10-Q 1 cwst-20220630.htm 10-Q cwst-20220630
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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 June 30, 2022
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 July 15, 2022:
Class A common stock, $0.01 par value per share:50,689,841 
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)
June 30,
2022
December 31,
2021
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$39,309 $33,809 
Accounts receivable, net of allowance for credit losses of $3,879 and $3,276, respectively
108,313 86,979 
Prepaid expenses17,517 12,766 
Inventory13,071 9,729 
Other current assets2,946 3,196 
Total current assets181,156 146,479 
Property, plant and equipment, net of accumulated depreciation and amortization of $1,016,382 and $973,094, respectively
668,381 644,604 
Operating lease right-of-use assets93,253 93,799 
Goodwill262,508 232,860 
Intangible assets, net96,762 93,723 
Restricted cash and assets2,805 2,122 
Cost method investments11,264 11,264 
Deferred income taxes34,060 43,957 
Other non-current assets20,530 14,772 
Total assets$1,370,719 $1,283,580 
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)
June 30,
2022
December 31,
2021
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$7,636 $9,901 
Current operating lease liabilities6,425 7,307 
Accounts payable73,270 63,086 
Accrued payroll and related expenses16,392 22,210 
Accrued interest2,372 2,042 
Contract liabilities3,733 3,404 
Current accrued capping, closure and post-closure costs5,815 7,915 
Other accrued liabilities47,371 36,328 
Total current liabilities163,014 152,193 
Debt, less current portion575,556 542,503 
Operating lease liabilities, less current portion59,027 56,375 
Accrued capping, closure and post-closure costs, less current portion86,558 78,999 
Deferred income taxes902 868 
Other long-term liabilities28,096 30,185 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Class A common stock, $0.01 par value per share; 100,000,000 shares authorized; 50,690,000 and 50,423,000 shares issued and outstanding, respectively
507 504 
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 capital656,042 652,045 
Accumulated deficit(203,013)(224,999)
Accumulated other comprehensive income (loss), net of tax4,020 (5,103)
Total stockholders' equity457,566 422,457 
Total liabilities and stockholders' equity$1,370,719 $1,283,580 
The accompanying notes are an integral part of these consolidated financial statements.
2


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share data)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenues$283,666 $215,875 $517,693 $405,406 
Operating expenses:
Cost of operations186,038 138,553 348,493 265,691 
General and administration33,562 29,212 63,354 56,343 
Depreciation and amortization31,150 24,337 60,579 47,019 
Expense from acquisition activities1,019 1,632 3,062 2,046 
Southbridge Landfill closure charge178 195 318 352 
251,947 193,929 475,806 371,451 
Operating income31,719 21,946 41,887 33,955 
Other expense (income):
Interest income(42)(66)(81)(130)
Interest expense5,698 5,296 10,902 10,764 
Other income(312)(510)(457)(648)
Other expense, net5,344 4,720 10,364 9,986 
Income before income taxes26,375 17,226 31,523 23,969 
Provision for income taxes8,579 5,443 9,537 7,875 
Net income$17,796 $11,783 $21,986 $16,094 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,642 51,366 51,567 51,273 
Basic earnings per common share$0.34 $0.23 $0.43 $0.31 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding51,781 51,546 51,720 51,466 
Diluted earnings per common share$0.34 $0.23 $0.43 $0.31 
The accompanying notes are an integral part of these consolidated financial statements.
3


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(in thousands)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income$17,796 $11,783 $21,986 $16,094 
Other comprehensive income (loss), before tax:
Hedging activity:
Interest rate swap settlements(932)(1,186)(2,095)(2,346)
Interest rate swap amounts reclassified into interest expense994 1,202 2,122 2,347 
Unrealized gain (loss) resulting from changes in fair value of derivative instruments3,488 (336)11,869 4,651 
Other comprehensive income (loss), before tax3,550 (320)11,896 4,652 
Income tax provision (benefit) related to items of other comprehensive income570 (85)2,773 1,057 
Other comprehensive income (loss), net of tax2,980 (235)9,123 3,595 
Comprehensive income$20,776 $11,548 $31,109 $19,689 
The accompanying notes are an integral part of these consolidated financial statements.
4



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

  Casella Waste Systems, Inc. Stockholders' Equity
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Income (Loss)
TotalSharesAmountSharesAmount
Balance, December 31, 2021$422,457 50,423 $504 988 $10 $652,045 $(224,999)$(5,103)
Issuances of Class A common stock19 227 2 — — 17 — — 
Stock-based compensation2,241 — — — — 2,241 — — 
Comprehensive income:
Net income4,190 — — — — — 4,190 — 
Other comprehensive income:
Hedging activity6,143 — — — — — — 6,143 
Balance, March 31, 2022435,050 50,650 506 988 10 654,303 (220,809)1,040 
Issuances of Class A common stock803 40 1 — — 802 — — 
Stock-based compensation937 — — — — 937 — — 
Comprehensive income:
Net income17,796 — — — — — 17,796 — 
Other comprehensive income:
Hedging activity2,980 — — — — — — 2,980 
Balance, June 30, 2022$457,566 50,690 $507 988 $10 $656,042 $(203,013)$4,020 

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, 2021$388,492 50,398 $504 988 $10 $645,905 $(250,005)$(7,922)
The accompanying notes are an integral part of these consolidated financial statements.
5


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 Six Months Ended
June 30,
 20222021
Cash Flows from Operating Activities:
Net income$21,986 $16,094 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization60,579 47,019 
Interest accretion on landfill and environmental remediation liabilities4,015 3,962 
Amortization of debt issuance costs924 1,144 
Stock-based compensation3,178 6,057 
Operating lease right-of-use assets expense6,824 6,407 
Gain on sale of property and equipment(269)(92)
Non-cash expense from acquisition activities 645 1,022 
Deferred income taxes7,156 7,041 
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable(14,667)(4,712)
Landfill operating lease contract expenditures(1,308)(1,478)
Accounts payable10,142 10,866 
Prepaid expenses, inventories and other assets(6,099)(7,192)
Accrued expenses, contract liabilities and other liabilities(855)(7,125)
Net cash provided by operating activities92,251 79,013 
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(56,250)(5,481)
Additions to property, plant and equipment(54,868)(56,069)
Proceeds from sale of property and equipment507 403 
Net cash used in investing activities(110,611)(61,147)
Cash Flows from Financing Activities:
Proceeds from debt borrowings82,200 500 
Principal payments on debt(55,297)(5,643)
Payments of debt issuance costs(1,229) 
Payments of contingent consideration(1,000) 
Proceeds from the exercise of share based awards192 112 
Net cash provided by (used in) financing activities24,866 (5,031)
Net increase in cash and cash equivalents6,506 12,835 
Cash, cash equivalents and restricted cash, beginning of period33,809 154,342 
Cash, cash equivalents and restricted cash, end of period$40,315 $167,177 
Supplemental Disclosure of Cash Flow Information:
Cash interest payments$9,648 $9,701 
Cash income tax payments$2,092 $411 
Non-current assets obtained through long-term financing obligations$4,190 $5,894 
Right-of-use assets obtained in exchange for operating lease obligations$5,194 $1,251 
The accompanying notes are an integral part of these consolidated financial statements.
6


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. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services in seven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine and Pennsylvania, with our headquarters located in Rutland, Vermont. 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 leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. 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, "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("fiscal year 2021"), which was filed with the SEC on February 18, 2022.
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 six months ended June 30, 2022 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 2021.
Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 2022 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.
7


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 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. This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. We are currently assessing the provisions of this guidance, and reviewing and updating our existing contracts, as applicable, for transition or fallback language that specifies how a replacement rate for LIBOR will be identified. We are also no longer using LIBOR as a reference rate for any new contracts. We do not expect that the adoption of this guidance 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. See Note 7, Debt for further disclosure over our interest rate derivative agreements and debt instruments that reference LIBOR.
ASU No. 2021-08: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805)Requires entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination.We have made in the past, and we may make in the future, acquisitions to densify existing operations, expand service areas, and grow services for our customers, and these acquisitions may include contract assets or contract liabilities. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements and related disclosures. This guidance is effective January 1, 2023 with early adoption permitted.

3.    REVENUE RECOGNITION
Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services. Revenues associated with our resource-renewal services are derived from processing and non-processing services.
The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three and six months ended June 30, 2022 and 2021:
8


Three Months Ended June 30, 2022
EasternWesternResource SolutionsTotal Revenues
Collection$59,299 $77,962 $ $137,261 
Landfill6,542 18,599  25,141 
Transfer17,292 11,982  29,274 
Transportation1,765 4,024  5,789 
Landfill gas-to-energy249 1,504  1,753 
Processing2,116 813 33,867 36,796 
Non-processing  47,652 47,652 
Total revenues$87,263 $114,884 $81,519 $283,666 
Transferred at a point-in-time$117 $517 $18,813 $19,447 
Transferred over time87,146 114,367 62,706 264,219 
Total revenues$87,263 $114,884 $81,519 $283,666 
Three Months Ended June 30, 2021
EasternWesternResource SolutionsTotal Revenues
Collection$39,364 $67,963 $ $107,327 
Landfill6,118 16,517  22,635 
Transfer13,475 9,976  23,451 
Transportation47 3,040  3,087 
Landfill gas-to-energy246 854  1,100 
Processing1,808 502 21,031 23,341 
Non-processing  34,934 34,934 
Total revenues$61,058 $98,852 $55,965 $215,875 
Transferred at a point-in-time$38 $487 $14,944 $15,469 
Transferred over time61,020 98,365 41,021 200,406 
Total revenues$61,058 $98,852 $55,965 $215,875 
Six Months Ended June 30, 2022
EasternWesternResource SolutionsTotal Revenues
Collection$110,796 $145,997 $ $256,793 
Landfill11,918 32,788  44,706 
Transfer28,905 19,825  48,730 
Transportation3,238 6,682  9,920 
Landfill gas-to-energy522 3,885  4,407 
Processing3,203 1,546 61,263 66,012 
Non-processing  87,125 87,125 
Total revenues$158,582 $210,723 $148,388 $517,693 
Transferred at a point-in-time$236 $1,028 $33,900 $35,164 
Transferred over time158,346 209,695 114,488 482,529 
Total revenues$158,582 $210,723 $148,388 $517,693 
Six Months Ended June 30, 2021
9


EasternWesternResource SolutionsTotal Revenues
Collection$75,440 $129,356 $