Clean Harbors(US:CLH)2021-12-09 16:59Company Overview - Clean Harbors is a market leader in hazardous waste disposal and recycling with high barriers to entry and growth potential beyond GDP[5] - The company owns more than 500 hard-to-replicate permits and operates 100+ waste management facilities[5] - Clean Harbors serves 300,000+ customers with 19,000+ employees across ~700 service locations[5] Market and Strategy - Clean Harbors targets large market opportunities including Hazardous Waste Management ($11 billion), Remediation & Industrial Services ($14 billion), and the U S Lubricants Industry ($15 billion)[9] - The company's growth strategies include expanding offerings and geographic coverage, executing cost, pricing, and productivity initiatives, pursuing acquisitions and divestitures, adding network capacity, and cross-selling across businesses[18] - Clean Harbors acquired HydroChemPSC (HPC) in an all-cash transaction for $125 billion, expecting $40 million+ of synergies after the first full year of operation[19] Financial Performance - In Q3 2021, Clean Harbors reported revenue of $9515 million, a 22% increase year-over-year (YoY)[23] - Q3 2021 adjusted EBITDA increased 10% to $1851 million with an adjusted EBITDA margin of 195%[23] - The company's adjusted free cash flow was $611 million in Q3 2021 and is on track to hit its annual target[23]