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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 .
- 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.
- Landfill Services - Generates revenue through tipping fees based on the volume and type of waste processed.
- 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.
- Transfer Services - Involves the transfer of waste from collection points to landfills or recycling centers.
- Recycling Processing and Commodity Sales - Earns revenue from processing and selling recyclable materials.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Amanda Hodges Executive | Executive Vice President, Chief Marketing Officer | None | Hodges joined RSG in 2020, overseeing marketing and communications. | |
Brian A. Bales Executive | Executive Vice President, Chief Development Officer | Board Member at RB Global, Inc. | Bales joined RSG in 1998 and has been instrumental in corporate and business development. | |
Brian M. DelGhiaccio Executive | Executive Vice President, Chief Financial Officer | Board Member at Aramark | With over 25 years at RSG, DelGhiaccio has played a key role in financial leadership and transformation initiatives. | |
Catharine D. Ellingsen Executive | Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer, and Corporate Secretary | Board Member at Daseke, Inc. | Ellingsen has been with RSG since 2003, shaping legal and compliance strategies. | |
Courtney Rodriguez Executive | Executive Vice President, Chief Human Resources Officer | None | Rodriguez joined RSG in 2023, leading talent strategy and HR functions. | |
Gregg K. Brummer Executive | Executive Vice President, Chief Operating Officer | None | Brummer joined RSG in 2014 and has led operations, focusing on performance and service delivery. | |
Jon Vander Ark Executive | President and Chief Executive Officer | Board Member at Lennox International Inc. | Jon Vander Ark joined RSG in 2013 and has held various executive roles, becoming CEO in 2021. He has contributed to the company's growth and strategic initiatives. | View Report → |
Brian S. Tyler Board | Director | CEO and President of McKesson Corporation; Board Member at IFPW | Tyler joined the board in 2021, focusing on finance and sustainability. | |
James P. Snee Board | Director | Chairman, President, and CEO of Hormel Foods Corporation; Board Member at Consumer Brands Association and North American Meat Institute | Snee has been a director since 2018, leveraging his leadership in the food industry. | |
Jennifer M. Kirk Board | Director | SVP, Global Controller, and Chief Accounting Officer at Medtronic plc | Kirk has been a director since 2016, chairing the Audit Committee. | |
Manuel Kadre Board | Chairman of the Board of Directors | CEO of Kollective Auto Group; Lead Independent Director at NeueHealth; Board Member at The Home Depot, Inc.; Trustee at University of Miami | Kadre has been a director since 2014 and Chairman since 2017, guiding strategic direction. | |
Meg Reynolds Board | Director | Co-Founder at Westwood Global Investments; Board Member at various non-profits | Reynolds joined the board in 2023, contributing her investment and sustainability expertise. | |
Michael A. Duffy Board | Director | CEO of OnTrac; Board Member at FleetPride, Inc. | Duffy has been a director since 2020, serving on the Audit and Sustainability Committees. | |
Michael Larson Board | Director | CIO at Cascade Asset Management Company; Board Member at Ecolab Inc. and FEMSA | Larson has been a director since 2009, focusing on governance and sustainability. | |
N. Thomas Linebarger Board | Director | Board Member at Harley-Davidson; Senior Advisor at McKinsey & Company | Linebarger joined the board in 2024, bringing leadership experience from Cummins Inc. | |
Sandra M. Volpe Board | Director | Various board roles in non-profits and educational institutions | Volpe has been a director since 2016, with expertise in logistics and strategic planning. | |
Thomas W. Handley Board | Director | Senior Advisor at Cascade Asset Management Company; Board Member at HB Fuller Company | Handley has been a director since 2016, bringing experience from Ecolab and Cascade Asset Management. | |
Tomago Collins Board | Director | EVP at Kroenke Sports & Entertainment; Board Member at Clear Secure, Inc.; Director at Global Down Syndrome Foundation; Director at Four Seasons Hotels and Resorts | Collins has been a director since 2013, contributing his expertise in communications and business development. |
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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?
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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?
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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?
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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?
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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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Various environmental services businesses (six-month period ended June 30, 2024) | 2024 | The acquisition was completed for a total purchase price of $40.9 million (cash, net of $0.8 million) with allocations including $20.3M in property and equipment and $16.2M in goodwill; it is not material to Republic Services’ overall results and most of the recognized goodwill is not deductible for tax purposes. |
Additional environmental services businesses (nine-month period ended September 30, 2024) | 2024 | Completed for an aggregate purchase price of $77.2 million in cash (net of $0.8M), this deal allocated amounts to accounts receivable, property and equipment, and intangible assets, with goodwill and other intangibles expected to be tax deductible; it is also deemed immaterial to the company's overall operating results. |
Wasteco Holdings Inc. and its related subsidiaries | 2023 | Finalized in March 2023, this acquisition contributed approximately 9% of revenue in the first half of 2023 (and 1% over nine months), with no assessment of internal controls initially performed due to SEC guidance, and no pro forma financial information provided as it was considered immaterial. |
Vertically-integrated operations in Colorado from GFL Environmental Inc. | 2023 | Completed in June 2023, this acquisition included recycling, hauling, transfer, and landfill operations with a preliminary purchase price allocation subject to revision, aligning with Republic Services’ strategy to develop market-specific, vertically-integrated operations. |
US Ecology, Inc. | 2022 | Closed on May 2, 2022, the US Ecology acquisition was valued at approximately $2.2 billion (including about $0.7 billion of net debt) and financed through a $1.0B Term Loan and borrowings under a revolving credit facility; it significantly expands Republic Services’ environmental solutions platform, adding specialized waste management capabilities and expected to deliver around $40 million in cost synergies within three years. |
Recent press releases and 8-K filings for RSG.
- Reported net income of $495 million, EPS of $1.58 (up from $1.44) on $4,009 million in revenue, reflecting a 9.7% EPS increase .
- Expanded adjusted EBITDA margin by 140 basis points to 31.6% with adjusted EBITDA reaching $1.27 billion .
- Achieved moderate revenue growth around 3.8%-4%, driven by 2.9% organic growth and 0.9% from acquisitions .
- Generated $1,025 million in operating cash flow and $727 million in adjusted free cash flow, investing over $800 million in acquisitions .
- Executed strategic investments including the $826 million acquisition of Shamrock Environmental and advanced sustainability initiatives (Polymer Centers, RNG projects, fleet electrification) with recognized performance .
- Declared a quarterly dividend of $0.58 per share and returned $226 million to shareholders, maintaining robust liquidity with total debt at $13.4 billion and liquidity of $2.6 billion .
- Management emphasized disciplined pricing strategies to counter volume softness and inflation, supporting margin expansion .
- Republic Services discussed its strategic expansion into Environmental Solutions through key acquisitions, including the US Ecology business, which drove EBITDA margin expansion and operational improvements.
- The executives highlighted the strength of their scheduled service model and pricing power, noting targeted price increases to exceed cost inflation and enhance margins.
- Sustainability initiatives were emphasized with updates on the rollout of new polymer centers that will support circularity and add value to recycled materials, with additional centers planned for the future.
- On March 17, 2025, Republic Services agreed to sell $500,000,000 4.75% Notes due 2030 and $700,000,000 5.15% Notes due 2035, with the offering expected to close around March 24, 2025.
- The note issuance will be executed under the terms of the 2009 Indenture, supplemented by the Sixteenth Supplemental Indenture, ensuring the obligations are legally binding and enforceable.
- The offering is underwritten by representatives from BofA Securities, Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC, with a legal opinion provided by Covington & Burling LLP.