Financial Data and Key Metrics Changes - Revenues in Q2 2025 were $465.3 million, an increase of $88.2 million or 23.4% year over year, with $67.1 million from acquisitions and $21 million from organic growth, representing a 5.6% increase [11][19] - Adjusted EBITDA was $109.5 million, up $17.9 million or 19.5% year over year, with an adjusted EBITDA margin of 23.5%, down approximately 75 basis points year over year [14][19] - Adjusted net income was $23 million or $0.36 per diluted share, up $1.3 million year over year [16] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 27.1% year over year, with pricing up 5% and volume down 0.8% [11] - Resource Solutions revenues were up 10.2% year over year, with recycling and processing revenue up 9.6% and national accounts up 10.6% [13] - Landfill volumes were up 9.5% year over year, with internalized volumes growing over 12% [12][22] Market Data and Key Metrics Changes - Solid waste pricing increased by 5% year over year, indicating a stable economic environment [8][20] - The company experienced a positive volume trend across solid waste and resource solutions, with total company volumes up 30 basis points [20][58] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, having completed six acquisitions year to date, representing about $90 million in annualized revenues [9][24] - The acquisition of Mountain State Waste is expected to add another $30 million in annualized revenues and expand the company's presence in Pennsylvania and West Virginia [9][39] - The company aims to improve operational efficiencies and synergies in the Mid Atlantic region, which has faced challenges due to system conversions and truck delivery delays [21][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of core pricing and acquisition activity, raising full-year revenue guidance to a midpoint of $1.83 billion [10][19] - The company anticipates that the headwinds faced in the Mid Atlantic region are transitory and expects margin expansion opportunities in the future [15][19] - Management noted that labor costs in the Mid Atlantic are currently higher due to a lack of automation and optimization, presenting an opportunity for future cost reductions [61][62] Other Important Information - The company reported record first-half adjusted free cash flow of over $70 million, which is more than $30 million above the same period last year [8] - The consolidated net leverage ratio was 2.39x, with total liquidity of approximately $900 million, positioning the company well for continued growth [18][25] Q&A Session Summary Question: Can you discuss the challenges in the Mid Atlantic region? - Management acknowledged that the Mid Atlantic region is lagging due to a suboptimal billing system inherited from a previous acquisition, which has delayed automation and synergy realization [30][32] Question: What is the expected synergy EBITDA benefit from the Mid Atlantic assets in 2026? - Management indicated potential benefits of $5 to $10 million over a couple of years as synergies are realized [34][36] Question: Can you elaborate on the Mountain State Waste acquisition? - Management highlighted that the acquisition will expand operations into a growing market in West Virginia and provide opportunities for further growth in the region [39] Question: What is the outlook for Resource Solutions? - Management expects Resource Solutions to continue growing rapidly, particularly in the Mid Atlantic region, where there are significant opportunities [74] Question: How do you see capital expenditures evolving over time? - Management noted that capital expenditures will fluctuate based on landfill development schedules and acquisition activities, which often require significant upfront investments [76]

Financial Data and Key Metrics Changes - Revenues in Q2 2025 were $465.3 million, an increase of $88.2 million or 23.4% year over year, with $67.1 million from acquisitions and $21 million from organic growth, representing a 5.6% increase [11] - Adjusted EBITDA was $109.5 million, up $17.9 million or 19.5% year over year, with an adjusted EBITDA margin of 23.5%, down approximately 75 basis points year over year [14] - Adjusted net income was $23 million or $0.36 per diluted share, up $1.3 million year over year [15] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 27.1% year over year, with pricing up 5% and volume down 0.8% [11] - Resource Solutions revenues were up 10.2% year over year, with recycling and other processing revenue up 9.6% [13] - Landfill volumes were up 9.5% year over year, with internalized volumes growing over 12% [12] Market Data and Key Metrics Changes - Solid waste pricing increased by 5% year over year, indicating healthy pricing trends [8] - The company experienced improved volume trends in the landfill business, reflecting a stable economy in its markets [12] - The average recycled commodity sales price was down 16% year over year, but the net impact on revenue was minimal due to contract structures [13] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, having completed six acquisitions year to date, representing about $90 million in annualized revenues [9] - The pending acquisition of Mountain State Waste is expected to add another $30 million in annualized revenues and expand the company's presence in Pennsylvania and West Virginia [9] - The company raised its full-year revenue guidance to a midpoint of $1.83 billion, reflecting continued strength in core pricing and acquisition activity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategy and robust M&A pipeline, with a strong balance sheet enabling continued opportunistic acquisitions [18] - The management noted that persistent market headwinds experienced last year are behind them, and they expect to see margin expansion opportunities in the future [14] - The company anticipates that the operational challenges in the Mid Atlantic region will be resolved, leading to improved performance in 2026 [32] Other Important Information - The company achieved record first-half adjusted free cash flow of over $70 million, which is more than $30 million above the same period last year [8] - Capital expenditures were $121.9 million, up $47 million year over year, including significant upfront investments in recent acquisitions [17] - The consolidated net leverage ratio was 2.39x, with $700 million of revolver remaining undrawn, indicating a strong liquidity position [18] Q&A Session Summary Question: Can you discuss the Mid Atlantic performance and the ERP implementation? - Management acknowledged that the Mid Atlantic region is lagging due to issues with the legacy billing system and truck delivery delays, which have impacted pricing visibility and synergy realization [29][32] Question: What is the expected synergy EBITDA benefit from the Mid Atlantic assets in 2026? - Management indicated potential benefits of $5 to $10 million over several years as they automate the fleet and resolve system issues [34] Question: Can you elaborate on the Mountain State acquisition and its market dynamics? - The acquisition will expand the company's footprint into a growing market in West Virginia, with franchise agreements providing a solid customer base [39] Question: Why did the interest expense guidance drop significantly? - Management stated that the guidance was refined as the year progressed, reflecting a more optimistic view [40] Question: What is the outlook for Resource Solutions growth? - Management believes Resource Solutions will continue to grow rapidly, particularly in the Mid Atlantic region, where there are significant opportunities [72] Question: How do you see capital expenditures evolving over time? - Management noted that CapEx will fluctuate based on landfill development schedules and acquisition activity, which often requires significant upfront investments [74]

Even in the rarefied world of luxury real estate, professional hockey player-turned-waste management billionaire Patrick Dovigi stands out for his ability to write big checks and trade multimillion-dollar homes like chess pieces https://t.co/PSnGepvo6d? ...

GFL Environmental (GFL) Q2 2025 Earnings Call July 31, 2025 08:30 AM ET Company ParticipantsPatrick Dovigi - Founder, Chairman, President & CEOLuke Pelosi - Executive VP & CFOSabahat Khan - MD - Global ResearchStephanie Moore - SVP - Equity ResearchPatrick Tyler Brown - Managing DirectorKevin Chiang - Director - Institutional Equity ResearchChris Murray - MD & Equity Research - Diversified IndustriesJon Windham - Head - Alternative Energy & Environmental Services Equity ResearchTami Zakaria - Executive Dire ...

Core Viewpoint - 374Water Inc. has successfully demonstrated the effectiveness of its AirSCWO technology in destroying PFAS in biosolids to non-detectable levels, addressing a growing national issue related to PFAS contamination in wastewater treatment [1][4]. Industry Overview - The disposal of PFAS contaminated biosolids from wastewater treatment plants is becoming a significant national concern due to environmental impacts and limited disposal options [2][3]. - PFAS, known as "forever chemicals," are persistent and hazardous, found in many everyday products, leading to contamination of soil, crops, groundwater, and livestock [3]. Company Developments - 374Water's AirSCWO system has consistently achieved over 99.99% destruction of organic compounds in biosolids, producing effluents with PFAS levels below U.S. EPA drinking water standards [4]. - The company is experiencing increased market demand for innovative solutions to destroy PFAS-contaminated waste streams across municipal, federal, and industrial sectors [5]. - 374Water's technology is positioned as a differentiated solution to address a broad range of PFAS-impacted waste streams, contributing to the global challenge of PFAS contamination [5][6].

Core Insights - Republic Services, Inc. (RSG) reported mixed second-quarter 2025 results with earnings surpassing estimates while revenues fell short [1][9] - The company’s stock has increased by 22.3% year-to-date, outperforming both its industry and the Zacks S&P 500 Composite [2] Financial Performance - RSG's earnings per share (EPS) for Q2 2025 was $1.77, exceeding the Zacks Consensus Estimate by 1.1% and reflecting a 9.9% increase year-over-year [1][9] - Total revenues for the quarter were $4.2 billion, which missed the consensus estimate but showed a 4.6% year-over-year growth [1][9] Segment Revenue Breakdown - Collection segment revenues reached $2.8 billion, a 3.6% increase from the previous year, but fell short of the estimated $2.9 billion [3] - Environmental Solutions revenues were $462 million, down 2.3% year-over-year, missing the projected $492 million [3] - Transfer segment revenues were $221 million, up 6.3% year-over-year, exceeding expectations of $213.5 million [4] - Landfill segment revenues totaled $516 million, increasing 17.3% year-over-year and surpassing the estimate of $462.7 million [4] - Other segment revenues grew to $214 million, a 4.9% increase from the previous year, exceeding the expectation of $212.7 million [4] Operating Results - Adjusted EBITDA for the quarter was $1.4 billion, an 8.2% increase from the previous year, beating the estimate of $1.3 billion [5][9] - The adjusted EBITDA margin improved to 32.1%, up 100 basis points year-over-year, surpassing the estimated margin of 31.4% [5][9] Balance Sheet & Cash Flow - At the end of Q2 2025, RSG had cash and cash equivalents of $122 million, up from $83 million at the end of Q1 2025 [6] - Long-term debt decreased to $12.5 billion from $12.9 billion in the previous quarter [6] - The company generated $1.1 billion in cash from operating activities, with adjusted free cash flow of $693 million and capital expenditures of $423 million [6] 2025 Guidance - RSG has lowered its revenue guidance for 2025 to a range of $16.68 billion to $16.75 billion, down from the previous range of $16.85 billion to $16.95 billion [8][9] - The adjusted EPS guidance is set at $6.82 to $6.90, with the midpoint lower than the Zacks Consensus Estimate of $6.87 [8] - Adjusted EBITDA guidance is projected to be between $5.28 billion and $5.33 billion [8]

For the quarter ended June 2025, Clean Harbors (CLH) reported revenue of $1.55 billion, down 0.2% over the same period last year. EPS came in at $2.36, compared to $2.46 in the year-ago quarter.The reported revenue represents a surprise of -2.04% over the Zacks Consensus Estimate of $1.58 billion. With the consensus EPS estimate being $2.33, the EPS surprise was +1.29%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Clean Harbors (CLH) Q2 2025 Earnings Call July 30, 2025 09:00 AM ET Company ParticipantsMichael McDonald - SVP - General CounselEric Gerstenberg - Co-CEO & Co-PresidentMichael Battles - Co-CEO & Co-PresidentEric Dugas - Executive VP & CFOTyler Brown - AVPTobey Sommer - Managing DirectorConference Call ParticipantsDavid Manthey - Senior Research AnalystLarry Solow - Partner & Managing director - Equity AnalystJames Ricchiuti - Senior AnalystNoah Kaye - Senior Research AnalystJames Schumm - Senior AnalystOper ...

Financial Data and Key Metrics Changes - The company achieved a consolidated adjusted EBITDA margin of 21.7%, an increase of 60 basis points year-over-year, driven by strong demand for disposal and recycling assets and lower SG&A costs [5][24]. - Q2 adjusted EBITDA was $336 million, reflecting higher earnings in the Environmental Services segment and improved corporate costs, offsetting lower contributions from Safety Kleen Sustainable Solutions (SKSS) [24][30]. - Total company revenue was essentially flat compared to 2024, with growth in Environmental Services offsetting the decline in SKSS [23]. Business Line Data and Key Metrics Changes - Environmental Services (ES) segment adjusted EBITDA margin grew year-over-year for the thirteenth consecutive quarter, driven by increased volumes, pricing, and efficiency gains [6][7]. - Safety Kleen Environmental led growth at 9%, driven by pricing gains and growth in core service offerings, despite a slight decline in parts wash services [7][8]. - Technical Services saw a 4% revenue increase supported by higher incineration and landfill volumes, with incineration prices rising 7% on a mix-adjusted basis [9]. Market Data and Key Metrics Changes - The company reported strong demand for incineration services, with utilization rates at 89%, up from 88% a year ago, excluding new facilities [9][10]. - The threat of PFAS litigation is creating urgency at various government levels to address contamination, positioning the company to lead in PFAS remediation solutions [12][13]. - The reshoring trend and planned industrial investments in the U.S. are expected to drive greater customer activity and demand for services [20][21]. Company Strategy and Development Direction - The company is focused on executing a capital allocation strategy aimed at generating long-term returns, with plans for both organic investments and strategic M&A opportunities [17][19]. - The company is enhancing its operational efficiencies and pricing strategies to drive further margin improvement, with a goal of achieving record top-line and bottom-line results in 2025 [21][30]. - The company is actively evaluating opportunities for acquisitions that align with its market position and can unlock long-term value [18][79]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, noting that customer activity remains strong despite near-term trade headwinds [20][31]. - The company anticipates continued growth in the second half of the year, supported by a robust project pipeline and favorable macroeconomic conditions [29][31]. - Management highlighted that the worst of maintenance deferrals from industrial services customers appears to be behind them, indicating potential for increased activity [11][58]. Other Important Information - The company reported cash and short-term marketable securities of nearly $700 million, with a net debt to EBITDA ratio of approximately 2x [26]. - Adjusted free cash flow reached a record $133 million in Q2, up nearly $50 million from the prior year [27]. - The company expects full-year adjusted EBITDA guidance to be in the range of $1.16 billion to $1.2 billion, representing a year-over-year growth of 6% [29]. Q&A Session Summary Question: Broad view on the macro environment and market share - Management noted strong volumes and a robust sales pipeline, indicating potential market share gains despite a slow industrial macro [38][40]. Question: Confidence in SKSS guidance and refinery turnarounds - Management clarified that the back half of the year does not heavily depend on a significant ramp in industrial services turnarounds, focusing instead on servicing high-margin customers [45][46]. Question: Impact of bonus depreciation on investments - Management expects incremental cash tax savings from recent tax changes, which may drive further investment in the U.S. manufacturing sector [47][48]. Question: Outlook for SKSS and Environmental Services pricing - Management indicated that lower cost inventory will support profitability in SKSS, with a disciplined pricing improvement plan in place for Environmental Services [106][110]. Question: Update on PFAS remediation efforts - Management confirmed successful PFAS incineration study results and anticipates further regulatory guidance from the EPA [67][70].

© 2025 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," "will," "should," "estimates," "projects," "may," "likely," "potential," "outlook" or similar expressions. Such statements may include, but are not limited to, statements about the Company's future financi ...