Casella reports 2Q18 results, shares down

first_img45.0% Three Months EndedJune 30, Normalized Free Cash Flow$8,862 — — 5.8% 311 — Components of revenue growth for the three months ended June 30, 2018 compared to the three months ended June 30, 2017 are as follows: 1.1%Fuel surcharge and other fees2,048 759 $(0.05) Six Months EndedJune 30, Includes a contract settlement cash outlay associated with exiting a contract.Includes cash outlays associated with the Southbridge Landfill closure.Includes cash outlays associated with potential acquisition activities.Includes capital expenditures related to acquisitions or assumption of new customers from a distressed or defunct market participant.et participant.CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESSUPPLEMENTAL DATA TABLES(Unaudited)(In thousands)Amounts of total revenues attributable to services provided for the three and six months ended June 30, 2018 and 2017 are as follows: 12,663 2018 Long-term debt and capital leases, less current maturities502,094 $(53,900)Basic weighted average common shares outstanding42,661 Other111 1.0%Processing2,347 Following is a reconciliation of Adjusted Net Income from Net income (loss): Development project charge— 349 Expense from acquisition activities and other items349 — June 30,2018 Other income(342) 349 8.6%Organics3,642 Goodwill130,317 $59,229 Contract settlement charge— Cost of operations111,800 43.8%Disposal87,480 Non-Recurring Capital Expenditures1,607 517 150,500 311 $66,308 (1,543) $1,955 $(1.29)Diluted weighted average common shares outstanding43,916 19.7% Accounts receivable – trade, net of allowance for doubtful accounts78,920 (47,279) Basic earnings per common share$0.04 $14,079 2018 (2,862) 217,409 2,137 Loss on debt extinguishment7,352 Consolidated Net Leverage Ratio (i)3.68 477,576 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)(In thousands)Note 1:  Southbridge Landfill Closure ChargeIn June 2017, we initiated the plan to cease operations of our Southbridge Landfill. Accordingly, in the three and six months ended June 30, 2018, we recorded charges associated with the closure of our Southbridge Landfill as follows: $47,999 Adjusted Diluted Earnings Per Common Share$0.22 — Facilities650 3.6% 102,519 42,172 Income (loss) before income taxes1,749 Contract settlement charge— 2.9% Three Months EndedJune 30, Non-cash expense from acquisition activities and other items211 71.0%Solid waste internalization61.5% 411 394 2017 2017Asset impairment charge (1)$— 6,379 Landfill closure, site improvement and remediation expenditures (ii)1,237 42,516 27.9% 394 100.0% 14,765 2018 1,246 86,666 13,225 9.9% Expense from acquisition activities and other items349 20,219 46 — $960 2017Revenues$165,649 (33,370) 0.03 General and administration20,793 1,759 Tax effect (i)(23) Diluted weighted average common shares outstanding43,916 517 Total assets$652,574 8.9% Non-current assets obtained through long-term obligations$3,267 361,547 1,759 $4,926 Intangible assets, net of accumulated amortization9,715 $64,114 Restricted assets1,198 2018 588 12,333 $47,999 11,567 201,295 $313,104 Interest expense, net6,390 588 (9,831)Net increase in cash and cash equivalents97 Deferred income taxes(725) 141 Three Months Ended June 30, $126,145 Total stockholders’ deficit(34,716) 311 13,148 7,352 88,569 2.4%Customer Solutions1,321 1.5% 7.6% $0.26 1,216 (37,862)Total liabilities and stockholders’ deficit$652,574 Other current assets15,863 Three Months EndedJune 30, LIABILITIES AND STOCKHOLDERS’ DEFICIT Tax effect— $(53,675) —%Solid Waste Volume1,665 10.9% Depreciation and amortization33,370 29,717 2017 0.9%Recycling Operations: Interest accretion on landfill and environmental remediation liabilities2,862 42,516 Operating income (loss)15,149 (97)Southbridge Landfill non-cash closure charge (1)1,273 Following is a reconciliation of Free Cash Flow* and Normalized Free Cash Flow from Net cash provided by operating activities: 2018 11.8% $154,016 Deferred income taxes10,558 $0.25 — Expense from acquisition activities and other items (iii)138 73.2% Current maturities of long-term debt and capital leases$1,796 298 2,912 284 2017Net cash provided by operating activities$35,285 (10,382)Net cash provided by operating activities48,079 Expense from acquisition activities and other items349 $23,400 Replacement Capital Expenditures: (2,694)Additions to property, plant and equipment(35,492) $(53,900)Loss on debt extinguishment7,352 0.01 46 45.0% 1.0% 9.5%Recycling9,600 $36,086 Principal payments on long-term debt(513,854) (126,238)Payments of debt issuance costs(5,567) 64,114 858 3,796 — (15,856) 2018 — 9,148 $15,856 (34.9)% Contract settlement charge— 1,663 Cash income taxes, net of refunds$84 Three Months EndedJune 30, Supplemental Disclosure of Non-Cash Investing and Financing Activities: Cash Flows from Investing Activities: — 22,417 Three Months EndedJune 30, (974) 12,814 — 2,605 Interest accretion on landfill and environmental remediation liabilities1,440 9,148 0.05 74.8% 9.6% Southbridge Landfill closure charge172 Environmental remediation charge (3)— 72.8%Organics14,647 0.8% $1,995 Expense from acquisition activities and other items0.01 6,379 Dilutive effect of options and other stock awards— 28.5% 0.01 Six Months EndedJune 30, — (1.6)%Total Recycling(6,611) 2017 Southbridge Landfill closure charge— Southbridge Landfill closure charge$172 12,775 7.0%Customer solutions31,119 63.7% 2017Diluted earnings per common share$0.04 41,820 2018 61.5% 16,432 1.3%Commodity price and volume(84) Property, plant and equipment, net of accumulated depreciation and amortization378,782 Accounts payable54,623 1,939 $(53,900)Net income (loss) as a percentage of revenues1.0% $(53,675) 1.52 (18.7)%Provision (benefit) for income taxes45 4,993 (1,543) 100.0% Other income(342) 29,717 43,762 Cash and cash equivalents, beginning of period1,995 37,638 6.5% 1,256 $35,492 Net cash provided by (used in) financing activities9,877 2018 (1,451)Proceeds from the exercise of share based awards398 1.0%Processing3,768 20.6%Depreciation and amortization(17,386) — Contract settlement costs (i)— (3,177)Proceeds from sale of property and equipment469 16,687 64,114 Charlton settlement charge (4)— 1.4%Solid waste operations235,381 — 2018 $(1.29) — Collection$3,250 (3,749) $(1.28) 2,100 15,868 64,114 29,717 Total current assets96,875 2017 6,282 Amortization of debt issuance costs and discount on long-term debt1,290 7,352 1,320 2,862 1,939 — 821 $61,730 Adjusted Net Income$9,554 — 23.4% 33,370 Changes in assets and liabilities, net of effects of acquisitions and divestitures(4,480) 469 4,370 (29,717)Depletion of landfill operating lease obligations(2,601) 2018 75.7% (35,492) — Changes in assets and liabilities, net of effects of acquisitions and divestitures(1,318)Gain on sale of property and equipment224 Depreciation and amortization17,386 41,811 — % of SolidWasteOperations 36,562 CURRENT ASSETS: 9.9%Recycling19,757 71.7%Organics26,847 $— $2,813 Six Months EndedJune 30, $0.22 50.5% Gain on sale of property and equipment(370) 2,605 — Diluted earnings per common share$0.04 2017 382 7,352 42,516 316 Other accrued liabilities39,324 1,759 (0.1)%Acquisitions, net divestitures4,875 4.9% Other long-term liabilities89,453 197,063 Twelve Months Ended June 30, 2018 % of TotalRevenueCollection$141,039 $16,835 2.1%Disposal1,527 32,846 $(1.28) 6.3% 349 12,663 Six Months EndedJune 30, 1.0%Solid Waste Price4,777 $16,095 318 Southbridge Landfill closure charge (1)172 1,554 $9,638 64,114 19,735 1,165 The Company’s capital expenditures are broadly defined as pertaining to either growth, replacement or non-recurring activities. Growth capital expenditures are defined as costs related to development of new airspace, permit expansions, and new recycling contracts along with incremental costs of equipment and infrastructure added to further such activities. Growth capital expenditures include the cost of equipment added directly as a result of organic business growth as well as expenditures associated with adding infrastructure to increase throughput at transfer stations and recycling facilities. Replacement capital expenditures are defined as landfill cell construction costs not related to expansion airspace, costs for normal permit renewals, and replacement costs for equipment due to age or obsolescence. Non-recurring capital expenditures are defined as costs of equipment added directly as a result of new business growth related to an acquisition or assumption of significant new customers from a distressed or defunct market participant.Source: RUTLAND, Vt., Aug. 02, 2018 (GLOBE NEWSWIRE) — Casella Waste Systems, Inc​ www.casella.com(link is external) 41,698 $(2,206) $(0.05) 41,811 1,132 Adjusted Diluted Weighted Average Common Shares Outstanding43,916 $20,505 2,100 (4,993) Acquisitions, net of cash acquired(19,369) — $0.26 $(53,900)Adjustments to reconcile net loss to net cash provided by operating activities: 2017 Adjusted Operating Income as a percentage of revenues9.5% $12,666 588 43.1%Disposal47,246 CURRENT LIABILITIES: Development project charge— — — $189 27.4%Power generation1,295 Loss on debt extinguishment7,352 12,090 Components of capital expenditures (i) for the three and six months ended June 30, 2018 and 2017 are as follows: (0.7)% Replacement Capital Expenditures24,568 1.53 $48,079 (15,868) 974 118 1,137 Total current liabilities95,743 — (0.1)% — 2017Cash Flows from Operating Activities: 42,830 December 31,2017ASSETS(Unaudited) Three Months EndedJune 30, 6,282 Price(4,182) 60.8% (30,037)Cash Flows from Financing Activities: $0.25 Operating expenses: Non-recurring capital expenditures (iv)1,607 Adjusted EBITDA$37,097 (24,548)Payments on landfill operating lease contracts(2,958) Amount (326) $287,818 2018 $9,589 (53,489)Provision (benefit) for income taxes45 25.5%Power generation3,094 0.01 Capital expenditures(26,574) CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF 2018 OUTLOOK NON-GAAP MEASURES(Unaudited)(In thousands)Following is a reconciliation of the Company’s anticipated Adjusted EBITDA from anticipated Net income for the fiscal year ending December 31, 2018: 28,452 2018 (2,200) Six Months EndedJune 30, (3,177)Proceeds from sale of property and equipment127 8,341 41,698 382 % of TotalCompanySolid Waste Operations: $11,575 $13,430 534 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) 73,454 100.0% — Cash and cash equivalents$2,092 (405)Other expense, net13,400 Development project charge— 40,009 Three Months EndedJune 30, 2,100 138 0.5% 2017Net income (loss)$1,704 8.1% Six Months EndedJune 30, 6,002 15,986 — 2017Growth Capital Expenditures$399 7.2%Customer solutions15,950 100.0% 2,100 12,814 — Twelve Months Ended June 30, 2018Net cash provided by operating activities$115,608 Supplemental Disclosure of Cash Flow Information: Consolidated EBITDA$140,144 Provision for income taxes, net of deferred taxes(673)Adjustments as allowed by the credit agreement20,532 $12,281 — (3,467) 8.6% (Anticipated)Fiscal Year Ending December 31, 2018Net cash provided by operating activities$112,000 – $116,000Capital expenditures(74,000)Payments on landfill operating lease contracts(7,500)Proceeds from sale of property and equipment(500)Free Cash Flow$30,000 – $34,000Contract settlement costs (i)2,100Landfill closure, site improvement and remediation expenditures (ii)3,000Expense from acquisition activities and other items (iii)400Non-recurring capital expenditures (iv)6,500Normalized Free Cash Flow$42,000 – $46,000 $0.22 588 411 Three Months EndedJune 30, Development project charge311 64,114 47,081 517 Cash interest$11,423 Our credit agreement requires us to maintain a maximum consolidated net leverage ratio, to be measured at the end of each fiscal quarter (“Consolidated Net Leverage Ratio”). The Consolidated Net Leverage Ratio is calculated as consolidated long-term debt and capital leases, net of unencumbered cash and cash equivalents in excess of $2,000 (“Consolidated Funded Debt, Net”, calculated at $515,900 as of June 30, 2018, or $515,992 of consolidated long-term debt and capital leases, less $92 of cash and cash equivalents in excess of $2,000 as of June 30, 2018), divided by consolidated EBITDA as defined by our credit agreement (“Consolidated EBITDA”). Consolidated EBITDA is based on operating results for the twelve months preceding the measurement date of June 30, 2018. A reconciliation of Consolidated EBITDA from Net cash provided by operating activities is as follows: — — 65,953 Solid waste internalization rates by region for the three and six months ended June 30, 2018 and 2017 are as follows: 18,794 1.4% (24,548)Payments on landfill operating lease contracts(3,467) $614,949 1.3% 112,171 $40,009 84,380 11,005 Six Months EndedJune 30, Non-cash expense from acquisition activities and other items(211)Developmental project charge(311)Loss on debt extinguishment(7,352)Stock based compensation(7,718)Southbridge Landfill non-cash closure charge(1,273)Interest expense, less amortization of debt issuance costs and discount on long-term debt22,636 — $(2,206) 3.2%Total Solid Waste13,281 $29,333 10.5%Total revenues$165,649 (2,409) (4,173)Interest accretion on landfill and environmental remediation liabilities(1,440) 33,370 41,698 2018 $64,114 Cash and cash equivalents, end of period$2,092 $24,548 — —% (53,281) 2,544 Depreciation and amortization17,386 517 Adjusted EBITDA as a percentage of revenues22.4% (40,714)Other expense (income): Southbridge Landfill closure charge172 3.1%Collection526 $(1.29)Loss on debt extinguishment0.17 Six Months Ended June 30, $(0.05) % ofRelatedBusiness $(2,206) Following is a reconciliation of the Company’s anticipated Free Cash Flow and Normalized Free Cash Flow from anticipated Net cash provided by operating activities for the fiscal year ending December 31, 2018: 118 4.3% 176 We performed a test of recoverability under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, which indicated that the carrying value of our asset group that includes the Southbridge Landfill was no longer recoverable and, as a result, the asset group was assessed for impairment with an impairment charge allocated to the long-lived assets of the Southbridge Landfill in accordance with FASB ASC 360.We wrote-off deferred costs associated with Southbridge Landfill permitting activities no longer deemed viable.We recorded an environmental remediation charge associated with the future installation of a municipal waterline.We established a reserve associated with settlement of the Town of Charlton’s claim against us.We incurred legal and other transaction costs associated with various matters as part of the Southbridge Landfill closure.CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESRECONCILIATION OF CERTAIN NON-GAAP MEASURES(Unaudited)(In thousands)Following is a reconciliation of Adjusted EBITDA and Adjusted Operating Income from Net income (loss): 16,211 (431) Depletion of landfill operating lease obligations4,993 122,605 Free Cash Flow$5,880 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) Net income (loss)$1,704 75.2% 2017 Project development charge (2)— (405)Loss on debt extinguishment7,352 328,532 % of TotalRevenue $10,801 (326) (27) 0.01 Stock-based compensation4,198 41,811 4.3% (1,939)Adjusted Operating Income$15,670 Development project charge— 117,000 9,276 0.7%Processing35 14,629 Net loss$(2,206) $287,818 $614,949 1.8% $(53,675) 42,948 63,526 8,149 (15.0)% 1.0% $1,759 15,868 4,173 % of RecyclingOperations 0.4%Disposal1,104 (25.8)% 1.4% Depletion of landfill operating lease obligations2,601 2018 (40.8)% — Six Months EndedJune 30, $(1.28) 4,173 543 2018 1.3%Solid waste operations125,452 2,409 2017Eastern region50.6% 55.8% 2017 52.0%Western region75.0% The aggregate tax effect of the adjustments, including any impact of deferred tax adjustments.Following is a reconciliation of Adjusted Diluted Earnings Per Common Share from Diluted earnings per common share: 2017 206,301 $11,049 2018 1,220 Capital Expenditures$26,574 Net cash used in investing activities(57,859) 46 2018 64,114 2018 $154,016 $973 (431) Other non-current assets12,796 Interest expense, net6,390 % of TotalRevenueCollection$74,564 11.4%Total revenues$313,104 176 Adjusted Diluted Earnings Per Common Share$0.22 Landfill development11,087 % of TotalRevenue 297,118 Proceeds from long-term borrowings528,900 Vehicles, machinery, equipment and containers12,720 Six Months EndedJune 30, 2017Net income (loss)$1,704 0.17 (Anticipated)Fiscal Year Ending December 31, 2018Net income$23,481 – $27,481Interest expense, net25,500Expense from acquisition activities and other items349Southbridge Landfill closure charge1,759Contract settlement charge2,100Development project charge311Depreciation and amortization65,000Depletion of landfill operating lease obligations11,000Interest accretion on landfill and environmental remediation liabilities5,500Adjusted EBITDA$135,000 – $139,000 (2.7)%Volume(2,429) (4.3)%Total Company$11,633 Cost method investments12,333 Contract settlement charge— $2,685 2018 Casella Waste Systems Inc,Vermont Business Magazine Casella Waste Systems, Inc (NASDAQ: CWST), a regional solid waste, recycling and resource management services company based in Rutland, today reported its financial results for the three month period ended June 30, 2018. For the quarter, revenues were $165.6 million, up $11.6 million, or 7.6%, from the same period in 2017, with revenue growth mainly driven by: robust collection and disposal pricing; higher solid waste volumes; higher organics and customer solutions volumes; and the roll-over impact from acquisitions; partially offset by lower recycling commodity prices and volumes. Shares were trading at $26.745, down -$1.355 (-4.82%) Friday mid-morning. The 52-week range is $15.460 – $28.360.Net income was $1.7 million for the quarter, or $0.04 per diluted common share for the quarter, an increase in net income of $55.4 million, as compared to net loss of $(53.7) million, or $(1.28) per diluted common share for the same period in 2017. Adjusted Net Income was $9.6 million for the quarter, or Adjusted Diluted Earnings Per Common Share* of $0.22 for the quarter, as compared to Adjusted Net Income of $10.8 million, or Adjusted Diluted Earnings Per Common Share of $0.25 for the same period in 2017.Second Quarter and Year-To-Date Highlights:Revenues were $165.6 million for the quarter, up $11.6 million, or 7.6%, from the same period in 2017.Overall solid waste pricing for the quarter was up 4.3%, driven by strong collection pricing, up 4.9%, and robust landfill pricing, up 4.1%, from the same period in 2017.Net income was $1.7 million for the quarter, an increase of $55.4 million from the same period in 2017.Adjusted Net Income* was $9.6 million for the quarter, down $(1.2) million from the same period in 2017.Adjusted EBITDA was $37.1 million for the quarter, up $1.0 million, or 2.8%, from the same period in 2017.Net cash provided by operating activities was $48.1 million year-to-date, up $8.1 million, or 20.2%, from the same period in 2017.Normalized Free Cash Flow was $16.1 million year-to-date, up $2.7 million, or 19.8%, from the same period in 2017.The Company has acquired approximately $19.0 million of annualized revenues year-to-date, and is on track to exceed its target range for 2018 given its near-term pipeline.“We had another strong operational quarter, as we continued to execute well against our key strategies as part of our 2021 plan,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “We remain focused on driving Normalized Free Cash Flow growth by increasing landfill returns, improving collection profitability, creating incremental value through resource solutions, using technology to drive profitable growth and efficiencies, and allocating capital to balance delevering with strategic growth.”“Year-to-date, Normalized Free Cash Flow grew by 19.8%, which is outpacing the target range set in our 2021 plan and reflects our continued success to date executing against our key strategies,” Casella said.  “This robust growth was driven by strong pricing execution in our solid waste operations, sourcing new volumes at higher prices, and execution against our acquisition strategy.”“Our disciplined solid waste pricing programs continued to add value, with collection pricing up 4.9% and landfill pricing up 4.1%,” Casella said.  “This strong pricing was coupled with 1.5% solid waste volume growth, mainly driven by higher volumes in the collection line-of-business coupled with the completion of a one-time soil remediation job that started in the first quarter.”“We continue to make substantial progress ramping up our acquisition pipeline and we are actively working on target acquisitions with over $40 million of annual revenues, ” Casella said. “We are focused on acquiring well run businesses in strategic markets that will drive additional internalization to our landfills.  We are also focused on more effectively optimizing waste placement around the northeast as the ever-tightening disposal market is creating additional opportunity to source new volumes at higher prices.”“The recycling business continued to face headwinds as commodity pricing for recycled paper and cardboard declined further in the second quarter,” Casella said.  “Our average commodity revenue per ton was down roughly 55% year-over-year in the quarter, and down roughly 12% sequentially from the first quarter to the second quarter.  Commodity prices have stabilized in June and into July, and we are pleased that our trailing SRA fee is now fully recovering higher recycling costs in our hauling operations, albeit the program is designed to recover costs and as a result has pressured margins.  However, we are still absorbing all of the commodity pricing risk on several legacy third-party processing contracts at our recycling facilities, and our variable costs have increased as we have had to slow processing lines to improve quality while incurring higher transportation costs to deliver commodities to new markets.   Looking forward to 2019, we expect recycling to provide a positive tailwind even if commodity prices stay at historically low levels as several third-party recycling processing contracts will reset over the next twelve months.”The second quarter included: a $0.2 million Southbridge Landfill closure charge primarily related to on-going legal expenses; $0.3 million of expense from acquisition activities and other items; and a $7.4 million loss on debt extinguishment primarily related to the refinancing of our senior secured credit facility. The same period in 2017 included a $64.1 million Southbridge landfill closure charge associated with our decision to cease operations at the site by December 31, 2018.Operating income was $15.1 million for the quarter, as compared to operating loss of $(47.3) million for the same period in 2017. Adjusted Operating Income* was $15.7 million for the quarter, down $(1.2) million from the same period in 2017. Adjusted EBITDA was $37.1 million for the quarter, up $1.0 million from the same period in 2017, with growth mainly driven by improved performance in the Company’s collection and disposal lines-of-business, partially offset by a decline in the recycling line-of-business.For the six months ended June 30, 2018, revenues were $313.1 million, up $25.3 million, or 8.8%, from the same period in 2017, mainly driven by robust collection and disposal pricing, higher disposal volumes and higher volumes in our organics line-of-business, partially offset by lower commodity pricing and volumes.Net loss was $(2.2) million, or $(0.05) per diluted common share year-to-date, a decrease in net loss of $51.7 million, as compared to net loss of $(53.9) million, or $(1.29) per diluted common share for the same period in 2017.Operating income was $16.0 million year-to-date, as compared to operating loss of $(40.7) million for the same period in 2017. Adjusted Operating Income was $20.5 million year-to-date, down $(2.9) million from the same period in 2017. Adjusted EBITDA was $61.7 million year-to-date, up $2.5 million from the same period in 2017.Net cash provided by operating activities was $48.1 million year-to-date, as compared to $40.1 million for the same period in 2017. Normalized Free Cash Flow was $16.1 million year-to-date, as compared to $13.4 million for the same period in 2017. Normalized Free Cash Flow for the current year-to-date period included the following adjustments: a $2.1 million contract settlement cash outlay related to the termination of a recycling brokerage contract, $1.7 million of cash outlays related to the planned closure of the Southbridge landfill, $0.1 million of cash outlays related to potential acquisitions, and $2.6 million of capital expenditures related to acquisitions or the assumption of new customers from a distressed market participant.Outlook“Our solid waste, customer solutions and organics operations all continued to outperform budget in the second quarter and we expect this outperformance to continue through the remainder of the year,” Casella said.  “Despite the further deterioration of recycling commodity prices from the first quarter, and our expectation that commodity prices stay flat at the current historically low levels for the remainder of 2018, we have reaffirmed our Adjusted EBITDA and Normalized Free Cash Flow guidance ranges for the fiscal year ending December 31, 2018.  We have increased our revenue guidance range for the year given our higher cost recovery fees, including our SRA and Energy & Environmental fees, and higher organics volumes on a new transportation and disposal contract.”The estimated ranges are as follows:Revenues between $630 million and $640 million (increased from a range of $618 million to $628 million);Adjusted EBITDA between $135 million and $139 million; andNormalized Free Cash Flow between $42 million and $46 million.Adjusted EBITDA and Normalized Free Cash Flow related to the fiscal year ending December 31, 2018 are described in the Reconciliation of 2018 Outlook Non-GAAP Measures section of this press release.Conference call to discuss quarterThe Company will host a conference call to discuss these results on Friday, August 3, 2018 at 9:00 a.m. Eastern Time. Individuals interested in participating in the call should dial (877) 838-4153 or for international participants (720) 545-0037 at least 10 minutes before start time. The call will also be webcast; to listen, participants should visit Casella Waste Systems’ website at http://ir.casella.com(link is external) and follow the appropriate link to the webcast.A replay of the call will be available on the Company’s website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 174 7608) until 1:00 p.m. ET on August 10, 2018.About Casella Waste Systems, Inc.Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States. For further information, investors contact Ned Coletta, Chief Financial Officer at (802) 772-2239; media contact Joseph Fusco, Vice President at (802) 772-2247; or visit the Company’s website at http://www.casella.com(link is external).*Non-GAAP Financial MeasuresIn addition to disclosing financial results prepared in accordance with GAAP, the Company also discloses earnings before interest, taxes, and depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, the Southbridge Landfill closure charge, gains on asset sales, development project charges, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expense from acquisition activities and other items, gains on the settlement of acquisition related contingent consideration, proxy contest costs, as well as impacts from divestiture transactions (“Adjusted EBITDA”), which is a non-GAAP financial measure.The Company also discloses earnings before interest and taxes, adjusted for the Southbridge Landfill closure charge, gains on asset sales, development project charges, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expense from acquisition activities and other items, gains on the settlement of acquisition related contingent consideration, proxy contest costs, as well as impacts from divestiture transactions (“Adjusted Operating Income”), which is a non-GAAP financial measure.The Company also discloses net income (loss), adjusted for the U.S. tax reform impact, the Southbridge Landfill closure charge, gains on asset sales, development project charges, contract settlement charges, legal settlement costs, tax settlement costs, bargain purchase gains, asset impairment charges, environmental remediation charges, severance and reorganization costs, expense from acquisition activities and other items, gains on the settlement of acquisition related contingent consideration, proxy contest costs, impacts from divestiture transactions, losses on debt modifications, as well as impairment of investments (“Adjusted Net Income”), which is a non-GAAP financial measure.The Company also discloses Adjusted Diluted Earnings Per Common Share, which is Adjusted Net Income divided by Adjusted Diluted Weighted Average Shares Outstanding, which includes the dilutive effect of options and restricted / performance stock units. Adjusted Diluted Earnings Per Common Share is a non-GAAP financial measure.The Company also discloses net cash provided by operating activities, less capital expenditures, less payments on landfill operating lease contracts, plus proceeds from divestiture transactions, plus proceeds from the sale of property and equipment, plus proceeds from property insurance settlement, plus (less) contributions from (distributions to) noncontrolling interest holders (“Free Cash Flow”), which is a non-GAAP financial measure.The Company also discloses Free Cash Flow plus certain cash outflows associated with landfill closure, site improvement and remediation expenditures, plus certain cash outflows associated with new contract and project capital expenditures, plus certain cash outflows associated with contract settlement costs, plus certain cash outflows associated with expense from acquisition activities and other items, plus certain cash outflows associated with capital expenditures related to acquisitions or assumption of new customers from a distressed or defunct market participant, (less) plus cash (inflows) outflows associated with certain business dissolutions, plus cash interest outflows associated with the timing of refinancing transactions (“Normalized Free Cash Flow”), which is a non-GAAP financial measure.The Company also discloses net cash provided by operating activities, plus changes in assets and liabilities, net of effects of acquisitions and divestitures, gains on sale of property and equipment, environmental remediation charges, losses on debt extinguishment, stock based compensation expense, development project charges, the non-cash Southbridge Landfill closure charge, interest expense – less amortization, provisions for income taxes, net of deferred taxes, and adjustments as allowed by the Company’s credit facility agreement (“Consolidated EBITDA”) and total long-term debt and capital leases, less unencumbered cash and cash equivalents in excess of $2.0 million (“Consolidated Funded Debt, Net” and, divided by Consolidated EBITDA, the “Consolidated Net Leverage Ratio”), which are non-GAAP financial measures.Adjusted EBITDA, Adjusted Operating Income and Adjusted net income are reconciled to net income (loss); Adjusted Diluted Earnings Per Common Share is reconciled to diluted earnings per common share; Free Cash Flow, Normalized Free Cash Flow and Consolidated EBITDA are reconciled to net cash provided by operating activities; and Consolidated Funded Debt, Net is reconciled to total long-term debt and capital leases.The Company presents Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio because it considers them important supplemental measures of its performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company’s results. Management uses these non-GAAP financial measures to further understand its “core operating performance.” The Company believes its “core operating performance” is helpful in understanding its ongoing performance in the ordinary course of operations. The Company believes that providing Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing its performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations has performed. The Company further believes that providing this information allows its investors greater transparency and a better understanding of its core financial performance.Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Free Cash Flow, Normalized Free Cash Flow, Consolidated EBITDA, Consolidated Funded Debt, Net and the Consolidated Net Leverage Ratio presented by other companies.CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except for per share data) Includes a contract settlement cash outlay associated with exiting a contract.Includes cash outlays associated with the Southbridge Landfill closure.Includes cash outlays associated with potential acquisition activities.Includes capital expenditures related to acquisitions or assumption of new customers from a distressed or defunct market participant.Following is the Consolidated Net Leverage Ratio* and the reconciliations of Consolidated Funded Debt, Net* from long-term debt and capital leases and Consolidated EBITDA* from Net cash provided by operating activities: 0.01 31,927 2017 — 2,906 Legal and transaction costs (5)172 585 —last_img read more

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What Do Benjamin Franklin, Elizabeth Warren and Tim Duncan Have in Common?

first_imgThe New York Times:The study was almost laughably arcane: Air Force cadets’ pupils tended to dilate more when they read cartoons they thought were funny than for ones they didn’t think were funny.But the real punch line of this 1978 experiment — “Pupillary size as an indicator of preference in humor,” published in the journal Perceptual and Motor Skills — is what became of one of the authors, listed as Sullenberger, C. B.Chesley B. Sullenberger III is the retired airline captain who safely landedUS Airways Flight 1549 in the Hudson River in 2009 and the hero of the new Clint Eastwood-directed movie “Sully.” By virtue of publishing his small experiment, he is also a member of an unusual club. Call it the you’ll-never-guess-who-wrote-that collection of authors of psychology studies.In a paper in the journal Perspectives on Psychological Science, two psychology trivia buffs selected 78 published psychology papers from unlikely authors, from a 1784 report by Benjamin Franklin and others — on the fantastical claims of the physician Franz Mesmer about animal magnetism and what would become known as hypnotism — through a physicist’s 2013 debunking of a proposed “optimal ratio” of positive to negative emotions. In between is a gallery of improbable contributors, including politicians on the left and right (Senator Elizabeth Warren of Massachusetts, Tom DeLay), actors, a Supreme Court chief justice, three pygmy chimpanzees, and perhaps the greatest power forward in basketball history.Read the whole story: The New York Times More of our Members in the Media >last_img read more

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Skipping measles vaccine tied to triple risk of disease spread

first_imgAn analysis of 16 years’ worth of confirmed measles cases in the United States to better understand transmission patterns found that unvaccinated people are about three to four times more infectious than those with measles who have gotten one or two doses and that pockets of unvaccinated people are fertile ground for superspreading events.Factors apart from vaccination—such as contact patterns, high population density, and reduced or declining antibody levels—can contribute to measles transmission. The authors said the goal of the study was to more clearly tease out transmission, which could help target public health resources for preventing and controlling the disease.A team led by experts from the US Centers for Disease Control and Prevention (CDC) and including researchers from Britain and Australia, reported its findings today in JAMA Pediatrics.Transmissibility and superspreadersFor the study, the group examined 2,218 cases of measles in US residents and international travelers that were reported from 2001 through 2017.Transmissibility, defined at the effective reproduction number (R), was 0.76 in people who had received no measles vaccine doses, 0.17 in those who had gotten one dose, and 0.27 in those who had received two or more doses. The R was 0.52 for those with unknown vaccination status.For patients born before 1957, R was 0.35, and for people born on or after 1957, R was 0.64.Other findings included higher transmissibility in children 5 to 17 years old who had primary or secondary measles, compared with other age-groups. The researchers found that transmission is concentrated in unvaccinated primary and secondary cases.There were 23 possible superspreading events, and 19 of 23 superspreaders were unvaccinated, with vaccination unknown for the other 4. Superspreading events during 16 outbreaks had a median size of 21 cases and a median duration of 44 days, occurring mostly in close-contact settings such as hospitals, households, and schools.Vaccine refusal and increased transmissionThough the measles vaccine is highly effective, ranging from 93% for one dose and 97% for two doses, the authors said their findings also suggest an association of vaccination with limiting disease communicability. They added that the patterns they found underscore the fact that US measles transmission is driven by a failure to vaccinate rather than a failure of vaccine performance.Also, the low transmissibility they found in adults born when measles was still endemic—assuming that many were naturally infected— supports the use of birth date before vaccine introduction as presumptive evidence of measles immunity in elimination settings, they wrote.Higher transmission among school-aged contacts shows that school-aged kids are a primary conduit of measles transmission in the United States, underscoring the importance of policies aimed at reaching high two-dose coverage in that age-group, the authors said.See also:Nov 18 JAMA Pediatr abstractlast_img read more

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Management Changes Coming in Goodyear Retail Operations

first_imgLSI President Brett Tennar says, “Steve’s success in developing operational strategies that improves the bottom line, builds teamwork, reduces waste and ensures quality product development and distribution checks many of the boxes of what we were looking for in a COO. This, coupled with his career in the Air Force working with highly technical systems and his in-depth understanding of Lean Six Sigma and Business Process Management sealed our offer. As our tagline states, our products are Powered by Science. This data driven approach is one reason why our company has grown exponentially as we employ the most advanced technology to product development. I am confident that Steve is the right person to drive operational strategy for our diverse and growing brands.” Advertisement DeMoulpied has a Bachelor of Science degree in Engineering Management from the United States Air Force Academy and a Master of Business Administration degree from the University of Dayton in Marketing and International Business. He served six years with the USAF overseeing the development of technology used on fighter aircraft and the E-3 Surveillance aircraft, finishing his career honorably as Captain. DeMoulpied comes to LSI from the Private Client Services practice of Ernst & Young where he managed strategy & operations improvement engagements for privately held client businesses. Some of his prior roles include VP of strategic development, director of strategic initiatives, and Lean Six Sigma Master Black Belt at OptumHealth, UnitedHealth Group’s health services business, as well as Lean Six Sigma Black Belt at General Electric, where he applied operations improvement principles to customer service, supply chain and product development. A successful entrepreneur, deMoulpied is also the founder of PrestoFresh, a Cleveland-based e-commerce food/grocery business.  From Staff & Wire Reports AdvertisementClick Here to Read MoreAdvertisementAKRON, OHIO — E.A. “Chip” Sterosky, general manager of countrywide retail, has announced his retirement from the retail operations division of the Goodyear Tire & Rubber Co. Sterosky started with Goodyear as a store manager in 1976 and has held various zone and regional positions since then. As a result of Sterosky’s retirement, management of the 624 Goodyear Auto Service Centers will be divided between Dave Cranston, general manager east, and Gary Sass, general manager west. Both will report to Mike Blackburn, general manager of retail operations. The position of manager of retail sales promotions, vacated by Sass, will also report to Blackburn. Goodyear’s retail operations division includes 763 company-owned tire stores, 139 of which are operated under the Just Tires retail format, according to Goodyear. _______________________________________ Click here to view the rest of today’s headlines.,Lubrication Specialties Inc. (LSI), manufacturer of Hot Shot’s Secret brand of performance additives and oils, recently announced the expansion of senior leadership. Steve deMoulpied joins LSI as the company’s chief operating officer (COO). AdvertisementClick Here to Read MoreAdvertisement With more than 20 years of experience across multiple industries and functional areas, deMoulpied has particular expertise in organizations with complex technical products. Combined, his prior positions have required a spectrum of skills in corporate strategy, operations improvement, product quality, and revenue cycle management. He has an impressive history of utilizing data driven problem solving (Lean Six Sigma) and project management (PMP and CSM) to achieve strategic goals surrounding customer satisfaction, operational efficiency and improved profit. last_img read more

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County: Library Policies Go To Council Tuesday

first_imgCOUNTY News:Los Alamos County Council will be voting to adopt revisions to library policies at the Nov. 26 Council Meeting.The library policies have not been revised since 2010.Over several months, the Library Board conducted a systematic review of the library policies in parallel with an internal review by library management and approved revisions to the policies at the Nov. 4 Library Board Meeting.Key policy changes include revision of policies related to photographing or videotaping in the library, donations, public access computing including Internet use and meeting space.See the Nov. 26 Council agenda packet for detailed information.last_img read more

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Mogul status

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

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Dark Relationship Explored In Melodrama ‘Daddy’

first_img“Daddy.” Independent/Matt SaundersIf you smell disgust and contempt in the air while viewing Jeremy O. Harris’s new play “Daddy,” subtitled “A Melodrama,” you’re still breathing.Daddy, the inimitable Alan Cumming (Andre), is a very wealthy man who flaunts everything he has to flaunt. His art collection, described by the young African American artist he’s picked up, is “cool, like, amazing . . . or whatever. But it’s like, yeah, you have money but curatorially the taste is like, booty . . .” Franklin (Ronald Peet) observes.Great choice of words! “Booty,” a slang expression for black ass, speaks to what matters in Franklin’s world, and at the same time to Andre’s fetishism. But, despite all their talking, they don’t share a lot of tangible information about themselves . . . who they are, where they come from, what they do.We learn that they met at a club, and we see that things started happening very quickly after that. Andre showers Franklin with presents; they take drugs, have sex in Andre’s swimming pool, and talk about having sex, while Franklin noticeably squirms at Andre’s prurience, his spankings, and persistent aggression.Surrounding the central couple are Franklin’s friends, the ultra-cool, air head Bellamy (Kahyun Kim), and the obnoxious, and apparently jealous, Max. As played by Tommy Dorfman, he is the most reasonable character here, as he recognizes that there is something seminally wrong with Franklin’s new relationship.In addition, a gospel choir (Carrie Compere, Denise Manning, Onyie Nwachukwu) appears at the height of Andre’s sexual advances, and underscoring Franklin’s cries for his daddy. That these actors/singers also double as domestic help and artist assistants brings to mind Tony Kushner’s musical, “Carolyn or Change.”The gospel singers represent an essence of African American culture in domestic and family life. That connection is clearly made when Franklin’s mother, portrayed by the beguiling Charlayne Woodward, arrives, megaphone in hand, leading the singers into Andre’s pool. It’s a riot, as if the high-priestess mom still needs to baptize her son to win his obedience. Sadly, he rebuffs Zora’s efforts to rescue him from Andre’s narcissistic, possessive, and usurious ways.As Franklin spirals downward from a sensitive, self-questioning young artist to feeling rubbed off and lost, his art work also evolves into frightening, life-size representations of himself, Andre, and his mother. But these soft sculptures look primitive, and typical of early folk art, conceivably the work of American slaves.Regardless, the overwhelming impression that one is left with is a scathing indictment on the way gay men live, and specifically the dyad of the older man/younger man. In spite of Montana Levi Blanco’s imaginative, upscale costumes, Andre prefers nudity.The production, interestingly, is helmed by a gifted female director, Danya Taymor.All of the action takes place in, and around the swimming pool outside Andre’s contemporary fortress of a home. In fact, the production values are so high end, it looks like it was produced by Netflix for the stage.The CakeDefinitely a Hallmark play, “The Cake” lives fashionably in that zone where people-friendly, shallow social acknowledgements thrive.In fact, it’s an adorable, entertaining confection, with a great role for Debra Jo Rupp. As a stage actress, Rupp is known for her comedic range, as she demonstrated in the one-woman show, “Becoming Dr. Ruth.” Regardless of her numerous television roles, she remains an actress better known for the characters she plays than by her own name. Still, her voice, which sounds like it’s syphoned through a tin can, and her high-pitched giggle, remain distinctive.Here, as Southern baker Della, a pastry chef bar none, Rupp’s comedic appetite gets piqued. Bouncing up and down in her bakery, the one that barely supports itself, she’s practicing for her appearance as a contest on a television baking show. To her dismay, she loses the gig when she’s exposed for refusing to bake the cake for a same-sex marriage.It’s actually the wedding of the little girl whom she had adored from the day she was born, and her African American girlfriend from New York City, a tell-all journalist, with a barb apparently, splendidly played by Marinda Anderson. As Jen, her bride and Della’s dear friend, Genevieve Angelson is a blushing ingenue and a nice guy.And as Della’s husband, the one who plumbs for a living, but can’t get it up at home, Dan Daily pulls off a surprising jest. Underlying the great debate over marriage, Della and Tim face the apathy that comes after many years of living together. That we see how they change also speaks to the wonders of marriage.Designer John Lee Beatty knows kitsch, particularly when it comes to wallpaper. Playwright Bekah Brunstetter has a fanciful way of addressing social issues. Slickly directed by Lynne Meadow. Sharelast_img read more

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MOX to raise production capacity

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

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ASCO develops dry ice ray technology

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

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Wärtsilä divests its pumps business

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

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