Casella Waste Systems Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Casella Waste Systems Inc. has submitted its 2023 Form 10-K, detailing its annual financial performance and business operations.</b>

AI Summary

CASELLA WASTE SYSTEMS INC (CWST) filed a Annual Report (10-K) with the SEC on February 16, 2024. Casella Waste Systems Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial performance and condition. The report covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 25 Greens Hill Road, Rutland, VT 05701. The Standard Industrial Classification code for the company is 4953 (Refuse Systems).

Why It Matters

For investors and stakeholders tracking CASELLA WASTE SYSTEMS INC, this filing contains several important signals. This 10-K filing provides investors and stakeholders with a detailed look at Casella Waste Systems' financial health, operational strategies, and risk factors for the 2023 fiscal year. The comprehensive nature of a 10-K allows for in-depth analysis of the company's revenue streams, profitability, debt levels, and future outlook within the refuse systems industry.

Risk Assessment

Risk Level: medium — CASELLA WASTE SYSTEMS INC shows moderate risk based on this filing. The company operates in the refuse systems industry, which is subject to regulatory changes and environmental concerns that could impact operations and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Casella Waste Systems' financial stability and growth prospects.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 4953 — SIC Code (Standard Industrial Classification)
• 0000911177 — Central Index Key (Filer's Central Index Key)
• 000-23211 — SEC File Number (SEC file number)

Key Players & Entities

• CASELLA WASTE SYSTEMS INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240216 (date) — Filed as of date
• 25 GREENS HILL ROAD (address) — Business address street 1
• RUTLAND (location) — Business address city
• VT (location) — Business address state
• 05701 (postal_code) — Business address zip
• 8027750325 (phone_number) — Business phone

FAQ

Industry Context

Casella Waste Systems operates within the waste management and disposal industry, a sector critical for environmental services and public health.

Regulatory Implications

The refuse systems industry is subject to federal, state, and local regulations concerning waste handling, disposal, and environmental protection.

What Investors Should Do

1. Analyze the company's revenue breakdown and growth trends for the fiscal year 2023.
2. Examine the company's balance sheet for key financial metrics such as debt levels and cash on hand.
3. Review any disclosed risk factors to understand potential challenges facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — which registered Class A common stock, $0.01 par value per share CWST The Nasdaq Sto
• $600 million — 18") through fiscal year 2023 with over $600 million of total annualized revenues. This incl
• $315 million — in fiscal year 2023 with approximately $315 million in total annualized revenues. We expect
• $175 million — ll-over revenue growth of approximately $175 million in the fiscal year ending December 31,

Filing Documents

• cwst-20231231.htm (10-K) — 2810KB
• cwst-ex211123123k.htm (EX-21.1) — 43KB
• cwst-ex231123123k.htm (EX-23.1) — 2KB
• cwst-ex311123123k.htm (EX-31.1) — 10KB
• cwst-ex312123123k.htm (EX-31.2) — 10KB
• cwst-ex321123123.htm (EX-32.1) — 6KB
• cwst-ex97123123.htm (EX-97) — 26KB
• cwst-20231231_g1.jpg (GRAPHIC) — 111KB
• 0000911177-24-000005.txt (&nbsp;) — 14836KB
• cwst-20231231.xsd (EX-101.SCH) — 82KB
• cwst-20231231_cal.xml (EX-101.CAL) — 139KB
• cwst-20231231_def.xml (EX-101.DEF) — 492KB
• cwst-20231231_lab.xml (EX-101.LAB) — 1151KB
• cwst-20231231_pre.xml (EX-101.PRE) — 787KB
• cwst-20231231_htm.xml (XML) — 2570KB

RISK FACTORS

ITEM 1A. RISK FACTORS 20

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 29 ITEM 1C. C YBERSECU RITY 29

PROPERTIES

ITEM 2. PROPERTIES 30

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 30

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 30 PART II.

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 31

[RESERVED]

ITEM 6. [RESERVED] 32

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 55

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 57

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 105

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 106

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 106

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 107 PART III.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 108

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 108

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 108

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 108

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 108 PART IV.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE 109

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 115

SIGNATURES

SIGNATURES 116 2 Table of Contents PART I Unless the context requires otherwise, all references in this Annual Report on Form 10-K to "Casella Waste Systems, Inc.", "Casella", the "Company", "we", "us" or "our" refer to Casella Waste Systems, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains or incorporates a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Any statements contained in or incorporated by reference into this report that are not statements of historical fact should be considered forward-looking statements. You can identify these forward-looking statements by the use of the words "believes", "expects", "anticipates", "plans", "may", "will", "would", "intends", "estimates" 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, as well as management's beliefs and assumptions, and should be read in conjunction with our consolidated financial statements and notes thereto. We cannot guarantee that we actually will achieve the plans, intentions or expectations disclosed in the forward-looking statements made. The occurrence of the events described and the achievement of the expected results depends on many events, some or all of which are not predictable or within our control. Actual results may differ materially from those set forth in the forward-looking statements. The forward-looking statements in this Annual Report on Form 10-K include, among other things, statements about: the projected development of additional disposal capacity or expectations regarding permits for existing capacity; the outcome of any legal or regulatory matter; expected liquidity and financing plans; expected future revenues, operations, expenditures and cash needs; fluctuations in recycling commodity pricing, increases in landfill tipping fees and fuel costs and general economic and weather conditions; projected future obligations related to final capping, closure and post-closure costs of our existing lan

BUSINESS

ITEM 1. BUSINESS Overview Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services in nine states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland, with our headquarters located in Rutland, Vermont. On June 30, 2023, we acquired the equity interests of four wholly owned subsidiaries of GFL Environmental Inc., which are the basis of our newly formed regional operating segment, the Mid-Atlantic region, that expanded our integrated solid waste services into the states of Delaware and Maryland (the "GFL Acquisition"). Operations under the Mid-Atlantic region commenced on July 1, 2023. 3 Table of Contents We manage our solid waste operations on a geographic basis through three regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. For more information about our reportable operating segments, please see " Operational Overview ." For financial information concerning our reportable operating segments and additional disclosure over the GFL Acqui

View Full Filing

View this 10-K filing on SEC EDGAR