SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Reconciliation of Third Party Revenues to Direct Revenues

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 Solutions		Total Segment Revenues		Corporate		Total Consolidated Revenues
Third-party revenues	$	1,330,059	$	219,706	$	1,549,765	$	89	$	1,549,854
Intersegment revenues (expense), net	21,976		(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 Solutions		Total Segment Revenues		Corporate		Total Consolidated Revenues
Third-party revenues	$	1,297,298	$	255,322	$	1,552,620	$	99	$	1,552,719
Intersegment revenues (expense), net	12,085		(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 Solutions		Total Segment Revenues		Corporate		Total Consolidated Revenues
Third-party revenues	$	2,537,097	$	444,521	$	2,981,618	$	186	$	2,981,804
Intersegment revenues (expense), net	24,051		(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 Solutions		Total Segment Revenues		Corporate		Total Consolidated Revenues
Third-party revenues	$	2,458,577	$	470,636	$	2,929,213	$	201	$	2,929,414
Intersegment revenues (expense), net	23,316		(23,316)		—		—		—
Direct revenues	$	2,481,893	$	447,320	$	2,929,213	$	201	$	2,929,414

Schedule of Reconciliation to Consolidated Statements of Income to Adjusted EBITDA

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 Services		Safety-Kleen Sustainability Solutions		Total Reportable Segments
Direct Revenues	$	1,352,035	$	197,730	$	1,549,765
Cost of Revenues	880,871		140,567		1,021,438
Selling, General and Administrative Expenses	94,970		18,850		113,820
Total Reportable Segment Adjusted EBITDA	$	376,194	$	38,313	$	414,507


	For the Three Months Ended June 30, 2024
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Reportable Segments
Direct Revenues	$	1,309,383	$	243,237	$	1,552,620
Cost of Revenues	853,705		170,434		1,024,139
Selling, General and Administrative Expenses	95,763		21,327		117,090
Total Reportable Segment Adjusted EBITDA	$	359,915	$	51,476	$	411,391


	For the Six Months Ended June 30, 2025
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Reportable Segments
Direct Revenues	$	2,561,148	$	420,470	$	2,981,618
Cost of Revenues	1,720,813		318,005		2,038,818
Selling, General and Administrative Expenses	189,550		35,900		225,450
Total Reportable Segment Adjusted EBITDA	$	650,785	$	66,565	$	717,350


	For the Six Months Ended June 30, 2024
	Environmental Services		Safety-Kleen Sustainability Solutions		Total Reportable Segments
Direct Revenues	$	2,481,893	$	447,320	$	2,929,213
Cost of Revenues	1,666,603		325,321		1,991,924
Selling, General and Administrative Expenses	190,900		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 Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Adjusted EBITDA:
Environmental Services	$	376,194	$	359,915	$	650,785	$	624,390
Safety-Kleen Sustainability Solutions	38,313		51,476		66,565		81,176
Total Reportable Segment Adjusted EBITDA	414,507		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 liabilities	3,591		3,304		7,211		6,521
Stock-based compensation	6,063		8,515		13,698		14,853
Depreciation and amortization	116,285		100,504		228,265		195,569

Income from operations	210,298		215,493		321,917		340,968
Other expense, net	603		167		1,535		1,308


Interest expense, net of interest income	37,106		36,449		73,183		64,988
Income from operations before provision for income taxes	$	172,589	$	178,877	$	247,199	$	274,672

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(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.