Advanced Disposal Services, Inc. (ADSW) 10-Q Quarterly Report October 2019

Advanced Disposal Services, Inc. (NYSE: ADSW), (d/b/a Advanced Disposal) announced today revenue of $419.5 million for the three months ended September 30, 2019 versus $400.6 million in the same period of the prior year. Net income during the third quarter 2019 was $3.6 million or $0.04 per diluted share and adjusted net income, which excludes certain gains and expenses, was $16.9 million, or $0.19 per diluted share.

"Our operating philosophy remains focused on safely providing an excellent service experience for our customers, coupled with disciplined pricing to generate strong cash flow for our shareholders," said Richard Burke, CEO. "During the third quarter, we were able to achieve 4.7% revenue growth led by a 3.0% increase in average yield. Year-to-date, we have also overcome headwinds related to recycling, leachate, and interest costs to achieve $229.2 million in cash flow from operations and $111.0 million in adjusted free cash flow."

Third Quarter Financial Highlights


•	Revenue of $419.5 million represented a 4.7% increase


•	Achieved total organic growth of 4.1%, which included average yield of 3.0% and volume growth of 1.1%


•	Year-over-year growth from acquisitions was 1.5%


•	Net income was $3.6 million or $0.04 per diluted share


•	Achieved adjusted EBITDA of $116.5 million, which included a $4.8 million year-over-year headwind related to declining recycling prices and higher recycling processing costs


•	Cash provided by operating activities was $229.2 million year-to-date 2019


•	Adjusted free cash flow year-to-date was $111.0 million

Investor Communications

On April 14, 2019, Advanced Disposal entered into a merger agreement with Waste Management, Inc. ("Waste Management") whereby a subsidiary of Waste Management will acquire all outstanding shares of Advanced Disposal for $33.15 per share in cash. In light of the pending transaction, we elected to cease conducting quarterly earnings conference calls until transaction closing, although we will continue to provide a quarterly earnings release. We also elected to enter into an extended quiet period related to investor communications and are no longer providing forward-looking guidance until the transaction is closed.

You should read the following information in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2018, appearing in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission and our unaudited condensed consolidated financial statements and notes thereto as of and for the three months ended September 30, 2019, appearing in our Form 10-Q, to be filed with the Securities and Exchange Commission.

The calculation of free cash flow and adjusted free cash flow, as well as details of charges and other expenses that are excluded

from EBITDA and net (loss) income in arriving at adjusted EBITDA and adjusted net income, are contained in the “Reconciliation of Certain Non-GAAP Measures” section of this press release.

The following information was filed by Advanced Disposal Services, Inc. (ADSW) on Tuesday, October 29, 2019 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: 0001628280-19-012744
Submitted to the SEC: Wed Oct 30 2019 10:47:27 AM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Refuse Systems

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Advanced Disposal Services, Inc. (ADSW) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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