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    Republic Services Inc (RSG)

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    Business Description

    Republic Services, Inc. is a leading provider of environmental services in the United States and Canada, operating through a network of collection operations, transfer stations, recycling centers, landfills, and other facilities. The company offers a comprehensive range of services including recycling, solid waste, special waste, hazardous waste, and field services, with a strong commitment to sustainability and circularity . The company's revenue is primarily generated through several key service lines: collection services, transfer services, landfill services, environmental solutions, and recycling processing and commodity sales .

    1. Collection Services - Involves the collection of waste materials for transport to transfer stations, landfills, or recycling centers, with contracts typically lasting up to three years.
    2. Landfill Services - Generates revenue through tipping fees based on the volume and type of waste processed.
    3. Environmental Solutions - Includes a variety of services such as waste treatment, field services, and emergency response, with revenue based on the volume and type of waste handled.
    4. Transfer Services - Involves the transfer of waste from collection points to landfills or recycling centers.
    5. Recycling Processing and Commodity Sales - Earns revenue from processing and selling recyclable materials.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Jon Vander ArkPresident and Chief Executive Officer2021Jon Vander Ark was named President and Chief Executive Officer of Republic Services, Inc. in 2021. He joined Republic Services in 2013 and has held various management roles .
    Brian M. DelGhiaccioExecutive Vice President, Chief Financial OfficerJune 2020Brian M. DelGhiaccio was named Executive Vice President, Chief Financial Officer in June 2020. He has over 20 years of experience in various roles within the company .
    Brian A. BalesExecutive Vice President, Chief Development OfficerFebruary 2015Brian A. Bales has been with Republic Services, Inc. for over 20 years. He was named Executive Vice President, Chief Development Officer in February 2015 .
    Gregg K. BrummerExecutive Vice President, Chief Operating OfficerAugust 2023Gregg K. Brummer was named Executive Vice President, Chief Operating Officer in August 2023. He joined Republic Services in January 2014 .
    Catharine D. EllingsenExecutive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer, and Corporate SecretaryJune 2016Catharine D. Ellingsen was named Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer, and Corporate Secretary in June 2016. She joined Republic Services in August 2001 .
    Amanda HodgesExecutive Vice President, Chief Marketing OfficerNovember 2020Amanda Hodges was named Executive Vice President, Chief Marketing Officer in November 2020. She oversees marketing, communications, product development, customer engagement, and revenue management .
    Courtney RodriguezExecutive Vice President, Chief Human Resources OfficerMarch 2023Courtney Rodriguez was named Executive Vice President, Chief Human Resources Officer in March 2023. She is responsible for all aspects of the company’s talent strategy .
    Brian A. GoebelSpecial Advisor to the CFOMarch 1, 2024The documents do not provide specific information about Brian A. Goebel's role as Special Advisor to the CFO or his start date in that position. However, he was serving as Vice President and Chief Accounting Officer as of February 28, 2024 .
    Elyse CarlsenVice President, Chief Accounting Officer and Principal Accounting OfficerMarch 1, 2024Elyse Carlsen serves as the Vice President, Chief Accounting Officer, and Principal Accounting Officer at Republic Services, Inc. She assumed these roles effective March 1, 2024 .

    Questions to Ask Management

    1. With the reported decline in organic volumes, particularly in cyclical areas like construction, how do you plan to offset these volume declines and sustain revenue growth in the face of potential economic headwinds?

    2. Given the increasing exposure to RIN prices as more renewable natural gas projects come online, how will you mitigate earnings volatility associated with RIN price fluctuations, and what strategies are in place if RIN prices decrease significantly?

    3. As you strive to improve margins in the Environmental Solutions segment, can you elaborate on the specific areas where you've adjusted the business mix or operations, and what further opportunities remain to enhance profitability in this segment?

    4. Considering the challenges in broker-related small container volumes offsetting positive trends in open market volumes, what strategies are you implementing to address these volume declines and improve overall small container performance?

    5. With inflation potentially moderating, how sustainable is your current pricing strategy, especially as you move more contracts to indices that run higher than CPI, and do you anticipate any pushback from customers as you implement these higher index-based price increases?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateOctober 2023
    End Date/DurationDecember 31, 2026
    Total additional amount$3.0 billion
    Remaining authorization$2.7 billion as of September 30, 2024
    DetailsThe program allows for share repurchases through open market purchases or privately negotiated transactions, with flexibility in timing, prices, and number of shares, subject to market conditions and management discretion.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024595.0 Commercial Paper4.910 4.7% = (595 / 12,600) * 100
    202492.6 Uncommitted Credit FacilityVariable 0.7% = (92.6 / 12,600) * 100
    2025850.0 Senior Notes3.200 6.7% = (850 / 12,600) * 100
    2026500.0 Senior Notes2.900 4.0% = (500 / 12,600) * 100
    2027650.0 Senior Notes3.375 5.2% = (650 / 12,600) * 100
    2028800.0 Senior Notes3.950 6.3% = (800 / 12,600) * 100
    20291,900.0 Senior Notes4.875 15.1% = (1,900 / 12,600) * 100
    2030600.0 Senior Notes2.300 4.8% = (600 / 12,600) * 100
    2031650.0 Senior Notes1.450 5.2% = (650 / 12,600) * 100
    2032750.0 Senior Notes1.750 6.0% = (750 / 12,600) * 100
    20331,350.0 Senior Notes2.375 10.7% = (1,350 / 12,600) * 100
    20341,800.0 Senior Notes5.000 14.3% = (1,800 / 12,600) * 100
    2035330.0 Senior Notes/Debentures6.086 2.6% = (330 / 12,600) * 100
    2040399.9 Senior Notes6.200 3.2% = (399.9 / 12,600) * 100
    2041385.7 Senior Notes5.700 3.1% = (385.7 / 12,600) * 100
    2050400.0 Senior Notes3.050 3.2% = (400 / 12,600) * 100
    20541,418.5 Tax-exempt Financings3.500 - 4.375 11.3% = (1,418.5 / 12,600) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Large national waste management companies: Republic Services competes with these companies in the environmental services industry .
    • Municipalities: These entities operate their own collection and disposal facilities and have financial advantages due to tax revenue and opportunities for tax-exempt financing .
    • Regional and local companies: Numerous smaller companies also compete in the environmental services industry .

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2002 PresentCurrent auditor