UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities:
Net income	$ 10,382	$ 8,660
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	227,326	168,549
Interest accretion on landfill and environmental remediation liabilities	11,105	8,758
Amortization of debt issuance costs	2,277	2,224
Stock-based compensation	11,647	7,433
Operating lease right-of-use assets expense	16,385	13,119
Other items and charges, net	(150)	12,459
Deferred income taxes	1,076	3,424
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable	(18,326)	(8,865)
Landfill operating lease contract expenditures	(4,755)	(3,486)
Accounts payable	1,875	(20,532)
Prepaid expenses, inventories and other assets	(1,893)	(6,086)
Accrued expenses, contract liabilities and other liabilities	(23,736)	(14,063)
Net cash provided by operating activities	233,213	171,594
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired	(217,501)	(259,196)
Additions to intangible assets	0	(265)
Additions to property and equipment	(187,803)	(126,361)
Proceeds from sale of property and equipment	581	1,047
Proceeds from property insurance settlement	0	146
Net cash used in investing activities	(404,723)	(384,629)
Cash Flows from Financing Activities:
Proceeds from debt borrowings	91,500	801,750
Principal payments on debt	(108,408)	(780,771)
Payments of debt issuance costs	(2,232)	(6,448)
Proceeds from the public offering of Class A common stock	0	496,569
Net cash (used in) provided by financing activities	(19,140)	511,100
Net (decrease) increase in cash, cash equivalents and restricted cash	(190,650)	298,065
Cash, cash equivalents and restricted cash, beginning of period	383,303	220,912
Cash, cash equivalents and restricted cash, end of period	192,653	518,977
Cash paid during the period for:
Cash interest payments	42,835	45,685
Cash income tax payments	318	5,135
Supplemental Disclosure of Non-Cash Activities:
Right-of-use assets obtained in exchange for finance lease obligations	30,268	23,679
Right-of-use assets obtained in exchange for operating lease obligations	$ 22,668	$ 10,776

CASELLA WASTE SYSTEMS INC 10-Q