Casella Waste Systems (CWST) FY2023 results: revenue $1.3 billion, up 16.5% on the year

Casella Waste Systems Inc. (CWST) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, up 16.5% on the year before. Net income was $25 million, down 52.1%, and diluted earnings per share $0.46. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$1.3 billion

+16.5% on the year

FY2016FY2023

Operating margin

6.4%

8.8% a year earlier

FY2016FY2023

Net income

$25 million

-52.1% on the year

FY2016FY2023

Diluted EPS

$0.46

-55.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,265	1,085	889	+16.5%
Cost of revenue	832	723	582	+15.1%
Gross profit	433	362	307	+19.5%
Gross margin	34.2%	33.4%	34.5%
Operating income	80.4	95.4	77.7	-15.7%
Operating margin	6.4%	8.8%	8.7%
Interest expense	47.6	23.7	21.2	+100.6%
Pre-tax income	37.0	75.0	58.0	-50.6%
Income tax	11.6	21.9	16.9	-46.8%
Effective tax rate	31.4%	29.2%	29.2%
Net income	25.4	53.1	41.1	-52.1%
Net margin	2.0%	4.9%	4.6%
Diluted EPS	$0.46	$1.03	$0.80	-55.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	233	217	183	+7.3%
Capital expenditure	155	131	123	+18.3%
Free cash flow	78.2	86.4	59.4	-9.5%
Free cash flow margin	6.2%	8.0%	6.7%
Cash from investing	-1,006	-207	-293
Cash from financing	922	26.9	-10.1	+3,322.4%
Depreciation and amortisation	171	126	104	+35.1%
Share-based compensation	9.1	8.2	11.6	+11.4%
Diluted shares, weighted	55m	52m	52m	+6.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,022	498	422	+105.2%
Debt	1,043	594	552	+75.7%
Operating lease liabilities	66.1	57.3	56.4	+15.2%
Other liabilities	404	300	252	+34.7%
Total liabilities and equity	2,535	1,449	1,284	+75.0%
Fixed assets	n/a	721	645
Goodwill	736	274	233	+168.0%
Intangible assets	241	91.8	93.7	+163.0%
Cash and equivalents	221	71.2	33.8	+210.5%
Receivables	157	101	87.0	+55.9%
Other assets	1,180	190	192	+519.9%
Total assets	2,535	1,449	1,284	+75.0%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.