Q2 2024 Republic Services Inc Earnings Call Transcript
Key Points
- Republic Services Inc (RSG) achieved revenue growth of 9% and adjusted EBITDA growth of 13% in Q2 2024.
- The company reported an adjusted earnings per share of $1.61 and produced $1.15 billion of adjusted free cash flow year-to-date.
- Customer retention rate remained high at more than 94%, with improving net promoter scores.
- The RISE digital operations platform is driving improved route optimization and safety performance.
- Republic Services Inc (RSG) continues to invest in sustainability projects, including polymer centers and renewable natural gas projects.
- Organic volume on total revenue declined by 80 basis points, with significant losses in the cyclical construction activity sector.
- Volume on related revenue decreased by 1%, with large container volume down 3.3% due to softness in construction-related activity.
- Residential volume decreased by 2.5%, primarily due to municipal contracts lost in 2023.
- The timing of capital expenditures has led to a decrease in year-to-date adjusted free cash flow compared to the prior year.
- The company faces delays in the timing of sustainability projects and polymer center operations, impacting revenue guidance.
Good afternoon, and welcome to the Republic Services's second-quarter 2024 investor conference call. Republic Services is traded on the New York Stock Exchange under the symbol, RSG. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Aaron Evans, Vice President of Investor Relations.
I would like to welcome everyone to Republic Services's second-quarter 2024 conference call. Jon Vander Ark, our CEO; and Brian DelGhiaccio, our CFO, are on the call today to discuss our performance.
I would like to take a moment to remind everyone that some of the information we discuss on today's call contains forward-looking statements, which involve risks and uncertainties and may be materially different from actual results. Our SEC filings discuss factors that could cause actual results to differ materially from expectations. The material that we discuss today is time sensitive.
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