Fourth-Quarter and Full-Year 2022 Investor Review Forward Looking Statements and GAAP Disclaimer Statement Regarding use of Non-GAAP Measures: Adjusted EBITDA consists of net income (loss) plus accretion of environmental liabilities, stock-based compensation, depreciation and amortization, net interest expense, loss on early extinguishment of debt, provision for income taxes and excludes other gains, losses and non-cash charges not deemed representative of fundamental segment results and other (income) expe ...

Financial Performance - Total third-party revenues for the year ended December 31, 2022, were $5,166.605 million, with $4,144.973 million from Environmental Services and $1,021.125 million from Safety-Kleen Sustainability Solutions [744]. - Pro forma combined revenues for 2021 were $4,380.724 million, with a net income of $229.807 million, indicating growth from the previous year [757]. - Total third-party revenues for the year ended December 31, 2020, were $3,144.1 million, with $2,637.6 million from the United States and $404.5 million from Canada [776]. - The company recognized a gain on the sale of a business amounting to $8.9 million for the year ended December 31, 2022, after accounting for the assets sold and transaction costs [819]. Debt and Interest Rates - The effective annual interest rate on the $350.0 million 2024 Term Loans is 4.67%, combining a 2.92% rate from interest rate swaps and a 1.75% margin [631]. - The company has total borrowings of $545.0 million in senior unsecured notes with fixed interest rates of 4.875% and 5.125% due in 2027 and 2029, respectively [660]. - The company estimates that a 100 basis point change in the average interest rate on its total variable rate debt of $504.0 million would change its average annual interest expense by approximately $5.8 million [662]. - The 2028 Term Loans had an outstanding principal amount of $990.0 million as of December 31, 2022, with interest rates based on either the Eurodollar Rate plus 2.00% or the Base Rate plus 1.00% [807]. Acquisitions and Goodwill - The company acquired a privately-owned business for $22.8 million, recognizing $16.3 million in goodwill, enhancing its Safety-Kleen Sustainability Solutions segment [646]. - The company finalized the purchase accounting for the acquisition of HydroChemPSC, with total identifiable net assets valued at $46.863 million and goodwill of $32.015 million [752]. - The Company signed a purchase agreement on February 9, 2023, to acquire a privately-owned company for approximately $100.0 million, aimed at expanding its Environmental Services segment in the southeastern United States [781]. - Goodwill of $676.7 million was assigned to the Environmental Sales and Service reporting unit following the acquisition of HydroChemPSC, reflecting future economic benefits and synergies [784]. - Goodwill decreased to $676,701 thousand as of December 31, 2022, from $683,463 thousand in 2021, representing a decline of about 0.11% [815]. Environmental and Remedial Liabilities - The balance of landfill final closure and post-closure liabilities increased from $53.4 million in 2021 to $62.3 million in 2022, reflecting a significant financial commitment to environmental compliance [665]. - Remedial liabilities at December 31, 2022, were $116.3 million, compared to $111.9 million in 2021, indicating ongoing costs related to environmental cleanup and compliance [725]. - The Company uses a discount rate range of 1.37% to 4.90% for determining the present value of remedial liabilities, indicating a conservative approach to estimating future obligations [698]. - The balance of non-landfill closure and post-closure liabilities increased to $56.6 million as of December 31, 2022, up from $45.7 million in 2021, reflecting the costs associated with dismantling and decontaminating structures [722]. Revenue Recognition and Accounts Receivable - The Company recognizes revenue primarily from services based on time and materials, with significant revenue generated from short-term projects governed by long-term master service agreements [738]. - The company established a revenue allowance to cover estimated variable consideration, with no material changes in estimates reported during the periods presented [778]. - Accounts receivable as of December 31, 2022, were reported at $964.603 million, an increase from $792.734 million in 2021 [746]. - Contract assets (unbilled receivables) increased to $107.010 million from $94.963 million year-over-year [746]. - Contract liabilities (deferred revenue) rose to $94.094 million compared to $83.749 million in the previous year [746]. Capital Expenditures and Assets - The Company reported a total property, plant, and equipment net value of $1,980.3 million as of December 31, 2022, up from $1,863.2 million in 2021 [792]. - The company reported total inventories and supplies of $324,994 thousand as of December 31, 2022, up from $250,692 thousand in 2021, marking a significant increase of approximately 29.6% [821]. - The company’s capitalized software and computer equipment have an estimated useful life of 3-5 years, reflecting the depreciation strategy for technology assets [684]. - The company utilizes the units-of-consumption method for amortizing landfill assets, which includes future estimated construction and asset retirement costs [690]. Other Financial Metrics - The company recorded a revenue allowance of $24.659 million at the end of 2022, up from $24.136 million in 2021, indicating an increase in anticipated revenue adjustments [680]. - The total cash equivalents reported were $34.008 million, while total marketable securities amounted to $62.033 million, leading to a total of $96.041 million in liquid assets [677]. - The Company contributed $25.3 million to defined contribution plans in 2022, up from $20.5 million in 2021 and $18.6 million in 2020, reflecting increased employee participation [730]. - The company recognized $2.5 million in goodwill from the acquisition of a privately-owned business for $12.4 million, expanding its Safety-Kleen Sustainability Solutions segment [814].

Clean Harbors, Inc. (NYSE:CLH) Q3 2022 Earnings Conference Call November 2, 2022 9:00 AM ET Company Participants Michael McDonald - General Counsel Alan McKim - Founder, Chairman, President & CEO Michael Battles - EVP & CFO Eric Gerstenberg - COO Conference Call Participants Tyler Brown - Raymond James Michael Hoffman - Stifel Jerry Revich - Goldman Sachs David Manthey - Baird James Ricchiuti - Needham & Company Noah Kaye - Oppenheimer Pete Lucas - CJS Securities Zane Karimi - D.A. Davidson Scott Levine - B ...

Table of Contents Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.01 par value CLH New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION ...

Clean Harbors, Inc. (NYSE:CLH) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET Company Participants Michael McDonald - General Counsel Alan McKim - Founder, Chairman, President & CEO Michael Battles - EVP & CFO Eric Gerstenberg - COO Conference Call Participants Noah Kaye - Oppenheimer Patrick Brown - Raymond James & Associates Lawrence Solow - CJS Securities Zane Karimi - D.A. Davidson & Co. Michael Hoffman - Stifel, Nicolaus & Company David Manthey - Robert W. Baird & Co. James Ricchiuti - Need ...

Q2 2022 Performance Highlights - Revenue reached $1.36 billion, a 46% year-over-year increase, driven by the addition of HPC, organic growth, and pricing adjustments to offset inflation[5] - Adjusted EBITDA increased by 65% to $309.1 million, with an Adjusted EBITDA margin of 22.8%[5] - GAAP EPS was $2.71, and Adjusted EPS was $2.44[5] - Adjusted free cash flow was $94.6 million, compared to $114.6 million in Q2 2021[5] Segment Performance - Environmental Services segment experienced strong demand across its disposal network and service businesses, including contributions from HPC[5] - Safety-Kleen Sustainability Solutions segment achieved record performance due to effective base oil spread management and favorable market pricing dynamics, with revenue of $265.5 million, a 31% increase from Q2 2021's $202.3 million[5, 9] - Safety-Kleen Sustainability Solutions segment Adjusted EBITDA increased by 53% to $97.0 million from $63.3 million in Q2 2021[9] Financial Position - Cash and short-term marketable securities totaled $415.4 million as of June 30, 2022[13] - Current and long-term debt amounted to $2.5285 billion as of June 30, 2022[13] Full-Year 2022 Guidance - The company projects net income between $355 million and $390 million[16] - Adjusted EBITDA is expected to range from $975 million to $1.005 billion[16] - Adjusted free cash flow is projected to be between $310 million and $350 million[16]

Financial Performance - Total revenues for Q2 2022 reached $1,356,312, a 46% increase from $926,458 in Q2 2021[12] - Service revenues amounted to $1,085,043 in Q2 2022, up 48% from $734,563 in Q2 2021[12] - Net income for the six months ended June 30, 2022, was $193,471, compared to $88,811 for the same period in 2021, representing a 118% increase[15] - Earnings per share (EPS) for Q2 2022 were $2.73 (basic) and $2.71 (diluted), compared to $1.23 and $1.22 in Q2 2021, reflecting a 122% and 122% increase respectively[12] - Net income for the second quarter of 2022 was $193,471, compared to $88,811 in the same period of 2021, representing a growth of 118%[18] - Net income for the three months ended June 30, 2022, was $148.157 million, compared to $67.075 million for the same period in 2021[76] - Comprehensive income for Q2 2022 was $147,618, compared to $77,715 in Q2 2021, indicating an increase of 89.6%[15] - For the six months ended June 30, 2022, total revenues were $2,525,421, representing a 45.6% increase compared to $1,734,606 for the same period in 2021[13] Assets and Liabilities - Total assets increased to $5,924,656 as of June 30, 2022, from $5,653,699 at the end of 2021, marking a 4.8% growth[10] - Accounts receivable rose to $1,005,488, up from $792,734 at the end of 2021, indicating a 27% increase[10] - Current liabilities totaled $990,058, an increase from $925,314 at the end of 2021, reflecting a 7% rise[10] - The company’s total stockholders' equity increased to $1,716,950 as of June 30, 2022, from $1,513,887 at the end of 2021, representing a 13.4% growth[10] - The company reported contract liabilities (deferred revenue) of $94.5 million as of June 30, 2022, compared to $83.7 million on December 31, 2021, indicating an increase of about 13%[37] - As of June 30, 2022, total inventories and supplies amounted to $275,696,000, an increase from $250,692,000 as of December 31, 2021[50] - The company’s accumulated earnings increased to $1,366.4 million as of June 30, 2022, up from $1,173.0 million at the end of 2021[10] Cash Flow and Investments - Cash flows from operating activities decreased to $131,970 in Q2 2022 from $265,432 in Q2 2021, a decline of 50%[18] - Total cash and cash equivalents at the end of the period were $344,631, down from $595,574 a year earlier, indicating a decrease of 42%[18] - Net cash used in investing activities rose to $187,482 in Q2 2022 from $132,340 in Q2 2021, an increase of 42%[18] - Adjusted free cash flow for the six months ended June 30, 2022, was an outflow of $13.0 million, compared to a positive adjusted free cash flow of $176.9 million in the same period of 2021[114] - The company reported a net cash used in investing activities of $187,482 for the six months ended June 30, 2022, compared to $132,340 in the prior year[18] Revenue Segments - Environmental Services revenue for the United States was $945.6 million for the three months ended June 30, 2022, compared to $616.6 million in the same period of 2021, indicating a growth of about 53%[34] - Safety-Kleen Environmental Services revenue for the three months ended June 30, 2022, was $241.1 million, compared to $199.4 million in the same period of 2021, representing an increase of approximately 21%[34] - The company’s Technical Services revenue for the three months ended June 30, 2022, was $387.0 million, up from $306.9 million in the same period of 2021, reflecting a growth of approximately 26%[34] - Safety-Kleen Sustainability Solutions segment direct revenues rose by $63.2 million or 31.2% year-over-year for Q2 2022, primarily due to higher pricing of oil products[108] - The acquisition of HydroChemPSC contributed approximately $207.9 million to total revenues in Q2 2022[108] Expenses and Costs - Selling, general and administrative expenses for Q2 2022 were $155,608, compared to $124,106 in Q2 2021, a 25% increase[12] - Cost of revenues for Environmental Services for the three months ended June 30, 2022, increased by $256.4 million (52.6%) compared to the same period in 2021, driven by increased direct revenues and additional costs from HydroChemPSC operations[125] - Labor and benefit-related costs for Environmental Services increased by $124.8 million for the three months ended June 30, 2022, contributing significantly to the overall cost increase[125] - Selling, General and Administrative (SG&A) expenses for Environmental Services increased by $16.9 million (27.9%) for the three months ended June 30, 2022, primarily due to higher labor and benefit-related costs[131] Acquisitions and Growth - The company acquired a privately-owned company on June 17, 2022, for an all-cash purchase price of approximately $73.8 million, enhancing its waste oil collection capabilities[39] - The acquisition of HydroChemPSC in October 2021 was for approximately $1.23 billion, enhancing the company's Environmental Services segment[42] - The company’s operations expansion includes the addition of a re-refinery in Georgia, enhancing its re-refining business capabilities[39] Tax and Legal Matters - The effective tax rate for the six months ended June 30, 2022, was 25.0%, a decrease from 27.3% for the same period in 2021[73] - The Company recorded reserves of $36.8 million for legal and administrative proceedings as of June 30, 2022, compared to $36.1 million as of December 31, 2021[87] - The Company has been identified as potentially responsible parties in connection with 131 Superfund sites, with potential liabilities exceeding $1.0 million at three of these sites[93]

Stifel 2022 Cross Sector Insight Conference 1 June 8, 2022 THREE INDUSTRY LEADERS UNITED INTO ONE COMPANY 2022 CLEAN HARBORS - CONFIDENTIAL Forward Looking Statements and GAAP Disclaimer These slides contain (and the accompanying oral discussion will contain) forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "seeks," "should," "estimates," "projects," "may," "likely" or similar expressions. Such statements may includ ...

Financial Data and Key Metrics Changes - Revenue increased by 45% in Q1 2022, driven by the addition of HPC and healthy organic growth in legacy businesses, with topline growth excluding HPC at 22% [27] - Adjusted EBITDA rose by 39% year-over-year, reaching $180.3 million [27] - SG&A expense as a percentage of revenue improved by 220 basis points to 12.9%, attributed to effective cost controls and leveraging HPC revenue [28] - Cash and short-term marketable securities at quarter-end were $415 million, with debt over $2.5 billion and a leverage ratio of approximately 3 times [30] Business Line Data and Key Metrics Changes - Environmental Services revenue grew by 45% in Q1, reflecting the HPC acquisition and strong organic growth, with legacy industrial service revenue (excluding HPC) growing by 24% [11][12] - Safety Kleen Environmental revenue increased by 9% year-over-year [12] - SKSS segment revenue was up 44%, driven by healthy production levels and higher pricing [17] Market Data and Key Metrics Changes - Incineration utilization improved to 85% from 80% year-over-year, with average incineration pricing up 2% [15] - Revenue from COVID decontamination work totaled approximately $9 million, down from $28 million in Q1 2021 [16] - Waste oil collection volumes grew by 13% to 53 million gallons [17] Company Strategy and Development Direction - The company is focusing on integrating HPC and cross-selling opportunities, with a renewed emphasis on branding and service simplification [19][20] - Capital allocation strategy prioritizes internal investments to expand throughput in disposal, recycling, and re-refining, with ongoing evaluations for bolt-on acquisitions [22] - The company anticipates strong demand driven by trends such as US infrastructure spending and re-shoring of industries [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand across all verticals, despite potential macroeconomic slowdowns [41] - The company is optimistic about achieving strong profitable growth and robust free cash flow in 2022, supported by pricing and cost reduction strategies [25][39] - Management highlighted a culture of accountability and continuous improvement as key drivers of results [25] Other Important Information - The company concluded Q1 with a total recordable incident rate (TRIR) of 0.97, emphasizing safety as a core value [6] - The company expects adjusted free cash flow in the range of $250 million to $290 million for 2022 [38] Q&A Session Summary Question: How is the company thinking about key verticals in the coming year? - Management noted strong market demand across all verticals, with waste streams experiencing increased deferred revenue [41] Question: What is the current staffing situation? - Management rated staffing levels at a 7 or 8 out of 10, indicating reliance on subcontracted labor which pressures margins [42][43] Question: What is the market share in Industrial and Field Services? - Management indicated a leadership position in emergency response capabilities but did not provide specific market share percentages [46] Question: When will the mix of blended products in the Safety Kleen segment normalize? - Management expects improvements in volumes by mid-May, with a return to growth in the following year [49][50] Question: What are the expectations for EBITDA guidance? - Management confirmed that the raised guidance reflects better-than-expected Q1 results and strong Q2 expectations [54] Question: What are the cost reduction strategies in light of inflation? - Management emphasized ongoing cost containment efforts, including consolidating sites and leveraging operational efficiencies [65][66] Question: What is the outlook for the environmental services market in the next few years? - Management anticipates increased outsourcing and demand driven by environmental regulations and infrastructure needs [88]

First Quarter 2022 Investor Review 1 May 4, 2022 THREE INDUSTRY LEADERS UNITED INTO ONE COMPANY 2022 CLEAN HARBORS - CONFIDENTIAL Forward Looking Statements and GAAP Disclaimer These slides contain (and the accompanying oral discussion will contain) forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "seeks," "should," "estimates," "projects," "may," "likely" or similar expressions. Such statements may include, but are ...