Company: CLH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000822818-25-000040
Chunk: 69

Company: CLEAN HARBORS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 2024. This decrease was driven by both lower pre-tax income as well as a slightly lower effective tax rate in 2025. The decrease in our effective tax rate for the nine months ended September 30, 2025 was driven by the write-off of a deferred tax asset with a full valuation allowance associated with the remedial liability change in estimate discussed above, which occurred in the first quarter of 2025.

Liquidity and Capital Resources 

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing, and financing activities. Our primary ongoing cash requirements will be to fund operations, capital expenditures, interest payments and investments in line with our business strategy as of the date of this report. We believe our future operating cash flows will be sufficient to meet our future operating and internal investing cash needs. We monitor our actual needs and forecasted cash flows, our liquidity and our capital resources, enabling us to plan our present needs and fund items that may arise during the year as a result of changing business conditions or opportunities. Furthermore, our existing cash balance and the availability of additional borrowings under our revolving credit facility provide additional potential sources of liquidity should they be required.

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Summary of Cash Flow Activity

Nine Months EndedSeptember 30,(in thousands)20252024Net cash from operating activities$511,632 $473,833 Net cash used in investing activities(276,587)(812,940)Net cash (used in) from financing activities(166,528)408,555 

Net cash from operating activities

Net cash from operating activities for the nine months ended September 30, 2025 was $511.6 million as compared to $473.8 million in the same period of 2024. This $37.8 million increase in operating cash flows was primarily due to improvement in working capital balances as compared to the prior year period, lower environmental expenditures and lower cash paid for taxes for the nine months ended September 30, 2025 compared to the same period in 2024.

Net cash used in investing activities

Net cash used in investing activities for the nine months ended September 30, 2025 was $276.6 million, a decrease of $536.4 million from the comparable period in 2024. In the nine months ended September 30, 2024, we paid $474.0 million for acquisitions, including the purchase of HEPACO and Noble. Additions to property, plant and equipment, net