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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, 2020
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 October 15, 2020:
Class A common stock, $0.01 par value per share:47,384,433 
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,
2020
December 31,
2019
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$21,127 $3,471 
Accounts receivable, net of allowance for credit losses of $2,681 and $1,468, respectively
73,604 80,205 
Refundable income taxes274 1,251 
Prepaid expenses11,250 8,994 
Inventory8,059 7,679 
Other current assets1,433 1,213 
Total current assets115,747 102,813 
Property, plant and equipment, net of accumulated depreciation and amortization of $890,386 and $844,874, respectively
492,022 443,825 
Operating lease right-of-use assets101,433 108,025 
Goodwill192,379 185,819 
Intangible assets, net59,390 58,721 
Restricted assets1,619 1,586 
Cost method investments11,264 11,264 
Deferred income taxes7,390 8,577 
Other non-current assets13,011 11,552 
Total assets$994,255 $932,182 
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)
September 30,
2020
December 31,
2019
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$8,588 $4,301 
Current operating lease liabilities8,078 9,356 
Accounts payable55,825 64,396 
Accrued payroll and related expenses13,400 14,375 
Accrued interest2,074 2,041 
Contract liabilities2,754 2,299 
Current accrued capping, closure and post-closure costs11,003 10,223 
Other accrued liabilities35,827 23,598 
Total current liabilities137,549 130,589 
Debt, less current portion531,129 509,021 
Operating lease liabilities, less current portion67,365 70,709 
Accrued capping, closure and post-closure costs, less current portion66,016 61,704 
Deferred income taxes2,858 2,643 
Other long-term liabilities41,351 34,763 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Casella Waste Systems, Inc. stockholders' equity
Class A common stock, 0.01 par value per share; 100,000,000 shares authorized; 47,384,000 and 46,803,000 shares issued and outstanding, respectively
474 468 
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 capital491,158 485,332 
Accumulated deficit(329,016)(357,016)
Accumulated other comprehensive loss(14,639)(6,041)
Total stockholders' equity147,987 122,753 
Total liabilities and stockholders' equity$994,255 $932,182 
The accompanying notes are an integral part of these consolidated financial statements.
2


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,
 2020201920202019
Revenues$202,667 $198,547 $574,344 $549,670 
Operating expenses:
Cost of operations130,406 131,273 382,386 377,707 
General and administration25,014 22,536 74,240 67,423 
Depreciation and amortization23,799 20,940 67,281 58,144 
Withdrawal costs - multiemployer pension plan 3,591  3,591 
Southbridge Landfill closure charge2,642 625 3,815 2,097 
Expense from acquisition activities173 1,097 1,533 2,237 
182,034 180,062 529,255 511,199 
Operating income20,633 18,485 45,089 38,471 
Other expense (income):
Interest income(107)(66)(203)(287)
Interest expense5,406 6,235 16,869 18,849 
Other income(157)(248)(606)(960)
Other expense, net5,142 5,921 16,060 17,602 
Income before income taxes15,491 12,564 29,029 20,869 
Provision (benefit) for income taxes374 178 840 (1,718)
Net income$15,117 $12,386 $28,189 $22,587 
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding48,370 47,690 48,241 47,029 
Basic earnings per common share$0.31 $0.26 $0.58 $0.48 
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding48,619 48,361 48,481 47,660 
Diluted earnings per common share$0.31 $0.26 $0.58 $0.47 
The accompanying notes are an integral part of these consolidated financial statements.
3


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income$15,117 $12,386 $28,189 $22,587 
Other comprehensive income (loss), before tax:
Hedging activity:
Interest rate swap settlements(1,141)(121)(2,492)(187)
Interest rate swap amounts reclassified into interest expense1,156 30 2,513 (86)
Unrealized gain (loss) resulting from changes in fair value of derivative instruments145 (656)(8,731)(4,990)
Other comprehensive income (loss), before tax160 (747)(8,710)(5,263)
Income tax benefit related to items of other comprehensive income (loss)  (112) 
Other comprehensive income (loss), net of tax160 (747)(8,598)(5,263)
Comprehensive income$15,277 $11,639 $19,591 $17,324 
The accompanying notes are an integral part of these consolidated financial statements.
4



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


  Casella Waste Systems, Inc. Stockholders' Equity
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2019$122,753 46,803 $468 988 $10 $485,332 $(357,016)$(6,041)
Cumulative effect of new accounting principle(189)— — — — — (189)— 
Issuances of Class A common stock100 517 5 — — 95 — — 
Stock-based compensation1,562 — — — — 1,562 — — 
Comprehensive loss:
Net income959 — — — — — 959 — 
Other comprehensive loss:
Hedging activity(7,189)— — — — — — (7,189)
Balance, March 31, 2020117,996 47,320 473 988 10 486,989 (356,246)(13,230)
Issuance of Class A common stock - acquisition 36 1 — — (1)— — 
Issuances of Class A common stock387 26 — — — 387 — — 
Stock-based compensation1,818 — — — — 1,818 — — 
Comprehensive income:
Net income12,113 — — — — — 12,113 — 
Other comprehensive loss:
Hedging activity(1,569)— — — — — — (1,569)
Balance, June 30, 2020130,745 47,382 474 988 10 489,193 (344,133)(14,799)
Issuances of Class A common stock 2 — — — — — — 
Stock-based compensation1,965 — — — — 1,965 — — 
Comprehensive income:
Net income15,117 — — — — — 15,117 — 
Other comprehensive income:
Hedging activity160 — — — — — — 160 
Balance, September 30, 2020$147,987 47,384 $474 988 $10 $491,158 $(329,016)$(14,639)


5


Casella Waste Systems, Inc. Stockholders' Equity (Deficit)
Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2018$(15,832)41,944 $419 988 $10 $373,716 $(388,669)$(1,308)
Issuance of Class A common stock - equity offering100,446 3,565 36 — — 100,410 — — 
Issuance of Class A common stock - acquisition 67 1 — — (1)— — 
Issuances of Class A common stock260 676 7 — — 253 — — 
Stock-based compensation1,431 — — — — 1,431 — — 
Comprehensive loss:
Net loss(1,714)— — — — — (1,714)— 
Other comprehensive loss:
Hedging activity(1,557)— — — — — — (1,557)
Balance, March 31, 201983,034 46,252 463 988 10 475,809 (390,383)(2,865)
Issuances of Class A common stock2,318 347 3 — — 2,315 — — 
Stock-based compensation1,889 — — — — 1,889 — — 
Comprehensive income:
Net income11,915 — — — — — 11,915 — 
Other comprehensive loss:
Hedging activity(2,959)— — — — — — (2,959)
Balance, June 30, 201996,197 46,599 466 988 10 480,013 (378,468)(5,824)
Issuances of Class A common stock1,078 193 2 — — 1,076 $— — 
Stock-based compensation1,898 — — — — 1,898 $— — 
Comprehensive income:
Net income12,386 — — — — — $12,386 — 
Other comprehensive loss:
Hedging activity(747)— — — — — $— (747)
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.
6


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 Nine Months Ended
September 30,
 20202019
Cash Flows from Operating Activities:
Net income$28,189 $22,587 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization67,281 58,144 
Depletion of landfill operating lease obligations5,711 5,580 
Interest accretion on landfill and environmental remediation liabilities5,324 5,310 
Amortization of debt issuance costs1,597 1,724 
Stock-based compensation5,345 5,218 
Operating lease right-of-use assets expense6,636 7,272 
Loss (gain) on sale of property and equipment254 (806)
Southbridge Landfill non-cash closure charge2,077 58 
Non-cash expense from acquisition activities 549 71 
Withdrawal costs - multiemployer pension plan 3,591 
Deferred income taxes1,514 (1,267)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable6,400 (15,141)
Landfill operating lease contract expenditures(3,386)(3,197)
Accounts payable(8,585)1,634 
Prepaid expenses, inventories and other assets(2,908)(1,297)
Accrued expenses, contract liabilities and other liabilities(4,083)(17,986)
Net cash provided by operating activities111,915 71,495 
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(25,379)(73,496)
Additions to property, plant and equipment(77,271)(75,998)
Proceeds from sale of property and equipment430 542 
Proceeds from property insurance settlement 332 
Net cash used in investing activities(102,220)(148,620)
Cash Flows from Financing Activities:
Proceeds from debt borrowings154,400 121,500 
Principal payments on debt(145,008)(149,774)
Payments of debt issuance costs(1,531) 
Proceeds from the exercise of share based awards100 3,355 
Proceeds from the public issuance of Class A Common Stock 100,446 
Proceeds from the unregistered sale of Class A Common Stock 2,619 
Net cash provided by financing activities7,961 78,146 
Net increase in cash and cash equivalents17,656 1,021 
Cash and cash equivalents, beginning of period3,471 4,007 
Cash and cash equivalents, end of period$21,127 $5,028 
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest$15,239 $17,200 
Income tax (refunds) payments$(1,650)$84 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Non-current assets obtained through long-term obligations$16,937 $9,797 
The accompanying notes are an integral part of these consolidated financial statements.
7


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except for per share data)
1.    BASIS OF PRESENTATION
Casella Waste Systems, Inc. (“Parent”), and its consolidated subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper, and corrugated cardboard, which have been processed at our recycling facilities, as well as recyclables purchased from third-parties. Effective January 1, 2020, we reorganized our operations to consist of a single resource-renewal focused operation by combining our larger-scale recycling and commodity brokerage operations along with our organics services and major account and industrial services into our Resource Solutions segment. We continue to manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. Segment information reported in the three and nine months ended September 30, 2019 and as of December 31, 2019 has been reclassified to conform with the three and nine months ended September 30, 2020 and as of September 30, 2020 presentation.
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 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 21, 2020.
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, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three and nine months ended September 30, 2020 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Recent Events
With the global outbreak of the novel coronavirus (“COVID-19”) and the declaration of a pandemic by the World Health Organization in March 2020, the U.S. Government and all of the states in which we operate have declared the waste services industry as an essential services provider and as a result we are committed to continue to operate and provide our full breadth of services. We have prioritized the safety and well-being of our employees by strictly adhering to recommendations of the Centers for Disease Control and Prevention as well as executive orders of the states in which we operate.
The COVID-19 outbreak has caused, and is likely to continue to cause, economic disruption across our geographic footprint and has adversely affected, and is expected to continue to adversely affect, our business. COVID-19 negatively impacted our revenues starting at the end of the quarter ended March 31, 2020 as many small business and construction collection customers required service level changes and volumes into our landfills declined due to lower economic activity. We did experience improved demand for services in the quarter ended June 30, 2020 as local economies started to reopen as allowed by State Governments. This positive trend continued through September 30, 2020, as additional small business collection customers increased service levels, construction activity continued to rebound, and overall higher economic activity across the northeast led to higher landfill volumes. Despite these positive trends, our collection and disposal operations remain negatively impacted by lower volumes attributable to COVID-19.
We continue to experience increased costs associated with the protection of our employees, including costs for additional safety equipment, hygiene products and enhanced facility cleaning. These costs are expected to continue throughout the remainder of the year. In early September 2020, we paid a special bonus to all our hourly employees (both frontline and administrative) to recognize their hard work and commitment to safety, environmental compliance and high customer service standards as essential service providers during the COVID-19 pandemic. We have taken measures to reduce costs in other areas and
8


preserve liquidity during this period of uncertainty. As of the date of this filing, we are unable to determine or predict the nature, duration or scope of the overall impact that COVID-19 will have on our business, results of operations, liquidity and capital resources.
Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of September 30, 2020 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that, except as disclosed, there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.
2.    ACCOUNTING CHANGES
A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) that we adopted and deemed to have a material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards adopted effective January 1, 2020
ASU No. 2016-13, as amended through March 2020: Financial Instrument Credit Losses (Topic 326)
Requires that an entity measures all of its expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts.
We adopted this guidance effective January 1, 2020 using the required modified-retrospective approach. We recognized a cumulative effect adjustment of $(189) to retained earnings upon implementation. This guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. CECL requires consideration of past events, current conditions, and reasonable and supportable forecasts about the future to assess credit loss estimates and will generally result in the earlier recognition of an allowance for credit losses. We have updated our business processes and systems and controls to support recognition and disclosure under the new guidance. See Note 5, Accounts Receivable, Net of Allowance for Credit Losses for additional disclosure.

A table providing a brief description of recent ASUs to the ASC issued by the FASB that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards issued pending adoption
ASU No. 2020-04: Reference Rate Reform (Topic 848)Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.We are currently assessing the provisions of this guidance and do not expect that its adoption will have an impact on our consolidated financial statements and related disclosures. This guidance will be in effect from March 12, 2020 through December 31, 2022.
ASU No. 2019-12: Income Taxes (Topic 740)Reduces the complexity over accounting for income taxes by removing certain exceptions and amending guidance to improve consistent application of accounting over income taxes.We are currently assessing the provisions of this guidance to determine whether or not its adoption will have an impact on our consolidated financial statements and related disclosures. This guidance is effective January 1, 2021 with early adoption permitted.

9



3.    REVENUE RECOGNITION
A table of revenues disaggregated by service line and timing of revenue recognition by operating segment for each of the three and nine months ended September 30, 2020 and 2019 follows:
Three Months Ended September 30, 2020
EasternWesternResource SolutionsTotal Revenues
Collection$40,560 $63,611 $ $104,171 
Landfill5,694 17,880  23,574 
Transfer11,861 9,756  21,617 
Customer solutions  22,320 22,320 
Recycling(2)356 12,757 13,111 
Organics  14,539 14,539 
Transportation 2,348  2,348 
Landfill gas-to-energy210 777  987 
Total revenues$58,323 $94,728 $49,616 $202,667 
Transferred at a point-in-time$52 $347 $7,736 $8,135 
Transferred over time58,271 94,381 41,880 194,532 
Total revenues$58,323 $94,728 $49,616 $202,667 

Three Months Ended September 30, 2019
EasternWesternResource SolutionsTotal Revenues
Collection$41,868 $59,323 $ $101,191 
Landfill5,414 20,018  25,432 
Transfer12,247 9,694  21,941 
Customer solutions  20,689 20,689 
Recycling