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Stericycle® We protect what matters . Stericycle , Inc. Reports Results For the First Quarter 2021 April 29 , 2021 BANNOCKBURN , III . , April 29 , 2021 ( GLOBE NEWSWIRE ) -- Stericycle , Inc. ( Nasdaq : SRCL ) today reported results for the first quarter ended March 31 , 2021 . Revenues for the first quarter were $ 668.0 million , a decrease of 14.9 % compared to $ 785.0 million in the first quarter of last year , primarily due to the impact of divestitures . Organic revenues increased 0.9 % when excluding the impact of divestitures and foreign exchange rate . Income from operations was $ 59.1 million , compared to a loss from operations of $ 30.4 million in the first quarter of last year . Net income was $ 26.1 million , or $ 0.28 diluted earnings per share , compared to a net loss of $ 20.1 million , or $ 0.22 diluted loss per share , in the first quarter of last year . Adjusted income from operations was $ 110.0 million , compared to $ 93.8 million in the first quarter of 2020. Adjusted diluted earnings per share was $ 0.71 , compared to $ 0.52 in the first quarter of last year . Cash flow from operations for the three months ended March 31 , 2021 was $ 62.6 million , compared to $ 82.1 million for the same period in 2020. Free cash flow for the three months ended March 31 , 2021 was $ 37.9 million , compared to $ 42.5 million for the same period in 2020 . KEY BUSINESS HIGHLIGHTS : • • Regulated Waste and Compliance Services ( " RWCS " ) organic revenues grew 6.0 % in the first quarter compared to the first quarter of 2020 . Adjusted income from operations as a percentage of revenues improved 460 basis points in the first quarter compared to the first quarter of 2020 . • Net debt was reduced by $ 38.3 million in the first quarter , decreasing total net debt to approximately $ 1.70 billion . The credit agreement defined debt leverage ratio was reduced to 3.28 times as of March 31 , 2021 , compared to 4.50 times as of March 31 , 2020 . " Our first quarter performance builds on the commercial and operational momentum we achieved in 2020 , " said Cindy J. Miller , Chief Executive Officer . " Regulated Waste and Compliance Services organic revenues expanded further this quarter , benefiting from our quality of revenue initiatives and the value of our essential services during the pandemic . " FIRST QUARTER FINANCIAL RESULTS U.S. Generally Accepted Accounting Principles ( GAAP ) Results • Revenues in the first quarter were $ 668.0 million , compared to $ 785.0 million in the first quarter of last year . Of the $ 117.0 million decline , the impact of divestitures was $ 135.0 million and Secure Information Destruction ( “ SID ” ) revenues accounted for $ 26.8 million , reflecting pandemic related business disruption . These declines were offset by RWCS organic revenue growth of $ 34.1 million and the positive impact of foreign exchange rates of $ 10.7 million . • Income from operations in the first quarter was $ 59.1 million , compared to a loss from operations of $ 30.4 million in the first quarter of last year . The $ 89.5 million increase was primarily due to the first quarter of 2021 having no net divestiture losses compared to the first quarter of 2020 having net divestiture losses of $ 58.3 million and lower operating expenditures of $ 31.4 million in the first quarter of 2021 . • Net income in the first quarter was $ 26.1 million , or $ 0.28 diluted earnings per share , compared to a net loss of $ 20.1 million , or $ 0.22 diluted loss per share , in the first quarter of last year . The difference was related to higher income from operations of $ 89.5 million , as explained above , and lower interest expense of $ 6.6 million . These were partially offset by an increase in income tax expense of $ 52.2 million compared to the first quarter of 2020 , primarily as a result of a non - recurring U.S. Cares Act tax benefit of $ 39.4 million in the first quarter of 2020 and higher taxable income generated in the first quarter of 2021 .