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, 2017.
Highlights for the Three Months Ended March 31,
2017:
- Revenues were $133.8 million for the quarter, up $8.4
million, or 6.7%, from the same period in 2016.
- Net loss improved by $7.4 million to
$(0.2) million for the quarter, compared to $(7.6)
million for the same period in 2016.
- Adjusted Net Income (Loss) Attributable to Common
Stockholders* was $0.3 million for the quarter, compared to $(7.7)
million for the same period in 2016.
- Adjusted EBITDA* was $23.1 million for the quarter, up
$3.9 million, or 20.1%, from the same period in 2016.
- Operating income was $6.6 million for the quarter, up
$4.6 million, or 232.5%, from the same period in
2016.
- Net cash provided by operating activities was $10.7
million for the quarter, up $9.0 million from the same period in
2016.
- Free Cash Flow* was $1.1 million for the quarter, up
$9.4 million from the same period in 2016.
“We had another strong quarter as we continued to execute well
against our key management strategies and benefited from stronger
recycled commodity pricing for fibers,” said John W. Casella,
Chairman and CEO of Casella Waste Systems, Inc. “We remain focused
on creating shareholder value through increasing landfill returns,
improving collection profitability, creating incremental value
through resource solutions, improving returns in our recycling
business, and reducing leverage through strict capital discipline
and debt repayment. The progress we have made on our strategies
clearly drove positive financial results in the first quarter, with
operating income up $4.6 million, operating income margins up 330
bps, and consolidated net leverage down year-over-year.”
“From an operating standpoint, our disciplined solid waste
pricing programs continued to outpace internal inflation with
overall solid waste pricing up 2.4% in the quarter, driven by
strong landfill pricing which was up 3.4%, and robust residential
and commercial pricing which was up 3.1%,” Casella said. “Further,
our efforts to reduce operating costs and drive efficiencies
continued to gain traction in the first quarter, with our cost of
operations as a percentage of revenues down 140 bps
year-over-year.”
“Our solid waste volumes were down 1.5% in the first quarter,
mainly due to a 6.4% decline in disposal volumes,” Casella said.
“Disposal volumes were down as we continued to ramp down volumes at
our Southbridge landfill, and we purposely shed lower priced
volumes as we worked to improve price and mix at our landfills. We
also faced a tough year-over-year weather comparison with typical
winter weather in the northeast this year, as compared to
historically warm winter weather last year that pulled forward
volumes into the first quarter.”
“Recycling commodity prices were up 22.6% sequentially from the
fourth quarter of 2016 to the first quarter, mainly driven by
higher paper and cardboard pricing,” Casella said. “Higher
commodity prices, coupled with the changes that we made over the
last two years to reshape our recycling business model, helped to
drive strong recycling performance in the quarter. While recycling
commodity prices have dropped by roughly 25% from March to April on
weakness in paper and cardboard pricing, we do not expect this
decline to impact our guidance for the year since we had previously
budgeted prices to moderate throughout the year.”
For the quarter, revenues were $133.8 million, up $8.4 million,
or 6.7%, from the same period in 2016, with revenue growth mainly
driven by: robust collection, disposal and recycling commodity
pricing; the roll-over impact from the acquisition of three
transfer stations in the second quarter of 2016; and higher volumes
in the Company's organics and customer solutions lines-of-business;
partially offset by lower solid waste volumes, primarily associated
with the planned ramp down of volumes at the Southbridge landfill,
the shedding of low priced volumes, and a tough year-over-year
comparison due to weather.
Net loss attributable to common stockholders was $(0.2) million,
or $(0.01) per diluted common share for the quarter, as compared to
net loss attributable to common stockholders of $(7.6) million, or
$(0.19) per diluted common share for the same period in 2016.
Adjusted Net Income Attributable to Common Stockholders was $0.3
million for the quarter, or an Adjusted Diluted Earnings Per Common
Share* of $0.01 for the quarter, as compared to Adjusted Net Loss
Attributable to Common Stockholders of $(7.7) million, or an
Adjusted Diluted Earnings Per Common Share of $(0.19) for the same
period in 2016.
Operating income was $6.6 million for the quarter, up $4.6
million from the same period in 2016. Adjusted EBITDA was $23.1
million for the quarter, up $3.9 million from the same period in
2016, with growth mainly driven by improved performance in the
Company's collection and recycling lines-of-business.
The first quarter included a $0.5 million loss on debt
extinguishment related to the remarketing of our $25.0 million
aggregate principal amount of Finance Authority of Maine Solid
Waste Disposal Revenue Bonds.
Net cash provided by operating activities was $10.7 million for
the quarter, up $9.0 million from the same period in 2016. Free
Cash Flow was $1.1 million for the quarter, as compared to $(8.3)
million for the same period in 2016.
Outlook
The Company reaffirmed its guidance for the year ending December
31, 2017 by estimating results in the following ranges:
- Revenues between $577 million and $587 million (as compared to
$565.0 million in fiscal year 2016);
- Adjusted EBITDA between $124 million and $128 million (as
compared to $120.6 million in fiscal year 2016); and
- Normalized Free Cash Flow between $32 million and $36 million
(as compared to $27.1 million in fiscal year 2016).
The Company does not provide reconciling information of non-GAAP
financial measures on a forward-looking basis because such
information is not available without an unreasonable effort. The
Company believes that such information is not significant to an
understanding of its non-GAAP financial measures for
forward-looking periods because its methodology for calculating
such non-GAAP financial measures is based on sensitivity analysis
compared to budget at the business unit level rather than on
differences from Generally Accepted Accounting Principles in the
United States (“GAAP”) financial measures.
Conference call to discuss quarter
The Company will host a conference call to discuss these results
on Friday, May 5, 2017 at 9:00 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 call
will also be webcast; to listen, participants should visit Casella
Waste Systems’ 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 11930800) until 12:00 p.m. ET on May 12,
2017.
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont,
provides solid waste management services consisting of collection,
transfer, disposal, and recycling 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.
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in
accordance with GAAP, the Company also discloses earnings before
interest, taxes, and depreciation and amortization, adjusted for
accretion, depletion of landfill operating lease obligations, gains
on asset sales, development project charge write-offs, contract
settlement charges, legal settlement costs, tax settlement costs,
bargain purchase gains, asset impairment charges, environmental
remediation charges, severance and reorganization costs, expenses
from divestiture, acquisition and financing costs, gains on the
settlement of acquisition related contingent consideration, fiscal
year-end transition costs, proxy contest costs, as well as impacts
from divestiture transactions (“Adjusted EBITDA”), which is a
non-GAAP financial measure.
The Company also discloses earnings before interest and taxes,
adjusted for gains on asset sales, development project charge
write-offs, contract settlement charges, legal settlement costs,
tax settlement costs, bargain purchase gains, asset impairment
charges, environmental remediation charges, severance and
reorganization costs, expenses from divestiture, acquisition and
financing costs, gains on the settlement of acquisition related
contingent consideration, fiscal year-end transition costs, proxy
contest costs, as well as impacts from divestiture transactions
(“Adjusted Operating Income”), which is a non-GAAP financial
measure.
The Company also discloses net loss attributable to common
stockholders, adjusted for gains on asset sales, development
project charge write-offs, contract settlement charges, legal
settlement costs, tax settlement costs, bargain purchase gains,
asset impairment charges, environmental remediation charges,
severance and reorganization costs, expenses from divestiture,
acquisition and financing costs, gains on the settlement of
acquisition related contingent consideration, fiscal year-end
transition costs, proxy contest costs, impacts from divestiture
transactions, losses on debt modifications, as well as impairment
of investments ("Adjusted Net Income (Loss) Attributable to Common
Stockholders"), which is a non-GAAP financial measure.
The Company also discloses Adjusted Diluted Earnings Per Common
Share, which is Adjusted Net Income (Loss) Attributable to Common
Stockholders divided by Adjusted Diluted Weighted Average Shares
Outstanding, which includes the dilutive effect of options and
restricted / performance stock units despite the net loss position
during the period.
The Company also discloses net cash provided by operating
activities, less capital expenditures (excluding acquisition
related capital expenditures), less payments on landfill operating
lease contracts, plus proceeds from divestiture transactions, plus
proceeds from the sale of property and equipment, plus proceeds
from property insurance settlement, plus (less) contributions from
(distributions to) noncontrolling interest holders (“Free Cash
Flow”), which is a non-GAAP financial measure.
The Company also discloses Free Cash Flow plus certain cash
outflows associated with landfill closure, site improvement and
remediation expenditures, plus certain cash outflows associated
with new contract and project capital expenditures, (less) plus
cash (inflows) outflows associated with certain business
dissolutions, plus cash interest outflows associated with the
timing of refinancing transactions (“Normalized Free Cash Flow”),
which is a non-GAAP financial measure.
Adjusted EBITDA and Adjusted Operating Income are reconciled to
net loss, while Adjusted Net Income (Loss) Attributable to Common
Stockholders is reconciled to net loss attributable to common
stockholders, Adjusted Diluted Earnings Per Common Share is
reconciled to diluted earnings per common share, and Free Cash Flow
and Normalized Free Cash Flow are reconciled to net cash provided
by operating activities.
The Company presents Adjusted EBITDA, Adjusted Operating Income,
Adjusted Net Income (Loss) Attributable to Common Stockholders,
Adjusted Diluted Earnings Per Common Share, Free Cash Flow, and
Normalized Free Cash Flow because it considers them important
supplemental measures of its performance and believes they are
frequently used by securities analysts, investors and other
interested parties in the evaluation of the Company’s results.
Management uses these non-GAAP financial measures to further
understand its “core operating performance.” The Company believes
its “core operating performance” is helpful in understanding its
ongoing performance in the ordinary course of operations. The
Company believes that providing Adjusted EBITDA, Adjusted Operating
Income, Adjusted Net Income (Loss) Attributable to Common
Stockholders, Adjusted Diluted Earnings Per Common Share, Free Cash
Flow, and Normalized Free Cash Flow to investors, in addition to
corresponding income statement and cash flow statement measures,
affords investors the benefit of viewing its 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 Company further believes
that providing this information allows its investors greater
transparency and a better understanding of its core financial
performance. In addition, the instruments governing the Company’s
indebtedness use EBITDA (with additional adjustments) to measure
its compliance with covenants.
Non-GAAP financial measures are not in accordance with or an
alternative for GAAP, Adjusted EBITDA, Adjusted Operating Income,
Adjusted Net Income (Loss) Attributable to Common Stockholders,
Adjusted Diluted Earnings Per Common Share, Free Cash Flow, and
Normalized Free Cash Flow 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 Operating Income, Adjusted Net Income (Loss)
Attributable to Common Stockholders, Adjusted Diluted Earnings Per
Common Share, Free Cash Flow, or Normalized Free Cash Flow
presented by other companies.
Safe Harbor Statement
Certain matters discussed in this press release, including, but
not limited to, the statements regarding financial results and
guidance, 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,”
“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 outcome of its expansion efforts
and related matters at the Southbridge landfill, including the
uncertainty of the permitting process and groundwater contamination
discovered near the landfill, which may delay or negatively impact
its permitting activities at that landfill and result in increased
costs and liabilities as well as potentially leading to a
discontinuation of operations at the landfill; adverse weather
conditions that have negatively impacted and may continue to
negatively impact its revenues and its operating margin; current
economic conditions that have adversely affected and may continue
to adversely affect its revenues and its operating margin; the
Company may be unable to increase volumes at its landfills or
improve its route profitability; 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 its control; the Company may be required to incur
capital expenditures in excess of its estimates; 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 incur
environmental charges or asset impairments in the future; and the
Company's credit facility agreement requires it to meet a number of
financial ratios and covenants. 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 Form 10-K for the
fiscal year ended December 31, 2016.
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.
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
thousands, except for per share data) |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Revenues |
$ |
133,802 |
|
|
$ |
125,432 |
|
Operating
expenses: |
|
|
|
Cost of
operations |
94,544 |
|
|
90,418 |
|
General
and administration |
18,845 |
|
|
18,587 |
|
Depreciation and amortization |
13,849 |
|
|
14,453 |
|
|
127,238 |
|
|
123,458 |
|
Operating income |
6,564 |
|
|
1,974 |
|
Other expense
(income): |
|
|
|
Interest
expense, net |
6,381 |
|
|
9,926 |
|
Loss
(gain) on debt extinguishment |
472 |
|
|
(48 |
) |
Other
income |
(81 |
) |
|
(141 |
) |
Other expense, net |
6,772 |
|
|
9,737 |
|
Loss before income
taxes |
(208 |
) |
|
(7,763 |
) |
Provision (benefit) for
income taxes |
16 |
|
|
(149 |
) |
Net loss |
(224 |
) |
|
(7,614 |
) |
Less: Net
loss attributable to noncontrolling interests |
— |
|
|
(6 |
) |
Net loss attributable
to common stockholders |
$ |
(224 |
) |
|
$ |
(7,608 |
) |
Basic and diluted
weighted average common shares outstanding |
41,584 |
|
|
40,996 |
|
Basic and diluted
earnings per common share |
$ |
(0.01 |
) |
|
$ |
(0.19 |
) |
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands) |
|
|
March 31, 2017 |
|
December 31, 2016 |
ASSETS |
(Unaudited) |
|
|
CURRENT ASSETS: |
|
|
|
Cash and
cash equivalents |
$ |
2,226 |
|
|
$ |
2,544 |
|
Accounts
receivable - trade, net of allowance for doubtful accounts |
55,627 |
|
|
61,196 |
|
Other
current assets |
14,882 |
|
|
14,848 |
|
Total current
assets |
72,735 |
|
|
78,588 |
|
Property, plant and
equipment, net of accumulated depreciation and amortization |
393,744 |
|
|
398,466 |
|
Goodwill |
119,936 |
|
|
119,899 |
|
Intangible assets,
net |
7,472 |
|
|
7,696 |
|
Restricted assets |
1,039 |
|
|
1,002 |
|
Cost method
investments |
12,333 |
|
|
12,333 |
|
Other non-current
assets |
13,990 |
|
|
13,528 |
|
Total
assets |
$ |
621,249 |
|
|
$ |
631,512 |
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Current
maturities of long-term debt and capital leases |
$ |
4,669 |
|
|
$ |
4,686 |
|
Accounts
payable |
40,512 |
|
|
44,997 |
|
Other
accrued liabilities |
24,300 |
|
|
32,743 |
|
Total current
liabilities |
69,481 |
|
|
82,426 |
|
Long-term debt and
capital leases, less current maturities |
503,743 |
|
|
503,961 |
|
Other long-term
liabilities |
71,202 |
|
|
69,675 |
|
Total stockholders'
deficit |
(23,177 |
) |
|
(24,550 |
) |
Total
liabilities and stockholders' deficit |
$ |
621,249 |
|
|
$ |
631,512 |
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Unaudited)(In
thousands) |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Cash Flows from
Operating Activities: |
|
|
|
Net loss |
$ |
(224 |
) |
|
$ |
(7,614 |
) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
13,849 |
|
|
14,453 |
|
Depletion
of landfill operating lease obligations |
1,764 |
|
|
1,950 |
|
Interest
accretion on landfill and environmental remediation
liabilities |
965 |
|
|
886 |
|
Amortization of debt issuance costs and discount on long-term
debt |
646 |
|
|
1,040 |
|
Stock-based compensation |
1,257 |
|
|
722 |
|
Gain on
sale of property and equipment |
(84 |
) |
|
(203 |
) |
Loss
(gain) on debt extinguishment |
472 |
|
|
(48 |
) |
Deferred
income taxes |
(74 |
) |
|
100 |
|
Changes
in assets and liabilities, net of effects of acquisitions and
divestitures |
(7,895 |
) |
|
(9,562 |
) |
Net cash provided by operating activities |
10,676 |
|
|
1,724 |
|
Cash Flows from
Investing Activities: |
|
|
|
Acquisitions, net of cash acquired |
(414 |
) |
|
— |
|
Acquisition related additions to property, plant and equipment |
(58 |
) |
|
— |
|
Additions
to property, plant and equipment |
(8,634 |
) |
|
(9,848 |
) |
Payments
on landfill operating lease contracts |
(977 |
) |
|
(500 |
) |
Proceeds
from sale of property and equipment |
84 |
|
|
359 |
|
Net cash used in investing activities |
(9,999 |
) |
|
(9,989 |
) |
Cash Flows from
Financing Activities: |
|
|
|
Proceeds
from long-term borrowings |
71,200 |
|
|
64,300 |
|
Principal
payments on long-term debt |
(71,933 |
) |
|
(57,948 |
) |
Payments
of debt issuance costs |
(620 |
) |
|
(99 |
) |
Proceeds
from the exercise of share based awards |
358 |
|
|
— |
|
Change in
restricted cash |
— |
|
|
1,348 |
|
Net cash (used in) provided by financing activities |
(995 |
) |
|
7,601 |
|
Net decrease in cash
and cash equivalents |
(318 |
) |
|
(664 |
) |
Cash and cash
equivalents, beginning of period |
2,544 |
|
|
2,312 |
|
Cash and cash
equivalents, end of period |
$ |
2,226 |
|
|
$ |
1,648 |
|
Supplemental Disclosure
of Cash Flow Information: |
|
|
|
Cash
interest |
$ |
8,045 |
|
|
$ |
16,122 |
|
Cash
income taxes, net of refunds |
$ |
54 |
|
|
$ |
101 |
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIESRECONCILIATION OF CERTAIN NON-GAAP
MEASURES(Unaudited)(In
thousands) |
|
Following is a reconciliation of Adjusted EBITDA
to Net loss: |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Net
loss |
$ |
(224 |
) |
|
$ |
(7,614 |
) |
Net loss
margin |
(0.2 |
)% |
|
(6.1 |
)% |
Provision
(benefit) for income taxes |
16 |
|
|
(149 |
) |
Other
income |
(81 |
) |
|
(141 |
) |
Loss
(gain) on debt extinguishment |
472 |
|
|
(48 |
) |
Interest
expense, net |
6,381 |
|
|
9,926 |
|
Depreciation and amortization |
13,849 |
|
|
14,453 |
|
Depletion
of landfill operating lease obligations |
1,764 |
|
|
1,950 |
|
Interest
accretion on landfill and environmental remediation
liabilities |
965 |
|
|
886 |
|
Adjusted
EBITDA |
$ |
23,142 |
|
|
$ |
19,263 |
|
Adjusted EBITDA
margin |
17.3 |
% |
|
15.4 |
% |
|
Following is a reconciliation of Adjusted Net Income (Loss)
Attributable to Common Stockholders to Net lossattributable to
common stockholders: |
|
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Net loss
attributable to common stockholders |
$ |
(224 |
) |
|
$ |
(7,608 |
) |
Loss
(gain) on debt extinguishment |
472 |
|
|
(48 |
) |
Tax
effect (i) |
2 |
|
|
— |
|
Adjusted Net
Income (Loss) Attributable to Common Stockholders |
$ |
250 |
|
|
$ |
(7,656 |
) |
Diluted
weighted average common shares outstanding |
41,584 |
|
|
40,996 |
|
Dilutive
effect of options and restricted / performance stock units |
938 |
|
|
— |
|
Adjusted
Diluted Weighted Average Common Shares Outstanding |
42,522 |
|
|
40,996 |
|
Adjusted
Diluted Earnings Per Common Share |
$ |
0.01 |
|
|
$ |
(0.19 |
) |
(i) |
The
aggregate tax effect of the adjustments, including any impact of
deferred tax adjustments. |
Following is a reconciliation of Adjusted Diluted Earnings
Per Common Share to Diluted earnings per common
share: |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Diluted
earnings per common share |
$ |
(0.01 |
) |
|
$ |
(0.19 |
) |
Loss
(gain) on debt extinguishment |
0.02 |
|
|
— |
|
Tax
effect |
— |
|
|
— |
|
Adjusted
Diluted Earnings Per Common Share |
$ |
0.01 |
|
|
$ |
(0.19 |
) |
|
Following is a reconciliation of Free Cash Flow to Net cash
provided by operating activities: |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Net cash
provided by operating activities |
$ |
10,676 |
|
|
$ |
1,724 |
|
Capital
expenditures |
(8,634 |
) |
|
(9,848 |
) |
Payments
on landfill operating lease contracts |
(977 |
) |
|
(500 |
) |
Proceeds
from sale of property and equipment |
84 |
|
|
359 |
|
Free Cash
Flow |
$ |
1,149 |
|
|
$ |
(8,265 |
) |
|
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, 2017 and 2016 are
asfollows: |
|
|
|
Three Months Ended March 31, |
|
2017 |
|
% of TotalRevenue |
|
2016 |
|
% of TotalRevenue |
Collection |
$ |
59,838 |
|
|
44.7% |
|
|
$ |
57,851 |
|
|
46.1% |
|
Disposal |
31,281 |
|
|
23.4% |
|
|
32,253 |
|
|
25.7% |
|
Power generation |
1,352 |
|
|
1.0% |
|
|
1,707 |
|
|
1.4% |
|
Processing |
1,660 |
|
|
1.3% |
|
|
973 |
|
|
0.8% |
|
Solid waste operations |
94,131 |
|
|
70.4% |
|
|
92,784 |
|
|
74.0% |
|
Organics |
9,214 |
|
|
6.9% |
|
|
8,935 |
|
|
7.1% |
|
Customer
solutions |
13,822 |
|
|
10.3% |
|
|
13,075 |
|
|
10.4% |
|
Recycling |
16,635 |
|
|
12.4% |
|
|
10,638 |
|
|
8.5% |
|
Total
revenues |
$ |
133,802 |
|
|
100.0% |
|
|
$ |
125,432 |
|
|
100.0% |
|
|
Components of revenue growth for the three months ended
March 31, 2017 compared to the three months
endedMarch 31, 2016 are as follows: |
|
|
Amount |
|
%
ofRelatedBusiness |
|
% of
SolidWasteOperations |
|
% of TotalCompany |
Solid Waste
Operations: |
|
|
|
|
|
|
|
Collection |
$ |
1,375 |
|
|
2.4% |
|
|
1.5% |
|
|
1.1% |
|
Disposal |
839 |
|
|
2.6% |
|
|
0.9% |
|
|
0.7% |
|
Solid
Waste Price |
2,214 |
|
|
|
|
2.4% |
|
|
1.8% |
|
Collection |
556 |
|
|
|
|
0.6% |
|
|
0.4% |
|
Disposal |
(2,064 |
) |
|
|
|
(2.2)% |
|
|
(1.6)% |
|
Processing |
127 |
|
|
|
|
0.1% |
|
|
0.1% |
|
Solid
Waste Volume |
(1,381 |
) |
|
|
|
(1.5)% |
|
|
(1.1)% |
|
Fuel
surcharge |
(7 |
) |
|
|
|
—% |
|
|
—% |
|
Commodity
price & volume |
205 |
|
|
|
|
0.2% |
|
|
0.2% |
|
Acquisitions, net divestitures |
316 |
|
|
|
|
0.4% |
|
|
0.2% |
|
Total Solid
Waste |
1,347 |
|
|
|
|
1.5% |
|
|
1.1% |
|
Organics |
279 |
|
|
|
|
|
|
0.2% |
|
Customer
Solutions |
747 |
|
|
|
|
|
|
0.6% |
|
Recycling
Operations: |
|
|
|
|
% of Recycling
Operations |
|
|
Price |
5,590 |
|
|
|
|
52.6% |
|
|
4.5% |
|
Volume |
407 |
|
|
|
|
3.8% |
|
|
0.3% |
|
Total
Recycling |
5,997 |
|
|
|
|
56.4% |
|
|
4.8% |
|
Total
Company |
$ |
8,370 |
|
|
|
|
|
|
6.7% |
|
|
|
Solid waste internalization rates by region for the three
months ended March 31, 2017 and 2016 are as
follows: |
|
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Eastern region |
47.1% |
|
|
44.7% |
|
Western region |
68.4% |
|
|
72.6% |
|
Solid waste
internalization |
57.1% |
|
|
57.5% |
|
|
Components of capital expenditures for the three months
ended March 31, 2017 and 2016 are as follows
(ii): |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Total Growth
Capital Expenditures |
$ |
982 |
|
|
$ |
1,346 |
|
Replacement
Capital Expenditures: |
|
|
|
Landfill
development |
2,814 |
|
|
3,787 |
|
Vehicles,
machinery, equipment and containers |
3,971 |
|
|
4,194 |
|
Facilities |
580 |
|
|
154 |
|
Other |
287 |
|
|
367 |
|
Total
Replacement Capital Expenditures |
7,652 |
|
|
8,502 |
|
Total Growth
and Replacement Capital Expenditures |
$ |
8,634 |
|
|
$ |
9,848 |
|
(ii) |
The
Company's capital expenditures are broadly defined as pertaining to
either growth, replacement or acquisition activities. Growth
capital expenditures are defined as costs related to development of
new airspace, permit expansions, and new recycling contracts along
with incremental costs of equipment and infrastructure added to
further such activities. Growth capital expenditures include the
cost of equipment added directly as a result of organic business
growth as well as expenditures associated with adding
infrastructure 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. Acquisition capital
expenditures, which are not included in the table above, are
defined as costs of equipment added directly as a result of new
business growth related to an acquisition. |
|
|
Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
http://www.casella.com
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