REPUBLIC SERVICES INC
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
RSG$246.78-0.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $91.6 | $140.0 |
| Accounts receivable, less allowance for doubtful accounts and other of $82.6 and $83.2, respectively | 1,763.0 | 1,768.4 |
| Prepaid expenses and other current assets | 419.0 | 472.6 |
| Total current assets | 2,273.6 | 2,381.0 |
| Restricted cash and marketable securities | 143.3 | 163.6 |
| Property and equipment, net | 11,310.5 | 11,350.9 |
| Goodwill | 15,852.3 | 15,834.5 |
| Other intangible assets, net | 482.6 | 496.2 |
| Other assets | 1,319.4 | 1,183.9 |
| Total assets | $31,381.7 | $31,410.1 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $1,179.2 | $1,411.5 |
| Notes payable and current maturities of long-term debt | 1,431.9 | 932.3 |
| Deferred revenue | 472.2 | 467.3 |
| Accrued landfill and environmental costs, current portion | 141.2 | 141.6 |
| Accrued interest | 106.2 | 104.1 |
| Other accrued liabilities | 995.2 | 1,171.5 |
| Total current liabilities | 4,325.9 | 4,228.3 |
| Long-term debt, net of current maturities | 11,400.1 | 11,887.1 |
| Accrued landfill and environmental costs, net of current portion | 2,306.5 | 2,281.0 |
| Deferred income taxes and other long-term tax liabilities, net | 1,577.6 | 1,526.8 |
| Insurance reserves, net of current portion | 348.4 | 348.8 |
| Other long-term liabilities | 602.6 | 594.6 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock, par value $0.01 per share; 50 shares authorized; none issued | — | — |
| Common stock, par value $0.01 per share; 750 shares authorized; 321.2 and 320.7 issued including shares held in treasury, respectively | 3.2 | 3.2 |
| Additional paid-in capital | 2,916.0 | 2,900.8 |
| Retained earnings | 8,717.9 | 8,433.9 |
| Treasury stock, at cost; 6.3 and 6.1 shares, respectively | (812.0) | (783.5) |
| Accumulated other comprehensive loss, net of tax | (5.3) | (12.1) |
| Total Republic Services, Inc. stockholders’ equity | 10,819.8 | 10,542.3 |
| Non-controlling interests in consolidated subsidiary | 0.8 | 1.2 |
| Total stockholders’ equity | 10,820.6 | 10,543.5 |
| Total liabilities and stockholders’ equity | $31,381.7 | $31,410.1 |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue | $3,861.7 | $3,581.1 |
| Expenses: | ||
| Cost of operations | 2,283.2 | 2,169.5 |
| Depreciation, amortization and depletion | 399.2 | 358.7 |
| Accretion | 26.6 | 24.1 |
| Selling, general and administrative | 414.0 | 379.2 |
| Restructuring charges | 5.9 | 5.5 |
| Operating income | 732.8 | 644.1 |
| Interest expense | (139.3) | (126.7) |
| Loss on extinguishment of debt | — | (0.2) |
| (Loss) income from unconsolidated equity method investments | (8.7) | 1.0 |
| Interest income | 1.5 | 1.4 |
| Other income, net | 12.6 | 2.5 |
| Income before income taxes | 598.9 | 522.1 |
| Provision for income taxes | 145.2 | 138.2 |
| Net income | 453.7 | 383.9 |
| Net loss attributable to non-controlling interests in consolidated subsidiary | 0.1 | — |
| Net income attributable to Republic Services, Inc. | $453.8 | $383.9 |
| Basic earnings per share attributable to Republic Services, Inc. stockholders: | ||
| Basic earnings per share | $1.44 | $1.21 |
| Weighted average common shares outstanding | 315.3 | 316.7 |
| Diluted earnings per share attributable to Republic Services, Inc. stockholders: | ||
| Diluted earnings per share | $1.44 | $1.21 |
| Weighted average common and common equivalent shares outstanding | 315.7 | 317.1 |
| Cash dividends per common share | $0.535 | $0.495 |
The accompanying notes are an integral part of these statements.(income)
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income | $453.7 | $383.9 |
| Other comprehensive income (loss), net of tax | ||
| Hedging activity: | ||
| Realized income reclassified into earnings | (2.1) | (2.6) |
| Unrealized gain | 5.1 | 5.2 |
| Pension activity: | ||
| Change in funded status of pension plan obligations | — | 0.2 |
| Foreign currency activity: | ||
| Unrealized gain on foreign currency translation | 3.8 | — |
| Other comprehensive income, net of tax | 6.8 | 2.8 |
| Comprehensive income | 460.5 | 386.7 |
| Comprehensive loss attributable to non-controlling interests | 0.1 | — |
| Comprehensive income attributable to Republic Services, Inc. | $460.6 | $386.7 |
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Republic Services, Inc. Stockholders’ Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Common Stock · Additional Paid-In Capital · Retained Earnings · Treasury Stock · Accumulated Other Comprehensive Loss, Net of Tax · Non-controllingInterests In Consolidated Subsidiary | |||||||||
| Shares · Amount · Shares · Amount · Total | |||||||||
| Balance as of December 31, 2023 | 320.7 | $3.2 | $2,900.8 | $8,433.9 | (6.1) | $(783.5) | $(12.1) | $1.2 | $10,543.5 |
| Net income (loss) | — | — | — | 453.8 | — | — | — | (0.1) | 453.7 |
| Other comprehensive income | — | — | — | — | — | — | 6.8 | — | 6.8 |
| Cash dividends declared | — | — | — | (168.5) | — | — | — | — | (168.5) |
| Issuances of common stock | 0.5 | — | 3.2 | — | (0.2) | (28.5) | — | — | (25.3) |
| Stock-based compensation | — | — | 12.0 | (1.3) | — | — | — | — | 10.7 |
| Distributions paid | — | — | — | — | — | — | — | (0.3) | (0.3) |
| Balance as of March 31, 2024 | 321.2 | $3.2 | $2,916.0 | $8,717.9 | (6.3) | $(812.0) | $(5.3) | $0.8 | $10,820.6 |
| Republic Services, Inc. Stockholders’ Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Common Stock · Additional Paid-In Capital · Retained Earnings · Treasury Stock · Accumulated Other Comprehensive Loss, Net of Tax · Non-controllingInterests In Consolidated Subsidiary | |||||||||
| Shares · Amount · Shares · Amount · Total | |||||||||
| Balance as of December 31, 2022 | 320.3 | $3.2 | $2,843.2 | $7,356.3 | (4.2) | $(504.6) | $(12.1) | $0.8 | $9,686.8 |
| Net income | — | — | — | 383.9 | — | — | — | — | 383.9 |
| Other comprehensive income | — | — | — | — | — | — | 2.8 | — | 2.8 |
| Cash dividends declared | — | — | — | (156.5) | — | — | — | — | (156.5) |
| Issuances of common stock | 0.3 | — | 2.9 | — | (0.1) | (13.9) | — | — | (11.0) |
| Stock-based compensation | — | — | 12.3 | (1.0) | — | — | — | — | 11.3 |
| Balance as of March 31, 2023 | 320.6 | $3.2 | $2,858.4 | $7,582.7 | (4.3) | $(518.5) | $(9.3) | $0.8 | $9,917.3 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash provided by operating activities: | ||
| Net income | $453.7 | $383.9 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation, amortization, depletion and accretion | 425.8 | 382.8 |
| Non-cash interest expense | 22.0 | 24.7 |
| Stock-based compensation | 11.2 | 11.6 |
| Deferred tax provision | 47.5 | 14.5 |
| Provision for doubtful accounts, net of adjustments | 7.3 | 7.8 |
| Loss on extinguishment of debt | — | 0.2 |
| Gain on disposition of assets and asset impairments, net | (0.1) | (3.8) |
| Loss (gain) from unconsolidated equity method investments | 8.7 | (1.0) |
| Other non-cash items | (0.1) | (1.6) |
| Change in assets and liabilities, net of effects from business acquisitions and divestitures: | ||
| Accounts receivable | (1.1) | (3.3) |
| Prepaid expenses and other assets | 18.1 | 87.2 |
| Accounts payable | (1.2) | (71.1) |
| Capping, closure and post-closure expenditures | (8.9) | (8.8) |
| Remediation expenditures | (9.8) | (11.6) |
| Other liabilities | (161.6) | (126.2) |
| Proceeds for retirement of certain hedging relationships | — | 2.4 |
| Cash provided by operating activities | 811.5 | 687.7 |
| Cash used in investing activities: | ||
| Purchases of property and equipment | (514.5) | (378.6) |
| Proceeds from sales of property and equipment | 2.4 | 6.0 |
| Cash used in acquisitions and investments, net of cash and restricted cash acquired | (166.3) | (290.9) |
| Cash paid for business divestitures | — | (0.7) |
| Purchases of restricted marketable securities | (12.0) | (4.5) |
| Sales of restricted marketable securities | 11.5 | 4.4 |
| Other | — | 11.0 |
| Cash used in investing activities | (678.9) | (653.3) |
| Cash used in financing activities: | ||
| Proceeds from credit facilities and notes payable, net of fees | 6,436.8 | 6,675.5 |
| Proceeds from issuance of senior notes, net of discount and fees | — | 1,183.6 |
| Payments of credit facilities and notes payable | (6,440.8) | (7,729.5) |
| Issuances of common stock, net | (25.3) | (11.0) |
| Cash dividends paid | (168.3) | (156.4) |
| Distributions paid to non-controlling interests in consolidated subsidiary | (0.3) | — |
| Contingent consideration payments | (3.3) | (4.2) |
| Cash used in financing activities | (201.2) | (42.0) |
| Effect of foreign exchange rate changes on cash | (0.5) | — |
| Increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (69.1) | (7.6) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 227.5 | 214.3 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $158.4 | $206.7 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.