US Ecology, Inc.

CIK:0001783400|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 240,980	$ 228,619
Direct operating costs	187,567	175,746
Gross profit	53,413	52,873
Selling, general and administrative expenses	57,336	51,368
Operating (loss) income	(3,923)	1,505
Other income (expense):
Interest income	229	273
Interest expense	(6,821)	(7,357)
Foreign currency loss	(698)	(371)
Other	177	3,710
Total other expense	(7,113)	(3,745)
Loss before income taxes	(11,036)	(2,240)
Income tax benefit	(2,014)	(1,444)
Net loss	$ (9,022)	$ (796)
Loss per share:
Basic	$ (0.29)	$ (0.03)
Diluted	$ (0.29)	$ (0.03)
Shares used in loss per share calculation:
Basic	31,208	31,104
Diluted	31,208	31,104

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (9,022)	$ (796)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of property and equipment	16,900	18,234
Amortization of intangible assets	7,872	9,135
Accretion of closure and post-closure obligations	1,227	1,182
Unrealized foreign currency gain	(852)	(315)
Deferred income taxes	(3,467)	(3,781)
Share-based compensation expense	1,948	1,928
Share-based payments of business development and integration expenses	120	163
Unrecognized tax benefits	13	12
Net gain on disposition of assets	(245)	(221)
Amortization of debt issuance costs	589	577
Amortization of debt discount	40	40
Change in fair value of minority interest investment		(3,509)
Changes in assets and liabilities:
Receivables	3,865	(680)
Income taxes receivable	6,514	1,276
Other assets	1,106	1,114
Accounts payable and accrued liabilities	(4,155)	(3,647)
Deferred revenue	3,917	2,214
Accrued salaries and benefits	(3,407)	(3,028)
Income taxes payable	(329)	(98)
Closure and post-closure obligations	(517)	(337)
Net cash provided by operating activities	22,117	19,463
Cash flows from investing activities:
Purchases of property and equipment	(16,180)	(9,614)
Proceeds from sale of property and equipment	438	1,623
Minority interest investment		(712)
Proceeds from sale of short-term investments	1,932
Purchases of restricted investments		(913)
Proceeds from sale of restricted investments		934
Net cash used in investing activities	(13,810)	(8,682)
Cash flows from financing activities:
Proceeds from short-term borrowings	1,959	3,227
Payments on short-term borrowings	(1,959)	(2,950)
Payments on long-term debt	(1,125)	(1,125)
Payment of equipment financing obligations	(1,218)	(1,461)
Repurchase of common stock	(12)	(465)
Net cash used in financing activities	(2,355)	(2,774)
Effect of foreign exchange rate changes on cash	712	708
Increase in Cash and cash equivalents and restricted cash	6,664	8,715
Cash and cash equivalents and restricted cash at beginning of period	69,054	75,104
Cash and cash equivalents and restricted cash at end of period	$ 75,718	$ 83,819

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 74,186	$ 67,487
Receivables, net	248,233	250,154
Prepaid expenses and other current assets	30,012	32,136
Income taxes receivable	7,961	14,441
Total current assets	360,392	364,218
Property and equipment, net	455,041	456,384
Operating right-of-use assets	54,884	43,607
Restricted cash and investments	1,532	1,567
Intangible assets, net	482,127	489,573
Goodwill	413,526	413,126
Other assets	51,171	36,923
Total assets	1,818,673	1,805,398
Current Liabilities:
Accounts payable	63,933	64,793
Deferred revenue	19,903	15,950
Accrued liabilities	47,589	51,265
Accrued salaries and benefits	26,061	29,438
Income taxes payable	231	559
Current portion of long-term debt	3,359	3,359
Current portion of closure and post-closure obligations	6,322	5,771
Current portion of operating lease liabilities	17,780	15,799
Total current liabilities	185,178	186,934
Long-term debt	734,285	735,125
Long-term closure and post-closure obligations	93,332	93,149
Long-term operating lease liabilities	37,991	28,477
Other long-term liabilities	12,947	13,907
Deferred income taxes, net	123,702	123,482
Total liabilities	1,187,435	1,181,074
Commitments and contingencies (See Note 15)
Stockholders' Equity:
Common stock $0.01 par value per share, 50,000 authorized; 31,512 shares issued and outstanding	315	315
Additional paid-in capital	818,707	821,970
Retained deficit	(192,136)	(183,115)
Treasury stock, at cost, 141 and 242 shares, respectively	(6,177)	(10,652)
Accumulated other comprehensive income (loss)	10,529	(4,194)
Total stockholders' equity	631,238	624,324
Total liabilities and stockholders' equity	$ 1,818,673	$ 1,805,398