Republic Services, Inc. (RSG) 10-Q Quarterly Report Wed May 06 2020


			●			Reported Earnings and Adjusted Earnings of $0.77 Per Share, a 5 Percent Increase in Adjusted Earnings Over the Prior Year
			●			Invested $63 Million in Acquisitions
			●			Launched $20 Million "Committed to Serve" Initiative to Support Employees, Customers and Communities
			●			Named to the 2020 World's Most Ethical Companies® List by Ethisphere for Fourth Consecutive Year

PHOENIX (May 5, 2020)

– Republic Services, Inc. (NYSE: RSG) today reported net income of $246.3 million, or $0.77 per diluted share, for the three months ended March 31, 2020, versus $234.2 million, or $0.72 per diluted share, for the comparable 2019 period. Excluding certain gains and expenses, on an adjusted basis, net income for the three months ended March 31, 2020 was also $246.3 million, or $0.77 per diluted share, versus $237.2 million, or $0.73 per diluted share, for the comparable 2019 period.

“In all my time at Republic Services, I've never been more proud to be a part of the Republic team. Our 36,000 employees remain committed to operating safely and efficiently while continuing to provide consistent, reliable service to our customers during these unprecedented times,” said Donald W. Slager, chief executive officer. “Over the years, we've made several key investments, including developing standardized processes and procedures, implementing innovative technology to enhance employee safety and efficiency, consolidating our customer service operations and building world-class procurement and business continuity functions. These investments are yielding strong returns and enabling us to quickly adapt and adjust our business to align with today's dynamic market conditions. We have built a strong foundation and resilient business, which positions us well to manage through this crisis and come out of it stronger than ever.”

“The safety and well being of our people is our top priority and at the forefront of every decision we make. We have taken several steps to keep our employees safe, including providing masks, implementing enhanced cleaning procedures and expanding employee benefits,” said Jon Vander Ark, president. "We also launched our $20 million 'Committed to Serve' initiative to recognize our frontline employees who are serving our customers every day, while

The following information was filed by Republic Services, Inc. (RSG) on Tuesday, May 5, 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.

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Inside Republic Services, Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
35 Table of Contents Interest Expense The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three months ended March 31, 2020 and 2019 (in millions of dollars): Total interest expense for the three months ended March 31, 2020 decreased primarily due to lower interest rates associated with our variable rate debt.

Financial - Income Highlight
Our definitions of adjusted pre-tax income, adjusted net income - Republic, and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.
Financial - Cash Flow Highlight
Cash Flows Provided by Operating Activities The most significant items affecting the comparison of our operating cash flows for the three months ended March 31, 2020 and 2019 are summarized below: Changes in assets and liabilities, net of effects from business acquisitions and divestitures, decreased our cash flow from operations by $31.3 million during the three months ended March 31, 2020, compared to a decrease of $13.1 million during the same period in 2019, primarily as a result of the following: Our accounts receivable, exclusive of the change in allowance for doubtful accounts and customer credits, decreased $28.0 million during the three months ended March 31, 2020 due to the timing of billings net of collections, compared to a $23.2 million decrease in the same period in 2019.
Other - Other Highlight
More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019, particularly under Part I, Item 1A - Risk Factors, and in Part II, Item 1A of this Quarterly Report on Form 10-Q.
Revenue - Product Highlight
Significant changes in the revenue and operating margins of our reportable segments comparing the three months ended March 31, 2020 with the same period in 2019 are discussed below: Group 1 Revenue for the three months ended March 31, 2020 increased 5.1% due to an increase in average yield in all lines of business and an increase in volume in our collection and transfer lines of business as well as an increase in construction and demolition volumes in our landfill line of business.
Financial - Income
We believe that presenting adjusted...Read more
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Operating income in Group 1...Read more
Financial - Income
37 Table of Contents Operating...Read more
Financial - Expense
Although our business regularly incurs...Read more
Financial - Expense
Maintenance and repairs expense increased...Read more
Financial - Expense
Incremental contract startup costs -...Read more
M & A - Other
Acquisitions, net of divestitures, increased...Read more
Other - Other
Cash paid for remediation obligations...Read more
Financial - Expense
Although we regularly incur costs...Read more
Financial - Expense
Final Capping, Closure and Post-Closure...Read more
Financial - Expense
Fuel costs decreased during the...Read more
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Business divestitures could result in...Read more
Revenue - Product
Average yield is defined as...Read more
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Credit Ratings Our continued access...Read more
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Compliance with covenants also is...Read more
Legal - Other
This was partially offset by...Read more
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As of March 31, 2020...Read more
Financial - Cash Flow
Cash Flows Used in Financing...Read more
Revenue - Product
Additionally, we experienced volume declines...Read more
Other - Other
Refer to Part II, Item...Read more
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Although our business regularly incurs...Read more
Financial - Expense
Future changes in our estimates...Read more
Financial - Expense
Amortization of Other Intangible Assets...Read more
Financial - Earnings
29 Table of Contents (1)...Read more
Financial - Debt
Our total debt to EBITDA...Read more
Revenue - Product
The fuel recovery fee program,...Read more
Revenue - Product
The following table reflects our...Read more
Financial - Debt
If our credit ratings were...Read more
Other - Other
As of April 30, 2020,...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Financial - Expense
The following table summarizes the...Read more
Financial - Expense
Our prepaid expenses and other...Read more
Financial - Income
Depreciation unfavorably impacted operating income...Read more
Financial - Income
Depreciation unfavorably impacted operating income...Read more
Other - Other
Among the factors that could...Read more
M & A - Other
40 Table of Contents The...Read more
Revenue - Product
Revenue for the three months...Read more
Financial - Expense
This decrease was partially offset...Read more
Other - Other
We may also explore opportunities...Read more
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The increase in cash paid...Read more
Financial - Expense
During the three months ended...Read more
Financial - Expense
During the three months ended...Read more
Financial - Cash Flow
There was no ineffectiveness recognized...Read more
Other - Other
Where we cannot establish a...Read more
Revenue - Product
Volume increased revenue by 0.4%...Read more
Other - Other
Our other intangible assets primarily...Read more
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(Gain) loss on business divestitures...Read more
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During the three months ended...Read more
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During the three months ended...Read more
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New Accounting Pronouncements For a...Read more
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We use cash flows from...Read more
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36 Table of Contents The...Read more
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34 Table of Contents The...Read more
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As of March 31, 2020,...Read more
Financial - Expense
33 Table of Contents At...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Republic 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: RSG
CIK: 1060391
Form Type: 10-Q Quarterly Report
Accession Number: 0001060391-20-000032
Submitted to the SEC: Tue May 05 2020 8:29:41 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Refuse Systems

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

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