Q4 2014 Results and 2015 Outlook Conference Call February 26, 2014 © 2015 Harsco Corporation. All rights reserved. Administrative Items Non-GAAP Measures Conference Call and Access to Information Throughout the Company's call and this presentation, the Company refers to certain non-GAAP measures, including, without limitation, adjusted operating income (loss) from continuing operations, adjusted operating income margin, adjusted diluted earnings per share from continuing operations, return on invested capit ...

Q4 2015 Results & Outlook Conference Call │February 26, 2016 ©2016 Harsco Corporation. All Rights Reserved Administrative Items Conference Call and Access to Information More information on Harsco's quarterly earnings, including the Company's earnings press release issued today and this presentation, is available on the Investor Relations portion of Harsco's website. Company management will discuss the Company's financial performance during a conference call today at 9:00 a.m. (ET). Both the presentation an ...

Financial Performance - Q4 2016 - Revenues for Q4 2016 were $360 million, a decrease of $27 million or 7% compared to Q4 2015[9] - GAAP Operating Income for Q4 2016 was $24 million[9] - Adjusted Operating Income for Q4 2016 was $28 million, a 9% increase compared to Q4 2015[9] - Adjusted Diluted Earnings Per Share for Q4 2016 was $0.16, a 46% increase compared to Q4 2015[9] - Free Cash Flow for Q4 2016 was $38 million[9] Financial Performance - FY 2016 - Revenues for FY 2016 were $1451 million, a decrease of $272 million or 16% compared to FY 2015[11] - GAAP Operating Income for FY 2016 was $63 million, a 28% decrease compared to FY 2015[11] - Adjusted Operating Income for FY 2016 was $116 million, a 14% decrease compared to FY 2015[11] - Adjusted Diluted Earnings Per Share for FY 2016 was $0.48, a 14% decrease compared to FY 2015[11] - Free Cash Flow for FY 2016 was $100 million[11] 2017 Outlook - The company anticipates GAAP Operating Income between $100 million and $120 million for 2017[29] - The company anticipates Free Cash Flow between $60 million and $80 million for 2017[29]

Q4 2017 Financial Performance - Revenues increased to $455 million, a 26% increase compared to 2016[7] - GAAP Operating Income increased to $38 million, a 59% increase compared to 2016[7] - Adjusted Operating Income increased to $38 million, a 37% increase compared to 2016[7] - Free Cash Flow increased to $63 million, a 66% increase compared to 2016[7] Full Year 2017 Financial Performance - Revenues reached $1607 million, an 11% increase compared to 2016[25] - GAAP Operating Income increased to $143 million, a 125% increase compared to 2016[25] - Adjusted Operating Income increased to $147 million, a 27% increase compared to 2016[25] - Adjusted Diluted Earnings Per Share increased to $074, a 54% increase compared to 2016[25] 2018 Outlook - The company anticipates GAAP Operating Income between $150 to $170 million[28] - The company anticipates Free Cash Flow between $80 million to $100 million[28]

Q4 2018 Results & Outlook Conference Call│ February 21, 2019 1 More information on Harsco's quarterly earnings, including the Company's earnings press release issued today and this presentation, is available on the Investor Relations portion of Harsco's website. Company management will discuss the Company's financial performance during a conference call today at 9:00 a.m. (ET). Both the presentation and access to the call are available at http://investors.harsco.com. A replay can also be accessed on the sit ...

Q4 2019 & Full Year 2019 Performance - Q4 2019 revenues were $400 million, a 21% increase compared to 2018[12] - Q4 2019 GAAP operating income was $20 million, a 29% decrease compared to 2018[12] - Q4 2019 adjusted operating income was $31 million, a 12% increase compared to 2018[12] - Full year 2019 revenues were $1.504 billion, a 12% increase compared to 2018[30] - Full year 2019 GAAP operating income was $104 million, a 20% decrease compared to 2018[30] - Full year 2019 adjusted operating income was $148 million, a 12% increase compared to 2018[30] Segment Performance - Harsco Environmental Q4 2019 revenues were $243 million, a 7% decrease compared to 2018[15] - Harsco Clean Earth Q4 2019 revenues were $82 million, a 22% increase compared to 2018[20] - Harsco Rail Q4 2019 revenues were $75 million, an 8% increase compared to 2018[25] 2020 Outlook - The company projects low-single digits percentage increase in revenues and adjusted EBITDA for 2020 versus 2019[32] - The company projects Clean Earth revenues of $310 to $330 million, a high-single digits growth year-over-year[32] - The company projects Rail revenues to increase approximately 30% at the mid-point of the range[32]

Q4 2020 Financial Performance - Revenues for Q4 2020 were $508 million, compared to $400 million in Q4 2019, and $509 million in Q3 2020[11] - Adjusted EBITDA for Q4 2020 was $62 million, slightly above the prior year's $61 million[11] - Adjusted diluted earnings per share for Q4 2020 were $0.12, the same as in Q4 2019[11] - Free cash flow for Q4 2020 was $(8) million, compared to $28 million in Q4 2019[11] 2020 Full Year Financial Performance - Revenues for 2020 were $1.864 billion, a 24% increase compared to 2019[28] - Adjusted EBITDA for 2020 was $238 million, a 10% decrease compared to 2019[28] - Adjusted diluted earnings per share for 2020 were $0.49, a 46% decrease compared to 2019[28] - Free cash flow for 2020 was $2 million, compared to $(31.642) million in 2019[28,64] 2021 Outlook - The company anticipates a 10% to 15% increase in revenues for 2021[31] - The company anticipates approximately a 20% increase in Adjusted EBITDA for 2021[31] - Projected Adjusted EBITDA for Clean Earth in 2021 is expected to be between $72 million and $78 million[31] - Projected consolidated Adjusted EBITDA for 2021 is expected to be between $275 million and $295 million[32]

Financial Performance - Q4 2021 - Revenues increased by 7% to $462 million compared to Q4 2020's $431 million[15] - Adjusted EBITDA was $58 million, a decrease of 1% compared to $59 million in the prior year quarter[15] - Adjusted EPS was $022, a 144% increase from $009 in the prior year[15] - Free cash flow was $(8) million, compared to $2 million in the prior year[15] Financial Performance - Full Year 2021 - Revenues increased by 20% to $1848 billion compared to $1534 billion in 2020[28] - Adjusted EBITDA increased by 21% to $252 million from $208 million in 2020[28] - Adjusted diluted EPS increased by 146% to $069 from $028 in 2020[28] - Free Cash Flow was $(2) million, compared to $31 million in the prior year[28] Segment Performance - Harsco Environmental (HE) - Q4 2021 - Revenues increased by 9% to $268 million compared to $246 million in Q4 2020[18] - Adjusted EBITDA was $49 million, a decrease of 6% compared to $52 million in the prior year[18] Segment Performance - Clean Earth (CE) - Q4 2021 - Revenues increased by 5% to $194 million compared to $185 million in Q4 2020[22] - Adjusted EBITDA was $164 million, a 3% increase compared to $159 million in the prior year[22] Outlook - The company expects low single-digit YoY revenue growth for Harsco Environmental in 2022, excluding FX impacts, with stable margins[32] - The company expects low to mid single-digit YoY revenue growth for Clean Earth in 2022, with margins up 100-200 basis points YoY[32] - The company expects consolidated adjusted EBITDA between $255 million and $275 million for 2022[34]

Group 1 - Enviri (NYSE: NVRI) stock presents both positive and negative aspects as a value play [1] - The Clean Earth business is identified as the most valuable segment, supporting a strong sum-of-the-parts valuation [1] Group 2 - The author has been contributing to investment analysis since 2011, focusing on value investing [1]

Revenue Performance - Total revenues for Q1 2025 were $548.3 million, a decrease of 8.7% from $600.3 million in Q1 2024[115]. - Harsco Environmental segment revenues decreased to $243.1 million, down 18.8% from $299.1 million in the prior year, primarily due to divestitures and lost contracts[115][116]. - Clean Earth segment revenues increased to $235.2 million, up 4.1% from $226.0 million in Q1 2024, driven by positive price and volume changes[115][119]. - Harsco Rail segment revenues decreased to $69.9 million, down 7.0% from $75.2 million in Q1 2024, impacted by lower demand and foreign currency translation[115][121]. - Total revenues for the three months ended March 31, 2025 decreased by $52.0 million, or 8.7%, compared to the same period in 2024[127]. Operating Income and Expenses - Consolidated operating income for Q1 2025 was $30.7 million, an increase of 18.9% from $25.8 million in Q1 2024[115]. - The operating margin for the consolidated company improved to 5.6% in Q1 2025, compared to 4.3% in Q1 2024[115]. - Cost of services and products sold decreased by $54.5 million, or 11.4%, for the three months ended March 31, 2025, primarily due to changes in revenue volume and mix, divestitures, and foreign currency translation[128]. - Selling, general and administrative expenses increased by $2.0 million, or 2.3%, for the three months ended March 31, 2025, mainly due to higher professional fees and compensation costs[129]. - Loss from continuing operations was $11.0 million for the three months ended March 31, 2025, an improvement from a loss of $15.7 million in the same period in 2024[137]. Cash Flow and Financing Activities - Net cash provided by operating activities was $6.6 million for the three months ended March 31, 2025, an increase of $5.3 million from the prior year[141]. - Net cash used by investing activities was $18.4 million for the three months ended March 31, 2025, a decrease of $4.8 million from the same period in 2024[142]. - Net cash provided by financing activities increased by $13.2 million to $26.1 million for the three months ended March 31, 2025, primarily due to higher net borrowings[143]. - The Company received $10.0 million in proceeds from the AR Facility during the three months ended March 31, 2025, compared to no proceeds in the same period of 2024[150]. - The AR Facility has a maximum purchase commitment of $160.0 million, increased from $150.0 million under amended terms in February 2025[149]. Debt and Compliance - The company's total debt as of March 31, 2025 was $1,393.3 million, an increase from $1,364.5 million at the end of 2024[146]. - The net debt to consolidated adjusted EBITDA ratio covenant is set at 4.75x for the quarter ended March 31, 2025[147]. - As of March 31, 2025, the total net debt to Consolidated Adjusted EBITDA ratio was 4.31x, below the permitted maximum of 4.75x, and the total interest coverage ratio was 3.03x, above the permitted minimum of 2.50x[148]. - The Company could increase net debt by $142.4 million while remaining compliant with debt covenants, or Consolidated Adjusted EBITDA could decrease by $30.0 million, or interest expense could increase by $22.4 million without breaching covenants[148]. Other Financial Metrics - A favorable net change in forward estimated loss provisions of $11.1 million was recorded in Q1 2025, related to long-term contracts, with no such adjustment in the prior year[125]. - The company faced a $4.0 million increase in severance and related costs due to restructuring activities in Q1 2025 compared to the same period in 2024[118]. - Total other comprehensive income was $8.7 million for the three months ended March 31, 2025, compared to a loss of $7.7 million in the same period in 2024[138]. Cash Management and Market Risks - At March 31, 2025, the Company's consolidated cash and cash equivalents included $101.2 million held by non-U.S. subsidiaries, with approximately 4.8% subject to regulatory restrictions[152]. - Non-U.S. subsidiaries held $28.7 million of cash and cash equivalents in consolidated strategic ventures, which may require partner approval for fund transfers[152]. - The Company has centralized cash management systems to reduce short-term borrowings and finance working capital needs[151]. - Market risks have not changed significantly from those disclosed in the Company's Annual Report for the fiscal year ended December 31, 2024[154]. Regulatory and Tariff Impacts - The company is assessing the impact of new tariffs imposed by the U.S. government and the European Union on its operations[112].