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Casella Casella Waste Systems , Inc. Announces First Quarter 2021 Results ; And Updates Fiscal Year 2021 Guidance April 29 , 2021 • First quarter financial results exceeded expectations , with strong operating execution , cost efficiencies and disciplined cash flow management . • The Company raised its Adjusted EBITDA , net cash provided by operating activities , and Adjusted Free Cash Flow guidance ranges , and reaffirmed its revenue and net income guidance ranges for the fiscal year ending December 31 , 2021 ( " fiscal year 2021 " ) . RUTLAND , Vt . , April 29 , 2021 ( GLOBE NEWSWIRE ) -- Casella Waste Systems , Inc. ( NASDAQ : CWST ) , a regional solid waste , recycling and resource management services company , today reported its financial results for the three month period ended March 31 , 2021 . Highlights for the Three Months Ended March 31 , 2021 : • Revenues were $ 189.5 million for the quarter , up $ 6.6 million , or up 3.6 % , from the same period in 2020 . • Overall solid waste pricing for the quarter was up 3.4 % , driven by collection pricing , up 3.5 % , and landfill pricing , up 3.5 % , from the same period in 2020 . • Net income was $ 4.3 million for the quarter , up $ 3.3 million , or up 349.5 % , from the same period in 2020 . • Adjusted EBITDA , a non - GAAP measure , was $ 38.8 million for the quarter , up $ 5.3 million , or up 15.9 % , from the same period in 2020 . • Net income as a percentage of revenues was 2.3 % for the quarter , up 175 basis points from the same period in 2020. Adjusted EBITDA as a percentage of revenues , a non - GAAP measure , was 20.5 % for the quarter , up 215 basis points from the same period in 2020 . • Net cash provided by operating activities was $ 32.1 million for the quarter , up $ 17.4 million , or up 117.3 % , from the same period in 2020 . • Adjusted Free Cash Flow , a non - GAAP measure , was $ 11.0 million for the quarter , up $ 6.9 million , or up 172.8 % , from the same period in 2020 . " Our team continued to execute very well through the first quarter as we increased Adjusted EBITDA by 15.9 % , Adjusted EBITDA margins by 215 basis points , and Adjusted Free Cash Flow by 172.8 % year - over - year in the quarter despite continued solid waste volume headwinds due to the COVID - 19 pandemic , " said John W. Casella , Chairman and CEO of Casella Waste Systems , Inc. " These positive results are a testament to the hard work , adaptability and dedication of our team , the resiliency of our business model , our asset positioning in the disposal capacity constrained northeast market that allowed us to advance positive solid waste pricing , and strong execution against our operating and cost efficiency programs . " " Solid waste volume declines continued to moderate sequentially from the fourth quarter of 2020 through the first quarter of fiscal year 2021 , " Casella said . " With volumes down ( 3.3 ) % year - over - year in the quarter , we had a tough volume comparison in the first quarter as we experienced only very limited negative impacts from the COVID - 19 pandemic late in the first quarter last year . We expect solid waste volumes to improve year - over - year through the remainder of fiscal year 2021. " " As more Americans are vaccinated and the states in which we operate further ease COVID - 19 specific restrictions , we continue to see additional commercial customers reopen or increase services , construction activity increase , and overall economic activity rebound across our mainly secondary and rural markets in the northeast , " Casella said . " We continued to make great progress against our 2021 strategic plan during the quarter , " Casella said . " And , we are well positioned to drive additional acquisition growth through the remainder of the year as our acquisition pipeline remains robust and activity is accelerating . " For the quarter , revenues were $ 189.5 million , up $ 6.6 million , or up 3.6 % , from the same period in 2020 , with revenue growth mainly driven by : positive collection and disposal pricing ; the roll - over impact from acquisitions ; higher recycling commodity prices ; and higher resource solutions non - processing revenues ; partially offset by lower solid waste volumes primarily due to the negative impacts of the COVID - 19 pandemic and lower fuel surcharge and other fees . Net income was $ 4.3 million for the quarter , or $ 0.08 per diluted common share , up $ 3.3 million , or up 349.5 % , as compared to net income of $ 1.0 million , or $ 0.02 per diluted common share , for the same period in 2020. The quarter included $ 0.4 million of expense from acquisition activities and