Republic Services, Inc. Q1 FY2024 results: revenue $4.4 billion, up 7.0% on the year

Republic Services, Inc. (RSG) reported revenue of $4.4 billion for Q1 FY2024, the quarter ended 31 March 2024, up 7.0% on the same quarter a year earlier. Net income was $454 million, up 18.2% on the year, and diluted earnings per share $1.44. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$4.4 billionup 7.0%

Net income$454 millionup 18.2%

Diluted EPS$1.44

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	4,439	4,396	n/a	n/a
Cost of revenue	2,283	2,264	n/a	n/a
Gross profit	2,156	2,132	n/a	n/a
Gross margin	48.6%	48.5%	n/a
Selling, general and administrative	414	431	n/a	n/a
Operating income	733	701	n/a	n/a
Operating margin	16.5%	15.9%	n/a
Interest expense	139	130	n/a	n/a
Pre-tax income	599	483	n/a	n/a
Income tax	145	43.3	n/a	n/a
Effective tax rate	24.2%	9.0%	n/a
Net income	454	440	n/a	n/a
Net margin	10.2%	10.0%	n/a
Diluted EPS	$1.44	$1.39	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	812	898	n/a	n/a
Capital expenditure	514	548	n/a	n/a
Free cash flow	297	351	n/a	n/a
Free cash flow margin	6.7%	8.0%	n/a
Depreciation and amortisation	399	402	n/a	n/a
Share-based compensation	11.2	9.2	n/a	n/a
Buybacks	0.0	71.4	n/a	n/a
Dividends paid	168	169	n/a	n/a
Dividend per share	$0.54	$0.54	n/a	n/a
Diluted shares, weighted	316m	317m	n/a	n/a
Shares outstanding at period end	315m	315m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	31,382	31,410	n/a	n/a
Cash and equivalents	91.6	140	n/a	n/a
Receivables	1,763	1,768	n/a	n/a
Inventory	101	97.3	n/a	n/a
Goodwill	15,852	15,834	n/a	n/a
Long-term debt	n/a	12,819	n/a	n/a
Long-term debt including finance leases	11,400	11,887	n/a	n/a
Operating lease liabilities	186	195	n/a	n/a
Finance lease liabilities	n/a	238	n/a	n/a
Shareholders' equity	10,820	10,542	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,414	4,396	4,439	4,663	4,680	4,635	4,593	4,882	4,827	4,725	4,699	5,076
Cost of revenue	2,284	2,264	2,283	2,383	2,367	2,317	2,314	2,449	2,463	2,404	2,366	2,563
Gross profit	2,130	2,132	2,156	2,281	2,313	2,318	2,279	2,433	2,364	2,321	2,333	2,513
Gross margin	48%	48%	49%	49%	49%	50%	50%	50%	49%	49%	50%	50%
SG&A	402	431	414	408	406	446	427	425	422	436	425	444
Operating income	728	701	733	814	846	804	804	861	836	801	830	901
Operating margin	16%	16%	17%	17%	18%	17%	18%	18%	17%	17%	18%	18%
Interest expense	128	130	139	128	138	133	140	145	143	146	151	151
Pre-tax income	606	483	599	654	646	533	665	720	645	564	656	699
Tax rate	21%	9%	24%	22%	12%	4%	26%	24%	15%	4%	20%	19%
Net income	480	440	454	512	566	512	495	550	550	545	525	566
Net margin	11%	10%	10%	11%	12%	11%	11%	11%	11%	12%	11%	11%
Diluted EPS	$1.52	$1.39	$1.44	$1.62	$1.80	$1.63	$1.58	$1.75	$1.76	$1.76	$1.70	$1.84
Operating cash flow	953	898	812	1,099	1,003	1,022	1,025	1,109	1,181	981	1,227	1,153
Capital expenditure	369	548	514	403	454	483	459	407	444	577	476	392
Free cash flow	584	351	297	696	549	539	566	702	737	404	751	761
Buybacks	190	71.4	0.0	168	153	161	55.0	4.0	540	271	292	367
Dividends paid	156	169	168	168	168	182	181	181	182	194	193	192
Shares outstanding	315m	315m	315m	314m	313m	312m	312m	312m	310m	309m	308m	306m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0001060391-24-000205: the filing on EDGAR. All of Republic Services, Inc.'s filings: EDGAR company page.

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