Company: CLH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000822818-25-000019
Chunk: 45

Company: CLEAN HARBORS INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 45
---
 operations negatively impacted our consolidated direct revenues by $8.2 million in the three months ended March 31, 2025 compared to the same period in 2024.

Income from operations for the three months ended March 31, 2025 was $111.6 million, compared with $125.5 million in the three months ended March 31, 2024, representing a decrease of 11.0%, primarily driven by an increase in depreciation and amortization expense as a result of the incremental assets from the acquisitions of HEPACO and Noble, which occurred in the first quarter of 2024. Net income for the three months ended March 31, 2025 was $58.7 million, a decrease of $11.2 million, or 16.0% as compared with net income of $69.8 million in the three months ended March 31, 2024.

Adjusted EBITDA, which is the primary financial measure by which we evaluate the operating performance of our segments, increased $4.8 million or 2.1%, from $230.1 million in the three months ended March 31, 2024 to $234.9 million in the three months ended March 31, 2025. Additional information regarding Adjusted EBITDA, which is a non-GAAP measure, including a reconciliation of net income to Adjusted EBITDA, appears below under “Adjusted EBITDA.”

Net cash from operating activities for the three months ended March 31, 2025 decreased $16.9 million from $18.5 million in 2024 to $1.6 million in 2025 due to increased working capital balances as well as higher interest payments. As is typical for the first 

21

quarter, adjusted free cash flow, which management uses to measure our financial strength and ability to generate cash, was an outflow of $115.7 million in the three months ended March 31, 2025 as compared to an outflow of $118.4 million in the comparable period of 2024. Additional information regarding adjusted free cash flow, which is a non-GAAP measure, including a reconciliation of net cash from operating activities to adjusted free cash flow, appears below under “Adjusted Free Cash Flow.”

Segment Performance

The primary financial measure by which we evaluate the performance of our segments is Adjusted EBITDA. The following table sets forth certain financial information associated with our results of operations (in thousands, except percentages):

 Summary