(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
EX-99.1 | |||||||||||
EX-104 |
Exhibit No. | Description | |||||||
Press release of Republic Services, Inc. issued February 13, 2020 to announce the financial results for the three months and year ended December 31, 2019. | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
REPUBLIC SERVICES, INC. | |||||||||||
Date: | February 13, 2020 | By: | /S/ CHARLES F. SERIANNI | ||||||||
Charles F. Serianni | |||||||||||
Executive Vice President, Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: | February 13, 2020 | By: | /S/ BRIAN A. GOEBEL | ||||||||
Brian A. Goebel | |||||||||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
● | Achieved Fourth Quarter Earnings of $0.90 Per Share and Adjusted Earnings of $0.91 Per Share, a 14 Percent Increase Over the Prior Year | |||||||
● | Generated $2.4 Billion of Cash Flow from Operations and $1.2 Billion of Adjusted Free Cash Flow in 2019 | |||||||
● | Outperformed 2019 Adjusted Free Cash Flow and EPS Guidance | |||||||
● | Expanded Adjusted EBITDA Margin by 30 Basis Points for the Full Year | |||||||
● | Invested Over $525 Million in Acquisitions and Returned Approximately $900 Million of Cash to Shareholders in 2019 | |||||||
● | Provided 2020 Financial Guidance | |||||||
● | Recognized on CDP Climate "A List" for Taking Lead on Climate Change |
Increase (Decrease) | |||||
Average yield | 3.0% | ||||
Volume | 0.75 to 1.0 | ||||
Environmental services | (0.25) to 0.0 | ||||
Fuel recovery fees | - | ||||
Recycling processing and commodity sales | (0.25) to 0.0 | ||||
Acquisitions / divestitures, net | 1.0 | ||||
Total change | 4.25 to 5.00% |
SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION | |||||||||||
AND OPERATING DATA | |||||||||||
REPUBLIC SERVICES, INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions, except per share amounts) | |||||||||||
December 31, | December 31, | ||||||||||
2019 | 2018 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 47.1 | $ | 70.5 | |||||||
Accounts receivable, less allowance for doubtful accounts and other of $34.0 and $34.3, respectively | 1,125.9 | 1,102.7 | |||||||||
Prepaid expenses and other current assets | 433.0 | 391.2 | |||||||||
Total current assets | 1,606.0 | 1,564.4 | |||||||||
Restricted cash and marketable securities | 179.4 | 108.1 | |||||||||
Property and equipment, net | 8,383.5 | 8,020.1 | |||||||||
Goodwill | 11,633.4 | 11,400.1 | |||||||||
Other intangible assets, net | 133.9 | 106.5 | |||||||||
Other assets | 747.6 | 417.8 | |||||||||
Total assets | $ | 22,683.8 | $ | 21,617.0 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 777.9 | $ | 761.5 | |||||||
Notes payable and current maturities of long-term debt | 929.9 | 690.7 | |||||||||
Deferred revenue | 336.0 | 338.7 | |||||||||
Accrued landfill and environmental costs, current portion | 132.6 | 130.6 | |||||||||
Accrued interest | 74.0 | 68.5 | |||||||||
Other accrued liabilities | 788.9 | 728.6 | |||||||||
Total current liabilities | 3,039.3 | 2,718.6 | |||||||||
Long-term debt, net of current maturities | 7,758.6 | 7,646.8 | |||||||||
Accrued landfill and environmental costs, net of current portion | 1,703.2 | 1,701.6 | |||||||||
Deferred income taxes and other long-term tax liabilities, net | 1,180.6 | 1,028.3 | |||||||||
Insurance reserves, net of current portion | 276.5 | 270.8 | |||||||||
Other long-term liabilities | 604.7 | 321.4 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued | — | — | |||||||||
Common stock, par value $0.01 per share; 750 shares authorized; 353.3 and 351.9 issued including shares held in treasury, respectively | 3.5 | 3.5 | |||||||||
Additional paid-in capital | 4,994.8 | 4,924.9 | |||||||||
Retained earnings | 5,317.3 | 4,750.5 | |||||||||
Treasury stock, at cost; 34.5 and 29.4 shares, respectively | (2,199.6) | (1,782.6) | |||||||||
Accumulated other comprehensive income, net of tax | 2.2 | 30.8 | |||||||||
Total Republic Services, Inc. stockholders' equity | 8,118.2 | 7,927.1 | |||||||||
Non-controlling interests in consolidated subsidiary | 2.7 | 2.4 | |||||||||
Total stockholders' equity | 8,120.9 | 7,929.5 | |||||||||
Total liabilities and stockholders' equity | $ | 22,683.8 | $ | 21,617.0 |
REPUBLIC SERVICES, INC. | |||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Revenue | $ | 2,576.7 | $ | 2,530.0 | $ | 10,299.4 | $ | 10,040.9 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Cost of operations | 1,544.0 | 1,525.7 | 6,298.4 | 6,150.0 | |||||||||||||||||||
Depreciation, amortization and depletion | 257.4 | 252.4 | 1,040.5 | 1,033.4 | |||||||||||||||||||
Accretion | 20.4 | 20.0 | 81.9 | 80.7 | |||||||||||||||||||
Selling, general and administrative | 285.7 | 284.5 | 1,091.9 | 1,059.5 | |||||||||||||||||||
Gain on disposition of assets and impairments, net | 8.8 | (39.8) | (14.7) | (44.9) | |||||||||||||||||||
Restructuring charges | 1.2 | 3.9 | 14.2 | 26.4 | |||||||||||||||||||
Operating income | 459.2 | 483.3 | 1,787.2 | 1,735.8 | |||||||||||||||||||
Interest expense | (95.1) | (96.4) | (392.0) | (383.8) | |||||||||||||||||||
Loss from unconsolidated equity method investments | (85.0) | (30.0) | (112.2) | (35.8) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (0.3) | |||||||||||||||||||
Interest income | 1.0 | 0.6 | 6.4 | 1.6 | |||||||||||||||||||
Other (expense) income, net | 4.9 | (0.1) | 6.4 | 3.4 | |||||||||||||||||||
Income before income taxes | 285.0 | 357.4 | 1,295.8 | 1,320.9 | |||||||||||||||||||
Provision (benefit) for income taxes | (5.0) | 56.3 | 222.0 | 283.3 | |||||||||||||||||||
Net income | 290.0 | 301.1 | 1,073.8 | 1,037.6 | |||||||||||||||||||
Net income attributable to non-controlling interests in consolidated subsidiary | (0.7) | (0.1) | (0.5) | (0.7) | |||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 289.3 | $ | 301.0 | $ | 1,073.3 | $ | 1,036.9 | |||||||||||||||
Basic earnings per share attributable to Republic Services, Inc. stockholders: | |||||||||||||||||||||||
Basic earnings per share | $ | 0.91 | $ | 0.93 | $ | 3.34 | $ | 3.17 | |||||||||||||||
Weighted average common shares outstanding | 319.6 | 324.1 | 321.1 | 326.9 | |||||||||||||||||||
Diluted earnings per share attributable to Republic Services, Inc. stockholders: | |||||||||||||||||||||||
Diluted earnings per share | $ | 0.90 | $ | 0.92 | $ | 3.33 | $ | 3.16 | |||||||||||||||
Weighted average common and common equivalent shares outstanding | 320.5 | 325.5 | 322.0 | 328.4 | |||||||||||||||||||
Cash dividends per common share | $ | 0.405 | $ | 0.375 | $ | 1.560 | $ | 1.440 |
REPUBLIC SERVICES, INC. | |||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in millions) | |||||||||||
Years Ended December 31, | |||||||||||
2019 | 2018 | ||||||||||
Cash provided by operating activities: | |||||||||||
Net income | $ | 1,073.8 | $ | 1,037.6 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, amortization, depletion and accretion | 1,122.4 | 1,114.1 | |||||||||
Non-cash interest expense | 48.8 | 41.2 | |||||||||
Restructuring related charges | 14.2 | 26.4 | |||||||||
Stock-based compensation | 39.5 | 39.0 | |||||||||
Deferred tax provision (benefit) | 166.1 | 152.1 | |||||||||
Provision for doubtful accounts, net of adjustments | 34.0 | 34.8 | |||||||||
Loss on extinguishment of debt | — | 0.3 | |||||||||
Gain on disposition of assets and asset impairments, net | (13.8) | (58.9) | |||||||||
Environmental adjustments | (11.9) | 5.0 | |||||||||
Loss from unconsolidated equity method investment | 112.2 | 35.8 | |||||||||
Other non-cash items | (5.6) | 0.6 | |||||||||
Change in assets and liabilities, net of effects from business acquisitions and divestitures: | |||||||||||
Accounts receivable | (38.3) | (29.6) | |||||||||
Prepaid expenses and other assets | (109.7) | (152.5) | |||||||||
Accounts payable | 6.4 | 85.9 | |||||||||
Restructuring expenditures | (10.6) | (24.7) | |||||||||
Capping, closure and post-closure expenditures | (78.2) | (71.9) | |||||||||
Remediation expenditures | (49.1) | (48.8) | |||||||||
Other liabilities | 51.9 | 25.3 | |||||||||
Proceeds from retirement of certain hedging relationships | — | 31.1 | |||||||||
Cash provided by operating activities | 2,352.1 | 2,242.8 | |||||||||
Cash used in investing activities: | |||||||||||
Purchases of property and equipment | (1,207.1) | (1,071.8) | |||||||||
Proceeds from sales of property and equipment | 21.7 | 31.6 | |||||||||
Cash used in acquisitions and investments, net of cash and restricted cash acquired | (575.1) | (277.3) | |||||||||
Cash received from business divestitures | 42.8 | 89.2 | |||||||||
Purchases of restricted marketable securities | (14.7) | (38.2) | |||||||||
Sales of restricted marketable securities | 13.5 | 37.7 | |||||||||
Other | (0.1) | (0.3) | |||||||||
Cash used in investing activities | (1,719.0) | (1,229.1) | |||||||||
Cash used in financing activities: | |||||||||||
Proceeds from notes payable and long-term debt, net of fees | 4,746.5 | 4,347.6 | |||||||||
Proceeds from issuance of senior notes, net of discount and fees | 891.1 | 781.8 | |||||||||
Payments of notes payable and long-term debt | (5,327.9) | (5,000.7) | |||||||||
Issuances of common stock | 9.3 | 23.2 | |||||||||
Purchases of common stock for treasury | (399.4) | (736.9) | |||||||||
Cash dividends paid | (491.2) | (461.8) | |||||||||
Distributions paid to non-controlling interests in consolidated subsidiary | (0.2) | (0.6) | |||||||||
Contingent consideration payments | (17.2) | (12.1) | |||||||||
Cash used in financing activities | (589.0) | (1,059.5) | |||||||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 44.1 | (45.8) | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 133.3 | 179.1 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 177.4 | $ | 133.3 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Collection: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 570.1 | 22.1 | % | $ | 564.1 | 22.3 | % | $ | 2,271.9 | 22.1 | % | $ | 2,236.5 | 22.3 | % | |||||||||||||||||||||||||||||||
Small-container | 800.9 | 31.1 | 773.1 | 30.6 | 3,170.0 | 30.8 | 3,059.1 | 30.5 | |||||||||||||||||||||||||||||||||||||||
Large-container | 561.5 | 21.8 | 551.2 | 21.8 | 2,249.6 | 21.8 | 2,184.7 | 21.8 | |||||||||||||||||||||||||||||||||||||||
Other | 11.9 | 0.5 | 11.2 | 0.4 | 46.1 | 0.4 | 43.8 | 0.4 | |||||||||||||||||||||||||||||||||||||||
Total collection | 1,944.4 | 75.5 | 1,899.6 | 75.1 | 7,737.6 | 75.1 | 7,524.1 | 75.0 | |||||||||||||||||||||||||||||||||||||||
Transfer | 331.1 | 312.4 | 1,318.6 | 1,244.9 | |||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (189.5) | (179.3) | (748.0) | (713.8) | |||||||||||||||||||||||||||||||||||||||||||
Transfer, net | 141.6 | 5.5 | 133.1 | 5.3 | 570.6 | 5.5 | 531.1 | 5.3 | |||||||||||||||||||||||||||||||||||||||
Landfill | 578.6 | 571.0 | 2,328.8 | 2,291.7 | |||||||||||||||||||||||||||||||||||||||||||
Less: intercompany | (252.5) | (253.3) | (1,028.7) | (1,020.8) | |||||||||||||||||||||||||||||||||||||||||||
Landfill, net | 326.1 | 12.6 | 317.7 | 12.5 | 1,300.1 | 12.6 | 1,270.9 | 12.6 | |||||||||||||||||||||||||||||||||||||||
Environmental services | 48.1 | 1.9 | 45.1 | 1.8 | 191.8 | 1.9 | 194.7 | 1.9 | |||||||||||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||||||||||||||
Recycling processing and commodity sales | 60.0 | 2.3 | 78.0 | 3.1 | 273.2 | 2.7 | 297.8 | 3.0 | |||||||||||||||||||||||||||||||||||||||
Other non-core | 56.5 | 2.2 | 56.5 | 2.2 | 226.1 | 2.2 | 222.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||
Total other | 116.5 | 4.5 | 134.5 | 5.3 | 499.3 | 4.9 | 520.1 | 5.2 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 2,576.7 | 100.0 | % | $ | 2,530.0 | 100.0 | % | $ | 10,299.4 | 100.0 | % | $ | 10,040.9 | 100.0 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Average yield | 2.6 | % | 2.7 | % | 2.8 | % | 2.4 | % | |||||||||||||||
Fuel recovery fees | (0.4) | 0.7 | — | 0.6 | |||||||||||||||||||
Total price | 2.2 | 3.4 | 2.8 | 3.0 | |||||||||||||||||||
Volume | (0.2) | (0.7) | (0.4) | 0.4 | |||||||||||||||||||
Recycling processing and commodity sales | (0.7) | (0.4) | (0.3) | (1.1) | |||||||||||||||||||
Environmental Services | (0.5) | — | (0.3) | 0.2 | |||||||||||||||||||
Total internal growth | 0.8 | 2.3 | 1.8 | 2.5 | |||||||||||||||||||
Acquisitions / divestitures, net | 1.0 | 0.3 | 0.8 | 1.5 | |||||||||||||||||||
Subtotal | 1.8 | 2.6 | 2.6 | 4.0 | |||||||||||||||||||
Adoption of the new revenue recognition standard | — | (3.8) | — | (4.0) | |||||||||||||||||||
Total | 1.8 | % | (1.2) | % | 2.6 | % | — | % | |||||||||||||||
Core price | 4.8 | % | 4.3 | % | 4.7 | % | 3.9 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Volume | Yield | Volume | Yield | Volume | Yield | Volume | ||||||||||||||||||||||||||||||||||||||||||||||
Collection: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 2.5 | % | (2.2) | % | 2.6 | % | (1.9) | % | 2.6 | % | (1.9) | % | 2.3 | % | (2.6) | % | |||||||||||||||||||||||||||||||||||||
Small-container | 4.1 | % | (0.1) | % | 3.2 | % | (0.8) | % | 3.9 | % | (0.6) | % | 2.9 | % | (0.3) | % | |||||||||||||||||||||||||||||||||||||
Large-container | 1.9 | % | 0.8 | % | 4.5 | % | (0.7) | % | 2.8 | % | 0.2 | % | 3.2 | % | 1.1 | % | |||||||||||||||||||||||||||||||||||||
Landfill: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal solid waste | 3.4 | % | 0.4 | % | 2.1 | % | 5.8 | % | 3.3 | % | 3.2 | % | 2.1 | % | 2.4 | % | |||||||||||||||||||||||||||||||||||||
Construction and demolition waste | 2.7 | % | 15.5 | % | 2.0 | % | (11.8) | % | 2.3 | % | 10.4 | % | 2.1 | % | (0.3) | % | |||||||||||||||||||||||||||||||||||||
Special waste | — | % | (0.2) | % | — | % | (12.9) | % | — | % | (3.9) | % | — | % | 3.7 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Labor and related benefits | $ | 554.7 | 21.5 | % | $ | 540.1 | 21.3 | % | $ | 2,202.4 | 21.4 | % | $ | 2,144.3 | 21.3 | % | |||||||||||||||||||||||||||||||
Transfer and disposal costs | 206.9 | 8.0 | 211.5 | 8.4 | 841.7 | 8.2 | 829.3 | 8.3 | |||||||||||||||||||||||||||||||||||||||
Maintenance and repairs | 248.5 | 9.7 | 244.3 | 9.7 | 1,006.2 | 9.8 | 986.6 | 9.8 | |||||||||||||||||||||||||||||||||||||||
Transportation and subcontract costs | 170.2 | 6.6 | 165.3 | 6.5 | 674.9 | 6.5 | 647.6 | 6.4 | |||||||||||||||||||||||||||||||||||||||
Fuel | 64.8 | 2.5 | 101.7 | 4.0 | 347.9 | 3.4 | 391.4 | 3.9 | |||||||||||||||||||||||||||||||||||||||
Disposal fees and taxes | 82.8 | 3.2 | 81.7 | 3.2 | 325.7 | 3.2 | 322.0 | 3.2 | |||||||||||||||||||||||||||||||||||||||
Landfill operating costs | 60.2 | 2.3 | 72.3 | 2.9 | 244.7 | 2.4 | 241.6 | 2.4 | |||||||||||||||||||||||||||||||||||||||
Risk management | 60.2 | 2.3 | 57.4 | 2.3 | 230.7 | 2.2 | 217.9 | 2.2 | |||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 112.1 | 4.4 | 91.4 | 3.6 | 440.6 | 4.2 | 409.3 | 4.1 | |||||||||||||||||||||||||||||||||||||||
Subtotal | 1,560.4 | 60.5 | 1,565.7 | 61.9 | 6,314.8 | 61.3 | 6,190.0 | 61.6 | |||||||||||||||||||||||||||||||||||||||
Fire-damage related costs (1) | 7.6 | 0.3 | — | — | 7.6 | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Bridgeton insurance recovery | (24.0) | (0.9) | (40.0) | (1.6) | (24.0) | (0.2) | (40.0) | (0.4) | |||||||||||||||||||||||||||||||||||||||
Total cost of operations | $ | 1,544.0 | 59.9 | % | $ | 1,525.7 | 60.3 | % | $ | 6,298.4 | 61.2 | % | $ | 6,150.0 | 61.2 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Salaries | $ | 189.7 | 7.4 | % | $ | 181.4 | 7.1 | % | $ | 742.3 | 7.2 | % | $ | 702.2 | 7.0 | % | |||||||||||||||||||||||||||||||
Provision for doubtful accounts | 10.6 | 0.4 | 10.4 | 0.4 | 34.0 | 0.3 | 34.8 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Other | 73.8 | 2.8 | 80.7 | 3.2 | 299.7 | 2.9 | 310.5 | 3.1 | |||||||||||||||||||||||||||||||||||||||
Subtotal | 274.1 | 10.6 | 272.5 | 10.7 | 1,076.0 | 10.4 | 1,047.5 | 10.4 | |||||||||||||||||||||||||||||||||||||||
Acquisition integration and deal costs (1) | 2.0 | 0.1 | — | — | 6.3 | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Bridgeton insurance recovery related costs | 9.6 | 0.4 | 12.0 | 0.5 | 9.6 | 0.1 | 12.0 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Total selling, general and administrative expenses | $ | 285.7 | 11.1 | % | $ | 284.5 | 11.2 | % | $ | 1,091.9 | 10.6 | % | $ | 1,059.5 | 10.5 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Net income attributable to Republic Services, Inc. | $ | 289.3 | $ | 301.0 | $ | 1,073.3 | $ | 1,036.9 | |||||||||||||||
Net income attributable to noncontrolling interests | 0.7 | 0.1 | 0.5 | 0.7 | |||||||||||||||||||
Provision for income taxes | (5.0) | 56.3 | 222.0 | 283.3 | |||||||||||||||||||
Other expense (income), net | (4.9) | 0.1 | (6.4) | (3.4) | |||||||||||||||||||
Interest income | (1.0) | (0.6) | (6.4) | (1.6) | |||||||||||||||||||
Interest expense | 95.1 | 96.4 | 392.0 | 383.8 | |||||||||||||||||||
Depreciation, amortization and depletion | 257.4 | 252.4 | 1,040.5 | 1,033.4 | |||||||||||||||||||
Accretion | 20.4 | 20.0 | 81.9 | 80.7 | |||||||||||||||||||
EBITDA | $ | 652.0 | $ | 725.7 | $ | 2,797.4 | $ | 2,813.8 |
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Net | Diluted | Net | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | Income - | Earnings | Pre-tax | Income - | Earnings | ||||||||||||||||||||||||||||||||||||||||||
EBITDA | Income | Republic | per Share | EBITDA | Income | Republic | per Share | ||||||||||||||||||||||||||||||||||||||||
As reported | $ | 652.0 | $ | 285.0 | $ | 289.3 | $ | 0.90 | $ | 725.7 | $ | 357.4 | $ | 301.0 | $ | 0.92 | |||||||||||||||||||||||||||||||
Restructuring charges (1) | 1.2 | 1.2 | 0.9 | — | 3.9 | 3.9 | 2.3 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Loss from unconsolidated equity method investment | 85.0 | — | — | — | 30.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||
(Gain) Loss on disposition of assets and impairments, net | 8.8 | 8.8 | 5.2 | 0.02 | (39.8) | (39.8) | (22.0) | (0.06) | |||||||||||||||||||||||||||||||||||||||
Incremental contract startup costs - large municipal contract (2) | — | — | — | — | 0.4 | 0.4 | 0.1 | — | |||||||||||||||||||||||||||||||||||||||
Acquisition integration and deal costs (1) | 2.2 | 2.2 | 1.6 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Fire-damage related costs | 7.7 | 7.7 | 5.7 | 0.02 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Bridgeton insurance recovery, net | (14.4) | (14.4) | (11.0) | (0.03) | (28.0) | (28.0) | (21.4) | (0.07) | |||||||||||||||||||||||||||||||||||||||
Total adjustments | 90.5 | 5.5 | 2.4 | 0.01 | (33.5) | (63.5) | (41.0) | (0.12) | |||||||||||||||||||||||||||||||||||||||
As adjusted | $ | 742.5 | $ | 290.5 | $ | 291.7 | $ | 0.91 | $ | 692.2 | $ | 293.9 | $ | 260.0 | $ | 0.80 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Net | Diluted | Net | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | Income - | Earnings | Pre-tax | Income - | Earnings | ||||||||||||||||||||||||||||||||||||||||||
EBITDA | Income | Republic | per Share | EBITDA | Income | Republic | per Share | ||||||||||||||||||||||||||||||||||||||||
As reported | $ | 2,797.4 | $ | 1,295.8 | $ | 1,073.3 | $ | 3.33 | $ | 2,813.8 | $ | 1,320.9 | $ | 1,036.9 | $ | 3.16 | |||||||||||||||||||||||||||||||
Restructuring charges | 14.2 | 14.2 | 10.4 | 0.03 | 26.4 | 26.4 | 19.4 | 0.07 | |||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt and other related costs (2) | — | — | — | — | 0.3 | 0.3 | 0.2 | — | |||||||||||||||||||||||||||||||||||||||
Loss from unconsolidated equity method investment | 112.2 | — | — | — | 35.8 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Gain on disposition of assets and impairments, net | (14.7) | (14.7) | (8.7) | (0.03) | (44.9) | (44.9) | (24.7) | (0.08) | |||||||||||||||||||||||||||||||||||||||
Incremental contract startup costs - large municipal contract (1) | 0.7 | 0.7 | 0.5 | — | 5.7 | 5.7 | 4.2 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Adoption of the Tax Act (2) | — | — | — | — | — | — | 0.3 | — | |||||||||||||||||||||||||||||||||||||||
Acquisition integration and deal costs | 6.6 | 6.6 | 4.9 | 0.02 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Fire-damage related costs | 7.7 | 7.7 | 5.7 | 0.02 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Bridgeton insurance recovery, net | (14.4) | (14.4) | (11.0) | (0.03) | (28.0) | (28.0) | (21.4) | (0.07) | |||||||||||||||||||||||||||||||||||||||
Total adjustments | 112.3 | 0.1 | 1.8 | 0.01 | (4.7) | (40.5) | (22.0) | (0.07) | |||||||||||||||||||||||||||||||||||||||
As adjusted | $ | 2,909.7 | $ | 1,295.9 | $ | 1,075.1 | $ | 3.34 | $ | 2,809.1 | $ | 1,280.4 | $ | 1,014.9 | $ | 3.09 |
Years Ended December 31, | |||||||||||
2019 | 2018 | ||||||||||
Cash provided by operating activities | $ | 2,352.1 | $ | 2,242.8 | |||||||
Property and equipment received | (1,170.8) | (1,104.3) | |||||||||
Proceeds from sales of property and equipment | 21.7 | 31.6 | |||||||||
Restructuring payments, net of tax | 7.8 | 18.2 | |||||||||
Divestiture related tax payments | 7.8 | 20.2 | |||||||||
Bridgeton insurance recovery, net of tax | — | (30.5) | |||||||||
Adjusted free cash flow | $ | 1,218.6 | $ | 1,178.0 |
Years Ended December 31, | |||||||||||
2019 | 2018 | ||||||||||
Purchases of property and equipment per the unaudited consolidated statements of cash flows | $ | 1,207.1 | $ | 1,071.8 | |||||||
Adjustments to exclude the purchase of property and equipment associated with acquisitions | (45.0) | (53.4) | |||||||||
Adjustments for property and equipment received during the prior period but paid for in the following period, net | 8.7 | 85.9 | |||||||||
Property and equipment received during the period | $ | 1,170.8 | $ | 1,104.3 |
(Anticipated) Year Ending December 31, 2020 | (Actual) Year Ended December 31, 2019 | ||||||||||
Diluted earnings per share | $ 3.44 to 3.49 | $ | 3.33 | ||||||||
Withdrawal costs - multiemployer pension funds | 0.01 | — | |||||||||
Restructuring charges | 0.03 | 0.03 | |||||||||
Gain on disposition of assets and impairments, net | — | (0.03) | |||||||||
Acquisition integration and deal costs | — | 0.02 | |||||||||
Fire-damage related costs | — | 0.02 | |||||||||
Incremental contract startup costs - large municipal contract (1) | — | — | |||||||||
Bridgeton insurance recovery, net | — | (0.03) | |||||||||
Adjusted diluted earnings per share | $ 3.48 to 3.53 | $ | 3.34 |
(Anticipated) Year Ending December 31, 2020 | (Actual) Year Ended December 31, 2019 | ||||||||||
Cash provided by operating activities | $ 2,407 to 2,457 | $ | 2,352.1 | ||||||||
Property and equipment received | (1,240) | (1,170.8) | |||||||||
Proceeds from the sale of property and equipment | 15 | 21.7 | |||||||||
Restructuring payments, net of tax | 11 | 7.8 | |||||||||
Divestiture related tax payments | — | 7.8 | |||||||||
Bridgeton insurance recovery, net of tax | (18) | — | |||||||||
Adjusted free cash flow | $ 1,175 to 1,225 | $ | 1,218.6 |
(Anticipated) Year Ending December 31, 2020 | (Actual) Year Ended December 31, 2019 | ||||||||||
Purchases of property and equipment per the unaudited consolidated statements of cash flows | $ | 1,305 | $ | 1,207.1 | |||||||
Adjustments to exclude the purchase of property and equipment associated with acquisitions | (65) | (45.0) | |||||||||
Adjustments for property and equipment received during the prior period but paid for in the following period, net | — | 8.7 | |||||||||
Property and equipment received during the period | $ | 1,240 | $ | 1,170.8 |
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