Company: CLH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000822818-25-000040
Chunk: 150

Company: CLEAN HARBORS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 2
Chunk 150
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 indicative of free cash flow generation for the current period. For 2025, these significant one-time growth investments include the early stages of construction of a solvent de-asphalting unit (“SDA”) and the build out of a hub facility in Phoenix, Arizona (“Phoenix Hub”). We expect to spend approximately $30 million and $15 million, respectively, in 2025 for these projects from which we expect to realize future long-term benefits. Adjusted free 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 Nine Months Ended September 30,(in thousands)20252024Net cash from operating activities$511,632 $473,833 Additions to property, plant and equipment(303,169)(369,826)Proceeds from sale and disposal of fixed assets15,250 6,353 Cash investment in Phoenix hub12,527 — Cash investment in solvent de-asphalting unit11,813 — $248,053 $110,360 

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Summary of Capital Resources

At September 30, 2025, cash and cash equivalents and marketable securities totaled $850.4 million, compared to $789.8 million at December 31, 2024. At September 30, 2025, cash and cash equivalents held by our Canadian subsidiaries totaled $94.9 million. The cash and cash equivalents and marketable securities balance for our U.S. operations was $755.5 million at September 30, 2025. Our U.S. operations had net operating cash inflows of $511.5 million for the nine months ended September 30, 2025.

We maintain a $600.0 million revolving credit facility of which, as of September 30, 2025, approximately $473.3 million was available to borrow under the facility, with letters of credit of $126.7 million outstanding.

Material Capital Requirements

Capital Expenditures

Capital expenditures during the first nine months of 2025 were $303.2 million as compared to $369.8 million during the first nine months of 2024. Notable project spend in 2024 included