Financial Data and Key Metrics Changes - Revenue for Q3 2025 was approximately $485 million, representing a year-over-year increase of 17.9% or $73.7 million, driven by solid waste pricing strength and acquisitions [5][10] - Adjusted EBITDA reached a record $120 million, up 16.4% year-over-year, with an adjusted EBITDA margin of 24.7%, down approximately 30 basis points year-over-year [5][12] - Year-to-date adjusted free cash flow totaled $119 million, up 21% year-over-year, supported by EBITDA growth and stronger working capital performance [5][15] - The company raised the lower end of its revenue and adjusted EBITDA guidance for 2025, increasing midpoints to $1.835 billion and $420 million, respectively [15] Business Line Data and Key Metrics Changes - Solid waste operations saw a revenue increase of 20.6% year-over-year, with pricing up 4.6% and volume essentially flat [10] - Resource solutions revenues increased by 7.8% year-over-year, although recycling and processing revenue decreased by 5% due to lower commodity prices [11] - The integration of Mid-Atlantic businesses is progressing well, with expectations for further gains in Q4 and into 2026 [6][19] Market Data and Key Metrics Changes - Landfill volumes increased by 11.7% year-over-year, with internalized volumes growing nearly 20% [10][19] - The average recycled commodity revenue per ton decreased by 29% year-over-year due to softer markets [11] - The company is working on expanding landfill capacity in New York, with permits expected in the coming quarters [19][102] Company Strategy and Development Direction - The company’s M&A strategy focuses on a balanced mix of smaller tuck-in acquisitions and larger opportunities to expand geographic footprint [6] - The company has an active acquisition pipeline representing approximately $500 million in annualized revenues [7] - The transition to a new Executive Chairman role for John W. Casella at the end of 2025, with Ned Coletta stepping into the CEO role, indicates a strategic leadership shift [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving enhanced 2025 guidance, citing sustained operating and acquisition momentum [7] - The company anticipates another year of strong growth in 2026, with organic growth expected in the range of 4 to 5% and an additional 3% from rollover acquisition revenue [16] - Management highlighted the importance of integrating acquisitions quickly to realize margin expansion opportunities [30][95] Other Important Information - The company completed eight acquisitions year-to-date, adding approximately $105 million in annualized revenue, with a pending acquisition expected to close at the beginning of 2026 [6][21] - The company is focused on improving operational efficiencies through automation and system consolidation [20][41] Q&A Session Summary Question: Concerns about long-term margin trajectory - Management indicated that while margins are down slightly year-to-date, they expect significant multi-year margin expansion opportunities from acquisitions [30][32] Question: Clarification on synergy capture in the Mid-Atlantic - Management confirmed that the $5 million savings expected in 2026 does not include pricing or margin lift, as they are still in the budgeting process [36][38] Question: Internalization of landfill volumes - Management noted that internalization of volumes from acquisitions is a key focus and has been yielding positive results [48] Question: Timeline for Mid-Atlantic billing system - Management expects to complete the billing system integration by the end of Q1 2026, which will enable better pricing and operational efficiencies [66][68] Question: Pricing evolution in the Mid-Atlantic - Management stated that pricing strategies will evolve as they integrate systems and optimize routes, but it may take several years to fully realize the potential [80] Question: Impact of Mountain State Waste acquisition timing - Management clarified that the delay in the Mountain State Waste acquisition is due to normal regulatory processes and does not indicate any issues [83] Question: Confidence in landfill permitting processes - Management expressed confidence in successfully obtaining permits for landfill expansions, citing their strong track record in the Northeast [101][102]