Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 18—SEGMENT INFORMATION

The Company’s reportable segments for the years ended December 31, 2021, 2020, and 2019 are Renewable Natural Gas and Renewable Electricity Generation. Renewable Natural Gas includes the production of RNG. Renewable Electricity Generation includes generation of electricity at biogas-to-electricity plants. The corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation of the Company’s consolidated financial statements. The following table is consistent with the manner in which the chief operating decision maker evaluates the performance of each segment and allocates the Company’s resources. In the following tables “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation.

	For the year ended December 31, 2021
	RNG		REG			Corporate			Total
Total Revenue	$	131,803	$	15,449		$	875		$	148,127
Net Income (Loss)		49,387		(3,129	)		(50,786	)		(4,528	)
EBITDA		66,549		2,399			(43,518	)		25,430
Adjusted EBITDA(1)		67,812		3,149			(43,012	)		27,949
Total Assets		150,472		57,980			78,028			286,480
Capital Expenditure		7,647		2,296			43			9,986

(1) 2021 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the year ended December 31, 2021:

	For the year ended December 31, 2021
	RNG		REG			Corporate			Total
Net Income (loss)	$	49,387	$	(3,129	)	$	(50,786	)	$	(4,528	)
Depreciation and amortization		17,162		5,528			179			22,869
Interest expense		—		—			2,928			2,928
Income tax expense (benefit)		—		—			4,161			4,161
EBITDA	$	66,549	$	2,399		$	(43,518	)	$	25,430
Impairment loss		441		750			—			1,191
Net loss of sale of assets		822		—			—			822
Transaction Costs		—		—			352			352
Loss on extinguishment of debt							154			154
Adjusted EBITDA	$	67,812	$	3,149		$	(43,012	)	$	27,949
	For the year ended December 31, 2020
	RNG		REG			Corporate			Total
Total Revenue	$	83,236	$	16,665		$	482		$	100,383
Net Income (Loss)		22,068		(2,713	)		(14,752	)		4,603
EBITDA		36,920		4,649			(16,506	)		25,063
Adjusted EBITDA(2)		37,219		4,948			(16,118	)		26,049
Total Assets		159,899		52,539			40,918			253,356
Capital Expenditure		14,071		3,513			62			17,646

(2) 2020 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the year ended December 31, 2020:

	For the year ended December 31, 2020
	RNG		REG			Corporate			Total
Net Income (loss)	$	22,068	$	(2,713	)	$	(14,752	)	$	4,603
Depreciation and amortization		14,852		7,086			179			22,117
Interest expense		—		—			4,339			4,339
Income tax expense (benefit)		—		276			(6,272	)		(5,996	)
EBITDA	$	36,920	$	4,649		$	(16,506	)	$	25,063
Impairment loss		—		278			—			278
Net loss of sale of assets		299		21			—			320
Non-cash hedging charges		—		—			388			388
Adjusted EBITDA	$	37,219	$	4,948		$	(16,118	)	$	26,049
	For the year ended December 31, 2019
	RNG		REG			Corporate			Total
Total Revenue	$	84,157	$	19,859		$	1,698		$	105,714
Net Income (Loss)		25,640		(1,635	)		(18,185	)		5,820
EBITDA		37,342		5,428			(11,968	)		30,802
Adjusted EBITDA(3)		39,019		6,185			(12,093	)		33,111
Total Assets		136,068		83,051			24,494			243,613
Capital Expenditure		33,509		11,731			370			45,610

(3) 2019 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the year ended December 31, 2019:

	For the year ended December 31, 2019
	RNG			REG			Corporate			Total
Net Income (loss)	$	25,640		$	(1,635	)	$	(18,185	)	$	5,820
Depreciation and amortization		11,702			7,878			180			19,760
Interest expense		—			7			5,569			5,576
Income tax expense (benefit)		—			(822	)		468			(354	)
EBITDA	$	37,342		$	5,428		$	(11,968	)	$	30,802
Impairment loss		1,690			753			—			2,443
Transaction Cost		83			4			115			202
Equity gain of nonconsolidated investments		(94	)		—			—			(94	)
Net loss (gain) of sale of assets		(2	)		—			12			10
Non-cash hedging charges		—			—			(252	)		(252	)
Adjusted EBITDA	$	39,019		$	6,185		$	(12,093	)	$	33,111

For the years ended December 31, 2021, 2020 and 2019, two, four and five customers, respectively, made up greater than 10% of our total revenues.

	For the year ended December 31, 2021
	RNG			REG			Corporate		Total
Customer A		13.1	%		—			—		13.1	%
Customer B		12.4	%		—			—		12.4	%
	For the year ended December 31, 2020
	RNG			REG			Corporate		Total
Customer A		15.1	%		—			—		15.1	%
Customer B		—			14.4	%		—		14.4	%
Customer C		14.1	%		—			—		14.1	%
Customer D		11.3	%		—			—		11.3	%
	For the year ended December 31, 2019
	RNG			REG			Corporate		Total
Customer A		—			14.5	%		—		14.5	%
Customer B		14.2	%		—			—		14.2	%
Customer C		14.1	%		—			—		14.1	%
Customer D		11.2	%		—			—		11.2	%
Customer E		11.1	%		—			—		11.1	%