Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 13, 2017
Republic Services, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 1-14267 | 65-0716904 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| 18500 North Allied Way Phoenix, Arizona |
85054 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (480) 627-2700
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Table of Contents
| 3 | ||||
| 3 | ||||
| 4 | ||||
Table of Contents
| Item 8.01 | OTHER EVENTS |
Attached hereto, and incorporated by reference herein, is revised Selected Financial Data of Republic Services, Inc. (the “Company”) for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, which supersedes the corresponding information in Item 6. Selected Financial Data in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission on February 17, 2017.
| Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Item 6. Selected Financial Data | |
Table of Contents
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REPUBLIC SERVICES, INC. | ||||
| Date: November 13, 2017 |
By: |
/s/ Brian A. Goebel | ||
| Brian A. Goebel | ||||
| Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||||
Item 6. Selected Financial Data
You should read the following Selected Financial Data in conjunction with Item 8, Financial Statements and Supplementary Data, which includes our consolidated financial statements and notes thereto as of December 31, 2016 and 2015 and for each of the three years ended December 31, 2016, 2015 and 2014 and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K.
See Notes 1, 2, 3, 8, 9, 10 and 12 to our consolidated financial statements in Item 8, Financial Statements and Supplementary Data, of our Form 10-K for a discussion of basis of presentation, significant accounting policies, business acquisitions and divestitures, landfill and environmental costs, debt, income taxes and stockholders’ equity and their effect on comparability of year-to-year data. These historical results are not necessarily indicative of the results to be expected in the future. Amounts are in millions, except per share data.
| Years ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| Statement of Operations Data: |
||||||||||||||||||||
| Revenue |
$ | 9,387.7 | $ | 9,115.0 | $ | 8,803.3 | $ | 8,417.2 | $ | 8,118.3 | ||||||||||
| Expenses: |
||||||||||||||||||||
| Cost of operations |
5,764.0 | 5,518.6 | 5,643.1 | 5,234.7 | 5,005.7 | |||||||||||||||
| Depreciation, amortization and depletion |
991.1 | 970.6 | 906.9 | 877.4 | 848.5 | |||||||||||||||
| Accretion |
79.1 | 79.4 | 78.0 | 76.6 | 78.4 | |||||||||||||||
| Selling, general and administrative |
969.8 | 983.1 | 918.9 | 853.8 | 820.9 | |||||||||||||||
| Withdrawal costs - multiemployer pension funds |
5.6 | 4.5 | 1.5 | 157.7 | 35.8 | |||||||||||||||
| (Gain) loss on disposition of assets and impairments, net |
(0.1 | ) | — | 20.0 | (1.9 | ) | (2.7 | ) | ||||||||||||
| Restructuring charges |
40.7 | — | 1.8 | 8.6 | 11.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
1,537.5 | 1,558.8 | 1,233.1 | 1,210.3 | 1,320.6 | |||||||||||||||
| Interest Expense |
(371.3 | ) | (364.9 | ) | (348.7 | ) | (360.0 | ) | (388.5 | ) | ||||||||||
| Loss on extinguishment of debt |
(196.2 | ) | — | (1.4 | ) | (2.1 | ) | (112.6 | ) | |||||||||||
| Interest income |
0.9 | 0.8 | 0.6 | 0.7 | 1.0 | |||||||||||||||
| Loss from unconsolidated equity method investment |
(6.1 | ) | — | — | — | — | ||||||||||||||
| Other income, net |
1.1 | 1.2 | 1.7 | 2.3 | 3.4 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income before income taxes |
965.9 | 1,195.9 | 885.3 | 851.2 | 823.9 | |||||||||||||||
| Provision for income taxes |
352.7 | 445.5 | 337.4 | 262.1 | 251.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Income |
613.2 | 750.4 | 547.9 | 589.1 | 572.1 | |||||||||||||||
| Net income attributable to noncontrolling interests in consolidated subsidiary |
(0.6 | ) | (0.5 | ) | (0.3 | ) | (0.2 | ) | (0.3 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income attributable to Republic Services, Inc. |
$ | 612.6 | $ | 749.9 | $ | 547.6 | $ | 588.9 | $ | 571.8 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Basic earnings per share attributable to Republic Services, Inc. stockholders: |
||||||||||||||||||||
| Basic earnings per share |
$ | 1.79 | $ | 2.14 | $ | 1.54 | $ | 1.63 | $ | 1.56 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Weighted average common shares outstanding |
343.0 | 350.0 | 356.7 | 362.1 | 366.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Diluted earnings per share attributable to Republic Services, Inc. stockholders: |
||||||||||||||||||||
| Diluted earnings per share |
$ | 1.78 | $ | 2.13 | $ | 1.53 | $ | 1.62 | $ | 1.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Weighted average common and common equivalent shares outstanding |
344.4 | 351.4 | 358.1 | 363.4 | 368.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Cash dividends per common share |
$ | 1.24 | $ | 1.16 | $ | 1.08 | $ | 0.99 | $ | 0.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Other Operating Data: |
||||||||||||||||||||
| Cash provided by operating activities |
$ | 1,847.8 | $ | 1,679.7 | $ | 1,529.8 | $ | 1,548.2 | $ | 1,513.8 | ||||||||||
| Purchases of property and equipment |
927.8 | 945.6 | 862.5 | 880.8 | 903.5 | |||||||||||||||
| Proceeds from sales of property and equipment |
9.8 | 21.2 | 35.7 | 23.9 | 28.7 | |||||||||||||||
| Balance Sheet Data: |
||||||||||||||||||||
| Cash and cash equivalents |
$ | 67.8 | $ | 32.4 | $ | 75.2 | $ | 213.3 | $ | 67.6 | ||||||||||
| Restricted cash and marketable securities |
90.5 | 100.3 | 115.6 | 169.7 | 164.2 | |||||||||||||||
| Total assets |
20,629.6 | 20,535.9 | 20,052.4 | 19,949.2 | 19,616.9 | |||||||||||||||
| Total debt |
7,658.9 | 7,532.9 | 7,019.6 | 7,018.1 | 7,070.5 | |||||||||||||||
| Total stockholders' equity |
7,693.7 | 7,776.6 | 7,747.8 | 7,906.1 | 7,705.7 | |||||||||||||||