Business
Casella Waste Systems, Inc. Announces Fourth Quarter 2021 Results; and Provides Fiscal Year 2022 Guidance
Financial results exceeded expectations, with solid pricing and operating execution, cost efficiencies and strong cash flow growth. RUTLAND, Vt., Feb. 17,
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"Financial results exceeded expectations, with solid pricing and operating execution, cost efficiencies and strong cash flow growth. RUTLAND, Vt., Feb. 17, 2022 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported its financial results for the three and twelve month periods ended December 31, 2021. The Company also provided guidance for the fiscal year ending December 31, 2022 (\"fiscal year 2022\"). Highlights for the Three and Twelve Months Ended December 31, 2021: Revenues were $241.8 million for the quarter, up $41.6 million, or up 20.8%, from the same period in 2020. Revenues were $889.2 million for the twelve months ended December 31, 2021 (\"fiscal year 2021\"), up $114.6 million, or up 14.8%, from the fiscal year ended December 31, 2020 (\"fiscal year 2020\").Overall solid waste pricing for the quarter was up 4.3%, driven by collection pricing, up 4.8%, and landfill pricing, up 4.0%, from the same period in 2020.Net income was $9.1 million for the quarter, down $(53.8) million, or down (85.5)%, from the same period in 2020. Provision for income taxes was $2.5 million for the quarter, up $56.1 million from the same period in 2020. Net income was $41.1 million for fiscal year 2021, down $(50.0) million, or down (54.9)%, million from fiscal year 2020. The fourth quarter of fiscal year 2020 included a $55.0 million non-recurring benefit to income taxes due to the reversal of a valuation allowance.Adjusted Net Income, a non-GAAP measure, was $11.0 million for the quarter, up $2.2 million, or up 25.6%, from the same period in 2020. Adjusted Net Income was $46.3 million for fiscal year 2021, up $5.4 million, or up 13.3%, from fiscal year 2020.Adjusted EBITDA, a non-GAAP measure, was $51.4 million for the quarter, up $8.8 million, or up 20.6%, from the same period in 2020. Adjusted EBITDA was $203.6 million for fiscal year 2021, up $32.2 million, or up 18.8%, from fiscal year 2020.Net cash provided by operating activities was $182.7 million for fiscal year 2021, up $42.8 million, or up 30.6%, from fiscal year 2020.Adjusted Free Cash Flow, a non-GAAP measure, was $95.3 million for fiscal year 2021, up $26.2 million, or up 37.9%, from fiscal year 2020.Acquired ten businesses with approximately $88 million of annualized revenues in ...