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Acquisitions

3 Months Ended

Mar. 31, 2025

7.ACQUISITIONS

The Company acquired three immaterial non-hazardous solid waste collection and recycling businesses and one immaterial E&P waste treatment and disposal business during the three months ended March 31, 2025. The total transaction-related expenses incurred during the three months ended March 31, 2025 for these acquisitions were $11,970. These expenses are included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Net Income.

The Company acquired nine immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses and one immaterial E&P waste treatment and disposal business during the three months ended March 31, 2024. The total transaction-related expenses incurred during the three months ended March 31, 2024 for these acquisitions were $9,847. These expenses are included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Net Income.

The results of operations of the acquired businesses have been included in the Company’s Condensed Consolidated Financial Statements from their respective acquisition dates. The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions. Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses.

The following table summarizes the consideration transferred to acquire these businesses and the preliminary amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the three months ended March 31, 2025 and 2024:


	2025		2024
	Acquisitions		Acquisitions
Fair value of consideration transferred:
Cash	$	380,417	$	1,156,422
Debt assumed		71,557		64,450
		451,974		1,220,872

Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:
Accounts receivable		16,920		51,852
Prepaid expenses and other current assets		3,055		9,951
Operating lease right-of-use assets		9,805		2,317
Property and equipment		231,167		688,906
Long-term franchise agreements and contracts		28,076		77,384
Customer lists		18,611		102,418
Permits and other intangibles		78,256		136,868
Other assets		—		1,617
Accounts payable and accrued liabilities		(9,846)		(4,727)
Current portion of operating lease liabilities		(105)		(1,515)
Deferred revenue		(207)		(11,886)
Contingent consideration		(8,864)		(12,012)
Long-term portion of operating lease liabilities		(560)		(3,857)
Other long-term liabilities		—		(51,187)
Deferred income taxes		(18,255)		—
Total identifiable net assets		348,053		986,129
Goodwill	$	103,921	$	234,743

Goodwill acquired during the three months ended March 31, 2025 and 2024, totaling $55,780 and $234,743, respectively, is expected to be deductible for tax purposes. The fair value of acquired working capital related to six immaterial acquisitions completed during the twelve months ended March 31, 2025, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed. Any adjustments recorded relating to finalizing the working capital for these six acquisitions are not expected to be material to the Company’s financial position. The adjustments recorded during the three months ended March 31, 2025 relating to finalizing the acquired working capital for the individually immaterial acquisitions completed during the twelve months ended December 31, 2024 were not material to the Company’s financial position.

The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2025, was $17,088, of which $168 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2024, was $52,335, of which $483 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of these businesses.