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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 September 30, 2019
OR
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☐ | 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)
| | | | | |
Delaware | 03-0338873 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | | | | | | | |
25 Greens Hill Lane, | | |
Rutland, | Vermont | 05701 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (802) 775-0325
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A common stock, $0.01 par value per share | | CWST | | The 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.
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Large accelerated filer | ☒ | Accelerated filer | ☐ |
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Non-accelerated filer | ☐ | Smaller reporting 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 October 15, 2019:
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Class A common stock, $0.01 par value per share: | 46,792,758 | | |
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)
| | | | | | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| (Unaudited) | | |
ASSETS | | | |
CURRENT ASSETS: | | | |
Cash and cash equivalents | $ | 5,028 | | | $ | 4,007 | |
Accounts receivable, net of allowance for doubtful accounts of $1,478 and $931, respectively | 89,882 | | | 74,937 | |
| | | |
Refundable income taxes | 2,789 | | | 2,254 | |
Prepaid expenses | 8,423 | | | 7,345 | |
Inventory | 6,976 | | | 6,542 | |
| | | |
Other current assets | 693 | | | 2,008 | |
Total current assets | 113,791 | | | 97,093 | |
Property, plant and equipment, net of accumulated depreciation and amortization of $831,950 and $878,701, respectively | 434,081 | | | 404,577 | |
Operating lease right-of-use assets | 109,604 | | | — | |
Goodwill | 184,295 | | | 162,734 | |
Intangible assets, net | 60,983 | | | 34,767 | |
| | | |
Restricted assets | 1,410 | | | 1,248 | |
Cost method investments | 11,264 | | | 11,264 | |
Deferred income taxes | 8,840 | | | 9,594 | |
Other non-current assets | 11,512 | | | 11,133 | |
Total assets | $ | 935,780 | | | $ | 732,410 | |
The accompanying notes are an integral part of these consolidated financial statements.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except for share and per share data)
| | | | | | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| (Unaudited) | | |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | | | | |
CURRENT LIABILITIES: | | | |
Current maturities of long-term debt and finance leases | $ | 3,571 | | | $ | 2,298 | |
Current operating lease liabilities | 9,582 | | | — | |
Accounts payable | 59,370 | | | 57,289 | |
Accrued payroll and related expenses | 10,116 | | | 10,969 | |
Accrued interest | 2,340 | | | 2,415 | |
Contract liabilities | 2,812 | | | 3,074 | |
Current accrued capping, closure and post-closure costs | 8,527 | | | 11,633 | |
Other accrued liabilities | 30,641 | | | 23,819 | |
Total current liabilities | 126,959 | | | 111,497 | |
Long-term debt and finance leases, less current portion | 523,975 | | | 542,001 | |
Operating lease liabilities, less current portion | 71,910 | | | — | |
Accrued capping, closure and post-closure costs, less current portion | 64,092 | | | 61,442 | |
Deferred income taxes | 2,637 | | | 2,519 | |
Other long-term liabilities | 35,395 | | | 30,783 | |
COMMITMENTS AND CONTINGENCIES | | | |
STOCKHOLDERS' EQUITY (DEFICIT): | | | |
Casella Waste Systems, Inc. stockholders' equity (deficit) | | | |
Class A common stock, 0.01 par value per share; 100,000,000 shares authorized; 46,792,000 and 41,944,000 shares issued and outstanding, respectively | 468 | | | 419 | |
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 capital | 482,987 | | | 373,716 | |
Accumulated deficit | (366,082) | | | (388,669) | |
Accumulated other comprehensive loss | (6,571) | | | (1,308) | |
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| | | |
Total stockholders' equity (deficit) | 110,812 | | | (15,832) | |
Total liabilities and stockholders' equity (deficit) | $ | 935,780 | | | $ | 732,410 | |
The accompanying notes are an integral part of these consolidated financial statements.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except for per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
| 2019 | | 2018 | | 2019 | | 2018 |
Revenues | $ | 198,547 | | | $ | 172,832 | | | $ | 549,670 | | | $ | 485,936 | |
Operating expenses: | | | | | | | |
Cost of operations | 131,273 | | | 114,118 | | | 377,707 | | | 331,527 | |
General and administration | 22,536 | | | 20,545 | | | 67,423 | | | 62,365 | |
Depreciation and amortization | 20,940 | | | 18,202 | | | 58,144 | | | 51,572 | |
Withdrawal costs - multiemployer pension plan | 3,591 | | | — | | | 3,591 | | | — | |
Expense from acquisition activities and other items | 1,097 | | | 581 | | | 2,237 | | | 930 | |
Southbridge landfill closure charge (settlement), net | 625 | | | (9,498) | | | 2,097 | | | (7,740) | |
Contract settlement charge | — | | | — | | | — | | | 2,100 | |
Development project charge | — | | | — | | | — | | | 311 | |
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| 180,062 | | | 143,948 | | | 511,199 | | | 441,065 | |
Operating income | 18,485 | | | 28,884 | | | 38,471 | | | 44,871 | |
Other expense (income): | | | | | | | |
Interest income | (66) | | | (53) | | | (287) | | | (161) | |
Interest expense | 6,235 | | | 6,424 | | | 18,849 | | | 19,347 | |
Loss on debt extinguishment | | — | | | — | | | — | | | 7,352 | |
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Other income | | (248) | | | (166) | | | (960) | | | (597) | |
Other expense, net | 5,921 | | | 6,205 | | | 17,602 | | | 25,941 | |
Income before income taxes | | 12,564 | | | 22,679 | | | 20,869 | | | 18,930 | |
Provision (benefit) for income taxes | | 178 | | | 377 | | | (1,718) | | | (1,166) | |
Net income | | $ | 12,386 | | | $ | 22,302 | | | $ | 22,587 | | | $ | 20,096 | |
| | | | | | | |
| | | | | | | |
Basic earnings per share attributable to common stockholders: | | | | | | | |
Weighted average common shares outstanding | 47,690 | | | 42,779 | | | 47,029 | | | 42,605 | |
Basic earnings per common share | $ | 0.26 | | | $ | 0.52 | | | $ | 0.48 | | | $ | 0.47 | |
Diluted earnings per share attributable to common stockholders: | | | | | | | |
Weighted average common shares outstanding | 48,361 | | | 44,175 | | | 47,660 | | | 43,938 | |
Diluted earnings per common share | $ | 0.26 | | | $ | 0.50 | | | $ | 0.47 | | | $ | 0.46 | |
The accompanying notes are an integral part of these consolidated financial statements.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
| 2019 | | 2018 | | 2019 | | 2018 |
Net income | $ | 12,386 | | | $ | 22,302 | | | $ | 22,587 | | | $ | 20,096 | |
Other comprehensive (loss) income, before tax: | | | | | | | |
Hedging activity: | | | | | | | |
Interest rate swap settlements | (120) | | | (147) | | | (187) | | | (217) | |
Interest rate swap amounts reclassified into interest expense | 147 | | | 156 | | | 216 | | | 247 | |
Unrealized (loss) gain resulting from changes in fair value of derivative instruments | (774) | | | 863 | | | (5,292) | | | 1,503 | |
| | | | | | | |
Other comprehensive (loss) income, before tax | (747) | | | 872 | | | (5,263) | | | 1,533 | |
Income tax provision related to items of other comprehensive (loss) income | — | | | 235 | | | — | | | 413 | |
Other comprehensive (loss) income, net of tax | (747) | | | 637 | | | (5,263) | | | 1,120 | |
Comprehensive income | $ | 11,639 | | | $ | 22,939 | | | $ | 17,324 | | | $ | 21,216 | |
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The accompanying notes are an integral part of these consolidated financial statements.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF
STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | Class A Common Stock | | | | Class B Common Stock | | | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | |
| Total | | Shares | | Amount | | Shares | | Amount | | | | | | | | |
Balance, December 31, 2018 | $ | (15,832) | | | 41,944 | | | $ | 419 | | | 988 | | | $ | 10 | | | $ | 373,716 | | | $ | (388,669) | | | $ | (1,308) | | | |
Issuance of Class A common stock - equity offering | 100,446 | | | 3,565 | | | 36 | | | — | | | — | | | 100,410 | | | — | | | — | | | |
Issuance of Class A common stock - acquisition | — | | | 67 | | | 1 | | | — | | | — | | | (1) | | | — | | | — | | | |
Issuances of Class A common stock | 260 | | | 676 | | | 7 | | | — | | | — | | | 253 | | | — | | | — | | | |
Stock-based compensation | 1,431 | | | — | | | — | | | — | | | — | | | 1,431 | | | — | | | — | | | |
Comprehensive loss: | | | | | | | | | | | | | | | | | |
Net loss | (1,714) | | | — | | | — | | | — | | | — | | | — | | | (1,714) | | | — | | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | |
Hedging activity | (1,557) | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,557) | | | |
Balance, March 31, 2019 | 83,034 | | | 46,252 | | | 463 | | | 988 | | | 10 | | | 475,809 | | | (390,383) | | | (2,865) | | | |
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Issuances of Class A common stock | 2,318 | | | 347 | | | 3 | | | — | | | — | | | 2,315 | | | — | | | — | | | |
Stock-based compensation | 1,889 | | | — | | | — | | | — | | | — | | | 1,889 | | | — | | | — | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | |
Net income | 11,915 | | | — | | | — | | | — | | | — | | | — | | | 11,915 | | | — | | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | |
Hedging activity | (2,959) | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,959) | | | |
Balance, June 30, 2019 | 96,197 | | | 46,599 | | | 466 | | | 988 | | | 10 | | | 480,013 | | | (378,468) | | | (5,824) | | | |
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Issuances of Class A common stock | 1,078 | | | 193 | | | 2 | | | — | | | — | | | 1,076 | | | — | | | — | | | |
Stock-based compensation | 1,898 | | | — | | | — | | | — | | | — | | | 1,898 | | | — | | | — | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | |
Net income | 12,386 | | | — | | | — | | | — | | | — | | | — | | | 12,386 | | | — | | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | |
Hedging activity | (747) | | | — | | | — | | | — | | | — | | | — | | | — | | | (747) | | | |
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Balance, September 30, 2019 | $ | 110,812 | | | 46,792 | | | $ | 468 | | | 988 | | | $ | 10 | | | $ | 482,987 | | | $ | (366,082) | | | $ | (6,571) | | | |
The accompanying notes are an integral part of these consolidated financial statements.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF
STOCKHOLDERS' EQUITY (DEFICIT) (Continued)
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A Common Stock | | | | Class B Common Stock | | | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income | | |
| Total | | Shares | | Amount | | Shares | | Amount | | | | | | | | |
Balance, December 31, 2017 | $ | (37,862) | | | 41,298 | | | $ | 413 | | | 988 | | | $ | 10 | | | $ | 356,638 | | | $ | (395,107) | | | $ | 184 | | | |
Cumulative effect of new accounting principle | — | | | — | | | — | | | — | | | — | | | — | | | 18 | | | (18) | | | |
Issuances of Class A common stock | 310 | | | 402 | | | 4 | | | — | | | — | | | 306 | | | — | | | — | | | |
Stock-based compensation | 2,077 | | | — | | | — | | | — | | | — | | | 2,077 | | | — | | | — | | | |
Comprehensive loss: | | | | | | | | | | | | | | | | | |
Net loss | (3,910) | | | — | | | — | | | — | | | — | | | — | | | (3,910) | | | — | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | |
Hedging activity | 568 | | | — | | | — | | | — | | | — | | | — | | | — | | | 568 | | | |
Balance, March 31, 2018 | (38,817) | | | 41,700 | | | 417 | | | 988 | | | 10 | | | 359,021 | | | (398,999) | | | 734 | | | |
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Issuances of Class A common stock | 361 | | | 65 | | | 1 | | | — | | | — | | | 360 | | | — | | | — | | | |
Stock-based compensation | 2,121 | | | — | | | — | | | — | | | — | | | 2,121 | | | — | | | — | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | |
Net income | 1,704 | | | — | | | — | | | — | | | — | | | — | | | 1,704 | | | — | | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | |
Hedging activity | (85) | | | — | | | — | | | — | | | — | | | — | | | — | | | (85) | | | |
Balance, June 30, 2018 | (34,716) | | | 41,765 | | | 418 | | | 988 | | | 10 | | | 361,502 | | | (397,295) | | | 649 | | | |
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Issuance of Class A common stock - acquisition | 4,258 | | | 150 | | | 1 | | | — | | | — | | | 4,257 | | | — | | | — | | | |
Issuances of Class A common stock | 72 | | | 17 | | | — | | | — | | | — | | | 72 | | | — | | | — | | | |
Stock-based compensation | 2,168 | | | — | | | — | | | — | | | — | | | 2,168 | | | — | | | — | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | |
Net income | 22,302 | | | — | | | — | | | — | | | — | | | — | | | 22,302 | | | — | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | |
Hedging activity | 637 | | | — | | | — | | | — | | | — | | | — | | | — | | | 637 | | | |
Balance, September 30, 2018 | $ | (5,279) | | | 41,932 | | | $ | 419 | | | 988 | | | $ | 10 | | | $ | 367,999 | | | $ | (374,993) | | | $ | 1,286 | | | |
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