Business
Advanced Emissions Solutions Reports Third Quarter 2021 Results
APT segment reports record quarter and year-over-year revenue growth of 56%; Company updates RC cash flow estimate GREENWOOD VILLAGE, Colo., Nov. 09, 2021
About this update from Arq, Inc.
[{"type":"text","content":"APT segment reports record quarter and year-over-year revenue growth of 56%; Company updates RC cash flow estimate\nGREENWOOD VILLAGE, Colo., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the \"Company\" or \"ADES\") today filed its Quarterly Report on Form 10-Q and reported financial results for the quarter ended September 30, 2021, including information about its equity investments in Tinuum Group, LLC (\"Tinuum Group\") and Tinuum Services, LLC (\"Tinuum Services\") (collectively \"Tinuum\"), of which ADES owns 42.5% and 50%, respectively. Tinuum & Refined Coal (“RC”) Highlights Tinuum's third quarter distributions to ADES totaled $22.9 million compared to $9.7 million in the prior year.Royalty earnings from Tinuum Group were $4.2 million compared to $3.6 million in the prior year.RC Segment operating income was $26.3 million compared to $12.8 million in the prior year. Operating income includes earnings from the Company's equity investments in Tinuum.RC Segment Adjusted EBITDA in the third quarter was $26.9 million compared to $13.1 million in the prior year.Based on 16 invested RC facilities as of September 30, 2021, and expected project termination dates, remaining after-tax net RC cash flows to ADES are projected to approximate $12.0 million to $14.0 million; roughly $8.5 million of these cash flows are expected to occur in the fourth quarter of 2021 with the remainder expected to be disbursed during the first half of 2022 as Tinuum winds down its operations. Advanced Purification Technologies (\"APT\") Highlights Third quarter revenue for the APT Segment totaled $24.7 million compared to $15.8 million in the prior year.APT Segment operating income in the third quarter was $4.6 million compared to a segment operating loss of $3.3 million in the prior year.APT Segment Adjusted EBITDA totaled $4.2 million compared to a loss of $1.6 million in the prior year. ADES Consolidated Highlights Third quarter consolidated revenue was $28.9 million compared to $19.5 million in the prior year.Third quarter consolidated net income was $24.3 million compared to $5.0 million in the prior year.Third quarter consolidated Adjusted EBITDA was $28.5 million compared to $8.7 million in the prior year.Cash balances, including restricted cash, totaled $82.1 million at September 30, 2021, an increase of $46....