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Casella Casella Waste Systems , Inc. Announces Second Quarter 2021 Results ; And Raises Fiscal Year 2021 Guidance July 29 , 2021 • Second quarter financial results exceeded expectations , with solid operating execution , cost efficiencies and strong free cash flow growth . • The Company raised its revenue , net income , Adjusted EBITDA , net cash provided by operating activities , and Adjusted Free Cash Flow guidance ranges for the fiscal year ending December 31 , 2021 ( " fiscal year 2021 " ) . RUTLAND , Vt . , July 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 and six month periods ended June 30 , 2021 . Highlights for the Three Months and Year - to - Date Ended June 30 , 2021 : • Revenues were $ 215.9 million for the quarter , up $ 27.1 million , or up 14.4 % , from the same period in 2020 . • Overall solid waste pricing for the quarter was up 4.0 % , driven by collection pricing , up 4.2 % , and landfill pricing , up 4.3 % , from the same period in 2020 . • Net income was $ 11.8 million for the quarter , down $ ( 0.3 ) million , or down ( 2.7 ) % , from the same period in 2020 . Provision for income taxes was $ 5.4 million for the quarter , up $ 5.1 million from the same period in 2020 . • Adjusted EBITDA , a non - GAAP measure , was $ 52.1 million for the quarter , up $ 8.1 million , or up 18.5 % , from the same period in 2020 . • Net income as a percentage of revenues was 5.5 % for the quarter , down ( 96 ) basis points from the same period in 2020. Adjusted EBITDA as a percentage of revenues , a non - GAAP measure , was 24.1 % for the quarter , up 84 basis points from the same period in 2020 . • Net cash provided by operating activities was $ 79.0 million for the year - to - date period , up $ 16.5 million , or up 26.4 % , from the same period in 2020 . • Adjusted Free Cash Flow , a non - GAAP measure , was $ 39.8 million for the year - to - date period , up $ 12.3 million , or up 44.8 % , from the same period in 2020 . • The Company purchased Willimantic Waste Paper Co. , Inc. ( " Willimantic " ) , an integrated solid waste provider , on July 26 , 2021. Willimantic has annualized revenues of approximately $ 62 million . " We had another strong operational quarter , as we continued to execute well against our long - term strategic plan , " said John W. Casella , Chairman and CEO of Casella Waste Systems , Inc. " As a result , we increased Adjusted EBITDA by 18.5 % and Adjusted EBITDA margins by 84 basis points year - over - year in the quarter and we increased year - to - date Adjusted Free Cash Flow by 44.8 % year - over - year . " " Our team did a great job controlling costs while volumes and services continued to ramp back online during the quarter as commercial customers added services , construction activity increased , and overall economic activity rebounded across our markets , " Casella said . " Given these positive economic trends , solid waste volumes were up 7.1 % year - over - year , while we advanced solid waste pricing by 4.0 % with strength in both the collection and disposal lines - of - business . We expect volumes to continue to rebound through the remainder of the year , with year - over - year gains moderating through the remainder of the year . " " Earlier this week we completed the acquisition of Willimantic , an integrated solid waste collection , transfer , and recycling business with operations in eastern Connecticut , " Casella said . " This acquisition expands our operating footprint and provides an exciting new platform for future growth . With the acquisition of Willimantic , we have completed 5 acquisitions year - to - date with approximately $ 67 million of annualized revenues . Our acquisition and development pipeline remains robust , and we believe that there is substantial opportunity to drive additional cash flow growth with opportunistic acquisitions . " For the quarter , revenues were $ 215.9 million , up $ 27.1 million , or up 14.4 % , from the same period in 2020 , with revenue growth mainly driven by : positive collection and disposal pricing ; higher solid waste volumes ; the roll - over impact from acquisitions ; higher recycling commodity prices ; higher resource solutions processing volumes ; and higher resource solutions non - processing revenues ; partially offset by lower fuel surcharge and other fees mainly driven by higher commodity prices resulting in a lower Sustainability Recycling Adjustment ( SRA ) fee . Net income was $ 11.8 million for the quarter , or $ 0.23 per diluted common share , down $ ( 0.3 ) million , or down ( 2.7 ) % , as compared to net income of $ 12.1 million , or $ 0.25 per diluted common share , for the same period in 2020. The quarter included $ 1.6 million of expense from acquisition activities and $ 0.2 million of legal and other expenses associated with the closure of our landfill in Southbridge , Massachusetts ( " Southbridge Landfill " ) . The same quarter last year included $ 0.4 million of expense from acquisition activities and $ 0.6 million of legal and other costs associated with the Southbridge Landfill closure .