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REPUBLIC SERVICES (RSG)

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.

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NamePositionExternal RolesShort 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.

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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.

  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?

Research analysts who have asked questions during REPUBLIC SERVICES earnings calls.

Noah Kaye

Oppenheimer & Co. Inc.

5 questions for RSG

Also covers: AMRC, BWA, CARR +15 more

Sabahat Khan

RBC Capital Markets

5 questions for RSG

Also covers: ACM, ATS, DOOO +8 more

Tobey Sommer

Truist Securities, Inc.

5 questions for RSG

Also covers: AMN, AMTM, ASGN +26 more

Trevor Romeo

William Blair

5 questions for RSG

Also covers: AMN, ASGN, CCRN +8 more

Bryan Burgmeier

Citigroup Inc.

4 questions for RSG

Also covers: AVY, GFL, OI +4 more

James Schumm

TD Cowen

4 questions for RSG

Also covers: CLH, CWST, GFL +5 more

Konark Gupta

Scotiabank

4 questions for RSG

Also covers: CAE, CNI, GFL +3 more

Toni Kaplan

Morgan Stanley

4 questions for RSG

Also covers: ADT, ARMK, BFAM +17 more

David Manthey

Robert W. Baird & Co. Incorporated

3 questions for RSG

Also covers: AIT, BECN, BLDR +13 more

Faiza Alwy

Deutsche Bank

3 questions for RSG

Also covers: ABM, ADV, ARMK +16 more

Jerry Revich

Goldman Sachs Group Inc.

3 questions for RSG

Also covers: AGCO, ALSN, ATMU +28 more

Kevin Chiang

CIBC Capital Markets

3 questions for RSG

Also covers: CAE, CP, GFL +4 more

Stephanie Moore

Jefferies

3 questions for RSG

Also covers: APG, ARCB, BFAM +25 more

Brian Butler

Stifel, Nicolaus & Company, Incorporated

2 questions for RSG

Also covers: CLH, CWST, GEF +8 more

Patrick Brown

Raymond James

2 questions for RSG

Also covers: BLX, CLH, CWST +8 more

Rob Wertheimer

Melius Research LLC

2 questions for RSG

Also covers: ALSN, AME, CAT +9 more

Tami Zakaria

JPMorgan Chase & Co.

2 questions for RSG

Also covers: ADM, AGCO, ALSN +22 more

Tony Bancroft

Gabelli Funds

2 questions for RSG

Also covers: CR, CW, CWST +3 more

Tyler Brown

Raymond James Financial, Inc.

2 questions for RSG

Also covers: CLH, CWST, MLM +7 more

Devin Dodge

BMO Capital Markets Corp.

1 question for RSG

Also covers: BBU, BIP, GFL +2 more

Harold Antor

Jefferies Financial Group Inc.

1 question for RSG

Also covers: ARMK, BFAM, BV +7 more

Michael Feniger

Bank of America

1 question for RSG

Also covers: ACM, AGCO, CAT +11 more

Stephanie Benjamin Moore

Jefferies

1 question for RSG

Also covers: APG, ARCB, ARMK +22 more
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.
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
NameStart DateEnd DateReason for Change
Ernst & Young LLP2002 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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.

Republic Services’ rPET flake reduces carbon footprint by 54%
·$RSG
Product Launch
  • A cradle-to-gate study of rPET flake produced at the Las Vegas Polymer Center (first seven months of 2024) shows a 54% lower global warming potential versus representative rPET alternatives and 82% lower versus virgin PET in the U.S. market.
  • The Las Vegas facility uses a patented, energy-efficient equipment line and benefits from a lower-carbon regional utility grid, reducing electricity and thermal energy per kilogram of flake.
  • Republic Services operates two Polymer Centers (Las Vegas and Indianapolis) with a third under construction in Allentown, PA; each center will have capacity to produce 120 million pounds of bottle-grade recycled plastics annually.
  • The bottle-grade rPET enables true bottle-to-bottle circularity and helps customers decarbonize their supply chains, reducing Scope 3 emissions.
7 days ago
Republic Services reports Q2 2025 results
·$RSG
Earnings
Guidance Update
New Projects/Investments
  • In Q2, revenue grew 4.6%, adjusted EBITDA rose 8% to a 32.1% margin, adjusted EPS was $1.77, and YTD adjusted free cash flow reached $1.42 B.
  • Updated 2025 guidance: revenue $16.675–$16.75 B, adjusted EBITDA $5.275–$5.325 B, adjusted EPS $6.82–$6.90, and free cash flow $2.375–$2.415 B.
  • YTD capital allocation included $900 M in acquisitions (pipeline > $1 B) and $400 M returned to shareholders via dividends and buybacks; dividend increased for the 22nd consecutive year.
  • Sustainability and operations: Indianapolis Polymer Center commenced commercial production in July; six RNG projects online (seven expected in 2025); fleet electrification at 114 EVs, targeting > 150 by year-end.
  • Environmental Solutions faced volume headwinds from sluggish construction/manufacturing, with Q2 revenue down $11 M and EBITDA margin stable at 23.7%.
Jul 29, 2025, 11:45 PM
Republic Services increases quarterly dividend
·$RSG
Dividends
  • On July 23, 2025, the Board approved a 4.5-cent increase in the regular quarterly dividend.
  • The new dividend of $0.625 per share is payable October 15, 2025, to shareholders of record on October 2, 2025.
  • This marks the 22nd consecutive year of annual dividend increases, underscoring the company’s commitment to return cash to shareholders.
Jul 24, 2025, 12:00 AM
Republic Services Q1 2025 Results: Strong Financial & Operational Performance
·$RSG
Earnings
M&A
New Projects/Investments
Dividends
  • 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 $2.6 billion .
  • Management emphasized disciplined pricing strategies to counter volume softness and inflation, supporting margin expansion .
Apr 24, 2025, 9:01 PM
Republic Services Special Conference Call Overview
·$RSG
M&A
New Projects/Investments
Demand Weakening
  • 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.
Apr 3, 2025, 12:31 PM
Republic Services Announces Debt Issuance of 4.75% and 5.15% Notes
·$RSG
Debt Issuance
  • 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.
Mar 18, 2025, 12:00 AM