Revenue increased by 0.9% due to acquisitions, net of divestitures. The company expects to invest approximately $1 billion in acquisitions in 2025, continuing its growth strategy.

Environmental solutions revenue increased by 0.2%, primarily due to an increase in event-based volumes and price increases relative to the same period in 2024.

The company has a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct renewable natural gas projects at certain of our landfill locations in Illinois.

Restructuring charges of $4 million were incurred, primarily related to the design and implementation of a new accounts receivable system. Additional restructuring charges of approximately $10 million are expected for the remainder of 2025.

The company repurchased 0.3 million shares of common stock for $55 million during the quarter. As of March 31, 2025, the remaining authorized purchase capacity under the October 2023 repurchase program was $2.5 billion.

The effective tax rate, exclusive of non-controlling interests, for the three months ended March 31, 2025 and 2024 was 25.6% and 24.2%, respectively.

There have been no material changes to the risk factors disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

It is reasonably possible that we will need to adjust our accrued landfill and environmental liabilities to reflect the effects of new or additional information, to the extent that such information impacts the costs, timing or duration of the required actions. Future changes in our estimates of the costs, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

As of March 31, 2025, the company had $2,022 million of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $20 million.

Republic is one of the largest providers of environmental services in the United States, as measured by revenue.

We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time.

Where we cannot establish a leading market position, or where operations are not generating acceptable returns, we may decide to divest of certain assets and reallocate resources to other markets.

Approximately 67% of the total solid waste volume collected was disposed at landfill sites that we owned or operated (internalization).

Fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three months ended March 31, 2025 and 2024 was $3.63 and $3.96, respectively.

Revenue decreased by 0.5% due to the impact of the number of workdays during the three months ended March 31, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our large-container, landfill, and transfer lines of business.

Restructuring charges of $4 million were incurred, primarily related to the design and implementation of a new accounts receivable system. Additional restructuring charges of approximately $10 million are expected for the remainder of 2025.

Expenses for amortization of other assets were $24 million, or 0.6% of revenue for the three months ended March 31, 2025, compared to $17 million, or 0.4% of revenue for the same period in 2024. These assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements.

The 10Q does not provide details on specific R&D investments or technological capabilities.

Capital expenditures during the three months ended March 31, 2025 were $459 million, compared with $515 million for the same period in 2024.

Dividends paid were $181 million during the three months ended March 31, 2025 and $168 million during the same period in 2024.

During the three months ended March 31, 2025, we repurchased 0.3 million shares of our common stock for $55 million, compared to no repurchases during the same period in 2024.

The company is engaged in 80 landfill gas-to-energy and other renewable energy projects.

The company is focused on its environmental solutions business, which provides services such as collection, treatment, transfer and disposal of hazardous and non-hazardous waste.

The 10Q does not provide specific details on environmental, social, or governance metrics or targets.

Volume decreased revenue by 1.2% during the three months ended March 31, 2025, primarily due to a decline in volume in our residential, large-container and small-container lines of business as well as our transfer line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity and certain manufacturing end markets as well as adverse weather in January and February.

Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately $11 million.

Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three months ended March 31, 2025 and 2024 was $3.63 and $3.96, respectively.