Republic Services Inc., Phoenix, has released its financial statements for the fourth quarter and full year of 2021.

The company reported net income of $313.1 million, or 98 cents per diluted share, in the fourth quarter, compared to $235.5 million, or 74 cents per diluted share, in 2020. Excluding certain benefits and expenses, on an adjusted basis, net income for the fourth quarter was $325.5 million, or $1.02 per diluted share, compared to $320.4 million, or $1 per diluted share, in 2020.

Full-year net income was $1,290.4 million, or $4.04 per diluted share, compared to $967.2 million, or $3.02 per diluted share , in 2020. On an adjusted basis, net income for 2021 was $1,330.6 million, or $4.17 per diluted share, compared to $1,137.8 million, or $3.56 per diluted share, for 2020.

“We ended the year strong, capping off our best year of financial performance in company history,” Republic President and CEO Jon Vander Ark said in a Feb. 10 conference call. . “We have consistently exceeded expectations and delivered double-digit growth in revenue, EBITDA (earnings before tax, taxes, depreciation and amortization), earnings and free cash flow during the In addition, we invested more than $1 billion in value-creating acquisitions and returned more than $800 million to shareholders in the form of dividends and share buybacks.”

Earnings per share, or EPS, for the full year was $4.04 and adjusted EPS was $4.17 per share, a 17% increase over the prior year. Adjusted EPS exceeded the company’s upwardly revised guidance for the full year.

Full-year cash flow from operating activities was $2.79 billion, an increase of 13% over the prior year. Adjusted free cash flow, a not generally avsunder accepted accounting principles, totaled $1.52 billion, an increase of 23% over 2020. Adjusted free cash flow exceeded the company’s upwardly revised guidance for the entire year, according to the financial report.

Adjusted EBITDA for the full year was $3.38 billion. Adjusted EBITDA margin was 30% of revenue, representing an increase of 60 basis points over the prior year.

Republic invested $1.06 billion in acquisitions, or $1.02 billion net of disposals, which is the highest level of acquisition investment in more than a decade, Vander Ark said. Recently, the company announced the acquisition of US Ecology, a Boise, Idaho-based environmental solutions provider. Vander Ark said he expects the deal to close by the end of the second quarter.

Vander Ark said the company continues to make progress in rolling out the next phase of the RISE platform, its dispatch operations technology. The company says it has implemented tablets in about 90% of its container fleet.

“With these new features, we generated operational efficiencies and delivered more than one million automated proactive notifications to customers last year,” Vander Ark said. “We will begin pointing tablets at the residential fleet early this year and expect to be complete by mid-2023.”

Looking forward, the company expects adjusted diluted earnings per share to be between $4.58 and $4.65 and adjusted free cash flow to be approximately $1,625 to $1,675 million. dollars. Republic also expects adjusted EBITDA margin to increase 30 to 40 basis points from full-year 2021 performance.

Republic said it plans to invest at least $500 million in acquisitions and $175 million in solar energy investments eligible for tax credits.

“We expect to deliver another strong year of earnings and free cash flow in 2022 driven by outsized revenue growth, margin expansion and improved free cash flow conversion,” said Vander Ark. “This financial outlook is a direct result of leveraging our vast capabilities, delivering comprehensive products and services, and developing innovative solutions to drive profitable growth and create a more sustainable world.”