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Casella Waste Systems, Inc. (CWST)

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Previous Close66.85
Open66.33
Bid66.34 x 800
Ask66.47 x 800
Day's Range65.87 - 66.51
52 Week Range46.61 - 68.64
Volume32,297
Avg. Volume234,898
Market Cap3.406B
Beta (5Y Monthly)0.93
PE Ratio (TTM)35.01
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Casella Chooses Rehrig Pacific as Partner for Sustainability Initiative
    PR Newswire

    Casella Chooses Rehrig Pacific as Partner for Sustainability Initiative

    Rehrig Pacific recently announced it was selected by leading waste hauler Casella (NASDAQ: CWST) to manufacture and distribute recycling carts made from recycled plastic for the Town of Stratham, New Hampshire under a new sustainability initiative.

  • Casella Waste Systems, Inc. Announces First Quarter 2021 Results; And Updates Fiscal Year 2021 Guidance
    GlobeNewswire

    Casella Waste Systems, Inc. Announces First Quarter 2021 Results; And Updates Fiscal Year 2021 Guidance

    First quarter financial results exceeded expectations, with strong operating execution, cost efficiencies and disciplined cash flow management.The Company raised its Adjusted EBITDA, net cash provided by operating activities, and Adjusted Free Cash Flow guidance ranges, and reaffirmed its revenue and net income guidance ranges for the fiscal year ending December 31, 2021 ("fiscal year 2021"). RUTLAND, Vt., April 29, 2021 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported its financial results for the three month period ended March 31, 2021. Highlights for the Three Months Ended March 31, 2021: Revenues were $189.5 million for the quarter, up $6.6 million, or up 3.6%, from the same period in 2020. Overall solid waste pricing for the quarter was up 3.4%, driven by collection pricing, up 3.5%, and landfill pricing, up 3.5%, from the same period in 2020.Net income was $4.3 million for the quarter, up $3.3 million, or up 349.5%, from the same period in 2020. Adjusted EBITDA, a non-GAAP measure, was $38.8 million for the quarter, up $5.3 million, or up 15.9%, from the same period in 2020. Net income as a percentage of revenues was 2.3% for the quarter, up 175 basis points from the same period in 2020. Adjusted EBITDA as a percentage of revenues, a non-GAAP measure, was 20.5% for the quarter, up 215 basis points from the same period in 2020.Net cash provided by operating activities was $32.1 million for the quarter, up $17.4 million, or up 117.3%, from the same period in 2020.Adjusted Free Cash Flow, a non-GAAP measure, was $11.0 million for the quarter, up $6.9 million, or up 172.8%, from the same period in 2020. “Our team continued to execute very well through the first quarter as we increased Adjusted EBITDA by 15.9%, Adjusted EBITDA margins by 215 basis points, and Adjusted Free Cash Flow by 172.8% year-over-year in the quarter despite continued solid waste volume headwinds due to the COVID-19 pandemic,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “These positive results are a testament to the hard work, adaptability and dedication of our team, the resiliency of our business model, our asset positioning in the disposal capacity constrained northeast market that allowed us to advance positive solid waste pricing, and strong execution against our operating and cost efficiency programs.” “Solid waste volume declines continued to moderate sequentially from the fourth quarter of 2020 through the first quarter of fiscal year 2021,” Casella said. “With volumes down (3.3)% year-over-year in the quarter, we had a tough volume comparison in the first quarter as we experienced only very limited negative impacts from the COVID-19 pandemic late in the first quarter last year. We expect solid waste volumes to improve year-over-year through the remainder of fiscal year 2021.” “As more Americans are vaccinated and the states in which we operate further ease COVID-19 specific restrictions, we continue to see additional commercial customers reopen or increase services, construction activity increase, and overall economic activity rebound across our mainly secondary and rural markets in the northeast,” Casella said. “We continued to make great progress against our 2021 strategic plan during the quarter,” Casella said. “And, we are well positioned to drive additional acquisition growth through the remainder of the year as our acquisition pipeline remains robust and activity is accelerating.” For the quarter, revenues were $189.5 million, up $6.6 million, or up 3.6%, from the same period in 2020, with revenue growth mainly driven by: positive collection and disposal pricing; the roll-over impact from acquisitions; higher recycling commodity prices; and higher resource solutions non-processing revenues; partially offset by lower solid waste volumes primarily due to the negative impacts of the COVID-19 pandemic and lower fuel surcharge and other fees. Net income was $4.3 million for the quarter, or $0.08 per diluted common share, up $3.3 million, or up 349.5%, as compared to net income of $1.0 million, or $0.02 per diluted common share, for the same period in 2020. The quarter included $0.4 million of expense from acquisition activities and $0.2 million of legal and other expenses associated with the closure of our landfill in Southbridge, Massachusetts ("Southbridge Landfill"). The same quarter last year included $1.0 million of expense from acquisition activities and $0.6 million of legal and other costs associated with the Southbridge Landfill closure. Given the reversal of the tax valuation allowance in 2020, we expect an income statement tax provision of approximately 31% in fiscal year 2021. The income tax provision was $2.4 million in the quarter, up $2.3 million from the same period in 2020, and as expected we paid cash taxes of $0.2 million in the quarter. Adjusted Net Income, a non-GAAP measure, was $4.8 million for the quarter, or $0.09 Adjusted Diluted Earnings Per Common Share, up $2.6 million, or up 122.1%, as compared to Adjusted Net Income of $2.1 million, or $0.04 Adjusted Diluted Earnings Per Common Share, for the same period in 2020. Operating income was $12.0 million for the quarter, up $5.0 million, or up 71.3% from the same period in 2020. Adjusted EBITDA was $38.8 million for the quarter, up $5.3 million, or up 15.9%, from the same period in 2020. Fiscal Year 2021 Outlook “Given our solid execution year-to-date combined with increased visibility of economic trends, we are updating our fiscal year 2021 guidance ranges that were first announced in mid-February,” Casella said. “These guidance ranges assume a stable economic environment continuing through the remainder of the year with only a modest rebound in solid waste volumes as major cities in our markets are slowly reopening from the COVID-19 pandemic.” The Company raised guidance for fiscal year 2021 by estimating results in the following ranges: Adjusted EBITDA between $185 million and $189 million (raised from $184 million and $188 million);Net cash provided by operating activities between $150 million and $154 million (raised from $149 million and $153 million); andAdjusted Free Cash Flow between $76 million and $80 million (raised from $75 million and $79 million). And, the Company reaffirmed guidance for fiscal year 2021 by estimating results in the following ranges: Revenues between $815 million and $830 million; andNet income between $33 million and $37 million. Adjusted EBITDA and Adjusted Free Cash Flow related to fiscal year 2021 are described in the Reconciliation of Fiscal Year 2021 Outlook Non-GAAP Measures section of this press release. Net income and Net cash provided by operating activities are provided as the most directly comparable GAAP measures to Adjusted EBITDA and Adjusted Free Cash Flow, respectively, however these forward-looking estimates for fiscal year 2021 do not contemplate any unanticipated or non-recurring impacts. Conference call to discuss quarter The Company will host a conference call to discuss these results on Friday, April 30, 2021 at 10:00 a.m. Eastern Time. Individuals interested in participating in the call should dial (877) 838-4153 or for international participants (720) 545-0037 at least 10 minutes before start time. The Conference ID is 760 9317 for the call and the replay. The call will also be webcast; to listen, participants should visit the company’s website at http://ir.casella.com and follow the appropriate link to the webcast. A replay of the call will be available on the Company's website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 760 9317). About Casella Waste Systems, Inc. Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides resource management expertise and services to residential, commercial, municipal and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services in the northeastern United States. For further information, investors contact Ned Coletta, Chief Financial Officer at (802) 772-2239; media contact Joseph Fusco, Vice President at (802) 772-2247; or visit the Company’s website at http://www.casella.com. Safe Harbor Statement Certain matters discussed in this press release, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, the expected and potential direct or indirect impacts of the COVID-19 pandemic on our business; our financial performance; financial condition; operations and services; prospects; growth; strategies; and guidance for fiscal year 2021, are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,” "will," “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management’s beliefs and assumptions. The Company cannot guarantee that it actually will achieve the financial results, plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of the Company's operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in its forward-looking statements. Such risks and uncertainties include or relate to, among other things, the following: it is challenging to predict the duration and scope of the COVID-19 pandemic and its negative effect on the economy, our operations and financial results; policies adopted by China and other countries will further restrict imports of recyclable materials into those countries and have a further material impact on the Company’s financial results; the capping and closure of the Southbridge Landfill and the lawsuit relating to the North Country Landfill could result in material unexpected costs; adverse weather conditions may negatively impact the Company's revenues and its operating margin; the Company may be unable to increase volumes at its landfills or improve its route profitability; the economics of recycling programs may cause municipalities to reconsider the viability of continuing these programs; the Company's need to service its indebtedness may limit its ability to invest in its business; the Company may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by factors outside the Company's control; the Company may be required to incur capital expenditures in excess of its estimates; the Company's insurance coverage and self-insurance reserves may be inadequate to cover all of its significant risk exposures; fluctuations in energy pricing or the commodity pricing of its recyclables may make it more difficult for the Company to predict its results of operations or meet its estimates; the Company may be unable to achieve its acquisition or development targets on favorable pricing or at all; and the Company may incur environmental charges or asset impairments in the future. There are a number of other important risks and uncertainties that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, “Risk Factors” in the Company's most recently filed Form 10-K and in other filings that the Company may make with the Securities and Exchange Commission in the future. The Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Investors: Ned ColettaChief Financial Officer(802) 772-2239 Media: Joseph FuscoVice President(802) 772-2247http://www.casella.com CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except for per share data) Three Months EndedMarch 31, 2021 2020Revenues$189,532 $182,910 Operating expenses: Cost of operations127,139 128,518 General and administration27,131 24,352 Depreciation and amortization22,682 21,406 Expense from acquisition activities414 1,009 Southbridge Landfill closure charge157 613 177,523 175,898 Operating income12,009 7,012 Other expense (income): Interest expense, net5,404 5,901 Other (income) expense(138) 43 Other expense, net5,266 5,944 Income before income taxes6,743 1,068 Provision for income taxes2,432 109 Net income$4,311 $959 Basic weighted average common shares outstanding51,179 48,005 Basic earnings per common share$0.08 $0.02 Diluted weighted average common shares outstanding51,387 48,262 Diluted earnings per common share$0.08 $0.02 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) March 31,2021 December 31,2020 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents$152,555 $154,342 Accounts receivable, net of allowance for credit losses66,326 74,198 Other current assets20,625 18,714 Total current assets239,506 247,254 Property, plant and equipment, net of accumulated depreciation and amortization523,316 510,512 Operating lease right-of-use assets92,537 95,310 Goodwill196,316 194,901 Intangible assets, net of accumulated amortization57,581 58,324 Restricted assets1,871 1,848 Cost method investments11,264 11,264 Deferred income taxes57,731 61,163 Other non-current assets14,124 13,322 Total assets$1,194,246 $1,193,898 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of debt$10,918 $9,240 Current operating lease liabilities7,122 8,547 Accounts payable50,547 49,198 Other accrued liabilities54,488 64,223 Total current liabilities123,075 131,208 Debt, less current portion531,105 530,411 Operating lease liabilities, less current portion60,854 60,979 Other long-term liabilities105,876 109,158 Total stockholders' equity373,336 362,142 Total liabilities and stockholders' equity$1,194,246 $1,193,898 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) Three Months EndedMarch 31, 2021 2020Cash Flows from Operating Activities: Net income$4,311 $959 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization22,682 21,406 Depletion of landfill operating lease obligations1,604 1,673 Interest accretion on landfill and environmental remediation liabilities1,957 1,794 Amortization of debt issuance costs572 527 Stock-based compensation2,941 1,562 Operating lease right-of-use assets expense1,411 2,417 (Gain) loss on sale of property and equipment(24) 137 Southbridge Landfill non-cash closure charge(7) 51 Non-cash expense from acquisition activities146 532 Deferred income taxes2,300 967 Changes in assets and liabilities, net of effects of acquisitions and divestitures(5,746) (17,234) Net cash provided by operating activities32,147 14,791 Cash Flows from Investing Activities: Acquisitions, net of cash acquired(4,568) (5,144)Additions to property, plant and equipment(26,832) (19,851)Proceeds from sale of property and equipment123 51 Net cash used in investing activities(31,277) (24,944)Cash Flows from Financing Activities: Proceeds from debt borrowings— 73,500 Principal payments on debt(2,769) (40,686)Payments of debt issuance costs— (11)Proceeds from the exercise of share based awards112 100 Net cash (used in) provided by financing activities(2,657) 32,903 Net (decrease) increase in cash and cash equivalents(1,787) 22,750 Cash and cash equivalents, beginning of period154,342 3,471 Cash and cash equivalents, end of period$152,555 $26,221 Supplemental Disclosure of Cash Flow Information: Cash interest payments$5,020 $5,372 Cash income tax payments$238 $84 Non-current assets obtained through long-term financing obligations$4,569 $6,469 Right-of-use assets obtained in exchange for operating lease obligations$512 $2,366 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF CERTAIN NON-GAAP MEASURES(Unaudited)(In thousands) Non-GAAP Performance Measures In addition to disclosing financial results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company also presents non-GAAP performance measures such as Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted Operating Income, Adjusted Operating income as a percentage of revenues, Adjusted Net Income and Adjusted Diluted Earnings Per Common Share that provide an understanding of operational performance because it considers them important supplemental measures of the Company's performance that are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company's results. The Company also believes that identifying the impact of certain items as adjustments provides more transparency and comparability across periods. Management uses these non-GAAP performance measures to further understand its “core operating performance” and believes its “core operating performance” is helpful in understanding its ongoing performance in the ordinary course of operations. The Company believes that providing such non-GAAP performance measures to investors, in addition to corresponding income statement measures, affords investors the benefit of viewing the Company’s performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations has performed. The tables below set forth such performance measures on an adjusted basis to exclude such items: Three Months EndedMarch 31, 2021 2020Net income $4,311 $959 Net income as a percentage of revenues2.3 % 0.5 %Provision for income taxes2,432 109 Other (income) expense(138) 43 Interest expense, net5,404 5,901 Expense from acquisition activities (i)414 1,009 Southbridge Landfill closure charge (ii)157 613 Depreciation and amortization22,682 21,406 Depletion of landfill operating lease obligations1,604 1,673 Interest accretion on landfill and environmental remediation liabilities1,957 1,794 Adjusted EBITDA$38,823 $33,507 Adjusted EBITDA as a percentage of revenues20.5 % 18.3 %Depreciation and amortization(22,682) (21,406) Depletion of landfill operating lease obligations(1,604) (1,673) Interest accretion on landfill and environmental remediation liabilities(1,957) (1,794) Adjusted Operating Income$12,580 $8,634 Adjusted Operating Income as a percentage of revenues6.6 % 4.7 % Three Months EndedMarch 31, 2021 2020Net income $4,311 $959 Expense from acquisition activities (i)414 1,009 Southbridge Landfill closure charge (ii)157 613 Tax effect (iii)(131) (442)Adjusted Net Income$4,751 $2,139 Diluted weighted average common shares outstanding51,387 48,262 Diluted earnings per common share$0.08 $0.02 Expense from acquisition activities (i)0.01 0.02 Southbridge Landfill closure charge (ii)— 0.01 Tax effect (iii)— (0.01)Adjusted Diluted Earnings Per Common Share$0.09 $0.04 (i) Expense from acquisition activities are primarily legal, consulting or other similar costs incurred during the period related to acquisition diligence, acquisition integration or select development projects as part of the Company’s strategic growth initiative. (ii) Southbridge Landfill closure charge are expenses related to the unplanned early closure of the Southbridge Landfill along with associated legal activities. The Company initiated the unplanned, premature closure of the Southbridge Landfill in the fiscal year ended December 31, 2017 due to the significant capital investment required to obtain expansion permits and for future development coupled with an uncertain regulatory environment. The unplanned closure of the Southbridge Landfill reduced the economic useful life of the assets from prior estimates by approximately ten years. The Company expects to incur certain costs through completion of the closure process. (iii) Tax effect of the adjustments is an aggregate of the current and deferred tax impact of each adjustment, including the impact to the effective tax rate, current provision and deferred provision. The computation considers all relevant impacts of the adjustments, including available net operating loss carryforwards and the impact on the remaining valuation allowance. Non-GAAP Liquidity Measures In addition to disclosing financial results prepared in accordance with GAAP, the Company also presents non-GAAP liquidity measures such as Adjusted Free Cash Flow, Bank Consolidated EBITDA, Consolidated Funded Debt, Net and Consolidated Net Leverage Ratio that provide an understanding of the Company's liquidity because it considers them important supplemental measures of its liquidity that are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company's cash flow generation from its core operations that are then available to be deployed for strategic acquisitions, growth investments, development projects, unusual landfill closures, site improvement and remediation, and strengthening the Company’s balance sheet through paying down debt. The Company also believes that identifying the impact of certain items as adjustments provides more transparency and comparability across periods. Management uses non-GAAP liquidity measures to understand the Company’s cash flow provided by operating activities after certain expenditures along with its consolidated net leverage and believes that these measures demonstrate the Company’s ability to execute on its strategic initiatives. The Company believes that providing such non-GAAP liquidity measures to investors, in addition to corresponding cash flow statement measures, affords investors the benefit of viewing the Company’s liquidity using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and cash flow generation has performed. The tables below, in some instances on an adjusted basis to exclude certain items, set forth such liquidity measures: Three Months EndedMarch 31, 2021 2020Net cash provided by operating activities$32,147 $14,791 Capital expenditures(26,832) (19,851)Proceeds from sale of property and equipment123 51 Southbridge Landfill closure and Potsdam environmental remediation (i)391 1,458 Cash outlays from acquisition activities (ii)268 477 Post acquisition and development project capital expenditures (iii)3,771 5,860 Waste USA Landfill phase VI capital expenditures (iv)1,100 1,235 Adjusted Free Cash Flow$10,968 $4,021 (i) Southbridge Landfill closure and Potsdam environmental remediation are cash outlays associated with the unplanned closure of the Southbridge Landfill and the Company's portion of costs associated with environmental remediation at Potsdam, which are added back when calculating Adjusted Free Cash Flow due to their non-recurring nature and the significance of the related cash flows. The Company initiated the unplanned closure of the Southbridge Landfill in the fiscal year ended December 31, 2017 and expects to incur cash outlays through completion of the closure and environmental remediation process. The Potsdam site was deemed a Superfund site in 2000 and is not associated with current operations. (ii) Cash outlays from acquisition activities are cash outlays for transaction and integration costs relating to specific acquisition transactions and include legal, environmental, valuation and consulting as well as asset, workforce and system integration costs as part of the Company’s strategic growth initiative. (iii) Post acquisition and development project capital expenditures are (x) acquisition related capital expenditures that are necessary to optimize strategic synergies associated with integrating newly acquired operations as contemplated by the discounted cash flow return analysis conducted by management as part of the acquisition investment decision; and (y) non-routine development investments that are expected to provide long-term returns. Acquisition related capital expenditures include the following costs required to achieve initial operating synergies: trucks, equipment and machinery; and facilities, land, IT infrastructure or related upgrades to integrate operations. (iv) Waste USA Landfill phase VI capital expenditures are capital expenditures related to Waste USA Landfill phase VI construction and development that are added back when calculating Adjusted Free Cash Flow due to the specific nature of this investment in the development of long-term infrastructure which is different from landfill construction investments in the normal course of operations. This investment at the Waste USA Landfill is unique because the Company is investing in long-term infrastructure over an estimated four year period that will not yield a positive economic benefit until 2023 and extending over approximately 20 years. Following is the Consolidated Net Leverage Ratio and the reconciliations of Consolidated Funded Debt, Net from debt and Bank Consolidated EBITDA from Net cash provided by operating activities: Twelve Months Ended March 31, 2021 Covenant Requirement at March 31, 2021Consolidated Net Leverage Ratio (i)2.66 4.00 (i) Our credit agreement requires us to maintain a maximum consolidated net leverage ratio, to be measured at the end of each fiscal quarter ("Consolidated Net Leverage Ratio"). The Consolidated Net Leverage Ratio is calculated as consolidated debt, net of unencumbered cash and cash equivalents in excess of $2,000 and up to $50,000 ("Consolidated Funded Debt, Net", calculated at $500,220 as of March 31, 2021, or $550,220 of consolidated debt, less $50,000 of cash and cash equivalents in excess of $2,000 and up to $50,000 as of March 31, 2021), divided by consolidated EBITDA as defined by our credit agreement ("Bank Consolidated EBITDA"). Bank Consolidated EBITDA is based on operating results for the twelve months preceding the measurement date of March 31, 2021. A reconciliation of Bank Consolidated EBITDA from Net cash provided by operating activities is as follows: Twelve Months Ended March 31, 2021Net cash provided by operating activities $157,278 Changes in assets and liabilities, net of effects of acquisitions and divestitures13,678 Loss on sale of property and equipment(775)Non-cash expense from acquisition activities(168)Southbridge Landfill non-cash closure charge(205)Operating lease right-of-use assets expense(7,470)Stock-based compensation(9,598)Interest expense, less amortization of debt issuance costs19,673 Benefit for income taxes, net of deferred income taxes474 Adjustments as allowed by the credit agreement15,408 Bank Consolidated EBITDA$188,295 Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted Operating Income, Adjusted Operating Income as a percentage of revenues, Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted Free Cash Flow, Bank Consolidated EBITDA, Consolidated Funded Debt, Net and Consolidated Net Leverage Ratio should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted Operating Income, Adjusted Operating Income as a percentage of revenues, Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted Free Cash Flow, Bank Consolidated EBITDA, Consolidated Funded Debt, Net and Consolidated Net Leverage Ratio presented by other companies. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF FISCAL YEAR 2021 OUTLOOK NON-GAAP MEASURES(Unaudited)(In thousands) Following is a reconciliation of the Company's estimated Adjusted EBITDA (i) from estimated Net income for fiscal year 2021: (Estimated) Fiscal Year Ending December 31, 2021Net income $33,000 - $37,000Provision for income taxes16,000Other income(500)Interest expense, net22,000Expense from acquisition activities1,000Southbridge Landfill closure charge1,000Depreciation and amortization98,000Depletion of landfill operating lease obligations7,500Interest accretion on landfill and environmental remediation liabilities7,000Adjusted EBITDA$185,000 - $189,000 Following is a reconciliation of the Company's estimated Adjusted Free Cash Flow (i) from estimated Net cash provided by operating activities for fiscal year 2021: (Estimated) Fiscal Year Ending December 31, 2021Net cash provided by operating activities $150,000 - $154,000Capital expenditures(113,000)Southbridge Landfill closure and Potsdam environmental remediation10,000Cash outlays from acquisition activities1,000Post acquisition and development project capital expenditures15,000Waste USA Landfill phase VI capital expenditures13,000Adjusted Free Cash Flow$76,000 - $80,000 (i) See footnotes for Non-GAAP Performance Measures and Non-GAAP Liquidity Measures included in the Reconciliation of Certain Non-GAAP Measures for further disclosure over the nature of the various adjustments to estimated Adjusted EBITDA and estimated Adjusted Free Cash Flow. CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESSUPPLEMENTAL DATA TABLES(Unaudited)(In thousands) Amounts of total revenues attributable to services provided for the three months ended March 31, 2021 and 2020 are as follows: Three Months Ended March 31, 2021 % of TotalRevenues 2020 % of TotalRevenuesCollection$97,469 51.4 % $94,561 51.7 %Disposal37,853 20.0 % 38,625 21.1 %Power generation1,303 0.7 % 1,026 0.6 %Processing1,484 0.8 % 1,137 0.6 %Solid waste operations138,109 72.9 % 135,349 74.0 %Processing17,272 9.1 % 13,818 7.6 %Non-processing34,151 18.0 % 33,743 18.4 %Resource solutions operations51,423 27.1 % 47,561 26.0 %Total revenues$189,532 100.0 % $182,910 100.0 % Components of revenue growth for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 are as follows: Amount % ofRelatedBusiness % ofOperations % of TotalCompanySolid waste operations: Collection$3,272 3.5% 2.4 % 1.8 %Disposal1,319 3.4% 1.0 % 0.7 %Solid waste price4,591 3.4 % 2.5 %Collection(2,212) (1.6)% (1.2)%Disposal(2,531) (1.9)% (1.4)%Processing321 0.2 % 0.2 %Solid waste volume(4,422) (3.3)% (2.4)%Fuel surcharge and other fees(1,580) (1.2)% (0.9)%Commodity price and volume321 0.2 % 0.2 %Acquisitions, net divestitures3,865 2.9 % 2.1 %Closed operations(15) — % — %Total solid waste operations2,760 2.0 % 1.5 %Resource solutions operations: Processing - price3,254 6.8 % 1.8 %Processing - volume200 0.4 % 0.1 %Non-processing408 0.9 % 0.2 %Total resource solutions operations3,862 8.1 % 2.1 %Total company$6,622 3.6 % Solid waste internalization rates by region for the three months ended March 31, 2021 and 2020 are as follows: Three Months EndedMarch 31, 2021 2020Eastern region49.9% 47.4%Western region61.5% 58.7%Solid waste internalization56.0% 53.3% Components of capital expenditures (i) for the three months ended March 31, 2021 and 2020 are as follows: Three Months EndedMarch 31, 2021 2020Growth capital expenditures: Post acquisition and development project$3,771 $5,860 Waste USA Landfill phase VI1,100 1,235 Other1,015 504 Growth capital expenditures5,886 7,599 Replacement capital expenditures: Landfill development1,289 4,058 Vehicles, machinery, equipment and containers17,568 6,093 Facilities650 1,043 Other1,439 1,058 Replacement capital expenditures20,946 12,252 Capital expenditures$26,832 $19,851 (i) The Company's capital expenditures are broadly defined as pertaining to either growth or replacement activities. Growth capital expenditures are defined as costs related to development projects, organic business growth, and the integration of newly acquired operations. Growth capital expenditures include costs related to the following: 1) post acquisition and development projects that are necessary to optimize strategic synergies associated with integrating newly acquired operations as contemplated by the discounted cash flow return analysis conducted by management as part of the acquisition investment decision as well as non-routine development investments that are expected to provide long-term returns and includes the following capital expenditures required to achieve initial operating synergies: trucks, equipment and machinery; and facilities, land, IT infrastructure or related upgrades to integrate operations; 2) Waste USA Landfill phase VI construction and development for long-term infrastructure, which is unique and different from landfill construction investments in the normal course of operations because the Company is investing in long-term infrastructure over an estimated four year period that will not yield a positive economic benefit until 2023 and extending over approximately 20 years; and 3) development of new airspace, permit expansions, and new recycling contracts, equipment added directly as a result of organic business growth and infrastructure added to increase throughput at transfer stations and recycling facilities. Replacement capital expenditures are defined as landfill cell construction costs not related to expansion airspace, costs for normal permit renewals, and replacement costs for equipment due to age or obsolescence.

  • Casella Waste Systems, Inc. to Host Conference Call on its First Quarter 2021 Results; and to Present at Upcoming Investor Event
    GlobeNewswire

    Casella Waste Systems, Inc. to Host Conference Call on its First Quarter 2021 Results; and to Present at Upcoming Investor Event

    RUTLAND, Vt., April 06, 2021 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling, and resource management services company, will release its financial results for the three months ended March 31, 2021 after the market closes on Thursday, April 29, 2021. The company will host a conference call to discuss these results on Friday, April 30, 2021 at 10:00 a.m. Eastern Time. Individuals interested in participating in the call should dial (877) 838-4153 or for international participants (720) 545-0037 at least 10 minutes before start time. The Conference ID is 760 9317 for the call and the replay. The call will also be webcast; to listen, participants should visit the company’s website at http://ir.casella.com and follow the appropriate link to the webcast. A replay of the call will be available on the company's website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 760 9317). The company also announced today that the company’s management will be presenting at the following virtual investor conference: Oppenheimer 16th Annual Industrial Growth Conference Tuesday, May 4, 2021 11:15 AM Eastern Time A copy of the presentation for the conference will be available shortly before the Company presents and may be accessed via the Investors’ section of the company’s website at http://ir.casella.com. In addition, the conference will be webcast live via a link on the company’s website. For further information, contact Ned Coletta, Chief Financial Officer at (802) 772-2239, or visit the company’s website at http://www.casella.com.