SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reconciliation of Third Party Revenues to Direct Revenues

The following tables reconcile third-party revenues to direct revenues by Reportable Segment (in thousands):


	For the Three Months Ended March 31, 2025
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Segment Revenues		Corporate		Total Consolidated Revenues
Third-party revenues	$	1,207,038	$	224,815	$	1,431,853	$	97	$	1,431,950
Intersegment revenues (expense), net	2,075		(2,075)		—		—		—
Direct revenues	$	1,209,113	$	222,740	$	1,431,853	$	97	$	1,431,950


	For the Three Months Ended March 31, 2024
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Segment Revenues		Corporate		Total Consolidated Revenues
Third-party revenues	$	1,161,279	$	215,314	$	1,376,593	$	102	$	1,376,695
Intersegment revenues (expense), net	11,231		(11,231)		—		—		—
Direct revenues	$	1,172,510	$	204,083	$	1,376,593	$	102	$	1,376,695

Schedule of Reconciliation to Consolidated Statements of Income to Adjusted EBITDA

The tables below present total Reportable Segment Adjusted EBITDA and the relevant significant segment expenses provided to the CODM by reported segment (in thousands):


	For the Three Months Ended March 31, 2025
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Reportable Segments
Direct Revenues	$	1,209,113	$	222,740	$	1,431,853
Cost of Revenues	839,942		177,438		1,017,380
Selling, General and Administrative Expenses	94,580		17,050		111,630
Total Reportable Segment Adjusted EBITDA	$	274,591	$	28,252	$	302,843


	For the Three Months Ended March 31, 2024
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Reportable Segments
Direct Revenues	$	1,172,510	$	204,083	$	1,376,593
Cost of Revenues	812,898		154,887		967,785
Selling, General and Administrative Expenses	95,137		19,496		114,633
Total Reportable Segment Adjusted EBITDA	$	264,475	$	29,700	$	294,175

The following table presents Total Reportable Segment Adjusted EBITDA reconciled to income from operations before provision for income taxes (in thousands):


	Three Months Ended
	March 31,
		2025		2024
Adjusted EBITDA:
Environmental Services		$	274,591	$	264,475
Safety-Kleen Sustainability Solutions		28,252		29,700
Total Reportable Segment Adjusted EBITDA		302,843		294,175
Reconciliation to Consolidated Statements of Operations:
Corporate Costs(1)		67,989		64,080
Accretion of environmental liabilities		3,620		3,217
Stock-based compensation		7,635		6,338
Depreciation and amortization		111,980		95,065

Income from operations		111,619		125,475
Other expense, net		932		1,141


Interest expense, net of interest income		36,077		28,539
Income from operations before provision for income taxes		$	74,610	$	95,795

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(1) Corporate Costs include certain revenue, cost of revenues and selling, general and administrative expenses not managed through the Company’s operating segments. These costs are not captured within the Company’s Reportable Segment Adjusted EBITDA but are included in the Company’s total Adjusted EBITDA balances.