Segment Reporting - Predecessor |
NOTE 19 – Segment Information
The Company’s two reporting segments for the three and nine months ended September 30, 2022 and 2021 are RNG and Power. The Company’s chief operating decision maker evaluates the performance of its segments based on operational measures including revenues, net income and EBITDA.
The following summarizes selected financial information for the Company’s reporting segments:
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(in thousands) |
RNG |
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Power |
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Corporate and Other |
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Total |
Three months ended September 30, 2022 |
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Revenue and other income |
$ |
73,857 |
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$ |
27,366 |
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$ |
3,770 |
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$ |
104,993 |
Intersegment revenue |
— |
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1,161 |
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(1,161) |
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— |
Total revenue and other income |
73,857 |
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28,527 |
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2,609 |
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104,993 |
Equity investment income, net |
2,547 |
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398 |
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— |
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2,945 |
Net income (loss) |
17,762 |
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3,249 |
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(45,246) |
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(24,235) |
Interest expense |
1,454 |
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— |
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9,121 |
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10,575 |
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Depreciation, amortization and accretion |
11,104 |
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5,602 |
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266 |
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16,972 |
Income tax expense |
5 |
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6 |
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46 |
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57 |
EBITDA |
$ |
30,325 |
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$ |
8,857 |
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$ |
(35,813) |
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$ |
3,369 |
Nine months ended September 30, 2022 |
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Revenue and other income |
$ |
171,480 |
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$ |
59,307 |
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$ |
8,322 |
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$ |
239,109 |
Intersegment revenue |
— |
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3,938 |
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(3,938) |
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— |
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Total revenue and other income |
171,480 |
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63,245 |
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4,384 |
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239,109 |
Equity investment income, net |
6,091 |
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976 |
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— |
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7,067 |
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Net income (loss) |
42,188 |
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6,523 |
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(73,494) |
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(24,783) |
Interest expense |
3,448 |
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— |
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13,493 |
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16,941 |
Depreciation, amortization and accretion |
31,178 |
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11,333 |
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680 |
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43,191 |
Income tax expense |
5 |
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6 |
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175 |
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186 |
EBITDA |
$ |
76,819 |
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$ |
17,862 |
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$ |
(59,146) |
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$ |
35,535 |
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September 30, 2022 |
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Goodwill |
$ |
47,833 |
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$ |
— |
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$ |
— |
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$ |
47,833 |
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Three months ended September 30, 2021 |
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Revenue and other income |
$ |
5,963 |
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$ |
5,158 |
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$ |
865 |
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$ |
11,986 |
Intersegment revenue |
— |
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12 |
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(12) |
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— |
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Total revenue and other income |
5,963 |
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5,170 |
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853 |
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11,986 |
Net income (loss) |
28 |
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(320) |
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(23,885) |
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(24,177) |
Interest expense |
(18) |
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— |
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1,604 |
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1,586 |
Depreciation, amortization and accretion |
1,906 |
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1,204 |
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32 |
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3,142 |
EBITDA |
$ |
1,916 |
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$ |
884 |
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$ |
(22,249) |
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$ |
(19,449) |
Nine months ended September 30, 2021 |
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Revenue and other income |
$ |
6,785 |
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$ |
7,395 |
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$ |
4,588 |
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$ |
18,768 |
Intersegment revenue |
— |
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12 |
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(12) |
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— |
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Total revenue and other income |
6,785 |
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7,407 |
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4,576 |
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18,768 |
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Net income (loss) |
(1,538) |
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(2,150) |
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(30,918) |
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(34,606) |
Interest expense |
2 |
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— |
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1,604 |
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1,606 |
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Depreciation, amortization and accretion |
2,121 |
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1,834 |
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122 |
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4,077 |
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EBITDA |
$ |
585 |
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$ |
(316) |
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$ |
(29,192) |
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$ |
(28,923) |
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December 31, 2021 |
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Goodwill |
$ |
29,211 |
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$ |
— |
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$ |
— |
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$ |
29,211 |
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Segment Reporting - Predecessor |
Segment Reporting - Predecessor
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(in thousands) |
RNG |
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Power |
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Corporate and Other |
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Total |
For the period July 1 to September 14, 2021 |
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Total revenue and other income |
$ |
27,668 |
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$ |
9,127 |
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$ |
(1,807) |
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$ |
34,988 |
Net income (loss) |
20,293 |
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1,505 |
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(22,332) |
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(534) |
Depreciation, amortization and accretion |
1,888 |
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2,739 |
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7 |
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4,634 |
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Interest expense |
— |
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— |
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2,053 |
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2,053 |
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EBITDA |
$ |
22,181 |
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$ |
4,244 |
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$ |
(20,272) |
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$ |
6,153 |
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For the year-to-date period ended September 14, 2021 |
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Total Revenue and other income |
$ |
82,338 |
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$ |
37,058 |
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$ |
(1,807) |
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$ |
117,589 |
Net income (loss) |
59,066 |
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66,431 |
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(40,977) |
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84,520 |
Depreciation, amortization and accretion |
6,447 |
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9,467 |
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34 |
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15,948 |
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Interest expense |
— |
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— |
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10,729 |
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10,729 |
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EBITDA |
$ |
65,513 |
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$ |
75,898 |
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$ |
(30,214) |
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$ |
111,197 |
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