Advanced Disposal Services, Inc. (ADSW) 10-Q Quarterly Report May 2018

Advanced Disposal Services, Inc. (NYSE: ADSW), (d/b/a Advanced Disposal) announced today revenue of $364.7 million for the three months ended March 31, 2018 versus $347.4 million in the same period of the prior year. Net income during the first quarter 2018 was $2.1 million, or $0.02 per diluted share and adjusted net income, which excludes certain gains and expenses, was $7.7 million, or $0.09 per diluted share in the first quarter 2018. Net loss was $7.0 million, or $0.08 per diluted share, in the first quarter 2017 and adjusted net income was $3.7 million, or $0.04 per diluted share in the first quarter 2017.

"Advanced Disposal continues to improve its overall profitability highlighted by a $9.1 million increase in net income and a $6.9 million increase in adjusted EBITDA year-over-year" said Richard Burke, CEO. "Based on our first quarter results, we remain on track to achieve our full year earnings and free cash flow guidance."

First Quarter Financial Highlights


•	Revenue of $364.7 million was up 5.0% over the prior year despite an $8.0 million decrease related to the adoption of the new revenue recognition standard


•	Achieved average yield of 1.9% and organic volume growth of 2.4%


•	Year-over-year growth from acquisitions was 3.6% as the company benefited from the rollover impact of acquisitions completed in 2017 and five tuck-in acquisitions completed in first quarter 2018


•	Net income was $2.1 million or $0.02 per diluted share, an increase of $9.1 million versus the prior year


•	Adjusted EBITDA grew 7.9% to $94.1 million


•	Adjusted net income improved $4.0 million to $7.7 million and adjusted diluted earnings per share was $0.09


•	Year-to-date cash provided by operating activities declined $16.3 million to $78.5 million due to the cycling of a $24 million payment received in first quarter 2017 in exchange for assuming certain post-closure liabilities of a closed portion of a landfill


•	Adjusted free cash flow, which normalizes our cash generation for non-recurring receipts and payments, improved $8.8 million to $49.3 million


•	Received a credit rating upgrade from Moody's

Fiscal Year 2018 Guidance

Advanced Disposal reaffirms its full year adjusted EBITDA guidance of $426 million to $436 million and its adjusted free cash flow guidance of $134 million to $144 million.

The Company is also reaffirming its revenue guidance with the exception of its estimate for the impact of the adoption of the new revenue recognition standard, which is now estimated to reduce revenue by $34 million in 2018 compared to our prior estimate of $9 million. When we provided full year 2018 guidance during our fourth quarter 2017 earnings call, we did not include the impact of a policy election that has since been made by the Company as part of its adoption of the revenue recognition standard to treat state landfill tax payments as a reduction of revenue (historically recorded as an operating expense) and only included the reduction of revenue related to franchise fees and recycling rebate payments. Based on this change, we are lowering our revenue guidance by $25 million and now estimate full year 2018 revenue to be between $1,520 million and $1,540 million.

This guidance is based on current economic conditions and assumes no significant changes in the overall economy. Please refer to the Special Note Regarding Forward-Looking Statements section of this press release.

Advanced Disposal will conduct a quarterly earnings conference call on May 3, 2018 at 10:00 a.m. EST. The call can be

accessed by dialing (866) 478-7805 domestically or (832) 445-1679 internationally and asking for conference ID 4638217 or

the Advanced Disposal Q1 2018 earnings call. This call will be recorded and available via replay approximately two hours after

the completion of the earnings call for thirty days. You may access the recording by dialing (855) 859-2056 or through the link

on the investor relations page of our website at www.AdvancedDisposal.com.

The following information was filed by Advanced Disposal Services, Inc. (ADSW) on Wednesday, May 2, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Advanced Disposal Services, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ADSW
CIK: 1585790
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-006044
Submitted to the SEC: Mon May 07 2018 4:02:43 PM EST
Accepted by the SEC: Mon May 07 2018
Period: Saturday, March 31, 2018
Industry: Refuse Systems

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Advanced Disposal Services, Inc. (ADSW) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

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