10-Q 1 rsg-20220930.htm 10-Q rsg-20220930
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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, 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: 1-14267
_________________________________________________________ 
REPUBLIC SERVICES, INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________ 
Delaware65-0716904
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
18500 North Allied Way85054
Phoenix,Arizona
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (480627-2700
_________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareRSGNew York Stock Exchange
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  þ    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  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 filer
þ
Accelerated filer
¨
Smaller reporting company
Non-accelerated filer
¨
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  þ
As of October 20, 2022, the registrant had outstanding 316,000,936 shares of Common Stock, par value $0.01 per share (excluding treasury shares of 4,241,718).


REPUBLIC SERVICES, INC.
INDEX
 
Item 1.
Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021
Unaudited Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2022 and 2021
Unaudited Consolidated Statement of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Unaudited Consolidated Statement of Stockholders' Equity for the Three and Nine Months Ended September 30, 2022 and 2021
Unaudited Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
September 30,December 31,
20222021
 (Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$81.4 $29.0 
Accounts receivable, less allowance for doubtful accounts and other of $49.4 and $38.5, respectively
1,698.7 1,271.4 
Prepaid expenses and other current assets419.3 410.4 
Total current assets2,199.4 1,710.8 
Restricted cash and marketable securities121.7 139.0 
Property and equipment, net10,439.6 9,232.1 
Goodwill14,194.3 12,826.0 
Other intangible assets, net399.3 259.5 
Other assets1,046.7 787.6 
Total assets$28,401.0 $24,955.0 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,024.3 $910.0 
Notes payable and current maturities of long-term debt455.8 8.2 
Deferred revenue463.1 381.3 
Accrued landfill and environmental costs, current portion126.9 124.5 
Accrued interest57.5 62.1 
Other accrued liabilities1,036.2 929.5 
Total current liabilities3,163.8 2,415.6 
Long-term debt, net of current maturities11,180.4 9,546.2 
Accrued landfill and environmental costs, net of current portion2,084.0 1,837.7 
Deferred income taxes and other long-term tax liabilities, net1,481.7 1,229.5 
Insurance reserves, net of current portion316.7 303.9 
Other long-term liabilities683.9 642.4 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
  
   Common stock, par value $0.01 per share; 750 shares authorized; 320.2 and 319.6 issued including shares held in treasury, respectively
3.2 3.2 
Additional paid-in capital2,831.2 2,789.5 
Retained earnings7,166.8 6,475.6 
Treasury stock, at cost; 4.2 and 2.4 shares, respectively
(500.7)(274.8)
Accumulated other comprehensive loss, net of tax(10.6)(14.6)
Total Republic Services, Inc. stockholders’ equity9,489.9 8,978.9 
Non-controlling interests in consolidated subsidiary0.6 0.8 
Total stockholders’ equity9,490.5 8,979.7 
Total liabilities and stockholders’ equity$28,401.0 $24,955.0 
The accompanying notes are an integral part of these statements.
3


REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
 
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenue$3,597.8 $2,933.9 $9,981.5 $8,342.2 
Expenses:
Cost of operations2,192.4 1,744.0 6,020.4 4,928.0 
Depreciation, amortization and depletion353.9 301.3 1,001.8 886.5 
Accretion22.8 20.8 66.9 61.9 
Selling, general and administrative362.8 299.0 1,062.2 880.3 
Withdrawal costs - multiemployer pension funds
  2.2  
Gain on business divestitures and impairments, net(5.2) (5.3)(0.2)
Restructuring charges6.8 4.6 18.8 11.2 
Operating income664.3 564.2 1,814.5 1,574.5 
Interest expense(105.2)(78.1)(282.7)(234.9)
Loss from unconsolidated equity method investments(51.8)(15.1)(69.2)(44.0)
Interest income0.8 0.6 2.0 2.0 
Other (expense) income, net(0.3)(0.9)(6.5)0.6 
Income before income taxes507.8 470.7 1,458.1 1,298.2 
Provision for income taxes90.9 119.9 317.5 319.0 
Net income416.9 350.8 1,140.6 979.2 
Net (income) loss attributable to non-controlling interests in consolidated subsidiary
 (0.5)0.2 (1.9)
Net income attributable to Republic Services, Inc.$416.9 $350.3 $1,140.8 $977.3 
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share$1.32 $1.10 $3.60 $3.06 
Weighted average common shares outstanding316.5 318.6 316.5 319.2 
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share$1.32 $1.10 $3.60 $3.06 
Weighted average common and common equivalent shares outstanding
317.0 319.4 317.1 319.7 
Cash dividends per common share$0.495 $0.460 $1.415 $1.310 
The accompanying notes are an integral part of these statements.

4

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$416.9 $350.8 $1,140.6 $979.2 
Other comprehensive income (loss), net of tax
Hedging activity:
Realized loss reclassified into earnings 1.2 2.1 3.5 
Unrealized gain9.1  8.1  
Pension activity:
 Change in funded status of pension plan obligations
   (0.7)
Foreign currency activity:
Loss on foreign currency translation(6.1) (6.2) 
Other comprehensive income, net of tax3.0 1.2 4.0 2.8 
Comprehensive income419.9 352.0 1,144.6 982.0 
Comprehensive (income) loss attributable to non-controlling interests (0.5)0.2 (1.9)
Comprehensive income attributable to Republic Services, Inc.$419.9 $351.5 $1,144.8 $980.1 
The accompanying notes are an integral part of these statements.

5

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Loss, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2021
319.6 $3.2 $2,789.5 $6,475.6 (2.4)$(274.8)$(14.6)$0.8 $8,979.7 
Net income (loss)— — — 352.0 — — — (0.1)351.9 
Other comprehensive income— — — — — — 1.1 — 1.1 
Cash dividends declared— — — (145.3)— — — — (145.3)
Issuances of common stock0.3 — 2.6 — (0.1)(14.1)— — (11.5)
Stock-based compensation— — 13.2 (0.9)— — — — 12.3 
Purchase of common stock for treasury— — — — (1.6)(203.5)— — (203.5)
Balance as of March 31, 2022
319.9 3.2 2,805.3 6,681.4 (4.1)(492.4)(13.5)0.7 8,984.7 
Net income— — — 371.9 — — — (0.1)371.8 
Other comprehensive loss— — — — — — (0.1)— (0.1)
Cash dividends declared— — — (145.3)— — — — (145.3)
Issuances of common stock0.2 — 4.0 — — (8.0)— — (4.0)
Stock-based compensation— — 9.6 (0.9)— — — — 8.7 
Purchase of common stock for treasury— — — — — — — — — 
Balance as of June 30, 2022
320.1 3.2 2,818.9 6,907.1 (4.1)(500.4)(13.6)0.6 9,215.8 
Net income— — — 416.9 — — —  416.9 
Other comprehensive income— — — — — — 3.0 — 3.0 
Cash dividends declared— — — (156.4)— — — — (156.4)
Issuances of common stock0.1 — 2.9 — (0.1)(0.3)— — 2.6 
Stock-based compensation— — 10.2 (0.8)— — — — 9.4 
Purchase of common stock
       for treasury
— — — — — — — — — 
    Distributions paid— — (0.8)— — — — — (0.8)
Balance as of September 30, 2022
320.2 $3.2 $2,831.2 $7,166.8 (4.2)$(500.7)$(10.6)$0.6 $9,490.5 

The accompanying notes are an integral part of these statements.









6

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (CONTINUED)
(in millions)
Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Loss, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2020
318.8 $3.2 $2,741.4 $5,751.8  $(0.1)$(12.4)$4.9 $8,488.8 
Net income— — — 295.9 — — — 0.5 296.4 
Other comprehensive income— — — — — — 1.1 — 1.1 
Cash dividends declared— — — (135.6)— — — — (135.6)
Issuances of common stock0.5 — 2.4 — (0.2)(14.7)— — (12.3)
Stock-based compensation— — 13.5 (0.9)— — — — 12.6 
Purchase of common stock for treasury— — — — (0.1)(12.7)— — (12.7)
Balance as of March 31, 2021
319.3 3.2 2,757.3 5,911.2 (0.3)(27.5)(11.3)5.4 8,638.3 
Net income— — — 331.1 — — — 0.9 332.0 
Other comprehensive income— — — — — — 0.5 — 0.5 
Cash dividends declared— — — (135.4)— — — — (135.4)
Issuances of common stock0.1 — 3.1 — — (0.2)— — 2.9 
Stock-based compensation— — 26.7 (0.9)— — — — 25.8 
Purchase of common stock for treasury— — — — (0.3)(79.5)— — (79.5)
Distributions paid— — — — — — — (1.2)(1.2)
Balance as of June 30, 2021
319.4 3.2 2,787.1 6,106.0 (0.6)(107.2)(10.8)5.1 8,783.4 
Net income— — — 350.3 — — — 0.5 350.8 
Other comprehensive income— — — — — — 1.2 — 1.2 
Cash dividends declared— — — (146.1)— — — — (146.1)
Issuances of common stock— — 2.5 — — (0.2)— — 2.3 
Stock-based compensation— — 11.4 (0.8)— — — — 10.6 
Purchase of common stock for treasury— — — — (1.2)(123.3)— — (123.3)
Balance as of September 30, 2021
319.4 $3.2 $2,801.0 $6,309.4 (1.8)$(230.7)$(9.6)$5.6 $8,878.9 
The accompanying notes are an integral part of these statements.
7

REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Nine Months Ended September 30,
 20222021
Cash provided by operating activities:
Net income$1,140.6 $979.2 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization, depletion and accretion1,068.7 948.4 
Non-cash interest expense60.1 52.4 
Stock-based compensation30.8 49.1 
Deferred tax provision (benefit)100.2 (32.8)
Provision for doubtful accounts, net of adjustments27.8 18.7 
(Gain) loss on disposition of assets and asset impairments, net(8.0)0.5 
Environmental adjustments(0.1)(1.8)
Loss from unconsolidated equity method investments69.2 44.0 
Other non-cash items8.0 (1.5)
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable(206.1)(137.7)
Prepaid expenses and other assets28.0 105.7 
Accounts payable97.7 99.4 
Capping, closure and post-closure expenditures(35.6)(41.2)
Remediation expenditures(37.3)(32.2)
Other liabilities39.4 87.6 
Cash provided by operating activities2,383.4 2,137.8 
Cash (used in) provided by investing activities:
Purchases of property and equipment(924.8)(904.2)
Proceeds from sales of property and equipment24.0 10.8 
Cash used in acquisitions and investments, net of cash and restricted cash acquired(2,847.6)(936.3)
Cash received from business divestitures50.1 46.3 
Purchases of restricted marketable securities(15.7)(23.8)
Sales of restricted marketable securities15.4 21.9 
Other(2.3)(0.3)
Cash used in investing activities(3,700.9)(1,785.6)
Cash provided by (used in) financing activities:
Proceeds from credit facilities and notes payable, net of fees10,496.5 4,646.5 
Payments of credit facilities and notes payable(8,475.5)(4,381.8)
Issuances of common stock, net(12.9)(7.1)
Purchases of common stock for treasury(203.5)(179.0)
Cash dividends paid(436.5)(406.5)
Distributions paid to non-controlling interests in consolidated subsidiary(0.8)(1.2)
Contingent consideration payments(4.5)(14.4)
Cash provided by (used in) financing activities1,362.8 (343.5)
Effect of foreign exchange rate changes on cash(3.1) 
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents42.2 8.7 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year105.6 114.2 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$147.8 $122.9 
The accompanying notes are an integral part of these statements.
8

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
Republic Services, Inc., a Delaware corporation, and its consolidated subsidiaries (also referred to collectively as Republic, the Company, we, us, or our), is one of the largest providers of environmental services in the United States, as measured by revenue. Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3. Group 1 is our recycling and solid waste business operating in geographic areas located in the western United States. Group 2 is our recycling and solid waste business operating in geographic areas located in the southeastern and mid-western United States, and the eastern seaboard of the United States. Group 3 is our environmental solutions business in geographic areas located primarily across the United States and Canada. These groups represent our reportable segments, which each provide integrated environmental solutions, including but not limited to collection, transfer, recycling, and disposal. Prior to the third quarter of 2022, our environmental services operating segment, now referred to as our Group 3 reportable segment, was aggregated with Corporate entities and other.
The unaudited consolidated financial statements include the accounts of Republic Services, Inc. and its wholly owned and majority owned subsidiaries in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). We account for investments in entities in which we do not have a controlling financial interest under the equity method of accounting or, for investments that do not meet the criteria to be accounted for under the equity method, we reflect these investments at their fair value when it is readily determinable. If fair value is not readily determinable, we use an alternative measurement approach. All material intercompany accounts and transactions have been eliminated in consolidation.
We have prepared these unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information related to our organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments that, unless otherwise disclosed, are of a normal recurring nature and necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of the results you can expect for a full year. You should read these financial statements in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation. All dollar amounts in tabular presentations are in millions, except per share amounts and unless otherwise noted.
Management’s Estimates and Assumptions
In preparing our financial statements, we make numerous estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing our financial statements, the more critical and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs, and final capping, closure and post-closure costs; our valuation allowances for accounts receivable and deferred tax assets; our liabilities for potential litigation, claims and assessments; our liabilities for environmental remediation, multiemployer pension funds, employee benefit plans, deferred taxes, uncertain tax positions, and insurance reserves; and our estimates of the fair values of assets acquired and liabilities assumed in any acquisition. Each of these items is discussed in more detail in our description of our significant accounting policies in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Our actual results may differ significantly from our estimates.
New Accounting Pronouncements
Accounting Standards Updates Issued but not yet Adopted
Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. During the quarter ended June 30, 2022, we novated a
9

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


certain hedging relationship related to one of our interest rate swap agreements by changing the reference rate from the London Interbank Offered Rate (LIBOR) to a secured overnight financing rate (SOFR). The amendment did not have a material impact on our consolidated financial statements. For further discussion of the amendment and relevant hedging relationship, refer to Note 7, Debt, in Part I, Item 1 of this Quarterly Report on Form 10-Q. We have not modified any other contracts as a result of reference rate reform.
Business Combinations
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and the payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for all entities that enter into a business combination within the applicable scope. The amendments in this update are effective for fiscal years beginning after December 15, 2022. We are currently assessing the effect this guidance may have on our consolidated financial statements.
10

REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


2. BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES
Acquisitions
We acquired various environmental services, waste, and recycling businesses during the nine months ended September 30, 2022 and 2021. The aggregate purchase price paid for these business acquisitions and the allocations of the aggregate purchase price follows:
20222021
Purchase price:
Cash used in acquisitions, net of cash acquired of $66.6 and $12.6, respectively
$2,583.2 $913.3 
Holdbacks
12.6 9.0 
Fair value, future minimum finance lease payments
15.6 40.2 
Total$2,611.4 $962.5 
Allocated as follows:
Restricted cash
$ $7.2 
Accounts receivable
249.2 55.4 
Prepaid expenses15.6  
Landfill development costs
495.7 65.9 
Property and equipment
730.6 138.5 
Operating right-of-use lease assets
55.4 7.1 
Interest rate swap29.1  
Assets held for sale
 43.6 
Other assets
42.3 6.4 
Inventory
11.6 1.7 
Accounts payable
(108.9)(29.3)
Deferred revenue
(27.7)(6.4)
Environmental remediation liabilities
(92.9)(25.6)
Closure and post-closure liabilities
(89.3)(32.2)
Operating right-of-use lease liabilities
(55.8)(7.1)
Deferred income tax liabilities(151.0) 
Other liabilities
(54.7)(33.6)
Fair value of tangible assets acquired and liabilities assumed1,049.2 191.6 
Excess purchase price to be allocated$1,562.2 $770.9 
Excess purchase price allocated as follows:
Other intangible assets
$169.6 $64.7 
Goodwill
1,392.6