Casella(US:CWST)2025-10-30 20:10Financial Performance - Revenues for Q3 2025 were $485.4 million, an increase of $73.7 million or 17.9% compared to Q3 2024[4] - Net income for Q3 2025 was $10.0 million, up $4.2 million or 73.0% from $5.8 million in Q3 2024[6] - Adjusted EBITDA for Q3 2025 was $119.9 million, an increase of $16.9 million or 16.4% from the same period in 2024[6] - Net income for the nine months ended September 30, 2025, was $10,382 thousand, up from $8,660 thousand in the same period of 2024, representing a growth of 19.8%[26] - Adjusted EBITDA for the nine months ended September 30, 2025, was $315,773 thousand, compared to $265,560 thousand in 2024, indicating an increase of 18.9%[28] - Adjusted net income for the nine months ended September 30, 2025, was $61,739 thousand, compared to $56,592 thousand in 2024, reflecting an increase of 9.6%[29] - Adjusted diluted earnings per common share for the nine months ended September 30, 2025, was $0.97, unchanged from the same period in 2024[29] Cash Flow and Guidance - Net cash provided by operating activities for the year-to-date period was $233.2 million, up $61.6 million or 35.9% from $171.6 million in the same period in 2024[9] - Adjusted Free Cash Flow for the nine months ended September 30 was $119.5 million, an increase of $20.7 million or 21.0% from $98.8 million in the same period in 2024[9] - The company raised the lower end of its 2025 revenue guidance from $1.820 billion to $1.830 billion, and Adjusted EBITDA guidance from $410 million to $415 million[17] - The company is reaffirming guidance for net income between $8 million and $18 million for fiscal year 2025[17] - Estimated Adjusted EBITDA for fiscal year 2025 is projected to be between $415,000,000 and $425,000,000, with net income estimated between $8,000,000 and $18,000,000[32] - Estimated Adjusted Free Cash Flow for fiscal year 2025 is projected to be between $170,000,000 and $180,000,000, based on net cash provided by operating activities of $325,000,000 to $335,000,000[32] Acquisitions and Capital Expenditures - The company completed eight acquisitions year-to-date, contributing approximately $105 million in annualized revenue, with an additional $30 million expected from the pending acquisition of Mountain State Waste[3] - The company incurred $217,501 thousand in acquisitions, net of cash acquired, for the nine months ended September 30, 2025, compared to $259,196 thousand in 2024[26] - Capital expenditures for the three months ended September 30, 2025, totaled $65,925,000, up from $51,461,000 in the same period in 2024, representing a 28.2% increase[35] - The company’s capital expenditures for the nine months ended September 30, 2025, were $187,803,000, compared to $126,361,000 for the same period in 2024, indicating a significant increase of 48.6%[35] - Acquisition capital expenditures for the three months ended September 30, 2025, were $11,597,000, compared to $12,830,000 in the same period in 2024[35] Operational Metrics - Solid waste pricing increased by 4.6% in Q3 2025, driven by 4.7% collection price growth and 4.6% disposal price growth[8] - Solid waste operations revenue increased by $67,005,000, or 20.6%, for the three months ended September 30, 2025, compared to the same period in 2024[34] - Total assets increased to $3,285,292 thousand as of September 30, 2025, compared to $3,230,068 thousand on December 31, 2024, reflecting a growth of approximately 1.7%[25] - Total current liabilities decreased to $296,505 thousand as of September 30, 2025, from $307,317 thousand on December 31, 2024, a decline of approximately 3.6%[25] Cash Flow Analysis - Cash flows from operating activities for the nine months ended September 30, 2025, totaled $233,213 thousand, up from $171,594 thousand in 2024, marking a rise of 36%[26] - The company reported a net cash decrease of $190,650 thousand in cash, cash equivalents, and restricted cash for the nine months ended September 30, 2025, compared to an increase of $298,065 thousand in 2024[26] - The company reported a net cash provided by operating activities of $93,565,000 for the three months ended September 30, 2025, compared to $91,813,000 for the same period in 2024[30] System Integration and Future Outlook - The company made steady progress on billing system integrations in acquired Mid-Atlantic businesses, positioning for improved performance in 2026[3] - The company expects to incur cash outlays related to the Southbridge Landfill closure, with total cash outlays expected to continue through the post-closure period[30]