REPUBLIC SERVICES, INC. 
By PHOENIX, April 24, 2014 /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) today reported net income of $132.5 million, or $0.37 per diluted share, for the three months ended March 31, 2014, versus $124.6 million, or $0.34 per diluted share, for the comparable 2013 period.
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Republic's net income for the three months ended March 31, 2014 and 2013, includes certain expenses and benefits that impacted its results. A detail of these expenses and benefits is contained in the Reconciliation of Certain Non-GAAP Measures section of this document. Excluding these items, net income for the three months ended March 31, 2014 and 2013, would have been $154.3 million, or $0.43 per diluted share, and $167.4 million, or $0.46 per diluted share, respectively. Adjusted net income and adjusted diluted earnings per share for the current quarter exclude an environmental remediation charge of $21.8 million, net of tax or $0.06 per share.
"The Company performed well in the first quarter despite severe winter weather conditions," said Donald W. Slager, president and chief executive officer. "We continued to see positive momentum in our business, which was consistent with our expectations. We generated strong free cash flow in the first quarter and returned approximately $226 million to shareholders through share repurchases and dividends."
Excluding certain expenses and benefits recorded during the three months ended March 31, 2014 and 2013, as described in the Reconciliation of Certain Non-GAAP Measures section of this document, adjusted earnings before interest, taxes, depreciation, depletion, amortization and accretion (adjusted EBITDA) for the three months ended March 31, 2014, would have been $574.8 million, or 27.7 percent of revenue, compared to $569.3 million, or 28.5 percent of revenue, for the comparable 2013 period.
Revenue for the three months ended March 31, 2014, increased to $2,073.7 million from $1,998.6 million for the comparable 2013 period. This increase in revenue of 3.8 percent was made up of increases in average yield of 1.2 percent, fuel recovery fees of 0.1 percent, volume of 1.5 percent, recycled commodities of 0.4 percent and acquisitions, net of divestitures of 0.6 percent.
Company Declares Quarterly Dividend
Republic also announced that its Board of Directors declared a regular quarterly dividend of $0.26 per share for stockholders of record on July 1, 2014. The dividend will be paid on July 15, 2014.
About Republic Services
Republic is an industry leader in the U.S. non-hazardous solid waste and recycling industry. Through its subsidiaries, Republic's collection companies, transfer stations, recycling centers and landfills focus on providing reliable environmental services and solutions for commercial, industrial, municipal and residential customers. Republic and its employees believe in protecting the planet and applying common sense solutions to customers' waste and recycling challenges.
Republic participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at republicservices.com by selecting "Calendar" on the investor relations page. Audio and other presentations from earnings calls and investor conferences are also available on the investor relations page of the website.
SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION
AND OPERATING DATA
REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
March 31, December
31,
2014 2013
---- ----
(Unaudited)
ASSETS
Current assets:
Cash and cash
equivalents $175.8 $213.3
Accounts receivable,
less allowance for
doubtful accounts of
$37.1 and $38.3,
respectively 873.2 890.7
Prepaid expenses and
other current assets 139.6 200.3
Deferred tax assets 118.3 117.6
----- -----
Total current assets 1,306.9 1,421.9
Restricted cash and
marketable securities 161.7 169.7
Property and
equipment, net 7,053.4 7,036.8
Goodwill 10,727.7 10,724.1
Other intangible
assets, net 301.1 315.8
Other assets 291.7 280.9
----- -----
Total assets $19,842.5 $19,949.2
========= ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $491.1 $511.4
Notes payable and
current maturities of
long-term debt 5.4 15.7
Deferred revenue 307.1 301.8
Accrued landfill and
environmental costs,
current portion 201.6 178.7
Accrued interest 69.6 68.2
Other accrued
liabilities 622.6 641.3
----- -----
Total current
liabilities 1,697.4 1,717.1
Long-term debt, net
of current maturities 7,007.9 7,002.4
Accrued landfill and
environmental costs,
net of current
portion 1,464.1 1,464.3
Deferred income taxes
and other long-term
tax liabilities 1,166.1 1,185.4
Self-insurance
reserves, net of
current portion 310.6 294.9
Other long-term
liabilities 371.7 379.0
Commitments and contingencies
Stockholders' equity:
Preferred stock, par
value $0.01 per
share; 50 shares
authorized; none
issued - -
Common stock, par
value $0.01 per
share; 750 shares
authorized; 411.7 and
411.0 issued
including shares held
in treasury,
respectively 4.1 4.1
Additional paid-in
capital 6,788.1 6,764.9
Retained earnings 2,671.9 2,632.7
Treasury stock, at
cost (54.5 and 50.6
shares, respectively) (1,643.5) (1,501.2)
Accumulated other
comprehensive income,
net of tax 1.4 3.0
--- ---
Total Republic
Services, Inc.
stockholders' equity 7,822 7,903.5
Noncontrolling
interests 2.7 2.6
--- ---
Total stockholders'
equity 7,824.7 7,906.1
------- -------
Total liabilities and
stockholders' equity $19,842.5 $19,949.2
========= ======
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
Three Months
Ended March
31,
-------------
2014 2013
---- ----
Revenue $2,073.7 $1,998.6
Expenses:
Cost of operations 1,321.2 1,223.1
Depreciation, amortization
and depletion 213.1 209.6
Accretion 19.5 19.2
Selling, general and
administrative 213.8 206.5
Negotiation and withdrawal
costs -Central States
Pension and Other Funds - 62.2
Gain on disposition of assets
and impairments, net - (1.1)
Restructuring charges - 4.9
--- ---
Operating income 306.1 274.2
Interest expense (87.0) (89.6)
Loss on extinguishment of
debt - (1.8)
Interest income 0.1 0.3
Other income, net 1.0 0.2
--- ---
Income before income taxes 220.2 183.3
Provision for income taxes 87.6 58.4
---- ----
Net income 132.6 124.9
Net income attributable to
noncontrolling interests (0.1) (0.3)
---- ----
Net income attributable to
Republic Services, Inc. $132.5 $124.6
====== ======
Basic earnings per share
attributable to Republic Services,
Inc. stockholders:
Basic earnings per share $0.37 $0.34
===== =====
Weighted average common
shares outstanding 359.8 362.7
===== =====
Diluted earnings per share
attributable to Republic Services,
Inc. stockholders:
Diluted earnings per share $0.37 $0.34
===== =====
Weighted average common and
common equivalent shares
outstanding 361.0 364.1
===== =====
Cash dividends per common
share $0.260 $0.235
====== ======
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Three
Months
Ended
March 31,
----------
2014 2013
---- ----
Cash provided by operating
activities:
Net income $132.6 $124.9
Adjustments to reconcile net
income to cash provided by
operating activities:
Depreciation, amortization,
depletion and accretion 232.6 228.8
Non-cash interest expense 11.2 11.8
Restructuring related charges - 4.9
Stock-based compensation 6.7 7.7
Deferred tax benefit (19.2) (17.6)
Provision for doubtful
accounts, net of adjustments 3.4 2.9
Loss on extinguishment of
debt - 1.8
Gain on disposition of
assets, net and asset
impairments (1.6) (3.1)
Withdrawal liability -
Central States Pension Fund
and Other Funds - 57.9
Environmental adjustments 36.2 5.8
Excess income tax benefit
from stock option exercises
and other non-cash items 0.4 (0.1)
Change in assets and liabilities,
net of effects from business
acquisitions and divestitures:
Accounts receivable 14.0 18.8
Prepaid expenses and other
assets (4.4) (4.3)
Accounts payable (22.1) (11.9)
Restructuring and synergy
related expenditures - (7.2)
Capping, closure and post-
closure expenditures (8.7) (26.7)
Remediation expenditures (27.1) (18.9)
Other liabilities 42.4 44.3
---- ----
Cash provided by operating
activities 396.4 419.8
----- -----
Cash used in investing activities:
Purchases of property and
equipment (213.7) (214.8)
Proceeds from sales of
property and equipment 2.5 3.2
Cash used in business
acquisitions and development
projects, net of cash
acquired (6.2) (10.2)
Cash proceeds from
divestitures, net of cash
divested - 1.0
Change in restricted cash and
marketable securities 8.0 (0.1)
Other (0.7) (0.8)
---- ----
Cash used in investing
activities (210.1) (221.7)
----- -----
Cash used in financing activities:
Proceeds from notes payable
and long-term debt - 702.9
Payments of notes payable and
long-term debt (13.8) (745.5)
Fees paid to issue tax exempt
financings - (1.2)
Issuances of common stock 15.9 59.9
Excess income tax benefit
from stock option exercises 0.2 0.4
Purchases of common stock for
treasury (132.2) (67.2)
Cash dividends paid (93.7) (84.9)
Other (0.2) -
---- ---
Cash used in financing
activities (223.8) (135.6)
----- -----
(Decrease) increase in cash
and cash equivalents (37.5) 62.5
Cash and cash equivalents at
beginning of year 213.3 67.6
----- ----
Cash and cash equivalents at
end of period $175.8 $130.1
==== ====
You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2013. All amounts below are in millions and as a percentage of our revenue, except per share data.
REVENUE
The following table reflects our total revenue by line of business for the three months ended March 31, 2014 and 2013 (in millions of dollars and as a percentage of revenue):
Three Months Ended March
31,
------------------------
2014 2013
---- ----
Collection:
Residential $537.9 26.0% $535.2 26.8%
Commercial 664.2 32.0 643.3 32.2
Industrial 402.4 19.4 376.8 18.8
Other 9.0 0.4 8.3 0.4
--- --- --- ---
Total
collection 1,613.5 77.8 1,563.6 78.2
Transfer 237.6 233.3
Less:
Intercompany (148.6) (141.8)
------ ------
Transfer,
net 89.0 4.3 91.5 4.6
Landfill 446.3 431.6
Less:
Intercompany (209.5) (207.2)
------ ------
Landfill,
net 236.8 11.4 224.4 11.2
Sale
of
recycled
commodities 95.5 4.6 88.0 4.4
Other
non-
core 38.9 1.9 31.1 1.6
---- --- ---- ---
Other 134.4 6.5 119.1 6.0
----- --- ----- ---
Total
revenue $2,073.7 100.0% $1,998.6 100.0%
===== ===== ===== =====
The following table reflects changes in our revenue for the three months ended March 31, 2014 and 2013:
Three
Months
Ended
March
31,
------
2014 2013
---- ----
Average yield 1.2% 1.2%
Fuel recovery fees 0.1 0.3
--- ---
Total price 1.3 1.5
--- ---
Volume 1.5 (0.5)
Workday impact - (0.5)
--- ----
Total volume 1.5 (1.0)
--- ----
Recycled commodities 0.4 (0.2)
--- ----
Total internal growth 3.2 0.3
Acquisitions /
divestitures, net 0.6 0.5
Total 3.8% 0.8%
=== ===
Core price 3.2% 3.2%
=== ===
COST OF OPERATIONS
The following table summarizes the major components of our cost of operations for the three months ended March 31, 2014 and 2013 (in millions of dollars and as a percentage of revenue):
Three Months Ended
March 31,
-------------------
2014 2013
---- ----
Labor and
related
benefits $416.0 20.1% $400.5 20.0%
Transfer and
disposal
costs 150.5 7.3 142.7 7.1
Maintenance
and repairs 182.9 8.8 173.5 8.7
Transportation
and
subcontract
costs 114.4 5.5 104.6 5.2
Fuel 129.3 6.2 127.6 6.4
Franchise
fees and
taxes 96.9 4.7 96.3 4.8
Landfill
operating
costs 35.1 1.7 40.9 2.1
Risk
management 42.9 2.1 41.5 2.1
Cost of goods
sold 39.9 1.9 28.3 1.4
Other 77.2 3.7 67.2 3.4
Subtotal 1,285.1 62.0 1,223.1 61.2
Bridgeton
remediation 36.1 1.7 - -
Total cost of
operations $1,321.2 63.7% $1,223.1 61.2%
===== ==== ===== ====
These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The following table summarizes our selling, general and administrative expenses for the three months ended March 31, 2014 and 2013 (in millions of dollars and as a percentage of revenue):
Three Months Ended
March 31,
-------------------
2014 2013
---- ----
Salaries $141.8 6.8% $137.1 6.9%
Provision for doubtful
accounts 3.4 0.2 2.9 0.1
Other 68.6 3.3 66.5 3.3
Total selling, general and
administrative expenses $213.8 10.3% $206.5 10.3%
==== ==== ==== ====
These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies.
RECONCILIATION OF CERTAIN NON-GAAP MEASURES
Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization and Accretion
The following table calculates earnings before interest, taxes, depreciation, depletion, amortization and accretion (EBITDA), which is not a measure determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three months ended March 31, 2014 and 2013:
Three
Months
Ended
March 31,
----------
2014 2013
---- ----
Net income attributable to
Republic Services, Inc. $132.5 $124.6
Net income attributable to
noncontrolling interests 0.1 0.3
Provision for income taxes 87.6 58.4
Other income, net (1.0) (0.2)
Interest income (0.1) (0.3)
Loss on extinguishment of
debt - 1.8
Interest expense 87.0 89.6
Depreciation, amortization
and depletion 213.1 209.6
Accretion 19.5 19.2
---- ----
EBITDA $538.7 $503.0
==== ====
We believe that presenting EBITDA is useful to investors because it provides important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA demonstrates our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit rating and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. This measure has limitations. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years. Our definition of EBITDA may not be comparable to similarly titled measures presented by other companies.
Adjusted Earnings
Reported diluted earnings per share were $0.37 for the three months ended March 31, 2014, as compared to $0.34 for the same period in 2013. During the three months ended March 31, 2014 and 2013, we recorded a number of charges, other expenses and net gain on disposition of assets that impacted our EBITDA, pre-tax income, net income attributable to Republic Services, Inc. (Net Income - Republic) and diluted earnings per share. These items primarily consist of the following:
Three Months Ended March Three Months Ended March
31, 2014 31, 2013
------------------------- -------------------------
Net Diluted Net Diluted
Pre- Income - Earnings Pre-
tax tax Income - Earnings
EBITDA Income Republic per EBITDA Income Republic per
Share Share
------ ------ ------ ------ ------ ------ ------ ------
As reported $538.7 $220.2 $132.5 $0.37 $503.0 $183.3 $124.6 $0.34
Negotiation
and
withdrawal
costs -
Central
States
Pension and
Other Funds - - - - 62.2 62.2 38.7 0.11
Restructuring
charges - - - - 4.9 4.9 3.5 0.01
Loss on
extinguishment
of debt - - - - 1.8 1.1 -
Gain on
disposition
of assets and
impairments,
net - - - - (0.8) (0.8) (0.5) -
Bridgeton
remediation 36.1 36.1 21.8 0.06 - - - -
---- ---- ---- ---- --- --- --- ---
Adjusted $574.8 $256.3 $154.3 $0.43 $569.3 $251.4 $167.4 $0.46
====== ==== ====== ===== ====== ==== ====== =====
We believe that presenting adjusted EBITDA, adjusted pre-tax income, adjusted net income attributable to Republic Services, Inc., and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provides an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. In the case of the Bridgeton remediation charges, we are adjusting such amounts due to their significant effect on our operating results. However, in the ordinary course of our business, we often incur remediation adjustments that we do not adjust from our operating results. Our definitions of adjusted EBITDA, adjusted pre-tax income, adjusted net income attributable to Republic Services Inc., and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.
Adjusted Free Cash Flow
The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the three months ended March 31, 2014 and 2013:
Three Months Ended March
31,
------------------------
2014 2013
---- ----
Cash provided by operating
activities $396.4 $419.8
Property and equipment
received (215.8) (217.1)
Proceeds from sales of
property and equipment 2.5 3.2
Cash paid related to
negotiation and
withdrawal costs -
Central States Pension
and Other Funds, net of
tax 2.5 2.6
Restructuring payments,
net of tax - 4.3
Adjusted free cash flow $185.6 $212.8
====== ======
We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain payments. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.
Purchases of property and equipment as reflected on our consolidated statements of cash flows and the adjusted free cash flow presented above represent amounts paid during the period for such expenditures. A reconciliation of property and equipment reflected on our consolidated statements of cash flows to property and equipment received during the period is as follows for the three months ended March 31, 2014 and 2013:
Three Months Ended March
31,
------------------------
2014 2013
---- ----
Purchases of property
and equipment per the
unaudited consolidated
statements of cash
flows $213.7 $214.8
Adjustments for property
and equipment received
during the prior period
but paid for in the
following period, net 2.1 2.3
Property and equipment
received during the
period $215.8 $217.1
====== ======
The adjustments noted above do not affect our net change in cash and cash equivalents as reflected in our consolidated statements of cash flows.
ACCOUNTS RECEIVABLE
As of March 31, 2014 and December 31, 2013, accounts receivable were $873.2 million and $890.7 million, net of allowance for doubtful accounts of $37.1 million and $38.3 million, resulting in days sales outstanding of 38 (or 25 net of deferred revenue) and 38 (or 25 net of deferred revenue), respectively.
CASH DIVIDENDS
In January 2014, we paid a cash dividend of $93.7 million to stockholders of record as of January 2, 2014. As of March 31, 2014, we recorded a quarterly dividend payable of $92.9 million to stockholders of record at the close of business on April 1, 2014, which was paid on April 15, 2014.
STOCK REPURCHASE PROGRAM
We have had a share repurchase program since November 2010. From November 2010 to March 31, 2014, we repurchased 39.4 million shares of our stock for $1,171.3 million at a weighted average cost per share of $29.76. During the three months ended March 31, 2014, we repurchased 3.9 million shares of our stock for $132.2 million at a weighted average cost per share of $33.89.
As of March 31, 2014, we had 357.2 million shares of common stock issued and outstanding.
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking information about us that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate," "project," "intend," "should," "can," "likely," "could," "outlook," and similar expressions are intended to identify forward-looking statements. These statements include statements about our plans, strategies and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that the expectations will prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are:
-- general economic and market conditions, including inflation and changes
in commodity pricing, fuel, interest rates, labor, risk, health
insurance and other variable costs that generally are not within our
control, and our exposure to credit and counterparty risk;
-- whether our estimates and assumptions concerning our selected balance
sheet accounts, income tax accounts, the recoverability of long-lived
assets, the depletion and amortization of landfill development costs,
accruals for final capping, closure and post-closure costs, available
airspace, valuation allowances for accounts receivable, self-insurance,
liabilities for potential litigation, claims and assessments, and
liabilities for environmental remediation, employee benefit and pension
plans, and labor, fuel rates and economic and inflationary trends, turn
out to be correct or appropriate;
-- competition and demand for services in the solid waste industry;
-- price increases to our customers may not be adequate to offset the
impact of increased costs, including labor, third-party disposal and
fuel, and may cause us to lose volume;
-- our ability to manage growth and execute our growth strategy;
-- our compliance with, and future changes in, environmental and flow
control regulations and our ability to obtain approvals from regulatory
agencies in connection with operating and expanding our landfills;
-- the impact on us of our substantial indebtedness, including on our
ability to obtain financing on acceptable terms to finance our
operations and growth strategy and to operate within the limitations
imposed by financing arrangements;
-- our ability to retain our investment grade ratings for our debt;
-- our dependence on key personnel;
-- our dependence on large, long-term collection, transfer and disposal
contracts;
-- our business is capital intensive and may consume cash in excess of cash
flow from operations;
-- any exposure to environmental liabilities or remediation requirements,
to the extent not adequately covered by insurance, could result in
substantial expenses;
-- risks associated with undisclosed liabilities of acquired businesses;
-- risks associated with pending and future legal proceedings, including
litigation, audits or investigations brought by or before any
governmental body;
-- severe weather conditions, which could impair our financial results by
causing increased costs, loss of revenue, reduced operational efficiency
or disruptions to our operations;
-- compliance with existing and future legal and regulatory requirements,
including limitations or bans on disposal of certain types of wastes or
on the transportation of waste, which could limit our ability to conduct
or grow our business, increase our costs to operate or require
additional capital expenditures;
-- potential increases in our expenses if we are required to provide
additional funding to any multiemployer pension plan to which we
contribute or if a withdrawal event or events occur with respect to any
multiemployer pension plan to which we contribute;
-- the negative impact on our operations of union organizing campaigns,
work stoppages or labor shortages;
-- the negative effect that trends toward requiring recycling, waste
reduction at the source and prohibiting the disposal of certain types of
wastes could have on volumes of waste going to landfills;
-- changes by the Financial Accounting Standards Board or other accounting
regulatory bodies to generally accepted accounting principles or
policies; and
-- acts of war, riots or terrorism, including the continuing war on
terrorism, as well as actions taken or to be taken by the United States
or other governments as a result of further acts or threats of
terrorism, and the impact of these acts on economic, financial and
social conditions in the United States.
The risks included here are not exhaustive. Refer to "Part I, Item 1A -- Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013, for further discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except to the extent required by applicable law or regulation, we undertake no obligation to update or publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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SOURCE Republic Services, Inc.
