- Reported Earnings Per Share of $1.52 and Adjusted Earnings Per Share of
$1.54
- Expanded Net Income Margin 100 Basis Points and Adjusted EBITDA
Margin 70 Basis Points
- Generated Cash Flow from Operations of $2,719 Million and Adjusted Free Cash Flow of
$1,827 Million
- Invested More Than $900 Million
in Value-Creating Acquisitions
- Board Authorized $3 Billion For
Share Repurchases
- Certified as a Great Place to Work® for the Seventh
Consecutive Year
PHOENIX, Oct. 26,
2023 /PRNewswire/ -- Republic Services, Inc. (NYSE:
RSG) today reported net income of $480.2
million, or $1.52 per diluted
share, for the three months ended September
30, 2023, versus $416.9
million, or $1.32 per diluted
share, for the comparable 2022 period. Excluding certain expenses
and other items, on an adjusted basis, net income for the three
months ended September 30, 2023, was
$488.3 million, or $1.54 per diluted share, versus $425.4 million, or $1.34 per diluted share, for the comparable 2022
period.
"During the third quarter, we delivered strong results as we
continue to execute on our strategy designed to profitably grow the
business," said Jon Vander Ark, president and chief executive
officer. "Our revenue growth was broad-based, including healthy
pricing, positive organic volume growth and above-average
contribution from acquisitions, which resulted in adjusted EBITDA
growth of nine percent and 70 basis points of margin expansion. The
investments we are making in sustainability growth initiatives
remain on track, with expected financial contribution beginning in
2024."
Third-Quarter and Year-to-Date 2023 Highlights:
- Third quarter total revenue growth of 6.3 percent includes 4.6
percent organic growth and 1.7 percent growth from
acquisitions.
- Third quarter core price on total revenue increased revenue by
7.0 percent. Core price on related business revenue increased
revenue by 8.6 percent, which consisted of 10.4 percent in the open
market and 5.7 percent in the restricted portion of the
business.
- Third quarter revenue growth from average yield on total
revenue was 5.8 percent, and volume increased revenue by 0.1
percent. Revenue growth from average yield on related business
revenue was 7.2 percent, and volume increased related business
revenue by 0.1 percent.
- Third quarter net income was $480.2
million, or a margin of 12.6 percent.
- Third quarter EPS was $1.52 per
share, an increase of 15.2 percent over the prior year.
- Third quarter adjusted EPS, a non-GAAP measure, was
$1.54 per share, an increase of 14.9
percent over the prior year.
- Third quarter adjusted EBITDA, a non-GAAP measure, was
$1,145.7 million and adjusted EBITDA
margin, a non-GAAP measure, was 29.9 percent of revenue.
- Year-to-date cash invested in acquisitions was $947.4 million, all in the recycling and solid
waste business.
- Year-to-date cash returned to shareholders was $670.6 million, which included $201.1 million of share repurchases and
$469.5 million of dividends
paid.
- The Company's average recycled commodity price per ton sold
during the third quarter was $112.
This represents a decrease of $7 per
ton from the second quarter of 2023 and a decrease of $50 per ton over the prior year.
Raised Full-Year 2023 Adjusted EPS
Guidance
The Company now expects full-year 2023 diluted earnings per
share to be in the range of $5.30 to
$5.33 and adjusted diluted earnings
per share to be in the range of $5.46
to $5.49. The increase is primarily
due to a lower than expected tax rate. The Company reiterates the
full-year 2023 guidance ranges for adjusted EBITDA and adjusted
free cash flow provided in July. Please refer to the Reconciliation
of 2023 Financial Guidance section of this document for detail
relating to the computation of non-GAAP measures as well as the
Information Regarding Forward-Looking Statements section of this
document.
Board Authorized $3
Billion For Share Repurchases
Republic announced today that its Board of Directors approved a
$3 billion share repurchase
authorization effective starting January 1,
2024, and extending through December
31, 2026. As of September 30,
2023, the remaining purchase capacity under the prior
authorization was $1.4 billion, which
continues through December 31,
2023.
Company Declared Quarterly Dividend
Republic announced that its Board of Directors declared a
regular quarterly dividend of $0.535
per share for shareholders of record on January 2, 2024. The dividend will be paid on
January 16, 2024.
Presentation of Certain Performance Metrics
and Non-GAAP Measures
Adjusted diluted earnings per share, adjusted net income,
EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by
business type, adjusted EBITDA margin by business type and adjusted
free cash flow are described in the Performance Metrics and
Reconciliations of Certain Non-GAAP Measures section of this
document.
About Republic Services
Republic Services, Inc. is a leader in the environmental
services industry. Through its subsidiaries, the Company provides
customers with the most complete set of products and services,
including recycling, solid waste, special waste, hazardous waste,
container rental and field services. Republic's industry-leading
commitments to advance circularity, reduce emissions and
decarbonize operations are helping deliver on its vision to partner
with customers to create a more sustainable world. For more
information, please visit RepublicServices.com.
For more
information, contact:
|
|
Media
Inquiries
|
Investor
Inquiries
|
Roman Blahoski (480)
718-0328
|
Aaron Evans (480)
718-0309
|
media@RepublicServices.com
|
investor@RepublicServices.com
|
SUPPLEMENTAL
UNAUDITED FINANCIAL INFORMATION
|
AND OPERATING
DATA
|
|
|
|
|
REPUBLIC SERVICES,
INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(in millions,
except per share amounts)
|
|
|
|
|
|
September
30,
|
|
December 31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
157.5
|
|
$
143.4
|
Accounts receivable,
less allowance for doubtful accounts and other of $83.5 and $51.9,
respectively
|
1,829.7
|
|
1,677.2
|
Prepaid expenses and
other current assets
|
361.2
|
|
536.5
|
Total current
assets
|
2,348.4
|
|
2,357.1
|
Restricted cash and
marketable securities
|
153.3
|
|
127.6
|
Property and equipment,
net
|
10,701.4
|
|
10,744.0
|
Goodwill
|
15,290.7
|
|
14,451.5
|
Other intangible
assets, net
|
447.2
|
|
347.2
|
Other assets
|
1,101.8
|
|
1,025.5
|
Total
assets
|
$
30,042.8
|
|
$
29,052.9
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
1,198.2
|
|
$
1,221.8
|
Notes payable and
current maturities of long-term debt
|
932.3
|
|
456.0
|
Deferred
revenue
|
484.8
|
|
443.0
|
Accrued landfill and
environmental costs, current portion
|
144.1
|
|
132.6
|
Accrued
interest
|
87.8
|
|
79.0
|
Other accrued
liabilities
|
1,221.6
|
|
1,058.3
|
Total current
liabilities
|
4,068.8
|
|
3,390.7
|
Long-term debt, net of
current maturities
|
10,992.8
|
|
11,329.5
|
Accrued landfill and
environmental costs, net of current portion
|
2,225.6
|
|
2,141.3
|
Deferred income taxes
and other long-term tax liabilities, net
|
1,474.9
|
|
1,528.8
|
Insurance reserves, net
of current portion
|
352.6
|
|
315.1
|
Other long-term
liabilities
|
595.7
|
|
660.7
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock, par
value $0.01 per share; 50 shares authorized; none issued
|
—
|
|
—
|
Common stock, par value
$0.01 per share; 750 shares authorized; 320.7 and 320.3 issued
including shares held in treasury, respectively
|
3.2
|
|
3.2
|
Additional paid-in
capital
|
2,887.6
|
|
2,843.2
|
Retained
earnings
|
8,163.5
|
|
7,356.3
|
Treasury stock, at
cost; 5.6 and 4.2 shares, respectively
|
(720.5)
|
|
(504.6)
|
Accumulated other
comprehensive loss, net of tax
|
(2.5)
|
|
(12.1)
|
Total Republic
Services, Inc. stockholders' equity
|
10,331.3
|
|
9,686.0
|
Non-controlling
interests in consolidated subsidiary
|
1.1
|
|
0.8
|
Total stockholders'
equity
|
10,332.4
|
|
9,686.8
|
Total liabilities and
stockholders' equity
|
$
30,042.8
|
|
$
29,052.9
|
REPUBLIC SERVICES,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
|
(in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
3,825.9
|
|
$
3,597.8
|
|
$
11,132.9
|
|
$
9,981.5
|
Expenses:
|
|
|
|
|
|
|
|
Cost of
operations
|
2,284.3
|
|
2,194.2
|
|
6,678.0
|
|
6,023.6
|
Depreciation,
amortization and depletion
|
382.3
|
|
353.9
|
|
1,099.4
|
|
1,001.8
|
Accretion
|
24.6
|
|
22.8
|
|
73.2
|
|
66.9
|
Selling, general and
administrative
|
402.1
|
|
361.0
|
|
1,177.3
|
|
1,059.0
|
Adjustment to
withdrawal liability for a multiemployer pension fund
|
—
|
|
—
|
|
—
|
|
2.2
|
Gain (loss) on
business divestitures and impairments, net
|
(1.5)
|
|
(5.2)
|
|
(1.5)
|
|
(5.3)
|
Restructuring
charges
|
6.3
|
|
6.8
|
|
27.3
|
|
18.8
|
Operating
income
|
727.8
|
|
664.3
|
|
2,079.2
|
|
1,814.5
|
Interest
expense
|
(127.6)
|
|
(105.2)
|
|
(378.8)
|
|
(282.7)
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
(0.2)
|
|
—
|
Gain (loss) from
unconsolidated equity method investments
|
2.8
|
|
(51.8)
|
|
0.2
|
|
(69.2)
|
Interest
income
|
2.0
|
|
0.8
|
|
5.0
|
|
2.0
|
Other income (expense),
net
|
1.3
|
|
(0.3)
|
|
3.2
|
|
(6.5)
|
Income before income
taxes
|
606.3
|
|
507.8
|
|
1,708.6
|
|
1,458.1
|
Provision for income
taxes
|
126.0
|
|
90.9
|
|
416.9
|
|
317.5
|
Net income
|
480.3
|
|
416.9
|
|
$
1,291.7
|
|
1,140.6
|
Net income
attributable to non-controlling interests in consolidated
subsidiary
|
(0.1)
|
|
—
|
|
(0.3)
|
|
0.2
|
Net income
attributable to Republic Services, Inc.
|
$
480.2
|
|
$
416.9
|
|
$
1,291.4
|
|
$
1,140.8
|
Basic earnings per
share attributable to Republic Services, Inc.
stockholders:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
1.52
|
|
$
1.32
|
|
$
4.08
|
|
$
3.60
|
Weighted average
common shares outstanding
|
316.1
|
|
316.5
|
|
316.5
|
|
316.5
|
Diluted earnings per
share attributable to Republic Services, Inc.
stockholders:
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
1.52
|
|
$
1.32
|
|
$
4.07
|
|
$
3.60
|
Weighted average
common and common equivalent shares outstanding
|
316.6
|
|
317.0
|
|
317.0
|
|
317.1
|
Cash dividends per
common share
|
$
0.535
|
|
$
0.495
|
|
$
1.525
|
|
$
1.415
|
REPUBLIC SERVICES,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
millions)
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
Cash provided by
operating activities:
|
|
|
|
Net income
|
$
1,291.7
|
|
$
1,140.6
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization, depletion and accretion
|
1,172.6
|
|
1,068.7
|
Non-cash interest
expense
|
65.5
|
|
55.3
|
Stock-based
compensation
|
31.7
|
|
30.8
|
Deferred tax
provision
|
52.2
|
|
100.2
|
Provision for doubtful
accounts, net of adjustments
|
38.6
|
|
27.8
|
Loss on extinguishment
of debt
|
0.2
|
|
—
|
Gain on disposition of
assets and asset impairments, net
|
(3.7)
|
|
(8.0)
|
Environmental
adjustments
|
—
|
|
(0.1)
|
(Gain) loss from
unconsolidated equity method investments
|
(0.2)
|
|
69.2
|
Other non-cash
items
|
(0.6)
|
|
8.0
|
Change in assets and
liabilities, net of effects from business acquisitions and
divestitures:
|
|
|
|
Accounts
receivable
|
(161.0)
|
|
(206.1)
|
Prepaid expenses and
other assets
|
121.4
|
|
28.0
|
Accounts
payable
|
93.5
|
|
97.7
|
Capping, closure and
post-closure expenditures
|
(40.5)
|
|
(35.6)
|
Remediation
expenditures
|
(31.4)
|
|
(37.3)
|
Other
liabilities
|
86.9
|
|
40.8
|
Proceeds for retirement
of certain hedging relationships
|
2.4
|
|
—
|
Cash provided by
operating activities
|
2,719.3
|
|
2,380.0
|
Cash (used in) provided
by investing activities:
|
|
|
|
Purchases of property
and equipment
|
(1,083.2)
|
|
(924.8)
|
Proceeds from sales of
property and equipment
|
25.0
|
|
24.0
|
Cash used in
acquisitions and investments, net of cash and restricted cash
acquired
|
(1,051.1)
|
|
(2,847.6)
|
Cash paid for business
divestitures
|
1.7
|
|
50.1
|
Purchases of restricted
marketable securities
|
(13.8)
|
|
(15.7)
|
Sales of restricted
marketable securities
|
13.1
|
|
15.4
|
Other
|
7.5
|
|
(2.3)
|
Cash used in investing
activities
|
(2,100.8)
|
|
(3,700.9)
|
Cash provided by (used
in) financing activities:
|
|
|
|
Proceeds from credit
facilities and notes payable, net of fees
|
27,940.2
|
|
10,496.5
|
Proceeds from issuance
of senior notes, net of discount and fees
|
1,183.6
|
|
—
|
Payments of credit
facilities and notes payable
|
(29,024.7)
|
|
(8,472.1)
|
Issuances of common
stock, net
|
(4.3)
|
|
(12.9)
|
Purchases of common
stock for treasury
|
(190.4)
|
|
(203.5)
|
Cash dividends
paid
|
(469.5)
|
|
(436.5)
|
Distributions paid to
non-controlling interests in consolidated subsidiary
|
—
|
|
(0.8)
|
Contingent
consideration payments
|
(14.1)
|
|
(4.5)
|
Cash (used in)
provided by financing activities
|
(579.2)
|
|
1,366.2
|
Effect of foreign
exchange rate changes on cash
|
0.2
|
|
(3.1)
|
Increase in cash, cash
equivalents, restricted cash and restricted cash
equivalents
|
39.5
|
|
42.2
|
Cash, cash equivalents,
restricted cash and restricted cash equivalents at beginning of
period
|
214.3
|
|
105.6
|
Cash, cash equivalents,
restricted cash and restricted cash equivalents at end of
period
|
$
253.8
|
|
$
147.8
|
You should read the following information in conjunction with
our audited consolidated financial statements and notes thereto
appearing in our Annual Report on Form 10-K as of and for the year
ended December 31, 2022. All amounts
below are in millions and as a percentage of our revenue, except
per share data.
REVENUE
The following table reflects our total revenue by line of
business for the three and nine months ended September 30, 2023 and 2022:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Collection:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
$
718.2
|
|
18.8 %
|
|
$
680.9
|
|
18.9 %
|
|
$
2,103.4
|
|
18.9 %
|
|
$
1,963.0
|
|
19.7 %
|
Small-container
|
1,126.3
|
|
29.4
|
|
1,021.8
|
|
28.4
|
|
3,270.2
|
|
29.4
|
|
2,912.9
|
|
29.2
|
Large-container
|
753.0
|
|
19.7
|
|
709.6
|
|
19.7
|
|
2,192.4
|
|
19.7
|
|
2,018.0
|
|
20.2
|
Other
|
19.0
|
|
0.5
|
|
14.6
|
|
0.4
|
|
51.9
|
|
0.5
|
|
40.3
|
|
0.4
|
Total
collection
|
2,616.5
|
|
68.4
|
|
2,426.9
|
|
67.4
|
|
7,617.9
|
|
68.5
|
|
6,934.2
|
|
69.5
|
Transfer
|
444.3
|
|
|
|
412.8
|
|
|
|
1,280.5
|
|
|
|
1,183.5
|
|
|
Less:
intercompany
|
(238.1)
|
|
|
|
(223.5)
|
|
|
|
(703.3)
|
|
|
|
(637.5)
|
|
|
Transfer,
net
|
206.2
|
|
5.4
|
|
189.3
|
|
5.3
|
|
577.2
|
|
5.2
|
|
546.0
|
|
5.5
|
Landfill
|
743.2
|
|
|
|
703.6
|
|
|
|
2,172.4
|
|
|
|
2,019.7
|
|
|
Less:
intercompany
|
(306.9)
|
|
|
|
(291.4)
|
|
|
|
(912.6)
|
|
|
|
(851.9)
|
|
|
Landfill,
net
|
436.3
|
|
11.4
|
|
412.2
|
|
11.5
|
|
1,259.8
|
|
11.3
|
|
1,167.8
|
|
11.7
|
Environmental
solutions
|
424.0
|
|
|
|
411.0
|
|
|
|
1,274.0
|
|
|
|
827.8
|
|
|
Less:
intercompany
|
(19.2)
|
|
|
|
(13.8)
|
|
|
|
(62.5)
|
|
|
|
(37.1)
|
|
|
Environmental
solutions, net
|
404.8
|
|
10.6
|
|
397.2
|
|
11.0
|
|
1,211.5
|
|
10.9
|
|
790.7
|
|
7.9
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recycling processing
and commodity sales
|
76.3
|
|
2.0
|
|
86.9
|
|
2.4
|
|
226.6
|
|
2.0
|
|
300.4
|
|
3.0
|
Other
non-core
|
85.8
|
|
2.2
|
|
85.3
|
|
2.4
|
|
239.9
|
|
2.1
|
|
242.4
|
|
2.4
|
Total other
|
162.1
|
|
4.2
|
|
172.2
|
|
4.8
|
|
466.5
|
|
4.1
|
|
542.8
|
|
5.4
|
Total
revenue
|
$ 3,825.9
|
|
100.0 %
|
|
$ 3,597.8
|
|
100.0 %
|
|
$
11,132.9
|
|
100.0 %
|
|
$
9,981.5
|
|
100.0 %
|
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, 2023 and
2022:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Average
yield
|
5.8 %
|
|
5.6 %
|
|
6.1 %
|
|
5.0 %
|
Fuel recovery
fees
|
(1.1)
|
|
3.1
|
|
(0.2)
|
|
2.7
|
Total price
|
4.7
|
|
8.7
|
|
5.9
|
|
7.7
|
Volume
|
0.1
|
|
2.2
|
|
0.7
|
|
2.7
|
Change in
workdays
|
(0.4)
|
|
—
|
|
—
|
|
—
|
Recycling processing
and commodity sales
|
(0.2)
|
|
(1.3)
|
|
(0.8)
|
|
(0.2)
|
Environmental
solutions
|
0.4
|
|
0.6
|
|
0.4
|
|
0.5
|
Total internal
growth
|
4.6
|
|
10.2
|
|
6.2
|
|
10.7
|
Acquisitions /
divestitures, net
|
1.7
|
|
12.4
|
|
5.3
|
|
9.0
|
Total
|
6.3 %
|
|
22.6 %
|
|
11.5 %
|
|
19.7 %
|
|
|
|
|
|
|
|
|
Core price
|
7.0 %
|
|
6.9 %
|
|
7.5 %
|
|
6.4 %
|
Average yield is defined as revenue growth from the change in
average price per unit of service, expressed as a percentage. Core
price is defined as price increases to our customers and fees,
excluding fuel recovery fees, net of price decreases to retain
customers. 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. 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, 2023 and 2022:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
As a % of Related
Business
|
|
As a % of Related
Business
|
Core price
|
8.6 %
|
|
7.7 %
|
|
8.9 %
|
|
7.0 %
|
Average
yield
|
7.2 %
|
|
6.3 %
|
|
7.2 %
|
|
5.4 %
|
Volume
|
0.1 %
|
|
2.4 %
|
|
0.8 %
|
|
2.9 %
|
The following table reflects changes in average yield and
volume, as a percentage of related business revenue by line of
business, for the three and nine months ended September 30, 2023 and 2022:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Yield
|
|
Volume
|
|
Yield
|
|
Volume
|
|
Yield
|
|
Volume
|
|
Yield
|
|
Volume
|
Collection:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
6.6 %
|
|
(1.5) %
|
|
4.3 %
|
|
0.2 %
|
|
5.4 %
|
|
0.2 %
|
|
4.2 %
|
|
(0.3) %
|
Small-container
|
9.4 %
|
|
0.5 %
|
|
8.3 %
|
|
2.4 %
|
|
9.7 %
|
|
1.2 %
|
|
6.7 %
|
|
3.2 %
|
Large-container
|
8.4 %
|
|
(1.7) %
|
|
8.9 %
|
|
1.8 %
|
|
9.0 %
|
|
(0.8) %
|
|
8.3 %
|
|
2.8 %
|
Landfill:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal solid
waste
|
5.9 %
|
|
0.6 %
|
|
4.3 %
|
|
1.9 %
|
|
5.9 %
|
|
0.8 %
|
|
3.3 %
|
|
1.6 %
|
Construction and
demolition waste
|
8.2 %
|
|
(6.2) %
|
|
1.5 %
|
|
8.4 %
|
|
6.4 %
|
|
(2.9) %
|
|
2.1 %
|
|
6.7 %
|
Special
waste
|
— %
|
|
8.2 %
|
|
— %
|
|
13.2 %
|
|
— %
|
|
12.3 %
|
|
— %
|
|
10.9 %
|
COST OF OPERATIONS
The following table summarizes the major components of our cost
of operations for the three and nine months ended September 30, 2023 and 2022 (in millions of
dollars and as a percentage of revenue):
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Labor and related
benefits
|
$ 744.1
|
|
19.4 %
|
|
$
724.3
|
|
20.1 %
|
|
$
2,233.0
|
|
20.1 %
|
|
$
2,003.6
|
|
20.1 %
|
Transfer and disposal
costs
|
268.7
|
|
7.0
|
|
267.4
|
|
7.4
|
|
788.6
|
|
7.1
|
|
733.7
|
|
7.4
|
Maintenance and
repairs
|
357.6
|
|
9.3
|
|
330.7
|
|
9.2
|
|
1,036.1
|
|
9.3
|
|
902.5
|
|
9.0
|
Transportation and
subcontract costs
|
304.9
|
|
8.0
|
|
298.8
|
|
8.3
|
|
881.5
|
|
7.9
|
|
785.1
|
|
7.9
|
Fuel
|
136.7
|
|
3.6
|
|
161.3
|
|
4.7
|
|
406.3
|
|
3.6
|
|
474.1
|
|
4.7
|
Disposal fees and
taxes
|
89.3
|
|
2.3
|
|
89.2
|
|
2.5
|
|
262.1
|
|
2.4
|
|
257.8
|
|
2.6
|
Landfill operating
costs
|
82.6
|
|
2.2
|
|
75.3
|
|
2.1
|
|
248.4
|
|
2.2
|
|
201.8
|
|
2.0
|
Risk
management
|
99.4
|
|
2.6
|
|
84.5
|
|
2.3
|
|
287.1
|
|
2.6
|
|
231.5
|
|
2.3
|
Other
|
201.0
|
|
5.4
|
|
163.3
|
|
4.4
|
|
534.9
|
|
4.8
|
|
433.2
|
|
4.3
|
Subtotal
|
2,284.3
|
|
59.8
|
|
2,194.8
|
|
61.0
|
|
6,678.0
|
|
60.0
|
|
6,023.3
|
|
60.3
|
US Ecology acquisition
integration and deal costs
|
—
|
|
—
|
|
(0.6)
|
|
—
|
|
—
|
|
—
|
|
0.3
|
|
—
|
Total cost of
operations
|
$
2,284.3
|
|
59.8 %
|
|
$
2,194.2
|
|
61.0 %
|
|
$
6,678.0
|
|
60.0 %
|
|
$
6,023.6
|
|
60.3 %
|
These cost categories may change from time to time and may not
be comparable to similarly titled categories used by other
companies. As such, you should take care when comparing our cost of
operations by cost component to that of other companies and of ours
for prior periods.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The following table summarizes our selling, general and
administrative expenses for the three and nine months ended
September 30, 2023 and 2022 (in
millions of dollars and as a percentage of revenue):
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Salaries
|
$
254.2
|
|
6.6 %
|
|
$
239.2
|
|
6.6 %
|
|
$
770.6
|
|
6.9 %
|
|
$
684.1
|
|
6.9 %
|
Provision for doubtful
accounts
|
18.9
|
|
0.5
|
|
10.6
|
|
0.3
|
|
38.6
|
|
0.3
|
|
27.8
|
|
0.3
|
Other
|
122.8
|
|
3.2
|
|
101.9
|
|
2.9
|
|
343.8
|
|
3.1
|
|
282.0
|
|
2.8
|
Subtotal
|
395.9
|
|
10.3
|
|
351.7
|
|
9.8
|
|
1,153.0
|
|
10.3
|
|
993.9
|
|
10.0
|
US Ecology acquisition
integration and deal costs
|
6.2
|
|
0.2
|
|
9.3
|
|
0.2
|
|
24.3
|
|
0.2
|
|
65.1
|
|
0.6
|
Total selling, general
and administrative expenses
|
$
402.1
|
|
10.5 %
|
|
$
361.0
|
|
10.0 %
|
|
$ 1,177.3
|
|
10.5 %
|
|
$ 1,059.0
|
|
10.6 %
|
These cost categories may change from time to time and may not
be comparable to similarly titled categories used by other
companies. 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.
PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP
MEASURES
The following tables calculate EBITDA, EBITDA margin, adjusted
EBITDA, adjusted EBITDA margin, adjusted pre-tax income, adjusted
tax impact, adjusted net income - Republic, adjusted diluted
earnings per share, and adjusted free cash flow, which are not
measures determined in accordance with U.S. generally accepted
accounting principles (U.S. GAAP), for the three and nine months
ended September 30, 2023 and 2022.
Our definitions of the foregoing non-GAAP financial measures may
not be comparable to similarly titled measures presented by other
companies.
Also presented below is adjusted EBITDA and adjusted EBITDA
margin by business type for the three and nine months ended
September 30, 2023 and 2022.
Adjusted EBITDA and Adjusted EBITDA Margin
The following table calculates adjusted EBITDA and adjusted
EBITDA margin for the three and nine months ended September 30, 2023 and 2022 (in millions of
dollars and as a percentage of revenue):
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income attributable
to Republic Services, Inc. and net income margin
|
$ 480.2
|
|
12.6 %
|
|
$ 416.9
|
|
11.6 %
|
|
1,291.4
|
|
11.6 %
|
|
$
1,140.8
|
|
11.4 %
|
Net income attributable
to noncontrolling interests
|
0.1
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
(0.2)
|
|
|
Provision for income
taxes
|
126.0
|
|
|
|
90.9
|
|
|
|
416.9
|
|
|
|
317.5
|
|
|
Other (income) expense,
net
|
(1.3)
|
|
|
|
0.3
|
|
|
|
(3.2)
|
|
|
|
6.5
|
|
|
Interest
income
|
(2.0)
|
|
|
|
(0.8)
|
|
|
|
(5.0)
|
|
|
|
(2.0)
|
|
|
Interest
expense
|
127.6
|
|
|
|
105.2
|
|
|
|
378.8
|
|
|
|
282.7
|
|
|
Depreciation,
amortization and depletion
|
382.3
|
|
|
|
353.9
|
|
|
|
1,099.4
|
|
|
|
1,001.8
|
|
|
Accretion
|
24.6
|
|
|
|
22.8
|
|
|
|
73.2
|
|
|
|
66.9
|
|
|
EBITDA and EBITDA
margin
|
$
1,137.5
|
|
29.7 %
|
|
$ 989.2
|
|
27.5 %
|
|
$
3,251.8
|
|
29.2 %
|
|
$
2,814.0
|
|
28.2 %
|
(Gain) loss from
unconsolidated equity method investment
|
(2.8)
|
|
|
|
51.8
|
|
|
|
(0.2)
|
|
|
|
69.2
|
|
|
Loss on extinguishment
of debt and other related costs
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
—
|
|
|
Adjustment to
withdrawal liability for a multiemployer pension fund
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.2
|
|
|
Restructuring
charges
|
6.3
|
|
|
|
6.8
|
|
|
|
27.3
|
|
|
|
18.8
|
|
|
(Gain) loss on business
divestitures and impairments, net
|
(1.5)
|
|
|
|
(5.2)
|
|
|
|
(1.5)
|
|
|
|
(5.3)
|
|
|
US Ecology acquisition
integration and deal costs
|
6.2
|
|
|
|
8.7
|
|
|
|
24.3
|
|
|
|
65.4
|
|
|
Total
adjustments
|
$
8.2
|
|
|
|
$ 62.1
|
|
|
|
$ 50.1
|
|
|
|
$ 150.3
|
|
|
Adjusted EBITDA and
adjusted EBITDA margin
|
$
1,145.7
|
|
29.9 %
|
|
$ 1,051.3
|
|
29.2 %
|
|
$
3,301.9
|
|
29.7 %
|
|
$
2,964.3
|
|
29.7 %
|
Adjusted EBITDA and Adjusted EBITDA Margin by Business
Type
The following table summarizes revenue, adjusted EBITDA and
adjusted EBITDA margin by business type for the three and nine
months ended September 30, 2023 (in
millions of dollars and adjusted EBITDA margin as a percentage of
revenue):
|
|
Three Months Ended
September 30, 2023
|
|
|
Recycling &
Solid Waste
|
|
Environmental
Solutions
|
|
Total
|
Revenue
|
|
$
3,421.1
|
|
$
404.8
|
|
$ 3,825.9
|
Adjusted
EBITDA(a)
|
|
$
1,054.0
|
|
$
91.7
|
|
$ 1,145.7
|
Adjusted EBITDA
Margin
|
|
30.8 %
|
|
22.7 %
|
|
29.9 %
|
|
|
Nine Months Ended
September 30, 2023
|
|
|
Recycling &
Solid Waste
|
|
Environmental
Solutions
|
|
Total
|
Revenue
|
|
$
9,921.5
|
|
$
1,211.4
|
|
$
11,132.9
|
Adjusted
EBITDA(a)
|
|
$
3,034.9
|
|
$
267.0
|
|
$ 3,301.9
|
Adjusted EBITDA
Margin
|
|
30.6 %
|
|
22.0 %
|
|
29.7 %
|
|
(a) Certain corporate
expenses, including selling, general and administrative expenses,
and National Accounts revenue are allocated to two business
types
|
The amounts shown for Recycling & Solid Waste represent the
sum of our Group 1 and Group 2 reportable segments, and
Environmental Solutions represents our Group 3 reportable
segment.
Adjusted Earnings Per Share
The following table calculates adjusted pre-tax income, adjusted
tax impact, adjusted net income - Republic, and adjusted diluted
earnings per share for the three and nine months ended September 30, 2023 and 2022:
|
|
Three Months Ended
September 30, 2023
|
|
Three Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
Net
|
|
Earnings
|
|
|
|
|
|
Net
|
|
Earnings
|
|
|
Pre-tax
|
|
Tax
|
|
Income -
|
|
per
|
|
Pre-tax
|
|
Tax
|
|
Income -
|
|
per
|
|
|
Income
|
|
Impact(1)
|
|
Republic
|
|
Share
|
|
Income
|
|
Impact(1)
|
|
Republic
|
|
Share
|
As reported
|
|
$
606.3
|
|
126.1
|
|
$
480.2
|
|
$ 1.52
|
|
$
507.8
|
|
90.9
|
|
$
416.9
|
|
$ 1.32
|
Restructuring
charges
|
|
6.3
|
|
1.7
|
|
4.6
|
|
0.01
|
|
6.8
|
|
1.8
|
|
5.0
|
|
0.01
|
(Gain) loss on
business divestitures and impairments,
net
(2)
|
|
(1.5)
|
|
(0.4)
|
|
(1.1)
|
|
—
|
|
(5.2)
|
|
(2.2)
|
|
(3.0)
|
|
(0.01)
|
US Ecology acquisition
integration and deal costs
|
|
6.2
|
|
1.6
|
|
4.6
|
|
0.01
|
|
8.7
|
|
2.2
|
|
6.5
|
|
0.02
|
Total
adjustments
|
|
11.0
|
|
2.9
|
|
8.1
|
|
0.02
|
|
10.3
|
|
1.8
|
|
8.5
|
|
0.02
|
As adjusted
|
|
$
617.3
|
|
$ 129.0
|
|
$
488.3
|
|
$ 1.54
|
|
$
518.1
|
|
$ 92.7
|
|
$
425.4
|
|
$ 1.34
|
|
(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.
|
(2) The aggregate
impact to adjusted diluted earnings per share totals to less than
$0.01 for the three months ended September 30,
2023.
|
|
|
Nine Months Ended
September 30, 2023
|
|
Nine Months Ended
September 30, 2022
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Diluted
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Diluted
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Net
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Earnings
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Net
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Earnings
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Pre-tax
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Tax
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Income -
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per
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Pre-tax
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Tax
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Income -
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per
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Income
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Impact(1)
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Republic
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Share
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Income
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Impact(1)
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Republic
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Share
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As reported
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$
1,708.6
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$ 417.2
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$ 1,291.4
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$ 4.07
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$
1,458.1
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$ 317.3
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$ 1,140.8
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$ 3.60
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Loss on extinguishment
of debt and other related costs (2)
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0.2
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—
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0.2
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—
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—
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—
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—
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—
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Restructuring
charges
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27.3
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7.2
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|
20.1
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|
0.06
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|
18.8
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|
4.9
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|
13.9
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|
0.04
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(Gain) loss on
business divestitures and impairments, net(2)
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(1.5)
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(0.4)
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(1.1)
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—
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(5.3)
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(2.2)
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(3.1)
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(0.01)
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Adjustment to
withdrawal liability for a multiemployer pension fund
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—
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—
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—
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—
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2.2
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0.6
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1.6
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|
0.01
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US Ecology acquisition
integration and deal costs
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24.3
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6.2
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18.1
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0.06
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65.4
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14.1
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|
51.3
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|
0.16
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Total
adjustments
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50.3
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|
13.0
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37.3
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0.12
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|
81.1
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17.4
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|
63.7
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0.20
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As adjusted
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$
1,758.9
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$ 430.2
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$ 1,328.7
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$ 4.19
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$
1,539.2
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$ 334.7
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$ 1,204.5
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$ 3.80
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(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.
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(2) The aggregate
impact to adjusted diluted earnings per share totals to less than
$0.01 for the nine months ended September 30,
2023.
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We believe that presenting EBITDA and EBITDA margin is useful to
investors because they provide important information concerning our
operating performance exclusive of certain non-cash and other
costs. EBITDA and EBITDA margin demonstrate our ability to execute
our financial strategy, which includes reinvesting in existing
capital assets to ensure a high level of customer service,
investing in capital assets to facilitate growth in our customer
base and services provided, maintaining our investment grade credit
ratings and minimizing debt, paying cash dividends, repurchasing
our common stock, and maintaining and improving our market position
through business optimization. Although depreciation, depletion,
amortization and accretion are considered operating costs in
accordance with U.S. GAAP, they represent the allocation of
non-cash costs generally associated with long-lived assets acquired
or constructed in prior years.
We believe that presenting adjusted EBITDA and adjusted EBITDA
margin, adjusted pre-tax income, adjusted tax impact, adjusted net
income - Republic, and adjusted diluted earnings per share provide
an understanding of operational activities before the financial
impact of certain items. We use these measures, and believe
investors will find them helpful, in understanding the ongoing
performance of our operations separate from items that have a
disproportionate impact on our results for a particular period. We
have incurred comparable charges, costs and recoveries in prior
periods, and similar types of adjustments can reasonably be
expected to be recorded in future periods.
Restructuring charges. During the three and nine months
ended September 30, 2023 we incurred
$6.3 million and $27.3 million, respectively, of restructuring
charges primarily related to the redesign of our asset management,
and customer and order management software systems as well as costs
associated with the early termination of certain leases. During the
three and nine months ended September 30,
2022, we incurred $6.8 million
and $18.8 million, respectively, of
restructuring charges primarily related to the redesign of our
general ledger, budgeting, and procurement enterprise resource
planning systems, which was completed with the systems being placed
into production in the fourth quarter of 2022.
Gain on business divestitures and impairments, net.
During the three months ended September 30,
2023, we recorded a net gain on business divestitures and
impairments of $1.5 million.
Adjustment to withdrawal liability for multiemployer pension
funds. During the nine months ended September 30, 2022, we recorded $2.2 million of withdrawal costs from a
multiemployer pension plan.
US Ecology acquisition integration and deal costs. During
the three and nine months ended September
30, 2023, we incurred $6.2
million and $24.3 million,
respectively, and during the three and nine months ended
September 30, 2022, we incurred
acquisition integration and deal costs of $8.7 million and $65.4
million, respectively, in connection with the acquisition of
US Ecology. The acquisition closed on May 2, 2022. The 2023
costs primarily related to the integration of certain software
systems as well as rebranding the business, and the 2022 costs
included certain costs to close the acquisition and integrate the
US Ecology business.
Loss on extinguishment of debt and other related costs.
During the nine months ended September 30,
2023, we incurred a loss on the early extinguishment of debt
of $0.2 million related to the early
repayment of a portion of our term loan facility. We incurred
non-cash charges related to the proportional share of unamortized
deferred issuance costs.
Adjusted Free Cash Flow
The following table calculates our adjusted free cash flow,
which is not a measure determined in accordance with U.S. GAAP, for
the nine months ended September 30,
2023 and 2022:
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Nine Months Ended
September 30,
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2023
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2022
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Cash provided by
operating activities
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$
2,719.3
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$
2,380.0
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Property and equipment
received
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(960.1)
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(832.5)
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Proceeds from sales of
property and equipment
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25.0
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24.0
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Cash paid related to
adjustments to withdrawal liabilities for a multiemployer pension
fund, net of tax
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0.3
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2.2
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Restructuring payments,
net of tax
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24.0
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12.5
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Cash tax benefit for
debt extinguishment and other related costs
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0.1
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—
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Divestiture related tax
payments
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0.3
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2.2
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US Ecology acquisition
integration and deal costs, net of tax
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18.5
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73.4
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Adjusted free cash
flow
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$
1,827.4
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$
1,661.7
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We believe that presenting adjusted free cash flow provides
useful information regarding our recurring cash provided by
operating activities after certain expenditures or recoveries. It
also demonstrates our ability to execute our financial strategy and
is a key metric we use to determine compensation. The presentation
of adjusted free cash flow has material limitations. Adjusted free
cash flow does not represent our cash flow available for
discretionary payments because it excludes certain payments that
are required or to which we have committed, such as debt service
requirements and dividend payments.
Purchases of property and equipment as reflected on our
consolidated statements of cash flows represent amounts paid during
the period for such expenditures. A reconciliation of property and
equipment expenditures reflected on our consolidated statements of
cash flows to property and equipment received during the period
follows for the nine months ended September
30, 2023 and 2022:
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Nine Months Ended
September 30,
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2023
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2022
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Purchases of property
and equipment per the unaudited consolidated statements of cash
flows
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$
1,083.2
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$
924.8
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Adjustments for
property and equipment received during the prior period but paid
for in the following period, net
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(123.1)
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(92.3)
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Property and equipment
received during the period
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$
960.1
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$
832.5
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The adjustments noted above do not affect our net change in
cash, cash equivalents, restricted cash and restricted cash
equivalents as reflected in our consolidated statements of cash
flows.
ACCOUNTS RECEIVABLE
As of September 30, 2023 and
December 31, 2022, accounts
receivable were $1,829.7 million and
$1,677.2 million, net of allowance
for doubtful accounts of $83.5
million and $51.9 million,
respectively, resulting in days sales outstanding of 43.5, or 32.0
days net of deferred revenue, compared to 43.3, or 31.8 days net of
deferred revenue, respectively.
CASH DIVIDENDS
In July 2023, we paid a cash
dividend of $156.6 million to
shareholders of record as of July 3,
2023. As of September 30,
2023, we recorded a quarterly dividend payable of
$168.5 million to shareholders of
record at the close of business on October 2, 2023, which was
paid on October 13, 2023.
SHARE REPURCHASE PROGRAM
During the three months ended September
30, 2023, we repurchased 1.4 million shares of our stock for
$201.1 million at a weighted average
cost per share of $146.69. As of
September 30, 2023, the remaining
authorized purchase capacity under our October 2020 repurchase program was $1.4 billion.
RECONCILIATION OF 2023 FINANCIAL GUIDANCE
The Company reiterates the full-year 2023 guidance ranges for
adjusted EBITDA and adjusted free cash flow provided in July. The
Company now expects full-year 2023 diluted earnings per share to be
in the range of $5.30 to $5.33 and adjusted diluted earnings per share to
be in the range of $5.46 to
$5.49.
Adjusted EBITDA
The following is a summary of our anticipated adjusted EBITDA
for the year ending December 31,
2023, which is not a measure determined in accordance with
U.S. GAAP:
|
(Anticipated)
Year Ending
December 31, 2023
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Net income attributable
to Republic Services, Inc.
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$ 1,672 to
1,682
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Provision for income
taxes
|
360 to 370
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Other (income) expense,
net
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(5)
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Interest expense,
net
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500
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Depreciation,
amortization, depletion and accretion
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1,575
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Loss from
unconsolidated equity method investments
|
170
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Restructuring
charges
|
35
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Gain on business
divestitures and impairments, net
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(2)
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US Ecology acquisition
integration and deal costs
|
35
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Adjusted
EBITDA
|
$ 4,340 to
4,360
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We believe that presenting adjusted EBITDA provides an
understanding of operational activities before the financial impact
of certain items. We use this measure, and believe investors will
find it helpful, in understanding the ongoing performance of our
operations separate from items that have a disproportionate impact
on our results for a particular period. We have incurred comparable
charges, costs and recoveries in prior periods, and similar types
of adjustments can reasonably be expected to be recorded in future
periods.
Adjusted Diluted Earnings per Share
The following is a summary of anticipated adjusted diluted
earnings per share for the year ending December 31, 2023, which is not a measure
determined in accordance with U.S. GAAP:
|
(Anticipated)
Year Ending
December 31, 2023
|
Diluted earnings per
share
|
$ 5.30 to
5.33
|
Restructuring
charges
|
0.08
|
US Ecology, Inc.
acquisition integration and deal costs
|
0.08
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Adjusted diluted
earnings per share
|
$ 5.46 to
5.49
|
We believe that presenting adjusted diluted earnings per share
provides an understanding of operational activities before the
financial impact of certain items. We use this measure, and believe
investors will find it helpful, in understanding the ongoing
performance of our operations separate from items that have a
disproportionate impact on our results for a particular period. We
have incurred comparable charges, costs and recoveries in prior
periods, and similar types of adjustments can reasonably be
expected to be recorded in future periods. Our definition of
adjusted diluted earnings per share may not be comparable to
similarly titled measures presented by other companies.
Adjusted Free Cash Flow
Our anticipated adjusted free cash flow for the year ending
December 31, 2023, which is not a measure determined in
accordance with U.S. GAAP, is calculated as follows:
|
(Anticipated)
Year Ending
December 31, 2023
|
Cash provided by
operating activities
|
$ 3,495 to
3,540
|
Property and equipment
received
|
(1,675 to
1,695)
|
Proceeds from sales of
property and equipment
|
25
|
Restructuring payments,
net of tax
|
30
|
US Ecology, Inc.
acquisition integration and deal costs, net of tax
|
25
|
Adjusted free cash
flow
|
$ 1,900 to
1,925
|
We believe that presenting adjusted free cash flow provides
useful information regarding our recurring cash provided by
operating activities after certain expenditures or recoveries. It
also demonstrates our ability to execute our financial strategy and
is a key metric we use to determine compensation. The presentation
of adjusted free cash flow has material limitations. Adjusted free
cash flow does not represent our cash flow available for
discretionary payments because it excludes certain payments that
are required or to which we have committed, such as debt service
requirements and dividend payments. Our definition of adjusted free
cash flow may not be comparable to similarly titled measures
presented by other companies.
Our financial guidance is based on current economic
conditions.
INFORMATION REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain forward-looking information
about us that is intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts. Words such as "guidance,"
"expect," "will," "may," "anticipate," "plan," "estimate,"
"project," "intend," "should," "can," "likely," "could," "outlook"
and similar expressions are intended to identify forward-looking
statements. These statements include information about our plans,
strategies and prospects. Forward-looking statements are not
guarantees of performance. 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. 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. 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, including US Ecology,
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. 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, 2022,
particularly under Part I, 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. We undertake 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.
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SOURCE Republic Services, Inc.