ADVANCED DISPOSAL SERVICES, INC. You should read the following discussion in conjunction with the unaudited condensed consolidated financial statements and notes thereto included under Item 1. In addition, you should refer to our audited consolidated financial statements and notes thereto and related Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in our 2019 Annual Report on Form 10-K. All dollar amounts are presented in millions, unless otherwise stated. Overview We are a leading integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services, operating primarily in secondary markets or under exclusive arrangements. We have a presence in 16 states across the South, East and Midwest regions ofthe United States , serving approximately 2.7 million residential and over 200,000 commercial and industrial (C&I) customers through our extensive network of 95 collection operations, 73 transfer stations, 3 owned or operated material recycling facilities, 19 locations where we receive and bale recyclable material and 41 owned or operated landfills. We have 18 active landfill gas operations at solid waste landfills where landfill gas is captured and utilized for its renewable energy value rather than flared. We also have post-closure responsibility for seven closed landfills. We seek to drive financial performance in markets in which we own or operate a disposal facility or in certain disposal-neutral markets, where the disposal facility is owned by our municipal customer. In markets in which we own or operate a disposal facility, we aim to create and maintain vertically integrated operations through which we manage a majority of our customers' waste from the point of collection through the point of disposal, a process we refer to as internalization. By internalizing a majority of the waste in these markets, we are able to deliver high quality customer service while also ensuring a stable revenue stream and maximizing profitability and cash flow from operations. In disposal-neutral markets, we focus selectively on opportunities where we can negotiate exclusive arrangements with our municipal customers, facilitating highly efficient and profitable collection operations with lower capital requirements. Geographically, we focus our business principally in secondary, or less densely populated non-urban, markets where the presence of large national providers is generally more limited. We also compete selectively in primary, or densely populated urban, markets where we can capitalize on opportunities for vertical integration through our high-quality transfer and disposal infrastructure and where we can benefit from highly efficient collection route density. We maintain an attractive mix of revenue from varying sources, including residential collections, C&I collections, landfill gas and special waste streams, and fees charged to third parties for disposal in our network of transfer stations and landfills. Merger OnApril 14, 2019 , we entered into an Agreement and Plan of Merger with Waste Management, Inc., aDelaware corporation ("Parent"), andEverglades Merger Sub Inc. , aDelaware corporation and a wholly-owned indirect subsidiary of Parent. Further details can be found in the Company's Form 8-K related to this matter, filed with theSecurities and Exchange Commission onMarch 19, 2020 , in the Company's Form 8-K, filed with theSecurities and Exchange Commission onApril 15, 2019 and the Company's definitive proxy statement, filed with theSecurities and Exchange Commission onMay 23, 2019 . COVID-19 We are experiencing volume declines in all of our lines of business except residential due to deteriorating macroeconomic conditions and stay-at-home orders resulting from the COVID-19 pandemic. We are taking a number of steps to respond to this challenge including the following:
• Reducing or eliminating face-to-face interactions with our employees;
• Executing on enhanced protocols to keep vehicles, common areas, and
offices extra clean;
• Procuring additional personal protective equipment including masks,
gloves, hand sanitizer, and cleaning solutions;
• Reallocating resources, reducing overtime, and parking surplus equipment
to reduce operating costs;
• Rerouting where needed to maximize productivity and meet customer needs;
• Flexing capital spending while still meeting business needs;
• Significantly reducing travel and discretionary spending; and
• Maintaining higher target cash balances and as ofMarch 31, 2020 able to access$227.7 million of additional liquidity from our revolving credit facility supported by a diverse group of lenders. 19
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Results of Operations The following table sets forth for the periods indicated our consolidated results of operations and the percentage relationship that certain items from our condensed consolidated financial statements bear to revenue (in millions and as a percentage of our revenue).
Three Months Ended March 31,
2020 2019
Service revenues $ 386.7 100.0 % $ 384.0 100.0 %
Operating costs and expenses
Operating 252.8 65.4 % 245.2 63.9 %Accretion of landfill retirement obligations 4.5 1.1 % 4.4 1.1 %
Operating expenses 257.3 66.5 % 249.6 65.0 %
Selling, general and administrative 51.0 13.2 % 49.7 12.9 %
Depreciation and amortization 64.6 16.7 % 65.9 17.2 %
Acquisition and development costs - - % 0.7 0.1 %
Loss on disposal of assets and asset impairments 0.1 0.1 % 0.2 0.1 % Total operating costs and expenses
373.0 96.5 % 366.1 95.3 %
Operating income $ 13.7 3.5 % $ 17.9 4.7 %
Revenue
Through our subsidiaries, we generate revenue primarily by providing collection and disposal services to commercial, industrial, municipal and residential customers. Our remaining revenue is generated from recycling, fuel and environmental charges, landfill gas-to-energy operations and other ancillary revenue-generating activities. Revenues from our collection operations consist of fees we receive from municipal, subscription, residential and C&I customers and are influenced by factors such as collection frequency, type of collection equipment furnished, type and volume or weight of the waste collected, distance to the recycling, transfer station or disposal facilities and our disposal costs. Standard C&I service agreements are typically three to five years, and we have historically maintained strong relationships with our C&I customers. Our municipal customer relationships are generally supported by exclusive contracts ranging from three to ten years in initial duration with subsequent renewal periods. Certain municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as the consumer price index (CPI). We provide commercial front load and temporary and permanent rolloff service offerings to our commercial customers. While the majority of our rolloff services are provided to customers under long-term service agreements, we generally do not enter into written contracts with our temporary rolloff customers due to the relatively short-term nature of most construction and demolition (C&D) projects.
Our transfer stations and landfills generate revenue from disposal or tipping fees. Revenues from our landfill operations consist of fees which are generally based on the type and weight or volume of waste being disposed of at our disposal facilities. Fees charged at transfer stations are generally based on the weight or volume of waste deposited, taking into account our cost of loading, transporting and disposing of the solid waste at a disposal site. Recycling revenue consists of disposal or tipping fees and proceeds from the sale of recyclable commodities to third parties.
The amounts charged for collection, disposal and recycling services may include fuel charges and environmental charges. Fuel charges and environmental charges are not designed to be specific to the direct costs and expenses to service an individual customer's account, but rather are designed to address and to help recover changes in our overall cost structure and to achieve an operating margin acceptable to us.
Other revenue is comprised of ancillary revenue-generating activities, such as trucking, landfill gas-to-energy operations at municipal solid waste (MSW) landfills, management of third-party owned landfills, customer service charges relating to overdue payments, customer administrative charges relating to customers who request paper copies of invoices rather than opting for electronic invoices and compliance and business impact charges.
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The following table sets forth our consolidated revenues by line of business for
the periods indicated (in millions and as a percentage of total service
revenues).
Three Months Ended March 31,
2020 2019
Collection $ 268.4 69.4 % $ 268.1 69.8 %
Disposal 123.2 31.9 % 127.0 33.1 %
Sale of recyclables 2.8 0.7 % 3.5 0.9 %
Fuel and environmental charges 27.5 7.1 % 28.9 7.5 %
Other revenue 35.8 9.3 % 27.8 7.2 %
Intercompany eliminations (71.0 ) (18.4 )% (71.3 ) (18.5 )%
Total service revenues $ 386.7 100.0 % $ 384.0 100.0 %
The following table reflects changes in components of our revenue, as a
percentage of total revenue, for the three months ended
Three Months Ended March 31,
2020 2019
Average yield 3.6 % 4.1 %
Recycling (0.2 )% (0.2 )%
Fuel surcharge revenue (0.3 )% 0.3 %
Total yield 3.1 % 4.2 %
Organic volume (2.9 )% (0.3 )%
Acquisitions 0.5 % 1.4 %
Total revenue growth 0.7 % 5.3 %
Average yield is defined as aggregate contribution of price changes excluding
recycled commodities and fuel surcharge revenue.
During the three months ended March 31, 2020 , we experienced the following
changes in components of our revenue as compared to the same period in fiscal
2019:
• Average yield increased revenue by 3.6% or $13.8 driven by higher open market
price yield as we continue to focus on disciplined pricing and higher price
yield in our municipal residential collection business due to the positive
impact of higher CPI contract resets;
• Recycling revenue decreased revenue by 0.2% or
decrease in recycling commodity prices;
• Fuel surcharge revenue decreased revenue by 0.3% or
diesel fuel prices. These charges fluctuate in response to changes in prices
for diesel fuel on which the surcharge is based and, consequently, any
decrease in fuel prices results in a decrease in our revenue. Our fuel
surcharges reset on a monthly basis therefore a decrease in our fuel
surcharge revenue is delayed in comparison to the decrease in our fuel
expense when diesel fuel prices decrease;
• Organic volume decreased revenue by 2.9% or
disposal revenue of $5.8 due to the loss of certain disposal volumes in the
Midwest and the cycling of strong prior year special waste and construction
and demolition volumes; lower rolloff collection, commercial collection and
disposal volumes of $5.0 due to the impacts of COVID-19 across all regions;
lower rolloff collection volume of $2.0 due to the loss of industrial
contracts and lower special waste volumes in the South region; lower
commercial collection volume of $1.3 due to the loss of certain contracts;
and lower third party trucking revenue of $1.1 in the East region. The
decrease was partially offset by an increase in residential volumes of $2.7
primarily due to a new contract win in the South and the impact of $2.0
related to one extra company workday during the three months ended March 31,
2020 compared to the three months ended March 31, 2019 ;
• Acquisitions increased revenue by 0.5% or
acquisitions during the three months ended March 31, 2019 that further
enhance our vertical integration strategy.
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Table of Contents Operating Expenses Our operating expenses include the following:
• Labor and related benefits, which consist of salaries and wages, health and
welfare benefits, incentive compensation and payroll taxes;
• Transfer and disposal costs which include tipping fees paid to third-party
disposal facilities and transfer stations as well as transportation and subcontractor costs (which include costs for independent haulers who transport waste from transfer stations to our disposal facilities and costs for local operators who provide waste handling services associated with markets outside our standard operating areas);
• Maintenance and repairs expenses which include labor, maintenance and repairs
to our vehicles, equipment and containers;
• Fuel costs which include the direct cost of fuel used by our vehicles, net of
fuel tax credits;
• Franchise and host fees which consist of municipal franchise fees not paid to
customers, host community fees and royalties;
• Risk management expenses which include casualty insurance premiums, claims
payments, estimates for claims incurred but not reported and casualty losses;
• Other expenses which include expenses such as facility operating costs,
equipment rent, leachate and sulfate treatment and disposal and other landfill maintenance costs;
• Accretion expense related to landfill capping, closure and post-closure is
included in operating expenses in our condensed consolidated statement of operations, but it is excluded from the table below (refer to "Accretion of Landfill Retirement Obligations" below for a detailed discussion of the changes in amounts).
The following table summarizes the major components of our operating expenses, excluding accretion expense on our landfill retirement obligations (in millions and as a percentage of our revenue):
Three Months Ended March 31,
2020 2019
Labor and related benefits $ 90.1 23.3 % $ 85.7 22.3 %
Transfer and disposal costs 52.4 13.6 % 50.2 13.1 %
Maintenance and repairs 40.5 10.5 % 39.8 10.4 %
Fuel 16.5 4.3 % 18.9 4.9 %
Franchise and host fees 8.8 2.3 % 9.3 2.4 %
Risk management 10.3 2.7 % 9.4 2.4 %
Other 34.2 8.7 % 31.9 8.4 %
Total operating expenses, excluding accretion
expense $ 252.8 65.4 % $ 245.2 63.9 %
The cost categories shown above may not be comparable to similarly titled
categories used by other companies. Thus, you should exercise caution when
comparing our operating expenses by cost component to that of other companies.
Three months ended
• Labor and related benefits increased by
primarily attributable to higher labor costs as a result of merit increases,
increased medical insurance claims, increased labor demands associated with a
new municipal contract win in the South region and the impact of one extra
workday during the first quarter 2020 compared to the first quarter 2019;
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• Transfer and disposal costs increased by
to a significant increase in processing costs related to single stream recycling, an increase in third-party transportation costs in our Midwest segment as a result of diverting waste from one of our landfills that is currently building a new cell and the impact of one extra workday during the first quarter 2020 compared to the first quarter 2019. The increase was partially offset by lower third party disposal costs as a result of reduced container weights resulting from the impact of COVID-19;
• Maintenance and repairs expense increased by
due to merit increases and the impact of one extra workday during the first quarter 2020 compared to the first quarter 2019;
• Fuel costs decreased
costs per gallon partially offset by the impact of one extra workday during the first quarter 2020 compared to the first quarter 2019;
• Franchise and host fees decreased
landfill host fees due to the loss of certain disposal volumes in the Midwest, the cycling of strong prior year special waste and construction and demolition volumes and lower disposal weights resulting from the impact of COVID-19;
• Risk management expense increased
lower discount rate (rates significantly declined in March, due to the impacts of COVID-19), used in the automobile and property liability actuarial analysis and due to higher loss experience associated with automobile and property liability claims;
• Other operating costs increased
leachate and gas treatment costs at several of our landfills partially due to weather related impacts and higher site maintenance costs at several facilities. Accretion of Landfill Retirement Obligations Accretion expense was$4.5 and$4.4 for the three months endedMarch 31, 2020 and 2019, respectively and was consistent as a percentage of revenue. Selling, General and Administrative Selling, general and administrative expenses include salaries, legal and professional fees and other expenses. Salaries expenses include salaries and wages, health and welfare benefits and incentive compensation for corporate and field general management, field support functions, sales force, accounting and finance, legal, management information systems, and clerical and administrative departments. Other expenses include rent and office costs, fees for professional services provided by third parties, marketing, directors' and officers' insurance, general employee relocation, travel, entertainment and bank charges, but exclude any such amounts recorded as restructuring charges. The following table provides the components of our selling, general and administrative expenses for the periods indicated (in millions and as a percentage of our revenue): Three Months Ended March 31, 2020 2019 Salaries$ 30.7 7.9 %$ 31.8 8.3 % Legal and professional 5.0 1.3 % 4.2 1.1 % Other 15.3 4.0 % 13.7 3.5 % Total selling, general and administrative expenses$ 51.0 13.2 %$ 49.7 12.9 %
Three months ended
lower stock based compensation expense partially offset by the impact of
merit increases and higher bonus accruals due to the guaranteed bonus program
adopted as part of the merger as further described in Note 12 to the
unaudited consolidated financial statements.
• Legal and professional fees increased
with the proposed merger as further described in Note 12 to the unaudited
consolidated financial statements.
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• Other selling, general and administrative expenses increased
$15.3 primarily due to higher bad debt expense as a result of anticipated write-offs due to COVID-19.
Depreciation and Amortization The following table summarizes the components of depreciation and amortization expense by asset type (in millions and as a percentage of our revenue). For a detailed discussion of depreciation and amortization by asset type refer to the discussion included in the following two sections herein.
Three Months Ended March 31,
2020 2019
Depreciation, amortization and depletion of
property and equipment $ 56.9 14.7 % $ 58.1 15.1 %
Amortization of other intangible assets 7.7 2.0 % 7.8 2.1 %
Depreciation and amortization $ 64.6 16.7 % $ 65.9 17.2 %
Depreciation, Amortization and Depletion of Property and Equipment Depreciation, amortization and depletion expense includes depreciation of fixed assets over the estimated useful life of the assets using the straight-line method, and amortization and depletion of landfill airspace assets under the units-of-consumption method. Refer to the footnotes to the consolidated financial statements in our 2019 Annual Report on Form 10-K for a further discussion of our accounting policies. The following table summarizes depreciation, amortization and depletion of property and equipment for the periods indicated (in millions and as a percentage of our revenue):
Three Months Ended March 31,
2020 2019
Depreciation and amortization of
property and equipment $ 35.1 9.1 % $ 35.6 9.3 %
Landfill depletion and amortization 21.8 5.6 % 22.5 5.9 %
Depreciation, amortization and depletion
of property and equipment $ 56.9 14.7 % $ 58.1 15.1 %
Three months ended
1.4% to
• Landfill depletion and amortization decreased
the loss of certain disposal volumes in the Midwest, the cycling of strong
prior year special waste and construction and demolition volumes and lower
disposal weights resulting from the impact of COVID-19;
Amortization of Other Intangible Assets
Amortization of other intangible assets was $7.7 and $7.8 , or as a percentage of
revenue, 2.0% and 2.1%, for the three months ended March 31, 2020 and 2019,
respectively. The decrease was due to certain intangible assets becoming fully
amortized partially offset by the impact of acquisition activity during the
first quarter of fiscal 2019.
Acquisitions and Divestitures
In the ordinary course of our business, we regularly evaluate and pursue
acquisition opportunities that further enhance our vertical integration
strategy. We also regularly evaluate our current operations and consider
divesting of those operations that do not provide us with an acceptable profit
margin.
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No acquisitions were completed during the three months ended
Interest Expense Interest expense decreased by$3.4 or 13.1% to$22.6 for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The decrease was due to the impact of decreasing interest rates on our variable rate debt and the benefit from lower debt balances. Cash paid for interest was$15.1 and$18.3 for the three months endedMarch 31, 2020 and 2019, respectively. Income Taxes Our effective income tax rate for the three months endedMarch 31, 2020 and 2019 was 24.1% and 18.9%, respectively. We evaluate our effective income tax rate at each interim period and adjust it accordingly as facts and circumstances warrant. The difference between income taxes computed at the federal statutory rate of 21% and reported income taxes for the three months endedMarch 31, 2020 was primarily due to state and local taxes. The difference between income taxes computed at the federal statutory rate of 21% and reported income taxes for the three months endedMarch 31, 2019 was primarily due to costs not deductible for income tax purposes. Cash paid for income taxes (net of refunds) was$0.1 and 1.1 for the three months endedMarch 31, 2020 and 2019, respectively. Reportable Segments Our operations are managed through three geographic regions (South, East and Midwest) that we designate as our reportable segments. Service revenues, operating income/(loss) and depreciation and amortization for our reportable segments for the periods indicated are shown in the following tables: Operating Depreciation Service Income and Revenues (Loss) Amortization Three Months EndedMarch 31, 2020 South$ 162.2 $ 21.7 $ 22.5 East 93.8 1.2 18.8 Midwest 130.7 10.4 21.9 Corporate - (19.6 ) 1.4$ 386.7 $ 13.7 $ 64.6 Three Months EndedMarch 31, 2019 South$ 159.9 $ 24.0 $ 22.7 East 94.9 1.7 19.2 Midwest 129.2 13.9 22.9 Corporate - (21.7 ) 1.1$ 384.0 $ 17.9 $ 65.9 25
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Comparison of Reportable Segments-Three Months EndedMarch 31, 2020 compared to Three Months EndedMarch 31, 2019 South Segment Revenue increased$2.3 or 1.4% for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The increase in revenue was due to the following: an increase in price yield from our collection and disposal operations of$6.2 as we continue to focus on disciplined open market pricing and receive the positive benefit from higher CPI contract resets in our municipal collection business; an increase of$3.5 in residential volume primarily due to a new municipal contract that commenced in the fourth quarter of 2019; and an increase in revenue of$0.8 from one more workday in the first quarter of 2020 compared to the first quarter of 2019. The increases were partially offset by a decrease in rolloff and commercial collection volumes of$4.3 primarily due to the impacts of COVID-19 and a decrease in disposal volumes of$4.1 primarily due to the cycling of strong prior year special waste and construction and demolition volumes and the impacts of COVID-19. Operating income from our South Segment decreased by$2.3 for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The decrease was primarily due to the following: higher labor costs of$2.7 as a result of merit increases, increased medical insurance claims, increased labor demands associated with a new municipal contract that commenced in the fourth quarter of 2019 and the impact of one extra workday during the first quarter 2020 compared to the first quarter 2019; an increase in general and administrative costs of$1.2 primarily due to merit increases for administrative employees and higher bad debt expense as a result of anticipated write-offs due to COVID-19; an increase in disposal facility costs of$0.6 primarily due to higher leachate and gas treatment costs partially due to weather related impacts and higher site maintenance costs; and an increase in insurance costs due to higher loss experience associated with automobile and property liability claims and a lower discount rate used in the automobile and property liability actuarial analysis. The decrease above was partially offset by the$2.3 revenue increase as described above. East Segment Revenue decreased by$1.1 , or 1.2% for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The decrease was primarily due to the following: a decrease in MSW and special waste disposal volumes of$2.9 primarily due to the impacts of COVID-19; a decrease in residential, commercial and rolloff collection volumes of$2.5 primarily due to the impacts of COVID-19; and a decrease in trucking revenue of$1.2 primarily due to the impact of COVID-19. The decrease was partially offset by an increase in price yield from our collection and disposal operations of$4.1 as we continue to focus on disciplined open market pricing and receive the positive benefit from higher CPI contract resets in our municipal collection business and an increase in revenue of$0.6 from one more workday in the first quarter of 2020 compared to the first quarter of 2019. Operating income from our East Segment decreased$0.5 for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The decrease was primarily due to the following: the revenue decrease of$1.1 as described above and an increase in disposal facility costs of$1.0 primarily due to higher leachate and gas treatment costs partially due to weather related impacts and higher site maintenance costs. The decrease was partially offset by lower third party transportation costs primarily as a result of COVID-19 and a decrease in fuel expense of$0.5 as a result of the decline in diesel fuel prices. Midwest Segment Revenue increased$1.5 or 1.2% for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The increase was primarily due to the following: an increase in price yield from our collection and disposal operations of$4.9 as we continue to focus on disciplined open market pricing and receive the positive benefit from higher CPI contract resets in our municipal collection business; an increase in acquisition related revenue of$1.5 ; and an increase of$0.6 from one more workday in the first quarter of 2020 compared to the first quarter of 2019. The increase was partially offset by a decrease of$3.5 in C&D and MSW disposal volumes primarily due to the loss of certain disposal volumes and the impacts of COVID-19 and a decrease in rolloff, residential and commercial collection volumes of$2.6 primarily due to the impacts of COVID-19. Operating income from our Midwest Segment decreased$3.5 for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 . The decrease was primarily due to the following: a significant increase in processing costs of$2.0 related to single stream recycling; an increase in labor costs of$1.6 as a result of merit increases, increased medical insurance claims and the impact of one extra workday during the first quarter 2020 compared to the first quarter 2019; an increase in general and administrative costs of$1.0 primarily due to merit increases for administrative employees and higher bad debt expense as a result of anticipated write-offs due to COVID-19; an increase in maintenance and repair costs of$0.8 primarily due to higher labor costs as a result of merit increases and acquisition activity and an increase in the cost of 26
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maintenance and repair parts due to inflation. The decrease was partially offset by the$1.5 revenue increase as described above and a decrease in fuel expense of$0.8 as a result of the decline in diesel fuel prices. Corporate Operating loss decreased$2.1 for the three months endedMarch 31, 2020 compared to the three months endedMarch 31, 2019 primarily due to a reduction in stock based compensation expense. Liquidity and Capital Resources Our primary sources of cash are cash flows from operations, bank borrowings, debt offerings and equity offerings. We intend to use excess cash on hand and cash from operating activities, together with bank borrowings, to fund purchases of property and equipment, working capital, acquisitions and debt repayments. For this reason and since we efficiently manage our working capital requirements, it is common for us to have negative working capital. Actual debt repayments may include purchases of our outstanding indebtedness in the secondary market or otherwise. We believe that our current cash balances, cash from operating activities and funds available under our Revolver will provide us with sufficient financial resources to meet our anticipated capital requirements and maturing obligations as they come due. AtMarch 31, 2020 andDecember 31, 2019 , we had negative working capital which was driven by purchases of property and equipment and landfill construction and development as well as the use of our cash to fund debt repayments.
Summary of Cash and Cash Equivalents and Debt Obligations The table below presents a summary of our cash and cash equivalents and debt balances (in millions):
March 31, December 31,
2020 2019
Cash and cash equivalents $ 31.0 $ 12.5
Debt:
Current portion 87.4 76.1
Long-term portion 1,779.8 1,792.1
Total debt $ 1,867.2 $ 1,868.2 © Edgar Online, source
