Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2014 Results; and Provides Guidance
Fourth Quarter and Fiscal Year 2014 Financial Highlights
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Revenue growth for the current quarter was
$10.2 million , or 9.4 percent, from the same quarter last year. For fiscal year 2014, revenue growth was$42.3 million , or 9.3 percent, from the same period last year.
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Overall solid waste pricing growth for the fourth quarter was 0.5 percent, primarily driven by positive collection pricing growth of 1.5 percent as a percentage of collection revenues.
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Adjusted EBITDA* was
$19.0 million for the current quarter, down$0.4 million from the same quarter last year. For fiscal year 2014, Adjusted EBITDA was$95.1 million , up$7.3 million from the same period last year.
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Free
Cash Flow * for fiscal year 2014, was$1.3 million , up$13.5 million from the same period last year.
"We made excellent progress against our long-term goals during the fiscal year," said
"While we're happy with our progress, we still have quite a bit of work to do as a team over the next few years to drive higher cash flows and returns for our investors," Casella said.
For the current quarter, revenues were
Operating loss was
By comparison, the quarter ended
Excluding these charges, Adjusted Operating Income* in the current quarter was
The company's net loss attributable to common stockholders was
For fiscal year 2014, revenues were
Company Plans to Change Fiscal Year to Calendar Year End
"We got off to a great start in the first seven months of fiscal year 2014, but experienced challenging operating conditions due to severe winter weather in our third and fourth quarters," Casella said. "An extended winter, and subsequently delayed spring, pushed our seasonal upswing into mid-April, and caused several jobs to move into next fiscal year."
"The challenges we had this winter, and the unpredictability of our seasonal upswing, illuminated the need for us to adjust our fiscal year to better align it with our business cycle," Casella said. "Putting our seasonally weak period at the beginning of our fiscal year gives us flexibility to better manage our business in a number of areas from costs to capital expenditures, and allows us more runway to make adjustments through the fiscal year."
The company said that it is implementing a plan to change its fiscal year end from
Outlook
"Our plan for the 8-month transition period and the 12 months ended
The company provided guidance for its 8-month transition period, which began
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Revenues between
$356.0 million and$366.0 million (representing growth of 4.7 percent to 7.6 percent), as compared to$340.1 million for the 8-month period endedDecember 31, 2013 ;
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Adjusted EBITDA* between
$71.0.0 million and$75.0 million , as compared to$72.1 million for the 8-month period endedDecember 31, 2013 ;
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Capital Expenditures of approximately
$50.0 million (including roughly$13.0 million of capital associated with new contracts and infrastructure development), payments on operating leases of roughly$5.0 million , and capping, closure and environmental remediation payments of roughly$9.0 million .
The company provided the following assumptions that are built into its 8 month transition period outlook:
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No material changes in the regional economy from fiscal year 2014.
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In the solid waste business, revenue growth of between 3.0 percent and 5.0 percent, with price growth from 1.0 percent to 2.0 percent; volumes growth from 1.0 percent to 2.0 percent; and the roll-over impact of acquisitions contributing roughly 1.0 percent. We are estimating that landfill volumes increase by approximately 150,000 tons.
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In the recycling business, overall revenue declines of between 2.5 percent and 7.5 percent, driven by lower commodity price and volumes.
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In the Other segment, revenue growth of between 20.0 percent and 25.0 percent, principally due to growth in the Customer Solutions group.
- No acquisitions beyond the above-mentioned roll-over impact of the acquisitions completed during fiscal year 2014 are included.
In addition, the company provided guidance for its next full fiscal year, which will run from
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Revenues between
$520.0 million and$530.0 million ;
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Adjusted EBITDA* between
$103.0 million and$107.0 million ; and
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Free
Cash Flow * between$14.0 million and$18.0 million .
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in
The company presents Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow because it considers them important supplemental measures of its performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of the company's results. Management uses these non-GAAP measures to further understand the company's "core operating performance." The company believes its "core operating performance" represents its on-going performance in the ordinary course of operations. The company believes that providing Adjusted EBITDA, Adjusted Operating Income and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing its performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The company further believes that providing this information allows its investors greater transparency and a better understanding of its core financial performance. In addition, the instruments governing the company's indebtedness use EBITDA (with additional adjustments) to measure its compliance with covenants such as interest coverage, leverage and debt incurrence.
Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA, Adjusted Operating Income, or Free Cash Flow presented by other companies.
About
Conference call to discuss quarter
The Company will host a conference call to discuss these results on
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as "believe," "expect," "anticipate," "plan," "may," "will," "would," "intend," "estimate," "guidance" and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases
of our operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in our forward-looking statements. Such risks and uncertainties include or relate to, among other things: adverse weather conditions that have negatively impacted and may continue to negatively impact our revenues and our operating margin; current economic conditions that have adversely affected and may continue to adversely affect our revenues and our operating margin; we may be unable to increase volumes at our landfills or improve our route profitability; our need to service our indebtedness may limit our ability to invest in our business; we may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by
factors outside our control; we may be required to incur capital expenditures in excess of our estimates; fluctuations in energy pricing or the commodity pricing of our recyclables may make it more difficult for us to predict our results of operations or meet our estimates; and we may incur environmental charges or asset impairments in the future. There are a number of other important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in our Form 10-K for the year ended
We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (In thousands, except amounts per share) | ||||
| Three Months Ended | Fiscal Year Ended | |||
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| 2014 | 2013 | 2014 | 2013 | |
| (Unaudited) | (Unaudited) | |||
| Revenues | $ 118,927 | $ 108,694 | $ 497,633 | $ 455,335 |
| Operating expenses: | ||||
| Cost of operations | 88,028 | 78,147 | 354,592 | 323,014 |
| General and administration | 15,000 | 14,804 | 61,865 | 58,205 |
| Depreciation and amortization | 15,078 | 13,332 | 60,339 | 56,576 |
| Asset impairment charge | 7,455 | -- | 7,455 | -- |
| Severance and reorganization costs | 426 | 246 | 586 | 3,709 |
| Expense from divestiture, acquisition and financing costs | 18 | 408 | 144 | 1,410 |
| Environmental remediation charge | -- | -- | 400 | -- |
| Development project charge | (47) | -- | 1,394 | -- |
| Gain on settlement of acquisition related contingent consideration | (1,058) | -- | (1,058) | -- |
| Reversal of loss on divestiture | -- | (353) | -- | -- |
| 124,900 | 106,584 | 485,717 | 442,914 | |
| Operating (loss) income | (5,973) | 2,110 | 11,916 | 12,421 |
| Other expense/(income), net: | ||||
| Interest expense, net | 9,523 | 9,081 | 37,863 | 41,429 |
| (Gain) loss from equity method investments | (62) | 1,131 | 936 | 4,441 |
| Gain on sale of equity method investment | -- | -- | (593) | -- |
| Loss on derivative instruments | 72 | 640 | 280 | 4,512 |
| Loss on debt extinguishment | -- | -- | -- | 15,584 |
| Other income | (397) | (298) | (1,059) | (1,036) |
| Other expense, net | 9,136 | 10,554 | 37,427 | 64,930 |
| Loss from continuing operations before income taxes and discontinued operations | (15,109) | (8,444) | (25,511) | (52,509) |
| Provision (benefit) for income taxes | 524 | 1,373 | 1,799 | (2,526) |
| Loss from continuing operations before discontinued operations | (15,633) | (9,817) | (27,310) | (49,983) |
| Discontinued operations: | ||||
| (Loss) income from discontinued operations, net of income taxes (1) | -- | (3,700) | 284 | (4,480) |
| Loss on disposal of discontinued operations, net of income taxes (1) | -- | -- | (378) | -- |
| Net loss | (15,633) | (13,517) | (27,404) | (54,463) |
| Less: Net loss attributable to noncontrolling interests | (3,818) | (120) | (4,309) | (321) |
| Net loss attributable to common stockholders | $ (11,815) | $ (13,397) | $ (23,095) | $ (54,142) |
| Weighted average common shares outstanding | 39,916 | 39,515 | 39,820 | 34,015 |
| Net loss per common share | $ (0.30) | $ (0.34) | $ (0.58) | $ (1.59) |
| Adjusted EBITDA (2) | $ 19,038 | $ 19,355 | $ 95,109 | $ 87,842 |
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (In thousands) | ||
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| ASSETS | 2014 | 2013 |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 2,464 | $ 1,755 |
| Restricted cash | 76 | 76 |
| Accounts receivable - trade, net of allowance for doubtful accounts | 52,603 | 48,689 |
| Other current assets | 15,662 | 14,025 |
| Total current assets | 70,805 | 64,545 |
| Property, plant and equipment, net of accumulated depreciation and amortization | 403,424 | 422,502 |
| Goodwill | 119,139 | 115,928 |
| Intangible assets, net | 13,420 | 11,674 |
| Restricted assets | 681 | 545 |
| Notes receivable - related party | -- | 147 |
| Investments in unconsolidated entities | 16,752 | 20,252 |
| Other non-current assets | 25,676 | 27,526 |
| Total assets | $ 649,897 | $ 663,119 |
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current maturities of long-term debt and capital leases | $ 885 | $ 1,218 |
| Accounts payable | 51,788 | 51,974 |
| Other accrued liabilities | 37,073 | 34,906 |
| Total current liabilities | 89,746 | 88,098 |
| Long-term debt and capital leases, less current maturities | 507,134 | 494,987 |
| Other long-term liabilities | 61,554 | 64,583 |
| Total stockholders' (deficit) equity | (8,537) | 15,451 |
| Total liabilities and stockholders' (deficit) equity | $ 649,897 | $ 663,119 |
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| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (In thousands) | ||
| Fiscal Year Ended | ||
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| 2014 | 2013 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $ (27,404) | $ (54,463) |
| (Income) loss from discontinued operations, net | (284) | 4,480 |
| Loss on disposal of discontinued operations, net | 378 | -- |
| Adjustments to reconcile net loss to net cash provided by operating activities -- | ||
| Gain on sale of property and equipment | (840) | (407) |
| Depreciation and amortization | 60,339 | 56,576 |
| Depletion of landfill operating lease obligations | 9,948 | 9,372 |
| Interest accretion on landfill and environmental remediation liabilities | 3,985 | 3,675 |
| Asset impairment charge | 7,455 | -- |
| Development project charge | 1,394 | -- |
| Gain on settlement of acquisition related contingent consideration | (1,058) | -- |
| Amortization of discount on senior subordinated notes and second lien notes | 243 | 626 |
| Loss from equity method investments | 936 | 4,441 |
| Gain on sale of equity method investment | (593) | -- |
| Loss on derivative instruments | 280 | 4,512 |
| Loss on debt extinguishment | -- | 15,584 |
| Stock-based compensation expense and related severance expense | 2,404 | 2,516 |
| Excess tax benefit on the vesting of share based awards | -- | (96) |
| Deferred income taxes | 1,579 | (3,543) |
| Changes in assets and liabilities, net of effects of acquisitions and divestitures | (9,120) | 633 |
| Net Cash Provided by Operating Activities | 49,642 | 43,906 |
| Cash Flows from Investing Activities: | ||
| Acquisitions, net of cash acquired | (8,305) | (25,225) |
| Acquisition related additions to property, plant and equipment | (2,633) | (1,746) |
| Additions to property, plant and equipment | (43,326) | (53,281) |
| Payments on landfill operating lease contracts | (6,505) | (6,261) |
| Payment for capital related to divestiture | -- | (618) |
| Investments in unconsolidated entities | (2,107) | (3,207) |
| Proceeds from sale of equity method investment | 3,442 | -- |
| Proceeds from sale of property and equipment | 1,524 | 883 |
| Net Cash Used In Investing Activities | (57,910) | (89,455) |
| Cash Flows from Financing Activities: | ||
| Proceeds from long-term borrowings | 161,650 | 376,346 |
| Principal payments on long-term debt | (152,380) | (360,858) |
| Payment of tender premium and costs on second lien notes | -- | (10,743) |
| Payments of financing costs | (405) | (4,609) |
| Net proceeds from the sale of Class A common stock | -- | 42,184 |
| Proceeds from the exercise of share based awards | 143 | -- |
| Excess tax benefit on the vesting of share based awards | -- | 96 |
| Contributions from noncontrolling interest holders | -- | 2,531 |
| Net Cash Provided By Financing Activities | 9,008 | 44,947 |
| Net Cash Used In Discontinued Operations | (31) | (2,177) |
| Net increase (decrease) in cash and cash equivalents | 709 | (2,779) |
| Cash and cash equivalents, beginning of period | 1,755 | 4,534 |
| Cash and cash equivalents, end of period | $ 2,464 | $ 1,755 |
| Supplemental Disclosures: | ||
| Cash interest | $ 35,162 | $ 41,348 |
| Cash income taxes, net of refunds | $ 532 | $ (253) |
| Property, plant and equipment acquired through lease obligations | $ 2,301 | $ -- |
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| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
| (In thousands) | ||||||||
| Note 1: Discontinued Operations | ||||||||
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In the fourth quarter of fiscal year 2013, we initiated a plan to dispose of |
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| The operating results of these operations, including those related to prior years, have been reclassified from continuing to discontinued operations in the accompanying consolidated financial statements. Revenues and loss before income taxes attributable to discontinued operations for fiscal year 2014, 2013 and 2012, respectively, are as follows: | ||||||||
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Fiscal Year Ended |
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| 2014 | 2013 | 2012 | |
| Revenues | $ 3,316 | $ 12,033 | $ 12,865 |
| Income (loss) before income taxes | $ 284 | $ (4,480) | $ (1,025) |
| Note 2: Non - GAAP Financial Measures | ||||||||
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In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in |
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| We present Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of our results. We use these non-GAAP measures to further understand our "core operating performance." We believe our "core operating performance" represents our on-going performance in the ordinary course of operations. We believe that providing Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing our performance using the same financial metrics that our management team uses in making many key decisions and understanding how the core business and our results of operations may look in the future. We further believe that providing this information allows our investors greater transparency and a better understanding of our core financial performance. In addition, the instruments governing our indebtedness use EBITDA (with additional adjustments) to measure our compliance with covenants such as interest coverage, leverage and debt incurrence. | ||||||||
| Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA, Adjusted Operating Income, and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA, Adjusted Operating Income, or Free Cash Flow presented by other companies. | ||||||||
| Following is a reconciliation of Adjusted EBITDA and Adjusted Operating Income to Net Loss: | ||||
| Three Months Ended | Fiscal Year Ended | |||
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| 2014 | 2013 | 2014 | 2013 | |
| Net Loss | $ (15,633) | $ (13,517) | $ (27,404) | $ (54,463) |
| Loss (income) from discontinued operations, net | -- | 3,700 | (284) | 4,480 |
| Loss on disposal of discontinued operations, net | -- | -- | 378 | -- |
| Provision (benefit) for income taxes | 524 | 1,373 | 1,799 | (2,526) |
| Other (income) expense, net | (387) | 1,473 | (436) | 23,501 |
| Interest expense, net | 9,523 | 9,081 | 37,863 | 41,429 |
| Expense from divestiture, acquisition and financing costs | 18 | 408 | 144 | 1,410 |
| Depreciation and amortization | 15,078 | 13,332 | 60,339 | 56,576 |
| Severance and reorganization costs | 426 | 246 | 586 | 3,709 |
| Tax settlement costs | -- | 679 | -- | 679 |
| Environmental remediation charge | -- | -- | 400 | -- |
| Reversal of loss on divestiture | -- | (353) | -- | -- |
| Asset impairment charge | 7,455 | -- | 7,455 | -- |
| Gain on settlement of acquisition related contingent consideration | (1,058) | -- | (1,058) | -- |
| Development project charge | (47) | -- | 1,394 | -- |
| Depletion of landfill operating lease obligations | 2,238 | 2,014 | 9,948 | 9,372 |
| Interest accretion on landfill and environmental remediation liabilities | 901 | 919 | 3,985 | 3,675 |
| Adjusted EBITDA (2) | $ 19,038 | $ 19,355 | $ 95,109 | $ 87,842 |
| Depreciation and amortization | (15,078) | (13,332) | (60,339) | (56,576) |
| Depletion of landfill operating lease obligations | (2,238) | (2,014) | (9,948) | (9,372) |
| Interest accretion on landfill and environmental remediation liabilities | (901) | (919) | (3,985) | (3,675) |
| Adjusted Operating Income (2) | $ 821 | $ 3,090 | $ 20,837 | $ 18,219 |
| Following is a reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities: | ||||
| Three Months Ended | Fiscal Year Ended | |||
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| 2014 | 2013 | 2014 | 2013 | |
| Net Cash Provided by Operating Activities | $ 11,964 | $ 12,735 | $ 49,642 | $ 43,906 |
| Capital expenditures | (9,095) | (10,493) | (43,326) | (53,281) |
| Payments on landfill operating lease contracts | (453) | (535) | (6,505) | (6,261) |
| Proceeds from sale of property and equipment | 276 | 102 | 1,524 | 883 |
| Contributions from noncontrolling interest holders | -- | 1,336 | -- | 2,531 |
|
Free |
$ 2,692 | $ 3,145 | $ 1,335 | $ (12,222) |
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| SUPPLEMENTAL DATA TABLES | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
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Amounts of our total revenues attributable to services provided for the three and twelve months ended |
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Three Months Ended |
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| % of Total | % of Total | |||
| 2014 | Revenue | 2013 | Revenue | |
| Collection | $ 53,921 | 45.3% | $ 51,848 | 47.7% |
| Disposal | 27,374 | 23.0% | 24,481 | 22.5% |
| Power generation | 2,699 | 2.3% | 2,498 | 2.3% |
| Processing | 1,683 | 1.4% | 1,751 | 1.6% |
| Solid waste operations | 85,677 | 72.0% | 80,578 | 74.1% |
| Organics | 9,701 | 8.2% | 9,358 | 8.6% |
| Customer solutions | 12,574 | 10.6% | 8,159 | 7.5% |
| Recycling | 10,975 | 9.2% | 10,599 | 9.8% |
| Total revenues | $ 118,927 | 100.0% | $ 108,694 | 100.0% |
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Fiscal Year Ended |
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| % of Total | % of Total | |||
| 2014 | Revenue | 2013 | Revenue | |
| Collection | $ 225,441 | 45.3% | $ 208,973 | 45.9% |
| Disposal | 128,778 | 25.9% | 115,049 | 25.3% |
| Power generation | 9,512 | 1.9% | 11,354 | 2.4% |
| Processing | 8,852 | 1.8% | 6,901 | 1.5% |
| Solid waste operations | 372,583 | 74.9% | 342,277 | 75.1% |
| Organics | 37,829 | 7.6% | 35,330 | 7.8% |
| Customer solutions | 43,396 | 8.7% | 35,455 | 7.8% |
| Recycling | 43,825 | 8.8% | 42,273 | 9.3% |
| Total revenues | $ 497,633 | 100.0% | $ 455,335 | 100.0% |
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Components of revenue growth for the three months ended |
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| % of Related | % of Solid Waste | % of Total | ||
| Amount | Business | Operations | Company | |
| Solid Waste Operations: | ||||
| Collection | $ 787 | 1.5% | 1.0% | 0.7% |
| Disposal | (358) | -1.5% | -0.5% | -0.3% |
| Solid Waste Yield | 429 | 0.5% | 0.4% | |
| Collection | 758 | 0.9% | 0.7% | |
| Disposal | 2,226 | 2.8% | 2.1% | |
| Processing | 139 | 0.2% | 0.1% | |
| Solid Waste Volume | 3,123 | 3.9% | 2.9% | |
| Fuel surcharge | (19) | 0.0% | 0.0% | |
| Commodity price & volume | 13 | 0.0% | 0.0% | |
| Acquisitions, net divestitures | 1,554 | 1.9% | 1.4% | |
| Total Solid Waste | 5,099 | 6.3% | 4.7% | |
| Organics | 343 | 0.3% | ||
| Customer Solutions | 4,415 | 4.1% | ||
| % of Recycling | ||||
| Recycling Operations: | Operations | |||
| Commodity price | 34 | 0.3% | 0.0% | |
| Commodity volume | 33 | 0.4% | 0.0% | |
| Commodity acquisition | 309 | 2.9% | 0.3% | |
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376 | 3.6% | 0.3% | |
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$ 10,233 | 9.4% | ||
| Solid Waste Internalization Rates by Region: | ||||
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Three Months Ended |
Fiscal Year Ended |
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| 2014 | 2013 | 2014 | 2013 | |
| Eastern region | 51.6% | 55.8% | 52.1% | 54.3% |
| Western region | 76.2% | 72.5% | 75.2% | 73.3% |
| Solid waste internalization | 63.6% | 64.2% | 63.6% | 64.5% |
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| SUPPLEMENTAL DATA TABLES | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
| Components of Capital Expenditures (1): | ||||
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Three Months Ended |
Fiscal Year Ended |
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| 2014 | 2013 | 2014 | 2013 | |
| Landfill development | $ 4,171 | $ 5,696 | $ 21,252 | $ 27,310 |
| Vehicles, machinery, equipment and containers | 4,057 | 2,513 | 17,353 | 13,938 |
| Facilities | 628 | 2,260 | 3,694 | 11,609 |
| Other | 239 | 24 | 1,027 | 424 |
| Total Capital Expenditures | 9,095 | 10,493 | 43,326 | 53,281 |
| (1) Does not include acquisition related capital expenditures, which are defined as costs of equipment added directly as a result of new business growth related to an acquisition. | ||||
CONTACT: Investors:
Ned Coletta
Chief Financial Officer
(802) 772-2239
Media:
Joseph Fusco
Vice President
(802) 772-2247
http://www.casella.com
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