UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No.     )

Filed by the Registrant  x                             Filed by a Party other than the Registrant  ¨
Check the appropriate box:

¨	 	Preliminary Proxy Statement	
 	 	
¨	 	Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))	
 	 	
¨	 	Definitive Proxy Statement	
 	 	
¨	 	Definitive Additional Materials	
 	 	
x	 	Soliciting Material Pursuant to §240.14a-12	
CASELLA WASTE SYSTEMS, INC.
(Name of Registrant as Specified in Its Charter)
 
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Copies to:

Jeffrey A. Stein
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street
Boston, Massachusetts 02109
(617) 526-6000	 	Keith E. Gottfried, Esq.
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, N.W.
Washington, DC 20004-2541
(202) 739-5947	

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Casella Waste Systems, Inc., a Delaware corporation (“Casella” or the “Company”), is filing materials contained in this Schedule 14A with the U.S. Securities and Exchange Commission (“ SEC ”) in connection with the solicitation of proxies from its stockholders in connection with its 2015 Annual Meeting of Stockholders and at any and all adjournments or postponements thereof (the “ 2015 Annual Meeting ”). Casella has not yet filed a preliminary or definitive proxy statement with the SEC in connection with its solicitation of proxies to be used at the 2015 Annual Meeting.
Slide Presentation First Used On May 28, 2015
Attached hereto as Exhibit 1 is a copy of the slide presentation to be presented and distributed by Casella in connection with investor meetings and presentations at the KeyBanc Capital Markets’ Industrial, Automotive & Transportation Conference on May 28, 2015. This presentation is being filed herewith because it may be deemed to be solicitation material in respect of the potential solicitation of proxies to be used at the 2015 Annual Meeting.
Important Additional Information And Where To Find It
Casella, its directors and certain of its executive officers are deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the matters to be considered at the Company’s 2015 Annual Meeting of Stockholders. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise can be found in the Company’s Form 10-KT/A for the transition period from May 1, 2014 to December 31, 2014, filed with the SEC on April 30, 2015. To the extent holdings of the Company’s securities have changed since the amounts set forth in the Company’s Form 10-KT/A for the transition period from May 1, 2014 to December 31, 2014, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents are available free of charge at the SEC’s website at www.sec.gov. Casella intends to file a proxy statement and accompanying WHITE  proxy card with the SEC in connection with the solicitation of proxies from Casella stockholders in connection with the matters to be considered at the Company’s 2015 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement for its 2015 Annual Meeting, including the schedules and appendices thereto.  INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS FILED BY CASELLA WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.  Stockholders will be able to obtain the Proxy Statement, any amendments or supplements to the Proxy Statement, the accompanying WHITE  proxy card, and other documents filed by Casella with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of the Company’s corporate website at www.casella.com, by writing to the Company’s Corporate Secretary at Casella Waste Systems, Inc., 25 Greens Hill Lane, Rutland, VT 05701, or by calling the Company’s Corporate Secretary at (802) 772-2257.

Exhibit 1

Exhibit 99.1
Casella Waste Systems, Inc.
KeyBanc Capital Markets’
Industrial, Automotive &
Transportation Conference
May 28, 2015

 	

Safe harbor statement
Certain matters discussed in this presentation 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,” “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; actions of activist investors and the cost and disruption of responding to those actions; 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-KT for the transition period ended December 31, 2014 and in our Form 10-Q for the quarterly period ended March 31, 2015.
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 the federal securities laws.
2	 	 	

 	

Casella Waste Systems—Overview
Casella provides integrated solid waste, recycling and resource services.
$529.3 mm of revenues for LTM ended 3/31/15.
Integrated solid waste and recycling services in six northeast states.
Strategy focused on delivering customers resource and waste solutions.
Tying economic and environmental models together to create incremental value from traditional waste streams.
Provide customers unique resource solutions through Zero-Sort® recycling, organics, and clean energy programs.
Casella Waste Systems 3

 	

Company Overview
Casella Service Area
35 Collection Operations
18 Recycling Facilities
10 Disposal Facilities (1)
4	 	Landfill Gas-to-Energy	
44 Transfer Stations
Clinton LF
175k tons/yr
15.7mm tons capacity
WasteUSA LF
600k tons/yr
14.4mm tons capacity
NCES LF
No annual cap 1.8mm tons capacity
Hyland LF
312k tons/yr
14.6mm tons capacity
Ontario LF
918k tons/yr
12.8mm tons capacity
Juniper Ridge LF
No annual cap 23.8mm tons capacity
Juniper Ridge LF
No annual cap 23.8mm tons capacity
McKean LF (2)
312k tons/yr
2.1mm tons capacity
Hakes LF
462k tons/yr
4.0mm tons capacity
Chemung LF
200.5k tons/yr 6.8mm tons capacity
Southbridge LF
405k tons/yr
7.0mm tons capacity
Note: Total disposal capacity includes permitted and permittable airspace estimates at each site as of December 31, 2014.
(1)	 	Includes nine Subtitle D landfills and one landfill permitted to accept construction and demolition materials.	
(2)	 	Annual capacity does not reflect the 1.5 million tons per year rail permit at McKean LF.	
Casella Waste Systems 4

 	

Strong execution of key strategies since FY2013
Strategic Focus since early 2013
#1—Executing leadership changes
#2—Sourcing incremental landfill volumes
#3—Driving additional profitability of collection operations
#4—Executing Eastern Region strategy
#5—Reducing business risk
Results
New President and CFO in Dec 2012
Annual Landfill volumes up +670k tons since FY 2013(1)
Annual Disposal AEBITDA up +$14.4mm since FY 2013(1)
Pricing programs continue to drive value; with Residential
& Commercial pricing up +2.8% in Q1 2015
Focused on operational efficiency programs
AEBITDA margins up from 15.0% LTM 10/31/12 to over 21% LTM 3/31/15
Repositioned assets and improved operations
New municipal contracts; MSW permit at Juniper Ridge LF; expanded Southbridge LF; sold BioFuels; acquired BBI; sold Maine Energy)
Sold non-core, non-performing operations (Maine Energy, BioFuels, GreenFiber, CARES)
Changed fiscal year end to better match business cycle
Refinanced Revolver in Feb 2015 (new maturity 2020)
(1)	 	Excludes low priced soils at the Worcester landfill closure project.	
Casella Waste Systems 5

 	

Results up significantly on strategic execution
Revenue ($mm)
$ 529.3
$ 497.6
$ 530
to
$ 455.3
$ 520
FYE
FYE
LTM
2015
4/30/13
4/30/14
3/31/15
Guidance
Adj EBITDA ($mm) & Margin (1)
19.3% 20.0% 19.1% 18.5%
$97.9 $107 $95.1 to $87.8 $103
FYE FYE LTM 2015 4/30/13 4/30/14 3/31/15 Guidance
(1)	 	Please refer to the appendix for a reconciliation of Adjusted EBITDA to the comparable GAAP numbers.	
(2)	 	Disposal Revenue includes Worcester landfill.	
(3)	 	Excludes low-priced soils at the Worcester landfill closure project.	
Results since FY 2013:
Revenue growth +$74.0mm (or +16.3%) mainly driven by Disposal (+$26.6mm)(2), Collection (+$21.4mm), and Customer Solutions (+$17.9mm).
Adj. EBITDA up +$10.1mm (or +11.5%) mainly driven by higher landfill volumes and strategic execution.
Landfill tons up +670k annually (or +18.8%).(3)
Residential and Commercial collection price increases accelerating (up +2.8% in Q1 2015).
Casella Waste Systems 6

 	

Strategic Focus in 2015 and beyond
Management focused in key areas to increase free cash flow and to reduce debt leverage:
1	 	Increasing landfill returns	
2	 	Driving additional profitability in collection operations	
3	 	Creating incremental value through Resource Solutions	
4	 	Improving balance sheet and reducing risk	
Casella Waste Systems 7

 	

Driving higher landfill volumes while improving price
Annual Landfill Volumes (mm Tons) and Average Price per Ton (1)
$30/ton
$29/ton
$28/ton
3.9 4.2 35 .
FYE FYE LTM 4/30/13 4/30/14 3/31/15
Western Region Eastern Region
(1)	 	Annual Landfill Disposal Volumes includes amortizable and non-amortizable tons at active landfills.	
(2)	 	Includes both permitted and permittable airspace at landfills.	
Landfill Highlights:
Casella controls 10 landfills in strategic locations across the Northeast.
Total disposal capacity ~103 mm tons.(2)
Total annual landfill volumes up +670k tons (or +18.8%) since FY 2013.
Roughly 0.5mm tons of excess annual permitted capacity at 3/31/15 (representing roughly $8.0mm of Adj EBITDA potential).
Average price per ton up +4.4% in Q1 2015, with strong pricing in Eastern Region (+6.3%).
Casella Waste Systems 8

 	

1 Increasing landfill returns
Market dynamics are improving across our footprint area.
Disposal site closures (and expected closures) are creating a supply-demand imbalance.
Roughly 1.5mm tons/yr of disposal capacity has closed in last three years and an additional 1.3mm tons/yr is expected to permanently close in next couple years, offset by 0.4mm tons/yr of new disposal capacity (= net closure of 2.4mm tons/yr)
NYC Dept of Sanitation contracts expected to shift roughly +1.0mm tons/yr to NY landfills.
Shifted strategic focus in 2015 to further enhance landfill returns.
Eastern Region – focus on pricing, capacity constraints provide tailwind.
Western Region focus on maximizing capacity utilization, high margin incremental tons.
Casella Waste Systems 9

 	

Disposal market in dynamics Northeast are isshifting contracting
10 Disposal Facilities
4	 	Landfill Gas-to-Energy Facilities	
Other18 disposal Recycling sites ( closed Facilities or potential 10 to Disposal close) Facilities
2	 	New Disposal Facilities online Expected 35 Collection NYC waste Operations flows	
Clinton LF
175k tons/yr
15.7mm tons capacity
WasteUSA LF
600k tons/yr
14.4mm tons capacity
NCES LF
No annual cap
1.8mm tons capacity
Juniper Ridge LF
No annual cap 23.8mm tons capacity
Hyland LF
312k tons/yr
14.6mm tons capacity
Ontario LF
918k tons/yr
12.8mm tons capacity
Finch LF
130k tons/yr New 2014
Moretown LF
286k tons/yr, Closed 2013
MERC WTE
300k tons/yr, Closed 2012
PERC WTE
300k tons/yr
Rockland
45k tons/yr, Closing 2015
Claremont WTE
73k tons/yr, Closed 2013
Albany LF
275k tons/yr Closing 2016
Dunn LF
~300k tons/yr New 2015
Southbridge LF
405k tons/yr
7.0mm tons capacity
McKean LF (1)
312k tons/yr
2.1mm tons capacity
Hakes LF
462k tons/yr
4.0mm tons capacity
Chemung LF
200.5k tons/yr 6.8mm tons capacity
Wallingford
130k tons/yr Closing 2015
3	 	2	
4	 	1 5	
Fall River LF
376k tons/yr, Closed 2014
Taunton LF
120k tons/yr Closing 2018
1	 	Granby LF—235k tons/yr, Closed 2014	
2	 	S. Hadley LF – 156k tons/yr, Closed 2014	
3	 	Barre LF—94k tons/yr, Closing 2015	
4	 	Northampton LF – 50k tons/yr, Closed 2013	
5	 	Chicopee LF—365k tons/yr, Closing 2018	
NYC Dept of Sanitation
10k – 12k tons per day.
Building 4 marine transfer stations to transload waste to rail (expect 2 built by early 2015).
Expect an additional 1.0m tons/yr to be disposed in NY.
Note: Total disposal capacity includes permitted and permittable airspace estimates at each site as of December 31, 2014.
(1)	 	Annual capacity does not reflect the 1.5mm tons per year rail permit at McKean LF.	
Casella Waste Systems 10

 	

creating a supply-demand imbalance
New York
Disposal Capacity (tons in mm)
Excess
Tons Disposed
Shortfall
16.5 16.6 16.6
2.0 1.2
2.9 13.6 14.6 15.4
2012 2015 2018
Service Area
10 Landfills
4	 	Landfill Gas-to-Energy	
Vermont, New Hampshire & Maine
Disposal Capacity (tons in mm)
Excess
Tons Disposed
Shortfall
4.5 4.5 4.2
0.3
0.7
3.7 4.2 4.4
(0.2) 2012 2015 2018
Massachusetts
Disposal Capacity (tons in mm)
Excess
Tons Disposed
Shortfall
6.3
5.6 5.0
1.3
0.3
5.0 5.3 5.4
(0.4) 2012 2015 2018
Note: Data collected from active landfill and waste to energy facilities from State Annual Facility Reports in October 2014
Casella Waste Systems 11

 	

2 Driving additional profitability in collection operations
Team working to further improve collection profitability.
Pricing – continued focus on pricing discipline.
Route profitability – eliminating route days to reduce cost and improve asset utilization.
Fleet optimization – upgrading fleet for route applications and solving lingering fleet issues.
Collection pricing programs continue to drive value.
Residential and commercial pricing up +2.8% YOY in Q1 2015.
Launched an SRA fee in Q2 2015 to offset lower recycling commodity values.
The roll-off market has shown early signs of rebounding, with growth in select markets.
Reducing cost of operations is key to improving profitability.
Working to improve routing efficiency through customer selection, new routing tools, and on-route marketing to improve density.
Implementing fleet plan to standardize fleet selection, optimize truck selection, reduce maintenance costs, and reduce spare ratios.
Reducing volatility by locking in roughly 45% of fuel at fixed prices for 12 months.
Casella Waste Systems 12

 	

3 Creating incremental value through Resource Solutions
Customer Solutions
Focus on creating resource solutions for Industrial, Municipal, Institutional, and multi-location Retail customers.
Experiencing strong growth in the Industrial segment (lower margins with high FCF).
CS revenues up +28% YOY for LTM ended 3/31/15.
Zero-Sort® Recycling
Casella operates 6 Zero-Sort MRFs in our integrated footprint.
Mature facilities operating at ~95% of capacity; new Lewiston, ME MRF online in Q2 2015.
Recycling volumes up +10% YOY for LTM ended 3/31/15.(1)
Reshaping business model to reduce commodity risk and improve returns (e.g., SRA fee).
Casella Organics
Business model is primarily focused on transforming Biosolids into renewable products for fertilization and landscaping.
Working with partners to transform Source Separated Organics into energy or compost.
(1)	 	Shipped tons from MRFs on a “same store basis” .	
Casella Waste Systems 13

 	

4 Improving balance sheet and reducing risk
Focused over last 2 1/2 years on reducing risk, improving the balance sheet, and increasing cash flows:
Dec 2012 – sold Maine Energy for $6.7mm; eliminated negative cash flow operation.
July 2013 – sold BioFuels for $2.0mm; eliminated negative cash flow operation.
Dec 2013 – sold 50% stake in US GreenFiber resulting in $3.4mm net cash proceeds; eliminated non-integrated, negative cash flow operation.(1)
Dec 2014 – completed environmental remediation and closure at three sites.
Feb 2015 – refinanced Senior Secured Revolver with new ABL Revolver; moved out maturities 5-yrs, minimized cash interest costs, and increased financial flexibility.
Mar 2015 – sold CARES assets and wholly-owned assets/real estate for $3.1mm net cash proceeds; eliminated non-integrated, negative cash flow operation.
Focused on improving Free Cash Flow, with excess cash primarily used to repay indebtedness and for tuck-in acquisitions.
Focus on improving operating cash flows, maintaining strict capital discipline, and selectively improving asset mix.
(1)	 	US GreenFiber sold for $18.0mm gross proceeds, with $3.4mm net proceeds for Casella’s 50% equity interest.	
Casella Waste Systems 14

 	

Strategy focused on driving improved Free Cash Flow
Balance sheet heet clean-up and asset sset repositioning epositioning largely completed ompleted during the 8-month transition period ended December 31, 2014.
Revenue ($mm)
20.0% 19.3% 19.1% 18.5%
$530
$97.9 to
$95.1 $520
$87.8
FYE FYE LTM 2015 4/30/13 4/30/14 3/31/15 Guidance
Adj. EBITDA & Margin ($mm) (1)
20.0% 19.3% 19.1% 18.5%
$107
$97.9 to
$95.1 $103
$87.8
FYE FYE LTM 2015 4/30/13 4/30/14 3/31/15 Guidance
Free Cash Flow ($mm) (2)
Free Cash Flow Normalized FCF
$18
to
$14
$6.4
$1.3
$(12.2)
FYE FYE LTM 2015 4/30/13 4/30/14 3/31/15 Guidance
(1)	 	Please refer to the appendix for a reconciliation of Adjusted EBITDA to the comparable GAAP numbers.	
(2) Please refer to the appendix for a reconciliation of Free Cash Flow and Normalized Free Cash Flow to the comparable GAAP numbers.
Casella Waste Systems 15

 	

Casella’s value drivers
Valuable integrated solid waste assets in disposal limited Northeast markets.
Management focused on increasing Free Cash Flow and reducing debt.
Results demonstrate strong execution of plan.
Near term focus of team:
Improving landfill returns;
Driving profitability of collection operations;
Creating value through Resource Solutions;
Improving balance sheet & reducing risk.
Casella Waste Systems 16

 	

Additional Information
This presentation may be deemed to be soliciting material in respect of the solicitation of proxies from stockholders in connection with Casella Waste Systems, Inc.’s 2015 Annual Meeting of Stockholders. Casella, its directors and certain of its executive officers are deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the matters to be considered at the Company’s 2015 Annual Meeting of Stockholders. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise can be found in the Company’s proxy statement for its 2014 Annual Meeting of Stockholders, filed with the SEC on August 19, 2014. To the extent holdings of the Company’s securities have changed since the amounts set forth in the Company’s proxy statement for the 2014 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents are available free of charge at the SEC’s website at www.sec.gov. Casella intends to file a proxy statement and accompanying WHITE proxy card with the SEC in connection with the solicitation of proxies from Casella stockholders in connection with the matters to be considered at the Company’s 2015 Annual Meeting. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement for its 2015 Annual Meeting, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE
ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS FILED BY CASELLA WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain the Proxy Statement, any amendments or supplements to the Proxy Statement, the accompanying WHITE proxy card, and other documents filed by Casella with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of the Company’s corporate website at www.casella.com, by writing to the Company’s Corporate Secretary at Casella Waste Systems, Inc., 25 Greens Hill Lane, Rutland, VT 05701, or by calling the Company’s Corporate Secretary at (802) 772-2257.
Casella Waste Systems 17

 	

Appendix
Casella Waste Systems 18

 	

Reconciliation of Adjusted EBITDA
($ in thousands)
Revenue
Net loss
Loss on disposal of discontinued operations, net
Loss (income) from discontinued operations, net
(Benefit) provision for income taxes
Interest expense, net
Depreciation and amortization
Other expense (income), net
Severance and reorganization charges
Expense from divestiture, acquisition and financing costs
Gain on settlement of acquisition related contingent consideration
Fiscal year-end transition costs
Environmental remediation charge
Asset impairment charge
Development project charge
Tax settlement costs
Depletion of landfill operating lease obligations
Interest accretion on landfill and environmental remediation liabilities
Adjusted EBITDA
Adjusted EBITDA Margin (%)
Fiscal Year Ended
April 30, 12 months ended
March 31, 2015
2013 2014
$ 455,335 $ 497,633 $ 529,319
$ (54,463) $ (27,404) $ (23,490)
- 378 -
4,480 (284) -
(2,526) 1,799 1,634
41,429 37,863 38,572
56,576 60,339 61,346
23,501 (436) 2,221
3,709 586 346
1,410 144 (540)
- (1,058) -
- — 538
- 400 950
- 7,455 2,520
- 1,394 (46)
679 0 -
9,372 9,948 10,423
3,675 3,985 3,437
$ 87,842 $ 95,109 $ 97,911
19.3% 19.1% 18.5%
Casella Waste Systems 19

 	

Reconciliation of Free Cash Flow and Normalized Free Cash Flow
($ in thousands)
Net Cash (Used In) Provided By Operating Activities
Capital expenditures
Payments on landfill operating lease contracts
Proceeds from sale of property and equipment
Proceeds from divestiture transactions
Contributions from (distribution to) noncontrolling interest holders
Free Cash Flow
Landfill closure, site improvement and remediation expenditures (i)
New contract and project capital expenditures (ii)
Normalized Free Cash Flow
Fiscal Year Ended 12 months ended
April 30, March 31, 2015
2013 2014
$ 43,906 $ 49,642 $ 55,102
(53,281) (43,326) (64,219)
(6,261) (6,505) (5,355)
883 1,524 688
- — 4,550
2,531 — (1,495)
$ (12,222) $ 1,335 $ (10,729)
7,381
11,215
$ 6,372
(i) Includes cash outlays associated with the following identified items: Worcester landfill capping, BioFuels site improvement, and Maine Energy decommissioning, demolition and site remediation.
(ii) Includes cash outlays related to capital investments associated with certain new contracts and projects, including: the Thiopaq gas treatment system, the Lewiston, ME Zero-Sort material recovery facility, the Rockland, NY material recovery facility, the Concord, NH waste services contract, the City of Boston, MA recycling contract, and the Brookline, MA, Otsego, NY, Tompkins, NY and Schoharie, NY transfer stations.
Casella Waste Systems 20