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Heritage-Crystal Clean, Inc.

crystal-clean.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 9, 2023. Its latest SEC filing is a SC 13G/A from Feb 14, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides parts-cleaning and waste-management services, and collects and re-refines used oil into lubricating base oil for vehicle-maintenance businesses, industrial and manufacturing companies, and governmental entities.

How Did They Make Money?

Most revenue comes from completed services or delivered products; customers generally owe payment within 30 days after completion. Rental income is earned over the rental period.

revenue
SegmentShareRevenue
Parts cleaning, containerized waste, & related products/services
Sold outright

36%
Vacuum Services & Wastewater Treatment
Sold outright

13%
Industrial & Field Services
Sold outright
4.3%
Antifreeze Business
Sold outright
5.7%
Environmental Services - Other
Sold outright
0.4%
Re-refinery Product Sales
Sold outright

35%
Oil Collection Services & RFO
Sold outright
4.1%
Oil Filter Business
Sold outright
1.1%

Who Were Their Customers?

Local sales and service representatives develop accounts through assigned territories and service visits; a corporate accounts team pursues larger, geographically dispersed opportunities, while field-services managers sell and execute projects.

Did Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2021 and turned 13 cents into free cash flow.

Operating income, FY2021
16% of revenue
▲ +361% vs FY2020 ($18M, 4%)
Net income, FY2021
12% of revenue
▲ +411% vs FY2020 ($11.9M, 3%)
Free cash flow, FY2021
13% of revenue
▲ +218% vs FY2020 ($21.1M, 5%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q2 FY2023, the three months to Jun 30, 2023
Revenue
Net income
Parts Cleaning, Containerized Waste, & related products/services share of revenue
  • Oct 17, 2023 J.F. Lehman completed its acquisition, and shares left Nasdaq An investment affiliate acquired Crystal Clean, which became a wholly owned subsidiary; its common stock ceased trading on Nasdaq.

Grew. Revenue grew 26% in 4 years, from $410.2M in FY2018 to $515.3M in FY2021, about 6% a year.

Broader customer scope The business description moves from a main focus on small and mid-sized establishments to also serving larger businesses and governmental entities.

Who Did They Compete With?

Competes with Chevron, ExxonMobil, and Motiva

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