Casella Waste Systems (CWST) FY2022 results: revenue $1.1 billion, up 22.0% on the year

Casella Waste Systems Inc. (CWST) reported revenue of $1.1 billion for fiscal 2022, the year ended 31 December 2022, up 22.0% on the year before. Net income was $53 million, up 29.1%, and diluted earnings per share $1.03. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2023.

Revenue

$1.1 billion

+22.0% on the year

FY2015FY2022

Operating margin

8.8%

8.7% a year earlier

FY2015FY2022

Net income

$53 million

+29.1% on the year

FY2015FY2022

Diluted EPS

$1.03

+28.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,085	889	775	+22.0%
Cost of revenue	723	582	516	+24.2%
Gross profit	362	307	259	+18.0%
Gross margin	33.4%	34.5%	33.4%
Operating income	95.4	77.7	59.3	+22.8%
Operating margin	8.8%	8.7%	7.7%
Interest expense	23.7	21.2	22.4	+11.7%
Pre-tax income	75.0	58.0	38.3	+29.1%
Income tax	21.9	16.9	-52.8	+29.2%
Effective tax rate	29.2%	29.2%	-137.9%
Net income	53.1	41.1	91.1	+29.1%
Net margin	4.9%	4.6%	11.8%
Diluted EPS	$1.03	$0.80	$1.86	+28.7%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	217	183	140	+18.9%
Capital expenditure	131	123	108	+6.2%
Free cash flow	86.4	59.4	31.8	+45.3%
Free cash flow margin	8.0%	6.7%	4.1%
Cash from investing	-207	-293	-140
Cash from financing	26.9	-10.1	151
Depreciation and amortisation	126	104	90.8	+22.0%
Share-based compensation	8.2	11.6	8.2	-29.4%
Diluted shares, weighted	52m	52m	49m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	498	422	362	+17.9%
Debt	594	552	540	+7.5%
Operating lease liabilities	57.3	56.4	61.0	+1.7%
Other liabilities	300	252	231	+18.9%
Total liabilities and equity	1,449	1,284	1,194	+12.9%
Fixed assets	721	645	511	+11.8%
Goodwill	274	233	195	+17.9%
Intangible assets	91.8	93.7	58.3	-2.1%
Cash and equivalents	71.2	33.8	154	+110.5%
Receivables	101	87.0	74.2	+16.0%
Other assets	190	192	202	-0.6%
Total assets	1,449	1,284	1,194	+12.9%

10-K for the year ended 31 December 2022, filed 17 February 2023: the filing.