Company: CLH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000822818-25-000019
Chunk: 98

Company: CLEAN HARBORS INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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ball incinerator in the three months ended March 31, 2024.

Net cash (used in) from financing activities

Net cash used in financing activities for the three months ended March 31, 2025 was $79.3 million, as compared to net cash from financing activities of $486.0 million for the three months ended March 31, 2024. The primary drivers of this change were the incurrence of term loans net of discount and deferred financing costs of $494.7 million in 2024 to fund the acquisitions executed during the period. These amounts were partially offset by higher cash paid for repurchases of stock of $50.0 million, tax payments on withholdings of vested restricted stock of $5.6 million and finance lease payments of $5.4 million during 2025.

Adjusted Free Cash Flow

Management considers adjusted free cash flow, a non-GAAP measure, to be a measure of liquidity which provides useful information to management, creditors and investors about our financial strength and our ability to generate cash. Additionally, adjusted free cash flow is a metric on which a portion of management incentive compensation is based. We define adjusted free cash flow as net cash from operating activities, less additions to property, plant and equipment plus proceeds from sales or disposals of fixed assets. When necessary, management adjusts for the cash impact of items derived from non-operating activities. Adjusted free 

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cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore our measurements of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies. 

The following is a reconciliation of net cash from operating activities to adjusted free cash flow for the following periods: 

For the Three Months Ended March 31,(in thousands)20252024Net cash from operating activities$1,605 $18,549 Additions to property, plant and equipment(118,695)(137,913)Proceeds from sale and disposal of fixed assets1,343 1,008 Adjusted free cash flow$(115,747)$(118,356)

Summary of Capital Resources

At March 31, 2025, cash and cash equivalents and marketable securities totaled $595.3 million, compared to $789.8 million at December 31, 2024. At March 31, 2025, cash and cash equivalents held by our Canadian subsidiaries