Company: CLH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000822818-25-000040
Chunk: 136

Company: CLEAN HARBORS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 2
Chunk 136
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 as compared to the prior year period, lower environmental expenditures and lower cash paid for taxes. Adjusted free cash flow, which management uses to measure our financial strength and ability to generate cash, was $248.1 million in the nine months ended September 30, 2025 as compared to $110.4 million in the comparable period of 2024, mainly due to higher cash flow from operating activities and lower cash paid for additions to property, plant and equipment net of proceeds from the sale of fixed assets. 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.”

26

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 of Operations Three Months EndedNine Months EndedSeptember 30,September 30, 20252024Change% Change20252024Change% ChangeDirect Revenues (1):    Environmental Services$1,331,300$1,297,187$34,1132.6%$3,892,448$3,779,080$113,3683.0%Safety-Kleen Sustainability Solutions218,037232,139(14,102)(6.1)638,507679,459(40,952)(6.0)Corporate—96(96)N/M186297(111)N/MTotal1,549,3371,529,42219,9151.34,531,1414,458,83672,3051.6Cost of Revenues (2):      Environmental Services871,487874,414(2,927)(0.3)2,592,3002,541,01751,2832.0Safety-Kleen Sustainability Solutions158,545171,120(12,575)(7.3)476,550496,441(19,891)(4.0)Corporate18,45810,0658,393N/M35,02124,75310,268N/MTotal1,048,4901,055,599(7,109)(0.7)3,103,8713,062,21141,6601.4Selling, General & Administrative Expenses (3):     Environmental Services102,58490