Company Quick10K Filing
Casella Waste Systems
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 48 $1,918
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-03-02 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-03-02 Annual: 2016-12-31
10-Q 2016-11-04 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-03-02 Annual: 2015-12-31
10-Q 2015-10-23 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-Q 2014-12-05 Quarter: 2014-10-31
10-Q 2014-08-28 Quarter: 2014-07-31
10-K 2014-06-27 Annual: 2014-04-30
10-Q 2014-03-06 Quarter: 2014-01-31
10-Q 2013-12-06 Quarter: 2013-10-31
10-Q 2013-08-29 Quarter: 2013-07-31
10-K 2013-06-27 Annual: 2013-04-30
10-Q 2013-03-05 Quarter: 2013-01-31
10-Q 2012-12-04 Quarter: 2012-10-31
10-Q 2012-08-30 Quarter: 2012-07-31
10-K 2012-06-28 Annual: 2012-04-30
10-Q 2012-03-02 Quarter: 2012-01-31
10-Q 2011-12-01 Quarter: 2011-10-31
10-Q 2011-08-31 Quarter: 2011-07-31
10-K 2011-06-20 Annual: 2011-04-30
10-Q 2011-03-03 Quarter: 2011-01-31
10-Q 2010-12-02 Quarter: 2010-10-31
10-Q 2010-09-03 Quarter: 2010-07-31
10-K 2010-06-11 Annual: 2010-04-30
10-Q 2010-03-05 Quarter: 2010-01-31
8-K 2019-12-17 Officers
8-K 2019-12-02 Other Events
8-K 2019-11-21 Other Events, Exhibits
8-K 2019-11-06 Other Events, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-10-01 Other Events
8-K 2019-09-25 Other Events, Exhibits
8-K 2019-09-11 Other Events, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-06-06 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-21 Earnings, Exhibits
8-K 2019-01-22 Enter Agreement, Other Events, Exhibits
8-K 2019-01-22 Earnings, Regulation FD
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-06 Other Events
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-06 Shareholder Vote
8-K 2018-05-15 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-05-03 Earnings, Exhibits
8-K 2018-04-03 Off-BS Arrangement, Other Events
8-K 2018-03-27 Other Events, Exhibits
8-K 2018-03-14 Other Events, Exhibits
8-K 2018-03-14 Other Events
8-K 2018-03-01 Earnings, Exhibits
CWST 2019-09-30
Part I.
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cwst-093019xex311nextg.htm
EX-31.2 cwst-093019xex312nextg.htm
EX-32.1 cwst093019-ex321nextgen.htm
EX-32.2 cwst-093019xex322nextg.htm

Casella Waste Systems Earnings 2019-09-30

CWST 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CLH 3,826 3,955 2,746 3,351 1,016 85 423 5,197 30% 12.3 2%
ADSW 2,855 3,560 2,650 1,598 0 -9 344 4,674 0% 13.6 -0%
CWST 1,918 866 770 699 216 19 118 2,402 31% 20.4 2%
ECOL 1,426 961 585 596 178 51 127 1,741 30% 13.7 5%
POPE 299 514 104 35 6 14 293 34% 20.4 1%
CHRA 160 447 374 673 61 -32 32 390 9% 12.4 -7%
SMED 66 36 10 44 13 0 1 63 30% 44.4 1%
PESI 47 63 36 53 10 -3 1 35 18% 57.0 -4%
AWX 9 73 36 102 0 -1 2 20 0% 8.3 -2%
ESTR 0 374 14 0 0 2 3 -2 -0.8 0%

Document
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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, 2019
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, 2019:
Class A common stock, $0.01 par value per share:46,792,758  
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,
2019
December 31,
2018
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$5,028  $4,007  
Accounts receivable, net of allowance for doubtful accounts of $1,478 and $931, respectively
89,882  74,937  
Refundable income taxes2,789  2,254  
Prepaid expenses8,423  7,345  
Inventory6,976  6,542  
Other current assets693  2,008  
Total current assets113,791  97,093  
Property, plant and equipment, net of accumulated depreciation and amortization of $831,950 and $878,701, respectively
434,081  404,577  
Operating lease right-of-use assets109,604  —  
Goodwill184,295  162,734  
Intangible assets, net60,983  34,767  
Restricted assets1,410  1,248  
Cost method investments11,264  11,264  
Deferred income taxes8,840  9,594  
Other non-current assets11,512  11,133  
Total assets$935,780  $732,410  
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,
2019
December 31,
2018
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 
CURRENT LIABILITIES:
Current maturities of long-term debt and finance leases$3,571  $2,298  
Current operating lease liabilities9,582  —  
Accounts payable59,370  57,289  
Accrued payroll and related expenses10,116  10,969  
Accrued interest2,340  2,415  
Contract liabilities2,812  3,074  
Current accrued capping, closure and post-closure costs8,527  11,633  
Other accrued liabilities30,641  23,819  
Total current liabilities126,959  111,497  
Long-term debt and finance leases, less current portion523,975  542,001  
Operating lease liabilities, less current portion71,910  —  
Accrued capping, closure and post-closure costs, less current portion64,092  61,442  
Deferred income taxes2,637  2,519  
Other long-term liabilities35,395  30,783  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Casella Waste Systems, Inc. stockholders' equity (deficit)
Class A common stock, 0.01 par value per share; 100,000,000 shares authorized; 46,792,000 and 41,944,000 shares issued and outstanding, respectively
468  419  
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 capital482,987  373,716  
Accumulated deficit(366,082) (388,669) 
Accumulated other comprehensive loss(6,571) (1,308) 
Total stockholders' equity (deficit)110,812  (15,832) 
Total liabilities and stockholders' equity (deficit)$935,780  $732,410  
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,
 2019201820192018
Revenues$198,547  $172,832  $549,670  $485,936  
Operating expenses:
Cost of operations131,273  114,118  377,707  331,527  
General and administration22,536  20,545  67,423  62,365  
Depreciation and amortization20,940  18,202  58,144  51,572  
Withdrawal costs - multiemployer pension plan3,591    3,591    
Expense from acquisition activities and other items1,097  581  2,237  930  
Southbridge landfill closure charge (settlement), net625  (9,498) 2,097  (7,740) 
Contract settlement charge      2,100  
Development project charge      311  
180,062  143,948  511,199  441,065  
Operating income18,485  28,884  38,471  44,871  
Other expense (income):
Interest income(66) (53) (287) (161) 
Interest expense6,235  6,424  18,849  19,347  
Loss on debt extinguishment        7,352  
Other income  (248) (166) (960) (597) 
Other expense, net5,921  6,205  17,602  25,941  
Income before income taxes  12,564  22,679  20,869  18,930  
Provision (benefit) for income taxes 178  377  (1,718) (1,166) 
Net income  $12,386  $22,302  $22,587  $20,096  
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding47,690  42,779  47,029  42,605  
Basic earnings per common share$0.26  $0.52  $0.48  $0.47  
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding48,361  44,175  47,660  43,938  
Diluted earnings per common share$0.26  $0.50  $0.47  $0.46  
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,
 2019201820192018
Net income $12,386  $22,302  $22,587  $20,096  
Other comprehensive (loss) income, before tax:
Hedging activity:
Interest rate swap settlements(120) (147) (187) (217) 
Interest rate swap amounts reclassified into interest expense147  156  216  247  
Unrealized (loss) gain resulting from changes in fair value of derivative instruments(774) 863  (5,292) 1,503  
Other comprehensive (loss) income, before tax(747) 872  (5,263) 1,533  
Income tax provision related to items of other comprehensive (loss) income  235    413  
Other comprehensive (loss) income, net of tax(747) 637  (5,263) 1,120  
Comprehensive income$11,639  $22,939  $17,324  $21,216  
The accompanying notes are an integral part of these consolidated financial statements.

4


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


Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2018$(15,832) 41,944  $419  988  $10  $373,716  $(388,669) $(1,308) 
Issuance of Class A common stock - equity offering100,446  3,565  36  —  —  100,410  —  —  
Issuance of Class A common stock - acquisition  67  1  —  —  (1) —  —  
Issuances of Class A common stock260  676  7  —  —  253  —  —  
Stock-based compensation1,431  —  —  —  —  1,431  —  —  
Comprehensive loss:
Net loss(1,714) —  —  —  —  —  (1,714) —  
Other comprehensive loss:
Hedging activity(1,557) —  —  —  —  —  —  (1,557) 
Balance, March 31, 201983,034  46,252  463  988  10  475,809  (390,383) (2,865) 
Issuances of Class A common stock2,318  347  3  —  —  2,315  —  —  
Stock-based compensation1,889  —  —  —  —  1,889  —  —  
Comprehensive income:
Net income11,915  —  —  —  —  —  11,915  —  
Other comprehensive loss:
Hedging activity(2,959) —  —  —  —  —  —  (2,959) 
Balance, June 30, 201996,197  46,599  466  988  10  480,013  (378,468) (5,824) 
Issuances of Class A common stock1,078  193  2  —  —  1,076  —  —  
Stock-based compensation1,898  —  —  —  —  1,898  —  —  
Comprehensive income:
Net income12,386  —  —  —  —  —  12,386  —  
Other comprehensive loss:
Hedging activity(747) —  —  —  —  —  —  (747) 
Balance, September 30, 2019$110,812  46,792  $468  988  $10  $482,987  $(366,082) $(6,571) 
The accompanying notes are an integral part of these consolidated financial statements.

5


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


Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Income
TotalSharesAmountSharesAmount
Balance, December 31, 2017$(37,862) 41,298  $413  988  $10  $356,638  $(395,107) $184  
Cumulative effect of new accounting principle—  —  —  —  —  —  18  (18) 
Issuances of Class A common stock310  402  4  —  —  306  —  —  
Stock-based compensation2,077  —  —  —  —  2,077  —  —  
Comprehensive loss:
Net loss(3,910) —  —  —  —  —  (3,910) —  
Other comprehensive income:
Hedging activity568  —  —  —  —  —  —  568  
Balance, March 31, 2018(38,817) 41,700  417  988  10  359,021  (398,999) 734  
Issuances of Class A common stock361  65  1  —  —  360  —  —  
Stock-based compensation2,121  —  —  —  —  2,121  —  —  
Comprehensive income:
Net income1,704  —  —  —  —  —  1,704  —  
Other comprehensive loss:
Hedging activity(85) —  —  —  —