10-Q 1 cwst-20210930.htm 10-Q cwst-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-23211
CASELLA WASTE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware03-0338873
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
25 Greens Hill Lane,
Rutland,Vermont05701
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (802775-0325
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.01 par value per shareCWSTThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No  
The number of shares outstanding of each of the registrant’s classes of common stock, as of October 15, 2021:
Class A common stock, $0.01 par value per share:50,409,773 
Class B common stock, $0.01 par value per share:988,200 



PART I.
ITEM 1.    FINANCIAL STATEMENTS
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
2021
December 31,
2020
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$46,481 $154,342 
Accounts receivable, net of allowance for credit losses of $3,057 and $2,333, respectively
90,500 74,198 
Refundable income taxes 229 
Prepaid expenses16,806 9,289 
Inventory9,797 7,868 
Other current assets3,575 1,328 
Total current assets167,159 247,254 
Property, plant and equipment, net of accumulated depreciation and amortization of $952,032 and $900,882, respectively
617,348 510,512 
Operating lease right-of-use assets96,712 95,310 
Goodwill227,929 194,901 
Intangible assets, net92,908 58,324 
Restricted assets1,948 1,848 
Cost method investments11,264 11,264 
Deferred income taxes46,777 61,163 
Other non-current assets18,352 13,322 
Total assets$1,280,397 $1,193,898 
The accompanying notes are an integral part of these consolidated financial statements.
1


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except for share and per share data)
September 30,
2021
December 31,
2020
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$16,751 $9,240 
Current operating lease liabilities7,128 8,547 
Accounts payable69,516 49,198 
Accrued payroll and related expenses19,793 17,282 
Accrued interest1,960 2,126 
Contract liabilities3,422 2,685 
Current accrued capping, closure and post-closure costs17,848 10,268 
Other accrued liabilities41,951 31,862 
Total current liabilities178,369 131,208 
Debt, less current portion534,752 530,411 
Operating lease liabilities, less current portion59,001 60,979 
Accrued capping, closure and post-closure costs, less current portion68,425 72,265 
Deferred income taxes879 912 
Other long-term liabilities31,020 35,981 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Class A common stock, $0.01 par value per share; 100,000,000 shares authorized; 50,410,000 and 50,101,000 shares issued and outstanding, respectively
504 501 
Class B common stock, $0.01 par value per share; 1,000,000 shares authorized; 988,000 shares issued and outstanding, respectively; 10 votes per share
10 10 
Additional paid-in capital648,611 639,247 
Accumulated deficit(234,144)(266,099)
Accumulated other comprehensive loss, net of tax(7,030)(11,517)
Total stockholders' equity407,951 362,142 
Total liabilities and stockholders' equity$1,280,397 $1,193,898 
The accompanying notes are an integral part of these consolidated financial statements.
2


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except for per share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Revenues$241,969 $202,667 $647,375 $574,344 
Operating expenses:
Cost of operations153,892 130,406 419,583 382,386 
General and administration30,993 25,014 87,336 74,240 
Depreciation and amortization27,491 23,799 74,510 67,281 
Expense from acquisition activities1,904 173 3,950 1,533 
Southbridge Landfill closure charge302 2,642 653 3,815 
214,582 182,034 586,032 529,255 
Operating income27,387 20,633 61,343 45,089 
Other expense (income):
Interest income(61)(107)(191)(203)
Interest expense5,164 5,406 15,928 16,869 
Other income(178)(157)(825)(606)
Other expense, net4,925 5,142 14,912 16,060 
Income before income taxes22,462 15,491 46,431 29,029 
Provision for income taxes6,601 374 14,476 840 
Net income$15,861 $15,117 $31,955 $28,189 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,389 48,370 51,312 48,241 
Basic earnings per common share$0.31 $0.31 $0.62 $0.58 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,586 48,619 51,506 48,481 
Diluted earnings per common share$0.31 $0.31 $0.62 $0.58 
The accompanying notes are an integral part of these consolidated financial statements.
3


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income$15,861 $15,117 $31,955 $28,189 
Other comprehensive income (loss), before tax:
Hedging activity:
Interest rate swap settlements(1,205)(1,141)(3,551)(2,492)
Interest rate swap amounts reclassified into interest expense1,204 1,156 3,551 2,513 
Unrealized gain (loss) resulting from changes in fair value of derivative instruments1,215 145 5,866 (8,731)
Other comprehensive income (loss), before tax1,214 160 5,866 (8,710)
Income tax provision (benefit) related to items of other comprehensive income (loss)322  1,379 (112)
Other comprehensive income (loss), net of tax892 160 4,487 (8,598)
Comprehensive income$16,753 $15,277 $36,442 $19,591 
The accompanying notes are an integral part of these consolidated financial statements.
4



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands)

Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2020$362,142 50,101 $501 988 $10 $639,247 $(266,099)$(11,517)
Issuances of Class A common stock112 273 3 — — 109 — — 
Stock-based compensation2,941 — — — — 2,941 — — 
Comprehensive income:
Net income4,311 — — — — — 4,311 — 
Other comprehensive income:
Hedging activity3,830 — — — — — — 3,830 
Balance, March 31, 2021373,336 50,374 504 988 10 642,297 (261,788)(7,687)
Issuances of Class A common stock492 24 — — — 492 — — 
Stock-based compensation3,116 — — — — 3,116 — — 
Comprehensive income:
Net income11,783 — — — — — 11,783 — 
Other comprehensive loss:
Hedging activity(235)— — — — — — (235)
Balance, June 30, 2021388,492 50,398 504 988 10 645,905 (250,005)(7,922)
Issuances of Class A common stock51 12 — — — 51 — — 
Stock-based compensation2,655 — — — — 2,655 — — 
Comprehensive income:
Net income15,861 — — — — — 15,861 — 
Other comprehensive income:
Hedging activity892 — — — — — — 892 
Balance, September 30, 2021$407,951 50,410 $504 988 $10 $648,611 $(234,144)$(7,030)
The accompanying notes are an integral part of these consolidated financial statements.


5



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS' EQUITY (Continued)
(Unaudited)
(in thousands)
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2019$122,753 46,803 $468 988 $10 $485,332 $(357,016)$(6,041)
Cumulative effect of new accounting principle(189)— — — — — (189)— 
Issuances of Class A common stock100 517 5 — — 95 — — 
Stock-based compensation1,562 — — — — 1,562 — — 
Comprehensive loss:
Net income959 — — — — — 959 — 
Other comprehensive loss:
Hedging activity(7,189)— — — — — — (7,189)
Balance, March 31, 2020117,996 47,320 473 988 10 486,989 (356,246)(13,230)
Issuance of Class A common stock - acquisition 36 1 — — (1)— — 
Issuances of Class A common stock387 26 — — — 387 — — 
Stock-based compensation1,818 — — — — 1,818 — — 
Comprehensive income:
Net income12,113 — — — — — 12,113 — 
Other comprehensive loss:
Hedging activity(1,569)— — — — — — (1,569)
Balance, June 30, 2020130,745 47,382 474 988 10 489,193 (344,133)(14,799)
Issuances of Class A common stock— 2 — — — — — — 
Stock-based compensation1,965 — — — — 1,965 — — 
Comprehensive income:
Net income15,117 — — — — — 15,117 — 
Other comprehensive income:
Hedging activity160 — — — — — — 160 
Balance, September 30, 2020$147,987 47,384 $474 988 $10 $491,158 $(329,016)$(14,639)
The accompanying notes are an integral part of these consolidated financial statements.
6


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 Nine Months Ended
September 30,
 20212020
Cash Flows from Operating Activities:
Net income$31,955 $28,189 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization74,510 67,281 
Interest accretion on landfill and environmental remediation liabilities5,915 5,324 
Amortization of debt issuance costs1,716 1,597 
Stock-based compensation8,712 5,345 
Operating lease right-of-use assets expense9,981 12,347 
(Gain) loss on sale of property and equipment(1)254 
Southbridge Landfill non-cash closure charge112 2,077 
Non-cash expense from acquisition activities 532 549 
Deferred income taxes12,974 1,514 
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable(10,943)6,400 
Landfill operating lease contract expenditures(3,646)(3,386)
Accounts payable20,318 (8,585)
Prepaid expenses, inventories and other assets(14,391)(2,908)
Accrued expenses, contract liabilities and other liabilities(3,655)(4,083)
Net cash provided by operating activities134,089 111,915 
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(153,112)(25,379)
Additions to property, plant and equipment(81,577)(77,271)
Proceeds from sale of property and equipment593 430 
Net cash used in investing activities(234,096)(102,220)
Cash Flows from Financing Activities:
Proceeds from debt borrowings500 154,400 
Principal payments on debt(8,517)(145,008)
Payments of debt issuance costs (1,531)
Proceeds from the exercise of share based awards163 100 
Net cash (used in) provided by financing activities(7,854)7,961 
Net (decrease) increase in cash and cash equivalents(107,861)17,656 
Cash and cash equivalents, beginning of period154,342 3,471 
Cash and cash equivalents, end of period$46,481 $21,127 
Supplemental Disclosure of Cash Flow Information:
Cash interest payments$14,378 $15,239 
Cash income tax payments$597 $(1,650)
Non-current assets obtained through long-term financing obligations$18,153 $16,937 
Right-of-use assets obtained in exchange for operating lease liabilities$3,566 $3,289 
The accompanying notes are an integral part of these consolidated financial statements.
7


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except for per share data)
1.    BASIS OF PRESENTATION
Casella Waste Systems, Inc. (“Parent”), and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper, and corrugated cardboard, which have been processed at our recycling facilities or purchased from third-parties. We manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services. We manage our resource-renewal operations through the Resource Solutions operating segment, which includes our larger-scale recycling and commodity brokerage operations along with our organics services and large scale commercial and industrial services. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment.
The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ("fiscal year 2020"), which was filed with the SEC on February 19, 2021.
Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three and nine months ended September 30, 2021 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for fiscal year 2020.
Recent Events
The global outbreak of the novel coronavirus ("COVID-19") pandemic has caused economic disruption across our geographic footprint and has adversely affected our business. The COVID-19 pandemic negatively impacted our revenues starting at the end of the three months ended March 31, 2020, as many small business and construction collection customers required service level changes and volumes into our landfills declined due to lower economic activity. Demand for services has improved as local economies have reopened as allowed by State Governments and our collection and disposal volumes, as well as overall operations, have been less impacted by the effects of the COVID-19 pandemic in the three and nine months ended September 30, 2021.
The COVID-19 pandemic has negatively impacted and may continue to impact our business in other ways, as we have experienced increased costs as a result of the COVID-19 pandemic, including, but not limited to, higher costs associated with providing a safe working environment for our employees (such as increased costs associated with the protection of our employees, including costs for additional safety equipment, hygiene products and enhanced facility cleaning), employee impacts from illness, supporting a remote administrative workforce, community response measures, the inability of customers to continue to pay for services, and temporary facility closures of our customers. Furthermore, residual macroeconomic effects associated with the pandemic have negatively impacted the global supply chain, labor markets and distribution networks leading to heightened inflation across labor, select services and goods, and capital investments. As of the date of this filing, we are unable to determine or predict the full extent of any possible continuing impact that the COVID-19 pandemic will have on our business, results of operations, liquidity and capital resources. Future developments, such as the possibility of continuing spread of COVID-19 across our geographic footprint, the administration rates and effectiveness of vaccinations, the severity and containment of certain COVID-19 variants along with the pace and extent to which the States in which we operate continue to facilitate a return to normal economic and operation conditions, are uncertain and cannot be predicted at this time.
8


Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of September 30, 2021 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.
2.    ACCOUNTING CHANGES
A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) that we adopted and deemed to have a material impact on our consolidated financial statements, or a possible material impact in the future, based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards adopted effective January 1, 2021
ASU No. 2019-12: Income Taxes (Topic 740)Reduces the complexity over accounting for income taxes by removing certain exceptions and amending guidance to improve consistent application of accounting over income taxes.This guidance did not have a material impact on our consolidated financial statements and related disclosures upon adoption, but may in the future. This guidance was effective January 1, 2021.

A table providing a brief description of recent ASUs to the ASC issued by the FASB that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards issued pending adoption
ASU No. 2020-04: Reference Rate Reform (Topic 848), as amended through January 2021Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued, subject to meeting certain criteria.We currently have interest rate derivative agreements with hedging relationships that reference LIBOR, which extend past the fiscal year ended December 31, 2021. We are currently assessing the provisions of this guidance as LIBOR is still in place and do not expect that its adoption will have a material impact on our consolidated financial statements and related disclosures. This guidance will be in effect from March 12, 2020 through December 31, 2022.

3.    REVENUE RECOGNITION
Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal, landfill, landfill gas-to-energy, processing, transfer and recycling services in the northeastern United States. Effective January 1, 2021, we reorganized the Resource Solutions operating segment, which includes our larger-scale recycling and commodity brokerage operations along with our organics services and large scale commercial and industrial services, from our historical lines-of-service of recycling, organics and customer solutions into two lines-of-service: processing and non-processing.
Processing services consist of the receipt of recycled, sludge or other organic materials at one of our materials recovery, processing or disposal facilities, where it is then sorted, mixed and/or processed, and then disposed of or sold. Revenues from processing services are derived from municipalities and customers in the form of processing fees, tipping fees, commodity sales, and organic material sales.
Revenues from non-processing services are derived from brokerage services; overall resource management services providing a wide range of environmental services and zero waste solutions to large and complex organizations; and traditional collection, disposal and recycling services provided to large account multi-site customers. In brokerage arrangements, we act as an agent that facilitates the sale of recyclable materials between an inbound customer and an outbound customer. Revenues from the brokerage of recycled materials are recognized on a net basis at the time of shipment. In general, these fees are variable in nature.
Classification of revenues by service line reported in the three and nine months ended September 30, 2020 has been reclassified to conform with the presentation for the three and nine months ended September 30, 2021.
9


The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30, 2021
EasternWesternResource SolutionsTotal Revenues
Collection$48,951 $69,921 $ $118,872 
Landfill6,622 18,201  24,823 
Transfer16,948 10,375  27,323 
Transportation54 3,393  3,447 
Landfill gas-to-energy269 984  1,253 
Processing2,310 649 27,418 30,377 
Non-processing  35,874 35,874 
Total revenues$75,154 $103,523 $63,292 $241,969 
Transferred at a point-in-time$43 $296 $19,927 $20,266 
Transferred over time75,111 103,227 43,365 221,703 
Total revenues$75,154 $103,523 $63,292 $241,969 
Three Months Ended September 30, 2020
EasternWesternResource SolutionsTotal Revenues
Collection$38,659 $63,611 $ $102,270 
Landfill5,694 17,880  23,574 
Transfer11,861 9,756  21,617 
Transportation61 2,348  2,409 
Landfill gas-to-energy210 777  987 
Processing1,838 356 15,701 17,895 
Non-processing  33,915 33,915 
Total revenues$58,323