REPUBLIC SERVICES INC
For the period ended Mar 31, 2025. Filed Apr 25, 2025.
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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, 2025 · Filed Apr 25, 2025
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 2024-09-30; filed 2024-10-30.
0001060391-24-000324
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-25.
0001060391-25-000170
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 174 current paragraphs.
70 unchanged; 93 reworded; 8 added; 31 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 18 previous and 16 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
The volume decline was partially offset by an increase in overall volume in our landfill line of business primarily attributable to increased special waste and construction and demolition volumes. The increase in overall landfill volumes was partially offset by a decline in solid waste volumes due to adverse winter weather.
Current report
•Transfer and disposal costs decreased primarily due to a decrease in collection volumes.
Current report
(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.
Current report
We expect to invest approximately $1 billion in acquisitions in 2025.
Current report
•Our other liabilities increased $6 million during the three months ended March 31, 2025, compared to a $162 million decrease in the same period in 2024, primarily due to the timing of payments for accrued payroll, income taxes payable and insurance reserves as well as a decrease in payment for certain incentive compensation accruals.
Current report
•Dividends paid were $181 million and $168 million during the three months ended March 31, 2025 and 2024, respectively.
Current report
Finance Leases and Other
Current report
As of March 31, 2025, finance leases and other included $76 million related to the construction of an office building located in Phoenix, Arizona, which has been accounted for as a financing obligation. The amount is recorded within long-term debt, net of current maturities.
Removed paragraphs (31)
Previous report
(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 report
(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 report
(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 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.
Previous report
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 report
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 report
•Transfer and disposal costs increased in aggregate dollars primarily due to acquisition activity and higher disposal rates.
Previous report
•Maintenance and repairs expense increased in aggregate dollars due to higher hourly wages as a result of annual merit increases, an increase in third-party maintenance, and parts inflation. Acquisition-related growth also contributed to the increase in maintenance and repairs expense.
Previous report
•Landfill operating costs increased primarily due to increased leachate transportation and maintenance on our gas extraction systems due in part to increased rainfall in select geographic regions.
Previous report
•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 report
•Other selling, general and administrative expenses increased in aggregate dollars for the three and nine months ended September 30, 2024, primarily due to an increase in professional fees and acquisition-related growth. The increase in other selling, general and administrative expenses for the nine months ended September 30, 2024 was partially offset by a favorable legal settlement recognized during the period.
Previous report
•We incurred various acquisition integration and deal costs in connection with the acquisition of US Ecology. During the three and nine months ended September 30, 2023, these charges totaled $6.2 million and $24.3 million, respectively. The 2023 costs primarily related to theintegration of certain software systems as well as rebranding of the business. The acquisition closed on May 2, 2022. Our integration of the business was substantially complete as of December 31, 2023.
Previous report
During the three and nine months ended September 30, 2024, we recorded a net loss (gain) on business divestitures and impairments of $0.5 million and $(0.9) million, respectively. During the three and nine months ended September 30, 2023 we recognized a net gain on business divestitures and impairments of $1.5 million.
Previous report
Loss on Extinguishment of Debt
Previous report
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. 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 report
Settlements and Withdrawals on Pension Plans
Previous 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.
Previous 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.
Previous report
Net revenue for the nine months ended September 30, 2024 increased 8.4% due to an increase in average yield in all lines of business and increased volumes in our small container collection line of business. These increases were partially offset by volume declines in our large-container collection, landfill and transfer lines of business. The decline in volume in our landfill line of business is primarily attributable to decreased special waste volumes, partially offset by increased solid waste and construction and demolition volumes.
Previous report
In 2024, we expect to invest at least $250 million in acquisitions, including an investment in a post-collection business.
Previous report
The most significant items affecting the comparison of our cash flows (used in) provided by financing activities for the nine months ended September 30, 2024 and 2023 are summarized below:
Previous report
•Dividends paid were $504.8 million and $469.5 million during the nine months ended September 30, 2024 and 2023, respectively.
Previous report
Term Loan Facility
Previous report
On April 29, 2022, we entered into a $1.0 billion term loan facility (the Term Loan Facility) which bore interest at a base rate or a forward-looking SOFR, plus an applicable margin based on our debt ratings. We had $500.0 million of borrowings outstanding under the Term Loan Facility as of December 31, 2023. During the nine months ended September 30, 2024, we repaid the remaining balance of the Term Loan Facility.
Previous report
In December 2023, we issued an additional $350.0 million of 4.875% senior notes due 2029 (the New 2029 Notes, and together with the Existing 2029 Notes, the 2029 Notes). After giving effect to the issuance of the New 2029 Notes, $750.0 million in aggregate principal amount of the 2029 Notes is outstanding. The New 2029 Notes are fungible with the Existing 2029 Notes, and taken together, the 2029 Notes are treated as a single series.
Previous report
In December 2023, we also issued $650.0 million of 5.000% senior notes due 2033. The proceeds of the December 2023 notes issuance were used for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility.
Previous report
Derivative Instruments and Hedging Relationships
Previous report
Our ability to obtain financing through the capital markets is a key component of our financial strategy. Historically, we have managed risk associated with executing this strategy, particularly as it relates to fluctuations in interest rates, by using a combination of fixed and floating rate debt. From time to time, we also have entered into interest rate swap and lock agreements to manage risk associated with interest rates, either to effectively convert specific fixed rate debt to a floating rate (fair value hedges), or to lock interest rates in anticipation of future debt issuances (cash flow hedges).
Previous report
Additionally, we amended certain interest rate lock agreements, extending the mandatory maturity date and dedesignated them as cash flow hedges (the Extended Interest Rate Locks). In addition, we entered into offsetting interest rate contracts to offset future exposures to fair value fluctuations of the Extended Interest Rate Locks.
Previous report
For a description of our derivative contracts and hedge accounting, see Note 7, Debt, to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Previous report
Finance Leases
Reworded paragraphs (93)
Previous 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.
Current wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of March 31, 2025, we operated across the United States and Canada through 369 collection operations, 251 transfer stations, 77 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers. We are engaged in 80 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills as of March 31, 2025.
Previous 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%.
Current wording
Revenue for the three months ended March 31, 2025 increased by 3.8% to $4,009 million compared to $3,862 million for the same period in 2024. This change in revenue is due to increases in average yield of 4.5%, increased revenue from acquisitions, net of divestitures of 0.9%, an increase in recycling processing and commodity sales of 0.3% and an increase in environmental solutions revenue of 0.2%. These increases were partially offset by a decrease in volume of 1.2%, a decrease in fuel recovery fees of 0.4% and a decrease of 0.5% due to the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024.
Previous 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):
Current wording
The following table summarizes our revenue, expenses and operating income for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous 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.
Current wording
Our pre-tax income was $665 million for the three months ended March 31, 2025, compared to $599 million for the same period in 2024. Our net income attributable to Republic Services, Inc. was $495 million for the three months ended March 31, 2025, or $1.58 per diluted share, compared to $454 million, or $1.44 per diluted share for the same period in 2024.
Previous 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.
Current wording
During each of the three months ended March 31, 2025 and 2024, 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 months ended March 31, 2025 and 2024.
Previous 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.
Current wording
Restructuring charges. During thethree months ended March 31, 2025 and 2024, we incurred restructuring charges of$4 million and$6 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During thethree months ended March 31, 2025 and 2024, we paid $3 million and $6 million, respectively, related to these restructuring efforts.
Previous 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.
Current wording
During the remainder of 2025, we expect to incur additional restructuring charges of approximately$10 million, primarily related to the design and implementation of a new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Previous 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.
Current wording
Gain on business divestitures and impairments, net. During the three months ended March 31, 2025, we recorded a gain on business divestitures and impairments of $2 million. During the three months ended March 31, 2024, we did not record a gain or loss on business divestitures and impairments.
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 nine months ended September 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 is primarily generated by (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 months ended March 31, 2025 and 2024 (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 nine months ended September 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 months ended March 31, 2025 and 2024:
Previous 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:
Current wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three months ended March 31, 2025 and 2024:
Previous 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:
Current wording
During the three months ended March 31, 2025, we experienced the following changes in our revenue as compared to the same period in 2024:
Previous 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.
Current wording
•Average yield increased revenue by 4.5% for the three months ended March 31, 2025, due to positive pricing changes in all lines of business.
Previous 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.
Current wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.4% for the three months ended March 31, 2025, due to a decrease in fuel prices compared to the same period in 2024.
Previous 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.
Current wording
•Volume decreased revenue by 1.2% during the three months ended March 31, 2025, primarily due to a decline in volume in our residential, large-container and small-container lines of business as well as our transfer line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity and certain manufacturing end markets as well as adverse weather in January and February. 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
•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.
Current wording
•Revenue decreased by 0.5% due to the impact of the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our large-container, landfill, and transfer lines of business.
Previous 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.
Current wording
•Recycling processing and commodity sales increased revenue by 0.3% during the three months ended March 31, 2025, primarily due to increased volumes at the Las Vegas Polymer Center and reopening a recycling center on the west coast. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three months ended March 31, 2025 was $155 per ton, compared to $153 per ton for the same period in 2024.
Previous wording
Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately $10 million.
Current wording
Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately $11 million.
Previous wording
•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 wording
•Environmental solutions increased revenue by 0.2% during the three months ended March 31, 2025, primarily due to an increase in event-based volumes and price increases relative to the same period in 2024.
Previous 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.
Current wording
•Acquisitions, net of divestitures, increased revenue by 0.9% during the three months ended March 31, 2025, 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 nine months ended September 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 months ended March 31, 2025 and 2024 (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 nine months ended September 30, 2024 and 2023 are summarized below:
Current wording
The most significant items impacting our cost of operations during the three months ended March 31, 2025 and 2024 are summarized below:
Previous 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.
Current wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases as well as acquisition-related growth. Partially offsetting these increases was the impact of one less workday during 2025.
Previous 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.
Current wording
•During both thethree months ended March 31, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
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 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.
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 months ended March 31, 2025 and 2024 was $3.63 and $3.96, respectively.
Previous wording
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $27 million per year. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $36 million per year.
Current wording
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $27 million per year. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $38 million per year.
Previous 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.
Current wording
•Risk management expenses increased primarily due to higher premium costs.
Previous 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):
Current wording
The following table summarizes depreciation, amortization and depletion of property and equipment for the three months ended March 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous 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.
Current wording
Depreciation and amortization of property and equipment increased for the three months ended March 31, 2025 primarily due to assets added through acquisitions.
Previous 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.
Current wording
Landfill depletion and amortization expense increased for the three months ended March 31, 2025 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 $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.
Current wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $21 million, or 0.5% of revenue for the three months ended March 31, 2025, compared to $18 million, or 0.5% of revenue, for the same period in 2024. 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 $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.
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 $24 million, or 0.6% of revenue for the three months ended March 31, 2025, compared to $17 million, or 0.4% of revenue for the same period in 2024.
Previous 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.
Current wording
Accretion expense was $28 million, or 0.7% of revenue, for the three months ended March 31, 2025, compared to $27 million, or 0.7% of revenue for the same period in 2024.
Previous 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):
Current wording
The following table summarizes our selling, general and administrative expenses for the three months ended March 31, 2025 and 2024 (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 nine months ended September 30, 2024 and 2023 are summarized below:
Current wording
The most significant items affecting our selling, general and administrative expenses during the three months ended March 31, 2025 and 2024 are summarized below:
Previous 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.
Current wording
•Provision for doubtful accounts increased primarily due to an increase in days sales outstanding. As of March 31, 2025, our days sales outstanding were 42.1, or 30.7 days net of deferred revenue, compared to 41.5, or 30.4 days net of deferred revenue, as of March 31, 2024.
Previous wording
We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time. Where we cannot establish a leading market position, or where operations are not generating acceptable returns, we may decide to divest of certain assets and reallocate resources to other markets. Business divestitures could result in gains, losses or impairment charges that may be material to our results of operations in a given period.
Current wording
We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time. Where we cannot establish a leading market position, or where operations are not generating acceptable returns, we may decide to divest of certain assets and reallocate resources to other markets. Business divestitures could result in gains, losses or impairment charges that may be material to our results of operations in a given period. During the three months ended March 31, 2025, we recorded a net gain on business divestitures and impairments of $2 million. During the three months ended March 31, 2024, we did not recognize a gain or loss on business divestitures and impairments.
Previous wording
For a discussion of Restructuring Charges incurred during the three and nine months ended September 30, 2024 and 2023, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
For a discussion of Restructuring Charges incurred during the three months ended March 31, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three and nine months ended September 30, 2024 and 2023 (in millions of dollars):
Current wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three months ended March 31, 2025 and 2024 (in millions of dollars):
Previous wording
Total interest expense for the three and nine months ended September 30, 2024 increased primarily due to an increase in the overall principal balance of our fixed rate debt portfolio as a result of issuances of new senior notes and tax-exempt financings. This increase was partially offset by a gain of $7.8 million recognized 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 non-cash interest expense.
Current wording
Total interest expense for the three months ended March 31, 2025 increased primarily due to higher interest rates on our fixed rate debt.
Showing the first 40 of 93 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Depreciation, Depletion and Amortization of Property and Equipment
Current report — wording carried from elsewhere
Gain on Business Divestitures and Impairments, Net
Current report — wording carried from elsewhere
The most significant items affecting the comparison of our cash flows provided by (used in) financing activities for the three months ended March 31, 2025 and 2024 are summarized below:
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Depreciation, Amortization and Depletion of Property and Equipment
Previous report — wording carried elsewhere
Loss (Gain) on Business Divestitures and Impairments, Net
Previous report — wording carried 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