v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING 
Segment reporting is prepared on the same basis that the Company’s chief operating decision maker (“CODM”), which is a committee comprised of the Company’s Co-Chief Executive Officers, manages the business, makes operating decisions and assesses performance. The Company is managed and reports as two operating segments; (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment.
Third-party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment providing the product or service. Intersegment revenues represent the sharing of third-party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third-party. The intersegment revenues are shown net. The operations not managed through the Company’s operating segments described above are recorded as “Corporate.” Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings.
The following tables reconcile third-party revenues to direct revenues by Reportable Segment (in thousands):
 For the Three Months Ended June 30, 2025
 Environmental
Services		Safety-Kleen Sustainability SolutionsTotal
Segment Revenues		CorporateTotal Consolidated Revenues
Third-party revenues$1,330,059 $219,706 $1,549,765 $89 $1,549,854 
Intersegment revenues (expense), net21,976 (21,976)— — — 
Direct revenues$1,352,035 $197,730 $1,549,765 $89 $1,549,854 
 For the Three Months Ended June 30, 2024
 Environmental
Services		Safety-Kleen Sustainability SolutionsTotal
Segment Revenues		CorporateTotal Consolidated Revenues
Third-party revenues$1,297,298 $255,322 $1,552,620 $99 $1,552,719 
Intersegment revenues (expense), net12,085 (12,085)— — — 
Direct revenues$1,309,383 $243,237 $1,552,620 $99 $1,552,719 
 For the Six Months Ended June 30, 2025
 Environmental
Services		Safety-Kleen Sustainability SolutionsTotal
Segment Revenues		CorporateTotal Consolidated Revenues
Third-party revenues$2,537,097 $444,521 $2,981,618 $186 $2,981,804 
Intersegment revenues (expense), net24,051 (24,051)— — — 
Direct revenues$2,561,148 $420,470 $2,981,618 $186 $2,981,804 
 For the Six Months Ended June 30, 2024
 Environmental
Services		Safety-Kleen Sustainability SolutionsTotal
Segment Revenues		CorporateTotal Consolidated Revenues
Third-party revenues$2,458,577 $470,636 $2,929,213 $201 $2,929,414 
Intersegment revenues (expense), net23,316 (23,316)— — — 
Direct revenues$2,481,893 $447,320 $2,929,213 $201 $2,929,414 
The primary financial measure by which the CODM evaluates the performance of its segments is Adjusted EBITDA, which consists of net income plus accretion of environmental liabilities, stock-based compensation, depreciation and amortization, net interest expense, loss on early extinguishment of debt and provision for income taxes and excludes other transactions not deemed representative of fundamental segment results and other expense, net. Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers.
The CODM uses Adjusted EBITDA to enhance their understanding of segment operating performance, which represents the Company’s performance in the ordinary, ongoing and customary course of operations. The reportable segment operating performance Adjusted EBITDA is used by the CODM to make key operating decisions such as the allocation of resources. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments. Therefore total assets by segment are not disclosed.
The tables below present total Reportable Segment Adjusted EBITDA and the relevant significant segment expenses provided to the CODM by reported segment (in thousands):
For the Three Months Ended June 30, 2025
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$1,352,035 $197,730 $1,549,765 
Cost of Revenues880,871 140,567 1,021,438 
Selling, General and Administrative Expenses94,970 18,850 113,820 
Total Reportable Segment Adjusted EBITDA$376,194 $38,313 $414,507 
For the Three Months Ended June 30, 2024
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$1,309,383 $243,237 $1,552,620 
Cost of Revenues853,705 170,434 1,024,139 
Selling, General and Administrative Expenses95,763 21,327 117,090 
Total Reportable Segment Adjusted EBITDA$359,915 $51,476 $411,391 
For the Six Months Ended June 30, 2025
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$2,561,148 $420,470 $2,981,618 
Cost of Revenues1,720,813 318,005 2,038,818 
Selling, General and Administrative Expenses189,550 35,900 225,450 
Total Reportable Segment Adjusted EBITDA$650,785 $66,565 $717,350 
For the Six Months Ended June 30, 2024
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$2,481,893 $447,320 $2,929,213 
Cost of Revenues1,666,603 325,321 1,991,924 
Selling, General and Administrative Expenses190,900 40,823 231,723 
Total Reportable Segment Adjusted EBITDA$624,390 $81,176 $705,566 
The following table presents Total Reportable Segment Adjusted EBITDA reconciled to income from operations before provision for income taxes (in thousands):
 Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Adjusted EBITDA:  
Environmental Services$376,194 $359,915 $650,785 $624,390 
Safety-Kleen Sustainability Solutions38,313 51,476 66,565 81,176 
Total Reportable Segment Adjusted EBITDA414,507 411,391 717,350 705,566 
Reconciliation to Consolidated Statements of Operations:  
Corporate Costs(1)
78,270 83,575 146,259 147,655 
Accretion of environmental liabilities3,591 3,304 7,211 6,521 
Stock-based compensation6,063 8,515 13,698 14,853 
Depreciation and amortization116,285 100,504 228,265 195,569 
Income from operations210,298 215,493 321,917 340,968 
Other expense, net603 167 1,535 1,308 
Interest expense, net of interest income37,106 36,449 73,183 64,988 
Income from operations before provision for income taxes$172,589 $178,877 $247,199 $274,672 
________________
(1)    Corporate Costs include certain revenue, cost of revenues and selling, general and administrative expenses not managed through the Company’s operating segments. These costs are not captured within the Company’s Reportable Segment Adjusted EBITDA but are included in the Company’s total Adjusted EBITDA balances.