with the right to receive a share of common stock subject to graded vesting terms based on service, which for the awards granted during the three months ended March 31, 2025, generally requires approximately one year of service for members of the Company’s board of directors and approximately three years of service for employees.
−Removed: The value of the RSUs granted during the three months ended March 31, 2025 was based on the average of the high and low trading prices of the Company’s common stock on the NYSE on the preceding trading day, in accordance with the Company’s policy for valuing such awards.
+Added: During the six months ended June 30, 2025, the Company granted 985,551 RSUs under its equity incentive plan.
+Added: Each RSU provides the recipient with the right to receive a share of common stock subject to graded vesting terms based on service, which for the awards granted during the six months ended June 30, 2025, generally requires approximately one year of service for members of the Company’s board of directors and approximately three years of service for employees.
+Added: The value of the RSUs granted during the six months ended June 30, 2025 was based on the average of the high and low trading prices of the Company’s common stock on the NYSE on the preceding trading day, in accordance with the Company’s policy for valuing such awards.
Compensation expense related to the RSUs is recognized on a straight-line basis over the respective vesting period.
−Removed: During the three months ended March 31, 2025, the Company granted 504,931 PSUs (at target) under its equity incentive plan.
−Removed: The PSUs granted during the three months ended March 31, 2025 provide the recipients with the right to receive shares of common stock dependent on 50 % of a Company-specific financial performance target and 50 % on the relative increase in the total shareholder return (“TSR”) goal (“the Performance measures”).
+Added: During the six months ended June 30, 2025, the Company granted 508,109 PSUs (at target) under its equity incentive plan.
+Added: The PSUs granted during the six months ended June 30, 2025 provide the recipients with the right to receive shares of common stock dependent on 50 % of a Company-specific financial performance target and 50 % on the relative increase in the total shareholder return (“TSR”) goal (“the Performance measures”).
The Performance measures are measured independently of each other, but achievement of both metrics is measured on the same three-year performance period from January 1, 2025 through December 31, 2027 (“Performance period”).
5 unchanged sentences
Because a market condition is not considered a vesting condition, it is reflected in the grant date fair value of the award and the associated compensation cost based on the fair value of the award is recognized over the Performance period, regardless of whether the Company actually achieves the market condition or the level of achievement, as long as service is provided by the recipient.
−Removed: The Company used a Monte Carlo simulation to estimate the $ 10.80 weighted average fair value of the awards granted, subject to the TSR goal during the three months ended March 31, 2025, with the following weighted average assumptions:
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
+Added: The Company used a Monte Carlo simulation to estimate the $ 10.80 weighted average fair value of the awards granted, subject to the TSR goal during the six months ended June 30, 2025, with the following weighted average assumptions:
Expected dividend yield — %
5 unchanged sentences
The TSR goal was based on the Company’s actual TSR percentage increase over the performance period.
−Removed: The awards vested during the three months ended March 31, 2025 with no percentage of the TSR goal earned.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
+Added: The awards vested during the six months ended June 30, 2025 with no percentage of the TSR goal earned.
Award Activity
−Removed: The following table summarizes the activity for the Company’s RSUs and PSUs for the three months ended March 31, 2025:
+Added: The following table summarizes the activity for the Company’s RSUs and PSUs for the six months ended June 30, 2025:
Restricted Stock Units Performance Stock Units
5 unchanged sentences
Forfeited ( 100,814 ) $ 9.07 ( 187,495 ) $ 9.30
−Removed: Nonvested as of March 31, 2025 1,856,600 $ 8.46 1,694,521 (1) $ 10.75
+Added: Nonvested as of June 30, 2025 1,808,654 $ 8.42 1,674,023 (1) $ 10.75
(1) Based on target.
−Removed: During the three months ended March 31, 2025, the Company did not grant any RSAs.
−Removed: Cash proceeds received by the Company from the exercise of stock options were not material for the three months ended March 31, 2025.
+Added: During the six months ended June 30, 2025, the Company did not grant any RSAs.
+Added: Cash proceeds received by the Company from the exercise of stock options were not material for the six months ended June 30, 2025.
Stock-Based Compensation Expense
−Removed: For the three months ended March 31, 2025 and 2024, stock-based compensation expense for the Company was $ 3,072 and $ 3,680 , respectively.
−Removed: The associated income tax benefit based on the applicable statutory rate recognized in the condensed consolidated statements of (loss) income for the three months ended March 31, 2025 and 2024 was $ 770 and $ 902 , respectively.
−Removed: As of March 31, 2025, unrecognized compensation cost of $ 13,856 for RSUs and $ 8,786 for PSUs are considered probable of vesting and the weighted-average period over which these costs are expected to be recognized at March 31, 2025 was 1.96 years for the RSUs and 2.14 years for the PSUs.
+Added: For the three months ended June 30, 2025 and 2024, stock-based compensation expense for the Company was $ 3,395 and $ 3,827 , respectively.
+Added: The associated income tax benefit based on the applicable statutory rate recognized in the condensed consolidated statements of income for the three months ended June 30, 2025 and 2024 was $ 809 and $ 939 , respectively.
+Added: For the six months ended June 30, 2025 and 2024, stock-based compensation expense for the Company was $ 6,467 and $ 7,507 , respectively.
+Added: The associated income tax benefit based on the applicable statutory rate recognized in the condensed consolidated statements of income for the six months ended June 30, 2025 and 2024 was $ 1,579 and $ 1,841 , respectively.
+Added: As of June 30, 2025, unrecognized compensation cost of $ 11,333 for RSUs and $ 7,264 for PSUs are considered probable of vesting and the weighted-average period over which these costs are expected to be recognized at June 30, 2025 was 1.81 years for the RSUs and 1.99 years for the PSUs.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Earnings per Share:
5 unchanged sentences
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Weighted average shares outstanding – Basic 116,232,528 116,912,332 116,745,476 116,935,708
1 unchanged sentence
Weighted average shares outstanding – Diluted 116,535,060 117,635,289 117,044,461 117,545,240
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollars in thousands, except share and per share amounts)
−Removed: The Company reported a net loss for the three months ended March 31, 2025, and therefore excluded the dilutive effect of 295,438 shares, which consisted of unvested common shares, RSUs with service conditions, PSUs considered probable of vesting and assumed stock option exercises and conversions from the computation of weighted average diluted shares outstanding.
−Removed: Basic and diluted (loss) income per share are calculated as follows:
+Added: Basic and diluted income per share are calculated as follows:
Three months ended
−Removed: Net (loss) income $ ( 3,597 ) $ 1,221
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
+Added: Net income $ 5,986 $ 8,295 $ 2,389 $ 9,516
Weighted average shares outstanding – Basic 116,232,528 116,912,332 116,745,476 116,935,708
Weighted average shares outstanding – Diluted 116,535,060 117,635,289 117,044,461 117,545,240
−Removed: Net (loss) income per share:
−Removed: Basic (loss) income per share $ ( 0.03 ) $ 0.01
−Removed: Diluted (loss) income per share $ ( 0.03 ) $ 0.01
+Added: Net income per share:
+Added: Basic income per share $ 0.05 $ 0.07 $ 0.02 $ 0.08
+Added: Diluted income per share $ 0.05 $ 0.07 $ 0.02 $ 0.08
The table below presents the details of the Company’s weighted average equity-based awards outstanding during each respective period that were excluded from the calculation of diluted earnings per share:
Three months ended
+Added: June 30, Six months ended
+Added: 2025 2024 2025 2024
Anti-dilutive RSUs and PSUs 1,535,776 431,837 1,158,741 481,281
1 unchanged sentence
Certain stock options to purchase shares of common stock were excluded from the computation of diluted earnings per share for the respective periods because the options’ exercise price was greater than the average market price of the common shares.
−Removed: These stock options and anti-dilutive awards are not included in the dilution calculation, as their inclusion would have the effect of increasing diluted income per share or reducing diluted loss per share.
+Added: These stock options and anti-dilutive awards are not included in the dilution calculation, as their inclusion would have the effect of increasing diluted income per share.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollars in thousands, except share and per share amounts)
Supplemental Cash Flow Information:
The following table presents supplemental cash flow information for the Company:
−Removed: Three months ended
+Added: Six months ended
Cash paid during the period for:
3 unchanged sentences
Capital expenditures acquired on account but unpaid as of the period end 2,135 784
+Added: Non-cash financing activity:
+Added: Accrued excise tax on share repurchases (Note 5)
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
2 unchanged sentences
Subsequent Events:
−Removed: On March 18, 2025 the Company entered into an asset purchase agreement to acquire the sulfuric acid production assets from Cornerstone Chemical Company LL C for a purchase price of $ 35,000 , subject to regulatory approvals and customary closing conditions, expected to be comprised entirely of cash on hand.
−Removed: The Company expects the acquisition to close in the second quarter of 2025.
−Removed: In April 2025, the Company amended its ABL Credit Agreement.
−Removed: See Note 10 to these condensed consolidated financial statements for further information.
T he Company has evaluated subsequent events since the balance sheet date and determined that there are no additional items to disclose.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.