(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language) |
Clean Harbors, Inc. | |||||
(Registrant) | |||||
November 3, 2021 | /s/ Michael L. Battles | ||||
Executive Vice President and Chief Financial Officer |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Net income | $ | 65,443 | $ | 54,910 | $ | 154,254 | $ | 95,505 | |||||||||||||||
Accretion of environmental liabilities | 2,799 | 2,822 | 8,625 | 8,149 | |||||||||||||||||||
Stock-based compensation | 6,001 | 6,662 | 12,786 | 12,739 | |||||||||||||||||||
Depreciation and amortization | 71,451 | 74,470 | 215,206 | 221,497 | |||||||||||||||||||
Other (income) expense, net | (199) | (2,268) | 2,509 | 597 | |||||||||||||||||||
Loss on sale of businesses | — | 118 | — | 3,376 | |||||||||||||||||||
Interest expense, net of interest income | 17,984 | 17,407 | 53,953 | 54,848 | |||||||||||||||||||
Provision for income taxes | 21,605 | 13,712 | 54,973 | 35,269 | |||||||||||||||||||
Adjusted EBITDA | $ | 185,084 | $ | 167,833 | $ | 502,306 | $ | 431,980 | |||||||||||||||
Adjusted EBITDA Margin | 19.5 | % | 21.5 | % | 18.7 | % | 18.4 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Adjusted net income | |||||||||||||||||||||||
Net income | $ | 65,443 | $ | 54,910 | $ | 154,254 | $ | 95,505 | |||||||||||||||
Loss on sale of businesses | — | 118 | — | 3,376 | |||||||||||||||||||
Tax-related valuation allowances and other* | (3,228) | (5,128) | (3,221) | (4,502) | |||||||||||||||||||
Adjusted net income | $ | 62,215 | $ | 49,900 | $ | 151,033 | $ | 94,379 | |||||||||||||||
Adjusted earnings per share | |||||||||||||||||||||||
Earnings per share | $ | 1.20 | $ | 0.99 | $ | 2.81 | $ | 1.71 | |||||||||||||||
Loss on sale of businesses | — | — | — | 0.06 | |||||||||||||||||||
Tax-related valuation allowances and other* | (0.06) | (0.09) | (0.06) | (0.08) | |||||||||||||||||||
Adjusted earnings per share | $ | 1.14 | $ | 0.90 | $ | 2.75 | $ | 1.69 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Adjusted free cash flow | |||||||||||||||||||||||
Net cash from operating activities | $ | 102,794 | $ | 143,946 | $ | 368,226 | $ | 317,432 | |||||||||||||||
Additions to property, plant and equipment | (54,666) | (24,636) | (146,654) | (150,357) | |||||||||||||||||||
Purchase and capital improvements of corporate HQ | — | — | — | 21,080 | |||||||||||||||||||
Proceeds from sale and disposal of fixed assets | 12,945 | 4,206 | 16,424 | 7,307 | |||||||||||||||||||
Adjusted free cash flow | $ | 61,073 | $ | 123,516 | $ | 237,996 | $ | 195,462 |
For the Year Ending December 31, 2021 | |||||||||||
Projected GAAP net income | $171 | to | $196 | ||||||||
Adjustments: | |||||||||||
Accretion of environmental liabilities | 12 | to | 11 | ||||||||
Stock-based compensation | 18 | to | 19 | ||||||||
Depreciation and amortization | 305 | to | 295 | ||||||||
Other expense, net | 3 | to | 3 | ||||||||
Interest expense, net | 78 | to | 77 | ||||||||
Provision for income taxes | 68 | to | 74 | ||||||||
Projected Adjusted EBITDA | $655 | to | $675 |
For the Year Ending December 31, 2021 | |||||||||||
Projected net cash from operating activities | $500 | to | $540 | ||||||||
Additions to property, plant and equipment | (206) | to | (226) | ||||||||
Proceeds from sale and disposal of fixed assets | 16 | to | 16 | ||||||||
Projected adjusted free cash flow | $310 | to | $330 |
Michael L. Battles | Jim Buckley | |||||||
EVP and Chief Financial Officer | SVP Investor Relations | |||||||
Clean Harbors, Inc. | Clean Harbors, Inc. | |||||||
781.792.5100 | 781.792.5100 | |||||||
InvestorRelations@cleanharbors.com | Buckley.James@cleanharbors.com |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Revenues | $ | 951,479 | $ | 779,344 | $ | 2,686,085 | $ | 2,347,907 | |||||||||||||||
Cost of revenues: (exclusive of items shown separately below) | 639,232 | 511,629 | 1,817,654 | 1,588,976 | |||||||||||||||||||
Selling, general and administrative expenses | 133,164 | 106,544 | 378,911 | 339,690 | |||||||||||||||||||
Accretion of environmental liabilities | 2,799 | 2,822 | 8,625 | 8,149 | |||||||||||||||||||
Depreciation and amortization | 71,451 | 74,470 | 215,206 | 221,497 | |||||||||||||||||||
Income from operations | 104,833 | 83,879 | 265,689 | 189,595 | |||||||||||||||||||
Other income (expense), net | 199 | 2,268 | (2,509) | (597) | |||||||||||||||||||
Loss on sale of businesses | — | (118) | — | (3,376) | |||||||||||||||||||
Interest expense, net | (17,984) | (17,407) | (53,953) | (54,848) | |||||||||||||||||||
Income before provision for income taxes | 87,048 | 68,622 | 209,227 | 130,774 | |||||||||||||||||||
Provision for income taxes | 21,605 | 13,712 | 54,973 | 35,269 | |||||||||||||||||||
Net income | $ | 65,443 | $ | 54,910 | $ | 154,254 | $ | 95,505 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.20 | $ | 0.99 | $ | 2.83 | $ | 1.72 | |||||||||||||||
Diluted | $ | 1.20 | $ | 0.99 | $ | 2.81 | $ | 1.71 | |||||||||||||||
Shares used to compute earnings per share - Basic | 54,411 | 55,592 | 54,553 | 55,646 | |||||||||||||||||||
Shares used to compute earnings per share - Diluted | 54,707 | 55,738 | 54,862 | 55,832 |
September 30, 2021 | December 31, 2020 | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 646,663 | $ | 519,101 | |||||||
Short-term marketable securities | 64,844 | 51,857 | |||||||||
Accounts receivable, net | 703,199 | 611,534 | |||||||||
Unbilled accounts receivable | 69,912 | 55,681 | |||||||||
Inventories and supplies | 228,682 | 220,498 | |||||||||
Prepaid expenses and other current assets | 70,864 | 67,051 | |||||||||
Total current assets | 1,784,164 | 1,525,722 | |||||||||
Property, plant and equipment, net | 1,508,356 | 1,525,298 | |||||||||
Other assets: | |||||||||||
Operating lease right-of-use assets | 137,429 | 150,341 | |||||||||
Goodwill | 543,028 | 527,023 | |||||||||
Permits and other intangibles, net | 366,497 | 386,620 | |||||||||
Other | 14,825 | 16,516 | |||||||||
Total other assets | 1,061,779 | 1,080,500 | |||||||||
Total assets | $ | 4,354,299 | $ | 4,131,520 | |||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 7,535 | $ | 7,535 | |||||||
Accounts payable | 286,565 | 195,878 | |||||||||
Deferred revenue | 86,589 | 74,066 | |||||||||
Accrued expenses and other current liabilities | 299,427 | 295,823 | |||||||||
Current portion of closure, post-closure and remedial liabilities | 23,288 | 26,093 | |||||||||
Current portion of operating lease liabilities | 36,497 | 36,750 | |||||||||
Total current liabilities | 739,901 | 636,145 | |||||||||
Other liabilities: | |||||||||||
Closure and post-closure liabilities, less current portion | 82,809 | 74,023 | |||||||||
Remedial liabilities, less current portion | 97,747 | 102,623 | |||||||||
Long-term debt, less current portion | 1,546,284 | 1,549,641 | |||||||||
Operating lease liabilities, less current portion | 102,093 | 114,258 | |||||||||
Deferred tax liabilities | 231,663 | 230,097 | |||||||||
Other long-term liabilities | 90,242 | 83,182 | |||||||||
Total other liabilities | 2,150,838 | 2,153,824 | |||||||||
Total stockholders’ equity, net | 1,463,560 | 1,341,551 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,354,299 | $ | 4,131,520 |
For the Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 154,254 | $ | 95,505 | |||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 215,206 | 221,497 | |||||||||
Allowance for doubtful accounts | 7,186 | 10,441 | |||||||||
Amortization of deferred financing costs and debt discount | 2,718 | 2,688 | |||||||||
Accretion of environmental liabilities | 8,625 | 8,149 | |||||||||
Changes in environmental liability estimates | 341 | 9,050 | |||||||||
Deferred income taxes | 5,202 | — | |||||||||
Other expense, net | 2,509 | 597 | |||||||||
Stock-based compensation | 12,786 | 12,739 | |||||||||
Loss on sale of businesses | — | 3,376 | |||||||||
Environmental expenditures | (12,223) | (8,816) | |||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable and unbilled accounts receivable | (113,601) | 23,969 | |||||||||
Inventories and supplies | (12,882) | (9,554) | |||||||||
Other current and non-current assets | (10,785) | (19,320) | |||||||||
Accounts payable | 86,974 | (63,898) | |||||||||
Other current and long-term liabilities | 21,916 | 31,009 | |||||||||
Net cash from operating activities | 368,226 | 317,432 | |||||||||
Cash flows used in investing activities: | |||||||||||
Additions to property, plant and equipment | (146,654) | (150,357) | |||||||||
Proceeds from sale and disposal of fixed assets | 16,424 | 7,307 | |||||||||
Acquisitions, net of cash acquired | (22,819) | (8,839) | |||||||||
Proceeds from sale of businesses, net of transactional costs | — | 7,712 | |||||||||
Additions to intangible assets including costs to obtain or renew permits | (2,659) | (1,863) | |||||||||
Proceeds from sale of available-for-sale securities | 83,226 | 39,141 | |||||||||
Purchases of available-for-sale securities | (96,785) | (53,397) | |||||||||
Net cash used in investing activities | (169,267) | (160,296) | |||||||||
Cash flows used in financing activities: | |||||||||||
Change in uncashed checks | (4,323) | 381 | |||||||||
Tax payments related to withholdings on vested restricted stock | (7,383) | (4,407) | |||||||||
Repurchases of common stock | (48,409) | (39,542) | |||||||||
Deferred financing costs paid | (150) | — | |||||||||
Payments on finance leases | (5,845) | (2,755) | |||||||||
Principal payments on debt | (5,652) | (5,652) | |||||||||
Borrowing from revolving credit facility | — | 150,000 | |||||||||
Payment on revolving credit facility | — | (150,000) | |||||||||
Net cash used in financing activities | (71,762) | (51,975) | |||||||||
Effect of exchange rate change on cash | 365 | (1,446) | |||||||||
Increase in cash and cash equivalents | 127,562 | 103,715 | |||||||||
Cash and cash equivalents, beginning of period | 519,101 | 371,991 | |||||||||
Cash and cash equivalents, end of period | $ | 646,663 | $ | 475,706 |
Supplemental information: | |||||||||||
Cash payments for interest and income taxes: | |||||||||||
Interest paid | $ | 61,807 | $ | 66,000 | |||||||
Income taxes paid, net of refunds | 48,202 | 14,195 | |||||||||
Non-cash investing activities: | |||||||||||
Property, plant and equipment accrued | 11,561 | 11,732 | |||||||||
ROU assets obtained in exchange for operating lease liabilities | 18,528 | 19,993 | |||||||||
ROU assets obtained in exchange for finance lease liabilities | 18,704 | 28,333 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
Revenue | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||
Third Party Revenues | Intersegment Revenues (Expense), net | Direct Revenues | Third Party Revenues | Intersegment Revenues (Expense), net | Direct Revenues | ||||||||||||||||||||||||||||||
Environmental Services | $ | 743,831 | $ | 1,802 | $ | 745,633 | $ | 651,689 | $ | (1,129) | $ | 650,560 | |||||||||||||||||||||||
Safety-Kleen Sustainability Solutions | 207,589 | (1,802) | 205,787 | 127,583 | 1,129 | 128,712 | |||||||||||||||||||||||||||||
Corporate Items | 59 | — | 59 | 72 | — | 72 | |||||||||||||||||||||||||||||
Total | $ | 951,479 | $ | — | $ | 951,479 | $ | 779,344 | $ | — | $ | 779,344 |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
Revenue | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||
Third Party Revenues | Intersegment Revenues (Expense), net | Direct Revenues | Third Party Revenues | Intersegment Revenues (Expense), net | Direct Revenues | ||||||||||||||||||||||||||||||
Environmental Services | $ | 2,119,856 | $ | 4,476 | $ | 2,124,332 | $ | 1,969,445 | $ | (1,099) | $ | 1,968,346 | |||||||||||||||||||||||
Safety-Kleen Sustainability Solutions | 566,012 | (4,476) | 561,536 | 378,244 | 1,099 | 379,343 | |||||||||||||||||||||||||||||
Corporate Items | 217 | — | 217 | 218 | — | 218 | |||||||||||||||||||||||||||||
Total | $ | 2,686,085 | $ | — | $ | 2,686,085 | $ | 2,347,907 | $ | — | $ | 2,347,907 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
Adjusted EBITDA | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Environmental Services | $ | 166,471 | $ | 180,002 | $ | 482,766 | $ | 502,101 | |||||||||||||||
Safety-Kleen Sustainability Solutions | 70,810 | 29,613 | 165,756 | 62,248 | |||||||||||||||||||
Corporate Items | (52,197) | (41,782) | (146,216) | (132,369) | |||||||||||||||||||
Total | $ | 185,084 | $ | 167,833 | $ | 502,306 | $ | 431,980 |
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Cover |
Nov. 03, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 03, 2021 |
Entity Registrant Name | CLEAN HARBORS, INC |
Entity Incorporation, State or Country Code | MA |
Entity File Number | 001-34223 |
Entity Tax Identification Number | 04-2997780 |
Entity Address, Address Line One | 42 Longwater Drive |
Entity Address, City or Town | Norwell |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02061-9149 |
City Area Code | 781 |
Local Phone Number | 792-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | CLH |
Security Exchange Name | NYSE |
Entity Central Index Key | 0000822818 |
Amendment Flag | false |
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