Enviri Corporation Reports Fourth Quarter and Full Year 2024 Results
Enviri (NYSE: NVRI) reported Q4 2024 financial results with revenues of $559 million and a GAAP consolidated loss from continuing operations of $82 million. Q4 Adjusted EBITDA was $70 million, showing a 5% increase on an organic basis despite a 9% decrease on a reported basis compared to the previous year.
For full-year 2024, consolidated revenues were $2.34 billion with a GAAP consolidated loss of $119 million. The company achieved a 10-year high Adjusted EBITDA of $319 million, representing an 11% organic increase. The adjusted diluted loss per share was $0.07 in 2024.
Looking ahead to 2025, Enviri expects Adjusted EBITDA to be between $305-325 million, higher year-over-year when adjusted for divestitures and FX impact. Free cash flow is projected to increase to $30-50 million. The company recently amended its Credit Agreement to provide additional financial flexibility and increased its Securitization Facility capacity from $150 million to $160 million.
Enviri (NYSE: NVRI) ha riportato i risultati finanziari del quarto trimestre 2024 con ricavi di 559 milioni di dollari e una perdita consolidata GAAP dalle operazioni continuative di 82 milioni di dollari. L'EBITDA rettificato del quarto trimestre è stato di 70 milioni di dollari, mostrando un aumento del 5% su base organica nonostante una diminuzione del 9% su base riportata rispetto all'anno precedente.
Per l'intero anno 2024, i ricavi consolidati sono stati di 2,34 miliardi di dollari con una perdita consolidata GAAP di 119 milioni di dollari. L'azienda ha raggiunto un EBITDA rettificato di 319 milioni di dollari, il più alto degli ultimi 10 anni, rappresentando un aumento organico dell'11%. La perdita diluita rettificata per azione è stata di 0,07 dollari nel 2024.
Guardando al 2025, Enviri si aspetta che l'EBITDA rettificato si attesti tra i 305 e i 325 milioni di dollari, superiore anno su anno quando si considera l'impatto delle dismissioni e delle fluttuazioni valutarie. Si prevede che il flusso di cassa libero aumenti a 30-50 milioni di dollari. L'azienda ha recentemente modificato il suo Accordo di Credito per fornire ulteriore flessibilità finanziaria e ha aumentato la capacità della sua Struttura di Cartolarizzazione da 150 milioni a 160 milioni di dollari.
Enviri (NYSE: NVRI) informó los resultados financieros del cuarto trimestre de 2024 con ingresos de 559 millones de dólares y una pérdida consolidada GAAP de 82 millones de dólares de las operaciones continuas. El EBITDA ajustado del cuarto trimestre fue de 70 millones de dólares, mostrando un aumento del 5% en base orgánica a pesar de una disminución del 9% en base reportada en comparación con el año anterior.
Para el año completo de 2024, los ingresos consolidados fueron de 2.34 mil millones de dólares con una pérdida consolidada GAAP de 119 millones de dólares. La compañía logró un EBITDA ajustado de 319 millones de dólares, el más alto en 10 años, representando un aumento orgánico del 11%. La pérdida diluida ajustada por acción fue de 0.07 dólares en 2024.
Mirando hacia 2025, Enviri espera que el EBITDA ajustado esté entre 305 y 325 millones de dólares, más alto año tras año cuando se ajusta por desinversiones e impacto de divisas. Se proyecta que el flujo de efectivo libre aumente a 30-50 millones de dólares. La compañía recientemente enmendó su Acuerdo de Crédito para proporcionar flexibilidad financiera adicional y aumentó su capacidad de Instalación de Titulización de 150 millones a 160 millones de dólares.
Enviri (NYSE: NVRI)는 2024년 4분기 재무 결과를 보고하며 매출이 5억 5천 9백만 달러, 지속 운영에서 GAAP 기준으로 8천 2백만 달러의 손실을 기록했습니다. 4분기 조정 EBITDA는 7천만 달러로, 전년 대비 보고 기준으로는 9% 감소했지만, 유기적으로는 5% 증가했습니다.
2024년 전체 연도에 대해, 통합 매출은 23억 4천만 달러였으며 GAAP 기준으로 1억 1천 9백만 달러의 손실을 보였습니다. 회사는 10년 만에 최고 조정 EBITDA인 3억 1천 9백만 달러를 달성했으며, 이는 11%의 유기적 증가를 나타냅니다. 2024년 조정 희석 주당 손실은 0.07달러였습니다.
2025년을 바라보며, Enviri는 조정 EBITDA가 3억 5천만에서 3억 2천 5백만 달러 사이가 될 것으로 예상하고 있으며, 이는 divestitures(자산 매각) 및 외환 영향을 조정했을 때 연간 증가폭이 더 큽니다. 자유 현금 흐름은 3천만에서 5천만 달러로 증가할 것으로 예상됩니다. 회사는 최근에 추가적인 재정적 유연성을 제공하기 위해 신용 계약을 수정하였으며, 자산 유동화 시설의 용량을 1억 5천만 달러에서 1억 6천만 달러로 증가시켰습니다.
Enviri (NYSE: NVRI) a annoncé les résultats financiers du quatrième trimestre 2024 avec des revenus de 559 millions de dollars et une perte consolidée GAAP des opérations continues de 82 millions de dollars. L'EBITDA ajusté du quatrième trimestre était de 70 millions de dollars, montrant une augmentation de 5% sur une base organique malgré une diminution de 9% sur une base reportée par rapport à l'année précédente.
Pour l'année complète 2024, les revenus consolidés étaient de 2,34 milliards de dollars avec une perte consolidée GAAP de 119 millions de dollars. L'entreprise a atteint un EBITDA ajusté de 319 millions de dollars, le plus haut en 10 ans, représentant une augmentation organique de 11%. La perte diluée ajustée par action était de 0,07 dollar en 2024.
En regardant vers 2025, Enviri s'attend à ce que l'EBITDA ajusté se situe entre 305 et 325 millions de dollars, supérieur d'une année sur l'autre une fois ajusté pour les cessions et l'impact des devises. Les flux de trésorerie disponibles devraient augmenter entre 30 et 50 millions de dollars. L'entreprise a récemment modifié son Accord de Crédit pour offrir une flexibilité financière supplémentaire et a augmenté sa capacité de son Installation de Titularisation de 150 millions à 160 millions de dollars.
Enviri (NYSE: NVRI) berichtete über die finanziellen Ergebnisse des vierten Quartals 2024 mit einem Umsatz von 559 Millionen Dollar und einem GAAP-konsolidierten Verlust aus fortgeführten Betrieben von 82 Millionen Dollar. Das angepasste EBITDA des vierten Quartals betrug 70 Millionen Dollar, was einen organischen Anstieg von 5% zeigt, obwohl es im Vergleich zum Vorjahr einen Rückgang von 9% nach Bericht gab.
Für das Gesamtjahr 2024 lagen die konsolidierten Einnahmen bei 2,34 Milliarden Dollar mit einem GAAP-konsolidierten Verlust von 119 Millionen Dollar. Das Unternehmen erreichte ein 10-Jahres-Hoch beim angepassten EBITDA von 319 Millionen Dollar, was einem organischen Anstieg von 11% entspricht. Der angepasste verwässerte Verlust pro Aktie betrug 0,07 Dollar im Jahr 2024.
Mit Blick auf 2025 erwartet Enviri, dass das angepasste EBITDA zwischen 305 und 325 Millionen Dollar liegen wird, was im Jahresvergleich höher ist, wenn man Abspaltungen und Währungswirkungen berücksichtigt. Der freie Cashflow wird voraussichtlich auf 30 bis 50 Millionen Dollar steigen. Das Unternehmen hat kürzlich seinen Kreditvertrag geändert, um zusätzliche finanzielle Flexibilität zu bieten, und die Kapazität seiner Verbriefungsfazilität von 150 Millionen auf 160 Millionen Dollar erhöht.
- Achieved 10-year high Adjusted EBITDA of $319 million in 2024
- Clean Earth segment showed record profits and margins
- Q4 Adjusted EBITDA increased 5% on organic basis
- Secured amended credit agreement for improved financial flexibility
- Projected free cash flow improvement for 2025
- Q4 GAAP consolidated loss of $82 million
- Full-year 2024 GAAP loss of $119 million
- Adjusted diluted loss per share of $0.07 in 2024
- Revenue declined 7% in Q4 2024 vs prior year
- Weak fundamentals in global steel market affecting Harsco Environmental segment
Insights
The Q4 2024 results reveal a company in transition, managing both opportunities and challenges across its portfolio. Clean Earth emerged as the standout performer, achieving record profits with a remarkable margin expansion to
However, concerning trends are evident in the cash flow metrics. Adjusted free cash flow deteriorated to
The recent credit agreement amendment, while providing near-term flexibility with adjusted leverage covenants, signals management's concerns about persistent headwinds in the global steel market affecting Harsco Environmental. The new covenant structure, stepping down to 4.75x by end-2025 and ultimately to 4.00x by Q2 2027, provides a more realistic glide path given current market conditions.
For 2025, management's guidance suggests a stabilization rather than growth, with Adjusted EBITDA projected between
The segment dynamics paint a complex picture: Clean Earth continues its momentum, while Harsco Environmental faces structural challenges from weak steel markets and FX headwinds. The Rail segment's recovery remains tentative, with modest EBITDA improvement expected despite ongoing operational challenges.
- Fourth quarter revenues totaled
$559 million ; GAAP consolidated loss from continuing operations of$82 million - Adjusted EBITDA in Q4 totaled
$70 million , an increase of5% over the prior-year quarter on an organic basis (adjusted for foreign exchange translation and divestiture impacts) - Net cash provided by operating activities of
$36 million and adjusted free cash flow of$8 million in Q4 - Full year 2024 revenues increased
3% on an organic basis - 2024 GAAP consolidated loss from continuing operations of
$119 million ; Adjusted EBITDA totaled$319 million , an increase of11% on an organic basis - Credit agreement net leverage ratio improved from prior year-end to 4.07x
- Entered into amended credit agreement that strengthens financial flexibility and liquidity
- 2025 Adjusted EBITDA expected to be within range of
$305 million and$325 million , higher year-over-year when adjusted for divestitures and FX impact; Free cash flow to increase compared with prior year to between$30 million and$50 million
PHILADELPHIA, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported fourth quarter 2024 results. Revenues in the fourth quarter of 2024 totaled
On a GAAP basis, the fourth quarter of 2024 diluted loss per share from continuing operations was
“Enviri performed well in 2024, and we continued to focus on consistent execution in the fourth quarter as we faced ongoing headwinds at Harsco Environmental and Rail,” said Enviri Chairman and CEO Nick Grasberger. “The Company realized solid growth in 2024, and our adjusted earnings reached a 10-year high, led by Clean Earth. Strong operational execution, improvement initiatives and a favorable pricing environment drove Clean Earth to once again achieve record profits and margins. Enviri’s other business segments delivered against key objectives during the year, while successfully adapting to various pressures. I’m proud of what the Enviri team accomplished in 2024, and I’d like to thank our employees for their ongoing dedication to our customers and our company.”
“For 2025, our expectations are tempered as weak fundamentals within the global steel market persist and are expected to weigh on Harsco Environmental, while Clean Earth is projected to see continued growth. Importantly, our cash flow is anticipated to improve in 2025, supported by Harsco Rail's execution against certain contracts. We remain optimistic about Enviri’s growth potential and the underlying value within our businesses, and will continue to deliver on our strategic priorities to best position the Company to deliver sustainable value creation for shareholders.”
Enviri Corporation—Selected Fourth Quarter Results
| ($ in millions, except per share amounts) | Q4 2024 | Q4 2023 | ||||||
| Revenues | $ | 559 | $ | 599 | ||||
| Operating income/(loss) from continuing operations - GAAP | $ | (63 | ) | $ | (14 | ) | ||
| Income (loss) from continuing operations | $ | (82 | ) | $ | (53 | ) | ||
| Diluted EPS from continuing operations - GAAP | $ | (1.03 | ) | $ | (0.67 | ) | ||
| Adjusted EBITDA - non-GAAP | $ | 70 | $ | 77 | ||||
| Adjusted EBITDA margin - non-GAAP | 12.6 | % | 12.9 | % | ||||
| Adjusted diluted EPS from continuing operations - non-GAAP | $ | (0.04 | ) | $ | (0.03 | ) | ||
Note: Adjusted diluted earnings (loss) per share from continuing operations and Adjusted EBITDA details presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures.
Consolidated Fourth Quarter Operating Results
Consolidated revenues from continuing operations were
The Company's GAAP consolidated loss from continuing operations was
Enviri Corporation—Selected 2024 Results
| ($ in millions, except per share amounts) | 2024 | 2023 | ||||||
| Revenues | $ | 2,343 | $ | 2,366 | ||||
| Operating income (loss) from continuing operations - GAAP | $ | 32 | $ | 80 | ||||
| Income (loss) from continuing operations | $ | (119 | ) | $ | (84 | ) | ||
| Diluted EPS from continuing operations - GAAP | $ | (1.55 | ) | $ | (1.03 | ) | ||
| Adjusted EBITDA - excluding unusual items | $ | 319 | $ | 305 | ||||
| Adjusted EBITDA margin - excluding unusual items | 13.6 | % | 12.9 | % | ||||
| Adjusted diluted EPS from continuing operations - excluding unusual items | $ | (0.07 | ) | $ | — |
Note: Adjusted diluted earnings (loss) per share from continuing operations and Adjusted EBITDA details presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures.
Consolidated Full Year 2024 Operating Results
Consolidated revenues were
The Company's GAAP consolidated loss from continuing operations was
On a GAAP basis, the diluted loss per share in 2024 was
Fourth Quarter Business Review
Harsco Environmental
| ($ in millions) | Q4 2024 | Q4 2023 | ||||||
| Revenues | $ | 240 | $ | 292 | ||||
| Operating income (loss) - GAAP | $ | (41 | ) | $ | 25 | |||
| Adjusted EBITDA - non-GAAP | $ | 41 | $ | 56 | ||||
| Adjusted EBITDA margin - non-GAAP | 17.1 | % | 19.3 | % | ||||
Harsco Environmental revenues totaled
Clean Earth
| ($ in millions) | Q4 2024 | Q4 2023 | ||||||
| Revenues | $ | 241 | $ | 237 | ||||
| Operating income (loss) - GAAP | $ | 21 | $ | 16 | ||||
| Adjusted EBITDA - non-GAAP | $ | 36 | $ | 29 | ||||
| Adjusted EBITDA margin - non-GAAP | 15.0 | % | 12.2 | % | ||||
Clean Earth revenues totaled
Harsco Rail
| ($ in millions) | Q4 2024 | Q4 2023 | ||||||
| Revenues | $ | 77 | $ | 71 | ||||
| Operating income (loss) - GAAP | $ | (32 | ) | $ | (42 | ) | ||
| Adjusted EBITDA - non-GAAP | $ | 2 | $ | 3 | ||||
| Adjusted EBITDA margin - non-GAAP | 2.3 | % | 3.8 | % | ||||
Harsco Rail revenues totaled
Cash Flow
Net cash provided by operating activities was
For the full-year 2024, net cash provided by operating activities totaled
2025 Outlook
The Company anticipates that its 2025 Adjusted EBITDA will be comparable with 2024, while its adjusted free cash flow will significantly improve. Adjusted EBITDA is projected to increase at Clean Earth and Harsco Rail but is expected to decline in Harsco Environmental, mainly as a result of FX translation and business divestitures. Meanwhile, the increase in free cash flow will be primarily driven by an expected improvement in Harsco Rail as certain contract milestones are completed, as well as lower pension contributions.
This outlook contemplates that economic conditions will remain stable and that the Company will benefit from various growth and improvement initiatives. Key business drivers for each segment as well as other 2025 guidance details are below.
Harsco Environmental Adjusted EBITDA is projected to be below prior-year results. Currency impacts, business divestitures, exited contracts and services mix are expected to be partially offset by improvement initiatives, new contracts and product volumes.
Clean Earth Adjusted EBITDA is expected to increase versus 2024 as a result of volume growth, efficiency initiatives and net higher pricing, offsetting the impact of investments and certain items not repeating in 2025 (such as the benefit in 2024 from the reduction in bad debt reserves).
Harsco Rail Adjusted EBITDA is expected to modestly increase versus 2024 as a result of higher demand, pricing and contract adjustments in 2024 not repeating, partially offset by a less favorable business mix.
Corporate spending is anticipated to increase when compared with 2024 mainly as a result of the normalization of incentive compensation as well as non-cash equity compensation.
| 2025 Full Year Outlook | ||
| GAAP Loss From Continuing Operations | ||
| Adjusted EBITDA | ||
| GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations | ||
| Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations | ||
| Net Cash Provided By Operating Activities | ||
| Adjusted Free Cash Flow | ||
| Net Interest Expense, Excluding Any Unusual Items | ||
| Account Receivable Securitization Fees | ~ | |
| Pension Expense (Non-Operating) | ~ | |
| Tax Expense, Excluding Any Unusual Items | ||
| Net Capital Expenditures | ||
| Q1 2025 Outlook | ||
| GAAP Loss From Continuing Operations | ||
| Adjusted EBITDA | ||
| GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations | ||
| Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations |
Credit Agreement and Securitization Facility
The Company recently (February 2025) successfully amended its Credit Agreement to provide additional financial flexibility and liquidity, given the uncertain outlook within the global steel industry. Additionally, the Company amended its Securitization Facility. The changes to the Credit Agreement include revisions to its net leverage ratio, which now ends 2025 at 4.75x and 2026 at 4.25x, before stepping down to 4.00x in the second quarter of 2027. The Securitization Facility was amended to increase capacity from
Conference Call
The Company will hold a conference call today at 9:00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit www.investors.enviri.com, or by dialing (844) 481-2524 or (412) 317-0553 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.
Forward-Looking Statements
The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.
Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (2) the Company’s inability to comply with applicable environmental laws and regulations; (3) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (4) various economic, business, and regulatory risks associated with the waste management industry; (5) the seasonal nature of the Company's business; (6) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which the Company operates; (7) the outcome of any disputes with customers, contractors and subcontractors; (8) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (9) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (10) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (11) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (12) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (13) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (14) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (15) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (16) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (17) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (18) liability for and implementation of environmental remediation matters; (19) product liability and warranty claims associated with the Company’s operations; (20) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (21) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (22) tax liabilities and changes in tax laws; (23) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (24) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.
Non-GAAP Measures
Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included at the end of this press release.
Adjusted diluted earnings per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies.
Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance.
Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects.
Organic growth: Organic growth is a non-GAAP financial measure that calculates the change in Total revenue, excluding the impacts resulting from foreign currency translation, acquisitions, divestitures and certain unusual items. The Company believes this measure provides investors with a supplemental understanding of underlying revenue trends by providing revenue growth on a consistent basis.
About Enviri
Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.
| ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| (In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues from continuing operations: | ||||||||||||||||
| Service revenues | $ | 477,624 | $ | 497,398 | $ | 1,970,193 | $ | 1,931,712 | ||||||||
| Product revenues | 81,084 | 101,933 | 372,452 | 434,308 | ||||||||||||
| Total revenues | 558,708 | 599,331 | 2,342,645 | 2,366,020 | ||||||||||||
| Costs and expenses from continuing operations: | ||||||||||||||||
| Cost of services sold | 402,475 | 391,111 | 1,557,473 | 1,511,689 | ||||||||||||
| Cost of products sold | 86,887 | 127,356 | 345,114 | 404,442 | ||||||||||||
| Selling, general and administrative expenses | 92,625 | 91,810 | 359,388 | 353,985 | ||||||||||||
| Research and development expenses | 1,269 | 1,017 | 3,961 | 3,458 | ||||||||||||
| Property, plant and equipment impairment charge | 23,444 | — | 23,444 | 14,099 | ||||||||||||
| Goodwill and other intangible asset impairment charges | 13,026 | — | 15,866 | — | ||||||||||||
| Remeasurement of long-lived assets | — | — | 10,695 | — | ||||||||||||
| Gain on sale of businesses, net | — | — | (10,478 | ) | — | |||||||||||
| Other expense (income), net | 1,677 | 2,461 | 5,437 | (1,591 | ) | |||||||||||
| Total costs and expenses | 621,403 | 613,755 | 2,310,900 | 2,286,082 | ||||||||||||
| Operating income (loss) from continuing operations | (62,695 | ) | (14,424 | ) | 31,745 | 79,938 | ||||||||||
| Interest income | 682 | 2,013 | 6,795 | 6,809 | ||||||||||||
| Interest expense | (27,348 | ) | (28,125 | ) | (112,217 | ) | (107,081 | ) | ||||||||
| Facility fees and debt-related income (expense) | (2,578 | ) | (2,863 | ) | (11,265 | ) | (10,762 | ) | ||||||||
| Defined benefit pension income (expense) | (4,129 | ) | (5,415 | ) | (16,728 | ) | (21,574 | ) | ||||||||
| Income (loss) from continuing operations before income taxes and equity income | (96,068 | ) | (48,814 | ) | (101,670 | ) | (52,670 | ) | ||||||||
| Income tax benefit (expense) from continuing operations | 14,306 | (4,020 | ) | (17,066 | ) | (30,866 | ) | |||||||||
| Equity income (loss) of unconsolidated entities, net | 74 | (168 | ) | (10 | ) | (761 | ) | |||||||||
| Income (loss) from continuing operations | (81,688 | ) | (53,002 | ) | (118,746 | ) | (84,297 | ) | ||||||||
| Discontinued operations: | ||||||||||||||||
| Income (loss) from discontinued businesses | (1,010 | ) | (775 | ) | (5,297 | ) | (5,133 | ) | ||||||||
| Income tax benefit (expense) from discontinued businesses | 270 | 201 | 1,382 | 1,332 | ||||||||||||
| Income (loss) from discontinued operations, net of tax | (740 | ) | (574 | ) | (3,915 | ) | (3,801 | ) | ||||||||
| Net income (loss) | (82,428 | ) | (53,576 | ) | (122,661 | ) | (88,098 | ) | ||||||||
| Less: Net loss (income) attributable to noncontrolling interests | (814 | ) | (779 | ) | (5,312 | ) | 1,977 | |||||||||
| Net income (loss) attributable to Enviri Corporation | $ | (83,242 | ) | $ | (54,355 | ) | $ | (127,973 | ) | $ | (86,121 | ) | ||||
| Amounts attributable to Enviri Corporation common stockholders: | ||||||||||||||||
| Income (loss) from continuing operations, net of tax | $ | (82,502 | ) | $ | (53,781 | ) | $ | (124,058 | ) | $ | (82,320 | ) | ||||
| Income (loss) from discontinued operations, net of tax | (740 | ) | (574 | ) | (3,915 | ) | (3,801 | ) | ||||||||
| Net income (loss) attributable to Enviri Corporation common stockholders | $ | (83,242 | ) | $ | (54,355 | ) | $ | (127,973 | ) | $ | (86,121 | ) | ||||
| Weighted-average shares of common stock outstanding | 80,216 | 79,881 | 80,118 | 79,796 | ||||||||||||
| Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders: | ||||||||||||||||
| Continuing operations | $ | (1.03 | ) | $ | (0.67 | ) | $ | (1.55 | ) | $ | (1.03 | ) | ||||
| Discontinued operations | $ | (0.01 | ) | $ | (0.01 | ) | (0.05 | ) | (0.05 | ) | ||||||
| Basic earnings (loss) per share attributable to Enviri Corporation common stockholders | $ | (1.04 | ) | $ | (0.68 | ) | $ | (1.60 | ) | $ | (1.08 | ) | ||||
| Diluted weighted-average shares of common stock outstanding | 80,216 | 79,881 | 80,118 | 79,796 | ||||||||||||
| Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders: | ||||||||||||||||
| Continuing operations | $ | (1.03 | ) | $ | (0.67 | ) | $ | (1.55 | ) | $ | (1.03 | ) | ||||
| Discontinued operations | $ | (0.01 | ) | $ | (0.01 | ) | (0.05 | ) | (0.05 | ) | ||||||
| Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders | $ | (1.04 | ) | $ | (0.68 | ) | $ | (1.60 | ) | $ | (1.08 | ) | ||||
| ENVIRI CORPORATION CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | December 31 2024 | December 31 2023 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 88,359 | $ | 121,239 | ||||
| Restricted cash | 1,799 | 3,375 | ||||||
| Trade accounts receivable, net | 260,690 | 338,187 | ||||||
| Other receivables | 40,439 | 40,565 | ||||||
| Inventories | 182,042 | 189,369 | ||||||
| Current portion of contract assets | 59,881 | 64,875 | ||||||
| Prepaid expenses | 62,435 | 58,723 | ||||||
| Other current assets | 14,880 | 11,023 | ||||||
| Total current assets | 710,525 | 827,356 | ||||||
| Property, plant and equipment, net | 664,292 | 707,397 | ||||||
| Right-of-use assets, net | 92,153 | 102,891 | ||||||
| Goodwill | 739,758 | 780,978 | ||||||
| Intangible assets, net | 298,438 | 327,983 | ||||||
| Retirement plan assets | 73,745 | 44,517 | ||||||
| Deferred income tax assets | 17,578 | 16,295 | ||||||
| Other assets | 53,744 | 47,281 | ||||||
| Total assets | $ | 2,650,233 | $ | 2,854,698 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | $ | 8,144 | $ | 14,871 | ||||
| Current maturities of long-term debt | 21,004 | 15,558 | ||||||
| Accounts payable | 214,689 | 243,279 | ||||||
| Accrued compensation | 63,686 | 79,609 | ||||||
| Income taxes payable | 5,747 | 7,567 | ||||||
| Reserve for forward losses on contracts | 54,320 | 52,919 | ||||||
| Current portion of advances on contracts | 13,265 | 38,313 | ||||||
| Current portion of operating lease liabilities | 26,049 | 28,775 | ||||||
| Other current liabilities | 159,478 | 174,342 | ||||||
| Total current liabilities | 566,382 | 655,233 | ||||||
| Long-term debt | 1,410,718 | 1,401,437 | ||||||
| Retirement plan liabilities | 27,019 | 45,087 | ||||||
| Operating lease liabilities | 67,998 | 75,476 | ||||||
| Environmental liabilities | 46,585 | 25,682 | ||||||
| Deferred tax liabilities | 26,796 | 29,160 | ||||||
| Other liabilities | 55,136 | 47,215 | ||||||
| Total liabilities | 2,200,634 | 2,279,290 | ||||||
| ENVIRI CORPORATION STOCKHOLDERS’ EQUITY | ||||||||
| Common stock | 146,844 | 146,105 | ||||||
| Additional paid-in capital | 255,102 | 238,416 | ||||||
| Accumulated other comprehensive loss | (538,964 | ) | (539,694 | ) | ||||
| Retained earnings | 1,400,347 | 1,528,320 | ||||||
| Treasury stock | (851,881 | ) | (849,996 | ) | ||||
| Total Enviri Corporation stockholders’ equity | 411,448 | 523,151 | ||||||
| Noncontrolling interests | 38,151 | 52,257 | ||||||
| Total equity | 449,599 | 575,408 | ||||||
| Total liabilities and equity | $ | 2,650,233 | $ | 2,854,698 | ||||
| ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | $ | (82,428 | ) | $ | (53,576 | ) | $ | (122,661 | ) | $ | (88,098 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
| Depreciation | 36,804 | 36,063 | 148,329 | 138,956 | ||||||||||||
| Amortization | 7,382 | 8,081 | 31,471 | 32,408 | ||||||||||||
| Deferred income tax (benefit) expense | (18,432 | ) | (981 | ) | (12,798 | ) | 2,965 | |||||||||
| Equity (income) loss of unconsolidated entities, net | (74 | ) | 168 | 10 | 761 | |||||||||||
| Dividends from unconsolidated entities | 117 | — | 321 | — | ||||||||||||
| Right-of-use assets | 7,859 | 8,012 | 31,546 | 32,479 | ||||||||||||
| Property, plant and equipment impairment charge | 23,444 | — | 23,444 | 14,099 | ||||||||||||
| Goodwill and other intangible asset impairment charges | 13,026 | — | 15,866 | — | ||||||||||||
| Remeasurement of long-lived assets | — | — | 10,695 | — | ||||||||||||
| Gain on sale of businesses, net | — | — | (10,478 | ) | — | |||||||||||
| Stock-based compensation | 3,610 | 3,197 | 16,650 | 12,916 | ||||||||||||
| Other, net | 28 | 2,227 | (13,924 | ) | (2,749 | ) | ||||||||||
| Changes in assets and liabilities, net of acquisitions and dispositions of businesses: | ||||||||||||||||
| Accounts receivable | 42,633 | 9,688 | 45,864 | (38,487 | ) | |||||||||||
| Inventories | 9,550 | 7,138 | (7,534 | ) | (3,410 | ) | ||||||||||
| Contract assets | 3,511 | 2,158 | (11,412 | ) | 3,475 | |||||||||||
| Accounts payable | (22,459 | ) | (4,272 | ) | (15,038 | ) | (5,090 | ) | ||||||||
| Accrued interest payable | 4,679 | 7,049 | (413 | ) | 221 | |||||||||||
| Accrued compensation | 935 | 13,435 | (12,477 | ) | 33,871 | |||||||||||
| Advances on contracts and other customer advances | (2,764 | ) | 7,664 | (13,210 | ) | (14,160 | ) | |||||||||
| Operating lease liabilities | (7,604 | ) | (7,718 | ) | (30,945 | ) | (30,698 | ) | ||||||||
| Retirement plan liabilities, net | 841 | 894 | (6,140 | ) | (3,968 | ) | ||||||||||
| Other assets and liabilities | 15,634 | 29,049 | 10,897 | 28,957 | ||||||||||||
| Net cash (used) provided by operating activities | 36,292 | 68,276 | 78,063 | 114,448 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of property, plant and equipment | (34,497 | ) | (45,395 | ) | (136,591 | ) | (139,025 | ) | ||||||||
| Proceeds from sale of businesses, net | (34 | ) | — | 57,633 | — | |||||||||||
| Proceeds from sales of assets | 4,578 | 4,911 | 17,057 | 6,991 | ||||||||||||
| Expenditures for intangible assets | (128 | ) | (25 | ) | (1,309 | ) | (503 | ) | ||||||||
| Proceeds from note receivable | — | — | 17,023 | 11,238 | ||||||||||||
| Net proceeds (payments) from settlement of foreign currency forward exchange contracts | 18,247 | 2,217 | 12,114 | 4,251 | ||||||||||||
| Other investing activities, net | — | 1 | — | 463 | ||||||||||||
| Net cash (used) provided by investing activities | (11,834 | ) | (38,291 | ) | (34,073 | ) | (116,585 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Short-term borrowings, net | (3,216 | ) | 2,831 | (6,198 | ) | 7,027 | ||||||||||
| Current maturities and long-term debt: | ||||||||||||||||
| Additions | 38,982 | 16,005 | 240,544 | 201,997 | ||||||||||||
| Reductions | (73,569 | ) | (23,953 | ) | (274,153 | ) | (164,475 | ) | ||||||||
| Purchase of noncontrolling interests | (1,197 | ) | — | (1,197 | ) | — | ||||||||||
| Contributions from noncontrolling interests | — | — | 874 | 1,654 | ||||||||||||
| Dividends paid to noncontrolling interests | (1,131 | ) | (5 | ) | (17,095 | ) | (5 | ) | ||||||||
| Stock-based compensation - Employee taxes paid | (339 | ) | (52 | ) | (1,885 | ) | (1,426 | ) | ||||||||
| Deferred financing costs | (525 | ) | — | (4,290 | ) | — | ||||||||||
| Net cash (used) provided by financing activities | (40,995 | ) | (5,174 | ) | (63,400 | ) | 44,772 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | (6,437 | ) | 1,116 | (15,046 | ) | (3,115 | ) | |||||||||
| Net increase (decrease) in cash and cash equivalents, including restricted cash | (22,974 | ) | 25,927 | (34,456 | ) | 39,520 | ||||||||||
| Cash and cash equivalents, including restricted cash, at beginning of period | 113,132 | 98,687 | 124,614 | 85,094 | ||||||||||||
| Cash and cash equivalents, including restricted cash, at end of period | $ | 90,158 | $ | 124,614 | $ | 90,158 | $ | 124,614 | ||||||||
| ENVIRI CORPORATION REVIEW OF OPERATIONS BY SEGMENT (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||
| (In thousands) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | ||||||||||
| Harsco Environmental | $ | 240,316 | $ | (41,042 | ) | $ | 292,245 | $ | 24,750 | |||||
| Clean Earth | 240,919 | 20,848 | 236,571 | 15,972 | ||||||||||
| Harsco Rail | 77,473 | (31,781 | ) | 70,515 | (41,941 | ) | ||||||||
| Corporate | — | (10,720 | ) | — | (13,205 | ) | ||||||||
| Consolidated Totals | $ | 558,708 | $ | (62,695 | ) | $ | 599,331 | $ | (14,424 | ) | ||||
| Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||
| (In thousands) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | ||||||||||
| Harsco Environmental | $ | 1,111,512 | $ | 32,013 | $ | 1,140,904 | $ | 77,635 | ||||||
| Clean Earth | 939,845 | 92,156 | 928,321 | 76,974 | ||||||||||
| Harsco Rail | 291,288 | (58,032 | ) | 296,795 | (31,671 | ) | ||||||||
| Corporate | — | (34,392 | ) | — | (43,000 | ) | ||||||||
| Consolidated Totals | $ | 2,342,645 | $ | 31,745 | $ | 2,366,020 | $ | 79,938 | ||||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS TO DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31 | December 31 | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Diluted earnings (loss) per share from continuing operations, as reported | $ | (1.03 | ) | $ | (0.67 | ) | $ | (1.55 | ) | $ | (1.03 | ) | |||||
| Corporate strategic costs (a) | 0.02 | 0.02 | 0.05 | 0.08 | |||||||||||||
| Corporate contingent consideration adjustment (b) | — | — | — | (0.01 | ) | ||||||||||||
| Corporate gain on note receivable (c) | — | — | (0.03 | ) | — | ||||||||||||
| Harsco Environmental segment net gain on lease incentive (d) | — | 0.02 | (0.01 | ) | (0.10 | ) | |||||||||||
| Harsco Environmental segment change in provision for expected credit losses (e) | — | — | — | 0.07 | |||||||||||||
| Harsco Environmental segment contract termination charge (f) | 0.06 | — | 0.06 | — | |||||||||||||
| Harsco Environmental segment charge for environmental matter (g) | 0.34 | — | 0.34 | — | |||||||||||||
| Harsco Rail segment remeasurement of long-lived assets (h) | — | — | 0.13 | — | |||||||||||||
| Harsco Rail segment provision for forward losses and other contract-related costs on certain contracts (i) | 0.16 | 0.59 | 0.41 | 0.54 | |||||||||||||
| Harsco Rail segment change in inventory provision (j) | 0.06 | — | 0.06 | — | |||||||||||||
| Total segment net gain on sale of businesses, including Corporate (k) | — | — | (0.13 | ) | — | ||||||||||||
| Total segment net gain on sale of assets, including Corporate (l) | — | (0.03 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
| Total segment severance costs (m) | — | — | — | 0.01 | |||||||||||||
| Total segment plant, property and equipment charge, net (n) | 0.32 | — | 0.32 | 0.10 | |||||||||||||
| Total segment goodwill and other intangible asset impairment charge (o) | 0.16 | — | 0.20 | — | |||||||||||||
| Taxes on above unusual items (p) | (0.19 | ) | (0.03 | ) | (0.14 | ) | 0.10 | ||||||||||
| Adjusted diluted earnings (loss) per share from continuing operations, including acquisition amortization expense | (0.10 | ) | (0.10 | ) | (0.33 | ) | (0.28 | ) | (r) | ||||||||
| Acquisition amortization expense, net of tax (q) | 0.06 | 0.07 | 0.26 | 0.28 | |||||||||||||
| Adjusted diluted earnings (loss) per share from continuing operations | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.07 | ) | $ | — | ||||||
(a) Certain strategic costs incurred at Corporate associated with supporting and executing the Company's long-term strategies (Q4 2024
(b) Adjustment related to a previously recorded liability related to a contingent consideration from the Company's acquisition of Clean Earth (twelve months ended December 31, 2023
(c) Gain recognized by Corporate due to the prepayment of a note receivable in April 2024 (twelve months ended December 31, 2024
(d) Gain, net of exit costs, recognized for a lease modification that resulted in a lease incentive received by the Harsco Environmental segment for a site relocation prior the end of the expected lease term (Q4 2023
(e) An increase to the provision for expected credit losses was recorded in Harsco Environmental related to a customer in the Middle East (twelve months ended December 31, 2023
(f) Contract termination charges incurred by the Harsco Environmental segment (Q4 2024 and twelve months ended December 31, 2024
(g) Charge incurred by the Harsco Environmental segment for the processing and disposal of salt cake byproduct (Q4 2024 and twelve months ended December 31, 2024
(h) Beginning on March 31, 2024, the Company determined that the held-for-sale criteria was no longer met for the Harsco Rail segment and a charge was recorded for the depreciation and amortization expense that would have been recognized during the periods that Harsco Rail's long-lived assets were classified as held-for-sale, had the assets been continuously classified as held-for-use (twelve months ended December 31, 2024
(i) Adjustments to the Company's provision for forward losses on contracts with certain customers in the Harsco Rail segment, principally for Deutsche Bahn, Network Rail and SBB (Q4 2024
(j) An increase to the Harsco Rail segment's provision related to excess and obsolete inventory due primarily to changes in business strategy (Q4 2024 and twelve months ended December 31, 2024
(k) Net gain recorded by the Harsco Environmental segment and Corporate on the sales of Performix Metallurgical Additives, LLC in April 2024 and Reed Minerals, LLC in August 2024, former subsidiaries of the Company within the Harsco Environmental segment (twelve months ended December 31, 2024
(l) Net gain recognized for the sale of certain assets by Corporate (twelve months ended December 31, 2024
(m) Severance and related costs incurred in the Harsco Environmental segment (twelve months ended December 31, 2023
(n) Non-cash property, plant and equipment impairment charges were recorded for the year ended December 31, 2024, incurred by the Harsco Environmental segment for site locations in the U.S. and the Middle East (Q4 2024 and twelve months ended December 31, 2024
(o) Non-cash intangible asset impairment charge in the Harsco Environmental segment (twelve months ended December 31, 2024
(p) Unusual items are tax-effected at the global effective tax rate, before discrete items, in effect during the year the unusual item is recorded.
(q) Pre-tax acquisition amortization expense was
(r) Does not total due to rounding.
| ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS TO DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (Unaudited) | |||||||||||||||||
| Projected | |||||||||||||||||
| Three Months Ending | Twelve Months Ending | ||||||||||||||||
| March 31 | December 31 | ||||||||||||||||
| 2025 | 2025 | ||||||||||||||||
| Low | High | Low | High | ||||||||||||||
| Diluted earnings (loss) per share from continuing operations | $ | (0.24 | ) | $ | (0.17 | ) | $ | (0.49 | ) | $ | (0.26 | ) | |||||
| Estimated acquisition amortization expense, net of tax | 0.06 | 0.06 | 0.24 | 0.24 | |||||||||||||
| Adjusted diluted earnings (loss) per share from continuing operations | $ | (0.18 | ) | $ | (0.11 | ) | $ | (0.25 | ) | $ | (0.01 | ) | (a) | ||||
(a) Does not total due to rounding.
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) | ||||||||||||||||||||
| (In thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Corporate | Consolidated Totals | |||||||||||||||
| Three Months Ended December 31, 2024: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | (41,042 | ) | $ | 20,848 | $ | (31,781 | ) | $ | (10,720 | ) | $ | (62,695 | ) | ||||||
| Strategic costs | — | — | — | 1,484 | 1,484 | |||||||||||||||
| Contract termination charge | 5,049 | — | — | — | 5,049 | |||||||||||||||
| Charge for environmental matter | 27,200 | — | — | — | 27,200 | |||||||||||||||
| Provision for forward losses on certain contracts | — | — | 12,814 | — | 12,814 | |||||||||||||||
| Change in inventory provision | — | — | 4,716 | — | 4,716 | |||||||||||||||
| Plant, property and equipment impairment charge | 23,444 | — | 1,921 | — | 25,365 | |||||||||||||||
| Goodwill and other intangible asset impairment charge | — | — | 13,026 | — | 13,026 | |||||||||||||||
| Operating income (loss), excluding unusual items | 14,651 | 20,848 | 696 | (9,236 | ) | 26,959 | ||||||||||||||
| Depreciation | 25,963 | 9,493 | 1,054 | 294 | 36,804 | |||||||||||||||
| Amortization | 543 | 5,829 | 67 | — | 6,439 | |||||||||||||||
| Adjusted EBITDA | $ | 41,157 | $ | 36,170 | $ | 1,817 | $ | (8,942 | ) | $ | 70,202 | |||||||||
| Revenues, as reported | $ | 240,316 | $ | 240,919 | $ | 77,473 | $ | 558,708 | ||||||||||||
| Adjusted EBITDA margin (%) | 17.1 | % | 15.0 | % | 2.3 | % | 12.6 | % | ||||||||||||
| Three Months Ended December 31, 2023: | ||||||||||||||||||||
| Operating income (loss), as reported | 24,750 | 15,972 | (41,941 | ) | (13,205 | ) | (14,424 | ) | ||||||||||||
| Strategic costs | — | — | — | 1,979 | 1,979 | |||||||||||||||
| Net gain on lease incentive | 1,729 | — | — | — | 1,729 | |||||||||||||||
| Provision for forward losses and other contract costs on certain contracts | — | — | 47,024 | — | 47,024 | |||||||||||||||
| Net gain on sale of assets | — | — | (2,374 | ) | — | (2,374 | ) | |||||||||||||
| Operating income (loss), excluding unusual items | 26,479 | 15,972 | 2,709 | (11,226 | ) | 33,934 | ||||||||||||||
| Depreciation | 28,865 | 6,724 | — | 474 | 36,063 | |||||||||||||||
| Amortization | 1,009 | 6,112 | — | — | 7,121 | |||||||||||||||
| Adjusted EBITDA | $ | 56,353 | $ | 28,808 | $ | 2,709 | $ | (10,752 | ) | $ | 77,118 | |||||||||
| Revenues, as reported | $ | 292,245 | $ | 236,571 | $ | 70,515 | $ | 599,331 | ||||||||||||
| Adjusted EBITDA margin (%) | 19.3 | % | 12.2 | % | 3.8 | % | 12.9 | % | ||||||||||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) | ||||||||||||||||||||
| (In thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Corporate | Consolidated Totals | |||||||||||||||
| Twelve Months Ended December 31, 2024: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | 32,013 | $ | 92,156 | $ | (58,032 | ) | $ | (34,392 | ) | $ | 31,745 | ||||||||
| Strategic costs | — | — | — | 4,137 | 4,137 | |||||||||||||||
| Adjustment to net gain on lease incentive | (451 | ) | — | — | — | (451 | ) | |||||||||||||
| Contract termination charge | 5,049 | — | — | — | 5,049 | |||||||||||||||
| Charge for environmental matter | 27,200 | — | — | — | 27,200 | |||||||||||||||
| Remeasurement of long-lived assets | — | — | 10,695 | — | 10,695 | |||||||||||||||
| Provision for forward losses on certain contracts | — | — | 32,733 | — | 32,733 | |||||||||||||||
| Change in inventory provision | — | — | 4,716 | — | 4,716 | |||||||||||||||
| Net gain on sale of businesses | (10,029 | ) | — | — | (449 | ) | (10,478 | ) | ||||||||||||
| Net gain on sale of assets | — | — | — | (3,281 | ) | (3,281 | ) | |||||||||||||
| Goodwill and other Intangible asset impairment charge | 2,840 | — | 13,026 | — | 15,866 | |||||||||||||||
| Plant, property and equipment impairment charge | 23,444 | — | 1,921 | — | 25,365 | |||||||||||||||
| Operating income (loss), excluding unusual items | 80,066 | 92,156 | 5,059 | (33,985 | ) | 143,296 | ||||||||||||||
| Depreciation | 109,756 | 33,840 | 3,478 | 1,255 | 148,329 | |||||||||||||||
| Amortization | 3,068 | 23,976 | 224 | — | 27,268 | |||||||||||||||
| Adjusted EBITDA | $ | 192,890 | $ | 149,972 | $ | 8,761 | $ | (32,730 | ) | $ | 318,893 | |||||||||
| Revenues, as reported | $ | 1,111,512 | $ | 939,845 | $ | 291,288 | $ | 2,342,645 | ||||||||||||
| Adjusted EBITDA margin (%) | 17.4 | % | 16.0 | % | 3.0 | % | 13.6 | % | ||||||||||||
| Twelve Months Ended December 31, 2023: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | 77,635 | $ | 76,974 | (31,671 | ) | $ | (43,000 | ) | $ | 79,938 | |||||||||
| Strategic costs | — | — | — | 6,360 | 6,360 | |||||||||||||||
| Contingent consideration adjustment | — | — | — | (828 | ) | (828 | ) | |||||||||||||
| Net gain on lease incentive | (8,053 | ) | — | — | — | (8,053 | ) | |||||||||||||
| Change in provision for expected credit losses | 5,284 | — | — | — | 5,284 | |||||||||||||||
| Provision for forward losses and other contract-related costs on certain contracts | — | — | 42,849 | — | 42,849 | |||||||||||||||
| Net gain on sale of assets | — | — | (2,374 | ) | — | (2,374 | ) | |||||||||||||
| Severance costs | 1,146 | — | (537 | ) | — | 609 | ||||||||||||||
| Property, plant and equipment impairment charge | 14,099 | — | — | — | 14,099 | |||||||||||||||
| Operating income (loss), excluding unusual items | 90,111 | 76,974 | 8,267 | (37,468 | ) | 137,884 | ||||||||||||||
| Depreciation | 113,571 | 23,252 | — | 2,133 | 138,956 | |||||||||||||||
| Amortization | 4,030 | 24,583 | — | — | 28,613 | |||||||||||||||
| Adjusted EBITDA | 207,712 | 124,809 | 8,267 | (35,335 | ) | 305,453 | ||||||||||||||
| Revenues, as reported | $ | 1,140,904 | $ | 928,321 | $ | 296,795 | $ | 2,366,020 | ||||||||||||
| Adjusted EBITDA margin (%) | 18.2 | % | 13.4 | % | 2.8 | % | 12.9 | % | ||||||||||||
| ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) | ||||||||
| Three Months Ended December 31 | ||||||||
| (In thousands) | 2024 | 2023 | ||||||
| Consolidated income (loss) from continuing operations | $ | (81,688 | ) | $ | (53,002 | ) | ||
| Add back (deduct): | ||||||||
| Equity in (income) loss of unconsolidated entities, net | (74 | ) | 168 | |||||
| Income tax expense (benefit) from continuing operations | (14,306 | ) | 4,020 | |||||
| Defined benefit pension expense (income) | 4,129 | 5,415 | ||||||
| Facility fees and debt-related expense (income) | 2,578 | 2,863 | ||||||
| Interest expense | 27,348 | 28,125 | ||||||
| Interest income | (682 | ) | (2,013 | ) | ||||
| Depreciation | 36,804 | 36,063 | ||||||
| Amortization | 6,439 | 7,121 | ||||||
| Unusual items: | ||||||||
| Corporate strategic costs | 1,484 | 1,979 | ||||||
| Harsco Environmental segment net gain on lease incentive | — | 1,729 | ||||||
| Harsco Environmental segment contract termination charge | 5,049 | — | ||||||
| Harsco Environmental segment charge for environmental matter | 27,200 | — | ||||||
| Harsco Rail segment provision for forward losses and other contract-related costs on certain contracts | 12,814 | 47,024 | ||||||
| Harsco Rail segment change in inventory provision | 4,716 | — | ||||||
| Total segment net gain on sale of assets, including Corporate | — | (2,374 | ) | |||||
| Total segment plant, property and equipment impairment charge | 25,365 | — | ||||||
| Total segment goodwill and other intangible asset impairment charge | 13,026 | — | ||||||
| Consolidated Adjusted EBITDA | $ | 70,202 | $ | 77,118 | ||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) | ||||||||
| Twelve Months Ended December 31 | ||||||||
| (In thousands) | 2024 | 2023 | ||||||
| Consolidated income (loss) from continuing operations | $ | (118,746 | ) | $ | (84,297 | ) | ||
| Add back (deduct): | ||||||||
| Equity in (income) loss of unconsolidated entities, net | 10 | 761 | ||||||
| Income tax expense (benefit) from continuing operations | 17,066 | 30,866 | ||||||
| Defined benefit pension expense | 16,728 | 21,574 | ||||||
| Facility fee and debt-related expense | 11,265 | 10,762 | ||||||
| Interest expense | 112,217 | 107,081 | ||||||
| Interest income | (6,795 | ) | (6,809 | ) | ||||
| Depreciation | 148,329 | 138,956 | ||||||
| Amortization | 27,268 | 28,613 | ||||||
| Unusual items: | ||||||||
| Corporate strategic costs | 4,137 | 6,360 | ||||||
| Corporate contingent consideration adjustment | — | (828 | ) | |||||
| Harsco Environmental segment net gain on lease incentive | (451 | ) | (8,053 | ) | ||||
| Harsco Environmental segment change in provision for expected credit losses | — | 5,284 | ||||||
| Harsco Environmental segment contract termination charge | 5,049 | — | ||||||
| Harsco Environmental segment charge for environmental matter | 27,200 | — | ||||||
| Harsco Rail segment remeasurement of long-lived assets | 10,695 | — | ||||||
| Harsco Rail segment provision for forward losses on certain contracts | 32,733 | 42,849 | ||||||
| Harsco Rail segment change in inventory provision | 4,716 | — | ||||||
| Total segment net gain on sale of businesses, including Corporate | (10,478 | ) | — | |||||
| Total segment net gain on sale of assets, including Corporate | (3,281 | ) | (2,374 | ) | ||||
| Total segment severance costs | — | 609 | ||||||
| Total segment property, plant and equipment impairment charge | 25,365 | 14,099 | ||||||
| Total segment goodwill and other intangible asset impairment charge | 15,866 | — | ||||||
| Adjusted EBITDA | $ | 318,893 | $ | 305,453 | ||||
| ENVIRI CORPORATION RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS (Unaudited) | ||||||||||||||||
| Projected | Projected | |||||||||||||||
| Three Months Ending | Twelve Months Ending | |||||||||||||||
| March 31 | December 31 | |||||||||||||||
| 2025 | 2025 | |||||||||||||||
| (In millions) | Low | High | Low | High | ||||||||||||
| Consolidated loss from continuing operations | $ | (18 | ) | $ | (12 | ) | $ | (36 | ) | $ | (17 | ) | ||||
| Add back (deduct): | ||||||||||||||||
| Income tax expense (benefit) from continuing operations | (2 | ) | (1 | ) | 21 | 26 | ||||||||||
| Facility fees and debt-related (income) expense | 3 | 2 | 10 | 10 | ||||||||||||
| Net interest | 26 | 26 | 109 | 105 | ||||||||||||
| Defined benefit pension (income) expense | 5 | 5 | 20 | 20 | ||||||||||||
| Depreciation and amortization | 43 | 43 | 181 | 181 | ||||||||||||
| Consolidated Adjusted EBITDA | $ | 57 | $ | 63 | $ | 305 | $ | 325 | ||||||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided (used) by operating activities | $ | 36,292 | $ | 68,276 | $ | 78,063 | $ | 114,448 | ||||||||
| Less capital expenditures | (34,497 | ) | (45,395 | ) | (136,591 | ) | (139,025 | ) | ||||||||
| Less expenditures for intangible assets | (128 | ) | (25 | ) | (1,309 | ) | (503 | ) | ||||||||
| Plus capital expenditures for strategic ventures (a) | 918 | 562 | 3,095 | 3,020 | ||||||||||||
| Plus total proceeds from sales of assets (b) | 4,578 | 4,911 | 17,057 | 6,991 | ||||||||||||
| Plus transaction-related expenditures (c) | 364 | 1,625 | 5,842 | 2,670 | ||||||||||||
| Adjusted free cash flow | $ | 7,527 | $ | 29,954 | $ | (33,843 | ) | $ | (12,399 | ) | ||||||
(a) Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s consolidated financial statements.
(b) Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment. The twelve months ended December 31, 2024 also included asset sales by Corporate.
(c) Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate.
| ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED FREE CASH FLOW TO PROJECTED NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited) | ||||||||
| Projected Twelve Months Ending December 31 | ||||||||
| 2025 | ||||||||
| (In millions) | Low | High | ||||||
| Net cash provided by operating activities | $ | 156 | $ | 186 | ||||
| Less net capital / intangible asset expenditures | (130 | ) | (140 | ) | ||||
| Plus capital expenditures for strategic ventures | 4 | 4 | ||||||
| Adjusted free cash flow | $ | 30 | $ | 50 | ||||
| ENVIRI CORPORATION RECONCILIATION OF CHANGES IN REVENUES FROM ORGANIC GROWTH TO CHANGES IN REVENUES, AS REPORTED (Unaudited) | ||||||||||
| Twelve Months Ended | ||||||||||
| (in millions) | Organic | Other | Total | |||||||
| Total revenues - December 31, 2023 | $ | 2,366.0 | ||||||||
| Effects on revenues: | ||||||||||
| Price/volume changes | 78.1 | — | 78.1 | |||||||
| Foreign currency translation | — | (29.4 | ) | (29.4 | ) | |||||
| Harsco Environmental segment divestitures (a) | — | (48.8 | ) | (48.8 | ) | |||||
| Clean Earth segment pricing settlement with Stericycle, Inc. | — | (6.0 | ) | (6.0 | ) | |||||
| Harsco Rail segment adjustments from estimated forward loss provisions on certain contracts (b) | — | (17.3 | ) | (17.3 | ) | |||||
| Total change | 78.1 | (101.5 | ) | (23.4 | ) | |||||
| Total revenues - December 31, 2024 | $ | 2,342.6 | ||||||||
| Total change % | (4.3)% | (1.0)% | ||||||||
(a) Includes the sales of Performix Metallurgical Additives, LLC in April 2024 and Reed Minerals in August 2024.
(b) Change in revenue adjustments as a result of estimated forward loss provisions recorded by Harsco Rail during the twelve months ended December 31, 2024 and 2023, principally for the Deutsche Bahn, Network Rail and SBB contracts.
| ENVIRI CORPORATION RECONCILIATION OF CHANGES IN ADJUSTED EBITDA FROM ORGANIC GROWTH (Unaudited) | ||||||||
| (in millions) | Three Months Ended | Twelve Months Ended | ||||||
| Consolidated adjusted EBITDA - December 31, 2024 | $ | 70.2 | $ | 318.9 | ||||
| Consolidated adjusted EBITDA - December 31, 2023 | 77.1 | 305.5 | ||||||
| Change - 2024 vs. 2023 | $ | (6.9 | ) | $ | 13.4 | |||
| Effects on adjusted EBITDA: | ||||||||
| Divestitures (a) | (6.6 | ) | (10.0 | ) | ||||
| Foreign currency translation | (4.2 | ) | (9.4 | ) | ||||
| Total change from divestitures and foreign currency translation | (10.8 | ) | (19.4 | ) | ||||
| Total change from organic growth | $ | 3.9 | $ | 32.8 | ||||
| Total change % | 5.1% | 10.7% | ||||||
(a) Includes the sales of Performix Metallurgical Additives, LLC in April 2024 and Reed Minerals in August 2024.
| Investor Contact David Martin +1.267.946.1407 dmartin@enviri.com | Investor Contact Karen Tognarelli +1.717.480.6145 ktognarelli@enviri.com |
FAQ
What was Enviri's (NVRI) Q4 2024 revenue and how did it compare to the previous year?
What is NVRI's Adjusted EBITDA guidance for 2025?
How did NVRI's Clean Earth segment perform in Q4 2024?
What changes did NVRI make to its credit facilities in February 2025?
