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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-23211
CASELLA WASTE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)

Delaware03-0338873
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

25 Greens Hill Lane,
Rutland,Vermont05701
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (802775-0325
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.01 par value per shareCWSTThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer

Non-accelerated filerSmaller reporting company

Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No  
The number of shares outstanding of each of the registrant’s classes of common stock, as of July 15, 2020:
Class A common stock, $0.01 par value per share:47,382,798  
Class B common stock, $0.01 par value per share:988,200  





PART I.
ITEM 1. FINANCIAL STATEMENTS
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2020
December 31,
2019
 (Unaudited) 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$3,073  $3,471  
Accounts receivable, net of allowance for credit losses of $2,615 and $1,468, respectively
73,700  80,205  
Refundable income taxes2,228  1,251  
Prepaid expenses9,906  8,994  
Inventory7,938  7,679  
Other current assets1,234  1,213  
Total current assets98,079  102,813  
Property, plant and equipment, net of accumulated depreciation and amortization of $879,090 and $844,874, respectively
480,388  443,825  
Operating lease right-of-use assets104,759  108,025  
Goodwill190,966  185,819  
Intangible assets, net60,408  58,721  
Restricted assets1,555  1,586  
Cost method investments11,264  11,264  
Deferred income taxes7,366  8,577  
Other non-current assets12,186  11,552  
Total assets$966,971  $932,182  
The accompanying notes are an integral part of these consolidated financial statements.
1


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except for share and per share data)
June 30,
2020
December 31,
2019
(Unaudited) 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt$6,948  $4,301  
Current operating lease liabilities8,417  9,356  
Accounts payable57,443  64,396  
Accrued payroll and related expenses9,940  14,375  
Accrued interest1,717  2,041  
Contract liabilities3,056  2,299  
Current accrued capping, closure and post-closure costs9,005  10,223  
Other accrued liabilities32,430  23,598  
Total current liabilities128,956  130,589  
Debt, less current portion527,757  509,021  
Operating lease liabilities, less current portion70,208  70,709  
Accrued capping, closure and post-closure costs, less current portion66,392  61,704  
Deferred income taxes2,576  2,643  
Other long-term liabilities40,337  34,763  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Casella Waste Systems, Inc. stockholders' equity
Class A common stock, 0.01 par value per share; 100,000,000 shares authorized; 47,382,000 and 46,803,000 shares issued and outstanding, respectively
474  468  
Class B common stock, 0.01 par value per share; 1,000,000 shares authorized; 988,000 shares issued and outstanding, respectively; 10 votes per share
10  10  
Additional paid-in capital489,193  485,332  
Accumulated deficit(344,133) (357,016) 
Accumulated other comprehensive loss(14,799) (6,041) 
Total stockholders' equity130,745  122,753  
Total liabilities and stockholders' equity$966,971  $932,182  
The accompanying notes are an integral part of these consolidated financial statements.
2


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except for per share data)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenues$188,767  $187,459  $371,676  $351,123  
Operating expenses:
Cost of operations123,462  128,674  251,980  246,434  
General and administration24,874  22,145  49,226  44,887  
Depreciation and amortization22,076  19,715  43,482  37,204  
Southbridge Landfill closure charge559  917  1,172  1,472  
Expense from acquisition activities352  464  1,360  1,140  
171,323  171,915  347,220  331,137  
Operating income17,444  15,544  24,456  19,986  
Other expense (income):
Interest income(45) (105) (96) (222) 
Interest expense5,511  6,155  11,463  12,615  
Other income(492) (496) (449) (711) 
Other expense, net4,974  5,554  10,918  11,682  
Income before income taxes12,470  9,990  13,538  8,304  
Provision (benefit) for income taxes357  (1,925) 466  (1,897) 
Net income$12,113  $11,915  $13,072  $10,201  
Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding48,348  47,464  48,176  46,693  
Basic earnings per common share$0.25  $0.25  $0.27  $0.22  
Diluted earnings per share attributable to common stockholders:
Weighted average common shares outstanding48,563  48,221  48,411  47,424  
Diluted earnings per common share$0.25  $0.25  $0.27  $0.22  
The accompanying notes are an integral part of these consolidated financial statements.
3


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net income $12,113  $11,915  $13,072  $10,201  
Other comprehensive loss, before tax:
Hedging activity:
Interest rate swap settlements(940) (38) (1,351) (66) 
Interest rate swap amounts reclassified into interest expense990  (60) 1,293  (115) 
Unrealized loss resulting from changes in fair value of derivative instruments(1,619) (2,861) (8,812) (4,335) 
Other comprehensive loss, before tax(1,569) (2,959) (8,870) (4,516) 
Income tax benefit related to items of other comprehensive loss    (112)   
Other comprehensive loss, net of tax(1,569) (2,959) (8,758) (4,516) 
Comprehensive income$10,544  $8,956  $4,314  $5,685  
The accompanying notes are an integral part of these consolidated financial statements.
4



CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
(in thousands)


Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2019$122,753  46,803  $468  988  $10  $485,332  $(357,016) $(6,041) 
Cumulative effect of new accounting principle(189) —  —  —  —  —  (189) —  
Issuances of Class A common stock100  517  5  —  —  95  —  —  
Stock-based compensation1,562  —  —  —  —  1,562  —  —  
Comprehensive loss:
Net income959  —  —  —  —  —  959  —  
Other comprehensive loss:
Hedging activity(7,189) —  —  —  —  —  —  (7,189) 
Balance, March 31, 2020117,996  47,320  473  988  10  486,989  (356,246) (13,230) 
Issuance of Class A common stock - acquisition  36  1  —  —  (1) —  —  
Issuances of Class A common stock387  26  —  —  —  387  —  —  
Stock-based compensation1,818  —  —  —  —  1,818  —  —  
Comprehensive income:
Net income12,113  —  —  —  —  —  12,113  —  
Other comprehensive loss:
Hedging activity(1,569) —  —  —  —  —  —  (1,569) 
Balance, June 30, 2020$130,745  47,382  $474  988  $10  $489,193  $(344,133) $(14,799) 


Class A
Common Stock
Class B
Common Stock
Additional Paid-In CapitalAccumulated DeficitAccumulated Other
Comprehensive Loss
TotalSharesAmountSharesAmount
Balance, December 31, 2018$(15,832) 41,944  $419  988  $10  $373,716  $(388,669) $(1,308) 
Issuance of Class A common stock - equity offering100,446  3,565  36  —  —  100,410  —  —  
Issuance of Class A common stock - acquisition  67  1  —  —  (1) —  —  
Issuances of Class A common stock260  676  7  —  —  253  —  —  
Stock-based compensation1,431  —  —  —  —  1,431  —  —  
Comprehensive loss:
Net loss(1,714) —  —  —  —  —  (1,714) —  
Other comprehensive loss:
Hedging activity(1,557) —  —  —  —  —  —  (1,557) 
Balance, March 31, 201983,034  46,252  463  988  10  475,809  (390,383) (2,865) 
Issuances of Class A common stock2,318  347  3  —  —  2,315  —  —  
Stock-based compensation1,889  —  —  —  —  1,889  —  —  
Comprehensive income:
Net income11,915  —  —  —  —  —  11,915  —  
Other comprehensive loss:
Hedging activity(2,959) —  —  —  —  —  —  (2,959) 
Balance, June 30, 2019$96,197  46,599  $466  988  $10  $480,013  $(378,468) $(5,824) 
The accompanying notes are an integral part of these consolidated financial statements.
5


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 Six Months Ended
June 30,
 20202019
Cash Flows from Operating Activities:
Net income$13,072  $10,201  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization43,482  37,204  
Depletion of landfill operating lease obligations3,468  3,623  
Interest accretion on landfill and environmental remediation liabilities3,542  3,579  
Amortization of debt issuance costs1,054  1,149  
Stock-based compensation3,380  3,320  
Operating lease right-of-use assets expense4,588  4,921  
Loss (gain) on sale of property and equipment131  (327) 
Southbridge Landfill non-cash closure charge41  179  
Non-cash expense from acquisition activities 575  (68) 
Deferred income taxes1,256  (1,565) 
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable6,448  (10,057) 
Landfill operating lease contract expenditures(1,358) (2,140) 
Accounts payable(6,967) 3,995  
Prepaid expenses, inventories and other assets(2,309) (2,975) 
Accrued expenses, contract liabilities and other liabilities(7,910) (12,788) 
Net cash provided by operating activities62,493  38,251  
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired(20,091) (27,687) 
Additions to property, plant and equipment(51,570) (46,659) 
Proceeds from sale of property and equipment200  363  
Net cash used in investing activities(71,461) (73,983) 
Cash Flows from Financing Activities:
Proceeds from debt borrowings91,200  41,400  
Principal payments on debt(82,719) (109,241) 
Payments of debt issuance costs(11)   
Proceeds from the exercise of share based awards100  2,277  
Proceeds from the public issuance of Class A Common Stock  100,446  
Net cash provided by financing activities8,570  34,882  
Net decrease in cash and cash equivalents(398) (850) 
Cash and cash equivalents, beginning of period3,471  4,007  
Cash and cash equivalents, end of period$3,073  $3,157  
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest$10,733  $11,672  
Income taxes, net of refunds$187  $16  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Non-current assets obtained through long-term obligations$11,859  $9,333  
The accompanying notes are an integral part of these consolidated financial statements.
6


CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except for per share data)
1. BASIS OF PRESENTATION
Casella Waste Systems, Inc. (“Parent”), and its consolidated subsidiaries (collectively, “we”, “us” or “our”), is a regional, vertically integrated solid waste services company that provides collection, transfer, disposal, landfill, landfill gas-to-energy, recycling and organics services in the northeastern United States. We market recyclable metals, aluminum, plastics, paper, and corrugated cardboard, which have been processed at our recycling facilities, as well as recyclables purchased from third-parties. Effective January 1, 2020, we reorganized our operations to consist of a single resource-renewal focused operation by combining our larger-scale recycling and commodity brokerage operations along with our organics services and major account and industrial services into our Resource Solutions segment. We continue to manage our solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. Segment information reported in the three and six months ended June 30, 2019 and as of December 31, 2019 has been reclassified to conform with the three and six months ended June 30, 2020 and as of June 30, 2020 presentation.
The accompanying unaudited consolidated financial statements, which include the accounts of the Parent and our wholly-owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in entities in which we do not have a controlling financial interest are accounted for under either the equity method or the cost method of accounting, as appropriate. Our significant accounting policies are more fully discussed in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 21, 2020.
Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data, or simply cannot be readily calculated. In the opinion of management, these consolidated financial statements include all adjustments, which include normal recurring and nonrecurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results for the three and six months ended June 30, 2020 may not be indicative of the results for any other interim period or the entire fiscal year. The consolidated financial statements presented herein should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Recent Events
With the global outbreak of the novel coronavirus ("COVID-19") and the declaration of a pandemic by the World Health Organization in March 2020, the U.S. Government and all of the states in which we operate have declared the waste services industry as an essential services provider and as a result we are committed to continue to operate and provide our full breadth of services. We have prioritized the safety and well-being of our employees by strictly adhering to recommendations of the Centers for Disease Control and Prevention as well as executive orders of the states in which we operate.
The COVID-19 outbreak has caused, and is likely to continue to cause, significant economic disruption across our geographic footprint and has adversely affected, and is expected to continue to adversely affect, our business. COVID-19 negatively impacted our revenues starting at the end of the quarter ended March 31, 2020 as many collection customers required service level changes and volumes into our landfills declined. We did experience improved demand for services in the quarter ended June 30, 2020 as local economies started to reopen as allowed by State Governments. This demand has continued to grow at a fairly steady rate, but our collection and disposal operations remain negatively impacted by lower volumes attributable to COVID-19. We continue to experience increased costs associated with the protection of our employees including costs for additional safety equipment, hygiene products and enhanced facility cleaning. These costs are expected to continue throughout the remainder of the year. We have taken measures to reduce costs in other areas and preserve liquidity during this period of uncertainty. As of the date of this filing, we are unable to determine or predict the nature, duration or scope of the overall impact that COVID-19 will have on our business, results of operations, liquidity and capital resources.
7


Subsequent Events
We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 2020 through the date of filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.
2. ACCOUNTING CHANGES
A table providing a brief description of recent Accounting Standards Updates ("ASUs") to the Accounting Standards Codification (“ASC”) issued by the Financial Accounting Standards Board (“FASB”) that we adopted and deemed to have a material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards adopted effective January 1, 2020
ASU No. 2016-13, as amended through March 2020: Financial Instrument Credit Losses (Topic 326)
Requires that an entity measures all of its expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts.
We adopted this guidance effective January 1, 2020 using the required modified-retrospective approach. We recognized a cumulative effect adjustment of $(189) to retained earnings upon implementation. This guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as current expected credit loss ("CECL") methodology. CECL requires consideration of past events, current conditions, and reasonable and supportable forecasts about the future to assess credit loss estimates and will generally result in the earlier recognition of an allowance for credit losses. We have updated our business processes and systems and controls to support recognition and disclosure under the new guidance. See Note 5, Accounts Receivable, Net of Allowance for Credit Losses for additional disclosure.

A table providing a brief description of recent ASUs to the ASC issued by the FASB that are pending adoption and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity follows:
StandardDescriptionEffect on the Financial Statements or Other
Significant Matters
Accounting standards issued pending adoption
ASU No. 2020-04: Reference Rate Reform (Topic 848)Provides temporary optional guidance to ease the potential burden in applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.