Company: CLH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000822818-25-000019
Chunk: 116

Company: CLEAN HARBORS INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 116
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 measures our performance.

25

The following is a reconciliation of net income to Adjusted EBITDA for the following periods:

Three Months Ended March 31,(in thousands, except percentages)20252024Net income$58,680 $69,832 Accretion of environmental liabilities3,620 3,217 Stock-based compensation7,635 6,338 Depreciation and amortization111,980 95,065 Other expense, net932 1,141 Interest expense, net of interest income36,077 28,539 Provision for income taxes15,930 25,963 Adjusted EBITDA$234,854 $230,095 As a % of Direct revenues16.4 %16.7 %

Stock-based CompensationThree Months EndedMarch 31,2025 over 2024(in thousands, except percentages)20252024Change% ChangeStock-based compensation$7,635 $6,338 $1,297 20.5 %

Stock-based compensation for the three months ended March 31, 2025 increased $1.3 million from the comparable period in 2024. This increase was driven by higher achievement of performance share metrics in 2024 and incremental expense related to the Employee Stock Purchase Plan. 

Depreciation and Amortization

Three Months EndedMarch 31,2025 over 2024(in thousands, except percentages)20252024Change% ChangeDepreciation of fixed assets and amortization of landfills and finance leases$98,667 $82,215 $16,452 20.0 %Permits and other intangibles amortization13,313 12,850 463 3.6 Total depreciation and amortization$111,980 $95,065 $16,915 17.8 %

Depreciation and amortization for the three months ended March 31, 2025 increased by $16.9 million from the comparable period in 2024 due to the depreciation of fixed assets and amortization of intangible assets acquired from the March 2024 HEPACO and Noble acquisitions, depreciation for the Kimball incinerator which was placed in service in December 2024 and incremental finance lease amortization.

Interest Expense, Net of Interest Income

Three Months EndedMarch 31,2025 over 2024(in thousands, except percentages)20252024Change% ChangeInterest expense, net of interest income