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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-23211
CASELLA WASTE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware03-0338873
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
25 Greens Hill Lane,
Rutland,Vermont05701
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (802775-0325
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.01 par value per shareCWSTThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No  
The number of shares outstanding of each of the registrant’s classes of common stock, as of April 15, 2024:
Class A common stock, $0.01 par value per share:57,120,029 
Class B common stock, $0.01 par value per share:988,200 




PART I.
ITEM 1.    FINANCIAL STATEMENTS
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
2024
December 31,
2023
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$189,457 $220,912 
Accounts receivable, net of allowance for credit losses of $3,881 and $4,066, respectively
146,795 157,324 
Refundable income taxes4,108 3,089 
Prepaid expenses14,975 17,223 
Inventory18,537 17,859 
Other current assets11,530 9,918 
Total current assets385,402 426,325 
Property and equipment, net of accumulated depreciation and amortization of $1,196,561 and $1,167,541, respectively
978,622 980,553 
Operating lease right-of-use assets99,679 100,844 
Goodwill736,513 735,670 
Intangible assets, net228,865 241,429 
Restricted assets
2,281 2,203 
Cost method investments10,967 10,967 
Deferred income taxes11,018 11,224 
Other non-current assets23,907 26,255 
Total assets$2,477,254 $2,535,470 
The accompanying notes are an integral part of these consolidated financial statements.
1



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except for share and per share data)
March 31,
2024
December 31,
2023
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$63,368 $35,781 
Current operating lease liabilities8,825 9,039 
Accounts payable79,989 116,794 
Accrued payroll and related expenses12,126 22,657 
Accrued interest3,527 3,886 
Contract liabilities29,715 31,472 
Current accrued final capping, closure and post-closure costs10,140 10,773 
Other accrued liabilities36,431 48,456 
Total current liabilities244,121 278,858 
Debt, less current portion980,878 1,007,662 
Operating lease liabilities, less current portion66,630 66,074 
Accrued final capping, closure and post-closure costs, less current portion127,184 123,131 
Deferred income taxes908 627 
Other long-term liabilities31,609 37,327 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Class A common stock, $0.01 par value per share; 100,000,000 shares authorized; 57,120,000 and 57,007,000 shares issued and outstanding, respectively
571 570 
Class B common stock, $0.01 par value per share; 1,000,000 shares authorized; 988,000 shares issued and outstanding, respectively; 10 votes per share
10 10 
Additional paid-in capital1,170,946 1,168,812 
Accumulated deficit(150,638)(146,521)
Accumulated other comprehensive income (loss), net of tax5,035 (1,080)
Total stockholders' equity1,025,924 1,021,791 
Total liabilities and stockholders' equity$2,477,254 $2,535,470 
The accompanying notes are an integral part of these consolidated financial statements.
2



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share data)
 Three Months Ended
March 31,
 20242023
Revenues$341,008 $262,595 
Operating expenses:
Cost of operations230,792 180,243 
General and administration44,334 35,679 
Depreciation and amortization54,037 33,435 
Expense from acquisition activities5,010 2,863 
Southbridge Landfill closure charge 110 
334,173 252,330 
Operating income6,835 10,265 
Other expense (income):
Interest income(2,812)(684)
Interest expense15,882 6,959 
Other income(352)(349)
Other expense, net12,718 5,926 
(Loss) income before income taxes(5,883)4,339 
(Benefit) provision for income taxes(1,766)791 
Net (loss) income$(4,117)$3,548 
Basic earnings (loss) per share attributable to common stockholders:
Weighted average common shares outstanding58,030 51,770 
Basic (loss) earnings per common share
$(0.07)$0.07 
Diluted earnings (loss) per share attributable to common stockholders:
Weighted average common shares outstanding58,030 51,869 
Diluted (loss) earnings per common share
$(0.07)$0.07 
The accompanying notes are an integral part of these consolidated financial statements.
3



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(in thousands)
 Three Months Ended
March 31,
 20242023
Net (loss) income$(4,117)$3,548 
Other comprehensive income (loss), before tax:
Hedging activity:
Interest rate swap settlements2,315 1,055 
Interest rate swap income reclassified into interest expense
(2,330)(1,106)
Unrealized gain (loss) resulting from changes in fair value of derivative instruments8,438 (2,391)
Other comprehensive income (loss), before tax8,423 (2,442)
Income tax provision (benefit) related to items of other comprehensive income (loss)
2,308 (673)
Other comprehensive income (loss), net of tax6,115 (1,769)
Comprehensive income$1,998 $1,779 
The accompanying notes are an integral part of these consolidated financial statements.
4




CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
STOCKHOLDERS' EQUITY
(in thousands)

  Casella Waste Systems, Inc. Stockholders' Equity
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated Deficit
Accumulated Other
Comprehensive Income (Loss), Net of Tax
TotalSharesAmountSharesAmount
Balance, December 31, 2023$1,021,791 57,007 $570 988 $10 $1,168,812 $(146,521)$(1,080)
Issuances of Class A common stock 113 1 — — (1)— — 
Stock-based compensation2,135 — — — — 2,135 — — 
Comprehensive income:
Net loss
(4,117)— — — — — (4,117)— 
Other comprehensive income:
Hedging activity6,115 — — — — — — 6,115 
Balance, March 31, 2024$1,025,924 57,120 $571 988 $10 $1,170,946 $(150,638)$5,035 


Casella Waste Systems, Inc. Stockholders' Equity
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated Deficit
Accumulated Other
Comprehensive Income, Net of Tax
TotalSharesAmountSharesAmount
Balance, December 31, 2022$497,900 50,704 $507 988 $10 $661,761 $(171,920)$7,542 
Issuances of Class A common stock 194 2 — — (2)— — 
Stock-based compensation1,976 — — — — 1,976 — — 
Comprehensive income:
Net income3,548 — — — — — 3,548 — 
Other comprehensive loss:
Hedging activity(1,769)— — — — — — (1,769)
Balance, March 31, 2023$501,655 50,898 $509 988 $10 $663,735 $(168,372)$5,773 
The accompanying notes are an integral part of these consolidated financial statements.
5



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 Three Months Ended
March 31,
 20242023
Cash Flows from Operating Activities:
Net (loss) income$(4,117)$3,548 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization54,037 33,435 
Interest accretion on landfill and environmental remediation liabilities2,937 2,510 
Amortization of debt issuance costs741 502 
Stock-based compensation2,135 1,976 
Operating lease right-of-use assets expense4,070 3,328 
Disposition of assets, other items and charges, net320 1,315 
Deferred income taxes(2,425)86 
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable10,529 5,694 
Accounts payable(36,505)(7,563)
Prepaid expenses, inventories and other assets3,739 1,701 
Accrued expenses, contract liabilities and other liabilities(27,782)(30,453)
Net cash provided by operating activities7,679 16,079 
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(294)(263)
Additions to property and equipment
(30,251)(17,879)
Proceeds from sale of property and equipment488 415 
Net cash used in investing activities(30,057)(17,727)
Cash Flows from Financing Activities:
Proceeds from debt borrowings875  
Principal payments on debt(9,952)(8,996)
Payments of debt issuance costs (282)
Net cash used in financing activities(9,077)(9,278)
Net decrease in cash and cash equivalents(31,455)(10,926)
Cash and cash equivalents, beginning of period
220,912 71,152 
Cash and cash equivalents, end of period
$189,457 $60,226 
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Cash interest payments$15,500 $5,873 
Cash income tax payments$1,681 $4,807 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Right-of-use assets obtained in exchange for financing lease obligations
$9,139 $1,634 
Right-of-use assets obtained in exchange for operating lease obligations$1,613 $5,682 
The accompanying notes are an integral part of these consolidated financial statements.
6



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1.    BASIS OF PRESENTATION
Casella Waste Systems, Inc. (“Parent”) and its subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services.
We provide integrated solid waste services in nine states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment.
The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8. “Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“fiscal year 2023”), which was filed with the SEC on February 16, 2024 (“2023 Form 10-K”).
Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, including normal recurring and nonrecurring adjustments, as applicable, necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results for the three months ended March 31, 2024 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our 2023 Form 10-K.
Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2024 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that would require recognition or adjustments to our disclosures in our consolidated financial statements.

7



2.    ACCOUNTING CHANGES
The following table provides a brief description of recent Accounting Standards Updates (“ASU”) to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards issued pending adoption
ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280)
Requires entities to provide additional disclosure related to the chief operating decision maker (“CODM”) and reportable operating segments, including providing more detailed information about reportable operating segment's significant expenses and how that information is used by the CODM.
We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements, however, the adoption of this guidance will have an impact on reportable operating segment disclosures within the accompanying notes to our consolidated financial statements. This guidance does not change how we identify our operating segments, aggregate them or apply quantitative thresholds to determine our reportable segments. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.
ASU No. 2023-09: Improvements to Income Tax Disclosures (Topic 740)
Requires entities to provide additional disclosure related to the transparency and decision usefulness of income tax disclosures, including additional disclosure around the rate reconciliation and income taxes paid.
We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements, however, the adoption of this guidance will have an impact on income tax disclosures within the accompanying notes to our consolidated financial statements. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
3.    REVENUE RECOGNITION
Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services and processing services. Revenues associated with our resource renewal operations are derived from processing services and non-processing services, which we refer to as our National Accounts business.
The following tables set forth revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three months ended March 31, 2024 and 2023:
8



Three Months Ended March 31, 2024
EasternWestern
Mid-Atlantic
Resource SolutionsTotal Revenues
Collection$70,260 $99,870 $41,230 $ $211,360 
Landfill6,612 12,938   19,550 
Transfer station14,129 11,971 374  26,474 
Transportation1,276 2,839   4,115 
Landfill gas-to-energy458 2,051   2,509 
Processing1,269 660  29,762 31,691 
National Accounts   45,309 45,309 
Total revenues$94,004 $130,329 $41,604 $75,071 $341,008 
Transferred at a point-in-time$122 $618 $ $12,552 $13,292 
Transferred over time93,882 129,711 41,604 62,519 327,716 
Total revenues$94,004 $130,329 $41,604 $75,071 $341,008 

Three Months Ended March 31, 2023
EasternWesternMid-Atlantic (1)Resource SolutionsTotal Revenues
Collection$61,108 $78,869 $ $ $139,977 
Landfill6,301 16,460   22,761 
Transfer station13,981 9,961   23,942 
Transportation1,183 3,580   4,763 
Landfill gas-to-energy213 1,711   1,924 
Processing1,123 453  22,806 24,382 
National Accounts   44,846 44,846 
Total revenues$83,909 $111,034 $ $67,652 $262,595 
Transferred at a point-in-time$119 $731 $ $6,438 $7,288 
Transferred over time83,790 110,303  61,214 255,307 
Total revenues$83,909 $111,034 $ $67,652 $262,595 
(1)Operations under the Mid-Atlantic region commenced July 1, 2023.
Payments to customers that are not in exchange for a distinct good or service are recorded as a reduction of revenues. Rebates to certain customers associated with payments for recycled or organic materials that are received and subsequently processed and sold to other third-parties amounted to $7,115 in the three months ended March 31, 2024 and $6,629 in the three months ended March 31, 2023. Rebates are generally recorded as a reduction of revenues upon the sale of such materials, or upon receipt of the recycled materials at our facilities. We did not record revenues in the three months ended March 31, 2024 or March 31, 2023 from performance obligations satisfied in previous periods.
Contract receivables, which are included in accounts receivable, net in our consolidated balance sheets are recorded when billed or when related revenue is earned, if earlier, and represent claims against third-parties that will be settled in cash. Accounts receivable, net includes receivables from contracts of $147,635 and $158,931 as of March 31, 2024 and December 31, 2023, respectively. Certain customers are billed in advance and, accordingly, recognition of the related revenues for which payment has been received is deferred as a contract liability until the services are provided and control transferred to the customer. We recognized contract liabilities of $29,715 and $31,472 as of March 31, 2024 and December 31, 2023, respectively. Due to the short term nature of advanced billings, substantially all of the deferred revenue recognized as a contract liability as of December 31, 2023 and December 31, 2022 was recognized as revenue during the three months ended March 31, 2024 and March 31, 2023, respectively, when the services were performed.
9



4.    GOODWILL AND INTANGIBLE ASSETS
A summary of the activity and balances related to goodwill by operating segment is as follows:
December 31,
2023
Measurement Period AdjustmentsMarch 31,
2024
Eastern$73,893 $ $73,893 
Western285,056 762 285,818 
Mid-Atlantic332,247 (107)332,140 
Resource Solutions 44,474 188 44,662 
$735,670 $843 $736,513 
Summaries of intangible assets by type follows:
Covenants
Not-to-Compete
Customer RelationshipsTrade NamesTotal
Balance, March 31, 2024
Intangible assets$61,573 $272,571 $13,325 $347,469 
Less accumulated amortization(29,569)(80,514)(8,521)(118,604)
$32,004 $192,057 $4,804 $228,865 

 Covenants
Not-to-Compete
Customer RelationshipsTrade NamesTotal
Balance, December 31, 2023
Intangible assets$61,573 $272,571 $13,325 $347,469 
Less accumulated amortization(26,645)(72,227)(7,168)(106,040)
$34,928 $200,344 $6,157 $241,429 
Intangible amortization expense was $12,564 during the three months ended March 31, 2024, and $4,071 during the three months ended March 31, 2023.
A summary of intangible amortization expense estimated for each of the next five fiscal years following fiscal year 2023 and thereafter is estimated as follows:
Estimated Future Amortization Expense as of March 31, 2024 
Fiscal year ending December 31, 2024$35,421 
Fiscal year ending December 31, 2025$43,593 
Fiscal year ending December 31, 2026$38,720 
Fiscal year ending December 31, 2027$34,129 
Fiscal year ending December 31, 2028$29,077 
Thereafter$47,925 
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5.    ACCRUED FINAL CAPPING, CLOSURE AND POST CLOSURE
Accrued final capping, closure and post-closure costs include the current and non-current portion of costs associated with obligations for final capping, closure and post-closure of our landfills. We estimate our future final capping, closure and post-closure costs in order to determine the final capping, closure and post-closure expense per ton of waste placed into each landfill. The anticipated time frame for paying these costs varies based on the remaining useful life of each landfill as well as the duration of the post-closure monitoring period.
A summary of the changes to accrued final capping, closure and post-closure liabilities follows:
 Three Months Ended
March 31,
 20242023
Beginning balance$133,904 $113,678 
Obligations incurred1,549 1,247 
Accretion expense 2,869 2,410 
Obligations settled (1)
(998)(1,179)
Ending balance$137,324 $116,156 
(1)May include amounts that are being processed through accounts payable as a part of our disbursements cycle.
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6.    DEBT
A summary of debt is as follows:
March 31,
2024
December 31,
2023
Senior Secured Credit Facility:
Term loan A facility (“Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.054% as of March 31, 2024
$349,125 $350,000 
Term loan A facility (“2023 Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.552% as of March 31, 2024
413,875 419,250 
Revolving credit facility (“Revolving Credit Facility”) due December 2026; bearing interest at term secured overnight financing rate (“Term SOFR”) plus 1.725%
  
Tax-Exempt Bonds:
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 (“New York Bonds 2014R-1”) due December 2044 - fixed rate interest period bearing interest at 2.875% through December 2029
25,000 25,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 (“New York Bonds 2014R-2”) due December 2044 - fixed rate interest period bearing interest at 3.125% through May 2026
15,000 15,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 (“New York Bonds 2020”) due September 2050 - fixed rate interest period bearing interest at 2.750% through September 2025
40,000 40,000 
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 (“New York Bonds 2020R-2”) due September 2050 - fixed rate interest period bearing interest at 5.125% through September 2030
35,000 35,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 (“FAME Bonds 2005R-3”) due January 2025 - fixed rate interest period bearing interest at 5.25% through January 2025
25,000 25,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 (“FAME Bonds 2015R-1”) due August 2035 - fixed rate interest period bearing interest at 5.125% through July 2025
15,000 15,000 
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 (“FAME Bonds 2015R-2”) due August 2035 - fixed rate interest period bearing interest at 4.375% through July 2025
15,000 15,000 
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds 2013”) due April 2036 - fixed rate interest period bearing interest at 4.625% through April 2028
16,000 16,000 
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2022A-1 (“Vermont Bonds 2022A-1”) due June 2052 - fixed rate interest period bearing interest at 5.00% through May 2027
35,000 35,000 
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 (“New Hampshire Bonds”) due April 2029 - fixed rate interest period bearing interest at 2.95% through April 2029
11,000 11,000 
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 4.3%
59,460 53,066 
Notes payable maturing through March 2025; bearing interest up to 8.1%
146 230 
Principal amount of debt 1,054,606 1,054,546 
Less—unamortized debt issuance costs
10,360 11,103 
Debt less unamortized debt issuance costs1,044,246 1,043,443 
Less—current maturities of debt63,368 35,781 
$980,878 $1,007,662 
 
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Cash Flow Hedges
Our strategy to reduce exposure to interest rate risk involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates related to the variable rate portion of our long-term debt. We have designated these derivative instruments as highly effective cash flow hedges, and therefore the change in their fair value is recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss), net of tax and included in interest expense at the same time as interest expense is affected by the hedged transactions. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt and included in cash flows from operating activities.
As of both March 31, 2024 and December 31, 2023, we had $515,000 notional amount of active interest rate derivative agreements outstanding. These agreements mature between February 2026 and June 2028 and provide that we receive interest based on Term SOFR, restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 3.6%.
A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheets follows:
Fair Value
Balance Sheet LocationMarch 31,
2024
December 31,
2023
Interest rate swapsOther current assets$7,196 $5,951 
Interest rate swapsOther non-current assets5,261 4,413 
$12,457 $10,364 
Interest rate swapsOther long-term liabilities$5,433 $11,762 
Interest rate swaps
Accumulated other comprehensive income (loss), net of tax
$7,024 $(1,398)
Interest rate swaps - tax effect
Accumulated other comprehensive income (loss), net of tax
(1,989)318 
$5,035 $(1,080)
7.    COMMITMENTS AND CONTINGENCIES
Legal Proceedings
In the ordinary course of our business and as the result of the extensive governmental regulation of the solid waste industry, we are subject to various judicial and administrative proceedings involving state and local agencies. In these proceedings, an agency may seek to impose fines or to revoke or deny renewal of an operating permit held by us. From time to time, we may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills and transfer stations, or allegations of environmental damage or violations of the permits and licenses pursuant to which we operate. In addition, we may be named defendants in various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the ordinary operation of a waste management business. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions fall within various procedural stages at any point in time, and some are covered in part by insurance.
In accordance with FASB ASC 450 - Contingencies, we accrue for legal proceedings, inclusive of legal costs, when losses become probable and reasonably estimable. We have recorded an aggregate accrual of $23 relating to our outstanding legal proceedings as of March 31, 2024. As of the end of each applicable reporting period, we review each of our legal proceedings to determine whether it is probable, reasonably possible or remote that a liability has been incurred and, if it is at least reasonably possible, whether a range of loss can be reasonably estimated under the provisions of FASB ASC 450-20. In instances where we determine that a loss is probable and we can reasonably estimate a range of loss we may incur with respect to such a matter, we record an accrual for the amount within the range that constitutes our best estimate of the possible loss. If we are able to reasonably estimate a range, but no amount within the range appears to be a better estimate than any other, we record an accrual in the amount that is the low end of such range. When a loss is reasonably possible, but not probable, we will not record an accrual, but we will disclose our estimate of the possible range of loss where such estimate can be made in accordance with FASB ASC 450-20. We disclose outstanding matters that we believe could have a material adverse effect on our financial condition, results of operations or cash flows.
13



North Country Environmental Services Expansion Permit
The permit for expansion of the Bethlehem, New Hampshire landfill of our subsidiary, North Country Environmental Services, Inc. (“NCES”), known as “Stage VI”, issued in October 2020 (“Permit”), was appealed by the Conservation Law Foundation (“CLF”) to the New Hampshire Waste Management Council (“Council”) on November 9, 2020 on the grounds it failed to meet the public benefit criteria. Following a hearing on the merits during which the Council found that the New Hampshire Department of Environmental Services (“DES”) had reasonably measured and acted lawfully in determining a capacity need for Stage VI, the hearing officer presiding over the proceedings issued an Order on May 11, 2022, without further hearing, determining instead that DES had acted unlawfully in reaching these conclusions (“Hearing Officer’s Order”), and remanded the Permit to DES on this determination. On December 5, 2022, DES and NCES both separately sought review of the Hearing Officer’s Order on appeal to the New Hampshire Supreme Court (“Supreme Court”). The parties presented oral arguments to the Supreme Court on October 3, 2023. On December 28, 2023, the Supreme Court issued a decision reversing the Hearing Officer's Order and held that the Stage VI Permit was lawfully issued by DES, fully resolving this matter and upholding the Stage VI Permit.
On December 14, 2022, NCES filed an action in Merrimack Superior Court (“Superior Court”) seeking to invalidate the Hearing Officer’s Order as having been adopted in violation of New Hampshire’s statute governing access to public records and meetings in that the Council did not hold a public meeting to deliberate on the Hearing Officer’s Order. The Superior Court dismissed that proceeding by Order dated April 6, 2023, and NCES appealed that decision to the Supreme Court on April 18, 2023. NCES’s brief on appeal was filed with the Supreme Court on August 11, 2023. On September 26, 2023, CLF filed a Motion to Intervene as well as a memorandum of law asking the Supreme Court to uphold the Superior Court’s dismissal, to which NCES filed an Objection in response on October 23, 2023. The Council filed its brief on October 25, 2023. On November 9, 2023, the Supreme Court issued an Order denying CLF’s Motion to Intervene but treating CLF’s memorandum of law as an amicus brief. NCES filed a reply brief on November 14, 2023. On January 18, 2024, the Supreme Court issued an Order setting a deadline of February 2, 2024 for the parties to submit memoranda addressing the mootness of this appeal in light of the Supreme Court’s December 28, 2023 Order reversing the Hearing Officer’s Order and upholding the Stage VI Permit. NCES subsequently filed a Motion for Vacatur of the Superior Court’s April 6, 2023 Order and a Memorandum in Response to the Supreme Court's February 2, 2024 Order on January 23, 2024. On March 18, 2024, the Supreme Court issued an order finding the appeal to be moot and vacating the Superior Court’s April 6, 2023 Order, resolving this matter.
On September 20, 2022, NCES, which has since withdrawn as a party, and our subsidiary, Granite State Landfill, LLC (“GSL”), filed a Petition for Declaratory Judgment (“Petition”) in the Superior Court asking the Superior Court for a determination of the meaning and constitutionality of New Hampshire’s public benefit requirement, the same statute at issue in the Hearing Officer’s Order. CLF was granted intervention in the Petition proceeding on June 8, 2023. On December 19, 2023, GSL filed a Motion To Stay pending the outcome of the Supreme Court’s consideration of the Stage VI Permit appeal. The Stage VI Permit appeal was decided and upheld by Order of December 28, 2023 as discussed above. As NCES prevailed in the Stage VI Permit appeal, GSL and NCES voluntarily non-suited the Petition on January 2, 2024, resolving this matter.
On April 12, 2023, DES issued approval of construction plans for Stage VI, Phase II to NCES (“DES Approval”). CLF appealed the DES Approval to the Council on May 11, 2023, on the grounds that it failed to meet the public benefit criteria, and that the DES Approval conflicts with the Hearing Officer’s May 11, 2022 Order determining that DES had acted unlawfully in issuing the Permit, and requested expedited review. The Council has denied CLF's request for expedited review. CLF withdrew its appeal by notice to the Council on February 7, 2024. In light of CLF's withdrawal of appeal, this matter is fully resolved.
Environmental Remediation Liabilities
We are subject to liability for environmental damage, including personal injury and property damage, that our solid waste, recycling and power generation facilities may cause to neighboring property owners, particularly as the result of the contamination of drinking water sources or soil, possibly including damage resulting from conditions that existed before we acquired the facilities. We may also be subject to liability for similar claims arising from off-site environmental contamination caused by pollutants or hazardous substances if we or our predecessors arrange or arranged to transport, treat or dispose of those materials.
14



We accrue for costs associated with environmental remediation obligations when such costs become both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with remediation of a site. In these cases, we use the amount within the range that constitutes our best estimate. In the early stages of the remediation process, particular components of the overall liability may not be reasonably estimable; in this instance we use the components of the liability that can be reasonably estimated as a surrogate for the liability. It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or duration of the required actions. Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows. We disclose outstanding environmental remediation matters that remain unsettled or are settled in the reporting period that we believe could have a material adverse effect on our financial condition, results of operations or cash flows.
We inflate the estimated costs in current dollars to the expected time of payment and discount the total cost to present value using a risk-free interest rate. The risk-free interest rates associated with our environmental remediation liabilities as of March 31, 2024 range between 1.5% and 7.1%. A summary of the changes to the aggregate environmental remediation liabilities for the three months ended March 31, 2024 and 2023 follows:
Three Months Ended
March 31,
20242023
Beginning balance$5,889 $6,335 
Accretion expense24 26 
Obligations settled (1)
(32)(18)
Ending balance5,881 6,343 
Less: current portion1,631 1,131 
Long-term portion$4,250 $5,212 
(1)May include amounts that are being processed through accounts payable as a part of our disbursement cycle.
8.    STOCKHOLDERS' EQUITY
Stock Based Compensation
Shares Available For Issuance
In the fiscal year ended December 31, 2016, we adopted the 2016 Incentive Plan (“2016 Plan”). Under the 2016 Plan, we may grant awards up to an aggregate amount of shares equal to the sum of: (i) 2,250 shares of Class A common stock (subject to adjustment in the event of stock splits and other similar events), plus (ii) such additional number of shares of Class A common stock (up to 2,723 shares) as is equal to the sum of the number of shares of Class A common stock that remained available for grant under the 2006 Stock Incentive Plan (“2006 Plan”) immediately prior to the expiration of the 2006 Plan and the number of shares of Class A common stock subject to awards granted under the 2006 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us. As of March 31, 2024, there were 456 Class A common stock equivalents available for future grant under the 2016 Plan.
Stock Options
Stock options are granted at a price equal to the prevailing fair value of our Class A common stock at the date of grant. Generally, stock options granted have a term not to exceed ten years and vest over a one-year to five-year period from the date of grant.
The fair value of each stock option granted is estimated using a Black-Scholes option-pricing model, which requires extensive use of accounting judgment and financial estimation, including estimates of the expected term stock option holders will retain their vested stock options before exercising them and the estimated volatility of our Class A common stock price over the expected term.
15



A summary of stock option activity follows:
Stock OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value
Outstanding, December 31, 2023129 $66.03 
Granted $ 
Exercised $ 
Forfeited $ 
Outstanding, March 31, 2024129 $66.03 7.2$4,231 
Exercisable, March 31, 202449 $40.60 4.9$2,828 
Stock-based compensation expense related to stock options was $151 during the three months ended March 31, 2024, as compared to $123 during the three months ended March 31, 2023. As of March 31, 2024, we had $1,957 of unrecognized stock-based compensation expense related to outstanding stock options to be recognized over a weighted average period of 3.6 years.
During the three months ended March 31, 2024, the aggregate intrinsic value of stock options exercised was zero dollars.
Other Stock Awards
Restricted stock awards, restricted stock units and performance stock units, with the exception of market-based performance stock units, are granted at a price equal to the fair value of our Class A common stock at the date of grant. The fair value of each market-based performance stock unit is estimated using a Monte Carlo pricing model, which requires extensive use of accounting judgment and financial estimation, including the estimated share price appreciation plus, if applicable, the value of dividends of our Class A common stock as compared to the Russell 2000 Index over the requisite service period.
Typically, restricted stock awards granted to non-employee directors vest incrementally over a three-year period beginning on the first anniversary of the date of grant. Restricted stock units granted to non-employee directors vest in full on the first anniversary of the grant date. Restricted stock units granted to employees vest incrementally over an identified service period, typically three years, beginning on the grant date based on continued employment. Performance stock units granted to employees, including market-based performance stock units, vest at a future date following the grant date and are based on the attainment of performance targets and market achievements, as applicable.
A summary of restricted stock award, restricted stock unit and performance stock unit activity follows:
Restricted Stock Awards, Restricted Stock Units, and Performance Stock Units (1)Weighted
Average Grant Date Fair
Value
Weighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value
Outstanding, December 31, 2023181 $84.82 
Granted93 $99.70 
Class A Common Stock Vested(34)$76.16 
Forfeited(1)$77.94 
Outstanding, March 31, 2024239 $91.82 2.4$23,649 
Unvested, March 31, 2024414 $93.99 2.2$40,908 
(1)Performance stock unit grants, including market-based performance stock units, are included at the 100% attainment level. Attainment of the maximum performance targets and market achievements would result in the issuance of an additional 175 shares of Class A common stock currently included in unvested.
Stock-based compensation expense related to restricted stock awards, restricted stock units and performance stock units was $1,875 during the three months ended March 31, 2024, as compared to $1,762 during the three months ended March 31, 2023.
During the three months ended March 31, 2024, the total fair value of other stock awards vested was $3,165.
As of March 31, 2024, total unrecognized stock-based compensation expense related to outstanding restricted stock awards was $3, which will be recognized over a weighted average period of 0.2 years. As of March 31, 2024, total unrecognized stock-based compensation expense related to outstanding restricted stock units was $8,417, which will be recognized over a weighted average period of 2.6 years. As of March 31, 2024, total expected unrecognized stock-based compensation expense related to outstanding performance stock units was $8,626, which will be recognized over a weighted average period of 2.2 years.
16



The weighted average fair value of market-based performance stock units granted during the three months ended March 31, 2024 was $105.35 per award, which was calculated using a Monte Carlo pricing model assuming a risk-free interest rate of 4.31% and an expected volatility of 25.3% assuming no expected dividend yield. Risk-free interest rate is based on the U.S. Treasury yield curve for the expected service period of the award. Expected volatility is calculated using the daily volatility of our Class A common stock over the expected service period of the award.
The Monte Carlo pricing model requires extensive use of accounting judgment and financial estimation. Application of alternative assumptions could produce significantly different estimates of the fair value of stock-based compensation and consequently, the related amounts recognized in the consolidated statements of operations.
We also recorded $109 of stock-based compensation expense related to the Second Amended and Restated 1997 Employee Stock Purchase Plan during the three months ended March 31, 2024, as compared to $90 during the three months ended March 31, 2023.
Accumulated Other Comprehensive Income (Loss), Net of Tax
A summary of the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax follows:
 Interest Rate Swaps
Balance, December 31, 2023$(1,080)
Other comprehensive income before reclassifications10,753 
Income reclassified from accumulated other comprehensive income (loss) into interest expense
(2,330)
Income tax provision related to items of other comprehensive income(2,308)
Other comprehensive income, net of tax
6,115 
Balance, March 31, 2024$5,035 

A summary of reclassifications out of accumulated other comprehensive income (loss), net of tax into earnings follows:
Three Months Ended
March 31,
 20242023 
Accumulated Other Comprehensive Income (Loss), Net of Tax
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), Net of Tax
Affected Line Item in the Consolidated
Statements of Operations
Interest rate swaps$(2,330)$(1,106)Interest expense
2,330 1,106 
(Loss) income before income taxes
642 303 
(Benefit) provision for income taxes
$1,688 $803 
Net (loss) income
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9.    EARNINGS PER SHARE
Basic earnings per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the combined weighted average number of common shares and potentially dilutive shares, which include the assumed exercise of employee stock options, unvested restricted stock awards, unvested restricted stock units and unvested performance stock units, including market-based performance units based on the expected achievement of performance targets. In computing diluted earnings per share, we utilize the treasury stock method.
A summary of the numerator and denominators used in the computation of earnings per share follows:
 Three Months Ended
March 31,
 20242023
Numerator:
Net (loss) income$(4,117)$3,548 
Denominators:
Number of shares outstanding, end of period:
Class A common stock57,120 50,898 
Class B common stock988 988 
Unvested restricted stock (1)
Effect of weighted average shares outstanding
(78)(115)
Basic weighted average common shares outstanding58,030 51,770 
Impact of potentially dilutive securities:
Dilutive effect of stock options and other stock awards 99 
Diluted weighted average common shares outstanding58,030 51,869 
Anti-dilutive potentially issuable shares379 126 
10.    OTHER ITEMS AND CHARGES
Expense from Acquisition Activities
In the three months ended March 31, 2024, and 2023, we recorded charges of $5,010 and $2,863, respectively, comprised primarily of legal, consulting and other similar costs associated with the due diligence, acquisition and integration of acquired businesses, including expenses related to the development of our Mid-Atlantic region, in the three months ended March 31, 2024.
11.    RELATED PARTY TRANSACTIONS
Leases
In the fiscal year ended April 30, 1994, we entered into two leases for facilities with a partnership of which John Casella, our Chairman and Chief Executive Officer, and Douglas Casella, a member of our Board of Directors, are the general partners. In the three months ended March 31, 2024, we extended one of these leases through February 2039. The terms of the lease agreement require a monthly payment of approximately $17, subject to a fixed annual escalation.
12.    FAIR VALUE OF FINANCIAL INSTRUMENTS
We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data.
We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions that we believe market participants would use in pricing an asset or a liability.
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Assets and Liabilities Accounted for at Fair Value
Our financial instruments include cash and cash equivalents, accounts receivable, restricted investment securities held in trust on deposit with various banks as collateral for our obligations relative to our landfill final capping, closure and post-closure costs, interest rate derivatives, trade payables and debt. The carrying values of cash and cash equivalents, accounts receivable and trade payables approximate their respective fair values due to their short-term nature. The fair value of restricted investment securities held in trust, which are valued using quoted market prices, are included as restricted assets in the Level 1 tier below. The fair value of the interest rate derivatives included in the Level 2 tier below is calculated using discounted cash flow valuation methodologies based upon Term SOFR yield curves that are observable at commonly quoted intervals for the full term of the swaps. We recognize all derivatives accounted for on the balance sheet at fair value.
Recurring Fair Value Measurements
Summaries of our financial assets and liabilities that are measured at fair value on a recurring basis follow:
 Fair Value Measurement at March 31, 2024 Using:
 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Restricted investment securities - landfill closure$2,281 $ $ 
Interest rate swaps 12,457  
$2,281 $12,457 $ 
Liabilities:
Interest rate swaps$ $5,433 $ 

 Fair Value Measurement at December 31, 2023 Using:
 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Assets:
Restricted investment securities - landfill closure$2,203 $ $ 
Interest rate swaps 10,364  
$2,203 $10,364 $ 
Liabilities:
Interest rate swaps$ $11,762 $ 
Fair Value of Debt
As of March 31, 2024, the fair value of our fixed rate debt, including our FAME Bonds 2005R-3, FAME Bonds 2015R-1, FAME Bonds 2015R-2, Vermont Bonds 2013, Vermont Bonds 2022A-1, New York Bonds 2014R-1, New York Bonds 2014R-2, New York Bonds 2020, New York Bonds 2020R-2 and New Hampshire Bonds (collectively, the “Industrial Revenue Bonds”) was approximately $228,571 and the carrying value was $232,000. The fair value of the Industrial Revenue Bonds is considered to be Level 2 within the fair value hierarchy as the fair value is determined using market approach pricing provided by a third-party that utilizes pricing models and pricing systems, mathematical tools and judgment to determine the evaluated price for the security based on the market information of each of the bonds or securities with similar characteristics.
As of March 31, 2024, the carrying values of our Term Loan Facility and 2023 Term Loan Facility were $349,125 and $413,875, respectively, and the carrying value of our Revolving Credit Facility was zero dollars. Their fair values are based on current borrowing rates for similar types of borrowing arrangements, or Level 2 inputs, and approximate their carrying values.
Although we have determined the estimated fair value amounts of the Industrial Revenue Bonds using available market information and commonly accepted valuation methodologies, a change in available market information, and/or the use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. These amounts have not been revalued, and current estimates of fair value could differ significantly from the amounts presented.
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13.    SEGMENT REPORTING
We report selected information about our reportable operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through regional operating segments, our Eastern, Western and Mid-Atlantic regions. Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services in the eastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are comprised of processing services and non-processing services, which we refer to as our National Accounts business. Revenues from processing services are derived from customers in the form of processing fees, tipping fees, commodity sales, and organic material sales. Revenues from our National Accounts business are derived from brokerage services and overall resource management services providing a wide range of environmental services and resource management solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment, which is not a reportable operating segment. Corporate Entities results reflect those costs not allocated to our reportable operating segments.
Three Months Ended March 31, 2024
SegmentOutside
revenues
Inter-company
revenues
Depreciation and
amortization
Operating
income (loss)
Total
assets
Eastern$94,004 $22,488 $13,468 $3,622 $429,198 
Western130,329 46,436 24,475 8,784 990,745 
Mid-Atlantic
41,604 213 10,324 (4,799)541,979 
Resource Solutions75,071 3,123 4,794 1,393 249,930 
Corporate Entities — 976 (2,165)265,402 
Eliminations— (72,260)— — — 
$341,008 $— $54,037 $6,835 $2,477,254 

Three Months Ended March 31, 2023
SegmentOutside
revenues
Inter-company
revenues
Depreciation and
amortization
Operating
income (loss)
Total
assets
Eastern$83,909 $19,369 $11,903 $2,139 $364,872 
Western111,034 36,559 17,665 12,426 744,084 
Mid-Atlantic (1)
     
Resource Solutions67,652 3,487 3,076 (1,943)195,028 
Corporate Entities — 791 (2,357)115,906 
Eliminations— (59,415)— — — 
$262,595 $— $33,435 $10,265 $1,419,890 
(1)Operations under the Mid-Atlantic region commenced July 1, 2023.

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A summary of our revenues attributable to services provided follows:
 Three Months Ended
March 31,
 20242023
Collection$211,360 $139,977 
Disposal50,139 51,466 
Landfill gas-to-energy
2,509 1,924 
Processing1,929 1,576 
Solid waste operations265,937 194,943 
Processing29,762 22,806 
National Accounts45,309 44,846 
Resource Solutions operations75,071 67,652 
Total revenues$341,008 $262,595 

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ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our unaudited consolidated financial statements and notes thereto included under Item 1. “Financial Statements”. In addition, reference should be made to our audited consolidated financial statements and notes thereto and related “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“fiscal year 2023”) filed with the Securities and Exchange Commission on February 16, 2024 (“2023 Form 10-K”).
This Quarterly Report on Form 10-Q and, in particular, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, may contain or incorporate a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, including statements regarding:
the projected development of additional disposal capacity or expectations regarding permits for existing capacity;
the outcome of any legal or regulatory matter;
expected liquidity and financing plans;
expected future revenues, operations, expenditures and cash needs;
whether our pricing programs and operational initiatives will outpace higher operating and construction costs from inflation and regulatory changes;
fluctuations in recycling commodity pricing, increases in landfill tipping fees and fuel costs and general economic and weather conditions;
projected future obligations related to final capping, closure and post-closure costs of our existing landfills and any disposal facilities which we may own or operate in the future;
our ability to use our net operating losses and tax positions;
our ability to service our debt obligations;
the recoverability or impairment of any of our assets or goodwill;
estimates of the potential markets for our products and services, including the anticipated drivers for future growth;
sales and marketing plans or price and volume assumptions;
potential business combinations or divestitures;
projected improvements to our infrastructure and the impact of such improvements on our business and operations; and
general economic factors, such as ongoing or potential geopolitical conflict, pandemics, recessions, or similar national or global events, and general macroeconomic conditions, including, among other things, consumer confidence, global supply chain disruptions, inflation, labor supply, fuel prices, interest rates and access to capital markets that generally are not within our control, and our exposure to credit and counterparty risk.
In addition, any statements contained in or incorporated by reference into this report that are not statements of historical fact should be considered forward-looking statements. You can identify these forward-looking statements by the use of the words “believes”, “expects”, “anticipates”, “plans”, “may”, “will”, “would”, “intends”, “estimates” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate, as well as management’s beliefs and assumptions, and should be read in conjunction with our consolidated financial statements and notes thereto. These forward-looking statements are not guarantees of future performance, circumstances or events. The occurrence of the events described and the achievement of the expected results depends on many events, some or all of which are not predictable or within our control. Actual results may differ materially from those set forth in the forward-looking statements.
There are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. These risks and uncertainties include, without limitation, those detailed in Item 1A. “Risk Factors” in our 2023 Form 10-K and those included under Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q.
There may be additional risks that we are not presently aware of or that we currently believe are immaterial, which could have an adverse impact on our business. We explicitly disclaim any obligation to update any forward-looking statements whether as the result of new information, future events or otherwise, except as otherwise required by law.
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Company Overview
Casella Waste Systems, Inc., a Delaware corporation, and its wholly-owned subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services.
We provide integrated solid waste services in nine states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment.
As of April 15, 2024, we owned and/or operated 63 solid waste collection operations, 69 transfer stations, 28 recycling facilities, eight Subtitle D landfills, three landfill gas-to-energy facilities and one landfill permitted to accept construction and demolition (“C&D”) materials. We also housed two landfill gas-to-energy facilities, which are owned and operated by third parties, at landfills we owned and/or operated.
Results of Operations
Revenues
We manage our solid waste operations, which include a full range of solid waste services, on a geographic basis through regional operating segments, which we designate as the Eastern, Western and Mid-Atlantic regions. Revenues associated with our solid waste operations are derived mainly from fees charged to customers for solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services in the eastern United States. We derive a substantial portion of our collection revenues from commercial, industrial and municipal services that are generally performed under service agreements or pursuant to contracts with municipalities. The majority of our residential collection services are performed on a subscription basis with individual property owners or occupants. Landfill and transfer customers are charged a tipping fee on a per ton basis for disposing of their solid waste at our disposal facilities and transfer stations. We also generate and sell electricity at certain of our landfill facilities. We manage our resource renewal operations through the Resource Solutions operating segment, which includes processing services and non-processing services, which we refer to as our National Accounts business. Revenues from processing services are derived from customers in the form of processing fees, tipping fees, commodity sales, primarily comprised of newspaper, corrugated containers, plastics, ferrous and aluminum, and organic materials such as our earthlife® soils products including fertilizers, composts and mulches. Revenues from our National Accounts business are derived from brokerage services and overall resource management services providing a wide range of environmental services and resource management solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers.
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The table below shows revenues attributable to services provided (dollars in millions and as a percentage of total revenues) for the following periods:
 Three Months Ended March 31,$
Change
 20242023
Collection$211.4 62.0 %$140.0 53.3 %$71.4 
Disposal50.1 14.7 %51.5 19.6 %(1.4)
Landfill gas-to-energy
2.5 0.7 %1.9 0.7 %0.6 
Processing1.9 0.6 %1.5 0.6 %0.4 
Solid waste operations
265.9 78.0 %194.9 74.2 %71.0 
Processing29.8 8.7 %22.9 8.7 %6.9 
National Accounts45.3 13.3 %44.8 17.1 %0.5 
Resource Solutions operations
75.1 22.0 %67.7 25.8 %7.4 
Total revenues$341.0 100.0 %$262.6 100.0 %$78.4 
Solid waste revenues
A summary of the period-to-period change in solid waste revenues (dollars in millions and as percentage growth of solid waste revenues) follows:
Period-to-Period Change for the Three Months Ended March 31, 2024 vs. 2023
 Amount% Growth
Price$10.8 5.5 %
Volume
(5.4)(2.8)%
Surcharges and other fees(1.2)(0.6)%
Commodity price and volume0.8 0.4 %
Acquisitions 66.0 33.9 %</