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Text: Slides for today's call are posted on our website, and we invite you to follow along.
Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions only as of today, April 29, 2020.
Information on potential factors and risks that could affect our actual results of operations is included in our SEC filings.
The company undertakes no obligation to revise or publicly release the results of any revisions to the statements made in today's call other than through filings made concerning this reporting period.
In addition, today's discussion will include references to non-GAAP measures.
Clean Harbors believes that such information provides an additional measurement and consistent historical comparison of its performance.
Starting on Slide 3.
Before discussing our Q1 results, I'd like to address the coronavirus pandemic and how we're responding to it.
Obviously, the outbreak has created a healthcare crisis and caused economic disruption around the globe, and I hope that all of you and your families are staying safe.
Here at Clean Harbors, the safety of our employees is part of our culture and the top priority during this pandemic.
As an essential services provider with teams on the frontlines of the COVID-19 crisis, we have instituted rigorous safety protocols and work closely with suppliers to make certain we have the necessary equipment to protect our employees.
During the crisis, our workforce has remained out in the field and at our plants, supporting our customers' needs across North America.
The workforce representing critical administrative functions has supported our field teams from home, and the strength of our systems has allowed that transition to be virtually seamless.
We expect the virus to impede our business in the second quarter, particularly within Safety-Kleen.
In addition to limited driving and business activity across North America, Safety-Kleen also had been affected by the sharp downturn and the value of base oil.
In short, we are faced with some difficult near-term market conditions, and we are making -- taking significant actions in response.
Let me touch on some of those actions.
Starting with alignment of our cost structure with the demand environment, we are rightsizing our workforce through furloughs and other reductions and implemented a nonbillable hiring and wage freeze, and we restricted all travel.
We've also gone back to many of our vendors and suppliers to negotiate for savings or improved payment terms.
In addition, we've temporarily shutted half of our rerefining capacity to reflect the current demand for base oil as well as the likelihood of less available used motor oil in Q2 and beyond.
From a liquidity perspective, we drew down $150 million on our revolver to strengthen our balance sheet in the event that crisis worsens.
We have reset our net CapEx spend plans for 2020, and we've lowered our expected spend by more than $50 million to preserve capital and support our free cash flow for the year.
That said, I believe our strong balance sheet leaves us well-positioned to succeed.
Turning to Q1 financials on Slide 4.
Revenues rose 10% from a year ago as both operating segments recorded solid growth.
At the same time, our adjusted EBITDA increased to a record $122.6 million, driven by our mix of high-value waste streams and high utilization, augmented by projects and emergency response work.
Our adjusted EBITDA margin increased 130 basis points to 14.3%.
Looking at our segment results, beginning on Slide 5.
Environmental Services revenue grew 11% based by contributions from our facilities network and Field Services group and aided by warmer weather nearly all quarter.
Adjusted EBITDA growth of 22% was driven by business mix, disposal volumes, and emergency response revenue.
Emergency response work totaled $21 million, representing COVID-19 de-con work and a cleanup of a chemical plant fire.
Our disposal facilities saw impressive volumes this quarter as incinerator utilization increased to 86% and landfill tonnage grew 39%.
Our average price per pound for incineration in Q1 was up 11%, reflecting the record level of high-margin direct burn streams that we gathered.
Overall, another terrific quarter for our Environmental Service segment.
Moving to Slide 6.
Safety-Kleen revenue was up 8%, primarily by growth in the SK Oil business.
Adjusted EBITDA and margin improved on lower SK Oil transportation costs and higher rerefining production compared with a year ago when volumes were disrupted by frozen rivers and flooding.
Within the SK branch business, core services performed well.
While parts washer services were flat with the prior year, waste ore collection was up slightly to 55 million gallons, blended products accounted for 25% of volume in the quarter, and our direct volume was 7%.
The first quarter began with positive signs that IMO 2020 was going to enable us to expand our refining spread as high sulfur fuel oil values had fallen, and base oil prices were up in early January.
But the oil shock sparked by the global outbreak of the coronavirus, IMO 2020 has largely been sidelined, and base oil has fallen by $1 a gallon.
We entered Q2 with significant pressure on our rerefining spread.
And in this environment, the value of used motor oil is in a charge-for-oil state.
In response to the current market conditions, we've significantly raised our charge-for-oil program.
Driving in the U.S. and Canada needs to normalize before our spread and lubricant demand can rebound.
And we see conditions -- when we see conditions improve, we'll consider reopening our closed rerefineries.
Turning to Slide 7.
Given the current environment, our capital allocation strategy is critical as ever.
As I mentioned earlier, we are reducing our planned net CapEx by more than $50 million.
We divested two businesses in Western Canada in the first quarter as we continued to steadily shrink our direct exposure to energy.
Since we began executing our divestiture program several years ago, we've sold seven businesses for approximately $120 million in proceeds.
In terms of M&A, we're not likely to be active near term.
Long term, we believe we'll emerge from this market downturn stronger, both financially and operationally than some of our peers, which will allow us to be opportunistic.
For our buyback program, we will likely hold off until we are certain that the domestic economy is on a clear path to recovery.
In addition, we'll look to repay the $150 million on the revolver as soon as this crisis shows signs of nearing an end.
Looking ahead to our segments, although we have seen some cancellations and project delays due to COVID-19, we expect our Environmental Service segment to weather the current downturn well.
We expect our decontamination work and growing volumes of infection waste to help offset what would certainly be a larger decline.
Within Safety-Kleen, we expect both our branch business and our SK Oil to be hit fairly hard, particularly here in Q2 as stay at home orders greatly reduce vehicle travel and generate less used motor oil.
Our SK branch business should rebound as shelter-in-place mandates are lifted and low gasoline prices encourage a rebound in driving.
In SK Oil, our rerefining spread has contracted with a drop in crude, and we have aggressively increased our charge-for-oil pricing, but volumes are off and near-term demand for base oil has fallen.
In summary, our Q1 results demonstrated the strength of our business model, the value of our assets and our frontline role in emergency response.
Our market leadership, financial liquidity and positive free cash flow will enable us to navigate this global crisis.
Let me echo Alan's comments about the outstanding work of our team and everyone on the front lines of the crisis.
Through the unprecedented events we've experienced in just a few weeks, I think we all have a deeper appreciation for the professionals, especially healthcare workers, who put themselves at risk every day to help those in need.
Turning to Slide 9 and our income statement.
As Alan indicated, we delivered record first quarter results.
Revenue grew nearly $78 million, while adjusted EBITDA grew by nearly $21 million.
This reflects the mix of business we achieved in the quarter, project work and favorable weather.
From a gross profit perspective, we saw a sharp increase in both absolute dollars and on a percentage basis due to higher utilization, pricing, and a favorable comp with prior year.
Our gross margin increased by 160 basis points from a year ago.
SG&A expenses were up $14.5 million in the quarter due to the higher revenue, investments in our employees, and some onetime expenses from last year -- onetime items from last year.
As we move forward, we are focusing much of our cost reduction efforts in this area to bring expenses in line with our revenue.
Depreciation and amortization in Q1 was down slightly to $47.5 million.
We completed two small bolt-on acquisitions in 2019, while also divesting several businesses.
For 2020, we expect depreciation and amortization in the range of $285 million to $295 million, which is a little lower than last year.
Income from operations increased 92% to $45.5 million, a first-quarter record, reflecting the combination of our revenue growth and improved gross profit.
On a GAAP basis, earnings per share was $0.21 in Q1 versus $0.02 a year ago.
Our adjusted earnings per share was $0.28.
Turning to the balance sheet on Slide 10.
As Alan mentioned, we drew $150 million on our revolver during the first quarter which increased our cash and short-term marketable securities to $494.3 million at quarter end.
We saw reasonable AR collection late in March, which led to a healthy cash balance.
Our strong liquidity position further protects our company and adds financial flexibility should we need it.
Our balance sheet remains in good shape.
Current and long-term debt obligations at quarter end rose to $1.7 billion, reflecting the drawdown on our revolver.
Our weighted average cost of debt is now 4.3% with a healthy mix of fixed and variable debt.
Leverage on a net debt basis was 2.2x for the trailing 12 months ended March 31.
Looking at our most recent cash balance from yesterday, our cash remains essentially flat from where we ended Q1.
The team has done a nice job maintaining its focus on collections and managing our spend.
Turning to cash flows on Slide 11.
Cash from operations in Q1 was up slightly at -- to $33.7 million.
CapEx, net of disposals and the purchase of our headquarters, was $59.9 million, up from a year ago, resulting in adjusted free cash flow in the quarter of a negative $26.2 million, which is consistent with prior year and our expectations.
For the year, we are now targeting CapEx, net of disposals and purchase of our headquarters in a range of $140 million to $160 million.
During the quarter, we repurchased approximately 300,000 shares of our stock at an average price of $57.41 a share for a total of $17.3 million.
As Alan mentioned, we'll be cautious in our approach to buybacks until we see evidence that markets are well into their recovery stage.
As Alan also noted, given the uncertain market environment, we would -- we are withdrawing our 2020 guidance.
We're hopeful we'll be able to reinstate guidance with our Q2 earnings announcement, provided markets have stabilized.
In summary, Q1 was a strong quarter, highlighted by several financial records, including adjusted EBITDA.
If it were not for COVID-19, our Q1 results would have positioned us for the fourth straight year of profitable growth.
We have taken significant actions in response to the pandemic and are prepared to take additional steps in the event of a prolonged recovery.
We are focused on things we can control, carefully -- including carefully managing our costs, and pursuing new waste streams to feed our landfills and incinerators.

user
compname posts q1 earnings per share of $0.21.
q1 earnings per share $0.21.
q1 adjusted earnings per share $0.28.
withdraws 2020 adjusted ebitda and adjusted free cash flow guidance.
downsizing its workforce through furloughs and other actions.
lowering its expected 2020 net capex spend by more than $50 million.
drawing down $150 million on its revolving credit facility.

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