FOR IMMEDIATE RELEASE
Advanced Disposal Announces Fourth Quarter and Full Year 2014 Year End Results
Company Continues Momentum from Third Quarter to Produce Fourth Quarter and Full Year Adjusted EBITDA Gains Versus 2013
(in millions, unless otherwise noted)
PONTE VEDRA, Fla. (March 9, 2015) – ADS Waste Holdings, Inc., (d/b/a Advanced Disposal) announced today revenue of $353.7 for the fourth quarter of 2014 versus $333.6 for comparable period in 2013, an increase of $20.1. Quarterly adjusted EBITDA rose $9.3 to $98.0 and adjusted EBITDA margin improved 110 basis points. Net income from continuing operations for the three months ending December 31, 2014 was $24.1 compared to a net loss of $30.4 for the comparable period, which reflects a favorable tax benefit in connection with a release of valuation allowance of $51.4, partially offset by the impact of losses on fuel derivatives of $27.3.
For the full year ending December 31, 2014, Advanced Disposal generated revenue of $1,403.0 versus $1,319.1 for the comparable period in 2013, an increase of $83.9, and adjusted EBITDA of $376.9 for the year ended December 31, 2014, an increase of $14.7 over the same period prior year. Net loss from continuing operations for the year ending December 31, 2014 was $17.4 versus $95.3 for the comparable 2013 period, which reflects a favorable tax benefit in connection with a release of valuation allowance of $51.4, partially offset by the impact of losses on fuel derivatives of $27.3.
“We continued to build upon our success from the third quarter and maintained that momentum in order to drive an overall increase in adjusted EBITDA for the year. Our disciplined approach to pricing and volume, as well as our focus on driving down selling, general and administrative costs provides us with a strong foundation on which to grow the business for the future. We increased our revenue from continuing operations by 6.4% over the comparable period in 2013, increased our adjusted EBITDA by $14.7 and increased our adjusted free cash flow by $22.9. In a year of change, we are pleased with these results and our team is committed to continuing to create value for our stakeholders.” said Richard Burke, CEO.
The calculation of free cash flow, details of charges and other expenses that are excluded from EBITDA in arriving at adjusted EBITDA and details of charges and other expenses that are excluded from operating income in arriving at adjusted operating income are contained in the “Reconciliation of Certain Non-GAAP Measures” section of this press release.
This press release contains a discussion of non-GAAP measures, as defined in Regulation G of the Securities Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP measures (such as adjusted loss, adjusted loss from continuing operations, adjusted operating income, EBITDA, adjusted proforma EBITDA from continuing operations, free cash flow and adjusted free cash flow) provides investors with (i) additional, meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance and are not representative or indicative of its results of operations and (ii) financial measures that the Company uses in the management of its business. Accordingly, net (loss) and operating income have been presented in certain instances excluding special items noted in this press release.
The following information was filed by Advanced Disposal Services, Inc. (ADSW) on Monday, March 9, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.