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Core Insights - Republic Services, Inc. (RSG) has shown strong stock performance with a year-to-date appreciation of 14%, surpassing the industry growth of 13.3% and the S&P 500 composite rise of 11.5% [1] - The company has a Growth Score of B, indicating solid growth quality and sustainability [1] Financial Performance - Earnings for 2024 and 2025 are projected to grow by 7.8% and 10.6% year-over-year, respectively [2] - RSG's top line increased by 7.8% year-over-year in Q1 2024 [3] Industry Trends - As a leading waste disposal company, RSG is expected to benefit from increasing environmental concerns, rapid industrialization, population growth, and government measures to combat illegal dumping [3] - The company is focused on expanding its recycling volume through improved material handling processes and programs [3] Operational Efficiency - RSG is enhancing operational efficiency by transitioning to compressed natural gas (CNG) collection vehicles, with 20% of its fleet operating on CNG in 2023 [4] - Additionally, 13% of its replacement vehicle purchases were CNG vehicles [4] Shareholder Value - The company has consistently rewarded shareholders through dividends and share repurchases, paying $650 million in dividends and repurchasing $261.8 million in shares in 2023 [5] - This commitment to shareholder value reflects the company's confidence in its business and positively impacts earnings per share [5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Phoenix, Arizona 85054 (Address of principal executive offices) (Zip Code) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...

Financial Data and Key Metrics Changes - The company achieved revenue growth of 8% and adjusted EBITDA growth of 12% in Q1 2024, with an adjusted EBITDA margin expansion of 120 basis points to 30.2% [125][146] - Adjusted earnings per share (EPS) was reported at $1.45, and adjusted free cash flow was $535 million, with a free cash flow conversion rate of 45.9% [125][131] - Total debt stood at $13 billion, with total liquidity of $2.8 billion and a leverage ratio of approximately 2.8 times [131] Business Line Data and Key Metrics Changes - The Environmental Solutions business saw a revenue increase of $15 million compared to the prior year, attributed to the rollover impact from an acquisition [167] - Adjusted EBITDA margin in the Environmental Solutions business was 20.5%, down from 21% in the prior year, but increased by 60 basis points after accounting for acquisition impacts [10] - Core price on total revenue was 7%, with core price on related revenue at 8.5%, including open market pricing of 10.2% [9] Market Data and Key Metrics Changes - Organic volume on related revenue declined by 1.1%, with large container and disposal volumes negatively impacted by severe weather [126] - Recycling commodity prices increased to $153 per ton in Q1 2024, compared to $105 per ton in the prior year, with current prices around $160 per ton [130][103] - The company reported a 1.6% increase in landfill MSW volume, while small container volume increased by 30 basis points [35] Company Strategy and Development Direction - The company is focused on sustainability innovation investments, particularly in plastic circularity and renewable natural gas, which are seen as platforms for profitable growth [7][8] - The development of a new asset management system is underway, expected to enhance maintenance technician productivity and result in $20 million of annual cost savings by 2026 [142] - The company plans to invest $230 million in joint ventures related to landfill gas to energy and blue polymers in 2024 [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline for Environmental Solutions, with expectations of $70 million to $90 million in PFAS-related revenue for the year [72] - The company anticipates a sequential improvement in volume performance in Q2, despite some expected softness due to construction-related activity [70] - Management noted that competitive conduct is improving, with a focus on ensuring fair returns and disciplined capital allocation [31] Other Important Information - The company returned $168 million to shareholders through dividends in the first quarter [34] - The customer retention rate remained high at over 94%, with favorable trends in the net promoter score [5] - The company is advancing its digital capabilities to improve customer and employee experiences, including route optimization and safety performance [6] Q&A Session Summary Question: Update on polymer center tracking and margin upside potential - Management indicated that the polymer center is exceeding expectations, with strong demand for recycled PET flake [170][55] Question: Expectations for cost trends and M&A activity - Management expects modest upside in margins, with a strong pipeline for acquisitions but plans to pause until 2025 for integration [30][81] Question: Trends in residential business competition and pricing - Management acknowledged the need to improve returns in the residential business, which has not progressed as much as other areas [65] Question: Volume cadence expectations for the rest of the year - Management expects a sequential improvement in volumes, with a flat to slightly positive outlook in the second half of the year [71] Question: Impact of PFAS on business opportunities - Management views PFAS as a net positive, with a growing pipeline of related revenue opportunities [72] Question: Details on Environmental Solutions acquisition impact - The acquisition closed in Q4 2023 contributed to revenue growth, with a seamless integration expected to enhance operational efficiency [76][78]

EXHIBIT 99.1 Republic Services, Inc. Reports First Quarter 2024 Results PHOENIX (April 30, 2024) – Republic Services, Inc. (NYSE: RSG) today reported net income of $453.8 million, or $1.44 per diluted share, for the three months ended March 31, 2024, versus $383.9 million, or $1.21 per diluted share, for the comparable 2023 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended March 31, 2024 was $458.1 million, or $1.45 per diluted share, versus $393 ...

Financial Performance - Revenue for the year ended December 31, 2023, was $14,964.5 million, an increase of 10.8% from $13,511.3 million in 2022[445] - Net income attributable to Republic Services, Inc. for 2023 was $1,731.0 million, up 16.3% from $1,487.6 million in 2022[445] - Basic earnings per share for 2023 increased to $5.47, compared to $4.70 in 2022, reflecting a growth of 16.4%[445] - Comprehensive income attributable to Republic Services, Inc. was $1,731.0 million in 2023, compared to $1,490.1 million in 2022, reflecting a growth of 16.2%[447] - The company reported a comprehensive income of $1,731.4 million for 2023, up from $1,490.1 million in 2022, indicating a strong performance[447] Assets and Liabilities - Total assets as of December 31, 2023, were $31,410.1 million, compared to $29,052.9 million in 2022, representing an increase of 8.1%[443] - The company's total current liabilities increased to $4,228.3 million in 2023 from $3,390.7 million in 2022, a rise of 24.6%[443] - Long-term debt, net of current maturities, was $11,887.1 million as of December 31, 2023, compared to $11,329.5 million in 2022, indicating an increase of 4.9%[443] - The carrying value of total debt as of December 31, 2023, is $12,819.4 million, an increase from $11,785.5 million in 2022[590] Cash Flow and Dividends - Cash provided by operating activities increased to $3,617.8 million in 2023, up from $3,190.0 million in 2022, representing a growth of 13.4%[453] - Cash dividends declared in 2023 amounted to $650.0 million, an increase from $603.4 million in 2022[450] - Cash dividends paid increased to $638.1 million in 2023, compared to $592.9 million in 2022, marking a rise of 7.6%[453] - The company reported a cash dividend per common share of $2.06 for 2023, up from $1.91 in 2022, marking an increase of 7.9%[445] Environmental and Landfill Costs - The carrying value of the company's landfill final capping, closure, and post-closure costs totaled $1,937.2 million as of December 31, 2023[427] - The total estimated future payments for final capping, closure, and post-closure liabilities as of December 31, 2023, amount to $7,518.4 million, with $7,020.0 million expected thereafter[582] - The company recorded reserves for landfill and environmental costs, which may not be adequate to cover future regulatory changes or unforeseen environmental conditions[145] - Total accrued landfill and environmental costs rose from $2,273.9 million in 2022 to $2,422.6 million in 2023, reflecting an increase of 6.5%[580] Debt and Interest Rates - The company had $2,232.2 million of principal floating rate debt as of December 31, 2023, with interest rate swap contracts totaling a notional value of $350.0 million[407] - A 100 basis point change in interest rates on the company's variable rate debt would result in an annualized interest expense change of approximately $20 million[407] - Future principal maturities of debt include $932.3 million in 2024 and $1,364.5 million in 2025, totaling $12,819.4 million[592] Acquisitions and Investments - The company acquired various environmental services businesses, with total cash used in acquisitions amounting to $1,756.3 million in 2023, down from $2,668.6 million in 2022[552] - The company invested approximately $68 million in a joint venture for renewable natural gas projects in 2023, increasing its total investment in the venture to approximately $170 million[560] - The company completed the acquisition of Central Texas Refuse, LLC in December 2023, allowing re-entry into the high-growth Austin market[559] Insurance and Risk Management - The company maintains various insurance policies to cover potential liabilities, but there is a risk that such coverage may not be adequate in the event of a major loss[146] - The balance of insurance reserves increased from $502.6 million in 2022 to $565.4 million in 2023, marking a growth of 12.5%[576] Goodwill and Intangible Assets - The company reported goodwill of $15,834.5 million as of December 31, 2023, up from $14,451.5 million in 2022, reflecting acquisitions and adjustments[566] - Other intangible assets are amortized on a straight-line basis over periods ranging from 1 to 15 years, reflecting the company's long-term investment in customer relationships and trade names[510] - Customer relationships represented the largest component of intangible assets at $631.7 million, with a decrease of $579.1 million due to amortization[568] Operational Efficiency - The company reported depreciation, amortization, and depletion of property and equipment totaling $1,368.4 million in 2023, compared to $1,245.6 million in 2022[565] - The company capitalizes landfill costs, including expenditures for land, permitting, and cell construction, which are depleted as airspace is consumed[488] Regulatory and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2023, based on COSO criteria[434] - The adoption of ASU 2022-04 on January 1, 2023, did not have a material impact on the consolidated financial statements, indicating effective compliance with new accounting standards[545]

Financial Data and Key Metrics Changes - In 2023, the company achieved revenue growth of 11%, with 5% attributed to acquisitions [9] - Adjusted EBITDA grew by 13%, and the adjusted EBITDA margin expanded by 60 basis points, with a 100 basis point margin expansion in the underlying business [9][27] - Adjusted earnings per share were reported at $5.61, and adjusted free cash flow was $1.99 billion [9][28] - Total debt at the end of the year was $13 billion, with total liquidity of $2.7 billion and a leverage ratio of 2.9 times [28] Business Line Data and Key Metrics Changes - Core price on total revenue was 7.2% in Q4, while core price on related revenue was 8.8% [24] - Volume on total revenue increased by 30 basis points, with related revenue volume increasing by 40 basis points [25] - Environmental Solutions revenue was flat compared to the prior year, but adjusted EBITDA margin for this segment increased by 250 basis points to 19.7% [50] Market Data and Key Metrics Changes - Commodity prices for recycling were $131 per ton in Q4, up from $88 per ton in the prior year, while full-year commodity prices averaged $117 per ton compared to $170 per ton in the previous year [26] - The company expects organic volume growth in a range of flat to positive 50 basis points for 2024 [49] Company Strategy and Development Direction - The company plans to deliver outsized profitable growth in 2024, with expected revenue in the range of $16.1 billion to $16.2 billion [14] - Investments in sustainability, including electric vehicles and renewable natural gas projects, are seen as platforms for profitable growth [12][13] - The company aims to invest at least $500 million in value-creating acquisitions in 2024, with a focus on both recycling and waste and Environmental Solutions [47] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious macro perspective due to high interest rates and depressed housing activity, but noted positive underlying demand signals for the business [154] - The company anticipates a sequential step down in margins from Q4 to Q1, influenced by seasonal factors and weather conditions [89] Other Important Information - The company returned $900 million to shareholders through dividends and share repurchases [19] - Employee engagement improved to a score of 86, with 99% participation in the survey [45] Q&A Session Summary Question: Can you provide insights on margin performance and expectations for 2024? - Management noted that margin expansion was stronger than anticipated, driven by effective management of the P&L and favorable conditions in Q4 [31][56] Question: What is the outlook for Environmental Solutions and margin expansion? - Management expects balanced margin expansion between solid waste and Environmental Solutions, with a slight edge towards Environmental Solutions [62] Question: Can you discuss the impact of M&A on future performance? - The company plans to remain disciplined in M&A, focusing on strategic fit and financial returns, while also managing integration effectively [92][95] Question: How is the company addressing cost inflation and labor turnover? - Management highlighted improvements in labor turnover and cost management, with a focus on maintaining productivity despite challenges [117][139] Question: What are the expectations for fleet electrification and supply chain issues? - The company is optimistic about fleet electrification, with plans to increase the number of electric vehicles significantly in the coming years [164][170]

EXHIBIT 99.1 Republic Services, Inc. Reports Fourth Quarter and Full-Year 2023 Results; Provides 2024 Full-Year Financial Guidance PHOENIX (February 27, 2024) – Republic Services, Inc. (NYSE: RSG) today reported net income of $439.6 million, or $1.39 per diluted share, for the three months ended December 31, 2023, versus $346.8 million, or $1.09 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 December ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Table of Contents (I.R.S. Employer Identification No.) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 6% for Q3 2023, with 2% attributed to acquisitions, and adjusted EBITDA growth of 9% [32] - Adjusted earnings per share (EPS) was reported at $1.54, with a year-to-date adjusted free cash flow of $1.8 billion [32][41] - The total debt stood at $12 billion, with total liquidity of $2.3 billion and a leverage ratio of 2.9 times [18] Business Line Data and Key Metrics Changes - The Environmental Solutions business saw a revenue increase of $8 million year-over-year, contributing 40 basis points to internal growth [17] - The adjusted EBITDA margin for the Environmental Solutions business improved to 22.7%, a 390 basis point increase compared to the prior year [34][41] - Core price on total revenue was 7%, with core price on related revenue at 8.6%, including open market pricing of 10.4% [39] Market Data and Key Metrics Changes - The company experienced a 10 basis point increase in total revenue volume, with landfill revenue driven by an 8.2% increase in special waste revenue [16] - Recycling commodity prices averaged $112 per ton during the quarter, down from $162 per ton in the prior year, with a current average of approximately $120 per ton [40][41] Company Strategy and Development Direction - The company is focused on profitable growth through acquisitions, having invested $947 million year-to-date in the recycling and waste space [9] - Future growth is expected in the recycling and waste and Environmental Solutions businesses, supported by pricing strategies and cross-selling opportunities [20] - The company is advancing its digital capabilities to improve customer and employee experiences, with ongoing investments in sustainability innovation [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding $1 billion in investments for the year and reaffirmed guidance for the full year [33][44] - The company anticipates continued growth in 2024, with a positive outlook despite economic uncertainties [78] - Management noted that the underlying volume growth in the recycling and solid waste business is expected to be between 50 to 100 basis points [78] Other Important Information - The company has been recognized as a great place to work for seven consecutive years, indicating strong employee engagement [15] - The construction of the Las Vegas Polymer Center is substantially complete, with operations expected to begin in November [37] Q&A Session Summary Question: Can you size the benefits from improved equipment availability and retention? - Management noted improvements in maintenance costs and labor availability, but supply chain issues persist [47] Question: How is the M&A market within Environmental Solutions? - Management indicated a strong pipeline of opportunities, remaining optimistic about attractive acquisitions [50] Question: What is the outlook for pricing in Environmental Solutions? - Pricing remains strong, with expectations for a sequential decrease in restricted base pricing in 2024 [51] Question: How is the company managing exposure to commodity prices? - The company is focused on a processing and fee-based model, minimizing exposure to commodity price volatility [56] Question: How is the company weathering the impact of strikes in the automotive industry? - Management reported reasonable performance despite some slowdown in activity, with minimal impact on service cancellations [60] Question: What is the expected M&A rollover benefit for 2024? - The company expects about 50 basis points of rollover from closed transactions into 2024 [76] Question: What are the financial targets for renewable natural gas facilities? - The company anticipates incremental EBITDA contributions of $20 million to $25 million per year starting in 2024 [103]