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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We report selected information about our reportable operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through three regional operating segments, our Eastern, Western and Mid-Atlantic regions. In the three months ended March 31, 2025, we moved certain operations between our regional operating segments to align geographically, including a landfill that we own from the Western region to the Mid-Atlantic region and a collection and transfer station operation from our Western region to our Eastern region. Certain prior period amounts have been reclassified between regional operating segments to conform to the current period presentation. Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services, and processing services in the eastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are comprised of processing services and our National Accounts business. Revenues from processing services are derived from customers in the form of processing fees, tipping fees, commodity sales, and organic material sales. Revenues from our National Accounts business are derived from brokerage services and overall resource management services providing a wide range of environmental services and resource management solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment, which is not a reportable operating segment. Operating income by segment reported in the three months ended March 31, 2024 has been updated to conform with the presentation for the three months ended March 31, 2025, which includes the movement of certain operations described above and does not have Corporate Entities costs allocated to our reportable operating segments. See Note 5, Goodwill and Intangible Assets for the breakout of goodwill by reportable operating segment. The accounting policies of our reportable operating segments are the same as those described in Item 8. “Financial Statements and Supplementary Data” of our 2024 Form 10-K. Our President is our chief operating decision maker (“CODM”). Our CODM uses operating income in evaluating reportable operating segment performance in order to properly allocate resources and make key operating decisions. Intercompany revenues and expenses are eliminated in the computation of consolidated gross revenues and operating income. The CODM uses operating income for each reportable operating segment in the annual budget and forecasting process and considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each reportable operating segment. Summarized financial information concerning our reportable segments for the three months ended March 31, 2024 and 2025 follows: Three Months Ended March 31, 2025
| Eastern |  | Western |  | Mid-Atlantic |  | Solid Waste Subtotal |  | Resource Solutions |  | Corporate Entities |  | Eliminations |  | Consolidated |
Third-party revenues | $ | 104,740 |  |  | $ | 152,316 |  |  | $ | 77,848 |  |  | $ | 334,904 |  |  | $ | 82,197 |  |  | $ | — |  |  | $ | — |  |  | $ | 417,101 |  |
Intercompany revenues | 24,575 |  |  | 51,811 |  |  | 1,813 |  |  | 78,199 |  |  | 3,476 |  |  | — |  |  | (81,675) |  |  | — |  |
Gross revenues | 129,315 |  |  | 204,127 |  |  | 79,661 |  |  | 413,103 |  |  | 85,673 |  |  | — |  |  | (81,675) |  |  | 417,101 |  |
Cost of operations | 93,939 |  |  | 138,497 |  |  | 59,172 |  |  | 291,608 |  |  | 70,032 |  |  | 487 |  |  | (81,675) |  |  | 280,452 |  |
General and administration | 6,053 |  |  | 9,169 |  |  | 4,000 |  |  | 19,222 |  |  | 4,541 |  |  | 32,723 |  |  | — |  |  | 56,486 |  |
Depreciation and amortization | 16,109 |  |  | 30,360 |  |  | 18,261 |  |  | 64,730 |  |  | 5,134 |  |  | 1,627 |  |  | — |  |  | 71,491 |  |
Expense from acquisition activities | 396 |  |  | 844 |  |  | 2,414 |  |  | 3,654 |  |  | 992 |  |  | 883 |  |  | — |  |  | 5,529 |  |
Operating income (loss) | $ | 12,818 |  |  | $ | 25,257 |  |  | $ | (4,186) |  |  | $ | 33,889 |  |  | $ | 4,974 |  |  | $ | (35,720) |  |  | $ | — |  |  | 3,143 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,598 |  |
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (320) |  |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8,135) |  |
Interest expense, net | $ | 226 |  |  | $ | 221 |  |  | $ | 55 |  |  | $ | 502 |  |  | $ | 26 |  |  | $ | 11,070 |  |  | $ | — |  |  | $ | 11,598 |  |
Capital expenditures | $ | 8,103 |  |  | $ | 15,200 |  |  | $ | 25,633 |  |  | $ | 48,936 |  |  | $ | 4,070 |  |  | $ | 2,469 |  |  | $ | — |  |  | $ | 55,475 |  |
Total assets | $ | 538,730 |  |  | $ | 1,131,276 |  |  | $ | 921,155 |  |  | $ | 2,591,161 |  |  | $ | 276,983 |  |  | $ | 337,726 |  |  | $ | — |  |  | $ | 3,205,870 |  |
Three Months Ended March 31, 2024
| Eastern |  | Western |  | Mid-Atlantic |  | Solid Waste Subtotal |  | Resource Solutions |  | Corporate Entities |  | Eliminations |  | Consolidated
Third-party revenues | $ | 100,191 |  |  | 123,643 |  |  | 42,103 |  |  | $ | 265,937 |  |  | 75,071 |  |  | $ | — |  |  | $ | — |  |  | $ | 341,008 |
Intercompany revenues | 24,289 |  |  | 44,367 |  |  | 481 |  |  | 69,137 |  |  | 3,123 |  |  | — |  |  | (72,260) |  |  | — |
Gross revenues | 124,480 |  |  | 168,010 |  |  | 42,584 |  |  | 335,074 |  |  | 78,194 |  |  | — |  |  | (72,260) |  |  | 341,008 |
Cost of operations | 92,500 |  |  | 115,692 |  |  | 30,369 |  |  | 238,561 |  |  | 64,267 |  |  | 224 |  |  | (72,260) |  |  | 230,792 |
General and administration | 6,158 |  |  | 7,971 |  |  | 2,345 |  |  | 16,474 |  |  | 4,660 |  |  | 23,200 |  |  | — |  |  | 44,334 |
Depreciation and amortization | 14,411 |  |  | 23,291 |  |  | 10,565 |  |  | 48,267 |  |  | 4,794 |  |  | 976 |  |  | — |  |  | 54,037 |
Expense from acquisition activities | 219 |  |  | 573 |  |  | 3,004 |  |  | 3,796 |  |  | 26 |  |  | 1,188 |  |  | — |  |  | 5,010 |
Operating income (loss) | $ | 11,192 |  |  | $ | 20,483 |  |  | $ | (3,699) |  |  | $ | 27,976 |  |  | $ | 4,447 |  |  | $ | (25,588) |  |  | $ | — |  |  | 6,835 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,070 |
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (352) |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,883) |
Interest expense, net | $ | 201 |  |  | $ | 212 |  |  | $ | 2 |  |  | $ | 415 |  |  | $ | 29 |  |  | $ | 12,626 |  |  | $ | — |  |  | $ | 13,070 |
Capital expenditures | $ | 7,041 |  |  | $ | 11,678 |  |  | $ | 4,437 |  |  | $ | 23,156 |  |  | $ | 5,713 |  |  | $ | 1,382 |  |  | $ | — |  |  | $ | 30,251 |
Total assets | $ | 468,584 |  |  | $ | 921,962 |  |  | $ | 571,376 |  |  | $ | 1,961,922 |  |  | $ | 249,930 |  |  | $ | 265,402 |  |  | $ | — |  |  | $ | 2,477,254 |
A summary of our revenues attributable to services provided follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Collection | $ | 276,461 |  |  | $ | 211,360 |  |  |  |  |
Disposal | 53,699 |  |  | 50,139 |  |  |  |  |
Landfill gas-to-energy | 2,765 |  |  | 2,509 |  |  |  |  |
Processing | 1,979 |  |  | 1,929 |  |  |  |  |
Solid waste | 334,904 |  |  | 265,937 |  |  |  |  |
Processing | 31,969 |  |  | 29,762 |  |  |  |  |
National Accounts | 50,228 |  |  | 45,309 |  |  |  |  |
Resource Solutions | 82,197 |  |  | 75,071 |  |  |  |  |
Total revenues | $ | 417,101 |  |  | $ | 341,008 |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. 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