Subsidiary Guarantors |
12. 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 June 30, 2015 and December 31, 2014, the
consolidating results of operations and comprehensive income (loss)
for the three and six months ended June 30, 2015 and 2014, and
the condensed consolidating statements of cash flows for the six
months ended June 30, 2015 and 2014 of (a) the Parent
company only, (b) the combined guarantors
(“Guarantors”), each of which is 100% wholly-owned by
the Parent, (c) the combined non-guarantors
(“Non-Guarantors”), (d) eliminating entries and
(e) the consolidated total.
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2015
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
2,636 |
|
|
$ |
214 |
|
|
$ |
308 |
|
|
$ |
— |
|
|
$ |
3,158 |
|
Accounts receivable—trade, net
|
|
|
724 |
|
|
|
62,785 |
|
|
|
— |
|
|
|
— |
|
|
|
63,509 |
|
Refundable income taxes
|
|
|
664 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
664 |
|
Prepaid expenses
|
|
|
3,152 |
|
|
|
4,177 |
|
|
|
— |
|
|
|
— |
|
|
|
7,329 |
|
Inventory
|
|
|
— |
|
|
|
4,622 |
|
|
|
— |
|
|
|
— |
|
|
|
4,622 |
|
Deferred income taxes
|
|
|
2,013 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,013 |
|
Other current assets
|
|
|
481 |
|
|
|
3,060 |
|
|
|
— |
|
|
|
— |
|
|
|
3,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
9,670 |
|
|
|
74,858 |
|
|
|
308 |
|
|
|
— |
|
|
|
84,836 |
|
Property, plant and equipment, net
|
|
|
5,585 |
|
|
|
393,437 |
|
|
|
— |
|
|
|
— |
|
|
|
399,022 |
|
Goodwill
|
|
|
— |
|
|
|
118,976 |
|
|
|
— |
|
|
|
— |
|
|
|
118,976 |
|
Intangible assets, net
|
|
|
53 |
|
|
|
10,385 |
|
|
|
— |
|
|
|
— |
|
|
|
10,438 |
|
Restricted assets
|
|
|
142 |
|
|
|
826 |
|
|
|
— |
|
|
|
— |
|
|
|
968 |
|
Cost method investments
|
|
|
14,115 |
|
|
|
1,932 |
|
|
|
— |
|
|
|
(1,932 |
) |
|
|
14,115 |
|
Investments in subsidiaries
|
|
|
2,385 |
|
|
|
— |
|
|
|
— |
|
|
|
(2,385 |
) |
|
|
— |
|
Other non-current assets
|
|
|
19,121 |
|
|
|
10,052 |
|
|
|
— |
|
|
|
— |
|
|
|
29,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,401 |
|
|
|
535,608 |
|
|
|
— |
|
|
|
(4,317 |
) |
|
|
572,692 |
|
Intercompany receivable
|
|
|
511,683 |
|
|
|
(474,638 |
) |
|
|
(38,977 |
) |
|
|
1,932 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
562,754 |
|
|
$ |
135,828 |
|
|
$ |
(38,669 |
) |
|
$ |
(2,385 |
) |
|
$ |
657,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt and capital leases
|
|
$ |
92 |
|
|
$ |
1,345 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,437 |
|
Accounts payable
|
|
|
18,176 |
|
|
|
29,648 |
|
|
|
323 |
|
|
|
— |
|
|
|
48,147 |
|
Accrued payroll and related expenses
|
|
|
981 |
|
|
|
4,861 |
|
|
|
— |
|
|
|
— |
|
|
|
5,842 |
|
Accrued interest
|
|
|
12,334 |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
12,346 |
|
Current accrued capping, closure and post-closure costs
|
|
|
— |
|
|
|
1,655 |
|
|
|
3 |
|
|
|
— |
|
|
|
1,658 |
|
Other accrued liabilities
|
|
|
8,043 |
|
|
|
8,586 |
|
|
|
— |
|
|
|
— |
|
|
|
16,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
39,626 |
|
|
|
46,107 |
|
|
|
326 |
|
|
|
— |
|
|
|
86,059 |
|
Long-term debt and capital leases, less current maturities
|
|
|
525,940 |
|
|
|
913 |
|
|
|
— |
|
|
|
— |
|
|
|
526,853 |
|
Accrued capping, closure and post-closure costs, less current
portion
|
|
|
— |
|
|
|
39,934 |
|
|
|
34 |
|
|
|
— |
|
|
|
39,968 |
|
Deferred income taxes
|
|
|
7,261 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,261 |
|
Other long-term liabilities
|
|
|
8,741 |
|
|
|
7,496 |
|
|
|
— |
|
|
|
— |
|
|
|
16,237 |
|
STOCKHOLDERS’ (DEFICIT) EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casella Waste Systems, Inc. stockholders (deficit)’
equity
|
|
|
(18,814 |
) |
|
|
41,378 |
|
|
|
(38,993 |
) |
|
|
(2,385 |
) |
|
|
(18,814 |
) |
Noncontrolling interests
|
|
|
— |
|
|
|
— |
|
|
|
(36 |
) |
|
|
— |
|
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ (deficit) equity
|
|
|
(18,814 |
) |
|
|
41,378 |
|
|
|
(39,029 |
) |
|
|
(2,385 |
) |
|
|
(18,850 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
562,754 |
|
|
$ |
135,828 |
|
|
$ |
(38,669 |
) |
|
$ |
(2,385 |
) |
|
$ |
657,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Cost method investments
|
|
|
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
CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2015
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Revenues
|
|
$ |
— |
|
|
$ |
143,714 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
143,714 |
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
34 |
|
|
|
98,556 |
|
|
|
147 |
|
|
|
— |
|
|
|
98,737 |
|
General and administration
|
|
|
(79 |
) |
|
|
18,130 |
|
|
|
20 |
|
|
|
— |
|
|
|
18,071 |
|
Depreciation and amortization
|
|
|
278 |
|
|
|
15,963 |
|
|
|
— |
|
|
|
— |
|
|
|
16,241 |
|
Divestiture transactions
|
|
|
— |
|
|
|
(677 |
) |
|
|
— |
|
|
|
— |
|
|
|
(677 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233 |
|
|
|
131,972 |
|
|
|
167 |
|
|
|
— |
|
|
|
132,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
(233 |
) |
|
|
11,742 |
|
|
|
(167 |
) |
|
|
— |
|
|
|
11,342 |
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
— |
|
|
|
(70 |
) |
|
|
— |
|
|
|
— |
|
|
|
(70 |
) |
Interest expense
|
|
|
10,096 |
|
|
|
54 |
|
|
|
— |
|
|
|
— |
|
|
|
10,150 |
|
Loss on derivative instruments
|
|
|
47 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47 |
|
(Income) loss from consolidated entities
|
|
|
(11,772 |
) |
|
|
— |
|
|
|
— |
|
|
|
11,772 |
|
|
|
— |
|
Other income
|
|
|
53 |
|
|
|
(99 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income), net
|
|
|
(1,576 |
) |
|
|
(115 |
) |
|
|
— |
|
|
|
11,772 |
|
|
|
10,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
1,343 |
|
|
|
11,857 |
|
|
|
(167 |
) |
|
|
(11,772 |
) |
|
|
1,261 |
|
Provision (benefit) for income taxes
|
|
|
318 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
1,025 |
|
|
|
11,857 |
|
|
|
(167 |
) |
|
|
(11,772 |
) |
|
|
943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
(82 |
) |
|
|
— |
|
|
|
(82 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders
|
|
$ |
1,025 |
|
|
$ |
11,857 |
|
|
$ |
(85 |
) |
|
$ |
(11,772 |
) |
|
$ |
1,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2014
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Revenues
|
|
$ |
— |
|
|
$ |
136,861 |
|
|
$ |
418 |
|
|
$ |
— |
|
|
$ |
137,279 |
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
22 |
|
|
|
96,717 |
|
|
|
479 |
|
|
|
— |
|
|
|
97,218 |
|
General and administration
|
|
|
133 |
|
|
|
15,441 |
|
|
|
20 |
|
|
|
— |
|
|
|
15,594 |
|
Depreciation and amortization
|
|
|
223 |
|
|
|
16,884 |
|
|
|
60 |
|
|
|
— |
|
|
|
17,167 |
|
Divestiture transactions
|
|
|
— |
|
|
|
— |
|
|
|
7,455 |
|
|
|
— |
|
|
|
7,455 |
|
Severance and reorganization costs
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
Expense from divestiture, acquisition and financing costs
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
Development project charge
|
|
|
— |
|
|
|
(46 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
378 |
|
|
|
129,360 |
|
|
|
8,014 |
|
|
|
— |
|
|
|
137,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
(378 |
) |
|
|
7,501 |
|
|
|
(7,596 |
) |
|
|
— |
|
|
|
(473 |
) |
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
— |
|
|
|
(85 |
) |
|
|
— |
|
|
|
— |
|
|
|
(85 |
) |
Interest expense
|
|
|
9,569 |
|
|
|
19 |
|
|
|
— |
|
|
|
— |
|
|
|
9,588 |
|
Loss on derivative instruments
|
|
|
298 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
298 |
|
Income from equity method investments
|
|
|
— |
|
|
|
(63 |
) |
|
|
— |
|
|
|
— |
|
|
|
(63 |
) |
(Income) loss from consolidated entities
|
|
|
(3,855 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,855 |
|
|
|
— |
|
Other income
|
|
|
(263 |
) |
|
|
(98 |
) |
|
|
— |
|
|
|
— |
|
|
|
(361 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income), net
|
|
|
5,749 |
|
|
|
(227 |
) |
|
|
— |
|
|
|
3,855 |
|
|
|
9,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(6,127 |
) |
|
|
7,728 |
|
|
|
(7,596 |
) |
|
|
(3,855 |
) |
|
|
(9,850 |
) |
Provision (benefit) for income taxes
|
|
|
528 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(6,655 |
) |
|
|
7,728 |
|
|
|
(7,596 |
) |
|
|
(3,855 |
) |
|
|
(10,378 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
(3,723 |
) |
|
|
— |
|
|
|
(3,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders
|
|
$ |
(6,655 |
) |
|
$ |
7,728 |
|
|
$ |
(3,873 |
) |
|
$ |
(3,855 |
) |
|
$ |
(6,655 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2015
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Revenues
|
|
$ |
— |
|
|
$ |
260,168 |
|
|
$ |
124 |
|
|
$ |
— |
|
|
$ |
260,292 |
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
(49 |
) |
|
|
186,234 |
|
|
|
384 |
|
|
|
— |
|
|
|
186,569 |
|
General and administration
|
|
|
(196 |
) |
|
|
35,067 |
|
|
|
5 |
|
|
|
— |
|
|
|
34,876 |
|
Depreciation and amortization
|
|
|
500 |
|
|
|
29,490 |
|
|
|
— |
|
|
|
— |
|
|
|
29,990 |
|
Divestiture transactions
|
|
|
— |
|
|
|
(2,761 |
) |
|
|
(2,850 |
) |
|
|
— |
|
|
|
(5,611 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
255 |
|
|
|
248,030 |
|
|
|
(2,461 |
) |
|
|
— |
|
|
|
245,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
(255 |
) |
|
|
12,138 |
|
|
|
2,585 |
|
|
|
— |
|
|
|
14,468 |
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(48 |
) |
|
|
(163 |
) |
|
|
— |
|
|
|
— |
|
|
|
(211 |
) |
Interest expense
|
|
|
20,085 |
|
|
|
107 |
|
|
|
84 |
|
|
|
— |
|
|
|
20,276 |
|
Loss on debt extinguishment
|
|
|
521 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
521 |
|
Loss on derivative instruments
|
|
|
198 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
198 |
|
(Income) loss from consolidated entities
|
|
|
(13,695 |
) |
|
|
— |
|
|
|
— |
|
|
|
13,695 |
|
|
|
— |
|
Other income
|
|
|
17 |
|
|
|
(226 |
) |
|
|
— |
|
|
|
— |
|
|
|
(209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income), net
|
|
|
7,078 |
|
|
|
(282 |
) |
|
|
84 |
|
|
|
13,695 |
|
|
|
20,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(7,333 |
) |
|
|
12,420 |
|
|
|
2,501 |
|
|
|
(13,695 |
) |
|
|
(6,107 |
) |
Provision (benefit) for income taxes
|
|
|
914 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(8,247 |
) |
|
|
12,420 |
|
|
|
2,501 |
|
|
|
(13,695 |
) |
|
|
(7,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
1,226 |
|
|
|
— |
|
|
|
1,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders
|
|
$ |
(8,247 |
) |
|
$ |
12,420 |
|
|
$ |
1,275 |
|
|
$ |
(13,695 |
) |
|
$ |
(8,247 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2014
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Revenues
|
|
$ |
— |
|
|
$ |
249,795 |
|
|
$ |
681 |
|
|
$ |
— |
|
|
$ |
250,476 |
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
(22 |
) |
|
|
182,719 |
|
|
|
925 |
|
|
|
— |
|
|
|
183,622 |
|
General and administration
|
|
|
1,140 |
|
|
|
30,818 |
|
|
|
23 |
|
|
|
— |
|
|
|
31,981 |
|
Depreciation and amortization
|
|
|
488 |
|
|
|
30,031 |
|
|
|
256 |
|
|
|
— |
|
|
|
30,775 |
|
Divestiture transactions
|
|
|
— |
|
|
|
— |
|
|
|
7,455 |
|
|
|
— |
|
|
|
7,455 |
|
Development project charge
|
|
|
— |
|
|
|
1,394 |
|
|
|
— |
|
|
|
— |
|
|
|
1,394 |
|
Severance and reorganization costs
|
|
|
— |
|
|
|
430 |
|
|
|
— |
|
|
|
— |
|
|
|
430 |
|
Expense from divestiture, acquisition and financing costs
|
|
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
24 |
|
Gain on settlement of acquisition related contingent
consideration
|
|
|
— |
|
|
|
(1,058 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,058 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,606 |
|
|
|
244,358 |
|
|
|
8,659 |
|
|
|
— |
|
|
|
254,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
(1,606 |
) |
|
|
5,437 |
|
|
|
(7,978 |
) |
|
|
— |
|
|
|
(4,147 |
) |
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(2 |
) |
|
|
(193 |
) |
|
|
— |
|
|
|
— |
|
|
|
(195 |
) |
Interest expense
|
|
|
19,149 |
|
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
19,194 |
|
Loss on derivative instruments
|
|
|
448 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
448 |
|
Income from equity method investments
|
|
|
— |
|
|
|
(90 |
) |
|
|
— |
|
|
|
— |
|
|
|
(90 |
) |
Loss on sale of equity method investment
|
|
|
— |
|
|
|
— |
|
|
|
221 |
|
|
|
— |
|
|
|
221 |
|
(Income) loss from consolidated entities
|
|
|
(1,681 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,681 |
|
|
|
— |
|
Other income
|
|
|
(273 |
) |
|
|
(295 |
) |
|
|
— |
|
|
|
— |
|
|
|
(568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income), net
|
|
|
17,641 |
|
|
|
(533 |
) |
|
|
221 |
|
|
|
1,681 |
|
|
|
19,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(19,247 |
) |
|
|
5,970 |
|
|
|
(8,199 |
) |
|
|
(1,681 |
) |
|
|
(23,157 |
) |
Provision (benefit) for income taxes
|
|
|
831 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(20,078 |
) |
|
|
5,970 |
|
|
|
(8,199 |
) |
|
|
(1,681 |
) |
|
|
(23,988 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
(3,910 |
) |
|
|
— |
|
|
|
(3,910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders
|
|
$ |
(20,078 |
) |
|
$ |
5,970 |
|
|
$ |
(4,289 |
) |
|
$ |
(1,681 |
) |
|
$ |
(20,078 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
THREE MONTHS ENDED JUNE 30, 2015
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
1,025 |
|
|
$ |
11,857 |
|
|
$ |
(167 |
) |
|
$ |
(11,772 |
) |
|
$ |
943 |
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) resulting from changes in fair value of
marketable securities
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
|
1,025 |
|
|
|
11,860 |
|
|
|
(167 |
) |
|
|
(11,772 |
) |
|
|
946 |
|
Less: Comprehensive income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
(82 |
) |
|
|
— |
|
|
|
(82 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to common stockholders
|
|
$ |
1,025 |
|
|
$ |
11,860 |
|
|
$ |
(85 |
) |
|
$ |
(11,772 |
) |
|
$ |
1,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
THREE MONTHS ENDED JUNE 30, 2014
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(6,655 |
) |
|
$ |
7,728 |
|
|
$ |
(7,596 |
) |
|
$ |
(3,855 |
) |
|
$ |
(10,378 |
) |
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) resulting from changes in fair value of
marketable securities
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
|
(6,655 |
) |
|
|
7,734 |
|
|
|
(7,596 |
) |
|
|
(3,855 |
) |
|
|
(10,372 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
(3,723 |
) |
|
|
— |
|
|
|
(3,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to common stockholders
|
|
$ |
(6,655 |
) |
|
$ |
7,734 |
|
|
$ |
(3,873 |
) |
|
$ |
(3,855 |
) |
|
$ |
(6,649 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
SIX MONTHS ENDED JUNE 30, 2015
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(8,247 |
) |
|
$ |
12,420 |
|
|
$ |
2,501 |
|
|
$ |
(13,695 |
) |
|
$ |
(7,021 |
) |
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) resulting from changes in fair value of
marketable securities
|
|
|
— |
|
|
|
(31 |
) |
|
|
— |
|
|
|
— |
|
|
|
(31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
— |
|
|
|
(31 |
) |
|
|
— |
|
|
|
— |
|
|
|
(31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
|
(8,247 |
) |
|
|
12,389 |
|
|
|
2,501 |
|
|
|
(13,695 |
) |
|
|
(7,052 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
1,226 |
|
|
|
— |
|
|
|
1,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to common stockholders
|
|
$ |
(8,247 |
) |
|
$ |
12,389 |
|
|
$ |
1,275 |
|
|
$ |
(13,695 |
) |
|
$ |
(8,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
SIX MONTHS ENDED JUNE 30, 2014
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(20,078 |
) |
|
$ |
5,970 |
|
|
$ |
(8,199 |
) |
|
$ |
(1,681 |
) |
|
$ |
(23,988 |
) |
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) resulting from changes in fair value of
marketable securities
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
|
(20,078 |
) |
|
|
5,973 |
|
|
|
(8,199 |
) |
|
|
(1,681 |
) |
|
|
(23,985 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling
interests
|
|
|
— |
|
|
|
— |
|
|
|
(3,910 |
) |
|
|
— |
|
|
|
(3,910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to common stockholders
|
|
$ |
(20,078 |
) |
|
$ |
5,973 |
|
|
$ |
(4,289 |
) |
|
$ |
(1,681 |
) |
|
$ |
(20,075 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH
FLOWS
SIX MONTHS ENDED JUNE 30, 2015
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
Guarantors |
|
|
Non-
Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash provided by (used in) operating activities
|
|
$ |
8,025 |
|
|
$ |
16,362 |
|
|
$ |
(498 |
) |
|
$ |
— |
|
|
$ |
23,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(990 |
) |
|
|
(15,321 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,311 |
) |
Payments on landfill operating lease contracts
|
|
|
— |
|
|
|
(1,425 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,425 |
) |
Payments related to investments
|
|
|
— |
|
|
|
1,555 |
|
|
|
(1,555 |
) |
|
|
— |
|
|
|
— |
|
Proceeds from divestiture transactions
|
|
|
— |
|
|
|
1,835 |
|
|
|
3,500 |
|
|
|
— |
|
|
|
5,335 |
|
Proceeds from sale of property and equipment
|
|
|
— |
|
|
|
259 |
|
|
|
— |
|
|
|
— |
|
|
|
259 |
|
Proceeds from property insurance settlement
|
|
|
— |
|
|
|
546 |
|
|
|
— |
|
|
|
— |
|
|
|
546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(990 |
) |
|
|
(12,551 |
) |
|
|
1,945 |
|
|
|
— |
|
|
|
(11,596 |
) |
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term borrowings
|
|
|
231,710 |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
|
|
231,728 |
|
Principal payments on long-term debt
|
|
|
(238,846 |
) |
|
|
(494 |
) |
|
|
— |
|
|
|
— |
|
|
|
(239,340 |
) |
Change in restricted cash
|
|
|
5,677 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,677 |
|
Payments of financing costs
|
|
|
(8,063 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,063 |
) |
Excess tax benefit on the vesting of share based awards
|
|
|
153 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
153 |
|
Distributions to noncontrolling interest holder
|
|
|
— |
|
|
|
— |
|
|
|
(1,495 |
) |
|
|
— |
|
|
|
(1,495 |
) |
Intercompany borrowings
|
|
|
3,374 |
|
|
|
(3,374 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(5,995 |
) |
|
|
(3,850 |
) |
|
|
(1,495 |
) |
|
|
— |
|
|
|
(11,340 |
) |
Net increase (decrease) in cash and cash equivalents
|
|
|
1,040 |
|
|
|
(39 |
) |
|
|
(48 |
) |
|
|
— |
|
|
|
953 |
|
Cash and cash equivalents, beginning of period
|
|
|
1,596 |
|
|
|
253 |
|
|
|
356 |
|
|
|
— |
|
|
|
2,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$ |
2,636 |
|
|
$ |
214 |
|
|
$ |
308 |
|
|
$ |
— |
|
|
$ |
3,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASELLA WASTE SYSTEMS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH
FLOWS
SIX MONTHS ENDED JUNE 30, 2014
(in thousands)
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Parent |
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Guarantors |
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Non-
Guarantors |
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Elimination |
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Consolidated |
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Net cash provided by (used in) operating activities
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$ |
2,024 |
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$ |
20,610 |
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$ |
(188 |
) |
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$ |
— |
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$ |
22,446 |
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Cash Flows from Investing Activities:
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Acquisitions, net of cash acquired
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— |
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214 |
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— |
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— |
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214 |
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Acquisition related additions to property, plant and equipment
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— |
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(266 |
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— |
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— |
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(266 |
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Additions to property, plant and equipment
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(469 |
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(22,836 |
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— |
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— |
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(23,305 |
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Payments on landfill operating lease contracts
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— |
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(1,526 |
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— |
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— |
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(1,526 |
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Proceeds from sale of property and equipment
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— |
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448 |
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— |
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— |
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448 |
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Payments related to investments
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(84 |
) |
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(158 |
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158 |
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— |
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(84 |
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Net cash provided by (used in) investing activities
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(553 |
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(24,124 |
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158 |
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— |
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(24,519 |
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Cash Flows from Financing Activities:
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Proceeds from long-term borrowings
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89,760 |
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— |
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— |
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— |
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89,760 |
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Principal payments on long-term debt
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(86,801 |
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(457 |
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— |
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— |
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(87,258 |
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Payments of financing costs
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(18 |
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— |
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— |
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— |
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(18 |
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Excess tax benefit on the vesting of share based awards
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60 |
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— |
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— |
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— |
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60 |
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Proceeds from the exercise of share based awards
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286 |
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— |
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— |
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— |
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286 |
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Intercompany borrowings
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(3,782 |
) |
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3,782 |
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— |
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— |
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— |
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Net cash provided by (used in) financing activities
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(495 |
) |
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3,325 |
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— |
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— |
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2,830 |
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Net cash provided by (used in) discontinued operations
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— |
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174 |
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— |
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— |
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174 |
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Net increase (decrease) in cash and cash equivalents
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976 |
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(15 |
) |
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(30 |
) |
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— |
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|
931 |
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Cash and cash equivalents, beginning of period
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2,312 |
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243 |
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140 |
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— |
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2,695 |
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Cash and cash equivalents, end of period
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$ |
3,288 |
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$ |
228 |
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$ |
110 |
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$ |
— |
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$ |
3,626 |
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