Casella Waste Systems Inc-A 2024年度报告

CASELLA WASTE SYSTEMS, INC.2024 ANNUAL REPORT TO OUR FELLOW SHAREHOLDERS: The fiscal year ended December 31, 2024 (“fiscal 2024”) was another strong year for the company as weexecuted well against our key strategies, grew the business meaningfully, and drove further shareholdervalue. In fiscal 2024, we closed on eight acquisitions with over $200 million of annualized revenues. With thisdisciplined growth, we further densified our operating footprint in the Mid-Atlantic, expanded our businessinto New York’s middle and lower Hudson Valley region, and closed on several tuck-in acquisitions. In addition to successfully acquiring and integrating exceptional companies, we continue to have a keen focuson our core business and maintaining our winning culture. All of which contributed to our continued successin fiscal 2024. Our team of over 5,000 hardworking men and women help to support our Core Values each dayand have a lot to be proud of in 2024. Highlighting a few key financial metrics, in fiscal 2024 we grew revenues +23.1%, Adjusted EBITDA +22.4%1,net cash provided by operating activities +20.7%, and Adjusted Free Cash Flow +23.4%2. Our results reflectour focus on safety, consistent operating strategies, dedication to service, and capital allocation. We believe that continued execution against the following strategic initiatives will generate furthershareholder value: 1. Increasing landfill returns;2. Driving additional profitability in our collection operations;3. Creating incremental value through Resource Solutions;4. Allocating capital to return driven growth; and5. Strengthening four key foundational pillars:• People: Developing a safe, engaged, ready workforce to support growth.• Sustainable Growth: Driving profitable growth through an integrated resource solutions approach.• Technology: Driving profitable growth and efficiencies through technology.• Facilities: Developing necessary long-term infrastructure through facilities planning. Our strategies are steady and align with society’s resource management needs. At the same time, our sizeenables us to be nimble while opportunistically growing the business. OUR STRATEGIES Our success has been driven by our ability to maintain and expand consistent strategies that create value for ourcustomers and are meaningful to our team at every level of the organization. As we operate daily and as we lookto the years ahead, we believe there is a clear path to create further value through continued focus on these keystrategies. We understand the importance of collaborating with our team members, customers, vendors, andindustry experts to help inform our continued opportunities and evolution as one of the largest solid waste andrecycling service providers in the United States. Investing in our foundational pillars has enabled us to successfully grow, while ensuring that the right buildingblocks are in place to support further performance. Several years ago, we established our commercial driver’slicense (“CDL”) school. During this short time, we have trained and graduated over 300 drivers as part of thisprogram. Our investment in the CDL school helps to attract drivers to the company, decrease turnover, andprovide adequate upfront safety and operating training. This past year was particularly special as we dedicated theschool to Ken Hier, the company’s first driver. As a natural extension of our training and development programs,we also expanded our diesel technician school, which has been very conducive to attracting and retaining skilledmechanics to our operations. We have also continued to invest in our sales force. With a high level of experience and expertise across our team,we are positioned to grow the business organically and help our customers achieve their circularity goals. As wehave grown into new geographies through acquisitions, our sales opportunities have increased. The Mid-Atlanticand Hudson Valley are great examples. Our sales pipeline is robust within these markets and spans a variety ofcustomer segments, including larger entities such as municipalities, institutions, industrials, and commerciallocations. Our National Accounts sales function operates within our Resource Solutions segment and stands readyto meet the growing resource management needs of our customers. Automation opportunities, technological enhancements, and ongoing facility modernization will remain prioritiesof our team. We have improved operating performance through investment in the automation of our collectionvehicles. Over the last several years, we have taken many manual rear load trucks off the road and replaced thoseunits with automated side and front loaders. These conversions enhance safety while driving returns throughoperating efficiencies. Although we have made significant headway with this initiative, there is still room to go– especially as we grow. We have also upgraded our collection fleet through technology that helps to optimizerouting and through on-board