Financial Data and Key Metrics Changes - Revenue for Q3 2025 was reported at $464.3 million, an 8.5% increase year-over-year [7] - Cost of services was reported at $367.9 million, or 79.2% of revenue, with a benefit of $34.2 million related to the ERC [7] - Net income was reported at $43.59 per share, including a $0.39 benefit from the ERC [9] - Cash flow from operations was reported at $71.3 million, adjusted to $87.1 million after accounting for a decrease in payroll accrual [9] Business Line Data and Key Metrics Changes - Environmental services revenue was reported at $211.8 million, while dietary services revenue was $252.5 million [7] - Segment margins for environmental services were reported at 10.7%, and for dietary services at 5.1% [8] Market Data and Key Metrics Changes - The company noted a strong labor market, with skilled nursing job gains significantly outpacing previous years, indicating a recovery towards pre-pandemic levels by mid-2026 [23] - The company identified over 23,000 potential facilities for their services, with less than 15% currently outsourcing environmental services and less than 8% for dietary services [31] Company Strategy and Development Direction - The top three strategic priorities include driving growth through management development, managing costs through operational execution, and optimizing cash flow [6] - The company is focusing on organic growth, strategic acquisitions, and opportunistic share repurchases, with a $50 million share repurchase plan valid through June 2026 [12] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the business environment, citing strong fundamentals in long-term and post-acute care markets, despite economic uncertainties [5] - The company is well-positioned to capitalize on opportunities due to robust fundamentals and a multi-decade demographic tailwind [39] Other Important Information - The company repurchased $27.3 million of common stock in Q3, bringing year-to-date buybacks to $42 million [12] - The company continues to evaluate M&A opportunities, with a focus on the education sector as a primary target [19] Q&A Session Summary Question: Pipeline of new client wins and future growth - Management noted that Q3 was the sixth consecutive sequential revenue increase, driven by new business wins and high client retention rates [14] Question: Update on education efforts and acquisitions - The company is expanding its focus to include campus-like environments beyond traditional education, with education as a top acquisition target [16][19] Question: Labor market conditions and hiring - The labor market is strong, with expectations to reach pre-pandemic job levels by mid-2026, which supports growth prospects [23][25] Question: Outsourcing trends in Environmental and Dietary Services - There is an increasing acceptance of outsourcing, with the company holding a significant share of the outsourced market [31][33] Question: Update on Genesis HealthCare and facility closures - The company continues to provide services to Genesis facilities without disruption, and the bankruptcy process is proceeding normally [34][36]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was reported at $464.3 million, an 8.5% increase year-over-year [7] - Cost of services was reported at $367.9 million, or 79.2% of revenue, including a benefit of $34.2 million related to the ERC [7] - Net income and diluted earnings per share were reported at $43.59 per share, including a $0.39 benefit related to the ERC [9] - Cash flow from operations was reported at $71.3 million, adjusted to $87.1 million after accounting for a decrease in payroll accrual [9] Business Line Data and Key Metrics Changes - Environmental services revenue was reported at $211.8 million, while dietary services revenue was $252.5 million [7] - Segment margins for environmental services were reported at 10.7%, and for dietary services at 5.1% [8] Market Data and Key Metrics Changes - The company noted a strong labor market, with skilled nursing job gains significantly outpacing previous years, indicating a recovery towards pre-pandemic levels by mid-2026 [24] - The company identified over 23,000 potential facilities for their services, with less than 15% currently outsourcing environmental services and less than 8% for dietary services [31] Company Strategy and Development Direction - The top three strategic priorities for Q4 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [6] - The company is focusing on organic growth, strategic acquisitions, and opportunistic share repurchases, with education as the primary target for acquisitions [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business environment, citing strong fundamentals in long-term and post-acute care markets, despite economic uncertainties [5] - The company is well-positioned to capitalize on opportunities due to robust fundamentals and a multi-decade demographic tailwind [39] Other Important Information - The company ended Q3 with cash and marketable securities of $207.5 million and an undrawn credit facility [10] - The company repurchased $27.3 million of common stock during Q3, with a total of $42 million year-to-date [12] Q&A Session Summary Question: Pipeline of new client wins and future growth - Management noted that Q3 was the sixth consecutive sequential revenue increase, driven by new business wins and high client retention rates, with Q4 revenue estimated between $460 to $470 million [14] Question: Education segment and acquisition targets - The company is focusing on a broader "campus" initiative for potential acquisitions, with education as the top target [16][19] Question: Labor market conditions - The labor market is strong, with significant job gains in skilled nursing, and the company is well-positioned to fill job openings [22][24] Question: Outsourcing trends - There is an increasing acceptance of outsourcing environmental and dietary services, with the company holding a significant share of the market [30][32] Question: Genesis Healthcare updates - The company continues to provide services to Genesis Healthcare facilities without disruption, and the bankruptcy process is proceeding normally [34][36]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was reported at $464.3 million, an 8.5% increase year-over-year [8] - Net income was reported at $43 million, with diluted earnings per share at $0.59, which includes a $0.39 benefit primarily related to the ERC [10] - Cash flow from operations was reported at $71.3 million, adjusted to $87.1 million after accounting for a decrease in payroll accrual [10] Business Line Data and Key Metrics Changes - Environmental Services segment revenue was reported at $211.8 million, while Dietary Services segment revenue was $252.5 million [8] - Cost of services was reported at $367.9 million, representing 79.2% of revenue, which includes a benefit of $34.2 million related to the ERC [8][9] - Segment margins for Environmental and Dietary Services were reported at 10.7% and 11.5%, respectively [9] Market Data and Key Metrics Changes - The company noted steady occupancy rates and increasing workforce availability in the long-term and post-acute care market [5] - The healthcare sector continues to lead in hiring, with expectations that the skilled nursing industry will return to pre-pandemic job levels by 2026 [27] Company Strategy and Development Direction - The company's top three strategic priorities include driving growth through management development, converting sales pipeline opportunities, and optimizing cash flow [6] - The company is focusing on organic growth, strategic acquisitions, and opportunistic share repurchases, with a $50 million share repurchase plan valid through June 2026 [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the administration's focus on the healthcare sector and the potential for policy changes that align with operational realities [5] - The company is well-positioned to capitalize on long-term demographic trends and deliver shareholder value [42] Other Important Information - The company reported a strong balance sheet with cash and marketable securities of $207.5 million [11] - The company has incurred $2.1 million in incremental expenses related to ERC professional fees [12] Q&A Session Summary Question: Pipeline of new client wins and future growth - Management indicated that Q3 was marked by the highest growth rate since 2018, driven by new business wins and high client retention rates [16][17] Question: Update on education segment and acquisitions - The company is focusing on a broader "campus" initiative for potential acquisitions, with education as a top target [19][22] Question: Labor market conditions - The labor market remains strong, with expectations for the skilled nursing sector to return to pre-pandemic hiring levels by 2026 [25][27] Question: Outsourcing trends in environmental and dietary services - The company noted an increasing acceptance of outsourcing, with significant growth opportunities in both environmental and dietary services [34][36] Question: Update on Genesis Healthcare - The company continues to provide services to Genesis facilities without disruption, despite ongoing bankruptcy proceedings [38]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was reported at $464.3 million, an 8.5% increase year-over-year [7] - Net income and diluted earnings per share were reported at $43.59 per share, including a $0.39 benefit related to the ERC [10] - Cash flow from operations was reported at $71.3 million, adjusted to $87.1 million after accounting for a decrease in payroll accrual [10] Business Line Data and Key Metrics Changes - Environmental services revenue was reported at $211.8 million, while dietary services revenue was $252.5 million [7] - Segment margins for environmental and dietary services were reported at 10.7% and 5.1%, respectively [9] Market Data and Key Metrics Changes - The company noted a strong labor market, with skilled nursing job gains significantly outpacing 2024 levels, although still about 30,000 jobs short of pre-pandemic levels [25] - The company continues to see a positive trend in cash collection and a strong balance sheet, with cash and marketable securities of $207.5 million [11] Company Strategy and Development Direction - The top three strategic priorities for Q4 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [6] - The company is focusing on organic growth, strategic acquisitions, and opportunistic share repurchases, with a $50 million share repurchase plan valid through June 2026 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term care market, citing a multi-decade demographic tailwind and stable reimbursement environment [5] - The company is confident in its ability to capitalize on growth opportunities while delivering sustainable, profitable results [6] Other Important Information - The company repurchased $27.3 million of common stock in Q3, bringing year-to-date buybacks to $42 million [12] - The company continues to evaluate M&A opportunities, particularly in the education sector, which is a top target for acquisitions [19] Q&A Session Summary Question: Pipeline of new client wins and future growth - Management indicated that the majority of Q3 growth was driven by new business wins and high client retention rates, with an estimated revenue range of $460 to $470 million for Q4 [15][16] Question: Labor market and hiring capabilities - Management noted that the labor market is strong, with record application levels and sufficient staffing to support growth, despite some ongoing challenges in specific markets [25][26] Question: Outsourcing trends in Environmental and Dietary Services - Management observed an increasing acceptance of outsourcing in both environmental and dietary services, with significant growth potential in the market [32][35] Question: Update on Genesis Healthcare and facility transitions - Management confirmed that services to Genesis Healthcare facilities continue without disruption, and the company is monitoring the bankruptcy process closely [36][37]

Core Viewpoint - FLINT Corp. has received favorable recommendations from leading independent proxy advisors ISS and Glass Lewis for a proposed recapitalization transaction aimed at reducing debt, lowering annual interest costs, simplifying capital structure, and improving liquidity [1][4][7] Group 1: Recapitalization Transaction - The Recapitalization Transaction is designed to protect shareholder value, strengthen FLINT's financial position, and position the company for future growth [2][7] - The special meeting for common shareholders to vote on the Recapitalization Transaction is scheduled for September 23, 2025, with a voting cutoff on September 19, 2025 [3][5][7] Group 2: Proxy Advisors' Recommendations - ISS and Glass Lewis provided independent recommendations after reviewing the strategic rationale, credible process, and valuation of the Recapitalization Transaction [4][7] - ISS highlighted that the elevated non-approval risk warranted a favorable recommendation, while Glass Lewis supported the transaction based on the factors presented by FLINT [7]

Core Insights - Clean Harbors reported mixed Q2 2025 results, with earnings per share of $2.36 beating estimates but revenues of $1.5 billion missing expectations [2][3] - The company's stock has increased by approximately 3.3% since the last earnings report, outperforming the S&P 500 [1] Financial Performance - Q2 2025 earnings of $2.36 per share exceeded the Zacks Consensus Estimate by 1.3% but decreased by 4.1% year-over-year [2] - Total revenues of $1.5 billion fell short of estimates by 2% and showed a slight year-over-year decline [2] - Environmental Services segment revenues reached $1.3 billion, a 2.5% increase from the previous year, driven by the HEPACO acquisition and higher pricing [3] - Safety-Kleen Sustainability Solutions revenues were $219.7 million, down 13.9% year-over-year due to lower base oil prices [3] - Adjusted EBITDA was $336.2 million, a 2.6% increase from the previous year, with a margin of 21.7% [4] - The adjusted EBITDA for Environmental Services was $376.2 million, up 4.5% year-over-year, while Safety-Kleen's adjusted EBITDA fell 25.6% to $38.3 million [4] Balance Sheet & Cash Flow - Clean Harbors ended the quarter with cash and cash equivalents of $600.2 million, up from $489.4 million in the previous quarter [5] - Long-term debt remained stable at $2.8 billion, with net cash from operating activities of $208 million and capital expenditures of $90 million [6] Guidance - For 2025, Clean Harbors updated its adjusted EBITDA guidance to $1.16-$1.20 billion and expects adjusted free cash flow of $430-$490 million [7] Market Sentiment - Since the earnings release, there has been an upward trend in estimates for Clean Harbors [8] - The company holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [10] Industry Comparison - Clean Harbors operates within the Zacks Waste Removal Services industry, where competitor Republic Services reported revenues of $4.24 billion, a year-over-year increase of 4.6% [11] - Republic Services has a Zacks Rank 4 (Sell) and is expected to post a slight decline in earnings for the current quarter [12]

Core Insights - Clean Harbors reported revenue of $1.55 billion for the quarter ended June 2025, a slight decrease of 0.2% year-over-year, with EPS at $2.36 compared to $2.46 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $1.58 billion by 2.04%, while the EPS exceeded the consensus estimate of $2.33 by 1.29% [1] Revenue Breakdown - Environmental Services revenue was $1.35 billion, surpassing the average estimate of $1.34 billion by analysts, reflecting a year-over-year increase of 4.2% [4] - Safety-Kleen Sustainability Solutions revenue was $197.73 million, significantly below the estimated $245.05 million, marking a decline of 22.6% year-over-year [4] - Corporate Items revenue was $0.09 million, slightly below the average estimate of $0.1 million, representing a year-over-year decrease of 10.1% [4] Adjusted EBITDA Performance - Adjusted EBITDA for Environmental Services was reported at $376.19 million, slightly above the average estimate of $375.89 million [4] - Adjusted EBITDA for Corporate Items was -$78.27 million, better than the average estimate of -$82.47 million [4] - Adjusted EBITDA for Safety-Kleen Sustainability Solutions was $38.31 million, slightly below the estimated $38.82 million [4] Stock Performance - Clean Harbors shares have returned +3.8% over the past month, outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was reported at $458.5 million, an increase of 7.6% compared to the prior year [12] - Net loss was reported at $32.4 million, with a diluted loss per share of $0.44, which includes a non-cash charge of $0.65 per share related to the Genesis restructuring [14] - Cash flow from operations was reported at $28.8 million, and after adjustments, it was $8.5 million [14][15] - The company raised its 2025 cash flow from operations forecast from $60 million to a range of $70 million to $85 million [15] Business Line Data and Key Metrics Changes - Segment revenues for Environmental Services were reported at $205.8 million, while Dietary Services were reported at $252.7 million [12] - Segment margins for Environmental Services were reported at 0.8%, and for Dietary Services, it was negative 10.1% due to non-cash charges related to the Genesis restructuring [13] Market Data and Key Metrics Changes - The company experienced its fifth consecutive sequential revenue increase, marking the highest growth rate since Q1 2018 [7] - The company anticipates Q3 revenue in the range of $455 million to $465 million, reiterating mid-single digit growth expectations for 2025 [12][33] Company Strategy and Development Direction - The company’s strategic priorities include driving growth through management development, converting sales pipeline opportunities, and retaining existing business [10] - Plans to repurchase $50 million of common stock over the next twelve months were announced, reflecting a commitment to capital allocation and shareholder value [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall business environment, citing strong industry fundamentals and demographic trends supporting long-term growth [8][10] - The company views the recent Genesis Healthcare restructuring as an opportunity for stronger client facilities and improved balance sheet clarity [5][6] Other Important Information - The company is actively evaluating acquisition opportunities, although no acquisitions were completed in the quarter [17] - The company reported a strong liquidity position with cash and marketable securities totaling $164.1 million [16] Q&A Session Summary Question: Genesis situation and recovery expectations - Management confirmed that after Q3, exposure to Genesis will be effectively written off, but recovery expectations remain uncertain at this early stage [20][21] Question: Growth and retention rates - Management indicated that Q2 growth was driven by new business wins and a 90% client retention rate, which they expect to maintain [24][25] Question: Food inflation impact - Management confirmed the ability to pass through food inflation costs to clients, while also actively managing specific food item costs [27][28] Question: Guidance for revenue growth - Management reiterated mid-single digit growth guidance for 2025, despite current trends suggesting higher growth rates [33][34] Question: Collection strategy and Genesis impact - Management emphasized a focus on increasing payment frequency and leveraging promissory notes for better recovery expectations [35][36] Question: Macro environment and state healthcare budgets - Management remains optimistic about industry fundamentals despite potential state-level pressures, citing strong occupancy trends [41][42]

Core Insights - Clean Harbors reported revenue of $1.43 billion for the quarter ended March 2025, a year-over-year increase of 4% [1] - The company's EPS for the same period was $1.09, down from $1.29 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.42 billion, resulting in a surprise of +0.89% [1] - Clean Harbors delivered an EPS surprise of +6.86%, with the consensus EPS estimate being $1.02 [1] Revenue Breakdown - Environmental Services revenue was $1.21 billion, matching the average estimate from three analysts, representing a year-over-year increase of +3.1% [4] - Safety-Kleen Sustainability Solutions revenue was $222.74 million, exceeding the average estimate of $194.66 million, with a year-over-year change of +9.1% [4] - Corporate Items revenue was $0.10 million, consistent with the average estimate from two analysts, but down -4.9% compared to the year-ago quarter [4] Adjusted EBITDA Performance - Adjusted EBITDA for Environmental Services was $274.59 million, slightly above the estimate of $273.41 million from three analysts [4] - Adjusted EBITDA for Corporate Items was -$67.99 million, compared to the average estimate of -$66.52 million from three analysts [4] - Adjusted EBITDA for Safety-Kleen Sustainability Solutions was $28.25 million, surpassing the estimate of $22.88 million from three analysts [4] Stock Performance - Clean Harbors shares returned +6.6% over the past month, while the Zacks S&P 500 composite experienced a -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported consolidated EBITDA growth of 10% for the year, with full-year revenue growth of 11% and adjusted EBITDA margins exceeding 25% [6][8][26] - Total company revenues increased by over $90 million or 7% in Q4 and by over $480 million or 9% for the year [26] - Adjusted EBITDA for Q4 was $257 million, reflecting a decline in SKFS and higher corporate costs, with an adjusted EBITDA margin of 18% in Q4, down year over year but up 30 basis points for the full year [26][27] Business Line Data and Key Metrics Changes - The Environmental Services (ES) segment achieved a record year with a 15% adjusted EBITDA growth for the year, and Q4 marked the eleventh consecutive quarter of year-over-year improvement in adjusted EBITDA margin [10][26] - Field services revenue grew by 47%, primarily driven by HEPCO and organic growth, while technical services saw an 8% revenue increase [10] - The SKSS segment faced challenges with revenue and EBITDA decreasing year over year in Q4 due to soft demand and lower pricing [17][26] Market Data and Key Metrics Changes - The company reported strong waste collection volumes, particularly in containerized waste, and a healthy flow of project work [7][8] - The Kimbell incinerator, which launched commercial operations in December, is expected to increase overall North American capacity by 12% [13][14] - The company anticipates continued demand for its services driven by infrastructure investments and regulatory changes regarding PFOS [23][35] Company Strategy and Development Direction - The company is focused on executing strategic priorities, including the ramp-up of the Kimbell incinerator and expansion projects in Baltimore and Phoenix [21][22][23] - The management highlighted the importance of addressing PFOS remediation, which is expected to create a multi-billion dollar marketplace [15][35] - The company remains active in M&A opportunities to support growth plans and capture synergies [22][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for 2025, citing strong demand for services and multiple tailwinds supporting growth [23][35] - The company expects adjusted EBITDA for 2025 to be in the range of $1.15 billion to $1.21 billion, with a midpoint of $1.18 billion [34] - Management acknowledged challenges in the SKSS segment but remains committed to cost-cutting initiatives and strategic pricing [17][34] Other Important Information - The company achieved a total recordable incident rate that surpassed its 2024 safety goal, emphasizing a commitment to safety [7] - Cash and short-term marketable securities at year-end were $790 million, up $195 million from the end of Q3 [29] - The company plans to invest $15 million in a growth project in Phoenix in 2025, excluding this from adjusted free cash flow calculations [34] Q&A Session Summary Question: Opportunities from California wildfires cleanup - Management confirmed participation in cleanup efforts but noted that the impact on Q1 guidance would be net neutral due to regional disruptions [39][41] Question: Bird flu response efforts - Management indicated potential for involvement but stated no significant opportunities have materialized yet [42] Question: Captive incinerator capacity and customer inquiries - Management reported ongoing discussions with captive customers regarding their next steps and potential closures [43][44] Question: M&A activity and market conditions - Management remains active in the M&A market, seeking financially and strategically sound deals despite rising multiples [46][47] Question: Q1 guidance specifics - Management provided insights into expected growth rates and factors affecting the ES segment, including HEPCO contributions and weather impacts [52][54] Question: Kimbell incinerator ramp-up expectations - Management outlined expected tonnage throughput and EBITDA contributions from the Kimbell incinerator throughout the year [58][59] Question: Update on MAC standards and regulatory impacts - Management discussed ongoing EPA reviews and potential future opportunities related to regulatory changes [61][62] Question: Customer retention metrics in industrial and field services - Management reported strong customer retention despite aggressive pricing strategies, with minimal attrition noted [111][112]