22.

SUBSIDIARY GUARANTORS

Our 2019 Notes are guaranteed jointly and severally, fully and unconditionally, by our significant wholly-owned subsidiaries. The Parent is the issuer and a non-guarantor of the 2019 Notes and the Parent has no independent assets or operations. The information which follows presents the condensed consolidating financial position as of December 31, 2014, April 30, 2014 and April 30, 2013, the consolidating results of operations and comprehensive income (loss) for transition period 2014, fiscal year 2014, fiscal year 2013 and fiscal year 2012, and the condensed consolidating statements of cash flows for transition period 2014, fiscal year 2014, fiscal year 2013 and fiscal year 2012 of (a) the Parent company only, (b) the combined guarantors (the “Guarantors”) , each of which is 100% wholly-owned by the Parent, (c) the combined non-guarantors (the “Non-Guarantors”), (d) eliminating entries and (e) the consolidated total.

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2014

(in thousands)


ASSETS	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	1,596		$	253		$	356		$	—		$	2,205
Restricted cash		—			76			—			—			76
Accounts receivable – trade, net		597			55,053			100			—			55,750
Refundable income taxes		554			—			—			—			554
Prepaid expenses		3,622			5,136			5			—			8,763
Inventory		—			4,345			29			—			4,374
Deferred income taxes		2,095			—			—			—			2,095
Other current assets		296			4,549			7			—			4,852

Total current assets		8,760			69,412			497			—			78,669

Property, plant and equipment, net		5,049			408,843			650			—			414,542
Goodwill		—			119,170			—			—			119,170
Intangible assets, net		98			11,710			—			—			11,808
Restricted assets		5,819			813			—			—			6,632
Investments in unconsolidated entities		14,432			1,932			—			(1,932	)		14,432
Investments in subsidiaries		(9,888	)		—			—			9,888			—
Other non-current assets		14,611			9,931			—			—			24,542

		30,121			552,399			650			7,956			591,126

Intercompany receivable		537,228			(500,267	)		(38,893	)		1,932			—

	$	576,109		$	121,544		$	(37,746	)	$	9,888		$	669,795


LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY	Parent			Guarantors		Non- Guarantors			Elimination		Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	89		$	1,567	$	—		$	—	$	1,656
Accounts payable		17,953			30,040		525			—		48,518
Accrued payroll and related expenses		1,536			4,751		2			—		6,289
Accrued interest		11,083			11		—			—		11,094
Current accrued capping, closure and post-closure costs		—			2,205		3			—		2,208
Other accrued liabilities		8,618			7,957		92			—		16,667

Total current liabilities		39,279			46,531		622			—		86,432

Long-term debt and capital leases, less current maturities		532,889			1,166		—			—		534,055
Accrued capping, closure and post-closure costs, less current portion		—			37,589		32			—		37,621
Deferred income taxes		7,080			—		—			—		7,080
Other long-term liabilities		9,114			7,433		80			—		16,627

STOCKHOLDERS’ (DEFICIT) EQUITY:
Casella Waste Systems, Inc. stockholders’ (deficit) equity		(12,253	)		28,825		(38,713	)		9,888		(12,253	)
Noncontrolling interests		—			—		233			—		233

Total stockholders’ (deficit) equity		(12,253	)		28,825		(38,480	)		9,888		(12,020	)

	$	576,109		$	121,544	$	(37,746	)	$	9,888	$	669,795

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF APRIL 30, 2014

(in thousands)


ASSETS	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	2,151		$	271		$	42		$	—		$	2,464
Restricted cash		—			76			—			—			76
Accounts receivable – trade, net		534			51,983			86			—			52,603
Refundable income taxes		465			—			—			—			465
Prepaid expenses		2,617			4,557			2			—			7,176
Inventory		—			3,852			53			—			3,905
Deferred income taxes		2,502			—			—			—			2,502
Other current assets		312			936			7			—			1,255
Current assets of discontinued operations		—			359			—			—			359

Total current assets		8,581			62,034			190			—			70,805

Property, plant and equipment, net		4,104			398,670			650			—			403,424
Goodwill		—			119,139			—			—			119,139
Intangible assets, net		159			13,261			—			—			13,420
Restricted assets		—			681			—			—			681
Investments in unconsolidated entities		16,752			1,932			—			(1,932	)		16,752
Investments in subsidiaries		(36,006	)		—			—			36,006			—
Other non-current assets		13,874			10,331			—			—			24,205
Non-current assets of discontinued operations		—			1,471			—			—			1,471

		(1,117	)		545,485			650			34,074			579,092

Intercompany receivable		543,291			(506,348	)		(38,875	)		1,932			—

	$	550,755		$	101,171		$	(38,035	)	$	36,006		$	649,897


LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY	Parent			Guarantors		Non- Guarantors			Elimination		Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	84		$	801	$	—		$	—	$	885
Accounts payable		22,678			28,286		824			—		51,788
Accrued payroll and related expenses		1,212			4,849		1			—		6,062
Accrued interest		6,084			3		—			—		6,087
Current accrued capping, closure and post-closure costs		—			7,309		3			—		7,312
Other accrued liabilities		7,289			10,081		242			—		17,612

Total current liabilities		37,347			51,329		1,070			—		89,746

Long-term debt and capital leases, less current maturities		504,836			2,298		—			—		507,134
Accrued capping, closure and post-closure costs, less current portion		—			37,306		36			—		37,342
Deferred income taxes		6,954			—		—			—		6,954
Other long-term liabilities		10,025			7,149		84			—		17,258

STOCKHOLDERS’ (DEFICIT) EQUITY:
Casella Waste Systems, Inc. stockholders’ (deficit) equity		(8,407	)		3,089		(39,095	)		36,006		(8,407	)
Noncontrolling interests		—			—		(130	)		—		(130	)

Total stockholders’ (deficit) equity		(8,407	)		3,089		(39,225	)		36,006		(8,537	)

	$	550,755		$	101,171	$	(38,035	)	$	36,006	$	649,897

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF APRIL 30, 2013

(in thousands)


ASSETS	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	1,260		$	253		$	242		$	—		$	1,755
Restricted cash		—			76			—						76
Accounts receivable – trade, net		571			47,644			474			—			48,689
Refundable income taxes		128			—			—			—			128
Prepaid expenses		1,471			4,240			—			—			5,711
Inventory		—			3,440			54			—			3,494
Deferred income taxes		3,730			—			—			—			3,730
Other current assets		366			528			7			—			901
Current assets of discontinued operations		—			61			—			—			61

Total current assets		7,526			56,242			777			—			64,545

Property, plant and equipment, net		2,771			411,284			8,447			—			422,502
Goodwill		—			115,928			—			—			115,928
Intangible assets, net		249			11,425			—			—			11,674
Restricted assets		—			545			—			—			545
Notes receivable – related party/employee		147			—			—			—			147
Investments in unconsolidated entities		16,486			2,189			3,509			(1,932	)		20,252
Investments in subsidiaries		(59,759	)		—			—			59,759			—
Other non-current assets		15,774			11,752			—			—			27,526

		(24,332	)		553,123			11,956			57,827			598,574

Intercompany receivable		580,328			(539,752	)		(42,508	)		1,932			—

	$	563,522		$	69,613		$	(29,775	)	$	59,759		$	663,119


LIABILITIES AND STOCKHOLDERS’ EQUITY	Parent		Guarantors			Non- Guarantors			Elimination		Consolidated
CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases	$	—	$	1,218		$	—		$	—	$	1,218
Accounts payable		23,492		27,847			635			—		51,974
Accrued payroll and related expenses		538		3,445			—			—		3,983
Accrued interest		6,071		3			—			—		6,074
Current accrued capping, closure and post-closure costs		—		3,832			3			—		3,835
Other accrued liabilities		10,001		10,896			117			—		21,014

Total current liabilities		40,102		47,241			755			—		88,098

Long-term debt and capital leases, less current maturities		492,965		2,022			—			—		494,987
Accrued capping, closure and post-closure costs, less current portion		—		39,298			37			—		39,335
Deferred income taxes		6,798		—			—			—		6,798
Other long-term liabilities		12,372		6,078			—			—		18,450

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Casella Waste Systems, Inc. stockholders’ (deficit) equity		11,285		(25,026	)		(34,733	)		59,759		11,285
Noncontrolling interests		—		—			4,166			—		4,166

Total stockholders’ equity		11,285		(25,026	)		(30,567	)		59,759		15,451

	$	563,522	$	69,613		$	(29,775	)	$	59,759	$	663,119

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

EIGHT MONTHS ENDED DECEMBER 31, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
Revenues	$	—		$	367,576		$	798		$	—		$	368,374

Operating expenses:
Cost of operations		175			258,142			333			—			258,650
General and administration		2,681			43,011			40			—			45,732
Depreciation and amortization		548			40,942			(5	)		—			41,485
Environmental remediation charge		—			950			—			—			950
(Gain) expense from divestiture, acquisition and financing costs		—			(553	)		—			—			(553	)

		3,404			342,492			368			—			346,264

Operating income (loss)		(3,404	)		25,084			430			—			22,110


Other expense (income), net:
Interest income		—			(247	)		—			—			(247	)
Interest expense		25,815			(176	)		—			—			25,639
(Income) loss from consolidated entities		(26,148	)		—			—			26,148			—
Impairment of investments		2,320			—			—			—			2,320
(Gain) loss on derivative instruments		225			—			—			—			225
Other income		(301	)		(419	)		—			—			(720	)

Other expense, net		1,911			(842	)		—			26,148			27,217

Income (loss) from continuing operations before income taxes		(5,315	)		25,926			430			(26,148	)		(5,107	)
Provision (benefit) for income taxes		703			—			—			—			703

Net income (loss)		(6,018	)		25,926			430			(26,148	)		(5,810	)

Less: Net income (loss) attributable to noncontrolling interests		—			—			208			—			208

Net income (loss) attributable to common stockholders	$	(6,018	)	$	25,926		$	222		$	(26,148	)	$	(6,018	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

FISCAL YEAR ENDED APRIL 30, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
Revenues	$	—		$	495,391		$	2,242		$	—		$	497,633

Operating expenses:
Cost of operations		(23	)		351,829			2,786			—			354,592
General and administration		1,377			60,446			42			—			61,865
Depreciation and amortization		935			58,651			753			—			60,339
Asset impairment charge		—			—			7,455			—			7,455
Development project charge		—			1,394			—			—			1,394
Severance and reorganization costs		4			582			—			—			586
Environmental remediation charge		—			400			—			—			400
Expense from divestiture, acquisition and financing costs		—			144			—			—			144
Change in fair value of acquisition related contingent consideration		—			(1,058	)		—			—			(1,058	)

		2,293			472,388			11,036			—			485,717

Operating income (loss)		(2,293	)		23,003			(8,794	)		—			11,916


Other expense (income), net:
Interest income		(4	)		(308	)		—			—			(312	)
Interest expense		38,095			80			—			—			38,175
(Income) loss from equity method investments		(18,811	)		(169	)		1,105			18,811			936
(Gain) loss on sale of equity method investment		—			—			(593	)		—			(593	)
(Gain) loss on derivative instruments		280			—			—			—			280
Other income		(557	)		(501	)		(1	)		—			(1,059	)

Other expense, net		19,003			(898	)		511			18,811			37,427

Income (loss) from continuing operations before income taxes		(21,296	)		23,901			(9,305	)		(18,811	)		(25,511	)
Provision (benefit) for income taxes		1,799			—			—			—			1,799

Income (loss) from continuing operations		(23,095	)		23,901			(9,305	)		(18,811	)		(27,310	)

Discontinued operations:
Income (loss) from discontinued operations, net		—			284			—			—			284
Gain (loss) on disposal of discontinued operations, net		—			(378	)		—			—			(378	)

Net income (loss)		(23,095	)		23,807			(9,305	)		(18,811	)		(27,404	)

Less: Net income (loss) attributable to noncontrolling interests		—			—			(4,309	)		—			(4,309	)

Net income (loss) attributable to common stockholders	$	(23,095	)	$	23,807		$	(4,996	)	$	(18,811	)	$	(23,095	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

FISCAL YEAR ENDED APRIL 30, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
Revenues	$	—		$	453,589		$	1,746		$	—		$	455,335

Operating expenses:
Cost of operations		(295	)		321,382			1,927			—			323,014
General and administration		220			57,898			87			—			58,205
Depreciation and amortization		1,017			55,142			417			—			56,576
Severance and reorganization costs		1,766			1,943			—			—			3,709
Expense from divestiture, acquisition and financing costs		303			1,107			—			—			1,410

		3,011			437,472			2,431			—			442,914

Operating income (loss)		(3,011	)		16,117			(685	)		—			12,421

Other expense (income), net:
Interest income		(32,896	)		(113	)		—			32,868			(141	)
Interest expense		42,405			32,033			—			(32,868	)		41,570
Loss (income) from equity method investments		24,723			36			4,405			(24,723	)		4,441
Loss on derivative instruments		4,512			—			—			—			4,512
Loss on debt extinguishment		15,584			—			—			—			15,584
Other income		(671	)		(365	)		—			—			(1,036	)

Other expense, net		53,657			31,591			4,405			(24,723	)		64,930

Income (loss) from continuing operations before income taxes		(56,668	)		(15,474	)		(5,090	)		24,723			(52,509	)
Provision (benefit) for income taxes		(2,526	)		—			—			—			(2,526	)

Loss from continuing operations		(54,142	)		(15,474	)		(5,090	)		24,723			(49,983	)
Discontinued operations:
Income (loss) from discontinued operations, net		—			(4,480	)		—			—			(4,480	)
Gain (loss) on disposal of discontinued operations, net		—			—			—			—			—

Net income (loss)		(54,142	)		(19,954	)		(5,090	)		24,723			(54,463	)

Less: Net income (loss) attributable to noncontrolling interest		—			—			(321	)		—			(321	)

Net income (loss) attributable to common stockholders	$	(54,142	)	$	(19,954	)	$	(4,769	)	$	24,723		$	(54,142	)

FISCAL YEAR ENDED APRIL 30, 2012

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination			Consolidated
Revenues	$	—		$	467,950		$	—		$	—		$	467,950

Operating expenses:
Cost of operations		16			318,047			5			—			318,068
General and administration		576			59,677			11			—			60,264
Depreciation and amortization		1,568			56,850			(3	)		—			58,415
Asset impairment charge		—			40,746			—			—			40,746
Legal settlement		1,000			359			—			—			1,359
Development project charge		—			131			—			—			131

		3,160			475,810			13			—			478,983

Operating income (loss)		(3,160	)		(7,860	)		(13	)		—			(11,033	)

Other expense/(income), net:
Interest income		(39,871	)		(34	)		—			39,863			(42	)
Interest expense		46,058			38,813			—			(39,863	)		45,008
Loss (income) from equity method investments		66,832			(7	)		10,001			(66,832	)		9,994
Impairment of equity method investment		—			—			10,680			—			10,680
Loss on debt extinguishment		300			—			—			—			300
Other income		(486	)		(377	)		—			—			(863	)

Other expense, net		72,833			38,395			20,681			(66,832	)		65,077

Income (loss) from continuing operations before income taxes		(75,993	)		(46,255	)		(20,694	)		66,832			(76,110	)
Provision (benefit) for income taxes		1,593			—			—			—			1,593

Income (loss) from continuing operations		(77,586	)		(46,255	)		(20,694	)		66,832			(77,703	)

Discontinued operations:
Income (loss) from discontinued operations, net		—			(614	)		—			—			(614	)
Gain (loss) on disposal of discontinued operations, net of tax		—			725			—			—			725

Net income (loss)		(77,586	)		(46,144	)		(20,694	)		66,832			(77,592	)

Less: Net income (loss) attributable to noncontrolling interest		—			—			(6	)		—			(6	)

Net income (loss) attributable to common stockholders	$	(77,586	)	$	(46,144	)	$	(20,688	)	$	66,832		$	(77,586	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

EIGHT MONTHS ENDED DECEMBER 31, 2014

(in thousands)


	Parent			Guarantors		Non- Guarantors		Elimination			Consolidated
Net income (loss)	$	(6,018	)	$	25,926	$	430	$	(26,148	)	$	(5,810	)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			19		—		—			19

Other comprehensive income (loss), net of tax		—			19		—		—			19

Comprehensive income (loss)		(6,018	)		25,945		430		(26,148	)		(5,791	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—		208		—			208

Comprehensive income (loss) attributable to common stockholders	$	(6,018	)	$	25,945	$	222	$	(26,148	)	$	(5,999	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FISCAL YEAR ENDED APRIL 30, 2014

(in thousands)


	Parent			Guarantors		Non- Guarantors			Elimination			Consolidated
Net income (loss)	$	(23,095	)	$	23,807	$	(9,305	)	$	(18,811	)	$	(27,404	)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		—			—		(36	)		—			(36	)
Realized loss (gain) on derivative instruments reclassified into earnings		—			—		655			—			655
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			12		—			—			12

Other comprehensive income (loss)		—			12		619			—			631

Comprehensive income (loss)		(23,095	)		23,819		(8,686	)		(18,811	)		(26,773	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—		(4,309	)		—			(4,309	)

Comprehensive income (loss) attributable to common stockholders	$	(23,095	)	$	23,819	$	(4,377	)	$	(18,811	)	$	(22,464	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FISCAL YEAR ENDED APRIL 30, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated
Net income (loss)	$	(54,142	)	$	(19,954	)	$	(5,090	)	$	24,723	$	(54,463	)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		(1,257	)		—			(1,653	)		—		(2,910	)
Realized loss (gain) on derivative instruments reclassified into earnings		3,626			—			621			—		4,247
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			23			—			—		23

Other comprehensive income (loss)		2,369			23			(1,032	)		—		1,360

Comprehensive income (loss)		(51,773	)		(19,931	)		(6,122	)		24,723		(53,103	)
Less: Comprehensive income (loss) attributable to noncontrolling interests		—			—			(321	)		—		(321	)

Comprehensive income (loss) attributable to common stockholders	$	(51,773	)	$	(19,931	)	$	(5,801	)	$	24,723	$	(52,782	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FISCAL YEAR ENDED APRIL 30, 2012

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated
Net income (loss)	$	(77,586	)	$	(46,144	)	$	(20,694	)	$	66,832	$	(77,592	)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) resulting from changes in fair value of derivative instruments		(2,253	)		—			504			—		(1,749	)
Realized loss (gain) on derivative instruments reclassified into earnings		(77	)		—			(501	)		—		(578	)
Unrealized gain (loss) resulting from changes in fair value of marketable securities		—			(3	)		—			—		(3	)

Other comprehensive income (loss)		(2,330	)		(3	)		3			—		(2,330	)

Comprehensive income (loss)		(79,916	)		(46,147	)		(20,691	)		66,832		(79,922	)
Less: Comprehensive income (loss) attributable to noncontrolling interest		—			—			(6	)		—		(6	)

Comprehensive income (loss) attributable to common stockholders	$	(79,916	)	$	(46,147	)	$	(20,685	)	$	66,832	$	(79,916	)

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

EIGHT MONTHS ENDED DECEMBER 31, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors		Elimination		Consolidated
Net cash provided by (used in) operating activities	$	(27,340	)	$	65,622		$	4	$	—	$	38,286

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(360	)		—		—		(360	)
Acquisition related additions to property, plant and equipment		—			(45	)		—		—		(45	)
Additions to property, plant and equipment		(1,433	)		(53,583	)		—		—		(55,016	)
Payments on landfill operating lease contracts		—			(4,739	)		—		—		(4,739	)
Payments related to investments		—			(310	)		310		—		—
Proceeds from sale of property and equipment		—			463			—		—		463

Net cash provided by (used in) investing activities		(1,433	)		(58,574	)		310		—		(59,697	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		—			136,800			—		—		136,800
Principal payments on long-term debt		(108,917	)		(364	)		—		—		(109,281	)
Change in restricted cash		(5,819	)		—			—		—		(5,819	)
Payments of financing costs		(2,605	)		—			—		—		(2,605	)
Proceeds from the exercise of share based awards		143			—			—		—		143
Excess tax benefit on the vesting of share based awards		84			—			—		—		84
Intercompany borrowings		145,332			(145,332	)		—		—		—

Net cash provided by (used in) financing activities		28,218			(8,896	)		—		—		19,322
Net cash provided by (used in) discontinued operations		—			1,830			—		—		1,830

Net increase (decrease) in cash and cash equivalents		(555	)		(18	)		314		—		(259	)
Cash and cash equivalents, beginning of period		2,151			271			42		—		2,464

Cash and cash equivalents, end of period	$	1,596		$	253		$	356	$	—	$	2,205

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FISCAL YEAR ENDED APRIL 30, 2014

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated
Net cash provided by (used in) operating activities	$	(40,365	)	$	89,792		$	215		$	—	$	49,642

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(8,305	)		—			—		(8,305	)
Acquisition related additions to property, plant and equipment		—			(2,633	)		—			—		(2,633	)
Additions to property, plant and equipment		(1,675	)		(41,236	)		(415	)		—		(43,326	)
Payments on landfill operating lease contracts		—			(6,505	)		—			—		(6,505	)
Payments related to investments		(2,107	)		—			—			—		(2,107	)
Proceeds from sale of equity method investment		3,442			—			—			—		3,442
Proceeds from sale of property and equipment		—			1,524			—			—		1,524

Net cash provided by (used in) investing activities		(340	)		(57,155	)		(415	)		—		(57,910	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		161,650			—			—			—		161,650
Principal payments on long-term debt		(151,074	)		(1,306	)		—			—		(152,380	)
Payments of financing costs		(405	)		—			—			—		(405	)
Proceeds from the exercise of share based awards		—			143			—			—		143
Intercompany borrowings		31,425			(31,425	)		—			—		—

Net cash provided by (used in) financing activities		41,596			(32,588	)		—			—		9,008
Net cash provided by (used in) discontinued operations		—			(31	)		—			—		(31	)

Net increase (decrease) in cash and cash equivalents		891			18			(200	)		—		709
Cash and cash equivalents, beginning of period		1,260			253			242			—		1,755

Cash and cash equivalents, end of period	$	2,151		$	271		$	42		$	—	$	2,464

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FISCAL YEAR ENDED APRIL 30, 2013

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated
Net cash provided by (used in) operating activities	$	(5,319	)	$	50,527		$	(1,302	)	$	—	$	43,906

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(25,225	)		—			—		(25,225	)
Acquisition related additions to property, plant and equipment		—			(1,746	)		—			—		(1,746	)
Additions to property, plant and equipment		(203	)		(48,058	)		(5,020	)		—		(53,281	)
Payments on landfill operating lease contracts		—			(6,261	)		—			—		(6,261	)
Payment for capital related to divestiture		—			(618	)		—			—		(618	)
Payments related to investments		(4,166	)		(2,707	)		3,666			—		(3,207	)
Proceeds from sale of property and equipment		—			883			—			—		883

Net cash provided by (used in) investing activities		(4,369	)		(83,732	)		(1,354	)		—		(89,455	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		334,497			41,849			—			—		376,346
Principal payments on long-term debt		(359,342	)		(1,516	)		—			—		(360,858	)
Change in restricted cash		—			—			—			—		—
Payment of tender premium on second lien notes		(10,743	)		—			—			—		(10,743	)
Net proceeds from the issuance of class A common stock		42,184			—			—			—		42,184
Contributions from noncontrolling interest holders		—			—			2,531			—		2,531
Other		(4,513	)		—			—			—		(4,513	)
Inter company borrowings		5,066			(5,066	)		—			—		—

Net cash provided by (used in) financing activities		7,149			35,267			2,531			—		44,947
Discontinued Operations:
Net cash provided by (used in) discontinued operations		—			(2,177	)		—			—		(2,177	)

Net increase (decrease) in cash and cash equivalents		(2,539	)		(115	)		(125	)		—		(2,779	)
Cash and cash equivalents, beginning of period		3,799			368			367			—		4,534

Cash and cash equivalents, end of period	$	1,260		$	253		$	242		$	—	$	1,755

CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FISCAL YEAR ENDED APRIL 30, 2012

(in thousands)


	Parent			Guarantors			Non- Guarantors			Elimination		Consolidated
Net cash provided by (used in) operating activities	$	4,552		$	59,088		$	531		$	—	$	64,171

Cash Flows from Investing Activities:
Acquisitions, net of cash acquired		—			(2,102	)		—			—		(2,102	)
Acquisition related additions to property, plant and equipment		—			(529	)		—			—		(529	)
Additions to property, plant and equipment		(574	)		(54,681	)		(2,579	)		—		(57,834	)
Payments on landfill operating lease contracts		—			(6,616	)		—			—		(6,616	)
Payments related to investments		(2,740	)		(4,184	)		1,879			—		(5,045	)
Proceeds from sale of property and equipment		—			1,492			—			—		1,492

Net cash provided by (used in) investing activities		(3,314	)		(66,620	)		(700	)		—		(70,634	)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings		163,500			—			—			—		163,500
Principal payments on long-term debt		(151,390	)		(1,416	)		—			—		(152,806	)
Payments of financing costs		(1,592	)		—			—			—		(1,592	)
Contributions from noncontrolling interest holders					—			536			—		536
Other		591			—			—			—		591
Inter company borrowings		(10,079	)		10,079			—			—		—

Net cash provided by (used in) financing activities		1,030			8,663			536			—		10,229
Net cash provided by (used in) discontinued operations		—			(1,049	)		—			—		(1,049	)

Net increase (decrease) in cash and cash equivalents		2,268			82			367			—		2,717
Cash and cash equivalents, beginning of period		1,531			286			—			—		1,817

Cash and cash equivalents, end of period	$	3,799		$	368		$	367		$	—	$	4,534