Business
Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2022 Results and Provides Fiscal Year 2023 Guidance
Financial results for the twelve months ended December 31, 2022 ("fiscal year 2022") exceeded the high-end of the initial guidance ranges for the fiscal year
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"Financial results for the twelve months ended December 31, 2022 (\"fiscal year 2022\") exceeded the high-end of the initial guidance ranges for the fiscal year by $90.1 million in revenues, $13.2 million in Adjusted EBITDA, and $3.2 million in Adjusted Free Cash Flow highlighted by strong pricing, operating efficiency programs, and capital discipline. RUTLAND, Vt., Feb. 16, 2023 (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, 2022. The Company also provided guidance for the fiscal year ending December 31, 2023 (\"fiscal year 2023\"). Highlights for the Three Months and Twelve Months Ended December 31, 2022: Revenues were $272.1 million for the quarter, up $30.3 million, or up 12.5%, from the same period in 2021. Revenues were $1,085.1 million for fiscal year 2022, up $195.9 million, or up 22.0%, from the fiscal year ended December 31, 2021 (\"fiscal year 2021\").Overall solid waste pricing for the quarter was up 6.2%, driven by collection pricing, up 6.7%, and disposal pricing, up 5.4%, from the same period in 2021.Net income was $8.4 million for the quarter, down $(0.7) million, or down (7.9)%, from the same period in 2021. Net income was $53.1 million for fiscal year 2022, up $12.0 million, or up 29.1%, from fiscal year 2021.Adjusted EBITDA, a non-GAAP measure, was $56.2 million for the quarter, up $4.8 million, or up 9.3%, from the same period in 2021. Adjusted EBITDA was $245.2 million for fiscal year 2022, up $41.7 million, or up 20.5%, from fiscal year 2021.Net cash provided by operating activities was $217.3 million for fiscal year 2022, up $34.6 million, or up 18.9%, from fiscal year 2021.Adjusted Free Cash Flow, a non-GAAP measure, was $111.2 million for fiscal year 2022, up $15.9 million, or up 16.7%, from fiscal year 2021.Acquired 14 businesses with approximately $51 million of annualized revenues in fiscal year 2022. \"We had another solid quarter and an exceptional year despite high inflation and a volatile period for recycling commodities,\" said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. \"Continued execution against our long-term strategic plan resulted in surpassing both $1 billion in revenues and $100 mill...