CASELLA WASTE SYSTEMS, INC. CWST Cash Flow

Casella waste systems, inc. (CWST)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jul'14	Jun'14	Apr'14	Mar'14	Jan'14	Oct'13	Jul'13	Apr'13	Jan'13	Oct'12	Jul'12	Apr'12	Jan'12	Oct'11	Jul'11	Apr'11	Jan'11	Oct'10	Jul'10
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)
34,326	31,653	8,911	18,827	8,616	6,420	40,117	29,895	-25,485	-21,799	-53,794	-58,336	532	-6,858	-1,903	-7,182	-11,432	-11,781	-1,434	-2,453	-13,773	-19,420	-33,781	0	-35,596	-	-25,381	-25,288	-25,730	-46,247	-54,463	-90,077	-103,237	-82,909	-77,592	0	0	0	-	-	-	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from discontinued operations, net of income tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	284	-	-3,417	-3,745	-3,935	-4,480	0	0	0	-	-	-	-	-	0	0	0
Loss on disposal of discontinued operations, net of income tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-378	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
83,707	79,790	77,080	74,342	72,014	70,508	67,367	65,755	64,236	62,102	61,733	61,318	61,252	61,856	62,760	62,969	63,409	62,704	55,692	55,095	55,233	55,093	60,957	0	60,839	-	58,869	58,593	58,163	57,064	56,576	57,265	58,127	58,618	58,415	57,739	56,485	57,043	58,121	0	0	0
Operating lease right-of-use assets expense
9,397	9,559	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depletion of landfill operating lease obligations
-	-	-	-	-	9,724	10,639	10,466	10,274	9,646	8,999	9,025	9,109	9,295	9,539	9,512	9,688	9,428	8,933	9,339	9,489	9,791	10,323	0	10,121	-	9,702	9,724	9,985	9,711	9,372	9,270	8,846	8,740	8,482	8,435	8,093	7,716	7,878	0	0	0
Interest accretion on landfill and environmental remediation liabilities
6,966	6,976	6,727	6,425	6,090	5,708	5,568	5,405	4,939	4,482	4,123	3,763	3,685	3,606	3,565	3,527	3,487	3,449	3,300	3,261	3,214	3,383	3,671	0	3,864	-	4,101	4,003	3,885	3,788	3,675	3,622	3,597	3,543	3,479	3,457	3,415	3,355	3,331	0	0	0
Amortization of debt issuance costs
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs and discount on long-term debt
-	-	-	-	-	2,449	2,562	2,662	2,735	2,692	2,780	3,122	3,487	3,881	4,142	4,057	4,079	3,977	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation
7,354	7,223	7,297	7,567	7,799	8,445	8,014	7,718	7,252	6,432	5,800	4,683	3,928	3,393	3,131	3,266	3,141	3,079	2,866	2,603	2,299	2,215	2,382	0	2,333	-	2,427	2,527	2,419	2,472	2,516	2,388	1,795	1,881	1,855	847	1,611	1,674	1,592	0	0	0
Gain on disposal of discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46,299	44,930	44,287	43,590	0	0	0
Gain on sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Loss (gain) on sale of property and equipment
698	892	884	449	266	492	322	224	150	-49	76	151	455	574	404	427	157	0	204	176	243	382	568	0	777	-	793	607	587	525	407	510	459	858	1,004	973	922	509	470	0	0	0
Southbridge Landfill non-cash closure charge
125	74	14,883	15,085	14,776	16,179	1,354	1,273	64,929	63,526	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Divestiture transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,517	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Development project charge
-	-	-	-	-	311	311	311	311	0	0	0	0	-	-	-	-	-	-	-	-	1,440	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash expense from acquisition activities and other items
583	65	617	478	771	757	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on settlement of acquisition related contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,058	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of discount on long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	251	0	246	-	242	238	243	426	626	0	0	0	-	-	-	-	-	-	-	-
Loss on debt extinguishment
-	-	-	-	-	-	-	-	-	-517	-13,528	-13,719	-14,267	-13,747	-869	-1,023	-430	-999	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-227	-248	-125	-376	-375	-599	0	-1,310	-	-358	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of premium on redeemed senior subordinated notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	611	0	0	0
Amortization of discount on second lien notes and senior subordinated notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	801	0	0	0
Loss from equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27	-21	-	69	-	-971	-2,128	-3,453	-3,652	-4,441	-3,142	-8,088	-9,503	-9,994	-11,723	-5,239	-4,221	-4,096	0	0	0
Gain on sale of equity method investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-221	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit on the vesting of share based awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-172	96	98	223	213	254	0	0	0	-	-	-	-
Deferred income taxes
-465	-1,244	-96	410	2,625	1,250	-15,830	-16,534	-16,638	-15,525	439	564	409	583	696	682	944	795	915	869	556	848	1,485	0	1,564	-	1,331	1,602	-3,946	-3,848	-3,543	-3,781	1,723	1,450	1,824	-23,403	-23,301	-22,844	-23,124	0	0	0
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable
1,651	5,464	8,813	4,552	4,381	5,833	12,938	11,432	8,991	4,664	1,728	4,683	2,593	1,029	-393	-2,339	523	4,419	-1,707	71	-90	-617	3,560	0	1,650	-	-2,629	-548	2,137	-511	-139	984	-6,006	-9,029	-7,442	158	1,828	7,571	3,273	0	0	0
Landfill operating lease contract expenditures
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
4,078	6,762	2,716	6,661	-218	9,091	8,047	9,967	7,974	2,084	-254	-2,498	1,703	76	-2,809	-2,110	-601	-3,597	-17,575	-14,058	-12,378	-6,223	807	0	-7,379	-	-12,928	-5,713	-2,897	2,410	4,152	1,347	-432	3,666	4,210	10,393	13,480	9,595	7,443	0	0	0
Prepaid expenses, inventories and other assets
-1,590	1,669	1,591	5,057	2,391	-535	-1,147	-696	1,763	1,404	716	957	909	2,256	-235	-605	-265	-5,240	3,336	1,033	2,087	3,827	-1,519	0	-508	-	987	-1,971	-1,305	-1,199	-4,056	-449	-572	715	-336	-2,620	-2,937	-4,605	-3,861	0	0	0
Accrued expenses, contract liabilities and other liabilities
-25,373	-22,931	-22,945	-21,877	-11,377	-9,133	-1,738	2,087	-12	-600	-1,797	-9,137	-5,929	-6,186	3,790	1,883	3,919	4,140	-4,952	-8,014	-10,585	-7,337	-6,128	0	-3,497	-	-3,046	-4,453	-5,619	1,170	-7,714	500	-6,298	-7,383	-5,726	-14,414	-13,023	-10,385	-13,459	0	0	0
Total adjustments to reconcile net loss to net cash provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Net cash provided by operating activities
126,843	116,829	102,412	111,006	112,817	120,834	118,355	115,608	109,656	107,538	103,463	84,858	89,386	80,434	86,048	82,203	77,926	70,507	42,913	41,090	32,591	39,647	46,823	0	40,598	-	39,039	50,413	49,257	55,710	43,906	45,600	45,461	57,953	64,171	52,093	55,531	50,786	48,209	0	0	0
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired
79,301	75,379	104,238	97,236	71,182	88,918	59,669	21,731	23,600	5,056	3,963	3,094	3,253	2,839	0	0	0	-	-	-	-	-	-	-	-	8,305	-	8,638	23,412	22,104	25,225	25,106	6,022	4,537	2,102	0	0	0	-	-	-	0
Acquisition related additions to property, plant and equipment
-	-	-	-	-	-	-	-	-	-	-	-	96	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from settlement of contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additions to property, plant and equipment
104,773	103,165	97,389	84,399	82,557	73,232	73,291	75,806	65,146	64,862	60,215	55,326	53,024	54,238	56,392	57,144	55,399	49,995	50,517	55,499	59,460	62,493	0	0	0	-	0	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-
Additions to property, plant and equipment - growth
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	11,461	-4,597	3,064	2,803	0	0	0
Additions to property, plant and equipment - maintenance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	50,791	-7,426	51,520	51,780	0	0	0
Payments on landfill operating lease contracts
-	-	-	-	-	7,415	8,515	7,530	6,772	7,240	6,169	7,100	7,726	7,249	7,240	7,286	5,407	5,385	5,241	5,201	5,217	5,302	5,598	0	5,596	-	6,615	6,587	6,434	6,429	6,261	6,290	13,228	6,572	6,616	6,730	91	6,724	5,655	0	0	0
Proceeds from divestiture transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,335	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for capital related to divestiture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	618	0	0	0	-	-	-	-	-	-	-	-
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,533	0	0	0
Proceeds from sale of property and equipment
744	750	803	764	585	870	663	798	969	711	950	787	1,087	1,362	1,148	1,413	985	715	859	593	552	679	878	0	1,412	-	1,464	1,350	1,269	902	883	936	865	1,558	1,492	1,665	1,574	850	959	0	0	0
Investments in unconsolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-
Payments related to investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	84	0	0	0	-	0	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-182,998	-177,462	-202,901	-180,321	-155,562	-164,197	-136,314	-104,269	-94,491	-76,447	-69,359	-64,695	-62,974	-62,964	-64,961	-65,494	-58,490	-48,784	-49,660	-54,547	-59,980	-67,470	-59,607	0	-55,421	-	-57,029	-63,726	-81,992	-85,023	-89,455	-85,376	-73,269	-75,528	-70,634	-77,090	-69,936	-65,180	-55,103	0	0	0
Cash Flows from Financing Activities:
Proceeds from debt borrowings
260,700	197,800	189,400	147,200	578,600	634,700	605,900	597,400	181,000	185,500	610,550	595,850	611,750	604,850	199,000	249,501	221,938	355,229	347,029	326,628	334,391	184,660	172,260	0	180,760	-	168,750	162,739	223,359	343,926	376,346	370,097	317,577	177,310	163,500	377,557	388,957	399,357	383,757	0	0	0
Principal payments on debt
203,314	243,374	193,386	179,610	613,605	584,223	582,333	604,582	196,397	216,966	631,319	601,720	622,183	608,198	221,899	264,372	242,444	370,996	319,036	296,611	295,781	150,531	161,961	0	165,782	-	149,084	148,209	206,416	341,479	360,858	353,856	297,688	157,056	152,806	474,753	489,849	498,878	491,669	0	0	0
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,499	-707	1,733	4,471	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of debt issuance costs
760	749	0	0	0	-	-	-	-	1,452	8,915	8,915	8,667	8,146	716	1,644	2,272	9,025	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40	0	63	-	421	441	668	4,872	4,609	6,022	5,737	1,598	1,592	10,390	10,415	10,463	10,588	0	0	0
Proceeds from the exercise of share based awards
3,195	3,355	3,355	2,350	421	471	746	818	1,230	1,278	1,131	986	486	128	0	0	0	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	337	401	492	492	476	0	0	0
Excess tax benefit on the vesting of share based awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-172	96	98	223	213	254	0	0	0	-	-	-	-
Proceeds from the public issuance of Class A Common Stock
0	100,446	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distribution to noncontrolling interest holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,495	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contributions from noncontrolling interest holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Discontinued Operations:
Net cash used in operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-201	-	-593	-845	-1,002	-1,037	0	0	0	-	-	-2,108	-2,772	-1,477	0	0	0
Net cash provided by investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,916	0	0	0	-	0	-	-	-	-1,140	0	0	0	-	-	-	-	129,453	0	0	0
Net cash used in financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,405	0	0	0
Net cash provided by (used in) discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,916	347	0	223	-	-31	-510	-1,348	-1,927	-2,177	-3,558	-2,804	-2,111	-1,049	127,347	125,366	124,120	124,571	0	0	0
Net cash provided by financing activities
62,440	60,097	102,434	70,380	60,289	45,375	18,739	-11,932	-14,999	-31,640	-36,709	-21,207	-27,181	-18,585	-19,545	-17,485	-20,845	-21,616	4,553	11,745	26,152	25,915	10,559	0	15,324	-	19,245	15,423	37,135	30,654	44,947	43,315	28,092	20,287	10,229	-106,750	-110,584	-109,117	-117,895	0	0	0
Net increase in cash and cash equivalents
6,285	-536	1,945	1,065	17,544	2,012	780	-593	166	-549	-2,605	-1,044	-769	-1,115	1,542	-776	-1,409	107	-541	30	593	8	-1,878	0	724	-	1,224	1,600	3,052	-586	-2,779	-19	-2,520	601	2,717	-4,400	377	609	-218	0	0	0
Supplemental Disclosures of Cash Flow Information:
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest
22,837	23,183	23,773	23,772	23,694	23,523	22,562	22,373	22,531	25,029	28,406	38,397	34,635	42,712	35,591	36,563	36,018	35,232	34,267	32,910	33,775	33,398	34,424	0	35,155	-	34,465	34,464	36,691	32,020	41,348	35,148	42,413	40,751	40,710	43,751	43,110	44,189	43,923	0	0	0
Income taxes, net of refunds
-1,598	-1,631	105	37	120	105	-18	41	128	146	280	260	227	274	493	430	353	282	212	261	212	682	55	0	-68	-	1,149	299	298	493	-253	-169	-162	2,863	5,048	6,652	6,644	3,574	1,480	0	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Receivable due from noncontrolling interest holder
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair value of net assets acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Cash paid, net of cash acquired
79,301	75,379	104,238	97,236	71,182	88,918	59,669	21,731	23,600	5,056	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	0
Holdbacks to sellers
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	0
Non-current assets acquired through long-term obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,301	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Non-current assets obtained through long-term obligations
17,049	13,053	12,547	13,158	8,121	7,092	4,342	4,018	5,008	3,564	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	-	-	-	-
Liabilities assumed and holdbacks to sellers
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-
Landfill
Operating lease right-of-use assets expense
7,736	7,711	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-