Company: CLH
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000822818-25-000007
Chunk: 180

Company: CLEAN HARBORS INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 180
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 indicative of how the fundamental business is performing and being managed.

We also provide information relating to our Adjusted EBITDA so that analysts, investors and other interested persons have the same data that we use to assess our core operating performance. We believe that Adjusted EBITDA should be viewed only as a supplement to the GAAP financial information. We also believe, however, that providing this information in addition to, and together with, GAAP financial information provides a better understanding of our core operating performance and how management evaluates and measures our performance.

The following is a reconciliation of net income to Adjusted EBITDA for the following years (in thousands, except percentages):

 For the years ended December 31, 202420232022Net income$402,299 $377,856 $411,744 Accretion of environmental liabilities13,456 13,667 12,943 Stock-based compensation27,981 20,703 26,844 Depreciation and amortization400,922 365,761 347,594 Kimball startup costs4,343 — — Other expense (income), net1,454 (2,315)(2,472)Loss on early extinguishment of debt371 2,880 422 Gain on sale of business— — (8,864)Interest expense, net of interest income134,964 108,595 107,663 Provision for income taxes131,144 125,423 126,254 Adjusted EBITDA$1,116,934 $1,012,570 $1,022,128 As a % of Direct revenues19.0 %18.7 %19.8 %

36

Stock-based Compensation

For the years ended December 31,2024 over 20232023 over 2022(in thousands, except percentages)202420232022Change% ChangeChange% ChangeStock-based compensation$27,981 $20,703 $26,844 $7,278 35.2 %$(6,141)(22.9)%

Stock-based compensation for the year ended December 31, 2024 increased $7.3 million from the comparable period in 2023. This increase was driven by recent stock price appreciation and higher expenses related to the achievement of performance metrics in 2024. 

Stock-based compensation for the year ended December 31, 2023 decreased $6.1 million from