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F500-2021-297-Republic Services

Republic Services is a solid waste and recycling solutions company headquartered in Phoenix.

This year's Fortune 500 marks the 66th running of the list.

F500 2020 305 Republic Services

With operations in 41 states, this Phoenix-based company is the second-largest provider of waste disposal and recycling services in the U.S. as measured by revenue.

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Republic Services Inc. is a provider of environmental services in the U.S., offering services for recycling, solid waste collection, hazardous waste disposal, and renewable energy projects. The company operates a network of over 1,000 locations, including 74 recycling centers and 207 landfills, serving approximately 13 million customers nationwide. Under its commitment to sustainability, Republic Services transforms landfill gas into renewable energy and invests in advanced recycling technologies to promote a circular economy. Its 42,000 employees work to provide reliable, efficient, and environmentally responsible waste management solutions.

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Republic Services (RSG): Company Profile, Stock Price, News, Rankings

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Republic Services

republic services

and welcome to the Republic Services First Quarter twenty twenty five Investor Conference Call. Republic Services is traded on the New York Stock Exchange under the symbol RSG. All participants on today's call will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded.

I would now like to turn the conference over to Aaron Evans, Vice President of Investor Relations. Please go ahead.

Good afternoon. I would like to welcome everyone to Republic Services first quarter '20 '20 '5 conference call. John Vander Aarck, our CEO and Brian Delgachio, our CFO, are on the call today to discuss our performance. I would like to take a moment to remind everyone that some information we discuss on today's call contains forward looking statements, including forward looking financial information, which involve risks and uncertainties and may be materially different from actual results. Our SEC filings discuss factors that could cause actual results to differ materially from expectations.

The material that we discuss today is time sensitive. If in the future you listen to a rebroadcast or recording of this conference call, you should be sensitive to the date of the original call, which is 04/24/2025. Please note that this call is property of Republic Services, Inc. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Republic Services is strictly prohibited. Our SEC filings, our earnings press release, which includes GAAP reconciliation tables and a discussion of business activities, along with a recording of this call, are available on Republic's website at republicservices.com.

In addition, Republic's management team routinely participates in investor conferences. When events are scheduled, the dates, times and presentations are posted on our investor website. With that, I'd like to turn the call over to John.

Thanks, Erin. Good afternoon, everyone, and thank you for joining us. We are pleased with our first quarter results, which demonstrated our ability to price ahead of inflation and effectively manage costs. We produced strong earnings growth and expanded margins, while overcoming top line headwinds from challenging winter weather and continued softness in cyclical volumes. During the quarter, we achieved revenue growth of 4%, generated adjusted EBITDA growth of 9%, expanded adjusted EBITDA margin by 140 basis points, delivered adjusted earnings per share of $1.58 and produced $727,000,000 of adjusted free cash flow.

These strong results were supported by our differentiated capabilities. Regarding customer zeal, our focus on delivering world class essential services continues to support organic growth and enhanced customer loyalty. Our customer retention rate remains strong at more than 94%. We continue to see favorable trends in our Net Promoter Score due to the value of our offerings and quality of our service delivery. First quarter organic revenue growth was driven by solid pricing across the business.

Average yield on total revenue was 4.5%, and average yield on related revenue was 5.4%. This level of pricing continued to exceed our cost inflation and helped drive 140 basis points of adjusted EBITDA margin expansion during the quarter. Organic volume on total revenue declined 1.2% in the quarter. Volume losses were concentrated to shedding underperforming contracts in the residential business and continued softness in construction and certain manufacturing end markets. Challenging winter weather also impacted volume results during the quarter.

Turning to our expanding digital capabilities. We continue to advance the implementation of digital tools to improve the experience for both customers and employees. Development and deployment of mPOWER, our fleet and equipment management system, is progressing. MPOWER is designed to increase maintenance technician productivity and enhance warranty recovery. Today, we have implemented mPOWER at nearly 40% of our facilities.

Moving on to sustainability. We believe that our sustainability innovation investments in plastic circularity and decarbonization position us for growth and long term value creation. Development of our Polymer Centers and Blue Polymers joint venture facilities continues to move forward. In March, we hosted the grand opening of our Indianapolis Polymer Center. Product quality testing is progressing well.

We expect to begin ramping commercial production volume in June, with earnings contribution beginning in the second half of this year. This operation is co located with a blue polymers production facility that is expected to be completed in the coming months. Construction on the Blue Polymers production facility in Buckeye, Arizona continues to progress. This facility will complement our Las Vegas Polymer Center. We expect the completion of this facility early next year.

The renewable natural gas projects we're developing with our partners are advancing. One project came online during the first quarter

and two projects came online in April. We still expect a total

of seven RNG projects to commence operations in 2025. We continue to advance our commitment to fleet electrification. We had 80 electric collection vehicles in operation at the end of the first quarter. We expect to have more than 150 EVs in our fleet by the end of this year. We now have 27 facilities with commercial scale EV charging infrastructure.

We expect to have more than 30 facilities with charging capabilities by the end of twenty twenty five. As part of our approach to sustainability, we continually strive to be the employer where the best people want to work. Our employee engagement score continues to improve, and our turnover rate continues to trend lower compared to the prior year.

comprehensive sustainability performance continues to be widely recognized as Republic Services was named to Barron's one hundred Most Sustainable Companies list, Fortune's Most Innovative Companies list, and Ethisphere's World's Most Ethical Companies list. With respect to capital allocation, we invested $826,000,000 in strategic acquisitions during the first quarter. This includes the acquisition of Shamrock Environmental, a leader in industrial waste and wastewater treatment services. This acquisition further strengthens our capabilities to provide high demand services to our customers. Our acquisition pipeline remains supportive of continued activity in both the recycling and waste and environmental solutions businesses.

We continue to see opportunity for more than $1,000,000,000 of investment in value creating acquisitions in 2025. As part of our balanced approach to capital allocation, we returned $226,000,000 to shareholders in the quarter, including $45,000,000 of share repurchases. I will now turn the call over to Brian, who will provide more details on the quarter.

Thanks, John. Core price on total revenue was 6.1%. Core price on related revenue was 7.3%, which included open market pricing of 9% and restricted pricing of 4.6. The components of core price on related revenue included small container of 9.1%, large container of 7.9% and residential of 6.5%. Average yield on total revenue was 4.5% and average yield on related revenue was 5.4%.

First quarter volume performance on total revenue decreased 1.2%, and volume unrelated revenue decreased 1.5%. Volume results on related revenue included a decrease in large container of 3.3%, primarily due to continued softness in construction related activity in certain manufacturing end markets, and a 2.9% decrease in residential due to shedding underperforming contracts. We estimate that severe weather negatively impacted volume performance by 25,000,000 to $30,000,000 during the quarter. The weather impact was isolated to January and February. Moving on to recycling.

Commodity prices were $155 per ton during the first quarter. This compared to $153 per ton in the prior year. Recycling processing and commodity sales increased revenue by 30 basis points during the quarter. This was primarily driven by increased volumes at the Las Vegas Polymer Center and reopening a recycling center on the West Coast. Current commodity prices are approximately $160 per ton.

Total company adjusted EBITDA margin expanded 140 basis points to 31.6%. Margin performance during the quarter included margin expansion in the underlying business of 110 basis points and a 40 basis point increase from one less workday. This was partially offset by a 10 basis point decrease from acquisitions. With respect to Environmental Solutions, first quarter revenue increased 25,000,000 compared to the prior year, driven by both organic growth in the business and the contribution from recent acquisitions. Adjusted EBITDA margin in the Environmental Solutions business was 20.1%.

This compares to 20.5% in the prior year. Margin performance in the Environmental Solutions business was impacted by project timing and severe winter weather. Adjusted free cash flow was $727,000,000 an increase of 36% compared to the prior year. This increase was driven by EBITDA growth in the business and the timing of working capital. This level of performance was in line with our expectations.

Total debt was $13,400,000,000 and total liquidity was $2,600,000,000 Our leverage ratio at the end of the quarter was approximately 2.6 times. Yesterday, Moody's upgraded our credit rating to A3. The upgrade recognizes the stability of our revenue base, strong EBITDA margin profile and robust free cash flow generation. With respect to taxes, our combined tax rate and impact from equity investments and renewable energy resulted in an equivalent tax impact of 26.5% during the quarter. With that, operator, I would like to open the call to questions.

Thank you. We will now begin the question and answer session. In the interest of time, we ask that you limit yourself to one question and one follow-up question today. And your first question today will come from Sabahat Khan with RBC Capital Markets. Please go ahead.

Great. Thanks and good afternoon. Maybe if you could just start by commenting on maybe what you're seeing out there and maybe more cyclical parts of the overall business. Any change in trends through the quarter in Q1 and anything that might have evolved into Q2? Thank you.

Sure. Yeah, we've mentioned, cyclical volumes have been down. That's really been true for the last three years. We're kind of in a negative demand environment, really led by construction and manufacturing. It's a little difficult to tell when you mix in the weather what's happening.

Certainly, January and February were softer on that front. And March has picked up, and April has fallen that trend. So we feel good about that. And I think on the construction side, we're expecting more flatness throughout the rest of the year, just given where the ten year interest rate is. We've got to get mortgage rates down.

I think manufacturing is more of a wait and see. Obviously, there's a lot of uncertainty right now with tariffs. To the extent that we get a trade policy clarified, I think there could certainly be some pent up demand, but for now, it's more of a wait and see.

Great. And then maybe just continuing for that around that as my follow-up. Maybe just comment on your outlook on 2025, the guidance metrics, any changes in the puts and takes on the top line or the margin guidance provided at the last quarter? Thank you.

Yes, maybe just as a matter of principle going forward, right, if we don't formally update our guidance, we are implicitly and explicitly reaffirming our guidance on that front. So again, it's always cyclical. Our seasonality in the business because you've got to see how demand comes in the second and the third quarter, which are our strongest quarters. And we've seen a nice pickup on that front. So we will update you more in the following quarter based on what we see coming in here in April,

And your next question today will come from Brian Bergmeier with Citi. Please go ahead.

Good afternoon. Thanks for taking the question. I was wondering if you could maybe talk through some of the puts and takes in margin expansion for solid waste in the first quarter. It's quite a bit better than our forecast. I'm just curious how it kind of compared to your expectations, maybe what went better than you expected.

It seems like it's maybe all time high margins. And I guess we normally don't think about 1Q being the high point. So just any kind of detail you can add would be great.

Obviously, with the level of margin expansion, we talked about this that we're still reaching back to relatively higher pricing. And there is this spread between that and the cost inflation, which we're realizing more on a real time basis. So most of that is just driven by price in excess of our cost inflation. That said, little bit of this was arithmetic as well. So again, when we saw some of the softness in things like construction activity, which is good work, but it tends to be a little bit below our corporate average, But we saw some pretty strong special waste volumes in the quarter as well.

That change in mix can actually have a positive impact on your overall margin performance. So again, slightly ahead of our initial expectations and we'll see where this goes through the balance of the year.

Got it. Got it. Thanks for that. And just maybe broadly, just kind of curious on your appetite for further M and A. I guess, one hand, leverage is still pretty low.

But then on the other hand, the macro outlook is quite uncertain. You've already done quite a few deals year to date. So yes, just further views on that. Thank you. I'll turn it over.

Yes. In the prepared remarks, we mentioned that our pipeline is strong. And listen, we're active in the space, both in recycling and waste and across environmental solutions. It's got to meet two screens. One, it's got to meet our strategic screen.

Are we the natural owner of this? Is it a good fit for our business? And then our financial screen as well, where we're going to look for double digit unlevered cash on cash returns. And most of the things that fit those screens then have some level of permanence associated with them, either permits on infrastructure or density and small and large container permanent routing, so things that stand the test of time. So we're not going to buy a completely cyclical business, for example.

That's just not a good fit for us. And so and we're buying these things forever, right? We're not being opportunistic and saying we're going to buy it, sell it. We're going to keep it forever. So we'll take that through cycle mindset.

And I think you'll see us be active the rest of the year.

And your next question today will come from Tyler Brown with Raymond James. Please go ahead.

Hey, John. So I think you've owned US Ecology for a while, but I guess technically you haven't owned it through a cycle. But like you kind of mentioned, I guess you could argue the last couple of years have been industrial malaise to say the least. But big picture, what are the KPIs that you're kind of looking at to assess the end market health for that business? And is that business still about three quarters recurring revenue and about one quarter project or event work?

Yeah, I'll start at the end. Broadly speaking, yes. Now I think putting those two things in discrete categories is a little less clear. For example, you may have a contract with a large industrial player to do something like emergency response. Well, there's going be some variability year to year in that contract, and those are technically events.

But overall, across years, it's a pretty stable stream on that front. But that 75%, twenty five %, for your purposes, I think, is a fair marker on that front. But if we look at the same thing other people do, we look at PMI from a manufacturing output standpoint. We look at industrial activity or permitting, right, for more type of event based work on that front. And again, you look at all those things and they've been suggest historic softness.

They've just been soft for the last two, three years.

Remember, Tony, there's a lot of overlap between our recycling and waste business and the environmental solutions business. So we see it on both sides, same customer, just a different waste stream.

Yes, exactly. Okay. That's helpful. And then John, can you just talk a little bit more about the Shamrock deal? Can you just talk about what it brings to the table?

What exactly they do? Maybe is it levered PFAS, just how it fits in that environmental service mosaic?

Yeah, so they have commercial water treatment facilities and we've had some of those through the US Ecology deal, so we're in that business. The primary reason we got into it is we had a lot of they were a big or we are a big customer of theirs. We have a lot of industrial water on our back because when we go to serve our most complex customers, they have a lot of different needs and different waste streams, water being one of those. And so we knew the assets incredibly well on that front, great infrastructure base. Also fills out some dots on the map for us in terms of field services on that front.

So it felt really good. And they do have PFAS technology. We actually were taking some leachate to them as well. So that wasn't the primary driver of the deal, but that certainly will be supportive over time as PFAS becomes a bigger and bigger part of our service offering.

Okay. Yes, that's very interesting, very helpful. My last one here real quick, Brian. I know you guys are going to address the guidance in July, but I think you had said last call to expect a point, like one point from M and A for revenue. Is that kind of number still intact?

I think I just want to make it clear that your guidance had already contemplated this heavy spend in Q1. Is that right?

Yes, that's fair. It's right. It's still around one point. Okay. And that is correct that our guidance, because we had already closed the majority of the transactions by the time that we were providing the guidance, we had included the revenue from those closed transactions in the guidance itself.

Yes, perfect. Very clear. Thank you guys.

And your next question today will come from Toni Kaplan with Morgan Stanley. Please go ahead.

Thanks so much. I wanted to ask on the margins side again, just really strong quarter there, seemed driven by price cost spread and you mentioned the mix. Just I guess, conceptually, that level of expansion has to moderate through the year in order to get to the guide. Just maybe just help bridge, what do you think gets a little bit worse? I know there's a little bit of arithmetic as you mentioned, but is there anything that sort of gets worse or is it conservatism just given maybe some uncertainty with regard to lighter volumes, etcetera?

Yeah, we think that the spread between the two, the price cost spread, we had said all along that we still anticipate pricing ahead of our cost inflation, but that spread is going to somewhat modulate over time. As you also move throughout 2024, you can see the cadence that we have there, you start getting into tougher comps. So again, you saw a big sequential up tick from Q1 into Q2, then again up into Q3 and again Q4 being 80 basis points higher than where we were in the first quarter. This year, we still expect that natural seasonal progression, but a little bit flatter if you will with respect to the absolute throughout the year.

And then just on the volume side, you mentioned the resi shedding. Should that continue through the next few quarters? Or when does that lap? And was that related to prior M and A? Or I guess what are the big drivers there?

That maybe lasts for a few quarters here. And part of that is intentional shedding from M and A deals. And again, we've talked about this a lot. When we do a deal, we know there's a certain part of that revenue we're not going to retain, and we don't pay for it in the deal. And that's going to come out of the system typically six, twelve, eighteen months later.

We're always going to honor those contracts, But we know they're unlikely to renew. And then some of that is us putting upward pressure on price. The municipal vertical in this market is the one that has returns that need to go up. Lots of capital, lots of investment in terms of people on the front line. And we're going to look for customers that are willing to pay for the value that we deliver over time.

And many, many customers do. Those that don't, we'll continue to take our investments in our human resources and financial resources and place them in other parts of the market.

Your next question today will come from Jerry Revich with Goldman Sachs. Please go ahead.

Yes, hi. Good afternoon, everyone. I just wanted to ask on your pricing and retention rates, both really impressive numbers. Pricing was, I think, half a point ahead of most expectations. Can you just talk about what you're seeing in the business that's driving such attractive retention rates while pricing is at high levels as well?

Would that really stood out in the results and the sustainability into the second quarter based on what you're seeing? Thanks.

Jerry, we continue to just see improvements in overall service delivery, which is leading to overall better NPS. And when you have that backdrop and the customer can realize the value of the service you're providing, much more receptive to the price increase and staying with you longer. And again, that's why we said all of these things that we do are so interconnected as far as making sure that we're meeting the promises that we make to our customers each day. And we're seeing the benefits and you're seeing it manifest itself in higher levels of pricing and ultimately dropping to the bottom line.

Super. And then on polymer centers, there's discussions about potentially increasing plastics use by your customers from aluminum. Can you just talk about if I don't know if it's too early or not to talk about where pricing could ultimately go for the polymer center output given what seems like rising adoption and the transition towards recycled plastic from aluminum? What's that opportunity look like for you folks? How much higher could pricing go when you folks do ramp up across the facilities?

Yes, it's certainly a tailwind versus a headwind. Why we got in the space, we understood that the market and demand was there for recycled PET and the supply was constrained. And that still proves to be true. I think we could sell out both Las Vegas and Indianapolis multiple times over. That's the strength of the customer demand.

And obviously, we're pricing appropriately for that. And we'll see where pricing goes as we move forward. Most of our contracts are of shorter duration on that front because we're understanding price discovery and where that market moves. And as the market moves up, we'll be able to capture that premium.

And so John, are you willing to share just order of magnitude how much higher could it be versus the initial contracts?

No, we'll wait and see. We want to see whether the market evolves and develops on that front. But I think the upward trend is undeniable.

And your next question today will come from Noah Kaye with Oppenheimer and Co. Please go ahead.

Thanks for taking the questions. Know, I'm not sure if it was a record, but it certainly felt like your script to start off the call was maybe the tightest and most concise I can remember. So thanks for giving us more time to ask questions. I guess I wanted to start with ES picking up on Tyler's line of questioning. Looked like it was about maybe 70 bps or so organic growth within the segment.

Was that all price? What happened with volumes? I mean, weather was called out an impact, some project delays. Maybe you can kind of go from there to talk about what you expect kind of moving here into 2Q.

Yes, Noah, what we saw there, we kind of mentioned a combination of a little bit of project mix, but also weather. And the reason we're mentioning that and the isolation of January and February is the results were very different in those two months than what we saw in March is more of what we would have expected or again we saw good organic growth and margin expansion. And when you think about that business, it carries a little bit of a higher fixed cost base than what you tend to see in the recycling and waste business. And so when you have those days when you're down, it's a little bit tougher to overcome. So again, we are again optimistic about what we saw in March and based on some of the early results of what we're seeing in April that it really was more of a weather issue.

As well as we mentioned, there were some project items where again, when

the mix, we had a little bit more on the field services. And again, when you bring some of that in, which is good work, but at a relatively lower margin than the post collection side, you can see a little bit of the impact that you saw on margins.

Yes, makes sense. So we kind of see a pickup back to good organic growth. The margin question has been asked a couple of ways. I want to ask slightly different because you do report by line item on the cost side. Real leverage there on the fuel line, also some of the gains were in transfer and disposal, then on maintenance.

Now, I suppose some of that is kind of related to the workday. But maybe you can just sort of parse out fuel like for like what that was as a benefit to margins in the quarter?

Yes, well, if you actually take a look within the quarter, the impact of net fuel, because remember you got fuel expense and then you've got our fuel recovery fee, it had no impact on margin year over year. So again, 140 basis points of margin, most of which being in underlying business, that 110 basis points that I mentioned is just going to be again that price in excess of cost inflation. So it's coming from all of these line items. It's somewhat across the board once you actually normalize for the impact of net fuel. The workday itself was 40 basis points of the 140 basis

Yep. Okay. This is very clear. Thanks. Last one I just got to ask, you already commented the pipeline is strong.

The $1,000,000,000 of M and A spend for the year given the 1Q activity feels like a low bar. At this point, any reason to anticipate that it couldn't meaningfully exceed that? It sounds like the pipeline is strong and the activity levels in the sector are very good. Just your bias towards the $1,000,000,000

All right. Well, stay tuned. Thanks so much.

And your next question today will come from Tami Zakaria with JPMorgan. Please go ahead.

Hi, good afternoon. Thanks for taking my questions. My first question is on the Environmental Solutions EBITDA margin. I think it was down year over year. Are you able to isolate how much of that was due to, I think you mentioned weather and project timing.

And so related to that, are you expecting that segment's EBITDA margin to eventually be up year over year in 2025?

Republic Services (RSG) Q1 2025 Earnings Call Transcript

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