Cousins Properties Incorporated

Good day, and thank you for standing by. Welcome to the Casella Waste Systems Inc. Q3 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Butler, VP of Investor Relations. Please go ahead.

Good morning, and thank you for joining us on the call today. We will be discussing our third quarter 2025 results, which were released yesterday afternoon. This morning, I'm joined with John Casella, Chairman and Chief Executive of Casella Waste Systems, Ned Coletta, our President, Brad Helgeson, our Chief Financial Officer, and Sean Steeves, our Senior Vice President and Chief Operating Officer of Casella Waste Operations. After a review of these results and an update on the company's activities and business environment, we'll be happy to take your questions. But first, please note that various remarks we make about the company's future expectations, plans, and prospects constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factors section of our most recent Form 10-Q, which is on file with the FCC. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views on any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so if our views change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to today, October 31st, 2025. Also during the call, we'll be referring to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles, reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures to the extent they are available without unreasonable effort are included in our press release filed on Form 8K with the FTC. With that, I'll turn it over to John.

Thanks, Brian, and good morning, everyone. Welcome to our third quarter 2025 conference call. In Q3, the Casella team worked hard, stayed focused on executing our operating plans, delivering another strong quarter that reinforces our improved outlook for 2025. I'm extremely proud of the team for once again overcoming challenges and demonstrating the strength of our operating model and our strategic execution. Revenue adjusted a bit. quarterly records at approximately $485 million and $120 million, with year-over-year growth driven by continued solid waste pricing strength, healthy landfill volumes, and meaningful contributions from our acquisition program. Year-to-date adjusted free cash flow totaled $119 million, up 21% year-over-year, supported by EBITDA growth, stronger working capital performance, We remain on track to achieve our full year free cash flow guidance, which was raised following our second quarter results. Our solid waste operations delivered strong performance with pricing and landfill volumes continuing to drive margin expansion on same store basis. Integration of the Mid-Atlantic businesses is progressing well with systems conversions and fleet optimization initiatives positioning the segment for further gains in Q4 and well into 2026. Our resource solutions segment continued to perform well, effectively managing commodity price headwinds with our risk management structures and overcoming third-party disruptions in the Boston market. We've completed eight acquisitions year to date, adding approximately $105 million in annualized revenue. We expect the Mountain State waste transaction to close at the beginning of 2026, contributing an additional $30 million of annualized revenues. Our M&A strategy remains focused on balanced mix of smaller token acquisitions and larger opportunities that expand our geographic footprint, such as Mountain State. With an active pipeline representing approximately $500 million in annualized revenues and a strong balance sheet, we are well positioned to continue creating long-term shareholder value through disciplined strategic growth. Our third quarter results highlight significant progress in resolving short-term challenges in the Mid-Atlantic segment and reinforce our confidence in achieving our enhanced 25 guidance. The sustained operating and acquisition momentum provides a strong foundation for continued growth and value creation in 2026. In Q3, we announced Casella's Sustainability Leadership Awards, recognizing customers who exemplify the power of partnership in reducing waste increasing recycling, and advancing the circular economy. This year's recipients are Primo Brands, Dartmouth College, The Arc Oswego, and the University of Vermont Medical Center. That showcases what's possible when innovation and collaboration come together. We celebrate their achievements along with the dedication of our Casella team members who worked alongside of them to build real world models of economic and environmental sustainability for the future. As announced in August, I'll be transitioning to executive chairman role at the end of 2025, with Ned stepping into the CEO role. It's difficult to fully express how proud I am of what this team has accomplished. Over the past five decades, I've had the privilege of working alongside some of the most dedicated, hardworking people in our industry. Together, we've built Casella into an industry leader defined by our core values that continue to guide us. While this will be my final quarterly earnings call as CEO, I'll continue to serve as chairman of the board, supporting Caselva's long-term strategy, stakeholder relationships, and the culture that makes this company so special. I'm deeply grateful for everyone who has been a part of this journey. And I'm excited, really, for the next chapter under Ned's leadership. It's really exciting when we look back the past 50 years, and I can tell you how proud we are of what we have achieved over that 50-year period of time. But I'm even more excited about what is going to happen under Ned's leadership in the future. With that, I'll turn it over to Brad to walk through the financials in more detail.