Casella Waste Systems (CWST) FY2021 results: revenue $889 million, up 14.8% on the year

Casella Waste Systems Inc. (CWST) reported revenue of $889 million for fiscal 2021, the year ended 31 December 2021, up 14.8% on the year before. Net income was $41 million, down 54.9%, and diluted earnings per share $0.80. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$889 million

+14.8% on the year

FY2015FY2021

Operating margin

8.7%

7.7% a year earlier

FY2015FY2021

Net income

$41 million

-54.9% on the year

FY2015FY2021

Diluted EPS

$0.80

-57.0% on the year

FY2015FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	889	775	743	+14.8%
Cost of revenue	582	516	509	+12.9%
Gross profit	307	259	235	+18.5%
Gross margin	34.5%	33.4%	31.6%
Operating income	77.7	59.3	53.1	+31.0%
Operating margin	8.7%	7.7%	7.1%
Interest expense	21.2	22.4	25.1	-5.1%
Pre-tax income	58.0	38.3	29.8	+51.5%
Income tax	16.9	-52.8	-1.9
Effective tax rate	29.2%	-137.9%	-6.3%
Net income	41.1	91.1	31.7	-54.9%
Net margin	4.6%	11.8%	4.3%
Diluted EPS	$0.80	$1.86	$0.66	-57.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	183	140	117	+30.6%
Capital expenditure	123	108	103	+14.0%
Free cash flow	59.4	31.8	13.7	+86.8%
Free cash flow margin	6.7%	4.1%	1.8%
Cash from investing	-293	-140	-177
Cash from financing	-10.1	151	60.1
Depreciation and amortisation	104	90.8	79.8	+14.1%
Share-based compensation	11.6	8.2	7.2	+40.5%
Diluted shares, weighted	52m	49m	48m	+5.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	422	362	123	+16.7%
Debt	552	540	513	+2.4%
Operating lease liabilities	56.4	61.0	70.7	-7.6%
Other liabilities	252	231	225	+9.2%
Total liabilities and equity	1,284	1,194	932	+7.5%
Fixed assets	645	511	444	+26.3%
Goodwill	233	195	186	+19.5%
Intangible assets	93.7	58.3	58.7	+60.7%
Cash and equivalents	33.8	154	3.5	-78.1%
Receivables	87.0	74.2	80.2	+17.2%
Other assets	192	202	160	-5.0%
Total assets	1,284	1,194	932	+7.5%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.