Financial Data and Key Metrics Changes - The company reported revenues of $272.1 million for Q4 2022, an increase of $30.3 million or 12.5% year-over-year, with 3.6% driven by acquisitions and 8.9% from organic growth [87] - Adjusted EBITDA for the quarter was $56.2 million, up $4.8 million or 9.3% year-over-year [88] - Adjusted free cash flow for fiscal year 2022 was $111.2 million, an increase of $15.9 million or close to 17% year-over-year [36] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 13.2% year-over-year, with pricing up 6.2% and acquisition growth of 2.2% [96] - Resource Solutions revenues were up 10.6% year-over-year, with 7.5% growth from acquisitions and 6.9% volume growth, but offset by a 21.5% decline in commodity prices [34] - Solid waste adjusted EBITDA was $51.3 million in the quarter, up $7.6 million year-over-year [97] Market Data and Key Metrics Changes - The average landfill price per ton increased by 6.7% year-over-year, helping to offset inflation and regulatory costs [84] - Commodity prices saw a significant decline, with average commodity revenue per ton down 67% year-over-year [34] - The company expects solid waste pricing to increase by 6% to 7% in fiscal year 2023 [37] Company Strategy and Development Direction - The company is focused on disciplined growth, with a strong balance sheet and low leverage, positioning itself well for future growth [3] - The McKean Landfill rail project is set to begin operations in 2024, providing a long-term disposal outlet for customers in the Northeast [4] - The company has a robust acquisition pipeline with over $500 million in identified opportunities and expects strong activity in 2023 [32] Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary pressures were addressed through pricing programs, with solid waste pricing up 6.2% [8] - The company anticipates adjusted EBITDA growth of 8.5% to 10.9% year-over-year for 2023, with a slight margin expansion expected [11] - Management expressed confidence in the company's ability to navigate the current economic environment and achieve long-term growth targets [29] Other Important Information - The company has received credit rating upgrades from both Standard & Poor's and Moody's, reflecting improvements in its balance sheet [98] - The company has implemented a sustainability-linked loan feature to align its financial goals with sustainability objectives [5] - The company expects to incur cash flow headwinds in 2023 due to increased cash interest, taxes, and closure costs [38] Q&A Session Summary Question: Can you clarify the special bonuses included in the guidance? - Management confirmed that the special bonuses were included in the guidance [41] Question: What is the status of the $30 million under LOI? - Management indicated that the acquisition is in core collection and disposal and is expected to close by the end of Q2 [47] Question: Can you break down the individual business margins? - Management noted that fuel is a slight headwind for the next year, primarily in the first half, while pricing and operating programs are expected to drive margin improvements [66] Question: What are the expectations for commodity prices? - Management expects commodity prices to stabilize and potentially increase throughout the year, with a projected average of $78 per ton [146] Question: How is the permitting process for Hyland and Hakes facilities progressing? - Management reported that the permitting process is moving forward without significant issues [157]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-K ____________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-23211 CAS ...

Casella Waste Systems, Inc. 1 Baird Global Industrial Conference November 8, 2022 Safe Harbor Statement Certain matters discussed in this press release, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; growth; strategies; anticipated impacts from future or completed acquisitions; and guidance for fiscal year 2022, are "forward-looking stat ...

Casella Waste Systems, Inc. (NASDAQ:CWST) Q3 2022 Earnings Conference Call October 28, 2022 10:00 AM ET Company Participants Charlie Wohlhuter - Director, Investor Relations John Casella - Chairman, CEO & Secretary Edmond Coletta - President & CFO Jason Mead - SVP, Finance & Treasurer Sean Steves - SVP & COO, Solid Waste Operations Conference Call Participants Sean Eastman - KeyBanc Capital Markets Patrick Brown - Raymond James & Associates Stephanie Moore - Jefferies Michael Hoffman - Stifel, Nicolaus & Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 03-0338873 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 25 Greens Hill Lane, Rutland, Vermont 05701 (Address of principal executive offices) (Zip Code) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Class A common stock, $0.01 par value per share CWST The Nasdaq Stock Market LLC (Nasda ...

Casella Waste Systems, Inc. (NASDAQ:CWST) Q2 2022 Earnings Conference Call July 29, 2022 10:00 AM ET Company Participants Joseph Fusco – Vice President Charlie Wohlhuter – Director-Investor Relations John Casella – Chairman and Chief Executive Officer Ned Coletta – President and Chief Financial Officer Sean Steves – Senior Vice President and Chief Operating Officer, Solid Waste Operations Jason Mead – Senior Vice President of Finance and Treasurer Conference Call Participants Tyler Brown – Raymond James Mic ...

PART I [Financial Statements](index=2&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Unaudited consolidated financial statements for Q2 2022 show total assets at **$1.37 billion**, revenues at **$283.7 million**, and net income at **$17.8 million**, with detailed notes on key accounting policies and segment performance Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $181,156 | $146,479 | | **Total assets** | $1,370,719 | $1,283,580 | | **Total current liabilities** | $163,014 | $152,193 | | **Total liabilities** | $913,153 | $861,123 | | **Total stockholders' equity** | $457,566 | $422,457 | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $283,666 | $215,875 | $517,693 | $405,406 | | **Operating income** | $31,719 | $21,946 | $41,887 | $33,955 | | **Net income** | $17,796 | $11,783 | $21,986 | $16,094 | | **Diluted earnings per common share** | $0.34 | $0.23 | $0.43 | $0.31 | Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $92,251 | $79,013 | | **Net cash used in investing activities** | $(110,611) | $(61,147) | | **Net cash provided by (used in) financing activities** | $24,866 | $(5,031) | [Note 1: Basis of Presentation](index=8&type=section&id=1.%20BASIS%20OF%20PRESENTATION) The company operates as a regional, vertically integrated solid waste services company in seven northeastern U.S. states, managing operations through three segments: Eastern, Western, and Resource Solutions, with financial statements prepared under U.S. GAAP - The company provides integrated solid waste services in Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, and Pennsylvania[23](index=23&type=chunk) - Operations are managed through two geographic solid waste segments (Eastern and Western) and one resource-renewal segment (Resource Solutions)[23](index=23&type=chunk) [Note 3: Revenue Recognition](index=9&type=section&id=3.%20REVENUE%20RECOGNITION) Total revenues for Q2 2022 increased to **$283.7 million** from **$215.9 million** in Q2 2021, with growth across all segments and collection services as the largest revenue source Revenues by Operating Segment (in thousands) | Segment | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Eastern | $87,263 | $61,058 | | Western | $114,884 | $98,852 | | Resource Solutions | $81,519 | $55,965 | | **Total revenues** | **$283,666** | **$215,875** | - Accounts receivable, net, increased to **$108.3 million** as of June 30, 2022, from **$87.0 million** as of December 31, 2021, reflecting revenue growth[6](index=6&type=chunk)[33](index=33&type=chunk) [Note 4: Business Combinations](index=11&type=section&id=4.%20BUSINESS%20COMBINATIONS) In H1 2022, the company acquired eight businesses for **$58.9 million**, adding **$28.8 million** in goodwill, a significant increase from four businesses acquired for **$4.9 million** in H1 2021 Acquisition Summary (in thousands) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Total consideration** | $58,895 | $4,883 | | **Cash used in acquisitions** | $55,053 | $4,378 | | **Excess purchase price allocated to goodwill** | $28,761 | $1,757 | - Acquisitions in H1 2022 included a full-service collection business, a closed waste-to-energy facility being converted to a transfer station, and several tuck-in collection businesses[34](index=34&type=chunk) [Note 7: Debt](index=15&type=section&id=7.%20DEBT) Total principal debt increased to **$593.7 million** as of June 30, 2022, primarily due to a **$35.0 million** issuance of Vermont Bonds, with **$190.0 million** of debt hedged by interest rate swaps - In Q2 2022, the company issued **$35.0 million** of Vermont Economic Development Authority Solid Waste Disposal Revenue Bonds (Series 2022A-1) with a 5.00% interest rate, maturing in 2052[46](index=46&type=chunk) Debt Composition (in thousands) | Debt Instrument | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Term Loan Facility | $350,000 | $350,000 | | Tax-Exempt Bonds | $197,000 | $162,000 | | Finance leases & Notes payable | $46,662 | $50,570 | | **Total Principal Debt** | **$593,662** | **$562,570** | - As of June 30, 2022, the company had active interest rate derivative agreements with a total notional amount of **$190.0 million** to hedge variable rate debt[48](index=48&type=chunk) [Note 13: Segment Reporting](index=24&type=section&id=13.%20SEGMENT%20REPORTING) All operating segments reported year-over-year revenue growth for Q2 2022, with the Western region generating the highest outside revenues at **$114.9 million** and operating income at **$19.9 million**, while Resource Solutions saw the largest percentage revenue growth Segment Performance - Three Months Ended June 30, 2022 (in thousands) | Segment | Outside Revenues | Operating Income (loss) | Total Assets | | :--- | :--- | :--- | :--- | | Eastern | $87,263 | $6,150 | $362,942 | | Western | $114,884 | $19,897 | $697,252 | | Resource Solutions | $81,519 | $6,235 | $189,820 | | Corporate entities | $— | $(563) | $120,705 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=26&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses a **31.4%** YoY revenue increase in Q2 2022 to **$283.7 million**, driven by acquisitions, pricing, and volumes, alongside rising operating costs due to inflation, while maintaining strong liquidity [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q2 2022 revenues increased by **$67.8 million** (**31.4%**) YoY, with solid waste up **26.4%** and Resource Solutions up **45.7%**, despite operating expenses rising due to inflation in fuel, labor, and third-party costs, leading to operating income growth to **$31.7 million** Solid Waste Revenues Growth Drivers (Q2 2022 vs Q2 2021) (in millions) | Driver | Amount (in millions) | % Growth Contribution | | :--- | :--- | :--- | | Price | $11.1 | 6.9% | | Volume | $2.6 | 1.6% | | Surcharges and other fees | $8.4 | 5.3% | | Acquisitions | $19.4 | 12.1% | | **Total Solid Waste Growth** | **$42.2** | **26.4%** | - Resource Solutions revenues grew by **$25.6 million** in Q2 2022, driven by acquisition activity (**$17.2 million**), higher non-processing revenues (**$5.9 million**), and favorable recycling commodity pricing (**$3.1 million**)[89](index=89&type=chunk) - Cost of operations as a percentage of revenues increased by **140 basis points** in Q2 2022 YoY, mainly due to higher fuel costs (**+200 bps**), third-party direct costs (**+90 bps**), and direct labor costs (**+10 bps**)[92](index=92&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$271.8 million** available under its Revolving Credit Facility, with net cash from operations increasing to **$92.2 million** in H1 2022, while major cash uses included **$56.3 million** for acquisitions and **$54.9 million** for capital expenditures - The company has **$271.8 million** of undrawn capacity from its **$300.0 million** Revolving Credit Facility as of June 30, 2022[118](index=118&type=chunk) Summary of Cash Flow Activity (in millions) | Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $92.2 | $79.0 | | Net cash used in investing activities | $(110.6) | $(61.1) | | Net cash provided by (used in) financing activities | $24.9 | $(5.0) | - Cash used for acquisitions increased significantly to **$56.3 million** in H1 2022 from **$5.5 million** in H1 2021, reflecting an active growth strategy[125](index=125&type=chunk) [Inflation](index=40&type=section&id=Inflation) Inflationary pressures, particularly in fuel and labor, materially affected operating margins and cash flows in H1 2022, but management believes flexible pricing, cost recovery fees, and efficiency programs help mitigate these impacts - Inflationary increases in costs, especially for fuel and labor, materially affected operating margins and cash flows during the first half of 2022[132](index=132&type=chunk) - The company utilizes flexible pricing, pass-through contract clauses, and an Energy and Environmental Fee (E&E Fee) to recover escalating costs[132](index=132&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to market risks from interest rate volatility and commodity price fluctuations, managing interest rate risk on its variable-rate debt through derivative instruments, with **$190.0 million** of debt hedged as of June 30, 2022 - The company has interest rate risk related to approximately **$160.0 million** of unhedged variable-rate long-term debt as of June 30, 2022[139](index=139&type=chunk) - A hypothetical **100 basis point** increase in interest rates would change annual interest expense by approximately **$1.6 million**[139](index=139&type=chunk) - The company uses interest rate derivative agreements with a total notional amount of **$190.0 million** to hedge against adverse movements in interest rates[139](index=139&type=chunk) [Controls and Procedures](index=41&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during Q2 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[141](index=141&type=chunk) - No changes in internal control over financial reporting occurred during Q2 2022 that materially affected, or are reasonably likely to materially affect, internal controls[141](index=141&type=chunk) PART II [Legal Proceedings](index=42&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to various legal proceedings, including an ongoing appeal by the Conservation Law Foundation (CLF) against a landfill expansion permit, with an aggregate accrual of **$1.291 million** for outstanding legal proceedings as of June 30, 2022 - The company is defending against an appeal by the Conservation Law Foundation (CLF) regarding the expansion permit for the North Country Environmental Services, Inc. (NCES) landfill in Bethlehem, New Hampshire[54](index=54&type=chunk) - An aggregate accrual of **$1.291 million** has been recorded for outstanding legal proceedings as of June 30, 2022[52](index=52&type=chunk) [Risk Factors](index=43&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section updates the company's risk factors, emphasizing significant risks from extensive and evolving government and environmental regulations, with potential negative impacts from non-compliance and recent changes to solid waste laws in Maine - The waste industry is subject to extensive government regulations, and non-compliance could lead to fines, penalties, and limits on the ability to operate and expand[146](index=146&type=chunk) - The company faces potential liability from environmental issues at acquired businesses and risks related to obtaining or renewing operating permits[146](index=146&type=chunk) - Recent changes in solid waste laws in the State of Maine may negatively impact operating results through lower revenues or increased costs[146](index=146&type=chunk)

Casella Waste Systems, Inc. 1 Investor Meetings May & June 2022 Safe Harbor Statement Certain matters discussed in this presentation, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; growth; strategies; anticipated impacts from future or completed acquisitions; and guidance for fiscal year 2022, are "forward-looking statements" intended to ...

Financial Data and Key Metrics Changes - Revenues for Q1 2022 were $234 million, an increase of $44.5 million or 23.5% year-over-year, with 13% of this growth driven by acquisitions and 10.5% from organic growth [25] - Adjusted EBITDA was $45.6 million, up $6.7 million year-over-year, with an adjusted EBITDA margin of 19.5%, down 100 basis points year-over-year [29] - Adjusted free cash flow was $16.3 million, an increase of $6.1 million year-over-year [34] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 21% year-over-year, with pricing up 5.6% and volumes up 0.5% [25] - Collection revenues were up 22.6% year-over-year, with pricing up 6.5% [26] - Resource Solutions revenues increased by 30% year-over-year, driven by higher recycling commodity prices and acquisitions [28] Market Data and Key Metrics Changes - Landfill pricing was up 4.2% year-over-year, with average price per ton increasing by 8.8% [27] - The company experienced lower landfill volumes due to harsh winter weather and construction delays, but expects positive landfill volumes for the remainder of the year [12][13] Company Strategy and Development Direction - The company closed six acquisitions year-to-date, contributing approximately $30 million in annualized revenues, and maintains a robust acquisition pipeline with over $500 million in addressable opportunities [10][18] - Investment plans across recycling facilities aim to strengthen sustainability efforts and improve throughput, with a significant project to modernize the Boston recycling facility [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to offset inflation through pricing programs, with an internal rate of inflation currently at 4.3% [38] - The company expects to outpace inflation and improve adjusted EBITDA margins year-over-year, despite margin headwinds in Q1 [37][40] Other Important Information - Ed Johnson, the President and COO, announced his retirement effective June 30, with Ned Coletta being promoted to President [19][20] - The company has a strong balance sheet with a consolidated net leverage ratio of 2.45 times, positioning it well for growth in a rising interest rate environment [33] Q&A Session Summary Question: Can you quantify the margin headwinds? - Management indicated that core inflation is at 4.3%, with pricing yielding about 5.3%, resulting in a net positive position despite challenges from fuel costs and construction delays [52][53] Question: How much of the margin contraction was due to M&A and landfill delays? - The landfill delay accounted for about 100 basis points, transfer station issues for around 60 basis points, and acquisitions for about 10 basis points [60] Question: What is the outlook for M&A activity? - The company has a robust pipeline and is actively pursuing various opportunities, with some transactions completed faster than anticipated [57] Question: How do you expect margins to trend throughout the year? - Management expects slightly negative margins in Q2, followed by positive trends in Q3 and Q4, aiming for an overall increase of 20 to 25 basis points for the year [94]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 03-0338873 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 25 Greens Hill Lane, Rutland, Vermont 05701 (Address of principal executive offices) (Zip Code) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Class A common stock, $0.01 par value per share CWST The Nasdaq Stock Market LLC (Nasda ...