Clean Harbors Announces Second-Quarter 2024 Financial Results
Clean Harbors (NYSE: CLH) reported strong Q2 2024 financial results, with revenue increasing 11% to $1.55 billion and net income growing 15% to $133.3 million. The company achieved a 14% growth in Adjusted EBITDA to $327.8 million with a margin of 21.1%. Environmental Services segment led growth with a 12% revenue increase and 18% Adjusted EBITDA growth. Safety-Kleen Sustainability Solutions rebounded from Q1 with 8% revenue growth. Clean Harbors raised its full-year 2024 Adjusted EBITDA guidance to a range of $1.125 billion to $1.165 billion, representing 13% year-over-year growth. The company expects Q3 2024 Adjusted EBITDA to grow 20% to 24% from Q3 2023.
Clean Harbors (NYSE: CLH) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un aumento dei ricavi dell'11% a 1,55 miliardi di dollari e un incremento del reddito netto del 15% a 133,3 milioni di dollari. L'azienda ha registrato una crescita del 14% nell'EBITDA rettificato, raggiungendo i 327,8 milioni di dollari con un margine del 21,1%. Il segmento Servizi Ambientali ha guidato la crescita con un aumento dei ricavi del 12% e una crescita dell'EBITDA rettificato del 18%. Safety-Kleen Sustainability Solutions ha mostrato una ripresa rispetto al primo trimestre con una crescita dei ricavi dell'8%. Clean Harbors ha alzato la sua previsione per l'EBITDA rettificato per l'intero anno 2024 a un intervallo di 1,125 miliardi a 1,165 miliardi di dollari, rappresentando una crescita del 13% rispetto all'anno precedente. L'azienda prevede che l'EBITDA rettificato del terzo trimestre 2024 crescerà dal 20% al 24% rispetto al terzo trimestre 2023.
Clean Harbors (NYSE: CLH) reportó fuertes resultados financieros para el segundo trimestre de 2024, con un aumento del 11% en los ingresos a 1,55 mil millones de dólares y un crecimiento del 15% en la utilidad neta a 133,3 millones de dólares. La compañía logró un crecimiento del 14% en el EBITDA ajustado, alcanzando los 327,8 millones de dólares con un margen del 21,1%. El segmento de Servicios Ambientales lideró el crecimiento con un aumento del 12% en los ingresos y un crecimiento del 18% en el EBITDA ajustado. Safety-Kleen Sustainability Solutions se recuperó del primer trimestre con un crecimiento del 8% en los ingresos. Clean Harbors elevó su guía de EBITDA ajustado para todo el año 2024 a un rango de 1,125 mil millones a 1,165 mil millones de dólares, lo que representa un crecimiento del 13% interanual. La compañía espera que el EBITDA ajustado del tercer trimestre de 2024 crezca entre el 20% y el 24% en comparación con el tercer trimestre de 2023.
클린 하버스(Clean Harbors, NYSE: CLH)는 2024년 2분기 재무 실적을 발표했으며, 매출이 11% 증가하여 15억 5천만 달러에 달하고 순이익이 15% 증가하여 1억 3,330만 달러에 달했습니다. 회사는 조정 EBITDA가 14% 증가하여 3억 2,780만 달러에 도달하고 마진은 21.1%에 이릅니다. 환경 서비스 부문이 12%의 매출 증가와 함께 18%의 조정 EBITDA 성장을 주도했습니다. 세이프티 클린 지속 가능성 솔루션(Safety-Kleen Sustainability Solutions)은 1분기 이후 8%의 매출 성장을 보이며 반등했습니다. 클린 하버스는 2024년 전체 연도 조정 EBITDA 예상치를 11억 2,500만 달러에서 11억 6,500만 달러로 상향 조정했습니다, 이는 전년 대비 13%의 성장에 해당합니다. 회사는 2024년 3분기 조정 EBITDA가 2023년 3분기보다 20%에서 24% 성장할 것으로 기대하고 있습니다.
Clean Harbors (NYSE: CLH) a rapporté de bons résultats financiers pour le deuxième trimestre de 2024, avec une augmentation des revenus de 11% à 1,55 milliard de dollars et une croissance du bénéfice net de 15% à 133,3 millions de dollars. L'entreprise a réalisé une croissance de 14% de l'EBITDA ajusté, atteignant 327,8 millions de dollars avec une marge de 21,1%. Le segment des services environnementaux a conduit la croissance avec une hausse des revenus de 12% et une croissance de 18% de l'EBITDA ajusté. Safety-Kleen Sustainability Solutions a rebondi par rapport au premier trimestre avec une croissance des revenus de 8%. Clean Harbors a relevé sa prévision d'EBITDA ajusté pour l'année 2024 à une fourchette de 1,125 milliard à 1,165 milliard de dollars, représentant une croissance de 13% par rapport à l'année précédente. L'entreprise s'attend à ce que l'EBITDA ajusté pour le troisième trimestre 2024 croisse de 20% à 24% par rapport au troisième trimestre 2023.
Clean Harbors (NYSE: CLH) berichtete über starke Finanzzahlen für das 2. Quartal 2024, mit einem Umsatzanstieg von 11% auf 1,55 Milliarden Dollar und einem Nettoergebniswachstum von 15% auf 133,3 Millionen Dollar. Das Unternehmen erzielte ein EBITDA von 14% auf 327,8 Millionen Dollar mit einer Marge von 21,1%. Das Segment Umweltdienstleistungen führte das Wachstum mit einem Umsatzanstieg von 12% und einem EBITDA-Wachstum von 18% an. Safety-Kleen Nachhaltigkeitslösungen erholten sich im Vergleich zum 1. Quartal mit einem Umsatzwachstum von 8%. Clean Harbors hat seine EBITDA-Prognose für das Gesamtjahr 2024 auf einen Bereich von 1,125 Milliarden bis 1,165 Milliarden Dollar angehoben, was einem Wachstum von 13% im Vergleich zum Vorjahr entspricht. Das Unternehmen erwartet, dass das EBITDA im 3. Quartal 2024 um 20% bis 24% im Vergleich zum 3. Quartal 2023 wachsen wird.
- Revenue increased 11% to $1.55 billion in Q2 2024
- Net income grew 15% to $133.3 million, or $2.46 per diluted share
- Adjusted EBITDA increased 14% to $327.8 million with a margin of 21.1%
- Environmental Services segment achieved 12% revenue growth and 18% Adjusted EBITDA growth
- Incineration utilization improved to 88% from 84% in Q2 2023
- Landfill tonnage increased 4% with a 5% increase in average price per ton
- Raised full-year 2024 Adjusted EBITDA guidance to $1.125 billion - $1.165 billion
- Expects Q3 2024 Adjusted EBITDA to grow 20% to 24% year-over-year
- Industrial Services revenue declined by 10% due to reduced turnaround activity
- Safety-Kleen Sustainability Solutions profitability was modestly lower than a year ago
Insights
Clean Harbors' Q2 2024 results demonstrate robust growth and operational strength. The company posted an 11% revenue increase to
The Environmental Services segment's performance was particularly impressive, with a
Looking ahead, Clean Harbors has raised its full-year 2024 Adjusted EBITDA guidance to a range of
Investors should note the company's strong free cash flow generation, with projected adjusted free cash flow between
Clean Harbors' Q2 results underscore the growing demand for environmental services and hazardous waste management. The
The improved incineration utilization rate of
The company's focus on sustainability initiatives, such as the partnership with Castrol for the MoreCircular offering, aligns well with the increasing emphasis on circular economy principles in the industry. This could provide a competitive edge and open up new revenue streams in the long term.
However, investors should monitor potential challenges such as regulatory changes, economic fluctuations affecting industrial clients and the integration of recent acquisitions like HEPACO. These factors could impact the company's growth trajectory and operational efficiency in the coming quarters.
Clean Harbors' Q2 performance reflects broader trends in the environmental services and waste management sectors. The strong growth in Environmental Services, particularly in Field Services and Technical Services, indicates increasing awareness and regulatory pressure for proper hazardous waste management across industries.
The rebound in the Safety-Kleen Sustainability Solutions (SKSS) segment, with an
The company's strategic acquisitions, such as HEPACO and Noble Oil, are positioning it well in the fragmented environmental services market. These moves could lead to increased market share and improved operational efficiencies through synergies.
Clean Harbors' focus on expanding its incinerator capacity and exploring new initiatives like Group III production and the Castrol partnership for MoreCircular offering demonstrate its commitment to capitalizing on emerging trends in sustainable waste management and circular economy principles.
Investors should keep an eye on macroeconomic factors that could impact industrial activity and, consequently, demand for Clean Harbors' services. Additionally, the company's ability to maintain pricing power in its core services will be important for sustaining margin improvements in a potentially inflationary environment.
-
Posts
11% Q2 Revenue Increase to$1.55 Billion -
Generates
15% Q2 Net Income Growth to$133.3 Million $2.46 -
Achieves
14% Growth in Q2 Adjusted EBITDA to$327.8 Million 21.1% - Raises Full-Year 2024 Adjusted EBITDA Guidance
“The positive trends that have contributed to the growth of our business in recent years continued in the second quarter, fueling an excellent performance that exceeded our expectations,” said Mike Battles, Co-Chief Executive Officer. “We delivered record Q2 revenue and Adjusted EBITDA while improving our margin 50 basis points from the same period a year ago. Our Environmental Services (ES) segment benefited from strong organic growth and the late March acquisition of HEPACO. Safety-Kleen Sustainability Solutions (SKSS) rebounded sequentially from the first quarter on improved base oil and lubricant pricing momentum. Our safety results for the quarter were consistent with the prior year as we achieved a YTD Total Recordable Incident Rate (TRIR) of 0.70.”
Second-Quarter Results
Revenues grew
Net income was
Adjusted EBITDA (see description and reconciliation below) grew
Q2 2024 Segment Review
“Our ES segment achieved a
“Within SKSS, we rebounded from a challenging Q1 with profitable growth on a sequential basis,” said Battles. “Revenue in this segment grew
Business Outlook and Financial Guidance
“We enter the second half of 2024 with healthy demand and momentum in our core disposal, recycling and service businesses,” Gerstenberg concluded. “Within Environmental Services, we believe that our record backlog, healthy project pipeline, upcoming incinerator opening and steady demand for our broad suite of services positions us well for continued success. Our new
In the third quarter of 2024, Clean Harbors expects Adjusted EBITDA to grow
-
Adjusted EBITDA in the range of
$1.12 5 billion$1.16 5 billion$1.14 5 billion13% growth year-over-year. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of$391 million $426 million -
Adjusted free cash flow in the range of
$350 million $390 million $370 million $65 million Kimball incinerator and$20 million Baltimore expansion. This range is based on anticipated net cash from operating activities in the range of$750 million $820 million
Non-GAAP Results
Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors because the Company’s management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA, which excludes certain expenses relating to transactions not reflective of our core operations, and because the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved. The Company defines Adjusted EBITDA consistent with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported GAAP net income and Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023 (in thousands, except percentages):
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Net income |
$ |
133,280 |
|
|
$ |
115,766 |
|
|
$ |
203,112 |
|
|
$ |
188,167 |
|
Accretion of environmental liabilities |
|
3,304 |
|
|
|
3,486 |
|
|
|
6,521 |
|
|
|
6,893 |
|
Stock-based compensation |
|
8,515 |
|
|
|
4,500 |
|
|
|
14,853 |
|
|
|
10,518 |
|
Depreciation and amortization |
|
100,504 |
|
|
|
89,697 |
|
|
|
195,569 |
|
|
|
174,455 |
|
Other expense, net |
|
167 |
|
|
|
1,283 |
|
|
|
1,308 |
|
|
|
1,167 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,362 |
|
Interest expense, net of interest income |
|
36,449 |
|
|
|
30,072 |
|
|
|
64,988 |
|
|
|
50,704 |
|
Provision for income taxes |
|
45,597 |
|
|
|
42,702 |
|
|
|
71,560 |
|
|
|
68,378 |
|
Adjusted EBITDA |
$ |
327,816 |
|
|
$ |
287,506 |
|
|
$ |
557,911 |
|
|
$ |
502,644 |
|
Adjusted EBITDA Margin |
|
21.1 |
% |
|
|
20.6 |
% |
|
|
19.0 |
% |
|
|
18.6 |
% |
Adjusted Free Cash Flow Reconciliation
Clean Harbors reports adjusted free cash flow, which is a non-GAAP financial measure that should not be considered an alternative to net cash from operating activities or other measurements under GAAP. The Company considers adjusted free cash flow to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.
An itemized reconciliation between reported GAAP net cash from operating activities and adjusted free cash flow is as follows for the three and six months ended June 30, 2024 and 2023 (in thousands):
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Adjusted free cash flow |
|
|
|
|
|
|
|
||||||||
Net cash from operating activities |
$ |
216,045 |
|
|
$ |
207,565 |
|
|
$ |
234,594 |
|
|
$ |
235,573 |
|
Additions to property, plant and equipment |
|
(135,110 |
) |
|
|
(122,612 |
) |
|
|
(273,023 |
) |
|
|
(204,298 |
) |
Proceeds from sale and disposal of fixed assets |
|
3,287 |
|
|
|
1,089 |
|
|
|
4,295 |
|
|
|
2,944 |
|
Adjusted free cash flow |
$ |
84,222 |
|
|
$ |
86,042 |
|
|
$ |
(34,134 |
) |
|
$ |
34,219 |
|
Adjusted EBITDA Guidance Reconciliation
An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):
|
For the Year Ending December 31, 2024 |
||
Projected net income |
|
to |
|
Adjustments: |
|
|
|
Accretion of environmental liabilities |
15 |
to |
14 |
Stock-based compensation |
27 |
to |
30 |
Depreciation and amortization |
405 |
to |
395 |
Interest expense, net |
145 |
to |
140 |
Provision for income taxes |
142 |
to |
160 |
Projected Adjusted EBITDA |
|
to |
|
Adjusted Free Cash Flow Guidance Reconciliation
An itemized reconciliation between projected GAAP net cash from operating activities and projected adjusted free cash flow is as follows (in millions):
|
For the Year Ending December 31, 2024 |
||
Projected net cash from operating activities |
|
to |
|
Additions to property, plant and equipment |
(410) |
to |
(440) |
Proceeds from sale and disposal of fixed assets |
10 |
to |
10 |
Projected adjusted free cash flow |
|
to |
|
Conference Call Information
Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 877.709.8155 or 201.689.8881 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is a leading provider of parts washers and environmental services to commercial, industrial and automotive customers, as well as North America’s largest re-refiner and recycler of used oil. Founded in 1980 and based in
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” “potential” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of the date of this press release only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed reports on Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.
CLEAN HARBORS, INC. AND SUBSIDIARIES |
|||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Revenues |
$ |
1,552,719 |
|
|
$ |
1,397,900 |
|
|
$ |
2,929,414 |
|
|
$ |
2,705,287 |
|
Cost of revenues: (exclusive of items shown separately below) |
|
1,035,542 |
|
|
|
947,512 |
|
|
|
2,006,612 |
|
|
|
1,879,026 |
|
Selling, general and administrative expenses |
|
197,876 |
|
|
|
167,382 |
|
|
|
379,744 |
|
|
|
334,135 |
|
Accretion of environmental liabilities |
|
3,304 |
|
|
|
3,486 |
|
|
|
6,521 |
|
|
|
6,893 |
|
Depreciation and amortization |
|
100,504 |
|
|
|
89,697 |
|
|
|
195,569 |
|
|
|
174,455 |
|
Income from operations |
|
215,493 |
|
|
|
189,823 |
|
|
|
340,968 |
|
|
|
310,778 |
|
Other expense, net |
|
(167 |
) |
|
|
(1,283 |
) |
|
|
(1,308 |
) |
|
|
(1,167 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,362 |
) |
Interest expense, net |
|
(36,449 |
) |
|
|
(30,072 |
) |
|
|
(64,988 |
) |
|
|
(50,704 |
) |
Income before provision for income taxes |
|
178,877 |
|
|
|
158,468 |
|
|
|
274,672 |
|
|
|
256,545 |
|
Provision for income taxes |
|
45,597 |
|
|
|
42,702 |
|
|
|
71,560 |
|
|
|
68,378 |
|
Net income |
$ |
133,280 |
|
|
$ |
115,766 |
|
|
$ |
203,112 |
|
|
$ |
188,167 |
|
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.47 |
|
|
$ |
2.14 |
|
|
$ |
3.77 |
|
|
$ |
3.48 |
|
Diluted |
$ |
2.46 |
|
|
$ |
2.13 |
|
|
$ |
3.75 |
|
|
$ |
3.46 |
|
Shares used to compute earnings per share - Basic |
|
53,932 |
|
|
|
54,092 |
|
|
|
53,931 |
|
|
|
54,084 |
|
Shares used to compute earnings per share - Diluted |
|
54,248 |
|
|
|
54,448 |
|
|
|
54,231 |
|
|
|
54,422 |
|
CLEAN HARBORS, INC. AND SUBSIDIARIES |
|||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(in thousands) |
|||||
|
June 30, 2024 |
|
December 31, 2023 |
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
401,992 |
|
$ |
444,698 |
Short-term marketable securities |
|
91,294 |
|
|
106,101 |
Accounts receivable, net |
|
1,089,832 |
|
|
983,111 |
Unbilled accounts receivable |
|
187,148 |
|
|
107,859 |
Inventories and supplies |
|
365,356 |
|
|
327,511 |
Prepaid expenses and other current assets |
|
93,440 |
|
|
82,939 |
Total current assets |
|
2,229,062 |
|
|
2,052,219 |
Property, plant and equipment, net |
|
2,408,647 |
|
|
2,193,318 |
Other assets: |
|
|
|
||
Operating lease right-of-use assets |
|
214,858 |
|
|
187,060 |
Goodwill |
|
1,482,085 |
|
|
1,287,736 |
Permits and other intangibles, net |
|
727,463 |
|
|
602,797 |
Other long-term assets |
|
74,833 |
|
|
59,739 |
Total other assets |
|
2,499,239 |
|
|
2,137,332 |
Total assets |
$ |
7,136,948 |
|
$ |
6,382,869 |
|
|
|
|
||
Current liabilities: |
|
|
|
||
Current portion of long-term debt |
$ |
15,102 |
|
$ |
10,000 |
Accounts payable |
|
447,940 |
|
|
451,806 |
Deferred revenue |
|
108,035 |
|
|
95,230 |
Accrued expenses and other current liabilities |
|
392,708 |
|
|
397,157 |
Current portion of closure, post-closure and remedial liabilities |
|
31,954 |
|
|
26,914 |
Current portion of operating lease liabilities |
|
65,901 |
|
|
56,430 |
Total current liabilities |
|
1,061,640 |
|
|
1,037,537 |
Other liabilities: |
|
|
|
||
Closure and post-closure liabilities, less current portion |
|
103,299 |
|
|
105,044 |
Remedial liabilities, less current portion |
|
95,458 |
|
|
97,885 |
Long-term debt, less current portion |
|
2,775,837 |
|
|
2,291,717 |
Operating lease liabilities, less current portion |
|
152,328 |
|
|
131,743 |
Deferred tax liabilities |
|
360,861 |
|
|
353,107 |
Other long-term liabilities |
|
145,804 |
|
|
118,330 |
Total other liabilities |
|
3,633,587 |
|
|
3,097,826 |
Total stockholders’ equity, net |
|
2,441,721 |
|
|
2,247,506 |
Total liabilities and stockholders’ equity |
$ |
7,136,948 |
|
$ |
6,382,869 |
CLEAN HARBORS, INC. AND SUBSIDIARIES |
|||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(in thousands) |
|||||||
|
Six Months Ended |
||||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
203,112 |
|
|
$ |
188,167 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
||||
Depreciation and amortization |
|
195,569 |
|
|
|
174,455 |
|
Allowance for doubtful accounts |
|
4,349 |
|
|
|
1,209 |
|
Amortization of deferred financing costs and debt discount |
|
2,937 |
|
|
|
2,718 |
|
Accretion of environmental liabilities |
|
6,521 |
|
|
|
6,893 |
|
Changes in environmental liability estimates |
|
3,963 |
|
|
|
387 |
|
Deferred income taxes |
|
(88 |
) |
|
|
(356 |
) |
Other expense, net |
|
1,308 |
|
|
|
1,167 |
|
Stock-based compensation |
|
14,853 |
|
|
|
10,518 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
2,362 |
|
Environmental expenditures |
|
(9,934 |
) |
|
|
(16,323 |
) |
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable and unbilled accounts receivable |
|
(116,307 |
) |
|
|
(5,659 |
) |
Inventories and supplies |
|
(28,673 |
) |
|
|
(1,111 |
) |
Other current and long-term assets |
|
(28,870 |
) |
|
|
(22,749 |
) |
Accounts payable |
|
(12,418 |
) |
|
|
(78,139 |
) |
Other current and long-term liabilities |
|
(1,728 |
) |
|
|
(27,966 |
) |
Net cash from operating activities |
|
234,594 |
|
|
|
235,573 |
|
Cash flows used in investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(273,023 |
) |
|
|
(204,298 |
) |
Proceeds from sale and disposal of fixed assets |
|
4,295 |
|
|
|
2,944 |
|
Acquisitions, net of cash acquired |
|
(477,201 |
) |
|
|
(120,636 |
) |
Proceeds from sale of business |
|
750 |
|
|
|
— |
|
Additions to intangible assets including costs to obtain or renew permits |
|
(1,868 |
) |
|
|
(1,114 |
) |
Purchases of available-for-sale securities |
|
(55,318 |
) |
|
|
(74,451 |
) |
Proceeds from sale of available-for-sale securities |
|
71,695 |
|
|
|
50,290 |
|
Net cash used in investing activities |
|
(730,670 |
) |
|
|
(347,265 |
) |
Cash flows from (used in) financing activities: |
|
|
|
||||
Change in uncashed checks |
|
(1,868 |
) |
|
|
2,392 |
|
Tax payments related to withholdings on vested restricted stock |
|
(4,599 |
) |
|
|
(4,335 |
) |
Repurchases of common stock |
|
(10,215 |
) |
|
|
(8,001 |
) |
Deferred financing costs paid |
|
(8,148 |
) |
|
|
(6,346 |
) |
Payments on finance leases |
|
(11,491 |
) |
|
|
(7,588 |
) |
Principal payments on debt |
|
(7,551 |
) |
|
|
(618,975 |
) |
Proceeds from issuance of debt, net of discount |
|
499,375 |
|
|
|
500,000 |
|
Borrowing from revolving credit facility |
|
— |
|
|
|
114,000 |
|
Payment on revolving credit facility |
|
— |
|
|
|
(114,000 |
) |
Net cash from (used in) financing activities |
|
455,503 |
|
|
|
(142,853 |
) |
Effect of exchange rate change on cash |
|
(2,133 |
) |
|
|
718 |
|
Decrease in cash and cash equivalents |
|
(42,706 |
) |
|
|
(253,827 |
) |
Cash and cash equivalents, beginning of period |
|
444,698 |
|
|
|
492,603 |
|
Cash and cash equivalents, end of period |
$ |
401,992 |
|
|
$ |
238,776 |
|
Supplemental information: |
|
||||||
Cash payments for interest and income taxes: |
|
||||||
Interest paid |
$ |
74,079 |
|
|
$ |
49,257 |
|
Income taxes paid, net of refunds |
|
70,307 |
|
|
|
92,494 |
|
Non-cash investing activities: |
|
||||||
Property, plant and equipment accrued |
|
28,315 |
|
|
|
26,427 |
|
ROU assets obtained in exchange for operating lease liabilities |
|
49,420 |
|
|
|
38,474 |
|
ROU assets obtained in exchange for finance lease liabilities |
|
45,174 |
|
|
|
13,992 |
|
Supplemental Segment Data (in thousands)
|
Three Months Ended |
||||||||||||||||||
Revenue |
June 30, 2024 |
|
June 30, 2023 |
||||||||||||||||
|
Third-Party
|
|
Intersegment
|
|
Direct
|
|
Third-Party
|
|
Intersegment
|
|
Direct
|
||||||||
Environmental Services |
$ |
1,297,298 |
|
$ |
12,085 |
|
|
$ |
1,309,383 |
|
$ |
1,161,482 |
|
$ |
10,554 |
|
|
$ |
1,172,036 |
Safety-Kleen Sustainability Solutions |
|
255,322 |
|
|
(12,085 |
) |
|
|
243,237 |
|
|
236,302 |
|
|
(10,554 |
) |
|
|
225,748 |
Corporate Items |
|
99 |
|
|
— |
|
|
|
99 |
|
|
116 |
|
|
— |
|
|
|
116 |
Total |
$ |
1,552,719 |
|
$ |
— |
|
|
$ |
1,552,719 |
|
$ |
1,397,900 |
|
$ |
— |
|
|
$ |
1,397,900 |
|
Six Months Ended |
||||||||||||||||||
Revenue |
June 30, 2024 |
|
June 30, 2023 |
||||||||||||||||
|
Third-Party
|
|
Intersegment
|
|
Direct
|
|
Third-Party
|
|
Intersegment
|
|
Direct
|
||||||||
Environmental Services |
$ |
2,458,577 |
|
$ |
23,316 |
|
|
$ |
2,481,893 |
|
$ |
2,222,464 |
|
$ |
20,313 |
|
|
$ |
2,242,777 |
Safety-Kleen Sustainability Solutions |
|
470,636 |
|
|
(23,316 |
) |
|
|
447,320 |
|
|
482,600 |
|
|
(20,313 |
) |
|
|
462,287 |
Corporate Items |
|
201 |
|
|
— |
|
|
|
201 |
|
|
223 |
|
|
— |
|
|
|
223 |
Total |
$ |
2,929,414 |
|
$ |
— |
|
|
$ |
2,929,414 |
|
$ |
2,705,287 |
|
$ |
— |
|
|
$ |
2,705,287 |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
Adjusted EBITDA |
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Environmental Services |
$ |
359,915 |
|
|
$ |
305,622 |
|
|
$ |
624,390 |
|
|
$ |
533,967 |
|
Safety-Kleen Sustainability Solutions |
|
51,476 |
|
|
|
53,415 |
|
|
|
81,176 |
|
|
|
94,878 |
|
Corporate Items |
|
(83,575 |
) |
|
|
(71,531 |
) |
|
|
(147,655 |
) |
|
|
(126,201 |
) |
Total |
$ |
327,816 |
|
|
$ |
287,506 |
|
|
$ |
557,911 |
|
|
$ |
502,644 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731074674/en/
Eric J. Dugas
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
InvestorRelations@cleanharbors.com
Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
Buckley.James@cleanharbors.com
Source: Clean Harbors, Inc.
FAQ
What was Clean Harbors' revenue growth in Q2 2024?
How much did Clean Harbors' net income increase in Q2 2024?
What is Clean Harbors' updated Adjusted EBITDA guidance for full-year 2024?
How did Clean Harbors' Environmental Services segment perform in Q2 2024?
What was Clean Harbors' incineration utilization rate in Q2 2024?
