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Clean Harbors Announces Third-Quarter 2022 Financial Results

  • Reports Q3 Revenue Growth of 43% to $1.36 Billion, Driven by Strong Demand for Services and Addition of HydroChemPSC
  • Delivers Q3 Net Income of $135.8 Million, EPS of $2.50 and Adjusted EPS of $2.43
  • Achieves Q3 Adjusted EBITDA Growth of 67% to $308.6 Million
  • Revises 2022 Adjusted EBITDA and Adjusted Free Cash Flow Guidance
  • Announces CEO Succession Plan in Separate News Release Today 

Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the third quarter ended September 30, 2022.

“In the third quarter, favorable market dynamics combined with the quality of our offerings drove continued broad-based demand for our comprehensive suite of environmental services and sustainable products,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “We extended our strong 2022 performance with a revenue increase of 43%, growth in Adjusted EBITDA of 67% and a corresponding improvement in Adjusted EBITDA margins of 310 basis points to 22.6%. Our positive results were driven by profitable growth contributions from both of our operating segments. Most importantly, our safety performance in the quarter and year to date was the best in our history with a Total Recordable Incident Rate (TRIR) of just 0.74 through nine months – far below our annual goal of less than 1.0.”

Third-Quarter Results

Revenues increased 43% to $1.36 billion from $951.5 million in the same period of 2021. Income from operations nearly doubled to $209.1 million from $104.8 million in the third quarter of 2021.

Net income was $135.8 million, or $2.50 per diluted share. This compared with net income of $65.4 million, or $1.20 per diluted share, for the same period in 2021. Adjusted for certain items in both periods, adjusted net income was $132.4 million, or $2.43 per diluted share, for the third quarter of 2022, compared with adjusted net income of $62.2 million, or $1.14 per diluted share, for the same period of 2021. (See reconciliation tables below).

Adjusted EBITDA (see description below) increased 67% to $308.6 million from $185.1 million in the same period of 2021.

Q3 2022 Segment Review

Environmental Services (ES) revenues increased 46% year-over-year, and Adjusted EBITDA in the segment rose 57%. Our profitable growth was driven by the October 2021 acquisition of HydroChemPSC (HPC), robust volumes of high-value waste streams, pricing initiatives to combat inflation and strong utilization of people and equipment across all our service businesses,” McKim said. “Utilization of our incinerator network was a healthy 86% in the quarter, up from 82% a year ago. Average incineration pricing rose 10% from a year ago, reflecting price increases and the impact of higher-value waste streams. Landfill volumes increased 38% as we continued to capture more remediation and waste projects. On the strength of sizeable summer activity, our Industrial Services business performed well in the quarter. Safety-Kleen Environmental revenue grew 23% as its core service offerings remained in demand, particularly in the automotive service vertical. Field Services delivered a 29% increase in revenue through the addition of HPC’s utilities business and a variety of local emergency response projects throughout our network. In addition to higher revenue, ES also benefitted from cost-control initiatives and operational efficiencies, resulting in segment EBITDA margin improving 170 basis points from a year ago.

Safety-Kleen Sustainability Solutions (SKSS) delivered record quarterly results as revenues grew 34% in the third quarter, and Adjusted EBITDA climbed 46% from a year ago,” McKim said. “Demand for our base oil was high in Q3 and our network of re-refineries ran well, including the new Georgia plant we acquired in June. We also achieved growth across all of our recycling services offered in this segment including oil filter collection and antifreeze recycling. Waste oil collections remained strong at 62 million gallons. Since its formation less than two years ago, our SKSS team has proven adept at actively managing the front end of our re-refining spread to maximize profitability. The SKSS segment achieved its record performance in the quarter despite the fact that our blended volumes were severely limited by supply chain disruptions resulting from an industrywide additive shortage. The additive industry is beginning to recover, and we expect our blended volumes to increase in 2023 as that remains part of our long-term growth strategy for this segment.”

Business Outlook and Financial Guidance

“Looking ahead, we expect to close out 2022 with a strong fourth-quarter performance,” McKim said. “Within Environmental Services, we continue to see a record backlog of waste and healthy demand for our network of disposal and recycling assets. We anticipate a solid finish to the year through a combination of base business and project work. Our service businesses are all entering the final quarter of the year with good momentum. We are continuing to hire as rapidly as possible across our Environmental Services segment to facilitate additional growth while also reducing our third-party spend.

“Within SKSS, the record results we are achieving this year demonstrate how well we are managing both ends of our re-refining spread,” McKim said. “We are seeing growing interest in our sustainable products, including our recently launched KLEEN+ brand, as customers seek ESG friendly solutions. We are confident that the inherent value of our base oil will increase in the years ahead. On the front end of our re-refining spread, we are continuing to collect the volumes needed for our plants at better rates due to the long-term market impact of IMO 2020, the internal changes we made to the organization, and continuous improvements in our systems and transportation.

“Given our year-to-date performance, we are raising our annual Adjusted EBITDA guidance to more than $1 billion, which reflects the acceleration of demand for our environmentally focused services and products. Our revenue is growing more rapidly than we had expected, which is driving higher than anticipated working capital needs. In addition, we are carrying a higher level of critical inventories to ensure we stay ahead of global supply chain shortages. Therefore, we are reducing our adjusted free cash flow guidance to reflect the timing of working capital from those two factors. With the ongoing backdrop of high inflation and interest rate hikes, we are continuing to execute on our strategies for pricing, cost mitigation and operational efficiencies to drive further margin improvement. We anticipate leveraging the strengths of both operating segments to achieve record top- and bottom-line results in 2022,” McKim concluded.

Based on its year-to-date performance and current market conditions, Clean Harbors is revising its 2022 Adjusted EBITDA and adjusted free cash flow guidance. For the year, the Company now expects:

  • Adjusted EBITDA in the range of $1.010 billion to $1.030 billion, or a midpoint of $1.020 billion. This range is based on anticipated GAAP net income in the range of $387 million to $410 million; and
  • Adjusted free cash flow in the range of $260 million to $290 million, or a midpoint of $275 million. This range is based on anticipated net cash from operating activities in the range of $585 million to $635 million.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered as an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and nine months ended September 30, 2022 and 2021 (in thousands, except percentages):

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

Net income

$

135,799

 

 

$

65,443

 

 

$

329,270

 

 

$

154,254

 

Accretion of environmental liabilities

 

3,246

 

 

 

2,799

 

 

 

9,599

 

 

 

8,625

 

Stock-based compensation

 

7,828

 

 

 

6,001

 

 

 

20,375

 

 

 

12,786

 

Depreciation and amortization

 

88,394

 

 

 

71,451

 

 

 

260,560

 

 

 

215,206

 

Other (income) expense, net

 

(104

)

 

 

(199

)

 

 

(2,073

)

 

 

2,509

 

Gain on sale of business

 

 

 

 

 

 

 

(8,864

)

 

 

 

Interest expense, net of interest income

 

28,081

 

 

 

17,984

 

 

 

79,354

 

 

 

53,953

 

Provision for income taxes

 

45,311

 

 

 

21,605

 

 

 

109,663

 

 

 

54,973

 

Adjusted EBITDA

$

308,555

 

 

$

185,084

 

 

$

797,884

 

 

$

502,306

 

Adjusted EBITDA Margin

 

22.6

%

 

 

19.5

%

 

 

20.5

%

 

 

18.7

%

This press release includes a discussion of net income and earnings per share adjusted for the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and nine months ended September 30, 2022 and 2021 (in thousands, except per share amounts):

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

Adjusted net income

 

 

 

 

 

 

 

Net income

$

135,799

 

 

$

65,443

 

 

$

329,270

 

 

$

154,254

 

Gain on sale of business

 

 

 

 

 

 

 

(8,864

)

 

 

 

Tax-related valuation allowances and other

 

(3,399

)

 

 

(3,228

)

 

 

(9,494

)

 

 

(3,221

)

Adjusted net income

$

132,400

 

 

$

62,215

 

 

$

310,912

 

 

$

151,033

 

 

 

 

 

 

 

 

 

Adjusted earnings per share

 

 

 

 

 

 

 

Earnings per share

$

2.50

 

 

$

1.20

 

 

$

6.04

 

 

$

2.81

 

Gain on sale of business

 

 

 

 

 

 

 

(0.16

)

 

 

 

Tax-related valuation allowances and other

 

(0.07

)

 

 

(0.06

)

 

 

(0.18

)

 

 

(0.06

)

Adjusted earnings per share

$

2.43

 

 

$

1.14

 

 

$

5.70

 

 

$

2.75

 

Adjusted Free Cash Flow Reconciliation

Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. The Company excludes cash impacts of items derived from non-operating activities such as taxes paid in connection with divestitures. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and nine months ended September 30, 2022 and 2021 (in thousands):

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

Adjusted free cash flow

 

 

 

 

 

 

 

Net cash from operating activities

$

225,572

 

 

$

102,794

 

 

$

357,542

 

 

$

368,226

 

Additions to property, plant and equipment

 

(96,505

)

 

 

(54,666

)

 

 

(244,547

)

 

 

(146,654

)

Proceeds from sale and disposal of fixed assets

 

2,095

 

 

 

12,945

 

 

 

5,118

 

 

 

16,424

 

Adjusted free cash flow

$

131,162

 

 

$

61,073

 

 

$

118,113

 

 

$

237,996

 

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):

 

For the Year Ending

December 31, 2022

Projected GAAP net income

$387

to

$410

Adjustments:

 

 

 

Accretion of environmental liabilities

13

to

12

Stock-based compensation

26

to

29

Depreciation and amortization

345

to

335

Gain on sale of business

(9)

to

(9)

Interest expense, net

115

to

113

Provision for income taxes

133

to

140

Projected Adjusted EBITDA

$1,010

to

$1,030

Adjusted Free Cash Flow Guidance Reconciliation

An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

 

For the Year Ending

December 31, 2022

Projected net cash from operating activities

$

585

 

to

$

635

 

Additions to property, plant and equipment

 

(330

)

to

 

(350

)

Proceeds from sale and disposal of fixed assets

 

5

 

to

 

5

 

Projected adjusted free cash flow

$

260

 

to

$

290

 

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

Revenues

$

1,363,086

 

 

$

951,479

 

 

$

3,888,507

 

 

$

2,686,085

 

Cost of revenues: (exclusive of items shown separately below)

 

910,648

 

 

 

639,232

 

 

 

2,652,506

 

 

 

1,817,654

 

Selling, general and administrative expenses

 

151,711

 

 

 

133,164

 

 

 

458,492

 

 

 

378,911

 

Accretion of environmental liabilities

 

3,246

 

 

 

2,799

 

 

 

9,599

 

 

 

8,625

 

Depreciation and amortization

 

88,394

 

 

 

71,451

 

 

 

260,560

 

 

 

215,206

 

Income from operations

 

209,087

 

 

 

104,833

 

 

 

507,350

 

 

 

265,689

 

Other income (expense), net

 

104

 

 

 

199

 

 

 

2,073

 

 

 

(2,509

)

Gain on sale of business

 

 

 

 

 

 

 

8,864

 

 

 

 

Interest expense, net

 

(28,081

)

 

 

(17,984

)

 

 

(79,354

)

 

 

(53,953

)

Income before provision for income taxes

 

181,110

 

 

 

87,048

 

 

 

438,933

 

 

 

209,227

 

Provision for income taxes

 

45,311

 

 

 

21,605

 

 

 

109,663

 

 

 

54,973

 

Net income

$

135,799

 

 

$

65,443

 

 

$

329,270

 

 

$

154,254

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

2.51

 

 

$

1.20

 

 

$

6.07

 

 

$

2.83

 

Diluted

$

2.50

 

 

$

1.20

 

 

$

6.04

 

 

$

2.81

 

Shares used to compute earnings per share - Basic

 

54,111

 

 

 

54,411

 

 

 

54,278

 

 

 

54,553

 

Shares used to compute earnings per share - Diluted

 

54,381

 

 

 

54,707

 

 

 

54,542

 

 

 

54,862

 

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

September 30, 2022

 

December 31, 2021

Current assets:

 

 

 

Cash and cash equivalents

$

449,023

 

$

452,575

Short-term marketable securities

 

65,034

 

 

81,724

Accounts receivable, net

 

1,026,226

 

 

792,734

Unbilled accounts receivable

 

134,742

 

 

94,963

Inventories and supplies

 

294,220

 

 

250,692

Prepaid expenses and other current assets

 

71,846

 

 

68,483

Total current assets

 

2,041,091

 

 

1,741,171

Property, plant and equipment, net

 

1,923,675

 

 

1,863,175

Other assets:

 

 

 

Operating lease right-of-use assets

 

161,668

 

 

161,797

Goodwill

 

1,246,327

 

 

1,227,042

Permits and other intangibles, net

 

621,834

 

 

644,912

Other

 

78,032

 

 

15,602

Total other assets

 

2,107,861

 

 

2,049,353

Total assets

$

6,072,627

 

$

5,653,699

 

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

17,535

 

$

17,535

Accounts payable

 

416,913

 

 

359,866

Deferred revenue

 

93,425

 

 

83,749

Accrued expenses and other current liabilities

 

405,257

 

 

391,414

Current portion of closure, post-closure and remedial liabilities

 

36,904

 

 

25,136

Current portion of operating lease liabilities

 

47,879

 

 

47,614

Total current liabilities

 

1,017,913

 

 

925,314

Other liabilities:

 

 

 

Closure and post-closure liabilities, less current portion

 

89,399

 

 

87,088

Remedial liabilities, less current portion

 

97,737

 

 

98,752

Long-term debt, less current portion

 

2,507,946

 

 

2,517,024

Operating lease liabilities, less current portion

 

116,607

 

 

117,991

Deferred tax liabilities

 

326,842

 

 

314,853

Other long-term liabilities

 

78,602

 

 

78,790

Total other liabilities

 

3,217,133

 

 

3,214,498

Total stockholders’ equity, net

 

1,837,581

 

 

1,513,887

Total liabilities and stockholders’ equity

$

6,072,627

 

$

5,653,699

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

For the Nine Months Ended

 

September 30, 2022

 

September 30, 2021

Cash flows from operating activities:

 

 

 

Net income

$

329,270

 

 

$

154,254

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

Depreciation and amortization

 

260,560

 

 

 

215,206

 

Allowance for doubtful accounts

 

6,684

 

 

 

7,186

 

Amortization of deferred financing costs and debt discount

 

4,734

 

 

 

2,718

 

Accretion of environmental liabilities

 

9,599

 

 

 

8,625

 

Changes in environmental liability estimates

 

2,105

 

 

 

341

 

Deferred income taxes

 

2,226

 

 

 

5,202

 

Other (income) expense, net

 

(2,073

)

 

 

2,509

 

Stock-based compensation

 

20,375

 

 

 

12,786

 

Gain on sale of business

 

(8,864

)

 

 

 

Environmental expenditures

 

(9,720

)

 

 

(12,223

)

Changes in assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable and unbilled accounts receivable

 

(293,562

)

 

 

(113,601

)

Inventories and supplies

 

(44,324

)

 

 

(12,882

)

Other current and non-current assets

 

(12,600

)

 

 

(10,785

)

Accounts payable

 

52,979

 

 

 

86,974

 

Other current and long-term liabilities

 

40,153

 

 

 

21,916

 

Net cash from operating activities

 

357,542

 

 

 

368,226

 

Cash flows used in investing activities:

 

 

 

Additions to property, plant and equipment

 

(244,547

)

 

 

(146,654

)

Proceeds from sale and disposal of fixed assets

 

5,118

 

 

 

16,424

 

Acquisitions, net of cash acquired

 

(73,568

)

 

 

(22,819

)

Proceeds from sale of business, net of transaction costs

 

16,811

 

 

 

 

Additions to intangible assets including costs to obtain or renew permits

 

(1,094

)

 

 

(2,659

)

Proceeds from sale of available-for-sale securities

 

51,736

 

 

 

83,226

 

Purchases of available-for-sale securities

 

(36,418

)

 

 

(96,785

)

Net cash used in investing activities

 

(281,962

)

 

 

(169,267

)

Cash flows used in financing activities:

 

 

 

Change in uncashed checks

 

887

 

 

 

(4,323

)

Tax payments related to withholdings on vested restricted stock

 

(6,214

)

 

 

(7,383

)

Repurchases of common stock

 

(44,182

)

 

 

(48,409

)

Deferred financing costs paid

 

(410

)

 

 

(150

)

Payments on finance leases

 

(9,538

)

 

 

(5,845

)

Principal payments on debt

 

(13,152

)

 

 

(5,652

)

Net cash used in financing activities

 

(72,609

)

 

 

(71,762

)

Effect of exchange rate change on cash

 

(6,523

)

 

 

365

 

(Decrease) increase in cash and cash equivalents

 

(3,552

)

 

 

127,562

 

Cash and cash equivalents, beginning of period

 

452,575

 

 

 

519,101

 

Cash and cash equivalents, end of period

$

449,023

 

 

$

646,663

 

Supplemental information:

Cash payments for interest and income taxes:

Interest paid

$

86,407

$

61,807

Income taxes paid, net of refunds

53,183

48,202

Non-cash investing activities:

 

 

Property, plant and equipment accrued

23,726

11,561

Remedial liability assumed in acquisition of property, plant and equipment

8,092

ROU assets obtained in exchange for operating lease liabilities

39,899

18,528

ROU assets obtained in exchange for finance lease liabilities

11,263

18,704

Supplemental Segment Data (in thousands)

 

For the Three Months Ended

Revenue

September 30, 2022

 

September 30, 2021

 

Third-party revenues

 

Intersegment revenues, net

 

Direct revenues

 

Third-party revenues

 

Intersegment revenues, net

 

Direct revenues

Environmental Services

$

1,080,032

 

$

6,452

 

 

$

1,086,484

 

$

743,831

 

$

1,802

 

 

$

745,633

Safety-Kleen Sustainability Solutions

 

282,771

 

 

(6,452

)

 

 

276,319

 

 

207,589

 

 

(1,802

)

 

 

205,787

Corporate Items

 

283

 

 

 

 

 

283

 

 

59

 

 

 

 

 

59

Total

$

1,363,086

 

$

 

 

$

1,363,086

 

$

951,479

 

$

 

 

$

951,479

 

For the Nine Months Ended

Revenue

September 30, 2022

 

September 30, 2021

 

Third-party revenues

 

Intersegment revenues, net

 

Direct Revenues

 

Third-party revenues

 

Intersegment revenues, net

 

Direct revenues

Environmental Services

$

3,105,336

 

$

19,336

 

 

$

3,124,672

 

$

2,119,856

 

$

4,476

 

 

$

2,124,332

Safety-Kleen Sustainability Solutions

 

782,737

 

 

(19,336

)

 

 

763,401

 

 

566,012

 

 

(4,476

)

 

 

561,536

Corporate Items

 

434

 

 

 

 

 

434

 

 

217

 

 

 

 

 

217

Total

$

3,888,507

 

$

 

 

$

3,888,507

 

$

2,686,085

 

$

 

 

$

2,686,085

 

For the Three Months Ended

 

For the Nine Months Ended

Adjusted EBITDA

September 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

Environmental Services

$

260,687

 

 

$

166,471

 

 

$

713,630

 

 

$

482,766

 

Safety-Kleen Sustainability Solutions

 

103,156

 

 

 

70,810

 

 

 

252,043

 

 

 

165,756

 

Corporate Items

 

(55,288

)

 

 

(52,197

)

 

 

(167,789

)

 

 

(146,216

)

Total

$

308,555

 

 

$

185,084

 

 

$

797,884

 

 

$

502,306

 

 

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