Advanced Disposal Services, Inc. (ADSW) 10-Q Quarterly Report May 2020

Advanced Disposal Services, Inc. (NYSE: ADSW), (d/b/a Advanced Disposal) announced today revenue of $386.7 million for the three months ended March 31, 2020 versus $384.0 million in the same period of the prior year. Net loss during the first quarter 2020 was ($6.3) million or ($0.07) per diluted share and adjusted net income, which excludes certain gains and expenses, was $4.1 million, or $0.04 per diluted share.

"While all companies are navigating through unprecedented times, we are approaching the COVID-19 pandemic by living our Service First, Safety Always culture," said Richard Burke, CEO. "We provide an essential service to our customers, and we could not be more proud and thankful of the work our entire team is doing to safely service our customers and communities during this public health emergency. Our business model is recession resistant, and we are reallocating resources across business lines to safely meet customer needs. Financially, we will remain focused on strong cash flow generation."

COVID-19 Response

We are experiencing volume declines in all of our lines of business except residential due to deteriorating macroeconomic conditions and stay-at-home orders resulting from the COVID-19 pandemic. Advanced Disposal is taking a number of steps to respond to this challenge including the following:


•	Reducing or eliminating face-to-face interactions with our employees


•	Executing on enhanced protocols to keep vehicles, common areas, and offices extra clean


•	Procuring additional personal protective equipment including masks, gloves, hand sanitizer, and cleaning solutions


•	Reallocating resources, reducing overtime, and parking surplus equipment to reduce operating costs


•	Rerouting where needed to maximize productivity and meet customer needs


•	Flexing capital spending while still meeting business needs


•	Significantly reducing travel and discretionary spending


•	Maintaining higher target cash balances and as of March 31, 2020 able to access $227.7 million of additional liquidity from our revolving credit facility supported by a diverse group of lenders

First Quarter Financial Highlights


•	Revenue of $386.7 million represented a 0.7% increase


•	Achieved total organic growth of 0.7%, which included average yield of 3.6% and volume declines of (2.9%)


•	Year-over-year growth from acquisitions was 0.5%


•	Net loss was ($6.3) million or ($0.07) per diluted share


•	Achieved adjusted EBITDA of $91.0 million despite $2.1 million of costs from COVID-19. These costs are in addition to the EBITDA impact from volume declines related to COVID-19. Additionally, we experienced a $4.2 million year-over-year headwind related to declining recycling prices and higher recycling processing costs


•	Adjusted net income improved $2.5 million to $4.1 million


•	Cash provided by operating activities was $64.7 million


•	Adjusted free cash flow was $32.0 million and was impacted by the timing of previously committed capital spending

Investor Communications

On April 14, 2019, Advanced Disposal entered into a merger agreement with Waste Management, Inc. ("Waste Management") whereby an indirect 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, 2019, 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 March 31, 2020, 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 Thursday, May 7, 2020 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1585790/000162828020006798/a33120ads10-q.htm

View differences made from one quarter to another to evaluate Advanced Disposal Services, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Advanced Disposal Services, Inc..

Continue

Assess how Advanced Disposal Services, Inc.'s management team is paid from their Annual Proxy

Advanced Disposal Services, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

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: 0001628280-20-006798
Submitted to the SEC: Thu May 07 2020 10:42:44 AM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Refuse Systems

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/adsw/0001628280-20-006798.htm

Advanced Disposal Services, Inc. (ADSW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

ADSW Valuations

ADSW Annual Reports

ADSW Quarterly Reports

ADSW Corporate News