Republic Services, Inc. (RSG) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 15, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon and welcome to the Republic Services Fourth Quarter and Full Year 2022 Investor Conference Call. Republic Services is traded on the New York Stock Exchange under the symbol RSG. Please note this event is being recorded.

I would now like to turn the conference over to Aaron Evans, Vice President of Investor Relations. Please go ahead.

Aaron Evans - VP, IR

I would like to welcome everyone to Republic Services fourth quarter 2022 conference call. Jon Vander Ark, our CEO; and Brian DelGhiaccio, our CFO, are joining me as we discuss our performance.

I would like to take a moment to remind everyone that some of the information we discuss on today’s call contains forward-looking statements which involve risks and uncertainties and maybe materially different from our actual results. Our SEC filings discuss factors that cause actual results – that could cause actual results to differ materially from expectations. The material that we discuss today is time-sensitive. If in the future, you listen to a rebroadcast or recording of this conference call, you should be sensitive to the date of the original call, which is October 27, 2022. Please note that this call is property of Republic Services, Inc. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Republic Services is strictly prohibited.

I want to point out that our SEC filings, our earnings press release, which includes GAAP reconciliation tables and the discussion of business activities, along with the recording of this call, are available on Republic’s website at republicservices.com. I want to remind you that Republic’s management team routinely participates in investor conferences. When events are scheduled, the dates, times and presentations are posted on our website.

With that, I would like to turn the call over to Jon.

Jon Vander Ark - CEO

Thanks Aaron. Good afternoon, everyone, and thank you for joining us. The Republic team finished the year strong by executing our strategy designed to profitably grow the business. We outpaced expectations throughout the year, delivering results that exceeded our full year guidance, even in the face of increased volatility in the broader marketplace.

During 2022, we achieved revenue growth of 20%, including a 10% from acquisitions; delivered adjusted EBITDA growth of 16%; generated adjusted earnings per share of $4.93, which is an 18% increase over the prior year; and produced $1.74 billion of adjusted free cash flow, a 15% increase over the prior year. We continue to believe that investing in value-creating acquisitions is the best use of our free cash flow.