REPUBLIC SERVICES INC
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 2024
RSG$246.85-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-25.
0001060391-24-000273
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-30.
0001060391-24-000324
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 197 previous paragraphs and 197 current paragraphs.
88 unchanged; 99 reworded; 8 added; 7 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Settlements and withdrawals on pension plans. During the three and nine months ended September 30, 2024, we recognized a settlement of our defined benefit pension plan. The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract. As a result of the settlements, we recognized a non-cash gain of $7.4 million during the three and nine months ended September 30, 2024 related to the accelerated recognition of the proportional share of unamortized net actuarial gains in accumulated other comprehensive loss. We expect to settle all remaining obligations by the end of 2024.
Current report
•Environmental solutions decreased revenue by 0.2% during the nine months ended September 30, 2024, primarily due to a reduction in E&P disposal volumes which were impacted by a decline in oil rig counts, and lower event-based volumes relative to the same period in 2023, partially offset by price increases.
Current report
Loss on Extinguishment of Debt
Current report
Settlements and Withdrawals on Pension Plans
Current report
During the three and nine months ended September 30, 2024, we recognized a settlement of our defined benefit pension plan. The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract. As a result of the settlements, we recognized a non-cash gain of $7.4 million during the three and nine months ended September 30, 2024 related to the accelerated recognition of the proportional share of unamortized net actuarial gains in accumulated other comprehensive loss. We expect to settle all remaining obligations by the end of 2024.
Current report
Our effective tax rate for the nine months ended September 30, 2023 reflected benefits of $20.6 million from tax settlements, $7.9 million from investments in solar energy assets qualifying for federal tax credits under Section 48 of the Internal Revenue Code, $6.8 million due to the realization of additional federal and state benefits, as well as adjustments to deferred taxes due to the completion of our 2022 tax returns.
Current report
•Net revenue for the three and nine months ended September 30, 2024 increased 4.4% and 5.1%, respectively, due to an increase in average yield in all lines of business and increased volumes in our landfill line of business. The increase in volume in our landfill line of business was primarily due to increased solid and special waste volumes. These increases were partially offset by decreased construction and demolition landfill volumes as well as decreased volumes in our collection and transfer lines of business.
Current report
•Dividends paid were $504.8 million and $469.5 million during the nine months ended September 30, 2024 and 2023, respectively.
Removed paragraphs (7)
Previous report
•Volume decreased revenue by 0.8% and 0.9% during the three and six months ended June 30, 2024, respectively, primarily due to a decline in volume in our residential, small-container and large-container collection lines of business as well as volume declines in our landfill and transfer lines of business. The decline in revenue in our large-container
Previous report
•Environmental solutions increased revenue by 0.4% during the three months ended June 30, 2024, primarily due to price increases. Environmental solutions decreased revenue by 0.4% during the six months ended June 30, 2024, primarily due to rig count declines impacting the upstream E&P business and lower event volumes when compared to the same period in 2023, partially offset by price increases.
Previous report
•Transportation and subcontract costs increased in aggregate dollars due to increases in subcontract volumes and transportation rates.
Previous report
•Net Revenue for the three months ended June 30, 2024 increased 5.7% due to an increase in average yield in all lines of business as well as increased volume in our landfill line of business. The increase in landfill volume was attributable to an increase in solid and special waste volumes, partially offset by declines in construction and demolition volumes.
Previous report
Net Revenue for the six months ended June 30, 2024 increased 5.8% due to an increase in average yield in all lines of business. The increase was partially offset by a decrease in volume in our residential, small-container, and large-container collection lines of business as well as our transfer and landfill lines of business.The decrease in landfill volumes was attributable to a decrease in special waste and construction and demolition volumes.
Previous report
•Our other liabilities decreased $47.3 million during the six months ended June 30, 2024, compared to a $5.4 million decrease in the same period in 2023, primarily due to the payment of incentive compensation accruals.
Previous report
•Dividends paid were $336.8 million and $313.0 million during the six months ended June 30, 2024 and 2023, respectively.
Reworded paragraphs (99)
Previous wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of June 30, 2024, we operated across the United States and Canada through 362 collection operations, 246 transfer stations, 75 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells 12 deep injection wells, and 1 polymer center. We are engaged in 78 landfill gas-to-energy and renewable energy projects and had post-closure responsibility for 126 closed landfills as of June 30, 2024.
Current wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of September 30, 2024, we operated across the United States and Canada through 361 collection operations, 247 transfer stations, 75 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells 12 deep injection wells, and 1 polymer center. We are engaged in 78 landfill gas-to-energy and renewable energy projects and had post-closure responsibility for 126 closed landfills as of September 30, 2024.
Previous wording
Revenue for the six months ended June 30, 2024 increased by 8.2% to $7,909.8 million compared to $7,307.0 million for the same period in 2023. This change in revenue is due to increases in average yield of 5.8%, increased revenue from acquisitions, net of divestitures of 3.4%, and an increase in recycling processing and commodity sales of 0.4%. Additionally, revenue increased 0.1% due to the impact of the number of workdays during the six months ended June 30, 2024, as compared to the same period in 2023. These increases were partially offset by a decrease in volume of 0.9%, a decrease in environmental solutions revenue of 0.4%, and a decrease in fuel recovery fees of 0.2%.
Current wording
Revenue for the nine months ended September 30, 2024 increased by 7.7% to $11,986.0 million compared to $11,132.9 million for the same period in 2023. This change in revenue is due to increases in average yield of 5.4%, increased revenue from acquisitions, net of divestitures of 3.1%, and an increase in recycling processing and commodity sales of 0.5%. Additionally, revenue increased 0.1% due to the impact of the number of workdays during the nine months ended September 30, 2024, as compared to the same period in 2023. These increases were partially offset by a decrease in volume of 1.0%, a decrease in environmental solutions revenue of 0.2%, and a decrease in fuel recovery fees of 0.2%.
Previous wording
The following table summarizes our revenue, expenses and operating income for the three and six months ended June 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our revenue, expenses and operating income for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Previous wording
Our pre-tax income was $654.0 million and $1,252.9 million for the three and six months ended June 30, 2024, respectively, compared to $580.2 million and $1,102.3 million for the same periods in 2023, respectively. Our net income attributable to Republic Services, Inc. was $511.5 million and $965.3 million for the three and six months ended June 30, 2024, or $1.62 and $3.06 per diluted share, respectively compared to $427.4 million and $811.2 million, or $1.35 and $2.56 per diluted share for the same periods in 2023, respectively.
Current wording
Our pre-tax income was $646.5 million and $1,899.3 million for the three and nine months ended September 30, 2024, respectively, compared to $606.3 million and $1,708.6 million for the same periods in 2023, respectively. Our net income attributable to Republic Services, Inc. was $565.7 million and $1,531.0 million for the three and nine months ended September 30, 2024, or $1.80 and $4.86 per diluted share, respectively compared to $480.2 million and $1,291.4 million, or $1.52 and $4.07 per diluted share for the same periods in 2023, respectively.
Previous wording
During each of the three and six months ended June 30, 2024 and 2023, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and six months ended June 30, 2024 and 2023.
Current wording
During each of the three and nine months ended September 30, 2024 and 2023, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and nine months ended September 30, 2024 and 2023.
Previous wording
(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three and six months ended June 30, 2024.
Current wording
(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three and nine months ended September 30, 2024 and 2023.
Previous wording
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2023.
Current wording
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the nine months ended September 30, 2023.
Previous wording
(Gain) loss on extinguishment of debt and other related costs. During the three and six months ended June 30, 2024, we recognized a gain of $7.8 million attributable to the early settlement of certain cash flow hedges related to the Term Loan Facility. The gain was recognized as a reduction of interest expense. During the six months ended June 30, 2023, we incurred a loss on the early extinguishment of debt related to the early repayment of a portion of our Term Loan Facility. We incurred non-cash charges related to the proportional share of unamortized deferred issuance costs of$0.2 million.
Current wording
(Gain) loss on extinguishment of debt and other related costs. During the three and nine months ended September 30, 2024, we recognized a loss of $2.4 million due to the amendment and restatement of the Credit Facility. Additionally, we recorded a net gain of $7.8 million during the nine months ended September 30, 2024, attributable to the early settlement of certain cash flow hedges related to the Term Loan Facility. The gain was recognized as a reduction of interest expense. During the nine months ended September 30, 2023, we incurred a loss on the early extinguishment of debt related to the early repayment of a portion of our Term Loan Facility. We incurred non-cash charges related to the proportional share of unamortized deferred issuance costs of$0.2 million.
Previous wording
Restructuring charges. During thethree and six months ended June 30, 2024, we incurred restructuring charges of $5.7 million and $11.5 million, respectively, and during thethree and six months ended June 30, 2023, we incurred restructuring charges of$15.5 million and$21.0 million, respectively. The 2024 charges related to the redesign of our asset management, and customer and order management software systems. Of the 2023 charges, $9.4 million related to the early termination of certain leases and $6.1 million related to the redesign of our asset management, and customer and order management software systems. During thesix months ended June 30, 2024 and 2023, we paid $9.9 million and $26.1 million, respectively, related to these restructuring efforts.
Current wording
Restructuring charges. During thethree and nine months ended September 30, 2024, we incurred restructuring charges of $8.2 million and $19.7 million, respectively, and during thethree and nine months ended September 30, 2023, we incurred restructuring charges of$6.3 million and$27.3 million, respectively. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. Of the 2023 charges, $9.5 million related to the early termination of certain leases and $17.8 million related to the redesign of our asset management, and customer and order management software systems. During thenine months ended September 30, 2024 and 2023, we paid $18.1 million and $32.4 million, respectively, related to these restructuring efforts.
Previous wording
During the remainder of 2024, we expect to incur additional restructuring charges of approximately$20 million, primarily related to the continued redesign of our asset management, and customer and order management software systems. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Current wording
During the remainder of 2024, we expect to incur additional restructuring charges of approximately$10 million, primarily related to the continued redesign of our asset management, and customer and order management software systems. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Previous wording
(Gain) loss on business divestitures and impairments, net. During the three and six months ended June 30, 2024, we recorded a net gain on business divestitures and impairments of $1.4 million. During the three and six months ended June 30, 2023, we did not recognize a (gain) loss on business divestitures and impairments, net.
Current wording
Loss (gain) on business divestitures and impairments, net. During the three and nine months ended September 30, 2024, we recorded a net loss on business divestitures and impairments of $0.5 million and a net gain on business divestitures and impairments of $0.9 million, respectively. During the three and nine months ended September 30, 2023, we recorded a net gain on business divestitures and impairments of $1.5 million.
Previous wording
US Ecology, Inc. acquisition integration and deal costs. During the three and six months ended June 30, 2023, we incurred acquisition integration and deal costs of $10.6 million and $18.2 million, respectively, in connection with the acquisition of US Ecology, which included certain costs to integrate the business. The acquisition closed on May 2, 2022. Our integration of the business was substantially complete as of December 31, 2023.
Current wording
US Ecology, Inc. acquisition integration and deal costs. During the three and nine months ended September 30, 2023, we incurred acquisition integration and deal costs of $6.2 million and $24.3 million, respectively, in connection with the acquisition of US Ecology, which included certain costs to integrate the business. The acquisition closed on May 2, 2022. Our integration of the business was substantially complete as of December 31, 2023.
Previous wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste and other environmental solutions. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large-container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions primarily consists of (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities. Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.The following table reflects our revenue by service line for the three and six months ended June 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Current wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste and other environmental solutions. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large-container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions primarily consists of (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities. Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations. The following table reflects our revenue by service line for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Previous wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and six months ended June 30, 2024 and 2023:
Current wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and nine months ended September 30, 2024 and 2023:
Previous wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and six months ended June 30, 2024 and 2023:
Current wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and nine months ended September 30, 2024 and 2023:
Previous wording
During the three and six months ended June 30, 2024, we experienced the following changes in our revenue as compared to the same period in 2023:
Current wording
During the three and nine months ended September 30, 2024, we experienced the following changes in our revenue as compared to the same period in 2023:
Previous wording
•Average yield increased revenue by 5.5% and 5.8% for the three and six months ended June 30, 2024, respectively, due to positive pricing changes in all lines of business.
Current wording
•Average yield increased revenue by 4.6% and 5.4% for the three and nine months ended September 30, 2024, respectively, due to positive pricing changes in all lines of business.
Previous wording
•The fuel recovery fee program, which mitigates our exposure to increases in fuel prices, decreased revenue by 0.2% for the six months ended June 30, 2024, due to a decrease in fuel prices compared to the same period in 2023.
Current wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.2% for both the three and nine months ended September 30, 2024, due to a decrease in fuel prices compared to the same periods in 2023.
Previous wording
collection line of business was partially driven by a slowing in construction related activity. The decline in our residential and small-container lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Current wording
•Volume decreased revenue by 1.2% and 1.0% during the three and nine months ended September 30, 2024, respectively. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity. The decline in our residential and small-container lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Previous wording
The decline in volume in our landfill line of business is primarily attributable to decreased special waste and construction and demolition volumes, partially offset by increased solid waste volumes.
Current wording
The decline in volume in our landfill line of business is primarily attributable to decreased special waste volumes, partially offset by increased solid waste volumes.
Previous wording
•Revenue increased by 0.1% due to the impact of the number of workdays during the six months ended June 30, 2024 as compared to the same period in 2023, which drove an increase in volumes in our large-container, landfill, and transfer lines of business.
Current wording
•Revenue increased by 0.3% and 0.1% due to the impact of the number of workdays during the three and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023, which drove an increase in volume across all lines of business.
Previous wording
•Recycling processing and commodity sales increased revenue by 0.5% and 0.4% during the three and six months ended June 30, 2024 primarily due to an increase in overall commodity prices as compared to the same period in 2023. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and six months ended June 30, 2024 was $173 and $163 per ton, respectively, compared to $119 and $112 per ton for the same period in 2023.
Current wording
•Recycling processing and commodity sales increased revenue by 0.7% and 0.5% during the three and nine months ended September 30, 2024, respectively, primarily due to an increase in overall commodity prices as compared to the same periods in 2023. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and nine months ended September 30, 2024 was $177 and $168 per ton, respectively, compared to $112 per ton for the same periods in 2023.
Previous wording
•Acquisitions, net of divestitures, increased revenue by 3.0% and 3.4% during the three and six months ended June 30, 2024, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Current wording
•Acquisitions, net of divestitures, increased revenue by 2.3% and 3.1% during the three and nine months ended September 30, 2024, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Previous wording
The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes the major components of our cost of operations for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items impacting our cost of operations during the three and six months ended June 30, 2024 and 2023 are summarized below:
Current wording
The most significant items impacting our cost of operations during the three and nine months ended September 30, 2024 and 2023 are summarized below:
Previous wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases. Acquisition-related growth also contributed to the increase in labor and related benefits.
Current wording
•Labor and related benefits increased due to higher hourly and salaried wages as a result of annual merit increases. Acquisition-related growth also contributed to the increase in labor and related benefits.
Previous wording
•During thethree and six months ended June 30, 2024, approximately 67%, of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization), as compared to 68% for the same periods in 2023.
Current wording
•During thethree and nine months ended September 30, 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization), as compared to 68% for the same periods in 2023.
Previous wording
•Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for thethree and six months ended June 30, 2024 was $3.86 and $3.91, respectively, as compared to $3.94 and $4.18, respectively, for the same periods in 2023.
Current wording
•Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for thethree and nine months ended September 30, 2024 was $3.69 and $3.83, respectively, as compared to $4.24 and $4.20, respectively, for the same periods in 2023.
Previous wording
•Risk management expenses increased in aggregate dollars primarily due to unfavorable claims development in our auto liability program as well as higher premium costs.
Current wording
•Risk management expenses increased in aggregate dollars primarily due to higher premium costs as well as unfavorable claims development in our auto liability program, partially offset by favorable claims development in our general and worker's compensation liability programs.
Previous wording
•Other costs of operations increased due to increased occupancy and facility related expenses as well as acquisition-related growth.
Current wording
•Other costs of operations increasedfor thenine months ended September 30, 2024 due to increased occupancy and facility related expenses as well as acquisition-related growth. These increases were partially offset by a favorable non-recurring insurance recovery related to a prior year claim.
Previous wording
The following table summarizes depreciation, amortization and depletion of property and equipment for the three and six months ended June 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes depreciation, amortization and depletion of property and equipment for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Previous wording
Depreciation and amortization of property and equipment increased for the three and six months ended June 30, 2024 primarily due to assets added through acquisitions.
Current wording
Depreciation and amortization of property and equipment increased for the three and nine months ended September 30, 2024 primarily due to assets added through acquisitions.
Previous wording
Landfill depletion and amortization expense increased for the three and six months ended June 30, 2024 due to an increase in our overall average depletion rate.
Current wording
Landfill depletion and amortization expense increased for the three and nine months ended September 30, 2024 due to an increase in our overall average depletion rate.
Previous wording
Amortization of other intangible assets primarily relates to customer relationships and, to a lesser extent, non-compete agreements. Expenses for amortization of other intangible assets were $18.7 million and $36.5 million, or 0.5% of revenue, for the three and six months ended June 30, 2024, respectively, compared to $14.9 million and $30.1 million, or 0.4% of revenue, respectively, for the same respective periods in 2023. Amortization expense increased due to assets added through acquisition activity.
Current wording
Amortization of other intangible assets primarily relates to customer relationships and, to a lesser extent, non-compete agreements. Expenses for amortization of other intangible assets were $17.8 million and $54.3 million, or 0.4% of revenue, respectively, for the three and nine months ended September 30, 2024, compared to $17.3 million and $47.4 million, or 0.5% and 0.4% of revenue, respectively, for the same periods in 2023. Amortization expense increased due to assets added through acquisition activity.
Previous wording
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Expenses for amortization of other assets were $18.8 million and $36.0 million, or 0.5% of revenue, respectively, for the three and six months ended June 30, 2024, compared to $16.6 million and $31.8 million, or 0.4% of revenue, respectively, for the same respective periods in 2023. Amortization expense increased due to an increase in fees for cloud-based hosting arrangements.
Current wording
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Expenses for amortization of other assets were $21.7 million and $57.7 million, or 0.6% and 0.5% of revenue, respectively, for the three and nine months ended September 30, 2024, compared to $16.0 million and $47.8 million, or 0.4% of revenue for the same periods in 2023. Amortization expense increased due to an increase in fees for cloud-based hosting arrangements.
Previous wording
Accretion expense was $26.7 million and $53.4 million, or 0.7% of revenue, for the three and six months ended June 30, 2024, respectively, compared to $24.5 million and $48.6 million, or 0.7% of revenue, respectively, for the same respective periods in 2023.
Current wording
Accretion expense was $26.7 million and $80.1 million, or 0.7% of revenue, respectively, for the three and nine months ended September 30, 2024, compared to $24.6 million and $73.2 million, or 0.6% and 0.7% of revenue, respectively, for the same periods in 2023.
Previous wording
The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our selling, general and administrative expenses for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items affecting our selling, general and administrative expenses during the three and six months ended June 30, 2024 and 2023 are summarized below:
Current wording
The most significant items affecting our selling, general and administrative expenses during the three and nine months ended September 30, 2024 and 2023 are summarized below:
Previous wording
•Salaries and related benefits increased in aggregate dollars primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
Current wording
•Salaries and related benefits increased primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
Previous wording
•Provision for doubtful accounts increased in aggregate dollars. As of June 30, 2024, our days sales outstanding were 40.9, or 30.2 days net of deferred revenue, compared to 42.5, or 31.1 days net of deferred revenue, as of June 30, 2023.
Current wording
•Provision for doubtful accounts decreased primarily due to improvements in our cash collections and days sales outstanding as well as a favorable adjustment to a reserve established in a prior year. As of September 30, 2024, our days sales outstanding were 41.2, or 30.4 days net of deferred revenue, compared to 43.5, or 32.0 days net of deferred revenue, as of September 30, 2023.
Showing the first 40 of 99 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Loss (Gain) on Business Divestitures and Impairments, Net
Current report — wording carried from elsewhere
Our continued access to the debt capital markets and to new financing facilities, as well as our borrowing costs, depend on multiple factors, including market conditions, our operating performance and maintaining strong credit ratings. As of
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
(Gain) Loss on Business Divestitures and Impairments, Net
Previous report — wording carried elsewhere
(Gain) Loss on Extinguishment of Debt and Other Related Costs
Previous report — wording carried elsewhere
Our effective tax rate for the three and six months ended June 30, 2024 reflects a benefit of $32.6 million and $41.0 million, respectively, due to our investments in renewable energy assets qualifying for tax credits under Section 48 of the Internal Revenue Code.