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Advanced Disposal Announces Second Quarter Results
Company achieves revenue growth of 7% and continues to attain significant year-over-year improvements in cash flow from operations
Ponte Vedra, Fla.
Aug 02, 2017

PONTE VEDRA, Fla. (August 2, 2017) – Advanced Disposal Services, Inc. (NYSE: ADSW), (d/b/a Advanced Disposal) announced today revenue for the three months ended June 30, 2017 of $383.1 million versus $358.2 million in the same period of the prior year. Net loss during second quarter 2017 was $0.2 million, or $0.00 per diluted share, versus net income of $0.2 million, or $0.00 per diluted share, in second quarter 2016. The company achieved quarterly adjusted EBITDA of $109.8 million, an increase of $2.3 million versus second quarter 2016. Adjusted EBITDA margins were 28.7% during second quarter 2017.

Revenue growth of 7% for second quarter 2017 represents the largest quarterly increase in three years. Acquisitions drove nearly half of the increase led by the company's recent purchase of CGS Services, Inc., a vertically-integrated waste collection and disposal company in central and eastern Indiana, along with seven tuck-in acquisitions completed during the first six months of 2017. Organic volume also turned positive during the second quarter at 0.6% driven by growth in disposal revenue and average price yield was 1.4%.

Net loss increased $0.4 million and adjusted EBITDA improved $2.3 million during second quarter 2017 versus the same prior year period. Gains from the company's organic growth and new acquisitions coupled with interest expense savings of $11.1 million year-over-year drove increases in the company's core profitability. Adjusted net income improved $7.1 million in the second quarter of 2017, which does not include a $13.0 million non-cash impairment charge incurred during the quarter. Additionally, lower cash interest payments along with working capital improvements and increased profitability drove a $27.1 million increase in cash provided by operating activities during the second quarter, and adjusted free cash flow improved $16.8 million.

About Advanced Disposal

Advanced Disposal (NYSE: ADSW) brings fresh ideas and solutions to the business of a clean environment. As the fourth largest solid waste company in the U.S., we provide integrated, non-hazardous solid waste collection, recycling and disposal services to residential, commercial, industrial and construction customers across 16 states and the Bahamas. Our team is dedicated to finding effective, sustainable solutions to preserve the environment for future generations.

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