9 unchanged sentences
Forward-looking statements are not guarantees of performance.
−Removed: These statements are based upon the current beliefs and expectations of our management and are subject to significant risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
−Removed: Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that the expectations will prove to be correct.
−Removed: Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and increasing interest rates, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the amount of the financial contribution of our sustainability initiatives, as well as acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States, as well as our dependence on large, long-term collection, transfer and disposal contracts.
−Removed: More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023.
+Added: These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
+Added: Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct.
+Added: Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and increasing interest rates, impacts from international trade restrictions, tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States, as well as our dependence on large, long-term collection, transfer and disposal contracts.
+Added: More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, particularly under Part 1, Item 1A - Risk Factors.
Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business.
1 unchanged sentence
Republic is one of the largest providers of environmental services in the United States, as measured by revenue.
−Removed: As of September 30, 2024, we operated across the United States and Canada through 361 collection operations, 247 transfer stations, 75 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells 12 deep injection wells, and 1 polymer center.
−Removed: We are engaged in 78 landfill gas-to-energy and renewable energy projects and had post-closure responsibility for 126 closed landfills as of September 30, 2024.
−Removed: Revenue for the nine months ended September 30, 2024 increased by 7.7% to $11,986.0 million compared to $11,132.9 million for the same period in 2023.
−Removed: This change in revenue is due to increases in average yield of 5.4%, increased revenue from acquisitions, net of divestitures of 3.1%, and an increase in recycling processing and commodity sales of 0.5%.
−Removed: Additionally, revenue increased 0.1% due to the impact of the number of workdays during the nine months ended September 30, 2024, as compared to the same period in 2023.
−Removed: These increases were partially offset by a decrease in volume of 1.0%, a decrease in environmental solutions revenue of 0.2%, and a decrease in fuel recovery fees of 0.2%.
−Removed: The following table summarizes our revenue, expenses and operating income for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: As of March 31, 2025, we operated across the United States and Canada through 369 collection operations, 251 transfer stations, 77 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers.
+Added: We are engaged in 80 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills as of March 31, 2025.
+Added: Revenue for the three months ended March 31, 2025 increased by 3.8% to $4,009 million compared to $3,862 million for the same period in 2024.
+Added: This change in revenue is due to increases in average yield of 4.5%, increased revenue from acquisitions, net of divestitures of 0.9%, an increase in recycling processing and commodity sales of 0.3% and an increase in environmental solutions revenue of 0.2%.
+Added: These increases were partially offset by a decrease in volume of 1.2%, a decrease in fuel recovery fees of 0.4% and a decrease of 0.5% due to the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024.
+Added: The following table summarizes our revenue, expenses and operating income for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
+Added: Three Months Ended March 31,
Revenue $ 4,009 100.0 % $ 3,862 100.0 %
5 unchanged sentences
Selling, general and administrative 427 10.7 414 10.7
−Removed: Loss (gain) on business divestitures and impairments, net 0.5 — (1.5) — (0.9) — (1.5) —
+Added: Gain on business divestitures and impairments, net (2) — — —
Restructuring charges 4 — 6 0.2
Operating income $ 804 20.1 % $ 733 19.0 %
−Removed: Our pre-tax income was $646.5 million and $1,899.3 million for the three and nine months ended September 30, 2024, respectively, compared to $606.3 million and $1,708.6 million for the same periods in 2023, respectively.
+Added: Our pre-tax income was $665 million for the three months ended March 31, 2025, compared to $599 million for the same period in 2024.
Our net income attributable to Republic Services, Inc.
−Removed: was $565.7 million and $1,531.0 million for the three and nine months ended September 30, 2024, or $1.80 and $4.86 per diluted share, respectively compared to $480.2 million and $1,291.4 million, or $1.52 and $4.07 per diluted share for the same periods in 2023, respectively.
−Removed: During each of the three and nine months ended September 30, 2024 and 2023, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc.
+Added: was $495 million for the three months ended March 31, 2025, or $1.58 per diluted share, compared to $454 million, or $1.44 per diluted share for the same period in 2024.
+Added: During each of the three months ended March 31, 2025 and 2024, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc.
(net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data).
−Removed: Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and nine months ended September 30, 2024 and 2023.
−Removed: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023
−Removed: Diluted Diluted
−Removed: Net Earnings Net Earnings
−Removed: Pre-tax Tax Income - per Pre-tax Tax Income - per
−Removed: Income Impact (1)
−Removed: Republic Share Income Impact (1)
−Removed: Republic Share
−Removed: As reported $ 646.5 $ 80.8 $ 565.7 $ 1.80 $ 606.3 $ 126.1 $ 480.2 $ 1.52
−Removed: (Gain) loss on extinguishment of debt and other related costs 2.4 0.6 1.8 0.01 — — — —
−Removed: Restructuring charges 8.2 2.3 5.9 0.02 6.3 1.7 4.6 0.01
−Removed: Loss (gain) on business divestitures and impairments, net (2)
−Removed: 0.5 0.1 0.4 — (1.5) (0.4) (1.1) —
−Removed: Settlements and withdrawals on pension plans (7.4) (1.9) (5.5) (0.02) — — — —
−Removed: US Ecology acquisition integration and deal costs — — — — 6.2 1.6 4.6 0.01
−Removed: Total adjustments 3.7 1.1 2.6 0.01 11.0 2.9 8.1 0.02
−Removed: As adjusted $ 650.2 $ 81.9 $ 568.3 $ 1.81 $ 617.3 $ 129.0 $ 488.3 $ 1.54
−Removed: Nine Months Ended September 30, 2024
−Removed: Nine Months Ended September 30, 2023
+Added: Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three months ended March 31, 2025 and 2024.
+Added: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
Diluted Diluted
5 unchanged sentences
As reported $ 665 $ 170 $ 495 $ 1.58 $ 599 $ 145 $ 454 $ 1.44
−Removed: (Gain) loss on extinguishment of debt and other related costs (3)
−Removed: (5.4) (1.4) (4.0) (0.01) 0.2 — 0.2 —
Restructuring charges 4 1 3 0.01 6 2 4 0.01
−Removed: Loss (gain) on business divestitures and impairments, net (2)
−Removed: (0.9) (0.3) (0.6) — (1.5) (0.4) (1.1) —
−Removed: Settlements and withdrawals on pension plans (7.4) (1.9) (5.5) (0.02) — — — —
−Removed: US Ecology acquisition integration and deal costs — — — — 24.3 6.2 18.1 0.06
+Added: Gain on business divestitures and impairments, net (2) — (2) (0.01) — — — —
Total adjustments 2 1 1 — 6 2 4 0.01
1 unchanged sentence
(1) The income tax effect related to our adjustments includes both the current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.
−Removed: (2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three and nine months ended September 30, 2024 and 2023.
−Removed: (3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the nine months ended September 30, 2023.
We believe that presenting adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share, which are not measures determined in accordance with U.S.
4 unchanged sentences
Further information on each of these adjustments is included below.
−Removed: (Gain) loss on extinguishment of debt and other related costs.
−Removed: During the three and nine months ended September 30, 2024, we recognized a loss of $2.4 million due to the amendment and restatement of the Credit Facility.
−Removed: Additionally, we recorded a net gain of $7.8 million during the nine months ended September 30, 2024, attributable to the early settlement of certain cash flow hedges related to the Term Loan Facility.
−Removed: The gain was recognized as a reduction of interest expense.
−Removed: During the nine months ended September 30, 2023, we incurred a loss on the early extinguishment of debt related to the early repayment of a portion of our Term Loan Facility.
−Removed: We incurred non-cash charges related to the proportional share of unamortized deferred issuance costs of $0.2 million.
Restructuring charges.
−Removed: During the three and nine months ended September 30, 2024 , we incurred restructuring charges of $8.2 million and $19.7 million, respectively, and during the three and nine months ended September 30, 2023, we incurred restructuring charges of $6.3 million and $27.3 million , respectively .
+Added: During the three months ended March 31, 2025 and 2024 , we incurred restructuring charges of $4 million and $6 million , respectively.
+Added: The 2025 charges primarily related to the design and implementation of a new accounts receivable system.
The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems.
−Removed: Of the 2023 charges, $9.5 million related to the early termination of certain leases and $17.8 million related to the redesign of our asset management, and customer and order management software systems.
−Removed: During the nine months ended September 30, 2024 and 2023, we paid $18.1 million and $32.4 million, respectively, related to these restructuring efforts.
−Removed: During the remainder of 2024, we expect to incur additional restructuring charges of approximately $10 million , primarily related to the continued redesign of our asset management, and customer and order management software systems.
+Added: During the three months ended March 31, 2025 and 2024, we paid $3 million and $6 million, respectively, related to these restructuring efforts.
+Added: During the remainder of 2025, we expect to incur additional restructuring charges of approximately $10 million , primarily related to the design and implementation of a new accounts receivable system .
Substantially all of these restructuring charges will be recorded in Corporate entities and other.
−Removed: Loss (gain) on business divestitures and impairments, net.
−Removed: During the three and nine months ended September 30, 2024, we recorded a net loss on business divestitures and impairments of $0.5 million and a net gain on business divestitures and impairments of $0.9 million, respectively.
−Removed: During the three and nine months ended September 30, 2023, we recorded a net gain on business divestitures and impairments of $1.5 million.
−Removed: Settlements and withdrawals on pension plans.
−Removed: During the three and nine months ended September 30, 2024, we recognized a settlement of our defined benefit pension plan.
−Removed: The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract.
−Removed: As a result of the settlements, we recognized a non-cash gain of $7.4 million during the three and nine months ended September 30, 2024 related to the accelerated recognition of the proportional share of unamortized net actuarial gains in accumulated other comprehensive loss.
−Removed: We expect to settle all remaining obligations by the end of 2024.
−Removed: US Ecology, Inc.
−Removed: acquisition integration and deal costs .
−Removed: During the three and nine months ended September 30, 2023, we incurred acquisition integration and deal costs of $6.2 million and $24.3 million, respectively, in connection with the acquisition of US Ecology, which included certain costs to integrate the business.
−Removed: The acquisition closed on May 2, 2022.
−Removed: Our integration of the business was substantially complete as of December 31, 2023.
+Added: Gain on business divestitures and impairments, net.
+Added: During the three months ended March 31, 2025, we recorded a gain on business divestitures and impairments of $2 million.
+Added: During the three months ended March 31, 2024, we did not record a gain or loss on business divestitures and impairments.
Results of Operations
5 unchanged sentences
Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities.
−Removed: Our revenue from environmental solutions primarily consists of (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities.
+Added: Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities.
Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators.
Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.
−Removed: The following table reflects our revenue by service line for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: The following table reflects our revenue by service line for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
+Added: Three Months Ended March 31,
$ 743 18.6 % $ 723 18.7 %
24 unchanged sentences
Total revenue $ 4,009 100.0 % $ 3,862 100.0 %
−Removed: The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and nine months ended September 30, 2024 and 2023:
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three months ended March 31, 2025 and 2024:
+Added: Three Months Ended March 31,
Average yield 4.5 % 6.0 %
12 unchanged sentences
We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies.
−Removed: The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and nine months ended September 30, 2024 and 2023:
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
−Removed: As a % of Related Business As a % of Related Business
+Added: The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three months ended March 31, 2025 and 2024:
+Added: Three Months Ended March 31,
+Added: As a % of Related Business
Core price 7.3 % 8.5 %
1 unchanged sentence
Volume (1.5) % (1.1) %
−Removed: During the three and nine months ended September 30, 2024, we experienced the following changes in our revenue as compared to the same period in 2023:
−Removed: • Average yield increased revenue by 4.6% and 5.4% for the three and nine months ended September 30, 2024, respectively, due to positive pricing changes in all lines of business.
−Removed: • The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.2% for both the three and nine months ended September 30, 2024, due to a decrease in fuel prices compared to the same periods in 2023.
−Removed: • Volume decreased revenue by 1.2% and 1.0% during the three and nine months ended September 30, 2024, respectively.
−Removed: The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity.
+Added: During the three months ended March 31, 2025, we experienced the following changes in our revenue as compared to the same period in 2024:
+Added: • Average yield increased revenue by 4.5% for the three months ended March 31, 2025, due to positive pricing changes in all lines of business.
+Added: • The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.4% for the three months ended March 31, 2025, due to a decrease in fuel prices compared to the same period in 2024.
+Added: • Volume decreased revenue by 1.2% during the three months ended March 31, 2025, primarily due to a decline in volume in our residential, large-container and small-container lines of business as well as our transfer line of business.
+Added: The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity and certain manufacturing end markets as well as adverse weather in January and February.
The decline in our residential and small-container lines of business is primarily attributable to certain municipal contract losses and broker-related business.
−Removed: The decline in volume in our landfill line of business is primarily attributable to decreased special waste volumes, partially offset by increased solid waste volumes.
−Removed: • Revenue increased by 0.3% and 0.1% due to the impact of the number of workdays during the three and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023, which drove an increase in volume across all lines of business.
−Removed: • Recycling processing and commodity sales increased revenue by 0.7% and 0.5% during the three and nine months ended September 30, 2024, respectively, primarily due to an increase in overall commodity prices as compared to the same periods in 2023.
−Removed: The average price for recycled commodities at our recycling centers, excluding glass and
−Removed: organics, for the three and nine months ended September 30, 2024 was $177 and $168 per ton, respectively, compared to $112 per ton for the same periods in 2023.
+Added: The volume decline was partially offset by an increase in overall volume in our landfill line of business primarily attributable to increased special waste and construction and demolition volumes.
+Added: The increase in overall landfill volumes was partially offset by a decline in solid waste volumes due to adverse winter weather.
+Added: • Revenue decreased by 0.5% due to the impact of the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our large-container, landfill, and transfer lines of business.
+Added: • Recycling processing and commodity sales increased revenue by 0.3% during the three months ended March 31, 2025, primarily due to increased volumes at the Las Vegas Polymer Center and reopening a recycling center on the west coast.
+Added: The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three months ended March 31, 2025 was $155 per ton, compared to $153 per ton for the same period in 2024.
Changing market demand for recycled commodities causes volatility in commodity prices.
At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately $11 million.
−Removed: • Environmental solutions decreased revenue by 0.2% during the nine months ended September 30, 2024, primarily due to a reduction in E&P disposal volumes which were impacted by a decline in oil rig counts, and lower event-based volumes relative to the same period in 2023, partially offset by price increases.
−Removed: • Acquisitions, net of divestitures, increased revenue by 2.3% and 3.1% during the three and nine months ended September 30, 2024, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
+Added: • Environmental solutions increased revenue by 0.2% during the three months ended March 31, 2025, primarily due to an increase in event-based volumes and price increases relative to the same period in 2024.
+Added: • Acquisitions, net of divestitures, increased revenue by 0.9% during the three months ended March 31, 2025, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Cost of Operations
9 unchanged sentences
and other, which includes expenses such as facility operating costs, equipment rent and gains or losses on sale of assets used in our operations.
−Removed: The following table summarizes the major components of our cost of operations for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: The following table summarizes the major components of our cost of operations for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
+Added: Three Months Ended March 31,
Labor and related benefits $ 818 20.4 % $ 789 20.4 %
12 unchanged sentences
As such, you should take care when comparing our cost of operations by component to that of other companies and of ours for prior periods.
−Removed: The most significant items impacting our cost of operations during the three and nine months ended September 30, 2024 and 2023 are summarized below:
−Removed: • Labor and related benefits increased due to higher hourly and salaried wages as a result of annual merit increases.
−Removed: Acquisition-related growth also contributed to the increase in labor and related benefits.
−Removed: • Transfer and disposal costs increased in aggregate dollars primarily due to acquisition activity and higher disposal rates.
−Removed: • During the three and nine months ended September 30, 2024 , approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization), as compared to 68% for the same periods in 2023 .
−Removed: • Maintenance and repairs expense increa se d in aggregate dollars due to higher hourly wages as a result of annual merit increases, an increase in third-party maintenance, and parts inflation.
−Removed: Acquisition-related growth also contributed to the increase in maintenance and repairs expense.
+Added: The most significant items impacting our cost of operations during the three months ended March 31, 2025 and 2024 are summarized below:
+Added: • Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases as well as acquisition-related growth.
+Added: Partially offsetting these increases was the impact of one less workday during 2025.
+Added: • Transfer and disposal costs decreased primarily due to a decrease in collection volumes.
+Added: • During both the three months ended March 31, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
• Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon.
−Removed: The national average diesel fuel price per gallon for the three and nine months ended September 30, 2024 was $3.69 and $3.83, respectively, as compared to $4.24 and $4.20, respectively, for the same periods in 2023.
+Added: The national average diesel fuel price per gallon for the three months ended March 31, 2025 and 2024 was $3.63 and $3.96, respectively.
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $27 million per year.
1 unchanged sentence
At current participation rates, a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $38 million per year.
−Removed: • Landfill operating costs increased primarily due to increased leachate transportation and maintenance on our gas extraction systems due in part to increased rainfall in select geographic regions.
−Removed: • Risk management expenses increased in aggregate dollars primarily due to higher premium costs as well as unfavorable claims development in our auto liability program, partially offset by favorable claims development in our general and worker's compensation liability programs.
−Removed: • Other costs of operations increased for the nine months ended September 30, 2024 due to increased occupancy and facility related expenses as well as acquisition-related growth.
−Removed: These increases were partially offset by a favorable non-recurring insurance recovery related to a prior year claim.
−Removed: Depreciation, Amortization and Depletion of Property and Equipment
−Removed: The following table summarizes depreciation, amortization and depletion of property and equipment for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: • Risk management expenses increased primarily due to higher premium costs.
+Added: Depreciation, Depletion and Amortization of Property and Equipment
+Added: The following table summarizes depreciation, amortization and depletion of property and equipment for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
+Added: Three Months Ended March 31,
Depreciation and amortization of property and equipment
4 unchanged sentences
$ 388 9.7 % $ 364 9.4 %
−Removed: Depreciation and amortization of property and equipment increased for the three and nine months ended September 30, 2024 primarily due to assets added through acquisitions.
−Removed: Landfill depletion and amortization expense increased for the three and nine months ended September 30, 2024 due to an increase in our overall average depletion rate.
+Added: Depreciation and amortization of property and equipment increased for the three months ended March 31, 2025 primarily due to assets added through acquisitions.
+Added: Landfill depletion and amortization expense increased for the three months ended March 31, 2025 due to an increase in our overall average depletion rate.
Amortization of Other Intangible Assets
−Removed: Amortization of other intangible assets primarily relates to customer relationships and, to a lesser extent, non-compete agreements.
−Removed: Expenses for amortization of other intangible assets were $17.8 million and $54.3 million, or 0.4% of revenue, respectively, for the three and nine months ended September 30, 2024, compared to $17.3 million and $47.4 million, or 0.5% and 0.4% of revenue, respectively, for the same periods in 2023.
+Added: Amortization of other intangible assets primarily relates to customer relationships.
+Added: Expenses for amortization of other intangible assets were $21 million, or 0.5% of revenue for the three months ended March 31, 2025, compared to $18 million, or 0.5% of revenue, for the same period in 2024.
Amortization expense increased due to assets added through acquisition activity.
1 unchanged sentence
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements.
−Removed: Expenses for amortization of other assets were $21.7 million and $57.7 million, or 0.6% and 0.5% of revenue, respectively, for the three and nine months ended September 30, 2024, compared to $16.0 million and $47.8 million, or 0.4% of revenue for the same periods in 2023.
−Removed: Amortization expense increased due to an increase in fees for cloud-based hosting arrangements.
+Added: Expenses for amortization of other assets were $24 million, or 0.6% of revenue for the three months ended March 31, 2025, compared to $17 million, or 0.4% of revenue for the same period in 2024.
Accretion Expense
−Removed: Accretion expense was $26.7 million and $80.1 million, or 0.7% of revenue, respectively, for the three and nine months ended September 30, 2024, compared to $24.6 million and $73.2 million, or 0.6% and 0.7% of revenue, respectively, for the same periods in 2023.
+Added: Accretion expense was $28 million, or 0.7% of revenue, for the three months ended March 31, 2025, compared to $27 million, or 0.7% of revenue for the same period in 2024.
Selling, General and Administrative Expenses
2 unchanged sentences
Restructuring charges are excluded from selling, general and administrative expenses and are discussed separately.
−Removed: The following table summarizes our selling, general and administrative expenses for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: The following table summarizes our selling, general and administrative expenses for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
+Added: Three Months Ended March 31,
Salaries and related benefits $ 293 7.3 % $ 280 7.2 %
Provision for doubtful accounts
−Removed: — — 18.9 0.5 19.9 0.2 38.6 0.3
Other 124 3.1 127 3.3
−Removed: Subtotal 406.0 10.0 395.9 10.3 1,227.6 10.2 1,153.0 10.3
−Removed: US Ecology, Inc.
−Removed: acquisition integration and deal costs — — 6.2 0.2 — — 24.3 0.2
Total selling, general and administrative expenses
2 unchanged sentences
As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.
−Removed: The most significant items affecting our selling, general and administrative expenses during the three and nine months ended September 30, 2024 and 2023 are summarized below:
+Added: The most significant items affecting our selling, general and administrative expenses during the three months ended March 31, 2025 and 2024 are summarized below:
• Salaries and related benefits increased primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
−Removed: • Provision for doubtful accounts decreased primarily due to improvements in our cash collections and days sales outstanding as well as a favorable adjustment to a reserve established in a prior year.
−Removed: As of September 30, 2024 , our days sales outstanding were 41.2, or 30.4 days net of deferred revenue, compared to 43.5, or 32.0 days net of deferred revenue, as of September 30, 2023.
−Removed: • Other selling, general and administrative expenses increased in aggregate dollars for the three and nine months ended September 30, 2024, primarily due to an increase in professional fees and acquisition-related growth.
−Removed: The increase in other selling, general and administrative expenses for the nine months ended September 30, 2024 was partially offset by a favorable legal settlement recognized during the period.
−Removed: • We incurred various acquisition integration and deal costs in connection with the acquisition of US Ecology.
−Removed: During the three and nine months ended September 30, 2023, these charges totaled $6.2 million and $24.3 million, respectively.
−Removed: The 2023 costs primarily related to the integration of certain software systems as well as rebranding of the business.
−Removed: The acquisition closed on May 2, 2022.
−Removed: Our integration of the business was substantially complete as of December 31, 2023.
−Removed: Loss (Gain) on Business Divestitures and Impairments, Net
+Added: • Provision for doubtful accounts increased primarily due to an increase in days sales outstanding.
+Added: As of March 31, 2025 , our days sales outstanding were 42.1, or 30.7 days net of deferred revenue, compared to 41.5, or 30.4 days net of deferred revenue, as of March 31, 2024.
+Added: Gain on Business Divestitures and Impairments, Net
We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time.
1 unchanged sentence
Business divestitures could result in gains, losses or impairment charges that may be material to our results of operations in a given period.
−Removed: During the three and nine months ended September 30, 2024, we recorded a net loss (gain) on business divestitures and impairments of $0.5 million and $(0.9) million, respectively.
−Removed: During the three and nine months ended September 30, 2023 we recognized a net gain on business divestitures and impairments of $1.5 million.
+Added: During the three months ended March 31, 2025, we recorded a net gain on business divestitures and impairments of $2 million.
+Added: During the three months ended March 31, 2024, we did not recognize a gain or loss on business divestitures and impairments.
Restructuring Charges
−Removed: For a discussion of Restructuring Charges incurred during the three and nine months ended September 30, 2024 and 2023, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
+Added: For a discussion of Restructuring Charges incurred during the three months ended March 31, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Interest Expense
−Removed: The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three months ended March 31, 2025 and 2024 (in millions of dollars):
+Added: Three Months Ended March 31,
Interest expense on debt
−Removed: $ 121.2 $ 108.6 $ 357.2 $ 317.1
Non-cash interest 18 22
1 unchanged sentence
Total interest expense $ 140 $ 139
−Removed: Total interest expense for the three and nine months ended September 30, 2024 increased primarily due to an increase in the overall principal balance of our fixed rate debt portfolio as a result of issuances of new senior notes and tax-exempt financings.
−Removed: This increase was partially offset by a gain of $7.8 million recognized during the nine months ended September 30, 2024 attributable to the early settlement of certain cash flow hedges related to the Term Loan Facility.
−Removed: The gain was recognized as a reduction of non-cash interest expense.
−Removed: For the nine months ended September 30, 2024 and 2023, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $345.0 million and $321.5 million, respectively.
−Removed: As of September 30, 2024, we had $2,034.4 million of principal floating rate debt.
+Added: Total interest expense for the three months ended March 31, 2025 increased primarily due to higher interest rates on our fixed rate debt.
+Added: For the three months ended March 31, 2025 and 2024, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $105 million and $118 million, respectively.
+Added: As of March 31, 2025, we had $2,022 million of principal floating rate debt.
If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $20 million.
−Removed: Loss on Extinguishment of Debt
−Removed: During the three and nine months ended September 30, 2024, we recognized a loss of $2.4 million due to the amendment and restatement of the Credit Facility.
−Removed: During the nine months ended September 30, 2023, we incurred a loss on the early extinguishment of debt related to the early repayment of a portion of our Term Loan Facility.
−Removed: We incurred non-cash charges related to the proportional share of unamortized deferred issuance costs of $0.2 million.
−Removed: Settlements and Withdrawals on Pension Plans
−Removed: During the three and nine months ended September 30, 2024, we recognized a settlement of our defined benefit pension plan.
−Removed: The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract.
−Removed: As a result of the settlements, we recognized a non-cash gain of $7.4 million during the three and nine months ended September 30, 2024 related to the accelerated recognition of the proportional share of unamortized net actuarial gains in accumulated other comprehensive loss.
−Removed: We expect to settle all remaining obligations by the end of 2024.
−Removed: Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2024 was 12.5% and 19.4%, respectively.
−Removed: Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2023 was 20.8% and 24.4%, respectively.
−Removed: Our effective tax rate for the three and nine months ended September 30, 2024 reflects a benefit of $81.0 million and $122.0 million, respectively, due to our investments in renewable energy assets qualifying for tax credits under Section 48 of the Internal Revenue Code, $6.2 million due to the realization of additional federal and state benefits, as well as adjustments to deferred taxes due to the completion of our 2023 tax returns.
−Removed: Our effective tax rate for the nine months ended September 30, 2023 reflected benefits of $20.6 million from tax settlements, $7.9 million from investments in solar energy assets qualifying for federal tax credits under Section 48 of the Internal Revenue Code, $6.8 million due to the realization of additional federal and state benefits, as well as adjustments to deferred taxes due to the completion of our 2022 tax returns.
−Removed: Net cash paid for income taxes was $183.4 million and $137.9 million for the nine months ended September 30, 2024 and 2023, respectively.
+Added: Our effective tax rate, exclusive of non-controlling interests, for the three months ended March 31, 2025 and 2024 was 25.6% and 24.2%, respectively.
+Added: Net cash paid for income taxes was $2 million and $8 million for the three months ended March 31, 2025 and 2024, respectively.
For additional discussion and detail regarding our income taxes, see Note 8, Income Taxes , to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
5 unchanged sentences
These groups are presented below as our reportable segments, which each provide integrated environmental services, including but not limited to collection, transfer, recycling and disposal.
−Removed: Corporate entities and other include legal, tax, treasury, information technology, risk management, human resources, closed landfills, and other administrative functions.
+Added: Corporate entities and other includes marketing, operations support, business development, legal, tax, treasury, information technology, risk management, human resources and other administrative functions.
National Accounts revenue included in Corporate entities and other represents the portion of revenue generated from nationwide and regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators.
2 unchanged sentences
Adjusted EBITDA is the single financial measure our chief operating decision maker (CODM) uses to evaluate operating segment profitability and determine resource allocations.
−Removed: Summarized financial information regarding our reportable segments for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars) follows.
+Added: Cost of operations and selling, general and administrative are significant segment expenses used in the evaluation.
+Added: Summarized financial information regarding our reportable segments for the three months ended March 31, 2025 and 2024 (in millions of dollars) follows.
For totals as well as further detail regarding our reportable segments and the adjustments used to calculate Adjusted EBITDA for each segment, see Note 12, Segment Reporting , of the notes to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
1 unchanged sentence
(Environmental Solutions) Corporate entities and other Total
−Removed: Three Months Ended September 30, 2024
−Removed: Gross Revenue $ 2,122.3 $ 2,005.4 $ 4,127.7 $ 467.4 $ 85.1 $ 4,680.2
−Removed: Intercompany Revenue (310.2) (266.9) (577.1) (11.6) (15.3) (604.0)
−Removed: Revenue allocations 31.9 29.0 60.9 8.9 (69.8) —
−Removed: Net Revenue $ 1,844.0 $ 1,767.5 $ 3,611.5 $ 464.7 $ — $ 4,076.2
−Removed: Adjusted EBITDA $ 615.8 $ 569.2 $ 1,185.0 $ 118.3 $ — $ 1,303.3
−Removed: Capital Expenditures $ 249.8 $ 155.2 $ 405.0 $ 32.6 $ 16.1 $ 453.7
−Removed: Total Assets $ 13,784.1 $ 11,059.3 $ 24,843.3 $ 4,438.9 $ 2,531.9 $ 31,814.2
−Removed: Three Months Ended September 30, 2023
−Removed: Gross Revenue $ 2,000.3 $ 1,927.1 $ 3,927.4 $ 424.3 $ 62.5 $ 4,414.2
−Removed: Intercompany Revenue (294.6) (261.9) (556.5) (14.4) (17.4) (588.3)
−Removed: Revenue allocations 26.0 24.2 50.2 (5.1) (45.1) —
−Removed: Net Revenue $ 1,731.7 $ 1,689.4 $ 3,421.1 $ 404.8 $ — $ 3,825.9
−Removed: Adjusted EBITDA $ 553.9 $ 500.4 $ 1,054.3 $ 91.4 $ — $ 1,145.7
−Removed: Capital Expenditures $ 165.0 $ 141.4 $ 306.4 $ 24.9 $ 37.7 $ 369.0
−Removed: Total Assets $ 13,112.6 $ 10,866.4 $ 23,979.0 $ 3,982.4 $ 2,081.4 $ 30,042.8
−Removed: (1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.
−Removed: Group 1 Group 2 Recycling & Waste Subtotal (1) Group 3
−Removed: (Environmental Solutions) Corporate entities and other Total
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Gross Revenue $ 2,065 $ 1,978 $ 4,043 $ 455 $ 95 $ 4,593
2 unchanged sentences
Net Revenue 1,798 1,762 3,560 449 — 4,009
+Added: Cost of Operations 1,012 1,017 2,029 285 — 2,314
+Added: SG&A 185 168 353 74 — 427
Adjusted EBITDA $ 601 $ 577 $ 1,178 $ 90 $ — $ 1,268
1 unchanged sentence
Total Assets $ 14,007 $ 11,308 $ 25,315 $ 5,126 $ 2,662 $ 33,103
−Removed: Nine Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2024
Gross Revenue $ 1,971 $ 1,960 $ 3,931 $ 429 $ 79 $ 4,439
2 unchanged sentences
Net Revenue 1,706 1,732 3,438 424 — 3,862
+Added: Cost of Operations 989 1,028 2,017 266 — 2,283
+Added: SG&A 174 169 343 71 — 414
Adjusted EBITDA $ 543 $ 535 $ 1,078 $ 87 $ — $ 1,165
2 unchanged sentences
(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.
−Removed: Significant changes in the revenue and Adjusted EBITDA of our reportable segments comparing the three and nine months ended September 30, 2024 and 2023 are discussed below.
−Removed: Adjusted EBITDA in Group 1 increased from $553.9 million and $1,570.6 million for the three and nine months ended September 30, 2023, respectively, to $615.8 million and $1,765.0 million for the three and nine months ended September 30, 2024, respectively.
−Removed: The most significant items impacting adjusted EBITDA in Group 1 during the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 include:
−Removed: • Net revenue for the three months ended September 30, 2024 increased 6.2% due to an increase in average yield in all lines of business and volume increases in our small container line of business.
−Removed: These increases were partially offset by decreased volume in our large container collection, transfer and landfill lines of business.
−Removed: Net revenue for the nine months ended September 30, 2024 increased 8.4% due to an increase in average yield in all lines of business and increased volumes in our small container collection line of business.
−Removed: These increases were partially offset by volume declines in our large-container collection, landfill and transfer lines of business.
−Removed: The decline in volume in our landfill line of business is primarily attributable to decreased special waste volumes, partially offset by increased solid waste and construction and demolition volumes.
−Removed: • Cost of operations increased primarily due to an increase in labor costs and higher third-party maintenance costs due to inflationary pressures and the impact of acquisitions.
−Removed: The unfavorable impact was partially offset by a decrease in fuel costs due to a decrease in average fuel price per gallon.
−Removed: Adjusted EBITDA in Group 2 increased from $500.4 million and $1,464.4 million for the three and nine months ended September 30, 2023, respectively, to $569.2 million and $1,643.5 million for the three and nine months ended September 30, 2024, respectively.
−Removed: The most significant items impacting adjusted EBITDA in Group 2 during the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 include:
−Removed: • Net revenue for the three and nine months ended September 30, 2024 increased 4.4% and 5.1%, respectively, due to an increase in average yield in all lines of business and increased volumes in our landfill line of business.
−Removed: The increase in volume in our landfill line of business was primarily due to increased solid and special waste volumes.
−Removed: These increases were partially offset by decreased construction and demolition landfill volumes as well as decreased volumes in our collection and transfer lines of business.
−Removed: • Cost of operations increased primarily due to an increase in labor costs and higher third-party maintenance costs due to inflationary pressures.
+Added: Significant changes in the revenue and Adjusted EBITDA of our reportable segments comparing the three months ended March 31, 2025 and 2024 are discussed below.
+Added: Adjusted EBITDA in Group 1 increased from $543 million for the three months ended March 31, 2024 to $601 million for the three months ended March 31, 2025.
+Added: The most significant items impacting adjusted EBITDA in Group 1 during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 include:
+Added: • Net revenue for the three months ended March 31, 2025 increased 5.4% due to an increase in average yield in all lines of business and volume increases in our landfill special waste line of business.
+Added: The increases were partially offset by
+Added: decreased volume in our collection and transfer lines of business.
+Added: The decrease in volume was also negatively impacted by lower solid waste volumes in our landfill line of business.
+Added: • Cost of operations increased primarily due to an increase in labor costs.
The unfavorable impact was partially offset by a decrease in fuel costs due to a decrease in average fuel price per gallon.
−Removed: Adjusted EBITDA in Group 3 increased from $91.4 million and $266.9 million for the three and nine months ended September 30, 2023, respectively, to $118.3 million and $317.2 million for the three and nine months ended September 30, 2024, respectively.
−Removed: The most significant items impacting adjusted EBITDA in Group 3 during the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 include:
−Removed: • Net revenue for both the three and nine months ended September 30, 2024 increased due to acquisition-related growth and favorable pricing.
−Removed: • Cost of operations increased primarily due to an increase in labor costs and the impact of acquisitions, partially offset by a decrease in subcontract volumes .
+Added: Adjusted EBITDA in Group 2 increased from $535 million for the three months ended March 31, 2024 to $577 million for the three months ended March 31, 2025.
+Added: The most significant items impacting adjusted EBITDA in Group 2 during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 include:
+Added: • Net revenue for the three months ended March 31, 2025 increased 1.7% due to an increase in average yield in all lines of business and increased volumes in our landfill line of business.
+Added: The increase in volume in our landfill line of business was primarily due to increased construction and demolition and special waste volumes.
+Added: These increases were partially offset by decreased volumes in our collection and transfer lines of business.
+Added: • Cost of operations decreased primarily due to a decrease in fuel costs due to a decrease in average fuel price per gallon.
+Added: Adjusted EBITDA in Group 3 increased from $87 million for the three months ended March 31, 2024 to $90 million for the three months ended March 31, 2025.
+Added: The most significant items impacting adjusted EBITDA in Group 3 during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 include:
+Added: • Net revenue for the three months ended March 31, 2025 increased due to an increase in event-based volumes, acquisition related growth and price increases relative to the same period in 2024.
+Added: • Cost of operations increased primarily due to an increase in labor costs and subcontract costs, and the impact of acquisitions.
Landfill and Environmental Matters
Available Airspace
−Removed: As of September 30, 2024 , we owned or operated 208 active landfills with total available disposal capacity estimated to be 5.1 billion in-place cubic yards.
+Added: As of March 31, 2025 , we owned or operated 208 active landfills with total available disposal capacity estimated to be 5.0 billion in-place cubic yards.
For these landfills, the following table reflects changes in capacity and remaining capacity, as measured in cubic yards of airspace:
2 unchanged sentences
Net of Closures Airspace
−Removed: Consumed Changes in Engineering Estimates Balance as of September 30, 2024
+Added: Consumed Changes in Engineering Estimates Balance as of March 31, 2025
Cubic yards (in millions):
8 unchanged sentences
Before airspace included in an expansion area is determined to be probable expansion airspace and, therefore, included in our calculation of total available disposal capacity, it must meet all of our expansion criteria.
−Removed: As of September 30, 2024 , 14 of our landfills met all of our criteria for including their probable expansion airspace in their total available disposal capacity.
+Added: As of March 31, 2025 , 14 of our landfills met all of our criteria for including their probable expansion airspace in their total available disposal capacity.
At projected annual volumes, these 14 landfills have an estimated remaining average site life of 49 years, including probable expansion airspace.
6 unchanged sentences
Property and Equipment
−Removed: The following tables reflect the activity in our property and equipment accounts for the nine months ended September 30, 2024:
+Added: The following tables reflect the activity in our property and equipment accounts for the three months ended March 31, 2025:
Gross Property and Equipment
5 unchanged sentences
Transfers, Foreign Currency Translation
−Removed: Adjustments Balance as of September 30, 2024
+Added: Adjustments Balance as of March 31, 2025
Land $ 897 $ 5 $ — $ 28 $ — $ — $ 23 $ 953
9 unchanged sentences
Divestitures Adjustments
−Removed: Obligations Impairments, Transfers, Foreign Currency Translation and Other Adjustments Balance as of September 30, 2024
+Added: Obligations Impairments, Transfers, Foreign Currency Translation and Other Adjustments Balance as of March 31, 2025
Landfill development costs $ (6,031) $ (128) $ — $ — $ — $ — $ (6,159)
5 unchanged sentences
The following is a summary of our cash and cash equivalents and restricted cash and marketable securities balances as of:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Cash and cash equivalents $ 83 $ 74
4 unchanged sentences
The following table summarizes our restricted cash and marketable securities:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Capping, closure and post-closure obligations $ 63 $ 59
7 unchanged sentences
(3) dividend payments;
−Removed: (4) repayments to service debt and other long-term obligations;
+Added: (4) payments to service debt and other long-term obligations;
(5) payments for asset retirement obligations and environmental liabilities;
6 unchanged sentences
We continue to invest in value-enhancing acquisitions in existing markets.
−Removed: In 2024, we expect to invest at least $250 million in acquisitions, including an investment in a post-collection business.
+Added: We expect to invest approximately $1 billion in acquisitions in 2025.
Summary of Cash Flow Activity
The major components of changes in cash flows are discussed in the following paragraphs.
−Removed: The following table summarizes our cash flow from operating activities, investing activities and financing activities for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended September 30,
+Added: The following table summarizes our cash flow from operating activities, investing activities and financing activities for the three months ended March 31, 2025 and 2024:
+Added: Three Months Ended March 31
Cash Provided by Operating Activities $ 1,025 $ 811
Cash Used in Investing Activities $ (1,288) $ (679)
−Removed: Cash Used in Financing Activities $ (1,188.1) $ (579.2)
+Added: Cash Provided by (Used in) Financing Activities $ 284 $ (201)
Cash Flows Provided by Operating Activities
We use cash flows from operations to fund capital expenditures and leases, acquisitions, dividend payments, share repurchases, interest payments and repayments of debt and other long-term obligations, and payments for asset retirement obligations and environmental liabilities.
−Removed: The most significant items affecting the comparison of our cash flows provided by operating activities for the nine months ended September 30, 2024 and 2023 are summarized below.
−Removed: Changes in assets and liabilities, net of effects from business acquisitions and divestitures, decreased our cash flow from operations by $244.0 million during the nine months ended September 30, 2024, compared to an increase of $68.9 million during the same period in 2023, primarily as a result of the following:
−Removed: • Our accounts receivable, exclusive of the change in allowance for doubtful accounts and customer credits, increased $99.9 million during the nine months ended September 30, 2024 due to the timing of billings net of collections, compared to a $161.0 million increase in the same period in 2023.
−Removed: As of September 30, 2024, our days sales outstanding were 41.2, or 30.4 days net of deferred revenue, compared to 43.5, or 32.0 days net of deferred revenue, as of September 30, 2023.
−Removed: • Our prepaid expenses and other assets increased $59.5 million during the nine months ended September 30, 2024, compared to a $121.4 million decrease in the same period in 2023.
−Removed: The increase in prepaid expenses and other assets during the nine months ended September 30, 2024 is primarily driven by an increase in capitalized implementation costs for our cloud-based hosting arrangements and higher insurance premium costs, partially offset by a decrease of tax receivables due to the timing of our estimated tax payments.
−Removed: • Our accounts payable decreased $26.3 million during the nine months ended September 30, 2024, compared to a $93.5 million increase in the same period in 2023, due to the timing of payments.
−Removed: • Cash paid for capping, closure and post-closure obligations was $35.3 million during the nine months ended September 30, 2024, compared to $40.5 million in the same period in 2023.
−Removed: • Cash paid for remediation obligations was $13.5 million higher during the nine months ended September 30, 2024, compared to the same period in 2023.
−Removed: In addition, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swaps, was $345.0 million and $321.5 million for the nine months ended September 30, 2024 and 2023, respectively.
−Removed: Cash paid for incomes taxes was $183.4 million and $137.9 million for the nine months ended September 30, 2024 and 2023, respectively.
+Added: The most significant items affecting the comparison of our cash flows provided by operating activities for the three months ended March 31, 2025 and 2024 are summarized below.
+Added: Changes in assets and liabilities, net of effects from business acquisitions and divestitures, increased our cash flow from operations by $19 million during the three months ended March 31, 2025, compared to a decrease of $165 million during the same period in 2024, primarily as a result of the following:
+Added: • Our accounts receivable, exclusive of the change in allowance for doubtful accounts and customer credits, increased $18 million during the three months ended March 31, 2025 due to the timing of billings net of collections, compared to a $1 million increase in the same period in 2024.
+Added: As of March 31, 2025, our days sales outstanding were 42.1, or 30.7 days net of deferred revenue, compared to 41.5, or 30.4 days net of deferred revenue, as of March 31, 2024.
+Added: • Our prepaid expenses and other assets decreased $90 million during the three months ended March 31, 2025, compared to an $18 million decrease in the same period in 2024.
+Added: The decrease in prepaid expenses and other assets during the three months ended March 31, 2025 is primarily driven by a decrease of tax receivables due to the timing of our estimated tax payments, partially offset by an increase in capitalized implementation costs for our cloud-based hosting arrangements.
+Added: • Our accounts payable decreased $42 million during the three months ended March 31, 2025, compared to a $1 million decrease in the same period in 2024, due to the timing of payments.
+Added: • Cash paid for capping, closure and post-closure obligations was $8 million during the three months ended March 31, 2025, compared to $9 million in the same period in 2024.
+Added: • Cash paid for remediation obligations was $1 million lower during the three months ended March 31, 2025, compared to the same period in 2024.
+Added: • Our other liabilities increased $6 million during the three months ended March 31, 2025, compared to a $162 million decrease in the same period in 2024, primarily due to the timing of payments for accrued payroll, income taxes payable and insurance reserves as well as a decrease in payment for certain incentive compensation accruals.
+Added: In addition, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swaps, was $105 million and $118 million for the three months ended March 31, 2025 and 2024, respectively.
+Added: Cash paid for incomes taxes was $2 million and $8 million for the three months ended March 31, 2025 and 2024, respectively.
Cash Flows Used in Investing Activities
−Removed: The most significant items affecting the comparison of our cash flows used in investing activities for the nine months ended September 30, 2024 and 2023 are summarized below:
−Removed: • Capital expenditures during the nine months ended September 30, 2024 were $1,357.4 million, compared with $1,083.2 million for the same period in 2023.
−Removed: • During the nine months ended September 30, 2024 and 2023, we paid $400.4 million and $1,051.1 million, respectively, for acquisitions and investments.
+Added: The most significant items affecting the comparison of our cash flows used in investing activities for the three months ended March 31, 2025 and 2024 are summarized below:
+Added: • Capital expenditures during the three months ended March 31, 2025 were $459 million, compared with $515 million for the same period in 2024.
+Added: • During the three months ended March 31, 2025 and 2024, we paid $834 million and $166 million, respectively, for acquisitions and investments.
We intend to finance future capital expenditures and acquisitions through cash on hand, restricted cash held for capital expenditures, cash flows from operations, our revolving credit facilities, and tax-exempt bonds and other financings.
We expect to primarily use cash and borrowings under our revolving credit facilities to pay for future acquisitions.
−Removed: Cash Flows Used in Financing Activities
−Removed: The most significant items affecting the comparison of our cash flows (used in) provided by financing activities for the nine months ended September 30, 2024 and 2023 are summarized below:
−Removed: • During the nine months ended September 30, 2024, we issued $900.0 million of senior notes for cash proceeds, net of discounts and fees, of $888.8 million.
−Removed: During the nine months ended September 30, 2023, we issued $1,200.0 million of senior notes for cash proceeds, net of discounts and fees, of $1,183.6 million.
−Removed: Net payments from notes payable and long-term debt were $1,219.0 million during the nine months ended September 30, 2024, compared to net payments of $1,084.5 million during the same period in 2023.
+Added: Cash Flows Provided by (Used in) Financing Activities
+Added: The most significant items affecting the comparison of our cash flows provided by (used in) financing activities for the three months ended March 31, 2025 and 2024 are summarized below:
+Added: • During the three months ended March 31, 2025, we issued $1,200 million of senior notes for cash proceeds, net of discounts and fees, of $1,186 million.
+Added: We issued no senior notes during the three months ended March 31, 2024.
+Added: Net payments from notes payable and long-term debt were $646 million during the three months ended March 31, 2025, compared to net payments of $4 million during the same period in 2024.
For a more detailed discussion, see the Financial Condition section of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
−Removed: • During the nine months ended September 30, 2024, we repurchased 1.7 million shares of our stock for $320.7 million, compared to repurchases of 1.3 million shares for $190.4 million during the same period in 2023.
−Removed: • Dividends paid were $504.8 million and $469.5 million during the nine months ended September 30, 2024 and 2023, respectively.
+Added: • During the three months ended March 31, 2025, we repurchased 0.3 million shares of our common stock for $55 million, compared to no repurchases during the same period in 2024.
+Added: • Dividends paid were $181 million and $168 million during the three months ended March 31, 2025 and 2024, respectively.
Financial Condition
Debt Obligations
−Removed: As of September 30, 2024 , we had $513.0 million of principal debt maturing within the next 12 months, which includes certain finance lease obligations.
−Removed: All of our tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield, with the exception of three tax-exempt financings each with an initial remarketing period of 10 years.
+Added: As of March 31, 2025 , we had $421 million of principal debt maturing within the next 12 months, which includes certain finance lease obligations.
+Added: All of our tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield, with the exception of three tax-exempt financings each with initial remarketing periods of 10 years.
The holders of the bonds can put them back to the remarketing agents at the end of each interest period.
If the remarketing agents are unable to remarket our bonds, the remarketing agents can put the bonds to us.
−Removed: In the event of a failed remarketing, as of September 30, 2024 , we had availability under our Credit Facility to fund these bonds until they are remarketed successfully.
−Removed: In the event of a failed re-borrowing under our commercial paper program, as of September 30, 2024 , we had availability under our Credit Facility to fund the commercial paper program until it is re-borrowed successfully.
−Removed: Accordingly, we have classified these tax-exempt financings and commercial paper program borrowings as long-term in our consolidated balance sheet as of September 30, 2024 .
+Added: In the event of a failed remarketing, as of March 31, 2025 , we had availability under our Credit Facility to fund the repurchase of these bonds until they are remarketed successfully.
+Added: In the event of a failed re-borrowing under our commercial paper program, as of March 31, 2025 , we had availability under our Credit Facility to fund the commercial paper program until it is re-borrowed successfully.
+Added: Accordingly, we have classified these tax-exempt financings and commercial paper program borrowings as long-term in our consolidated balance sheet as of March 31, 2025 .
For further discussion of the components of our overall debt, see Note 7, Debt, of the notes to our unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
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The Uncommitted Credit Facility may be terminated by either party at any time.
−Removed: As of September 30, 2024, we had $92.6 million of borrowings outstanding under our Uncommitted Credit Facility.
+Added: As of March 31, 2025, we had $62 million of borrowings outstanding under our Uncommitted Credit Facility.
As of December 31, 2024, we had no borrowings outstanding under our Uncommitted Credit Facility.
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In July 2024, we and our subsidiary, USE Canada Holdings, Inc.
−Removed: (the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amends and restates the unsecured revolving credit facility we entered into in August 2021.
+Added: (the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amended and restated the unsecured revolving credit facility we entered into in August 2021.
The total outstanding principal amount that we may borrow under the Credit Facility may not exceed the current aggregate lenders' commitments of $3.5 billion, and borrowings under the Credit Facility mature in July 2029.
−Removed: As permitted by the Credit Facility, we have the right to request two one-year extensions of the maturity date, but none of the lenders are committed to participate in such extensions.
+Added: We have the right to request two one-year extensions of the maturity date, but none of the lenders are committed to participate in such extensions.
The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $1 billion through increased commitments from existing lenders or the addition of new lenders.
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Borrowings under the Credit Facility in United States dollars bear interest at a Base Rate, a daily floating SOFR or a term SOFR, plus a current applicable margin of 0.920% based on our Debt Ratings (all as defined in the Credit Facility agreement).
−Removed: The Canadian dollar-denominated loans bear interest based on the Canadian Overnight Repo Rate Average.
−Removed: As of September 30, 2024 and December 31, 2023, C$241.0 million and C$201.5 million, respectively, were outstanding against the Canadian Sublimit.
−Removed: The weighted average interest rate for borrowings outstanding as of September 30, 2024 was 5.525%.
+Added: The Canadian dollar-denominated loans bear interest based on the Canadian Prime Rate or the Canadian Dollar Offered Rate, plus a current applicable margin of 0.920% based on our Debt Ratings.
+Added: As of March 31, 2025 and December 31, 2024, C$216 million and C$232 million, respectively, were outstanding against the Canadian Sublimit.
The Credit Facility is subject to facility fees based on applicable rates defined in the Credit Facility agreement and the aggregate commitment, regardless of usage.
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We may pay dividends and repurchase common stock if we are in compliance with these covenants.
−Removed: We had $178.3 million and $297.1 million of borrowings outstanding under the Credit Facility as of September 30, 2024 and December 31, 2023, respectively.
−Removed: We had $315.2 million and $336.5 million of letters of credit outstanding under our Credit Facility as of September 30, 2024 and December 31, 2023, respectively.
−Removed: We also had $594.8 million and $495.3 million of principal borrowings outstanding (net of related discount on issuance) under our commercial paper program as of September 30, 2024 and December 31, 2023, respectively.
−Removed: As a result, availability under our Credit Facility was $2,411.5 million and $2,371.2 million as of September 30, 2024 and December 31, 2023, respectively.
+Added: We had $151 million and $514 million of borrowings outstanding under the Credit Facility as of March 31, 2025 and December 31, 2024, respectively.
+Added: We had $322 million and $317 million of letters of credit outstanding under our Credit Facility as of March 31, 2025 and December 31, 2024, respectively.
+Added: We also had $640 million and $477 million of principal borrowings outstanding (net of related discount on issuance) under our commercial paper program as of March 31, 2025 and December 31, 2024, respectively.
+Added: As a result, availability under our Credit Facility was $2.4 billion and $2.2 billion as of March 31, 2025 and December 31, 2024, respectively.
Financial and Other Covenants
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Compliance with covenants also is a condition for any incremental borrowings under the Credit Facility, and failure to meet these covenants would enable the lenders to require repayment of any outstanding loans (which would adversely affect our liquidity).
+Added: Additionally, if we are not in compliance with these covenants, we could not use the availability under our Credit Facility to fund borrowings we currently make under our commercial paper program, if there is a failed reborrowing under that program.
The Credit Facility provides that our total debt to EBITDA ratio may not exceed 3.75 to 1.00 as of the last day of any fiscal quarter.
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The Credit Facility also provides that there may not be more than two elevated ratio periods during the term of the Credit Facility agreement.
−Removed: As of September 30, 2024, our total debt to EBITDA ratio was approximately 2.6 to 1.0 compared to the 3.75 to 1.0 maximum allowed by the covenants.
−Removed: As of September 30, 2024, we were in compliance with the covenants unde r our Credit Facility, and we exp ect to be in compliance throughout the remainder of 2024.
+Added: As of March 31, 2025, our total debt to EBITDA ratio was approximately 2.6 compared to the 3.75 maximum allowed.
+Added: As of March 31, 2025, we were in compliance with all other covenants unde r our Credit Facility .
EBITDA, which is a non-U.S.
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In this context, EBITDA is used solely to provide information regarding the extent to which we are in compliance with debt covenants and is not comparable to EBITDA used by other companies or used by us for other purposes.
−Removed: Failure to comply with the financial and other covenants under the Credit Facility, as well as the occurrence of certain material adverse events, would constitute defaults and would allow the lenders under the Credit Facility to accelerate the maturity of all indebtedness under the Credit Facility.
+Added: Failure to comply with the financial and other covenants under the Credit Facility, as well as the occurrence of certain material adverse events, would constitute defaults and would allow the lenders under the Credit Facility to accelerate the maturity of all
+Added: indebtedness under the Credit Facility.
This could have an adverse effect on the availability of financial assurances.
−Removed: In addition, maturity acceleration on the Credit Facility constitutes an event of default under other debt and derivative instruments.
+Added: In addition, maturity acceleration on the Credit Facility constitutes an event of default under certain of our other debt and derivative instruments.
If such acceleration were to occur, we would not have sufficient liquidity available to repay the indebtedness.
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We may be unable to amend the Credit Facility or raise sufficient capital to repay such obligations in the event the maturity is accelerated.
−Removed: Term Loan Facility
−Removed: On April 29, 2022, we entered into a $1.0 billion term loan facility (the Term Loan Facility) which bore interest at a base rate or a forward-looking SOFR, plus an applicable margin based on our debt ratings.
−Removed: We had $500.0 million of borrowings
−Removed: outstanding under the Term Loan Facility as of December 31, 2023.
−Removed: During the nine months ended September 30, 2024, we repaid the remaining balance of the Term Loan Facility.
Commercial Paper Program
−Removed: We have entered into a commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate principal amount not to exceed $1.5 billion outstanding at any one time.
−Removed: The weighted average interest rate for borrowings outstanding as of September 30, 2024 was 4.910% with a weighted average maturity of 11 days.
−Removed: We had $595.0 million and $496.0 million in aggregate principal amount of commercial paper issued and outstanding under the program as of September 30, 2024 and December 31, 2023, respectively.
−Removed: In the event of a failed re-borrowing, we currently have availability under our Credit Facility to fund the commercial paper program until it is re-borrowed successfully.
−Removed: Accordingly, we have classified these borrowings as long-term in our consolidated balance sheet as of September 30, 2024.
+Added: In May 2022, we entered into a commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate principal amount not to exceed $500 million outstanding at any one time (the Commercial Paper Cap).
+Added: In August 2022, the Commercial Paper Cap was increased to $1.0 billion, and in October 2023, was increased to $1.5 billion.
+Added: The weighted average interest rate for borrowings outstanding as of March 31, 2025 is 4.633% with a weighted average maturity of approximately 12 days.
+Added: The weighted average interest rate for borrowings outstanding as of December 31, 2024 is 4.646% with a weighted average maturity of approximately 18 days.
+Added: We had $640 million and $477 million principal value of commercial paper issued and outstanding under the program as of March 31, 2025 and December 31, 2024, respectively.
+Added: In the event of a failed re-borrowing, we currently have availability under our Credit Facility to fund amounts currently borrowed under the commercial paper program until they are re-borrowed successfully.
+Added: Accordingly, we have classified these borrowings as long-term in our consolidated balance sheet as of March 31, 2025 and December 31, 2024, respectively.
Senior Notes and Debentures
−Removed: In March 2023, we issued $400.0 million of 4.875% senior notes due 2029 (the Existing 2029 Notes) and $800.0 million of 5.000% senior notes due 2034.
−Removed: We used the proceeds from the March 2023 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility.
−Removed: As a result of the Term Loan Facility repayment, we incurred a non-cash loss on the early extinguishment of debt related to the ratable portion of unamortized deferred issuance costs of $0.2 million.
−Removed: In December 2023, we issued an additional $350.0 million of 4.875% senior notes due 2029 (the New 2029 Notes, and together with the Existing 2029 Notes, the 2029 Notes).
−Removed: After giving effect to the issuance of the New 2029 Notes, $750.0 million in aggregate principal amount of the 2029 Notes is outstanding.
−Removed: The New 2029 Notes are fungible with the Existing 2029 Notes, and taken together, the 2029 Notes are treated as a single series.
−Removed: In December 2023, we also issued $650.0 million of 5.000% senior notes due 2033.
−Removed: The proceeds of the December 2023 notes issuance were used for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility.
In June 2024, we issued $400 million of 5.000% senior notes due 2029 and $500 million of 5.200% senior notes due 2034.
−Removed: We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility;
−Removed: and repayment of the remaining amount outstanding under the Term Loan Facility and the Uncommitted Credit Facility.
+Added: We used the proceeds from the June 2024 notes issuance for general corporate purposes, repayment of a portion of amounts outstanding on our Credit Facility and a portion of outstanding borrowings under the Commercial Paper Program, and repayment of the remaining amount outstanding under the Term Loan Facility and the Uncommitted Credit Facility.
+Added: In March 2025, we issued $500 million of 4.750% senior notes due 2030 and $700 million of 5.150% senior notes due 2035.
+Added: We used the proceeds from the March 2025 notes issuance for general corporate purposes, including the repayment on our Credit Facility and a portion of amounts outstanding under the Commercial Paper Program.
Our senior notes and debentures are general unsecured and unsubordinated obligations and rank equally with our other unsecured obligations.
−Removed: Derivative Instruments and Hedging Relationships
−Removed: Our ability to obtain financing through the capital markets is a key component of our financial strategy.
−Removed: Historically, we have managed risk associated with executing this strategy, particularly as it relates to fluctuations in interest rates, by using a combination of fixed and floating rate debt.
−Removed: From time to time, we also have entered into interest rate swap and lock agreements to manage risk associated with interest rates, either to effectively convert specific fixed rate debt to a floating rate (fair value hedges), or to lock interest rates in anticipation of future debt issuances (cash flow hedges).
−Removed: Additionally, we amended certain interest rate lock agreements, extending the mandatory maturity date and dedesignated them as cash flow hedges (the Extended Interest Rate Locks).
−Removed: In addition, we entered into offsetting interest rate contracts to offset future exposures to fair value fluctuations of the Extended Interest Rate Locks.
−Removed: For a description of our derivative contracts and hedge accounting, see Note 7, Debt , to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Tax-Exempt Financings
−Removed: As of September 30, 2024 and December 31, 2023, we had $1,408.7 million and $1,280.6 million, respectively, of certain variable rate tax-exempt financings outstanding, with maturities ranging from 2026 to 2054 and from 2024 to 2053, respectively.
−Removed: Finance Leases
−Removed: As of September 30, 2024 and December 31, 2023, we had finance lease liabilities of $291.1 million and $251.3 million, respectively, with maturities ranging from 2024 to 2063 for both periods.
+Added: As of both March 31, 2025 and December 31, 2024, we had $1.4 billion of tax-exempt financings outstanding, with maturities ranging from 2026 to 2054 for both periods.
+Added: Finance Leases and Other
+Added: As of March 31, 2025 and December 31, 2024, we had finance lease and other liabilities of $333 million and $315 million, respectively, with maturities ranging from 2025 to 2063 for both periods.
+Added: As of March 31, 2025, finance leases and other included $76 million related to the construction of an office building located in Phoenix, Arizona, which has been accounted for as a financing obligation.
+Added: The amount is recorded within long-term debt, net of current maturities.
Credit Ratings
Our continued access to the debt capital markets and to new financing facilities, as well as our borrowing costs, depend on multiple factors, including market conditions, our operating performance and maintaining strong credit ratings.
−Removed: September 30, 2024, our credit ratings were BBB+, Baa1 and A- by Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch Ratings, Inc, respectively.
+Added: As of March 31, 2025, our credit ratings were BBB+, Baa1 and A- by Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch Ratings, Inc, respectively.
If our credit ratings were downgraded, especially any downgrade to below investment grade, our ability to access the debt markets with the same flexibility that we have experienced historically, our cost of funds and other terms for new debt issuances, could be adversely impacted.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.