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23 Republic Services , Inc. Reports First Quarter 2021 Results May 5 , 2021 REPUBLIC SERVICES - Reported Earnings of $ 0.93 Per Share - Increased Adjusted Earnings 24 Percent Over the Prior Year to $ 0.93 Per Share - Expanded Adjusted EBITDA Margin 270 Basis Points Generated Cash Flow from Operations of $ 661.0 million and Adjusted Free Cash Flow of $ 464.2 million Raised 2021 Full - Year Financial Guidance Named One of Fortune's 2021 World's Most Admired Companies and to Barron's 100 Most Sustainable Companies List PHOENIX , May 5 , 2021 / PRNewswire / -- Republic Services , Inc. ( NYSE : RSG ) today reported net income of $ 295.9 million , or $ 0.93 per diluted share , for the three months ended March 31 , 2021 , versus $ 246.3 million , or $ 0.77 per diluted share , for the comparable 2020 period . Excluding certain benefits and expenses , on an adjusted basis , net income for the three months ended March 31 , 2021 was $ 297.2 million , or $ 0.93 per diluted share , versus $ 241.1 million , or $ 0.75 per diluted share , for the comparable 2020 period . " Thanks to our strong foundation , resilient business model and talented team , Republic Services once again delivered outstanding results in the first quarter of 2021 , " said Donald W. Slager , chief executive officer . " I am proud of all we have achieved during my tenure as CEO , and I have been humbled to lead the extraordinary women and men who make this company great . The Company has the right strategic plan , leadership team and dedicated employees to continue building on our progress in serving our customers , operating efficiently and sustainably , and creating value for our shareholders . " " We started the year strong by building on the momentum in our business and capitalizing on improving market conditions , " said Jon Vander Ark , president and incoming CEO . " During the first quarter we achieved a 24 percent increase in adjusted earnings per share and expanded adjusted EBITDA margin 270 basis points . As a result of our solid first quarter performance and outlook for the balance of the year , we now expect to exceed our original 2021 full - year adjusted earnings and free cash flow guidance . " First - Quarter 2021 Highlights : • First quarter EPS was $ 0.93 per share , and adjusted EPS , a non - GAAP measure , was $ 0.93 per share , an increase of 24 percent over the prior year . • Cash provided by operating activities was $ 661.0 million , an increase of 11 percent versus the prior year . Adjusted free cash flow , a non - GAAP measure , was $ 464.2 million , an increase of 62 percent versus the prior year . • The Company expanded adjusted EBITDA margin , a non - GAAP measure , 270 basis points to 30.7 percent . • The Company closed on the acquisition of Santek on May 5 , 2021 . • Total cash returned to shareholders through dividends and share repurchases was $ 148 million . • Core price increased revenue by 4.3 percent . Core price consisted of 5.2 percent in the open market and 2.8 percent in the restricted portion of the business . • Revenue growth from average yield was 2.3 percent and volume performance improved sequentially to ( 0.8 ) percent . • The Company's average recycled commodity price per ton sold during the first quarter was $ 133 . This represents a sequential increase from the fourth quarter of $ 23 per ton and an increase of $ 57 per ton versus the prior year . • Republic continued to convert CPI - based contracts to more favorable pricing mechanisms for the annual price adjustment . The Company now has approximately $ 931 million in annual revenue , or 37 percent of its legacy $ 2.5 billion CPI - based book of business , tied to the water - sewer - trash index or a fixed - rate increase of 3 percent or greater . • The Company was named one of Fortune's 2021 World's Most Admired Companies and to Barron's 100 Most Sustainable Companies List . Republic released its inaugural climate disclosure report aligned with recommendations of the Task Force on Climate related Financial Disclosures ( TCFD ) . Raised Full - Year 2021 Adjusted EPS and Adjusted Free Cash Flow Guidance Republic raised its full - year adjusted diluted EPS guidance to $ 3.74 to $ 3.79 and its full - year adjusted free cash flow guidance to $ 1,350 million to $ 1,400 million . Please refer to the Information Regarding Forward - Looking Statements section of this document . Company Declares Quarterly Dividend Republic announced today that its Board of Directors declared a regular quarterly dividend of $ 0.425 per share for stockholders of record on July 1 , 2021. The dividend will be paid on July 15 , 2021 . Presentation of Certain Non - GAAP Measures