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Casella Waste Systems

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FY2024 Annual Report · Casella Waste Systems
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2024 Annual Report

CASELLA WASTE SYSTEMS, INC.
2024 ANNUAL REPORT

TO OUR FELLOW SHAREHOLDERS:
1 
 Please refer to “Non-GAAP Performance Measures” in the appendix for further information and a reconciliation of Adjusted EBITDA, which is a non-GAAP  
measure, to the most directly comparable GAAP measure, net income.  Net income was $25.4 million for the fiscal year ended December 31, 2023 and $13.5 
million for fiscal 2024.
2 
 Please refer to “Non-GAAP Liquidity Measures” in the appendix for further information and a reconciliation of Adjusted Free Cash Flow, which is a non-GAAP 
measure, to the most directly comparable GAAP measure, net cash provided by operating activities. Net cash provided by operating activities was $233.1 million 
for the fiscal year ended December 31, 2023 and $281.4 million for fiscal 2024.
The fiscal year ended December 31, 2024 (“fiscal 2024”) was another strong year for the company as we 
executed well against our key strategies, grew the business meaningfully, and drove further shareholder 
value. In fiscal 2024, we closed on eight acquisitions with over $200 million of annualized revenues. With this 
disciplined growth, we further densified our operating footprint in the Mid-Atlantic, expanded our business 
into New York’s middle and lower Hudson Valley region, and closed on several tuck-in acquisitions. 
In addition to successfully acquiring and integrating exceptional companies, we continue to have a keen focus 
on our core business and maintaining our winning culture. All of which contributed to our continued success 
in fiscal 2024. Our team of over 5,000 hardworking men and women help to support our Core Values each day 
and have a lot to be proud of in 2024.
Highlighting a few key financial metrics, in fiscal 2024 we grew revenues +23.1%, Adjusted EBITDA +22.4%1, 
net cash provided by operating activities +20.7%, and Adjusted Free Cash Flow +23.4%2. Our results reflect 
our focus on safety, consistent operating strategies, dedication to service, and capital allocation.
We believe that continued execution against the following strategic initiatives will generate further 
shareholder value:
 
1.  Increasing landfill returns;
 
2.  Driving additional profitability in our collection operations;
 
3.  Creating incremental value through Resource Solutions;
 
4.  Allocating capital to return driven growth; and
 
5.  Strengthening four key foundational pillars:
 
 
•  People: Developing a safe, engaged, ready workforce to support growth.
 
 
•  Sustainable Growth: Driving profitable growth through an integrated resource solutions approach.
 
 
•  Technology: Driving profitable growth and efficiencies through technology.
 
 
•  Facilities: Developing necessary long-term infrastructure through facilities planning. 
Our strategies are steady and align with society’s resource management needs. At the same time, our size 
enables us to be nimble while opportunistically growing the business.
OUR STRATEGIES  
Our success has been driven by our ability to maintain and expand consistent strategies that create value for our 
customers and are meaningful to our team at every level of the organization. As we operate daily and as we look 
to the years ahead, we believe there is a clear path to create further value through continued focus on these key 
strategies. We understand the importance of collaborating with our team members, customers, vendors, and 
industry experts to help inform our continued opportunities and evolution as one of the largest solid waste and 
recycling service providers in the United States. 

Investing in our foundational pillars has enabled us to successfully grow, while ensuring that the right building 
blocks are in place to support further performance. Several years ago, we established our commercial driver’s 
license (“CDL”) school. During this short time, we have trained and graduated over 300 drivers as part of this 
program. Our investment in the CDL school helps to attract drivers to the company, decrease turnover, and 
provide adequate upfront safety and operating training. This past year was particularly special as we dedicated the 
school to Ken Hier, the company’s first driver. As a natural extension of our training and development programs, 
we also expanded our diesel technician school, which has been very conducive to attracting and retaining skilled 
mechanics to our operations. 
We have also continued to invest in our sales force. With a high level of experience and expertise across our team, 
we are positioned to grow the business organically and help our customers achieve their circularity goals. As we 
have grown into new geographies through acquisitions, our sales opportunities have increased. The Mid-Atlantic 
and Hudson Valley are great examples. Our sales pipeline is robust within these markets and spans a variety of 
customer segments, including larger entities such as municipalities, institutions, industrials, and commercial 
locations. Our National Accounts sales function operates within our Resource Solutions segment and stands ready 
to meet the growing resource management needs of our customers. 
Automation opportunities, technological enhancements, and ongoing facility modernization will remain priorities 
of our team. We have improved operating performance through investment in the automation of our collection 
vehicles. Over the last several years, we have taken many manual rear load trucks off the road and replaced those 
units with automated side and front loaders. These conversions enhance safety while driving returns through 
operating efficiencies. Although we have made significant headway with this initiative, there is still room to go 
– especially as we grow. We have also upgraded our collection fleet through technology that helps to optimize 
routing and through on-board computers, which enhance service accuracy and operating efficiencies, while 
providing additional revenue generation opportunities. In addition, we have completed two recycling processing 
facility equipment upgrades in recent years. At each of our Boston and Willimantic facilities we have invested 
approximately $20 million in state-of-the-art recycling equipment and technology that has furthered automation, 
safety, end-product quality. This exemplifies our commitment to recycling and our balanced economic and 
environmental model. We are also investing prudently, in a measured manner, in customer-facing technology 
aimed to improve the Casella-experience, making it even easier to do business with us.
50 YEARS OF SERVICE  
In 2025, we are celebrating the company’s 50th anniversary. In 1975, thanks to Doug’s entrepreneurial spirit, 
the company was founded as a single-truck operation in Rutland, Vermont. I am fortunate to have joined 
him about a year later. Through the decades, countless individuals have been part of the journey that led us to 
where we are today. I am truly grateful for the contributions of our amazing team over the years. And, while 
the last five decades of progress is something that we can all look back on with pride, it is the next 50 years 
that is most exciting for all of us. The investments that we have made in our training programs have produced 
many certified drivers and mechanics, who are critical to our workforce. Further development of our training 
programs and facilities as we grow will help maintain and enhance our culture with a focus on our Core 
Values. I believe our investments in our people, our largest competitive advantage, will continue to set us apart 
over the next 50 years. 
I enjoy being part of an industry that provides a necessary service. We often have the opportunity to help solve 
problems. At times, we innovate and develop longer term solutions, which can be exciting and require capital 
investment. In other moments, it’s simply the power of hard work and our willingness to be of service that rises 
to the occasion. Experience, innovation, and grit are powerful differentiators. As we continue to grow, we have 
tremendous opportunity to leverage these distinctive characteristics, and I am very much looking forward to 
our continued success.

THE YEAR AHEAD 
We believe we are well positioned to drive additional shareholder value. Entering fiscal 2025, our balance 
sheet and acquisition pipeline are strong and provide us with upside in support of further growth. 
We believe we will have ample opportunities to allocate capital to acquisitions that will have strategic fit and 
attractive returns.  
Our teams are equally focused on integrating recently closed acquisitions. As we have grown, we have added 
resources to further support integration efforts from a technology, operational, and back-office perspective. 
Often, synergies take many months to achieve and cannot be effectively realized without this important follow 
through. We consider this a discipline that goes hand in hand with our growth. 
In fiscal 2025, we are poised to execute well against our key strategies. We target value creation through our 
flexible pricing programs, key operating initiatives, and sales functions. We continue to invest prudently into 
our business in areas such as collection vehicle automation, upgrades that modernize equipment within our 
recycling processing facilities, and many other areas that drive higher returns. 
The team is incredibly strong and capable. I am very much excited for 2025 and beyond.
Sincerely,
John W. Casella
Chairman and Chief Executive Officer
April 9, 2025

FORWARD LOOKING STATEMENTS
Certain matters discussed in this annual report, including, but not limited to, the statements regarding 
our intentions, beliefs or current expectations concerning, among other things, our financial performance; 
financial condition; operations and services; prospects; growth; strategies; and anticipated impacts from future 
or completed acquisitions, are “forward-looking statements” intended to qualify for the safe harbors from 
liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements 
can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” 
“anticipate,” “plan,” “may,” “would,” “intend,” “estimate,” “will,” “guidance” and other similar expressions, 
whether in the negative or affirmative. These forward-looking statements are based on current expectations, 
estimates, forecasts and projections about the industry and markets in which Casella Waste Systems, Inc. (the 
“Company”) operates and management’s beliefs and assumptions. The Company cannot guarantee that it 
actually will achieve the financial results, plans, intentions, expectations or guidance disclosed in the forward-
looking statements made. Such forward-looking statements, and all phases of the Company’s operations, 
involve a number of risks and uncertainties, any one or more of which could cause actual results to differ 
materially from those described in its forward-looking statements.
Such risks and uncertainties include or relate to, among other things, the following: the Company may be 
unable to adequately increase prices or drive operating efficiencies to adequately offset increased costs and 
inflationary pressures, including increased fuel prices and wages; it is difficult to determine the timing or future 
impact of a sustained economic slowdown that could negatively affect our operations and financial results; 
the increasing focus on per - and polyfluoroalkyl substances (“PFAS”) and other emerging contaminants, 
including the recent designation by the U.S. Environmental Protection Agency of two PFAS chemicals as 
hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act, 
will likely lead to increased compliance and remediation costs and litigation risks; adverse weather conditions 
may negatively impact the Company’s revenues and its operating margin; the Company may be unable to 
increase volumes at its landfills or improve its route profitability; the Company may be unable to reduce costs 
or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill 
operations and permit status may be affected by factors outside the Company’s control; the Company may 
be required to incur capital expenditures in excess of its estimates; the Company’s insurance coverage and 
self-insurance reserves may be inadequate to cover all of its risk exposures; fluctuations in energy pricing or 
the commodity pricing of its recyclables may make it more difficult for the Company to predict its results of 
operations or meet its estimates; disruptions or limited access to domestic and global transportation or the 
imposition of tariffs could impact the Company’s ability to sell recyclables into end markets;  the Company 
may be unable to achieve its acquisition or development targets on favorable pricing or at all, including due 
to the failure to satisfy all closing conditions and to receive required regulatory approvals that may prevent 
closing of any announced transaction; the Company may not be able to successfully integrate and recognize 
the expected financial benefits from acquired businesses; and the Company may incur environmental charges 
or asset impairments in the future.
There are a number of other important risks and uncertainties that could cause the Company’s actual results 
to differ materially from those indicated by such forward-looking statements. These additional risks and 
uncertainties include, without limitation, those detailed in Item 1A. “Risk Factors” in the Company’s most 
recently filed Form 10-K for fiscal 2024 and in other filings that the Company may make with the Securities 
and Exchange Commission in the future.
The Company undertakes no obligation to update publicly any forward-looking statements whether as a result 
of new information, future events or otherwise, except as required by law.

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Casella Waste Systems, Inc. • 2024 Annual Report  |  18
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27  |  2024 Annual Report • Casella Waste Systems, Inc.
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Casella Waste Systems, Inc. • 2024 Annual Report  |  116

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Casella Waste Systems, Inc. • 2024 Annual Report  |  120
NON-GAAP PERFORMANCE MEASURES:
In addition to disclosing financial results prepared in accordance with generally accepted accounting principles in the United States 
(“GAAP”), the Company also discloses net income, plus provision for income taxes, less other income, plus interest expense, net plus 
depreciation and landfill amortization, plus amortization of intangibles, plus expense from acquisition activities, plus Southbridge 
Landfill closure charge, plus landfill capping (recovery) charge – veneer failure, plus debt modification expense, plus loss from 
termination of bridge financing, plus legal settlement, less gain on resolution of acquisition related contingent consideration, plus 
depletion of landfill operating lease obligations, plus interest accretion on landfill and environmental remediation liabilities (“Adjusted 
EBITDA”), which is a non-GAAP financial measure. Adjusted EBITDA is reconciled to net income.
The Company presents non-GAAP performance measures, such as Adjusted EBITDA, that provide an understanding of the Company’s 
operational performance because it considers them important supplemental measures of the Company’s performance that are 
frequently used by securities analysts, investors and other interested parties in the evaluation of the Company’s results. The Company 
also believes that identifying the impact of certain items as adjustments provides more transparency and comparability across periods. 
Management uses these non-GAAP performance measures to further understand its “core operating performance” and believes its 
“core operating performance” is helpful in understanding its ongoing performance in the ordinary course of operations. The Company 
believes that providing such non-GAAP performance measures to investors, in addition to corresponding income statement measures, 
affords investors the benefit of viewing the Company’s performance using the same financial metrics that the management team uses in 
making many key decisions and understanding how the core business and its results of operations has performed.
Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA should not be considered 
in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted 
EBITDA presented by other companies.
Continued on next page.

121  |  2024 Annual Report • Casella Waste Systems, Inc.
NON-GAAP PERFORMANCE MEASURES CONTINUED:
(i) 
 Amortization of intangibles is the add-back of non-cash amortization of acquired intangibles such as covenants not-to-compete, 
customer relationships and trade names.
(ii)  Expense from acquisition activities is comprised primarily of legal, consulting, rebranding and other costs associated with the due 
diligence, acquisition and integration of acquired businesses. The twelve months ended December 31, 2024 included a charge for an 
increase in the reserve against accounts receivable of the businesses acquired in the acquisition of four wholly owned subsidiaries of 
GFL Environmental Inc., as a result of our inability to pursue collections during the transition services period with the seller, resulting 
in accounts receivable aged beyond what is typical in our business.
(iii)  Southbridge Landfill closure charge are expenses related to the unplanned early closure of the Southbridge Landfill along with 
associated legal activities. The Company initiated the unplanned, premature closure of the Southbridge Landfill in the fiscal year 
ended December 31, 2017 due to the significant capital investment required to obtain expansion permits and for future development 
coupled with an uncertain regulatory environment. The unplanned closure of the Southbridge Landfill reduced the economic useful 
life of the assets from prior estimates by approximately ten years. In August 2024, the Company received the final closure permit 
related to Southbridge Landfill, which set out permit conditions including environmental monitoring, third party inspections, 
inspection of the final cover, leachate sampling, post-closure monitoring and other post-closure requirements, and entered the post-
closure period. The Company recorded a non-cash charge of $8,385 in the twelve months ended December 31, 2024 to revise the 
accrued post-closure liability for the Southbridge Landfill based on the conditions in the closure permit.
(iv)  Landfill capping (recovery) charge - veneer failure in the periods ending December 31, 2023 consists of both (i) the write-off of 
historical payments associated with capping work that has been deemed no longer viable due to a veneer failure and (ii) the related 
operating expenses incurred to clean up the affected capping material at the Company’s landfill in Seneca, New York. In the periods 
ending December 31, 2024, we recorded a recovery consisting of both (i) a partial reversal of historical payments written off after an 
engineering evaluation determined that a portion of the area affected by the veneer failure was deemed to still be viable as well as (ii) a 
recovery of operating expenses incurred during the clean up of the affected capping material as part of a settlement with a third-party.
(v)  Debt modification expense associated with agent fees and other third party costs we paid during the refinancing of our second 
amended and restated credit agreement.
(vi)  Loss from termination of bridge financing is related to the write-off of the remaining unamortized debt issuance costs associated with 
the extinguishment of bridge financing agreements associated with acquisitions.
(vii)  Legal settlement is related to reaching an agreement in June 2023 with the collective class members of a class action lawsuit relating 
to certain Fair Labor Standards Act of 1938 (“FLSA”) claims as well as state wage and hours laws.
(viii) Gain on resolution of acquisition related contingent consideration is associated with the reversal of a contingency for a transfer station 
permit expansion that is no longer deemed viable.
 
 
Twelve Months Ended 
December 31, 
  
 
2024 
 
2023 
Net income  
 
$ 13,536 
  
$ 25,399 
 
Provision for income taxes 
 
 
7,512 
 
 11,646 
 
Other income 
 
 (1,666)  
 (1,646)  
Interest expense, net 
 
 51,983 
 
 36,837 
 
Depreciation and landfill amortization 
 
 178,426 
 
 139,668 
 
Amortization of intangibles (i) 
 
 56,481 
 
 31,037 
 
Expense from acquisition activities (ii) 
 
 24,879 
 
 15,038 
 
Southbridge Landfill closure charge (iii) 
 
 
8,385 
 
 
467 
 
Landfill capping (recovery) charge - veneer failure (iv) 
 
 (1,739)  
 
3,870 
 
Debt modification expense (v) 
 
 
1,396 
 
 
— 
 
Loss from termination of bridge financing (vi) 
 
 
— 
 
 
8,191 
 
Legal settlement (vii) 
 
 
— 
  
 
6,150 
 
Gain on resolution of acquisition related contingent consideration (viii) 
 
 
— 
 
 
(965)  
Depletion of landfill operating lease obligations 
 
 
9,763 
 
 
9,026 
 
Interest accretion on landfill and environmental remediation liabilities 
 
 11,601 
 
 
9,885 
 
Adjusted EBITDA 
 
$ 360,557 
  
$ 294,603 
 

Casella Waste Systems, Inc. • 2024 Annual Report  |  122
NON-GAAP LIQUIDITY MEASURES:
In addition to disclosing financial results prepared in accordance with GAAP, the Company also discloses net cash provided by operating 
activities, less capital expenditures, plus proceeds from sale of property and equipment, plus proceeds from property insurance settlement, 
plus Southbridge Landfill closure, plus cash outlays for acquisition expenses, plus acquisition capital expenditures, plus McKean Landfill 
rail capital expenditures, plus FLSA legal settlement payment (“Adjusted Free Cash Flow”), which is a non-GAAP financial measure. 
Adjusted Free Cash Flow is reconciled to net cash provided by operating activities.
The Company presents non-GAAP liquidity measures, such as Adjusted Free Cash Flow, that provide an understanding of the Company’s 
liquidity because it considers them important supplemental measures of its liquidity that are frequently used by securities analysts, investors 
and other interested parties in the evaluation of the Company’s cash flow generation from its core operations that are then available to be 
deployed for strategic acquisitions, growth investments, development projects, unusual landfill closures, site improvement and remediation, 
and strengthening the Company’s balance sheet through paying down debt. The Company also believes that identifying the impact of 
certain items as adjustments provides more transparency and comparability across periods. Management uses non-GAAP liquidity 
measures to understand the Company’s cash flow provided by operating activities after certain expenditures along with its consolidated net 
leverage and believes that these measures demonstrate the Company’s ability to execute on its strategic initiatives. The Company believes 
that providing such non-GAAP liquidity measures to investors, in addition to corresponding cash flow statement measures, affords 
investors the benefit of viewing the Company’s liquidity using the same financial metrics that the management team uses in making many 
key decisions and understanding how the core business and cash flow generation has performed.
Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted Free Cash Flow should not be considered 
in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted Free 
Cash Flow presented by other companies.
(i) 
 Southbridge Landfill closure are cash outlays associated with the unplanned, early closure of the Southbridge Landfill. The 
Company initiated the unplanned, premature closure of the Southbridge Landfill in the fiscal year ended December 31, 2017, 
and expects to incur cash outlays through satisfaction of the closure requirements and the environmental remediation process. In 
August 2024, the Company received the final closure permit related to Southbridge Landfill and entered the post-closure period.
(ii)  Cash outlays for acquisition expenses are cash outlays for transaction and integration costs relating to specific acquisition 
transactions and include legal, consulting, rebranding and other costs as part of the Company’s strategic growth initiative. 
(iii)  Acquisition capital expenditures are acquisition-related capital expenditures that are necessary to transition and upgrade acquired 
assets to Company operating standards and to achieve strategic synergies associated with integrating newly acquired operations, 
which can be considered, together with acquisition purchase price, as part of the initial overall investment in an acquired business. 
(iv)  McKean Landfill rail capital expenditures are long-term infrastructure capital expenditures related to rail side development at the 
Company’s landfill in Mount Jewett, PA (“McKean Landfill”), which is different from the landfill construction investments in the 
normal course of operations.
(v)  FLSA legal settlement payment is the cash outlay of a legal settlement related to reaching an agreement in June 2023 with the 
collective class members of a class action lawsuit relating to certain claims under the FLSA as well as state wage and hours laws.
  
 
Twelve Months Ended 
December 31, 
  
 
2024 
 
2023 
Net cash provided by operating activities 
 
$ 281,355  
$ 233,092  
Capital expenditures 
 
 (203,227) 
 (154,907) 
Proceeds from sale of property and equipment 
 
 
1,380  
 
1,110  
Proceeds from property insurance settlement 
 
 
146  
 
—  
Southbridge Landfill closure (i) 
 
 
3,035  
 
4,308  
Cash outlays for acquisition expenses (ii) 
 
 
20,457  
 
13,105  
Acquisition capital expenditures (iii) 
 
 
45,325  
 
20,866  
McKean Landfill rail capital expenditures (iv) 
 
 
3,688  
 
10,725  
FLSA legal settlement payment (v) 
 
 
6,150   
 
—  
Adjusted Free Cash Flow 
 
$ 158,309   
$ 128,299  

123  |  2024 Annual Report • Casella Waste Systems, Inc.
Company Officers
John W. Casella
Chairman, Chief Executive Officer & Secretary
Edmond “Ned” R. Coletta
President
Bradford J. Helgeson
Executive Vice President & Chief Financial Officer
Sean M. Steves
Senior Vice President & Chief Operating Officer 
of Solid Waste Operations
Shelley E. Sayward
Senior Vice President, General Counsel
Kevin J. Drohan
Vice President & Chief Accounting Officer
Paul J. Ligon
Senior Vice President of Sustainable Growth
Board of Directors
John W. Casella
Chairman, Chief Executive Officer & Secretary,
Casella Waste Systems, Inc.
Michael L. Battles
Co-Chief Executive Officer & Co-President,
Clean Harbors, Inc.
Michael K. Burke
Former Senior Vice President & Chief Financial Officer,
EndoGastric Solutions, Inc.
Douglas R. Casella
Vice President,
Casella Construction, Inc.
Joseph G. Doody
Former Vice Chairman,
Staples, Inc.
Emily N. Green
Former Chairman & Chief Executive Officer,
Yankee Group
William P. Hulligan
Former President & Chief Operating Officer,
Progressive Waste Solutions Ltd.
Rose Stuckey Kirk
Former Chief Corporate Social Responsibility Officer, 
Verizon Communications Corporation
Gary Sova
Former Senior Vice President – Marketing and Sales,
Republic Services, Inc.
Shareholder Information
Casella Waste Systems, Inc.
25 Greens Hill Lane, Rutland, VT 05701
Telephone: 802-775-0325
Direct inquiries to:
Brian Bulter
Telephone: 802-855-4070
E-mail: brian.butler@casella.com
Auditors
RSM US LLP
80 City Square, Boston, MA 02129
Legal Counsel
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street, Boston, MA 02109
Transfer Agent & Registrar
Computershare
PO Box 43006, Providence, RI 02940-3006 
Shareholder Inquiries: 877-373-6374
Stock Exchange
Casella Waste System, Inc. is traded on the NASDAQ 
Global Select Market under the ticker symbol “CWST.”

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