Clean Harbors Announces Third-Quarter 2024 Financial Results
Clean Harbors (NYSE: CLH) reported strong Q3 2024 financial results with revenue growing 12% to $1.53 billion and net income increasing 26% to $115.2 million. The company achieved an 18% growth in Adjusted EBITDA to $301.8 million with a margin of 19.7%. Environmental Services segment showed strong performance with 13% revenue growth, while Safety-Kleen Sustainability Solutions faced challenges due to softer demand. The company revised its full-year 2024 guidance, now expecting Adjusted EBITDA between $1.10-1.12 billion and adjusted free cash flow of $280-320 million. The new Kimball, Nebraska incinerator is scheduled for commercial launch in November.
Clean Harbors (NYSE: CLH) ha riportato risultati finanziari forti per il terzo trimestre del 2024, con un aumento del fatturato del 12% a 1,53 miliardi di dollari e un incremento dell'utile netto del 26% a 115,2 milioni di dollari. L'azienda ha registrato una crescita del 18% nell'EBITDA rettificato, raggiungendo 301,8 milioni di dollari con un margine del 19,7%. Il segmento Servizi Ambientali ha mostrato una forte performance con una crescita del fatturato del 13%, mentre Safety-Kleen Sustainability Solutions ha affrontato delle sfide a causa di una domanda più debole. L'azienda ha rivisto le previsioni per l'intero anno 2024, ora aspettandosi un EBITDA rettificato compreso tra 1,10 e 1,12 miliardi di dollari e un flusso di cassa libero rettificato tra 280 e 320 milioni di dollari. Il nuovo inceneritore di Kimball, in Nebraska, è programmato per il lancio commerciale a novembre.
Clean Harbors (NYSE: CLH) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un crecimiento de ingresos del 12% a 1.53 mil millones de dólares y un aumento del ingreso neto del 26% a 115.2 millones de dólares. La compañía logró un crecimiento del 18% en EBITDA ajustado a 301.8 millones de dólares con un margen del 19.7%. El segmento de Servicios Ambientales mostró un desempeño fuerte con un crecimiento de ingresos del 13%, mientras que Safety-Kleen Sustainability Solutions enfrentó desafíos debido a una demanda más débil. La compañía revisó su guía para todo el año 2024, ahora esperando un EBITDA ajustado entre 1.10 y 1.12 mil millones de dólares y un flujo de caja libre ajustado de 280 a 320 millones de dólares. El nuevo incinerador de Kimball, Nebraska, está programado para su lanzamiento comercial en noviembre.
클린 하버스 (NYSE: CLH)는 2024년 3분기 재무 결과를 발표하며 수익이 12% 증가하여 15억 3천만 달러에 이르고, 순이익은 26% 증가하여 1억 1천5백2십만 달러에 달했다고 전했습니다. 회사는 조정 EBITDA가 18% 증가하여 3억 1천8백만 달러에 도달하고, 마진은 19.7%라고 밝혔습니다. 환경 서비스 부문은 13%의 매출 성장을 보였지만, Safety-Kleen Sustainability Solutions는 수요 감소로 어려움을 겪었습니다. 회사는 2024년 전체 연도 가이던스를 수정했으며, 이제 조정 EBITDA는 11억에서 11억 2천만 달러, 조정 자유 현금 흐름은 2억 8천만에서 3억 2천만 달러로 예상하고 있습니다. 네브래스카주 킴볼에 새로 건설된 소각로는 11월에 상업 가동될 예정입니다.
Clean Harbors (NYSE: CLH) a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec une augmentation de 12% de son chiffre d'affaires à 1,53 milliard de dollars et une hausse de 26% de son revenu net à 115,2 millions de dollars. L'entreprise a atteint une croissance de 18% de l'EBITDA ajusté à 301,8 millions de dollars avec une marge de 19,7%. Le segment des Services Environnementaux a affiché une performance solide avec une croissance de 13% de son chiffre d'affaires, tandis que Safety-Kleen Sustainability Solutions a fait face à des défis en raison d'une demande plus faible. L'entreprise a révisé ses prévisions annuelles pour 2024, s'attendant désormais à un EBITDA ajusté compris entre 1,10 et 1,12 milliard de dollars et à un flux de trésorerie libre ajusté de 280 à 320 millions de dollars. Le nouvel incinérateur de Kimball, dans le Nebraska, est prévu pour un lancement commercial en novembre.
Clean Harbors (NYSE: CLH) meldete starke Finanzzahlen für das dritte Quartal 2024, mit einem Umsatzwachstum von 12% auf 1,53 Milliarden Dollar und einem Anstieg des Nettogewinns um 26% auf 115,2 Millionen Dollar. Das Unternehmen erzielte ein Wachstum von 18% im bereinigten EBITDA auf 301,8 Millionen Dollar mit einer Marge von 19,7%. Der Bereich Umweltdienstleistungen zeigte eine starke Leistung mit einem Umsatzwachstum von 13%, während Safety-Kleen Sustainability Solutions aufgrund der schwächeren Nachfrage Herausforderungen hatte. Das Unternehmen hat seine Prognose für das gesamte Jahr 2024 angepasst und erwartet nun ein bereinigtes EBITDA zwischen 1,10 und 1,12 Milliarden Dollar sowie einen bereinigten freien Cashflow von 280 bis 320 Millionen Dollar. Der neue Brennofen in Kimball, Nebraska, ist für einen kommerziellen Start im November geplant.
- Revenue increased 12% YoY to $1.53 billion
- Net income grew 26% to $115.2 million ($2.12 per share)
- Adjusted EBITDA increased 18% to $301.8 million
- Environmental Services segment revenue up 13% with margin improvement
- Incineration utilization improved to 89% from 86% YoY
- Average incineration pricing increased 6%
- Safety-Kleen segment experienced softer demand and pricing pressure
- Industrial Services faced weakness in U.S. refinery space
- Downward revision of full-year 2024 guidance
- Increased short-term working capital levels affecting cash flow
Insights
Clean Harbors delivered a robust Q3 with
However, the revised guidance and challenges in base oil markets warrant attention. The company lowered its 2024 Adjusted EBITDA guidance to
The market dynamics supporting Clean Harbors remain fundamentally strong, driven by reshoring initiatives, infrastructure spending and PFAS regulations. The
Strategic initiatives to diversify revenue streams through Group III oils, blended sales and the Castrol partnership position the company well for sustainability-focused growth. The HEPACO acquisition strengthens emergency response capabilities, though current refinery sector weakness may persist into early 2025.
-
Posts
12% Q3 Revenue Increase to , Led by Strength in Field Services$1.53 Billion -
Generates
26% Q3 Net Income Growth to , or EPS of$115.2 Million $2.12 -
Achieves
18% Growth in Q3 Adjusted EBITDA to with Margin of$301.8 Million 19.7% - Revises Full-Year 2024 Adjusted EBITDA and Adjusted Free Cash Flow Guidance
-
Commercial Launch of
Kimball, Nebraska Incinerator Planned for November
“We delivered profitable growth in both our operating segments while improving our consolidated Adjusted EBITDA margin by 100 basis points from the same period a year ago,” said Mike Battles, Co-Chief Executive Officer. “Underlying demand remained healthy across our Environmental Services (ES) segment. Despite higher Adjusted EBITDA, our Safety-Kleen Sustainability Solutions (SKSS) segment results reflected softer-than-expected demand and pricing of base oil and lubricants throughout the quarter with a more meaningful decline in September. We continue to prioritize safety with industry-leading results, achieving a Total Recordable Incident Rate (TRIR) of 0.69 year-to-date through September.”
Third-Quarter 2024 Results
Revenues grew
Net income was up
Adjusted EBITDA (see description and reconciliation below) grew
Third-Quarter 2024 Segment Review
“Our ES segment achieved a
“SKSS results improved from the third quarter a year ago. Revenues grew
Business Outlook and Financial Guidance
“As we enter the final quarter of 2024, the overall demand environment in
“Within SKSS, we remain committed to stabilizing our business amidst the current pricing challenges and weak demand for base oil. We are taking decisive actions to reduce production and collection costs while also pursuing growth initiatives in Group III, blended sales, and our partnership with Castrol. These programs have the potential to reduce the carbon footprints of businesses significantly, and we believe they will gain traction as more customers look to Safety-Kleen as their sustainability partner in the coming years,” Battles concluded. “Overall, despite some market obstacles related to base oil and refining customers, we expect to end 2024 with strong momentum across our network of disposal facilities and service offerings giving us a positive trajectory into 2025.”
Based on its third-quarter performance and current forecast, Clean Harbors revised its full-year 2024 guidance and now expects:
-
Adjusted EBITDA in the range of
to$1.10 billion , or a midpoint of$1.12 billion , which represents$1.11 billion 10% growth year-over-year. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of to$375 million .$395 million -
Adjusted free cash flow in the range of
to$280 million , or a midpoint of$320 million , which includes spending related to the$300 million Kimball incinerator and the Company’sBaltimore expansion. The Company is revising this range due to its new Adjusted EBITDA guidance and increased short-term working capital levels. This new range is based on anticipated net cash from operating activities in the range of to$680 million .$750 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 nine months ended September 30, 2024 and 2023 (in thousands, except percentages):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
Net income |
$ |
115,213 |
|
|
$ |
91,340 |
|
|
$ |
318,325 |
|
|
$ |
279,507 |
|
Accretion of environmental liabilities |
|
3,618 |
|
|
|
3,388 |
|
|
|
10,139 |
|
|
|
10,281 |
|
Stock-based compensation |
|
5,837 |
|
|
|
4,291 |
|
|
|
20,690 |
|
|
|
14,809 |
|
Depreciation and amortization |
|
100,063 |
|
|
|
92,970 |
|
|
|
295,632 |
|
|
|
267,425 |
|
Other expense (income), net |
|
1,123 |
|
|
|
(334 |
) |
|
|
2,431 |
|
|
|
833 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,362 |
|
Interest expense, net of interest income |
|
35,779 |
|
|
|
29,696 |
|
|
|
100,767 |
|
|
|
80,400 |
|
Provision for income taxes |
|
40,181 |
|
|
|
33,666 |
|
|
|
111,741 |
|
|
|
102,044 |
|
Adjusted EBITDA |
$ |
301,814 |
|
|
$ |
255,017 |
|
|
$ |
859,725 |
|
|
$ |
757,661 |
|
Adjusted EBITDA Margin |
|
19.7 |
% |
|
|
18.7 |
% |
|
|
19.3 |
% |
|
|
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 nine months ended September 30, 2024 and 2023 (in thousands):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
Adjusted free cash flow |
|
|
|
|
|
|
|
||||||||
Net cash from operating activities |
$ |
239,239 |
|
|
$ |
220,119 |
|
|
$ |
473,833 |
|
|
$ |
455,692 |
|
Additions to property, plant and equipment |
|
(96,803 |
) |
|
|
(107,608 |
) |
|
|
(369,826 |
) |
|
|
(311,906 |
) |
Proceeds from sale and disposal of fixed assets |
|
2,058 |
|
|
|
2,185 |
|
|
|
6,353 |
|
|
|
5,129 |
|
Adjusted free cash flow |
$ |
144,494 |
|
|
$ |
114,696 |
|
|
$ |
110,360 |
|
|
$ |
148,915 |
|
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
|
||
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 |
133 |
to |
146 |
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
|
||
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 the Company’s future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, contingent liabilities, liquidity, business and market conditions, customer demand, acquisitions, growth opportunities, expectations, 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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
1,529,422 |
|
|
$ |
1,365,696 |
|
|
$ |
4,458,836 |
|
|
$ |
4,070,983 |
|
Cost of revenues (exclusive of items shown separately below) |
|
1,055,599 |
|
|
|
943,951 |
|
|
|
3,062,211 |
|
|
|
2,822,977 |
|
Selling, general and administrative expenses |
|
177,846 |
|
|
|
171,019 |
|
|
|
557,590 |
|
|
|
505,154 |
|
Accretion of environmental liabilities |
|
3,618 |
|
|
|
3,388 |
|
|
|
10,139 |
|
|
|
10,281 |
|
Depreciation and amortization |
|
100,063 |
|
|
|
92,970 |
|
|
|
295,632 |
|
|
|
267,425 |
|
Income from operations |
|
192,296 |
|
|
|
154,368 |
|
|
|
533,264 |
|
|
|
465,146 |
|
Other (expense) income, net |
|
(1,123 |
) |
|
|
334 |
|
|
|
(2,431 |
) |
|
|
(833 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,362 |
) |
Interest expense, net |
|
(35,779 |
) |
|
|
(29,696 |
) |
|
|
(100,767 |
) |
|
|
(80,400 |
) |
Income before provision for income taxes |
|
155,394 |
|
|
|
125,006 |
|
|
|
430,066 |
|
|
|
381,551 |
|
Provision for income taxes |
|
40,181 |
|
|
|
33,666 |
|
|
|
111,741 |
|
|
|
102,044 |
|
Net income |
$ |
115,213 |
|
|
$ |
91,340 |
|
|
$ |
318,325 |
|
|
$ |
279,507 |
|
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.14 |
|
|
$ |
1.69 |
|
|
$ |
5.90 |
|
|
$ |
5.17 |
|
Diluted |
$ |
2.12 |
|
|
$ |
1.68 |
|
|
$ |
5.87 |
|
|
$ |
5.14 |
|
Shares used to compute earnings per share - Basic |
|
53,951 |
|
|
|
54,122 |
|
|
|
53,936 |
|
|
|
54,097 |
|
Shares used to compute earnings per share - Diluted |
|
54,229 |
|
|
|
54,419 |
|
|
|
54,229 |
|
|
|
54,411 |
|
CLEAN HARBORS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Current assets: |
(unaudited) |
|
|
||||
Cash and cash equivalents |
$ |
512,371 |
|
|
$ |
444,698 |
|
Short-term marketable securities |
|
82,371 |
|
|
106,101 |
||
Accounts receivable, net |
|
1,100,660 |
|
|
|
983,111 |
|
Unbilled accounts receivable |
|
204,308 |
|
|
|
107,859 |
|
Inventories and supplies |
|
376,564 |
|
|
|
327,511 |
|
Prepaid expenses and other current assets |
|
78,204 |
|
|
|
82,939 |
|
Total current assets |
|
2,354,478 |
|
|
|
2,052,219 |
|
Property, plant and equipment, net |
|
2,452,312 |
|
|
|
2,193,318 |
|
Other assets: |
|
|
|
||||
Operating lease right-of-use assets |
|
246,061 |
|
|
|
187,060 |
|
Goodwill |
|
1,485,065 |
|
|
|
1,287,736 |
|
Permits and other intangibles, net |
|
708,935 |
|
|
|
602,797 |
|
Other long-term assets |
|
59,159 |
|
|
|
59,739 |
|
Total other assets |
|
2,499,220 |
|
|
|
2,137,332 |
|
Total assets |
$ |
7,306,010 |
|
|
$ |
6,382,869 |
|
|
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
15,102 |
|
|
$ |
10,000 |
|
Accounts payable |
|
504,206 |
|
|
|
451,806 |
|
Deferred revenue |
|
103,291 |
|
|
|
95,230 |
|
Accrued expenses and other current liabilities |
|
398,236 |
|
|
|
397,157 |
|
Current portion of closure, post-closure and remedial liabilities |
|
30,477 |
|
|
|
26,914 |
|
Current portion of operating lease liabilities |
|
70,539 |
|
|
|
56,430 |
|
Total current liabilities |
|
1,121,851 |
|
|
|
1,037,537 |
|
Other liabilities: |
|
|
|
||||
Closure and post-closure liabilities, less current portion |
|
105,375 |
|
|
|
105,044 |
|
Remedial liabilities, less current portion |
|
94,384 |
|
|
|
97,885 |
|
Long-term debt, less current portion |
|
2,773,659 |
|
|
|
2,291,717 |
|
Operating lease liabilities, less current portion |
|
179,040 |
|
|
|
131,743 |
|
Deferred tax liabilities |
|
356,150 |
|
|
|
353,107 |
|
Other long-term liabilities |
|
147,241 |
|
|
|
118,330 |
|
Total other liabilities |
|
3,655,849 |
|
|
|
3,097,826 |
|
Total stockholders’ equity, net |
|
2,528,310 |
|
|
|
2,247,506 |
|
Total liabilities and stockholders’ equity |
$ |
7,306,010 |
|
|
$ |
6,382,869 |
|
CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||
|
Nine Months Ended |
||||||
|
September 30, 2024 |
|
September 30, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
318,325 |
|
|
$ |
279,507 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
||||
Depreciation and amortization |
|
295,632 |
|
|
|
267,425 |
|
Allowance for doubtful accounts |
|
5,674 |
|
|
|
2,620 |
|
Amortization of deferred financing costs and debt discount |
|
4,623 |
|
|
|
4,036 |
|
Accretion of environmental liabilities |
|
10,139 |
|
|
|
10,281 |
|
Changes in environmental liability estimates |
|
4,347 |
|
|
|
3,258 |
|
Deferred income taxes |
|
(418 |
) |
|
|
(356 |
) |
Other expense, net |
|
2,431 |
|
|
|
833 |
|
Stock-based compensation |
|
20,690 |
|
|
|
14,809 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
2,362 |
|
Environmental expenditures |
|
(19,679 |
) |
|
|
(24,064 |
) |
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable and unbilled accounts receivable |
|
(145,647 |
) |
|
|
(46,445 |
) |
Inventories and supplies |
|
(39,673 |
) |
|
|
12,691 |
|
Other current and long-term assets |
|
(47,826 |
) |
|
|
(18,190 |
) |
Accounts payable |
|
30,004 |
|
|
|
(40,013 |
) |
Other current and long-term liabilities |
|
35,211 |
|
|
|
(13,062 |
) |
Net cash from operating activities |
|
473,833 |
|
|
|
455,692 |
|
Cash flows used in investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(369,826 |
) |
|
|
(311,906 |
) |
Proceeds from sale and disposal of fixed assets |
|
6,353 |
|
|
|
5,129 |
|
Acquisitions, net of cash acquired |
|
(474,011 |
) |
|
|
(119,596 |
) |
Proceeds from sale of business |
|
750 |
|
|
|
750 |
|
Additions to intangible assets including costs to obtain or renew permits |
|
(2,545 |
) |
|
|
(1,507 |
) |
Purchases of available-for-sale securities |
|
(73,682 |
) |
|
|
(104,329 |
) |
Proceeds from sale of available-for-sale securities |
|
100,021 |
|
|
|
84,390 |
|
Net cash used in investing activities |
|
(812,940 |
) |
|
|
(447,069 |
) |
Cash flows from (used in) financing activities: |
|
|
|
||||
Change in uncashed checks |
|
(5,852 |
) |
|
|
3,004 |
|
Tax payments related to withholdings on vested restricted stock |
|
(11,514 |
) |
|
|
(10,886 |
) |
Repurchases of common stock |
|
(30,215 |
) |
|
|
(18,000 |
) |
Deferred financing costs paid |
|
(8,316 |
) |
|
|
(6,371 |
) |
Payments on finance leases |
|
(23,596 |
) |
|
|
(11,594 |
) |
Principal payments on debt |
|
(11,327 |
) |
|
|
(621,475 |
) |
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 |
|
408,555 |
|
|
|
(165,322 |
) |
Effect of exchange rate change on cash |
|
(1,775 |
) |
|
|
61 |
|
Increase (decrease) in cash and cash equivalents |
|
67,673 |
|
|
|
(156,638 |
) |
Cash and cash equivalents, beginning of period |
|
444,698 |
|
|
|
492,603 |
|
Cash and cash equivalents, end of period |
$ |
512,371 |
|
$ |
335,965 |
Supplemental information: |
|
|
|
||||
Cash payments for interest and income taxes: |
|
|
|
||||
Interest paid |
$ |
134,177 |
|
|
$ |
100,813 |
|
Income taxes paid, net of refunds |
|
100,752 |
|
|
|
107,328 |
|
Non-cash investing activities: |
|
|
|
||||
Property, plant and equipment accrued |
|
43,604 |
|
|
29,127 |
||
ROU assets obtained in exchange for operating lease liabilities |
|
98,927 |
|
|
|
61,741 |
|
ROU assets obtained in exchange for finance lease liabilities |
|
53,391 |
|
|
|
26,317 |
|
Supplemental Segment Data (in thousands)
|
Three Months Ended |
||||||||||||||||||||||
Revenue |
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||||||||
|
Third-Party Revenues |
|
Intersegment Revenues (Expenses), net |
|
Direct Revenues |
|
Third-Party Revenues |
|
Intersegment Revenues (Expenses), net |
|
Direct Revenues |
||||||||||||
Environmental Services |
$ |
1,287,650 |
|
|
$ |
9,537 |
|
|
$ |
1,297,187 |
|
|
$ |
1,135,279 |
|
|
$ |
11,084 |
|
|
$ |
1,146,363 |
|
Safety-Kleen Sustainability Solutions |
|
241,676 |
|
|
|
(9,537 |
) |
|
|
232,139 |
|
|
|
230,305 |
|
|
|
(11,084 |
) |
|
|
219,221 |
|
Corporate Items |
|
96 |
|
|
— |
|
|
|
96 |
|
|
112 |
|
|
— |
|
|
|
112 |
||||
Total |
$ |
1,529,422 |
|
|
$ |
— |
|
|
$ |
1,529,422 |
|
|
$ |
1,365,696 |
|
|
$ |
— |
|
|
$ |
1,365,696 |
|
|
Nine Months Ended |
||||||||||||||||||||||
Revenue |
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||||||||
|
Third-Party Revenues |
|
Intersegment Revenues (Expenses), net |
|
Direct Revenues |
|
Third-Party Revenues |
|
Intersegment Revenues (Expenses), net |
|
Direct Revenues |
||||||||||||
Environmental Services |
$ |
3,746,227 |
|
|
$ |
32,853 |
|
|
$ |
3,779,080 |
|
|
$ |
3,357,743 |
|
|
$ |
31,397 |
|
|
$ |
3,389,140 |
|
Safety-Kleen Sustainability Solutions |
|
712,312 |
|
|
|
(32,853 |
) |
|
|
679,459 |
|
|
|
712,905 |
|
|
|
(31,397 |
) |
|
|
681,508 |
|
Corporate Items |
|
297 |
|
|
— |
|
|
|
297 |
|
|
335 |
|
|
— |
|
|
|
335 |
||||
Total |
$ |
4,458,836 |
|
|
$ |
— |
|
|
$ |
4,458,836 |
|
|
$ |
4,070,983 |
|
|
$ |
— |
|
|
$ |
4,070,983 |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
Adjusted EBITDA |
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
Environmental Services |
$ |
332,502 |
|
|
$ |
288,982 |
|
|
$ |
956,892 |
|
|
$ |
822,949 |
|
Safety-Kleen Sustainability Solutions |
|
41,226 |
|
|
|
31,146 |
|
|
|
122,402 |
|
|
|
126,024 |
|
Corporate Items |
|
(71,914 |
) |
|
|
(65,111 |
) |
|
|
(219,569 |
) |
|
|
(191,312 |
) |
Total |
$ |
301,814 |
|
|
$ |
255,017 |
|
|
$ |
859,725 |
|
|
$ |
757,661 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029468697/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
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