Delaware | 1-14267 | 65-0716904 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
18500 North Allied Way | |||||||||||
Phoenix, | Arizona | 85054 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class |
Trading Symbol |
Name of exchange on which registered | ||||||
Common Stock, par value $0.01 per share |
RSG |
New York Stock Exchange |
Emerging growth company | ☐ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
EX-99.1 | |||||||||||
EX-104 |
Exhibit No. | Description | |||||||
Press release of Republic Services, Inc. issued October 27, 2022 to announce the financial results for the three and nine months ended September 30, 2022. |
||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
REPUBLIC SERVICES, INC. | |||||||||||
Date: | October 27, 2022 | By: | /s/ BRIAN DELGHIACCIO |
||||||||
Brian DelGhiaccio |
|||||||||||
Executive Vice President, Chief Financial Officer (Principal Financial Officer) |
|||||||||||
Date: | October 27, 2022 | By: | /s/ BRIAN A. GOEBEL |
||||||||
Brian A. Goebel | |||||||||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
● |
Third Quarter Total Revenue Growth of 23 Percent Includes Approximately 12 Percent Growth from Acquisitions |
|||||||
● |
Reported Earnings Per Share of $1.32 |
|||||||
● |
Increased Adjusted Earnings Per Share 20 Percent Over the Prior Year to $1.34 |
|||||||
● |
Generated Year-to-Date Cash Flow from Operations of $2,383 million and Adjusted Free Cash Flow of $1,665 million |
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● |
Certified as a Great Place to Work® for the Sixth Consecutive Year |
For more information, contact: | |||||
Media Inquiries |
Investor Inquiries |
||||
Donna Egan (480) 757-9770 |
Aaron Evans (480) 718-0309 |
||||
media@RepublicServices.com |
investor@RepublicServices.com |
SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION | |||||||||||
AND OPERATING DATA | |||||||||||
REPUBLIC SERVICES, INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions, except per share amounts) | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 81.4 | $ | 29.0 | |||||||
Accounts receivable, less allowance for doubtful accounts and other of $49.4 and $38.5, respectively | 1,698.7 | 1,271.4 | |||||||||
Prepaid expenses and other current assets | 419.3 | 410.4 | |||||||||
Total current assets | 2,199.4 | 1,710.8 | |||||||||
Restricted cash and marketable securities | 121.7 | 139.0 | |||||||||
Property and equipment, net | 10,439.6 | 9,232.1 | |||||||||
Goodwill | 14,194.3 | 12,826.0 | |||||||||
Other intangible assets, net | 399.3 | 259.5 | |||||||||
Other assets | 1,046.7 | 787.6 | |||||||||
Total assets | $ | 28,401.0 | $ | 24,955.0 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,024.3 | $ | 910.0 | |||||||
Notes payable and current maturities of long-term debt | 455.8 | 8.2 | |||||||||
Deferred revenue | 463.1 | 381.3 | |||||||||
Accrued landfill and environmental costs, current portion | 126.9 | 124.5 | |||||||||
Accrued interest | 57.5 | 62.1 | |||||||||
Other accrued liabilities | 1,036.2 | 929.5 | |||||||||
Total current liabilities | 3,163.8 | 2,415.6 | |||||||||
Long-term debt, net of current maturities | 11,180.4 | 9,546.2 | |||||||||
Accrued landfill and environmental costs, net of current portion | 2,084.0 | 1,837.7 | |||||||||
Deferred income taxes and other long-term tax liabilities, net | 1,481.7 | 1,229.5 | |||||||||
Insurance reserves, net of current portion | 316.7 | 303.9 | |||||||||
Other long-term liabilities | 683.9 | 642.4 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued |
— | — | |||||||||
Common stock, par value $0.01 per share; 750 shares authorized; 320.2 and 319.6 issued including shares held in treasury, respectively |
3.2 | 3.2 | |||||||||
Additional paid-in capital | 2,831.2 | 2,789.5 | |||||||||
Retained earnings | 7,166.8 | 6,475.6 | |||||||||
Treasury stock, at cost; 4.2 and 2.4 shares, respectively |
(500.7) | (274.8) | |||||||||
Accumulated other comprehensive loss, net of tax | (10.6) | (14.6) | |||||||||
Total Republic Services, Inc. stockholders' equity | 9,489.9 | 8,978.9 | |||||||||
Non-controlling interests in consolidated subsidiary | 0.6 | 0.8 | |||||||||
Total stockholders' equity | 9,490.5 | 8,979.7 | |||||||||
Total liabilities and stockholders' equity | $ | 28,401.0 | $ | 24,955.0 |
REPUBLIC SERVICES, INC. | |||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 3,597.8 | $ | 2,933.9 | $ | 9,981.5 | $ | 8,342.2 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Cost of operations | 2,192.4 | 1,744.0 | 6,020.4 | 4,928.0 | |||||||||||||||||||
Depreciation, amortization and depletion | 353.9 | 301.3 | 1,001.8 | 886.5 | |||||||||||||||||||
Accretion | 22.8 | 20.8 | 66.9 | 61.9 | |||||||||||||||||||
Selling, general and administrative | 362.8 | 299.0 | 1,062.2 | 880.3 | |||||||||||||||||||
Withdrawal costs - multiemployer pension funds |
— | — | 2.2 | — | |||||||||||||||||||
Gain on business divestitures and impairments, net | (5.2) | — | (5.3) | (0.2) | |||||||||||||||||||
Restructuring charges | 6.8 | 4.6 | 18.8 | 11.2 | |||||||||||||||||||
Operating income | 664.3 | 564.2 | 1,814.5 | 1,574.5 | |||||||||||||||||||
Interest expense | (105.2) | (78.1) | (282.7) | (234.9) | |||||||||||||||||||
Loss from unconsolidated equity method investments | (51.8) | (15.1) | (69.2) | (44.0) | |||||||||||||||||||
Interest income | 0.8 | 0.6 | 2.0 | 2.0 | |||||||||||||||||||
Other (expense) income, net | (0.3) | (0.9) | (6.5) | 0.6 | |||||||||||||||||||
Income before income taxes | 507.8 | 470.7 | 1,458.1 | 1,298.2 | |||||||||||||||||||
Provision for income taxes | 90.9 | 119.9 | 317.5 | 319.0 | |||||||||||||||||||
Net income | 416.9 | 350.8 | $ | 1,140.6 | 979.2 | ||||||||||||||||||
Net (income) loss attributable to non-controlling interests in consolidated subsidiary | — | (0.5) | 0.2 | (1.9) | |||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 416.9 | $ | 350.3 | $ | 1,140.8 | $ | 977.3 | |||||||||||||||
Basic earnings per share attributable to Republic Services, Inc. stockholders: | |||||||||||||||||||||||
Basic earnings per share | $ | 1.32 | $ | 1.10 | $ | 3.60 | $ | 3.06 | |||||||||||||||
Weighted average common shares outstanding | 316.5 | 318.6 | 316.5 | 319.2 | |||||||||||||||||||
Diluted earnings per share attributable to Republic Services, Inc. stockholders: | |||||||||||||||||||||||
Diluted earnings per share | $ | 1.32 | $ | 1.10 | $ | 3.60 | $ | 3.06 | |||||||||||||||
Weighted average common and common equivalent shares outstanding | 317.0 | 319.4 | 317.1 | 319.7 | |||||||||||||||||||
Cash dividends per common share | $ | 0.495 | $ | 0.460 | $ | 1.415 | $ | 1.310 |
REPUBLIC SERVICES, INC. | |||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in millions) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash provided by operating activities: | |||||||||||
Net income | $ | 1,140.6 | $ | 979.2 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, amortization, depletion and accretion | 1,068.7 | 948.4 | |||||||||
Non-cash interest expense | 60.1 | 52.4 | |||||||||
Stock-based compensation | 30.8 | 49.1 | |||||||||
Deferred tax provision (benefit) | 100.2 | (32.8) | |||||||||
Provision for doubtful accounts, net of adjustments | 27.8 | 18.7 | |||||||||
(Gain) loss on disposition of assets and asset impairments, net | (8.0) | 0.5 | |||||||||
Environmental adjustments | (0.1) | (1.8) | |||||||||
Loss from unconsolidated equity method investments | 69.2 | 44.0 | |||||||||
Other non-cash items | 8.0 | (1.5) | |||||||||
Change in assets and liabilities, net of effects from business acquisitions and divestitures: | |||||||||||
Accounts receivable | (206.1) | (137.7) | |||||||||
Prepaid expenses and other assets | 28.0 | 105.7 | |||||||||
Accounts payable | 97.7 | 99.4 | |||||||||
Capping, closure and post-closure expenditures | (35.6) | (41.2) | |||||||||
Remediation expenditures | (37.3) | (32.2) | |||||||||
Other liabilities | 39.4 | 87.6 | |||||||||
Cash provided by operating activities | 2,383.4 | 2,137.8 | |||||||||
Cash (used in) provided by investing activities: | |||||||||||
Purchases of property and equipment | (924.8) | (904.2) | |||||||||
Proceeds from sales of property and equipment | 24.0 | 10.8 | |||||||||
Cash used in acquisitions and investments, net of cash and restricted cash acquired | (2,847.6) | (936.3) | |||||||||
Cash received from business divestitures | 50.1 | 46.3 | |||||||||
Purchases of restricted marketable securities | (15.7) | (23.8) | |||||||||
Sales of restricted marketable securities | 15.4 | 21.9 | |||||||||
Other | (2.3) | (0.3) | |||||||||
Cash used in investing activities | (3,700.9) | (1,785.6) | |||||||||
Cash provided by (used in) financing activities: | |||||||||||
Proceeds from credit facilities and notes payable, net of fees | 10,511.5 | 4,646.5 | |||||||||
Payments of credit facilities and notes payable | (8,490.5) | (4,381.8) | |||||||||
Issuances of common stock, net | (12.9) | (7.1) | |||||||||
Purchases of common stock for treasury | (203.5) | (179.0) | |||||||||
Cash dividends paid | (436.5) | (406.5) | |||||||||
Distributions paid to non-controlling interests in consolidated subsidiary | (0.8) | (1.2) | |||||||||
Contingent consideration payments | (4.5) | (14.4) | |||||||||
Cash provided by (used in) financing activities | 1,362.8 | (343.5) | |||||||||
Effect of foreign exchange rate changes on cash | (3.1) | — | |||||||||
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 42.2 | 8.7 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 105.6 | 114.2 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 147.8 | $ | 122.9 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Collection: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 680.9 | 18.9 | % | $ | 626.7 | 21.4 | % | $ | 1,963.0 | 19.7 | % | $ | 1,831.3 | 22.0 | % | |||||||||||||||||||||||||||||||
Small-container | 1,021.7 | 28.4 | 871.9 | 29.7 | 2,912.9 | 29.2 | 2,525.3 | 30.3 | |||||||||||||||||||||||||||||||||||||||
Large-container | 709.5 | 19.7 | 615.8 | 21.0 | 2,018.0 | 20.2 | 1,744.7 | 20.9 | |||||||||||||||||||||||||||||||||||||||
Other | 14.7 | 0.4 | 13.4 | 0.4 | 40.3 | 0.4 | 39.0 | 0.5 | |||||||||||||||||||||||||||||||||||||||
Total collection |
2,426.8 | 67.4 | 2,127.8 | 72.5 | 6,934.2 | 69.5 | 6,140.3 | 73.7 | |||||||||||||||||||||||||||||||||||||||
Transfer | 412.7 | 395.3 | 1,183.1 | 1,110.4 | |||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (223.4) | (212.6) | (637.1) | (605.9) | |||||||||||||||||||||||||||||||||||||||||||
Transfer, net | 189.3 | 5.3 | 182.7 | 6.2 | 546.0 | 5.5 | 504.5 | 6.0 | |||||||||||||||||||||||||||||||||||||||
Landfill | 703.6 | 659.8 | 2,019.7 | 1,879.1 | |||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (291.4) | (285.6) | (851.9) | (818.1) | |||||||||||||||||||||||||||||||||||||||||||
Landfill, net | 412.2 | 11.5 | 374.2 | 12.8 | 1,167.8 | 11.7 | 1,061.0 | 12.7 | |||||||||||||||||||||||||||||||||||||||
Environmental solutions | 411.0 | 60.2 | 827.8 | 136.9 | |||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (13.8) | (3.2) | (37.1) | (10.9) | |||||||||||||||||||||||||||||||||||||||||||
Environmental solutions, net | 397.2 | 11.0 | 57.0 | 1.9 | 790.7 | 7.9 | 126.0 | 1.5 | |||||||||||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||||||||||||||
Recycling processing and commodity sales |
87.1 | 2.4 | 119.9 | 4.1 | 300.6 | 3.0 | 310.6 | 3.7 | |||||||||||||||||||||||||||||||||||||||
Other non-core | 85.2 | 2.4 | 72.3 | 2.5 | 242.2 | 2.4 | 199.8 | 2.4 | |||||||||||||||||||||||||||||||||||||||
Total other | 172.3 | 4.8 | 192.2 | 6.6 | 542.8 | 5.4 | 510.4 | 6.1 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 3,597.8 | 100.0 | % | $ | 2,933.9 | 100.0 | % | 9,981.5 | 100.0 | % | $ | 8,342.2 | 100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Average yield | 5.6 | % | 3.2 | % | 5.0 | % | 2.7 | % | |||||||||||||||
Fuel recovery fees | 3.1 | 1.3 | 2.7 | 0.6 | |||||||||||||||||||
Total price |
8.7 | 4.5 | 7.7 | 3.3 | |||||||||||||||||||
Volume | 2.2 | 4.3 | 2.7 | 3.8 | |||||||||||||||||||
Change in workdays | — | — | — | (0.2) | |||||||||||||||||||
Recycling processing and commodity sales | (1.3) | 1.6 | (0.2) | 1.2 | |||||||||||||||||||
Environmental solutions | 0.6 | 0.2 | 0.5 | (0.2) | |||||||||||||||||||
Total internal growth | 10.2 | 10.6 | 10.7 | 7.9 | |||||||||||||||||||
Acquisitions / divestitures, net | 12.4 | 3.5 | 9.0 | 2.1 | |||||||||||||||||||
Total | 22.6 | % | 14.1 | % | 19.7 | % | 10.0 | % | |||||||||||||||
Core price | 6.9 | % | 5.2 | % | 6.4 | % | 4.9 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Yield | Volume | Yield | Volume | Yield | Volume | Yield | Volume | ||||||||||||||||||||||||||||||||||||||||
Collection: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | 4.2 | % | 0.2 | % | 3.7 | % | (0.3) | % | 4.0 | % | (0.3) | % | 3.5 | % | (0.4) | % | |||||||||||||||||||||||||||||||
Small-container | 7.9 | % | 2.3 | % | 3.2 | % | 5.4 | % | 6.4 | % | 3.0 | % | 2.8 | % | 3.6 | % | |||||||||||||||||||||||||||||||
Large-container | 8.4 | % | 1.7 | % | 4.8 | % | 3.9 | % | 7.9 | % | 2.7 | % | 3.0 | % | 4.9 | % | |||||||||||||||||||||||||||||||
Landfill: | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal solid waste | 4.2 | % | 1.9 | % | 2.2 | % | 1.3 | % | 3.3 | % | 1.6 | % | 2.4 | % | 3.4 | % | |||||||||||||||||||||||||||||||
Construction and demolition waste | 1.5 | % | 8.3 | % | 2.2 | % | 0.8 | % | 2.0 | % | 6.6 | % | 2.7 | % | 2.5 | % | |||||||||||||||||||||||||||||||
Special waste | — | % | 13.0 | % | — | % | 16.9 | % | — | % | 10.7 | % | — | % | 14.7 | % |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Labor and related benefits | $ | 724.3 | 20.1 | % | $ | 588.2 | 20.0 | % | $ | 2,003.5 | 20.1 | % | $ | 1,715.4 | 20.6 | % | |||||||||||||||||||||||||||||||
Transfer and disposal costs | 267.4 | 7.4 | 228.9 | 7.8 | 733.7 | 7.4 | 641.3 | 7.7 | |||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 330.7 | 9.2 | 273.9 | 9.3 | 902.5 | 9.0 | 770.9 | 9.2 | |||||||||||||||||||||||||||||||||||||||
Transportation and subcontract costs |
298.8 | 8.3 | 206.2 | 7.0 | 785.0 | 7.9 | 565.5 | 6.8 | |||||||||||||||||||||||||||||||||||||||
Fuel | 161.3 | 4.5 | 100.4 | 3.4 | 474.1 | 4.7 | 271.7 | 3.3 | |||||||||||||||||||||||||||||||||||||||
Disposal fees and taxes |
89.2 | 2.5 | 87.0 | 3.0 | 257.8 | 2.6 | 252.4 | 3.0 | |||||||||||||||||||||||||||||||||||||||
Landfill operating costs | 75.3 | 2.1 | 61.9 | 2.1 | 201.9 | 2.0 | 188.2 | 2.3 | |||||||||||||||||||||||||||||||||||||||
Risk management | 84.5 | 2.3 | 74.8 | 2.6 | 231.5 | 2.3 | 186.8 | 2.2 | |||||||||||||||||||||||||||||||||||||||
Other | 161.5 | 4.5 | 122.7 | 4.2 | 430.1 | 4.3 | 335.8 | 4.0 | |||||||||||||||||||||||||||||||||||||||
Subtotal | 2,193.0 | 60.9 | 1,744.0 | 59.4 | 6,020.1 | 60.3 | 4,928.0 | 59.1 | |||||||||||||||||||||||||||||||||||||||
US Ecology Inc. acquisition integration and deal costs | (0.6) | — | — | — | 0.3 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total cost of operations | $ | 2,192.4 | 60.9 | % | $ | 1,744.0 | 59.4 | % | $ | 6,020.4 | 60.3 | % | $ | 4,928.0 | 59.1 | % | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Salaries | $ | 241.3 | 6.7 | % | $ | 206.0 | 7.1 | % | $ | 686.2 | 6.8 | % | $ | 622.8 | 7.5 | % | |||||||||||||||||||||||||||||||
Provision for doubtful accounts | 10.6 | 0.3 | 7.2 | 0.2 | 27.8 | 0.3 | 18.7 | 0.2 | |||||||||||||||||||||||||||||||||||||||
Other | 101.6 | 2.8 | 81.7 | 2.8 | 283.1 | 2.8 | 219.3 | 2.7 | |||||||||||||||||||||||||||||||||||||||
Subtotal | 353.5 | 9.8 | 294.9 | 10.1 | 997.1 | 9.9 | 860.8 | 10.4 | |||||||||||||||||||||||||||||||||||||||
Accelerated vesting of compensation expense for CEO transition | — | — | 4.1 | 0.1 | — | — | 19.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||
US Ecology Inc. acquisition integration and deal costs | 9.3 | 0.3 | — | — | 65.1 | 0.7 | — | — | |||||||||||||||||||||||||||||||||||||||
Total selling, general and administrative expenses | $ | 362.8 | 10.1 | % | $ | 299.0 | 10.2 | % | $ | 1,062.2 | 10.6 | % | $ | 880.3 | 10.6 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 416.9 | 11.6 | % | $ | 350.3 | 11.9 | % | $ | 1,140.8 | 11.4 | % | $ | 977.3 | 11.7 | % | |||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | 0.5 | (0.2) | 1.9 | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 90.9 | 119.9 | 317.5 | 319.0 | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | 0.3 | 0.9 | 6.5 | (0.6) | |||||||||||||||||||||||||||||||||||||||||||
Interest income | (0.8) | (0.6) | (2.0) | (2.0) | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 105.2 | 78.1 | 282.7 | 234.9 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and depletion | 353.9 | 301.3 | 1,001.8 | 886.5 | |||||||||||||||||||||||||||||||||||||||||||
Accretion | 22.8 | 20.8 | 66.9 | 61.9 | |||||||||||||||||||||||||||||||||||||||||||
EBITDA and EBITDA margin | $ | 989.2 | 27.5 | % | $ | 871.2 | 29.7 | % | $ | 2,814.0 | 28.2 | % | $ | 2,478.9 | 29.7 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
EBITDA | $ | 989.2 | 27.5 | % | $ | 871.2 | 29.7 | % | $ | 2,814.0 | 28.2 | % | $ | 2,478.9 | 29.7 | % | |||||||||||||||||||||||||||||||
Loss from unconsolidated equity method investment | 51.8 | 15.1 | 69.2 | 44.0 | |||||||||||||||||||||||||||||||||||||||||||
Withdrawal costs - multiemployer pension funds | — | — | 2.2 | — | |||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 6.8 | 4.6 | 18.8 | 11.2 | |||||||||||||||||||||||||||||||||||||||||||
Gain on business divestitures and impairments, net | (5.2) | — | (5.3) | (0.2) | |||||||||||||||||||||||||||||||||||||||||||
US Ecology, Inc. acquisition integration and deal costs | 8.7 | — | 65.4 | — | |||||||||||||||||||||||||||||||||||||||||||
Accelerated vesting of compensation expense for CEO transition | — | 4.1 | — | 19.5 | |||||||||||||||||||||||||||||||||||||||||||
Total adjustments | 62.1 | 23.8 | 150.3 | 74.5 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA and adjusted EBITDA margin | $ | 1,051.3 | 29.2 | % | $ | 895.0 | 30.5 | % | $ | 2,964.3 | 29.7 | % | $ | 2,553.4 | 30.6 | % | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||
Recycling & Solid Waste | Environmental Solutions | Total | |||||||||||||||
Revenue |
$ | 3,198.1 | $ | 399.7 | $ | 3,597.8 | |||||||||||
Adjusted EBITDA(a) |
$ | 976.7 | $ | 74.6 | $ | 1,051.3 | |||||||||||
Adjusted EBITDA Margin | 30.5 | % | 18.7 | % | 29.2 | % | |||||||||||
Three Months Ended September 30, 2022 |
Three Months Ended September 30, 2021 |
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Diluted | Diluted | |||||||||||||||||||||||||||||||||||||||||||||||||
Net | Earnings | Net | Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | Tax | Income - | per | Pre-tax | Tax | Income - | per | |||||||||||||||||||||||||||||||||||||||||||
Income | Impact(1) |
Republic | Share | Income | Impact(1) |
Republic | Share | |||||||||||||||||||||||||||||||||||||||||||
As reported | $ | 507.8 | $ | 90.9 | $ | 416.9 | $ | 1.32 | $ | 470.7 | $ | 119.9 | $ | 350.3 | $ | 1.10 | ||||||||||||||||||||||||||||||||||
Restructuring charges | 6.8 | 1.8 | 5.0 | 0.01 | 4.6 | 1.3 | 3.3 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
Loss on business divestitures and impairments, net | (5.2) | (2.2) | (3.0) | (0.01) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Withdrawal costs - multiemployer pension funds | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
US Ecology, Inc. acquisition integration and deal costs | 8.7 | 2.2 | 6.5 | 0.02 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Accelerated vesting of compensation expense for CEO transition | — | — | — | — | 4.1 | — | 4.1 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
Total adjustments | 10.3 | 1.8 | 8.5 | 0.02 | 8.7 | 1.3 | 7.4 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
As adjusted | $ | 518.1 | $ | 92.7 | $ | 425.4 | $ | 1.34 | $ | 479.4 | $ | 121.2 | $ | 357.7 | $ | 1.12 |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | |||||||||||||||||||||||||||||||||||||||||||||||||
Net | Earnings | Net | Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | Tax | Income - | per | Pre-tax | Tax | Income - | per | |||||||||||||||||||||||||||||||||||||||||||
Income | Impact(2) |
Republic | Share | Income | Impact(2) |
Republic | Share | |||||||||||||||||||||||||||||||||||||||||||
As reported | $ | 1,458.1 | $ | 317.5 | $ | 1,140.8 | $ | 3.60 | $ | 1,298.2 | $ | 319.0 | $ | 977.3 | $ | 3.06 | ||||||||||||||||||||||||||||||||||
Restructuring charges | 18.8 | 4.9 | 13.9 | 0.04 | 11.2 | 3.0 | 8.2 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
Gain on business divestitures and impairments, net(1) |
(5.3) | (2.2) | (3.1) | (0.01) | (0.2) | (0.3) | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Withdrawal costs - multiemployer pension funds | 2.2 | 0.6 | 1.6 | 0.01 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
US Ecology, Inc. acquisition integration and deal costs | 65.4 | 14.1 | 51.3 | 0.16 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Accelerated vesting of compensation expense for CEO transition | — | — | — | — | 19.5 | — | 19.5 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||
Total adjustments | 81.1 | 17.4 | 63.7 | 0.20 | 30.5 | 2.7 | 27.8 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||
As adjusted | $ | 1,539.2 | $ | 334.9 | $ | 1,204.5 | $ | 3.80 | $ | 1,328.7 | $ | 321.7 | $ | 1,005.1 | $ | 3.14 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash provided by operating activities | $ | 2,383.4 | $ | 2,137.8 | |||||||
Property and equipment received | (832.4) | (801.3) | |||||||||
Proceeds from sales of property and equipment | 23.9 | 10.8 | |||||||||
Cash paid related to withdrawal costs - multiemployer pension funds, net of tax | 2.2 | — | |||||||||
Restructuring payments, net of tax | 12.5 | 8.9 | |||||||||
Divestiture related tax payments | 2.2 | 0.1 | |||||||||
US Ecology, Inc. acquisition integration and deal costs, net of tax | 73.4 | — | |||||||||
Adjusted free cash flow | $ | 1,665.2 | $ | 1,356.3 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Purchases of property and equipment per the unaudited consolidated statements of cash flows |
$ | 924.8 | $ | 904.2 | |||||||
Adjustments for property and equipment received during the prior period but paid for in the following period, net |
(92.4) | (102.9) | |||||||||
Property and equipment received during the period | $ | 832.4 | $ | 801.3 |