UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM S-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Transcription

1 Use these links to rapidly review the document TABLE OF CONTENTS TableofContents As filed with the Securities and Exchange Commission on May 11, 2017 Registration No UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM S-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ADVANCED DISPOSAL SERVICES, INC. (Exactnameofregistrantasspecifiedinitscharter) Delaware (Stateorotherjurisdictionof incorporationororganization) (I.R.S.Employer IdentificationNumber) 90 Fort Wade Road Ponte Vedra, Florida (904) (Address,includingzipcode,andtelephonenumber,includingareacode,ofregistrant'sprincipalexecutiveoffices) Michael K. Slattery, Esq. General Counsel Advanced Disposal Services, Inc. 90 Fort Wade Road Ponte Vedra, FL (904) (Name,address,includingzipcode,andtelephonenumber,includingareacode,ofagentforservice) Copy to: Richard B. Alsop Shearman & Sterling LLP 599 Lexington Avenue New York, New York (212) Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective. IftheonlysecuritiesbeingregisteredonthisFormarebeingofferedpursuanttodividendorinterestreinvestmentplans,pleasecheckthefollowingbox:o IfanyofthesecuritiesbeingregisteredonthisFormaretobeofferedonadelayedorcontinuousbasispursuanttoRule415undertheSecuritiesActof1933,otherthansecuritiesofferedonlyinconnection withdividendorinterestreinvestmentplans,checkthefollowingbox:o IfthisFormisfiledtoregisteradditionalsecuritiesforanofferingpursuanttoRule462(b)undertheSecuritiesAct,pleasecheckthefollowingboxandlisttheSecuritiesActregistrationstatementnumberof theearliereffectiveregistrationstatementforthesameoffering.o IfthisFormisapost-effectiveamendmentfiledpursuanttoRule462(c)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffective registrationstatementforthesameoffering.o IfthisFormisaregistrationstatementpursuanttoGeneralInstructionI.D.orapost-effectiveamendmenttheretothatshallbecomeeffectiveuponfilingwiththeCommissionpursuanttoRule462(e)under thesecuritiesact,checkthefollowingbox.o IfthisFormisapost-effectiveamendmenttoaregistrationstatementfiledpursuanttoGeneralInstructionI.D.filedtoregisteradditionalsecuritiesoradditionalclassesofsecuritiespursuanttoRule413(b) underthesecuritiesact,checkthefollowingbox.o Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof"large acceleratedfiler,""acceleratedfiler,""smallerreportingcompany,"and"emerginggrowthcompany"inrule12b-2oftheexchangeact. Largeacceleratedfilero Acceleratedfilero Non-acceleratedfilerý (Donotcheckifa smallerreportingcompany) Smallerreportingcompanyo Emerginggrowthcompanyo Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovided pursuanttosection7(a)(2)(b)ofthesecuritiesact.o CALCULATION OF REGISTRATION FEE Proposed Maximum Offering Price Per Share(2) Proposed Maximum Aggregate Offering Price Title of Each Class of Securities to be Registered Amount to be Registered(1) Amount of Registration Fee Commonstock,parvalue$0.01pershare(3) 15,525,000 $23.13 $359,093, $41,618.91

2 (1) Includes2,025,000sharesofcommonstocksubjecttotheunderwriters'optiontopurchaseadditionalsharesofcommonstock. (2) EstimatedsolelyforthepurposeofcalculatingtheregistrationfeepursuanttoRule457(c)promulgatedundertheSecuritiesActof1933,onthebasisoftheaverageofthehighandlowpricesofthe commonstockonthenewyorkstockexchangeonmay8,2017. (3) Representssharesofcommonstocktobeofferedbythesellingstockholders. The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

3 EXPLANATORY NOTE TheCompanywassubjecttothereportingrequirementsofSection15(d)oftheSecuritiesExchangeActof1934,asamended(the"ExchangeAct")following theeffectivenessofaregistrationstatementonforms-4relatingtoitsdebtsecurities(fileno )thatbecameeffectiveonnovember8,2013.on December31,2014theCompanyhadfewerthan300holdersofthedebtsecuritiesandtheCompany'sreportingobligationwasautomaticallysuspended,butthe CompanydidnotfileaForm15.TheindenturerelatingtosuchdebtsecuritiesrequiredtheCompanytocontinuetofilewiththeCommissiontheperiodicreports otherwiserequiredbysection15(d),andthecompanytimelyfiledallsuchreportsthroughoctober5,2016,theeffectivedateofitsregistrationstatementon FormS-1( )relatingtotheinitialpublicofferingofitscommonstock.Asaresultoftheinitialpublicoffering,theCompanybecamesubjecttothe requirementsofsection12(b)oftheexchangeactandhastimelyfiledallperiodicreportsrequiredunderthatsectionsincetheeffectivedate.thecompanyhas fileditsannualreportonform10-kfortheyearendeddecember31,2016,whichtakesintoaccountthestaff'scommentsontheregistrationstatementforits initialpublicoffering.thecompanyisthereforeeligibletouseforms-3underthelamaradvertisingcompanyno-actionletter(availablenov.18,1996)and relatedstaffinterpretations.

4 TableofContents The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any state where the offer and sale is not permitted. SUBJECT TO COMPLETION, DATED MAY 11, 2017 PROSPECTUS Advanced Disposal Services, Inc. 13,500,000 Shares Common Stock OfferedbytheSellingStockholders Thisprospectusrelatestothesaleof13,500,000sharesofourcommonstock(the"commonstock")bycertainofourexistingstockholders. Wewillnotreceiveanyproceedsfromthesale,ifany,ofcommonstockbythesellingstockholders. OurcommonstockislistedontheNewYorkStockExchange("NYSE")underthesymbol"ADSW".Thelastreportedsalepriceofthesharesofourcommon stockonthenyseonmay10,2017,was$22.56pershare. Youshouldcarefullyreadthisprospectusandanyapplicablefreewritingprospectus,togetherwithanydocumentsweincorporatebyreference,beforeyou investinourcommonstock. Investing in our common stock involves risks. You should carefully consider the risk factors referred to in the section titled "Risk Factors" beginning on page 11 of this prospectus and in the documents incorporated or deemed incorporated by reference in this prospectus to read about factors you should consider before buying our common stock. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or the accuracy of this prospectus. Any representation to the contrary is a criminal offense. Price to Public Underwriting discounts and commissions (1) Proceeds, before expenses, to the selling stockholders Per Share $ $ $ Total $ $ $ (1) Foradditionalinformationregardingunderwriters'compensation,pleasesee"Underwriting." Theunderwritershavetheoptiontopurchaseuptoanadditional2,025,000sharesfromthesellingstockholders,atthepublicofferingprice,lessthe underwritingdiscountsandcommissions. Theunderwritersexpecttodeliverthesharesofcommonstocktopurchasersonorabout,2017. Joint Book-Running Managers UBS Investment Bank Deutsche Bank Securities Morgan Stanley

5 Macquarie Capital BofA Merrill Lynch Barclays Credit Suisse Stifel Co-Manager First Analysis Securities Corp. Prospectus dated, 2017.

6 TABLE OF CONTENTS Page ABOUTTHISPROSPECTUS 1 PROSPECTUSSUMMARY 2 RISKFACTORS 11 WHEREYOUCANFINDMOREINFORMATION;INCORPORATIONBYREFERENCE 29 CAUTIONARYSTATEMENTCONCERNINGFORWARD-LOOKINGSTATEMENTS 30 USEOFPROCEEDS 32 CAPITALIZATION 33 SELLINGSTOCKHOLDERS 34 DESCRIPTIONOFCAPITALSTOCK 36 MATERIALU.S.FEDERALINCOMETAXCONSEQUENCESTONON-U.S.HOLDERSOFOURCOMMON STOCK 41 UNDERWRITING 45 LEGALMATTERS 53 EXPERTS 54 i

7 ABOUT THIS PROSPECTUS Youshouldrelyonlyupontheinformationcontainedinandincorporatedbyreferenceintothisprospectusorinanyfreewritingprospectuspreparedbyoron behalfofus.neitherwenorthesellingstockholdersnortheunderwritershaveauthorizedanyonetoprovideyouwithadditionalordifferentinformation.ifanyone providesyouwithadditional,differentorinconsistentinformation,youshouldnotrelyonit.ifyouareinajurisdictionwhereofferstosell,orsolicitationsof offerstopurchase,sharesofourcommonstockareunlawful,orifyouareapersontowhomitisunlawfultodirectthesetypesofactivities,thentheofferpresented inthisdocumentdoesnotextendtoyou.youshouldassumetheinformationappearinginthisprospectusisaccurateonlyasoftherespectivedatesofsuch information.ourbusiness,financialcondition,resultsofoperations,andprospectsmayhavechangedsincethosedates. Theregistrationstatement,ofwhichthisprospectusisapart,containsmoreinformationthanthisprospectusregardingusandthemattersdiscussedinthis prospectus,includingexhibitsandschedules.youcanobtainacopyoftheregistrationstatementfromthesecatthesec'swebsiteoratthesec'sofficesas describedbelowundertheheading"whereyoucanfindadditionalinformation."statementsinthisprospectusconcerninganydocumentwefiledasanexhibitto theregistrationstatementorthatweotherwisefiledwiththesecarenotintendedtobecomprehensiveandarequalifiedbyreferencetothesefilings.youshould reviewthecompletedocumenttoevaluatethesestatements.youshouldreadthisprospectus,togetherwiththeadditionalinformationdescribedundertheheading "WhereYouCanFindMoreInformation",beforemakingyourinvestmentdecision. Exceptwherethecontextrequiresotherwise,referencesinthisprospectusto"AdvancedDisposal,""Company,""we,""us,"and"our"refertoAdvanced DisposalServices,Inc.,togetherwithitsconsolidatedsubsidiaries.Inthisprospectus,whenwerefertoourfiscalyears,wesay"fiscal"andtheyearnumber,asin "fiscal2016,"whichreferstoourfiscalyearendeddecember31,

8 PROSPECTUS SUMMARY This summary highlights some of the information contained in this prospectus. This summary may not contain all of the information that may be important to you. For a more complete understanding of our business and this offering, we encourage you to read this entire prospectus, including "Risk Factors," the documents incorporated by reference herein, the more detailed information regarding our Company and the common stock being sold in this offering, as well as our consolidated financial statements and the related notes incorporated by reference in this prospectus, before deciding to invest in our common stock. Some of the statements in this prospectus constitute forward looking statements. See "Cautionary Statement Concerning Forward-Looking Statements." Wearealeadingintegratedproviderofnon-hazardoussolidwastecollection,transfer,recyclinganddisposalservices,operatingprimarilyinsecondary marketsorunderexclusivearrangements.wehaveapresencein16statesacrossthemidwest,southandeastregionsoftheunitedstates,aswellasinthe CommonwealthoftheBahamas,servingapproximately2.8millionresidentialcustomersandover200,000commercialandindustrial("C&I")customers throughourextensivenetworkof91collectionoperations,73transferstations,22ownedoroperatedrecyclingfacilitiesand40ownedoroperatedactive landfills.weseektodrivefinancialperformanceinmarketsinwhichweownoroperatealandfillorincertaindisposal-neutralmarkets,wherethelandfillis ownedbyourmunicipalcustomer.inmarketsinwhichweownoroperatealandfill,weaimtocreateandmaintainverticallyintegratedoperationsthrough whichwemanageamajorityofourcustomers'wastefromthepointofcollectionthroughthepointofdisposal,aprocesswerefertoasinternalization.by internalizingamajorityofthewasteinthesemarkets,weareabletodeliverhighqualitycustomerservicewhilealsoensuringastablerevenuestreamand maximizingprofitabilityandcashflowfromoperations.indisposal-neutralmarkets,wefocusselectivelyonopportunitieswherewecannegotiateexclusive arrangementswithourmunicipalcustomers,facilitatinghighly-efficientandprofitablecollectionoperationswithlowercapitalrequirements. Geographically,wefocusourbusinessprincipallyinsecondary,orlessdenselypopulatednon-urban,marketswherethepresenceoflargenational providersisgenerallymorelimited.wealsocompeteselectivelyinprimary,ordenselypopulatedurban,marketswherewecancapitalizeonopportunities forverticalintegrationthroughourhigh-qualitytransferanddisposalinfrastructureandwherewecanbenefitfromhighly-efficientcollectionroutedensity. Whileprimarymarketstypicallyofferhighlyefficientroutedensities,secondarymarketsprovideotherimportantadvantages,suchaslesscompetition, greateropportunitiestogainmarketsharethroughnewbusinessandconsolidation,andgenerallyhigherandmorestablepricing.wemaintainanattractive mixofrevenuefromvaryingsources,includingresidentialcollections,c&icollections,landfillgasandspecialwastestreams,andfeeschargedtothird partiesfordisposalinournetworkoftransferstationsandlandfills,withlimitedexposuretocommoditysales.wearealsoopportunisticallydevelopingour baseofrecyclingfacilities.wealsobenefitfromahighdegreeofcustomerdiversification,withnosinglecustomeraccountingformorethan2%ofrevenue fortheyearendeddecember31,2016.ourbusinessmixandlargeanddiversecustomerbase,combinedwithourlongtermcontractsandhistoricallyhigh renewalrates,provideuswithsignificantrevenueandearningsstabilityandvisibility. WeintendtogrowourbusinessandexpandthescopeofouroperationsbyaddingnewC&Icustomers,securingadditionalexclusivemunicipal contractsandexecutingvalueenhancing,tuck-inacquisitions,whilemaintainingarelentlessfocusonprudentcostmanagementandpricingdiscipline.to thisend,wearecommittedtoinvestinginstrategicinfrastructureincludingthedevelopmentandenhancementofourlandfills,theconversionofour residentialcollectionfleettoautomatedvehiclesandtheconversionofourcollectionfleettocompressednaturalgas("cng")fueledvehiclesincertain marketsinwhichwecanachieveanattractivereturnonourinvestment.inadditiontoourfocusongrowingrevenuesandenhancingprofitability,weremain financiallydisciplinedthroughourcarefulmanagementofreturnsonequityandcapitaldeployed. 2

9 Wewereincorporatedinfiscal2012inthestateofDelaware.Ourprincipalexecutiveofficeislocatedat90FortWadeRoad,PonteVedra,Florida Ourtelephonenumberatthataddressis(904) Ourcorporatewebsiteaddressiswww.advanceddisposal.com.Informationonourwebsiteis deemednottobeapartofthisprospectus.outstockbegantradingonthenyseonoctober6,2016underthesymbol"adsw". 3

10 THE OFFERING Unlessotherwiseindicated,thesharesofcommonstockoutstandingafterthisofferingandinformationbasedthereonexcludes5,029,500sharesof commonstockavailableforfutureissuanceunderouromnibusexecutivecompensationplan. 4 Sharesof common stock offeredby theselling stockholders 13,500,000shares Optionto purchase additional shares 2,025,000shares Sharesof common stocktobe outstanding immediately afterthis offering 88,265,250shares Useof proceeds Wewillnotreceiveanyoftheproceedsfromthesaleofourcommonstockbythesellingstockholders. Riskfactors Investinginourcommonstockinvolvesahighdegreeofrisk.See"RiskFactors"beginningonpage11ofthisprospectusforadiscussion offactorsyoushouldcarefullyconsiderbeforedecidingtoinvestinourcommonstock. Dividend policy Wehavenocurrentplanstopaydividendsonourcommonstockfollowingthisoffering.Anydecisiontodeclareandpaydividendsinthe futurewillbemadeatthesolediscretionofourboardofdirectorsandwilldependon,amongotherthings,ourresultsofoperations,cash requirements,financialcondition,contractualrestrictionsandotherfactorsthatourboardofdirectorsmaydeemrelevant.becausewearea holdingcompanyandhavenodirectoperations,wewillonlybeabletopaydividendsfromfundswereceivefromoursubsidiaries.in addition,ourabilitytopaydividendswillbelimitedbycovenantsintheagreementsgoverningourexistingindebtednessandmaybe limitedbytheagreementsgoverningotherindebtednessweoroursubsidiariesincurinthefuture. Listing OurcommonstockislistedontheNewYorkStockExchange(the"NYSE")underthesymbol"ADSW".

11 SUMMARY CONSOLIDATED FINANCIAL INFORMATION AND OTHER DATA Thefollowingtablesummarizesourhistoricalconsolidatedfinancialinformationfortheperiodsandasofthedatesindicated.Thesummaryhistorical consolidatedfinancialinformationasofmarch31,2017and2016andforthethreemonthsendedmarch31,2017and2016isderivedfromourunaudited condensedconsolidatedfinancialstatementsincorporatedbyreferenceinthisprospectus.ourunauditedconsolidatedfinancialstatementshavebeen preparedonthesamebasisasourauditedconsolidatedfinancialstatementsand,inouropinion,reflectalladjustments,consistingonlyofnormaland recurringadjustments,necessaryforafairstatementofsuchfinancialstatementsinallmaterialrespects. ThesummaryhistoricalconsolidatedfinancialinformationasofDecember31,2016,2015and2014andfortheyearsendedDecember31,2016,2015 and2014isderivedfromourauditedconsolidatedfinancialstatementsincorporatedbyreferenceinthisprospectus. Thefinancialdatasetforthinthefollowingtablesshouldbereadinconjunctionwithourhistoricalconsolidatedfinancialstatementsandrelatednotes and"management'sdiscussionandanalysisoffinancialconditionandresultsofoperations,"includedinthedocumentsincorporatedby 5

12 referenceinthisprospectus.theresultsforanyinterimperiodarenotnecessarilyindicativeoftheresultsthatmaybeexpectedforafullyearoranyfuture period. Three Months Ended March 31, Year Ended December 31, (in millions, except per share data and percentages) Consolidated Statement of Operations Data : Servicerevenues $ $ $ 1,404.6 $ 1,396.4 $ 1,403.0 Costsandexpenses: Operating(a) Selling,generalandadministrative Depreciationandamortization Acquisitionanddevelopmentcosts Lossondisposalofassetsandassetimpairments(b) Restructuring(c) , , ,333.6 Operatingincome Interestexpense(d) (22.5) (34.4) (130.2) (138.0) (141.5) Lossondebtextinguishmentsandmodifications(d) (64.7) Other(expense)income,net(e) (0.5) (10.1) (25.9) Lossbeforeincometaxes (11.7) (21.3) (56.1) (53.0) (98.0) Benefitforincometaxes(f) (4.7) (7.0) (25.7) (19.4) (80.6) Netlossfromcontinuingoperations (7.0) (14.3) (30.4) (33.6) (17.4) Incomefromdiscontinuedoperations,netoftax 0.3 Netloss $ (7.0) $ (14.3) $ (30.4) $ (33.6) $ (17.1) Basiclosspersharefromcontinuingoperations $ (0.08) $ (0.22) $ (0.44) $ (0.52) $ (0.27) Dilutedlosspersharefromcontinuingoperations $ (0.08) $ (0.22) $ (0.44) $ (0.52) $ (0.27) Consolidated Statement of Cash Flows Data : Netcashprovidedbyoperatingactivities(g) $ $ $ $ Netcashusedininvestingactivities(h) (109.2) (39.7) (170.6) (197.4) (201.2) Netcashprovidedby(usedin)financingactivities 14.4 (14.4) (65.8) (47.5) (53.0) Consolidated Balance Sheet Data (at period end) : Totalassets $ 3,427.2 $ 3,375.5 $ 3,369.9 $ 3,422.3 $ 3,489.5 Debt,includingcurrentportion(i)(d) 1, , , , ,243.0 Totalstockholders'equity(d) Other Data : AdjustedEBITDAfromcontinuingoperations(j) $ 87.2 $ 86.8 $ $ $ AdjustedEBITDAmarginfromcontinuingoperations(k) 25.1% 26.0% 29.3% 28.6% 27.0% Freecashflow(l) $ 57.1 $ 15.9 $ 69.3 $ 69.8 $ 80.2 (a) InFebruary2017,awasteslideoccurredinonecellatourGreentreeLandfillinKersey,Pennsylvania.Duringthethreemonths endedmarch31,2017,werecordedachargeinoperatingexpensesof$5.4million,representingourcurrentestimateofprobable coststorelocatedisplacedmaterialandrestoreinfrastructure,netofestimatedinsurancerecoveries. 6

13 (b) (c) (d) (e) (f) (g) (h) (i) (j) WedisposedofcertainbusinessesintheSouthsegmentforstrategicreasonsinJune2015andrecordedalossondisposalof $10.9millionforfiscal2015.Additionally,werecordedanimpairmentof$6.4millionduringfiscal2015inconnectionwiththe strategicdecisiontodivestcertainbusinessesinthesouthsegmentandthedecisionnottopursuealandfillpermit.infiscal2014,we recordedanimpairmentchargeof$5.3millioninconnectionwiththedecisiontodivestasmallbrokeragebusiness. InSeptember2012,weannouncedareorganizationofouroperationsinanticipationoftheacquisitionofVeoliaESSolidWaste,Inc. in2012(the"veoliaacquisition").the$4.6millionofrestructuringchargesinfiscal2014relatestothesereorganizationefforts. Duringthefirstquarterof2016,weeliminatedacorporateexecutivepositionandre-alignedthreedistrictsintheMidwestsegment intotwodistricts.the$0.8millionofrestructuringchargesincurredduringthethreemonthsendedmarch31,2016relatestothese permanentchangestoourbusiness.adjustmentsreflectamountsaccruedintheperiod;aportionofthecorrespondingcash expendituresweremadeinotherfiscalperiods. InOctober2016,weprepaidapproximately$326.0millionofourExistingTermLoanBwithourinitialpublicofferingproceedsand innovember2016,werefinancedourtermloanbandseniornotes.asaresult,werecorded$64.7millionoflosseson extinguishmentsandmodificationsofdebtduringthefourthquarteroffiscal2016andourinterestexpensewaslowerduringthefirst quarteroffiscal2017andthefourthquarteroffiscal2016. Amountsincludedinotherincome(expense)netforfiscal2016,2015and2014containunrealizedandrealizedgains/lossesrelated toderivativeinstrumentsincludingagainof$3.5million,alossof$15.4millionandalossof$27.3million,respectively,andagain onthesaleofadebtinvestmentsecurityof$2.5millionforfiscal2015. Infiscal2014,wecompletedalegalentityreorganizationtoachieveadministrativeefficienciesandassuchrecordedavaluation allowancereleaseof$0.9millionand$51.4millionforfiscal2015andfiscal2014,respectively,relatedtocertainnetoperating lossesthataremorelikelythannottobeutilized. DuringthethreemonthsendedMarch31,2017,theCompanyenteredintoanAssetTransferandLiabilityAssumptionAgreement withbfiwastesystemsofnorthamerica,llc.thecompanyreceivedacashpaymentof$24.0millionwhichwasrecordedasan operatingcashflow.inexchangeforthispayment,thecompanyassumedcertainpost-closureliabilitiesofaclosedportionofa landfillandbecameresponsibleforexpendituresrelatedtoagasinfrastructuresystem.theassumedpost-closureliabilitiesand expendituresrelatedtothegasinfrastructuresystemapproximatetheamountofthecashpayment.thepaymentsrelatedtothe assumedpost-closureliabilitiesandexpendituresrelatedtothegasinfrastructuresystemwillbemadeinfutureperiods. DuringthethreemonthsendedMarch31,2017,theCompanyused$67.9millionofcashtofundacquisitions. Totaldebtincludescapitalleaseobligationsof$45.6million,$31.5million,$42.5million,$28.2millionand$23.3millionat March31,2017and2016andDecember31,2016,2015,and2014,respectively. WedefineEBITDAasnetincome(loss)fromcontinuingoperationsadjustedforinterest,taxes,depreciationandamortizationand accretion.wedefineadjustedebitdaasebitdaadjustedtoexcludenon-cashandnon-recurringitemsaswellasother adjustmentspermittedincalculatingcovenantcomplianceundertheagreementsgoverningouroutstandingdebtsecuritiesandsenior securedcreditfacilities.webelieveadjustedebitdaisusefultoinvestorsinevaluatingourperformancecomparedtoother companiesinourindustrybecauseiteliminatestheeffectoffinancing,incometaxesandtheaccountingeffectsofcapitalspending, aswellascertainitemsthat 7

14 arenotindicativeofourperformanceonanongoingbasis.managementusesadjustedebitdatomeasuretheperformanceofour coreoperationsattheconsolidated,segmentandbusinessunitlevelsandasametricforasignificantportionofourmanagement incentiveplans.ebitdaandadjustedebitdaarenon-gaapmeasuresand,whenanalyzingouroperatingperformance,investors shouldnotconsiderebitdaandadjustedebitdainisolationorassubstitutesfornetincome,cashflowsfromoperatingactivities orotherstatementofoperationsorcashflowstatementdatapreparedinaccordancewithgaap.ourcalculationsofebitdaand AdjustedEBITDAarenotnecessarilycomparabletothoseofsimilarlytitledmeasuresprovidedbyothercompanies.Webelieve excluding,amongotheritems,stockbasedcompensation,restructuringcosts,saleofassetsandassetimpairments,rebrandingand integrationcostsandshareissuanceandcapitalmarketcostsfromadjustedebitdaisusefuladditionalinformationinevaluating ongoingfinancialperformanceofthebusinessandisconsistentwithhowmanagementevaluatesperformance.ourapproachtothese itemsisalsoconsistentwiththeapproachusedindeterminingcovenantcomplianceinourseniorsecuredcreditfacilitiesandthese itemsdonotrepresentnormalrecurringcashoperatingexpensesnecessarytooperatethebusiness.wehavealsoexcludedlossesand gainsonderivativeinstruments.infiscal2014wemadeastrategicdecisiontoenterintofuelderivativesaseconomichedgesofarise inthepriceofdieselfuelforfiscal2015andfiscal2016.thesederivativesresultedinrealizedlossesinfiscal2015andfiscal2016. Wehavenotenteredintofuelderivativessincefiscal2014whentheeconomichedgesforfiscal2015andfiscal2016wereputin placeandhavenopresentintentiontoenterintofuelderivativesinfiscal2017.wethereforebelievethatexcludingrealizedlosses fromfuelderivativesfromouradjustedebitdaisusefuladditionalinformationinevaluatingongoingfinancialperformanceofthe businessandisconsistentwithhowmanagementevaluatesperformance.infiscal2016,weenteredintointerestratecapsas economichedgesofariseininterestratesforfiscal2017,fiscal2018andtheninemonthsendedseptember30,2019.theseinterest ratederivativesresultedin$1.3millioninrealizedandunrealizedlossesduringthethreemonthsendedmarch31,2017and $2.3millioninunrealizedgainsinfiscal2016.Webelievethatexcludingunrealizedgainsandlossesfrominterestratederivatives fromouradjustedebitdaprovidesusefuladditionalinformationinevaluatingongoingfinancialperformanceofthebusinessas thesederivativesrepresentariskmanagementtooltoreduceourexposuretorisinginterestratesandareviewedbymanagementasa financingcostsimilartointerestexpense.ourapproachtofuelandinterestratederivative 8

15 contractsisalsoconsistentwiththeapproachusedindeterminingcovenantcomplianceinourseniorsecuredcreditfacilities.the followingisareconciliationofnetlosstoadjustedebitda. Three Months Ended March 31, Year Ended December 31, (in millions, except percentages) Netloss $ (7.0) $ (14.3) $ (30.4) $ (33.6) $ (17.1) Lessincomefromdiscontinuedoperations,net 0.3 Lossfromcontinuingoperations (7.0) (14.3) (30.4) (33.6) (17.4) Additions/deductions: Incometaxbenefit (4.7) (7.0) (25.7) (19.4) (80.6) Interestexpense Depreciationandamortization Lossondebtextinguishmentsandmodifications(d) 64.7 Accretiononlandfillretirementobligations Accretiononlosscontractsandotherlong-term liabilities EBITDAfromcontinuingoperations EBITDAadjustments: Acquisitionanddevelopmentcosts Stockbasedcompensation(m) Greentreeexpenses,netofestimatedinsurance recoveries(a) 5.4 Earningsinequityinvestee,net (0.2) (0.5) (0.3) 0.3 (0.1) Restructuringcharges(c) Lossondisposalofassetsandasset impairments(b) Unrealizedloss(gain)onderivativeinstruments(n) (o) 0.8 (4.1) (18.5) (11.1) 27.3 Gainonredemptionofsecurity(e) (2.5) Rebrandingandintegrationcosts(p) 7.1 Write-offofshareissuanceandothercapital marketcosts(q) Other (0.2) (0.1) Realizedlossonderivativeinstruments(n) AdjustedEBITDAfromcontinuingoperations $ 87.2 $ 86.8 $ $ $ Revenuefromcontinuingoperations $ $ $ 1,404.6 $ 1,396.4 $ 1,403.0 AdjustedEBITDAmarginfromcontinuingoperations 25.1% 26.0% 29.3% 28.6% 27.0% (k) (l) AdjustedEBITDAmarginisdefinedasAdjustedEBITDAdividedbyrevenuefromcontinuingoperations. Freecashflowisdefinedasnetcashprovidedbyoperatingactivitieslesscapitalexpenditures(purchasesofpropertyandequipment, excludingexpendituresforsignificantnewmunicipal 9

16 contractsandlandpurchasedforfuturelandfillairspace,netofproceedsfromthesaleofpropertyandequipment).thefollowing tablesetsforthareconciliationoffreecashflowtonetcashprovidedbyoperatingactivities. Three Months Ended March 31, Year Ended December 31, (in millions) Netcashprovidedbyoperatingactivities(g) $ 95.3 $ 54.0 $ $ $ Purchasesofproperty&equipment* (38.8) (38.5) (171.0) (177.3) (166.0) Proceedsfromsaleofproperty&equipment Freecashflow $ 57.1 $ 15.9 $ 69.3 $ 69.8 $ 80.2 * ThethreemonthsendedMarch31,2017andthefiscalyearendedDecember31,2015excludestheimpactoflandpurchased forfutureairspaceof$3.1millionand$2.4million,respectively.thefiscalyearendeddecember31,2014excludesthe impactoflandpurchasesforfutureairspaceof$8.8millionatonelandfillandcapitalrelatedtothestartofamajormunicipal contractof$21.6million. (m) (n) (o) (p) (q) StockbasedcompensationexpenseforthethreemonthsendedMarch31,2017was$4.2millionduetoourcompensationstructure shiftingmoretowardsequitybasedcompensationandtheimpactofinitialpublicofferingrelatedawards.additionally,ourannual stockoptionswereissuedduringthefirstquarterinfiscal2017andtheseoptionsvest20%onthedateofgrantresultingin20%of stockcompensationexpensebeingrecordedonthedateofgrant. Infiscal2014,wemadeastrategicdecisiontoimplementalargescaleeconomichedgeonthepriceofdieselfuelbyenteringinto commodityswapagreementsfor23.8milliongallonsthatmaturedinfiscal2015andfor13.4milliongallonsthatmaturedinfiscal 2016.Forreference,wepurchasedapproximately25milliongallonsofdieselfuelforuseinouroperationsduringfiscal2016. Unrealized(gains)/lossesrepresentnon-cash(income)/expenseintheperiodsinwhichtheyarereported. Infiscal2016,weimplementedeconomichedgesonariseininterestratesforfiscal2017,fiscal2018andtheninemonthsended September30,2019.Thesehedgesresultedin$1.3millioninrealizedandunrealizedlossesduringthethreemonthsendedMarch31, 2017and$2.3millioninunrealizedgainsinfiscal2016.ThesederivativesrepresentariskmanagementtooltoreducetheCompany's exposuretorisinginterestratesandareviewedbymanagementasafinancingcostsimilartointerest.unrealized(gains)/losses representnon-cash(income)/expenseintheperiodsinwhichtheyarereported. InconnectionwiththeVeoliaAcquisitionandthereorganizationeffortsnotedinNote(c)above,weincurredcoststore-brandour fleetoftrucksandcontainerswiththeadvanceddisposalbranding.wealsoincurredcoststointegrateourlegacybusinesses togetherwiththeveoliaessolidwastedivision.adjustmentsreflectamountsaccruedintheperiod;aportionofthecorresponding cashexpendituresweremadeinotherfiscalperiods. InFebruary2016,welaunched,butdidnotcomplete,aninitialpublicofferingprocess.Inrelationtothisinitialpublicoffering process,weincurredvariouscostsincludinglegalcosts,accountingcosts,printingcostsandcoststoamendourseniorsecuredcredit facilitiescontingentontheinitialpublicoffering.adjustmentsreflectamountsaccruedintheperiod;aportionofthecorresponding cashexpendituresweremadeinotherfiscalperiods. 10

17 RISK FACTORS Investmentinourcommonstockofferedpursuanttothisprospectusandtheapplicableprospectussupplementinvolvesrisks.Youshouldcarefullyconsider theriskfactorsincorporatedbyreferencetoour2016form10-kandanysubsequentquarterlyreportsonform10-qorcurrentreportsonform8-kwefile afterthedateofthisprospectus,andallotherinformationcontainedorincorporatedbyreferenceintothisprospectus,asupdatedbyoursubsequentfilingsunder theexchangeact.theoccurrenceofanyoftheserisksmightcauseyoutoloseallorpartofyourinvestmentinourcommonstock. Risks Related to Our Business Our ability to achieve future profitability will depend on our executing on our strategy and controlling costs; future results may be impacted by expiration of NOLs. AlthoughourbusinessgeneratessignificantAdjustedEBITDAandfreecashflow,wehavesignificantnon-cashexpenses,suchasdepreciation,depletionand amortization,thatarecommoninwastemanagementbusinessesandcanbeincreasedsubstantiallybyacquisitions.thesenon-cashexpenseitemshavehad,and maycontinuetohave,asignificantimpactonourreportedpre-taxandafter-taxprofitorloss.inaddition,ourabilitytoachievefutureprofitabilitywilldependon oursuccessfullyexecutingonourstrategyofdevelopingverticallyintegratedgeographicoperationswhilemaintainingaconsistentoperationalfocusonprudent costmanagementandpricingdiscipline.ifwefailtoachieveandmaintainprofitability,wemaybeunabletoutilizeallofournetoperatinglossespriorto expiration,whichmayaffectafter-taxresultsinsubsequentperiods. We operate in a highly competitive industry and may not be able to compete effectively with larger and better capitalized companies and governmental service providers. Ourindustryishighlycompetitiveandrequiressubstantiallaborandcapitalresources.Someofthemarketsinwhichwecompeteorplantocompeteare servedbyoneormorelarge,nationalcompanies,aswellasbyregionalandlocalcompaniesofvaryingsizesandresources,someofwhichmayhaveaccumulated substantialgoodwillintheirmarkets.someofourcompetitorsmayalsobebettercapitalizedthanweare,havegreaternamerecognitionthanwedoorbeableto provideorbewillingtobidtheirservicesatalowerpricethanwemaybewillingtooffer.ourinabilitytocompeteeffectivelycouldhinderourgrowthor adverselyimpactouroperatingresults. Wealsocompetewithcounties,municipalitiesandsolidwastedistrictsthatmaintainorcouldinthefuturechoosetomaintaintheirownwastecollectionand disposaloperations,includingthroughtheimplementationofflowcontrolordinancesorsimilarlegislation.theseoperatorsmayhavefinancialadvantagesoverus becauseoftheiraccesstouserfeesandsimilarcharges,taxrevenues,tax-exemptfinancingorgovernmentsubsidies. We may lose contracts through competitive bidding, early termination or governmental action. Wederiveasignificantportionofourrevenuesfrommarketsinwhichwehaveexclusivearrangements,includingmunicipalcontracts.Ourmunicipal contractsareforaspecifiedtermandareorwillbesubjecttocompetitivebiddinginthefuture.althoughweintendtobidonadditionalmunicipalcontractsinour targetmarkets,wemaynotalways,orever,bethesuccessfulbidder.inaddition,someorallofourcustomers,includingmunicipalities,mayterminatetheir contractswithuspriortotheirscheduledexpirationdates.similarrisksmayaffectcontractsthatweareawardedtooperatemunicipallyownedassets,suchas landfills. Governmentalactionmayalsoaffectourexclusivearrangements.Municipalitiesmayannexunincorporatedareaswithincountieswhereweprovidecollection services.asaresult,ourcustomers 11

18 insuchannexedareasmayberequiredtoobtainservicesfromcompetitorsthathavebeenfranchisedbytheannexingmunicipalitiestoprovidethoseservices.in addition,municipalitiesinwhichweprovideservicesonacompetitivebasismayelecttofranchisethoseservices.unlessweareawardedfranchisesbythese municipalities,wewilllosecustomers.municipalitiesmayalsodecidetodirectlyprovideservicestotheirresidents,onanoptionalormandatorybasis,whichmay causeustolosecustomers.ifwearenotabletoreplacelostrevenuesresultingfromunsuccessfulcompetitivebidding,earlyterminationortherenegotiationof existingcontractswithotherrevenueswithinareasonabletimeperiod,ourresultsofoperationsandfinancialconditioncouldbeadverselyaffected.additionally, thelossofmunicipalcontractsthroughcompetitivebidding,earlyterminationorgovernmentalactioncouldcauselonglivedtangibleandintangibleassetstobe impairedandrequireachargeagainstearnings. Our results are vulnerable to economic conditions. Ourbusinessandfinancialresultswouldbeharmedbydownturnsinthegeneraleconomy,orintheeconomyoftheregionsinwhichweoperateaswellas otherfactorsaffectingthoseregions.inaneconomicslowdown,weexperiencethenegativeeffectsofdecreasedwastegeneration,increasedcompetitivepricing pressure,customerturnover,reductionsincustomerservicerequirements,andcustomerbusinessclosingsandbankruptcies.twolinesofbusinessthatcouldseea moreimmediateimpactwouldbe1)constructionanddemolitionwastecollectionanddisposaland2)specialwastedisposal.inaddition,aweakereconomymay resultindeclinesinrecycledcommodityprices.worseningeconomicconditionsoraprolongedorrecurringeconomicrecessioncouldadverselyaffectour operatingresultsandexpectedseasonalfluctuations.further,wecannotassureyouthatanyimprovementineconomicconditionsaftersuchadownturnwillresult inpositiveimprovementinouroperatingresultsorcashflows. Some of our customers, including governmental entities, have suffered financial difficulties affecting their credit risk, which could negatively impact our operating results. Weprovideservicetoanumberofgovernmentalentitiesandmunicipalities,someofwhichhavesufferedsignificantfinancialdifficultiesduetothedownturn intheeconomy,reducedtaxrevenueand/orhighcoststructures.someoftheseentitiescouldbeunabletopayamountsowedtousorrenewcontractswithusat previousorincreasedrates.manynon-governmentalcustomershavealsosufferedseriousfinancialdifficulties,includingbankruptcyinsomecases.purchasersof ourrecyclablecommoditiescanbeparticularlyvulnerabletofinancialdifficultiesintimesofcommoditypricevolatility.theinabilityofourcustomerstopayusin atimelymannerortopayincreasedrates,particularlylargenationalaccounts,couldnegativelyaffectouroperatingresults. Our financial and operating performance may be affected by the inability in some instances to renew or expand existing landfill permits or acquire new landfills. Further, the cost of operation and/or future construction of our existing landfills may become economically unfeasible causing us to abandon or cease operations. Wecurrentlyownoroperate40activelandfills.Ourabilitytomeetourfinancialandoperatingobjectivesmaydependinpartonourabilitytoacquire,lease orrenewlandfillpermits,expandexistinglandfillsanddevelopnewlandfillsites.ithasbecomeincreasinglydifficultandexpensivetoobtainrequiredpermitsand approvalstobuild,operateandexpandsolidwastemanagementfacilities,includinglandfillsandtransferstations.operatingpermitsforlandfillsinstateswherewe operategenerallymustberenewedperiodically(typically,everyfivetotenyears).theseoperatingpermitsoftenmustberenewedseveraltimesduringthe permittedlifeofalandfillpursuanttoaprocessthatisoftentime-consuming,requiresnumeroushearingsandcompliancewithzoning,environmentalandother requirements,isfrequentlychallengedbyspecialinterestandothergroupsandmayresultinthedenialofapermitorrenewal,theawardofapermitorrenewalfor ashorterdurationthanwe 12

19 believedwasotherwiserequiredbylawortheimpositionofburdensometermsandconditionsthatmayadverselyaffectourresultsofoperations.wemaynotbe abletoobtainnewlandfillsitesinordertoexpandintonew,non-exclusivemarketsorexpandexistinglandfillsitesinordertosupportacquisitionsandinternal growthinourexistingmarketsbecauseincreasedvolumeswouldfurthershortenthelivesoftheselandfills.itisalsopossiblethattheoperationorexpansionof existinglandfillsmaybecomeeconomicallyinfeasiblebasedonmanagement'sassessmentofpermittingissues,acceptablewastestreams,availablevolumesand operatingcosts,inwhichcasewemayabandonexpansionplansorabandonorceaseoperationsentirelyataparticularlandfill.anysuchdecisioncouldresultin impairmentchargesaswellasongoingcostsforclosureandsiteremediation.see"management'sdiscussionandanalysisoffinancialconditionandresultsof Operations CriticalAccountingPoliciesandEstimates LandfillAccounting AmortizationofLandfillAssets"inour2016Form10-K. We could be precluded from entering into or maintaining permits or certain contracts if we are unable to obtain sufficient third-party financial assurance or adequate insurance coverage. Publicsolidwastecollection,recyclinganddisposalcontracts,andobligationsassociatedwithlandfillclosureandpost-closuremonitoringtypicallyrequireus toobtainperformanceorsuretybonds,lettersofcreditorothermeansoffinancialassurancetosecureourcontractualperformance.wecurrentlyobtain performanceandsuretybondsfrommultiplefinancialinstitutions.however,ifweareunabletoobtainfinancialassuranceinthefutureinsufficientamountsfrom appropriatelyratedsuretiesoratacceptablerates,wecouldbeprecludedfromenteringintoadditionalmunicipalcontractsorfromobtainingorretaininglandfill managementcontractsoroperatingpermits.anyfuturedifficultyinobtaininginsurancecouldalsoimpairourabilitytosecurefuturecontractsconditionedupon havingadequateinsurancecoverage. Our accruals for our landfill site closure and post-closure costs and contamination-related costs may be inadequate. Wearerequiredtopaycapping,closureandpost-closuremaintenancecostsforallofourlandfillsites.Ourobligationstopayclosureorpost-closurecostsor othercontamination-relatedcostsmayexceedtheamountwehaveaccruedandreserved,amountswecanrecoverfromcompensatingpriceadjustmentsandother amountsavailablefromfundsorreservesestablishedtopaysuchcosts.inaddition,subsequenttothecompletionorclosureofalandfillsite,wemaybeliablefor unforeseenenvironmentalissues,whichcouldresultinourpaymentofsubstantialremediationcoststhatcouldadverselyaffectourfinancialconditionoroperating results.see"management'sdiscussionandanalysisoffinancialconditionandresultsofoperations CriticalAccountingPoliciesandEstimates Landfill Accounting AmortizationofLandfillAssets"inour2016Form10-K. Our business requires a high level of capital expenditures. Ourbusinessiscapital-intensive.Wemustuseasubstantialportionofourcashflowsfromoperatingactivitiestowardcapitalexpenditures,whichreducesour flexibilitytousesuchcashflowsforotherpurposes,suchasreducingourindebtedness.ourcapitalexpenditurescouldincreaseifwemakeacquisitionsorfurther expandouroperationsorasaresultoffactorsbeyondourcontrol,suchaschangesinfederal,state,localornon-u.s.governmentalrequirements.theamountthat wespendoncapitalexpendituresmayexceedcurrentexpectations,whichmayrequireustoobtainadditionalfundingforouroperationsorimpairourabilityto growourbusiness. We may engage in strategic acquisitions in the future, which may pose significant risks and could have an adverse effect on our operations. Weseektogrowthroughstrategicacquisitionsinadditiontoorganicgrowth.Wemayengageinacquisitionsinordertoacquireordevelopadditionaldisposal capacityorbusinessesthatare 13

20 complementarytoourcorebusinessstrategy.weexpectthatincreasedconsolidationinthesolidwasteservicesindustrywillcontinuetoreducethenumberof attractiveacquisitioncandidates.ifweidentifysuitableacquisitioncandidates,wemaybeunabletonegotiatesuccessfullytheiracquisitionatapriceoronterms andconditionsacceptabletous,includingasaresultofthelimitationsimposedbyourdebtobligations.wemayhavetoborrowmoneyorincurliabilitiesinorder tofinanceanyfutureobligationsandwemaynotbeabletodosoontermsfavorabletousoratall.inaddition,wemaybeunabletoobtainthenecessary regulatoryapprovalstocompletepotentialacquisitions.theintegrationofacquiredbusinessesandotherassetsmayrequiresignificantmanagementtimeand resourcesthatwouldotherwisebeavailablefortheongoingmanagementofourexistingoperations.furthermore,acquiredassetsmaybesubjecttoliabilitiesand risksthatwerenotidentifiedatthetimetheywereacquired. A portion of our growth and future financial performance depends on our ability to integrate acquired businesses and the success of our acquisitions. Onecomponentofourgrowthstrategyinvolvesachievingeconomiesofscaleandoperatingefficienciesbygrowingthroughacquisitions.Wemaynotachieve thesegoalsunlessweareabletoeffectivelycombinetheoperationsofacquiredbusinesseswithourexistingoperations.similarrisksmayaffectcontractsthatwe areawardedtooperatemunicipally-ownedassets,suchaslandfills.inaddition,wearenotalwaysabletocontrolthetimingofouracquisitions.ourinabilityto completeacquisitionswithinthetimeframesthatweexpectmaycauseouroperatingresultstobelessfavorablethanexpected. Evenifweareabletomakeacquisitionsonadvantageoustermsandareabletointegratethemsuccessfullyintoouroperationsandorganization,some acquisitionsmaynotfulfillouranticipatedfinancialorstrategicobjectivesinagivenmarketduetofactorsthatwecannotcontrol,suchasthepriceofcrudeoil, marketposition,competition,customerbase,lossofkeyemployees,third-partylegalchallengesorgovernmentalactions.inaddition,wemaychangeourstrategy withrespecttoamarketoracquiredbusinessesanddecidetosellsuchoperationsataloss,orkeepthoseoperationsandrecognizeanimpairmentofgoodwill and/orintangibleassets.additionally,thelossofmunicipalcontractsthroughcompetitivebidding,earlyterminationorgovernmentalactioncouldcauselonglived tangibleandintangibleassetstobeimpairedandrequireachargeagainstearnings.similarrisksmayaffectcontractsthatweareawardedtooperatemunicipally ownedassets,suchaslandfills. Each business that we acquire or have acquired may have liabilities or risks that we fail or are unable to discover, or that become more adverse to our business than we anticipated at the time of acquisition. Itispossiblethattheoperationsorsiteswehaveacquiredinthepast,orwhichwemayacquireinthefuture,haveliabilitiesorriskswithrespecttoformeror existingoperationsorproperties,orotherwise,whichwehavenotbeenabletoidentifyandassessthroughourduediligenceinvestigations.asasuccessorowner, wemaybelegallyresponsibleforthoseliabilitiesthatarisefrombusinessesthatweacquire.evenifweobtainlegallyenforceablerepresentations,warrantiesand indemnitiesfromthesellersofsuchbusinesses,theymaynotcovertheliabilitiesfullyorthesellersmaynothavesufficientfundstoperformtheirobligations. Someenvironmentalliabilities,evenifwedonotexpresslyassumethem,maybeimposedonusundervariousregulatoryschemesandotherapplicablelaws regardlessofwhetherwecausedorcontributedtoanyconditionsthatresultinsuchliabilities.inaddition,ourinsuranceprogrammaynotcoversuchsitesandwill notcoverliabilitiesassociatedwithsomeenvironmentalissuesthatmayhaveexistedpriortoattachmentofcoverage.asuccessfuluninsuredclaimagainstus couldharmourfinancialconditionoroperatingresults.furthermore,risksorliabilitiesofwhichweareunawareorwejudgetobenotmaterialorremoteatthe timeofacquisitionmaydevelopintomoreseriousriskstoourbusiness.anyadverseoutcomeresultingfromsuchrisksor 14

21 liabilitiescouldharmouroperationsandfinancialresultsandcreatenegativepublicity,whichcoulddamageourreputationandcompetitiveposition. The seasonal nature of our business and "event-driven" waste projects cause our results to fluctuate. Basedonhistorictrends,weexpectouroperatingresultstovaryseasonally,withrevenuestypicallylowestinthefirstquarter,higherinthesecondandthird quarters,andlowerinthefourthquarterthaninthesecondandthirdquarters.thisseasonalityreflectsthelowervolumeofsolidwastegeneratedduringthelate fall,winterandearlyspringbecauseofdecreasedconstructionanddemolitionactivitiesduringthewintermonthsintheu.s.andreduceddrillingactivityduring harshweatherconditions.conversely,mildwinterweatherconditionsmayreducedemandforoilandnaturalgas,whichmaycauseourcustomerstocurtailtheir drillingprograms,whichcouldresultinproductionoflowervolumesofwaste. OurbusinessislocatedmainlyintheSouthern,MidwesternandEasternUnitedStates.Therefore,ourbusiness,financialconditionandresultsofoperations aresusceptibletodownturnsinthegeneraleconomyinthesegeographicregionsandotherfactorsaffectingtheregions,suchasstateregulationsandsevere weatherconditions. Adversewinterweatherconditionsslowwastecollectionactivities,resultinginhigherlaborandoperationalcosts.Greaterprecipitationinthewinterincreases theweightofcollectedwaste,resultinginhigherdisposalcosts,whicharecalculatedonapertonbasis,andincreasedleachatedisposalcosts.certainweather conditions,includingseverestorms,mayresultintemporarysuspensionofouroperations,whichcansignificantlyimpacttheoperatingresultsoftheaffected areas.conversely,weather-relatedoccurrencesandother"event-driven"wasteprojectscanboostrevenuesthroughheavierweightloadsoradditionalworkfora limitedtimeperiod.thesefactorsimpactperiod-to-periodcomparisonsoffinancialresults. We may be subject in the normal course of business to judicial, administrative or other third-party proceedings that could interrupt or limit our operations, result in adverse judgments, settlements or fines and create negative publicity. Individuals,citizensgroups,tradeassociations,communitygroupsorenvironmentalactivistsmaybringactionsagainstusinconnectionwithouroperations thatcouldinterruptorlimitthescopeofourbusiness.manyofthesemattersraisedifficultandcomplicatedfactualandlegalissuesandaresubjecttouncertainties andcomplexities.thetimingofthefinalresolutionstolawsuits,regulatoryinquiries,andgovernmentalandotherlegalproceedingsisuncertain.additionally,the possibleoutcomesorresolutionstothesematterscouldincludeadversejudgmentsorsettlements,eitherofwhichcouldrequiresubstantialpaymentsorother financialobligations.anyadverseoutcomeinsuchproceedingscouldharmouroperationsandfinancialresultsandcreatenegativepublicity,whichcoulddamage ourreputationandcompetitiveposition. Fuel supply and prices may fluctuate significantly and we may not be able to pass on cost increases to our customers. Thepriceandsupplyoffuelcanfluctuatesignificantlybasedoninternational,politicalandeconomiccircumstances,aswellasotherfactorsoutsideour control,suchasactionsbytheorganizationofthepetroleumexportingcountriesandothergasproducers,regionalproductionpatterns,weatherconditions, politicalinstabilityinoilandgasproducingregionsandenvironmentalconcerns.werelyonfueltorunourcollectionandtransfertrucksandourequipmentused inourtransferstationsandlandfilloperations.supplyshortagescouldsubstantiallyincreaseouroperatingexpenses.additionally,asfuelpricesincrease,ourdirect andindirectoperatingexpensesincreaseandmanyofourvendorsraisetheirpricesasameanstooffsettheirownrisingcosts. 15

22 Overthelastseveralyears,regulationshavebeenadoptedmandatingchangesinthecompositionoffuelsformotorvehicles.Therenewablefuelstandardsthat theepasetsannuallyaffectthetypeoffuelourmotorvehiclefleetuses.pursuanttotheenergyindependenceandsecurityactof2007,theepaestablishes annualrenewablefuelvolumerequirementsandseparatevolumerequirementsforfourdifferentcategoriesofrenewablefuels(renewablefuel,advancedbiofuel, cellulosicbiofuelandbiomass-baseddiesel).thesevolumerequirementssetstandardsfortheproportionofrefiners'orimporters'totalfuelvolumethatmustbe renewableandmusttakeintoaccountthefuels'impactongreenhousegas("ghg")emissions.theseregulationsareoneofmanyfactorsthatmayaffectthecostof thefuelweuse. Ouroperationsalsorequiretheuseofproducts(suchaslinersatourlandfills),thecostsofwhichmayvarywiththepriceofpetrochemicals.Anincreasein thepriceofpetrochemicalscouldincreasethecostofthoseproducts,whichwouldincreaseouroperatingandcapitalcosts.wearealsosusceptibletoincreasesin indirectfuelfeesfromourvendors. We are expanding our CNG truck fleet, which makes us increasingly dependent on the availability of CNG and CNG fueling infrastructure and vulnerable to CNG prices. WecurrentlyoperateCNGtruckswhichmakeupaportionofourfleet.Weplantocontinuetotransitionanadditionalportionofourcollectionfleetfrom dieselfueltocng.however,cngisnotyetbroadlyavailableinnorthamerica;asaresult,wehaveconstructedandoperatenaturalgasfuelingstations,someof whichalsoservethepublicorpre-approvedthirdparties.untilthepublicandthirdpartiesinnorthamericabroadlyadoptcng,whichmaynotbeonthe timetableweanticipate,itwillremainnecessaryforustoinvestcapitalincngfuelinginfrastructureinordertopowerourcngfleet.concernshavebeenraised aboutthepotentialforemissionsfromfuelinginfrastructurethatservenaturalgas-fueledvehicles.newregulationof,orrestrictionson,cngfuelinginfrastructure orreductionsinassociatedtaxincentivescouldincreaseouroperatingcosts. Additionally,fluctuationsinthepriceandsupplyofCNGcouldsubstantiallyincreaseouroperatingexpenses,andareductionintheexistingcostdifferential betweencnganddieselfuelcouldmateriallyreducethebenefitsweanticipatefromourinvestmentincngvehicles. Fluctuations in the prices of commodities may adversely affect our financial condition, results of operations and cash flows. Wecollectandprocessrecyclablematerialssuchaspaper,cardboard,plastics,aluminumandothermetalsforsaletothirdparties.Ourresultsofoperations maybeaffectedbychangingpricesormarketrequirementsforrecyclablematerials.theresaleandpurchasepricesof,andmarketdemandfor,recyclablematerials fluctuateduetochangesineconomicconditionsandnumerousotherfactorsbeyondourcontrol.thesefluctuationsmayaffectourfinancialcondition,resultsof operationsandcashflows. Increases in labor and disposal and related transportation costs could impact our financial results. Ourcontinuedsuccesswilldependonourabilitytoattractandretainqualifiedpersonnel.Wecompetewithotherbusinessesinourmarketsforqualified employees.fromtimetotime,thelaborsupplyistightinsomeofourmarkets.ashortageofqualifiedemployees,suchastruckdriversormechanics,would requireustoenhanceourwageandbenefitspackagestocompetemoreeffectivelyforemployees,tohiremoreexpensivetemporaryemployeesortocontractfor serviceswithmoreexpensivethird-partyvendors.laborisoneofourhighestcostsandrelativelysmallincreasesinlaborcostsperemployeecouldmaterially affectourcoststructure.ifwefailtoattractandretainqualifiedemployees,controlourlaborcostsduringperiodsofdecliningvolumesorrecoveranyincreased laborcoststhroughincreasedpriceswechargeforourservicesorotherwiseoffsetsuchincreaseswithcost 16

23 savingsinotherareas,ouroperatingmarginscouldsuffer.disposalandrelatedtransportationcostsareasignificantcostcategoryforus.ifweincurincreased disposalandrelatedtransportationcoststodisposeofsolidwasteandifweareunabletopassthesecostsontoourcustomers,ouroperatingresultswouldsuffer. Efforts by labor unions could divert management attention and adversely affect operating results. Fromtimetotime,laborunionsattempttoorganizeouremployees.Somegroupsofouremployeesarerepresentedbyunions,andwehavenegotiated collectivebargainingagreementswithmostofthesegroups.wearecurrentlyengagedinnegotiationswithothergroupsofemployeesrepresentedbyunions. Additionalgroupsofemployeesmayseekunionrepresentationinthefuture.Fromtimetotime,wearesubjecttounfairlaborpracticecharges,complaintsand otherlegal,administrativeandarbitrationproceedingsinitiatedagainstusbyunions,thenationallaborrelationsboardorouremployees,whichcouldnegatively impactouroperatingresults.negotiatingcollectivebargainingagreementscoulddivertmanagementattention,whichcouldalsoadverselyaffectoperatingresults. Ifweareunabletonegotiateacceptablecollectivebargainingagreements,wemaybesubjecttolabordisruptions,suchasunion-initiatedworkstoppages,including strikes.dependingonthetypeanddurationofanylabordisruptions,ouroperatingexpensescouldincreasesignificantly,whichcouldadverselyaffectourfinancial condition,resultsofoperationsandcashflows. We could face significant withdrawal liability if we withdraw either individually or as part of a mass withdrawal from participation in any underfunded multiemployer pension plans in which we participate. Weparticipateinanumberof"multiemployer"pensionplansadministeredbyemployerandemployeetrustees.Wemakeperiodiccontributionstotheseplans pursuanttoourvariouscontractualobligationstodoso.intheeventthatwewithdrawfromparticipationinorotherwiseceaseourcontributionstooneofthese plans,thenapplicablelawregardingwithdrawalliabilitycouldrequireustomakeadditionalcontributionstotheplanifitisunderfunded,andwewouldhaveto reflectthatasanexpenseinourconsolidatedstatementofoperationsandasaliabilityonourconsolidatedbalancesheet.ourwithdrawalliabilitythatwouldbe paidtoanymultiemployerplanwoulddependontheextentoftheplan'sfundingofvestedbenefits.intheordinarycourseofourrenegotiationofcollective bargainingagreementswithlaborunionsthatparticipateintheseplans,wemaydecidetodiscontinueparticipationinaplan,andinthatevent,wecouldfacea withdrawalliability.somemultiemployerplansinwhichweparticipatemayfromtimetotimehavesignificantunderfundedliabilities.suchunderfundingcould increasethesizeofourpotentialwithdrawalliability. Increases in insurance costs and the amount that we self-insure for various risks could reduce our operating margins and reported earnings. Wemaintainhighdeductibleinsurancepoliciesforautomobile,general,employer's,environmental,directors'andofficers',employmentpracticesand fiduciaryliabilityaswellasforemployeegrouphealthinsurance,propertyinsuranceandworkers'compensation.wecarryumbrellapoliciesforcertaintypesof claimstoprovideexcesscoverageovertheunderlyingpoliciesandperincidentdeductibles.theamountsthatweself-insurecouldcausesignificantvolatilityin ouroperatingmarginsandreportedearningsbasedontheoccurrenceandclaimcostsofincidents,accidents,injuriesandadversejudgments.ourinsurance accrualsarebasedonclaimsfiledandestimatesofclaimsincurredbutnotreportedandaredevelopedbyourmanagementwithassistancefromourthird-party actuaryandourthird-partyclaimsadministrator.totheextenttheseestimatesareinaccurate,wemayrecognizesubstantialadditionalexpensesinfutureperiods thatwouldreduceoperatingmarginsandreportedearnings.fromtimetotime,actionsfiledagainstusincludeclaimsforpunitivedamages,whicharegenerally excludedfromcoverageunderallofourliabilityinsurancepolicies.apunitivedamageaward 17

24 couldhaveanadverseeffectonourreportedearningsintheperiodinwhichitoccurs.significantincreasesinpremiumsoninsurancethatweretainalsocould reduceourmargins. We may record material charges against our earnings due to any number of events that could cause impairments to our assets. InaccordancewithGenerallyAcceptedAccountingPrinciples("GAAP"),wecapitalizecertainexpendituresandadvancesrelatingtodisposalsite development,expansionprojects,acquisitions,softwaredevelopmentcostsandotherprojects.additionally,werecordlongtermtangibleandintangibleassetsin relationtobusinessesweacquire.eventsthatcould,insomecircumstances,leadtoanimpairmentoftheseassetsinclude,butarenotlimitedto,shuttingdowna facilityoroperation,abandoningadevelopmentproject,thedenialofanexpansionpermitorthelossofamunicipalcontractthroughthecompetitivebidding process,earlyterminationorgovernmentaction.additionally,decliningwastevolumesanddevelopmentof,andcustomerpreferencefor,alternativestotraditional wastedisposalcouldwarrantassetimpairments.ifwedetermineanassetorexpansionprojectisimpaired,wewillchargeagainstearningsanyunamortized capitalizedexpendituresandadvancesrelatingtosuchassetorprojectreducedbyanyportionofthecapitalizedcoststhatweestimatewillberecoverable,through saleorotherwise.wealsocarryasignificantamountofgoodwillonourconsolidatedbalancesheet,whichisrequiredtobeassessedforimpairmentannually,and morefrequentlyinthecaseofcertaintriggeringevents.wemayberequiredtoincurchargesagainstearningsifsuchimpairmenttestsindicatethatthefairvalueof areportingunitisbelowitscarryingvalue.anysuchchargescouldhaveamaterialadverseeffectonourresultsofoperations. We depend significantly on the services of the members of our senior, regional and local management teams, and the departure of any of those persons could cause our operating results to suffer. Oursuccessdependssignificantlyonthecontinuedindividualandcollectivecontributionsofoursenior,regionalandlocalmanagementteams.Thelossofthe servicesofanymemberofoursenior,regionalorlocalmanagementortheinabilitytohireandretainexperiencedmanagementpersonnelcouldhaveamaterial adverseeffectonus. If we are not able to develop new service offerings or if a competitor develops or obtains exclusive rights to a breakthrough technology, our financial results may suffer. Ourexistingandproposedserviceofferingstocustomersmayrequirethatweinvestin,developorlicense,andprotect,newtechnologies.Wemayexperience difficultiesordelaysintheresearch,development,productionormarketingofnewservices,whichmaynegativelyimpactouroperatingresultsandpreventus fromrecoupingorrealizingareturnontheinvestmentsrequiredtobringnewservicestomarket.weandothersintheindustryareincreasinglyfocusingonnew technologiesthatprovidealternativestotraditionaldisposalandmaximizetheresourcevalueofwaste.ifacompetitordevelopsorobtainsexclusiverightstoa breakthroughtechnologythatprovidesarevolutionarychangeintraditionalwastemanagement,ourfinancialresultsmaysuffer. Our business is subject to operational and safety risks, including the risk of personal injury to employees and others. Provisionofenvironmentalandwastemanagementservicesinvolvesrisks,suchastruckaccidents,equipmentdefects,malfunctionsandfailuresandnatural disasters,whichcouldpotentiallyresultinreleasesofhazardousmaterials,injuryordeathofemployeesandothersoraneedtoshutdownorreduceoperationof ourfacilitieswhileremedialactionsareundertaken.theserisksexposeustopotentialliabilityforpollutionandotherenvironmentaldamages,personalinjury,loss oflife,businessinterruptionandpropertydamageordestruction. 18

25 Whileweseektominimizeourexposuretosuchrisksthroughcomprehensivetrainingandcomplianceprograms,aswellasvehicleandequipment maintenanceprograms,ifweweretoincursubstantialliabilitiesinexcessofanyapplicableinsurance,ourbusiness,resultsofoperationsandfinancialcondition couldbeadverselyaffected. The adoption of new accounting standards or interpretations could adversely affect our financial results. Ourimplementationofandcompliancewithchangesinaccountingrulesandinterpretationscouldadverselyaffectouroperatingresultsorcauseunanticipated fluctuationsinourresultsinfutureperiods.theaccountingrulesandregulationsthatwemustcomplywitharecomplexandcontinuallychanging.recentactions andpubliccommentsfromthesechavefocusedontheintegrityoffinancialreporting.thefinancialaccountingstandardsboard(the"fasb")hasrecently introducedseveralneworproposedaccountingstandards,orisdevelopingnewproposedstandards,whichwouldrepresentasignificantchangefromcurrent industrypractice.inaddition,manycompanies'accountingpoliciesarebeingsubjectedtoheightenedscrutinybyregulatorsandthepublic.whileourfinancial statementshavebeenpreparedinaccordancewithgaap,wecannotpredicttheimpactoffuturechangestoaccountingprinciplesorouraccountingpoliciesonour financialstatementsinthefuture. We are subject to substantial governmental regulation and failure to comply with these requirements, as well as enforcement actions and litigation arising from an actual or perceived breach of such requirements, could subject us to fines, penalties and judgments, and impose limits on our ability to operate and expand. Wearesubjecttopotentialliabilityandrestrictionsunderenvironmentallawsandregulations,includingthoserelatingtothetransportation,recycling, treatment,storageanddisposalofwastes,dischargesofpollutantstoairandwater,andtheremediationofcontaminatedsoil,surfacewaterandgroundwater.the wastemanagementindustryhasbeenandwillcontinuetobesubjecttoregulation,includingpermittingandrelatedfinancialassurancerequirements,aswellas attemptstofurtherregulatetheindustry,includingeffortstoregulatetheemissionofghg.ouroperationsaresubjecttoawiderangeoffederal,stateand,insome cases,localenvironmental,odorandnoiseandlanduserestrictions.furtherrestrictionscouldinclude: limitationsonsitingandconstructingnewwastedisposal,transfer,recyclingorprocessingfacilitiesoronexpandingexistingfacilities; regulationsorleviesoncollectionanddisposalprices,ratesandvolumes; limitationsorbansondisposalortransportationofout-of-statewasteorcertaincategoriesofwaste; mandatesregardingthemanagementofsolidwaste,includingrequirementstorecycle,divertorotherwiseprocesscertainwaste,recyclingandother streams;or limitationsorrestrictionsontherecycling,processingortransformationofwaste,recyclingandotherstreams. Regulationsaffectingthesiting,designandclosureoflandfillscouldrequireustoundertakeinvestigatoryorremedialactivities,curtailoperationsorclose landfillstemporarilyorpermanently.futurechangesintheseregulationsmayrequireustomodify,supplementorreplaceequipmentorfacilities.thecostsof complyingwiththeseregulationscouldbesubstantial.inordertodevelop,expandoroperatealandfillorotherwastemanagementfacility,wemusthavevarious facilitypermitsandothergovernmentalapprovals,includingthoserelatingtozoning,environmentalprotectionandlanduse.thesepermitsandapprovalsareoften difficult,timeconsumingandcostlytoobtainandcouldcontainconditionsthatlimitouroperations. 19

26 Wealsohavesignificantfinancialobligationsrelatingtofinalcapping,closure,post-closureandenvironmentalremediationatourexistinglandfills.We establishaccrualsfortheseestimatedcosts,butwecouldunderestimatesuchaccruals.environmentalregulatorychangescouldaccelerateorincreasecapping, closure,post-closureandremediationcosts,requiringourexpenditurestomateriallyexceedourcurrentaccruals. Legislationallowingrestrictionsoninterstatetransportationofout-of-stateorout-of-jurisdictionwasteandcertaintypesofflowcontrol,orjudicial interpretationsofinterstatewasteandflowcontrollegislation,couldadverselyaffectoursolidandhazardouswastemanagementservices. Additionally,regulationsestablishingextendedproducerresponsibility("EPR")arebeingconsideredorimplementedinmanyplacesaroundtheworld, includingintheu.s.eprregulationsaredesignedtoplaceeitherpartialortotalresponsibilityonproducerstofundthepost-uselifecycleoftheproductsthey create.alongwiththefundingresponsibility,producersmayberequiredtotakeovermanagementoflocalrecyclingprogramsbytakingbacktheirproductsfrom endusersormanagingthecollectionoperationsandrecyclingprocessinginfrastructure.thereisnofederallawestablishingeprintheu.s.;however,stateand localgovernmentscould,andinsomecaseshave,takenstepstoimplementeprregulations.ifwide-rangingeprregulationswereadopted,theycouldhavea fundamentalimpactonthewastestreamswemanageandhowweoperateourbusiness,includingcontracttermsandpricing.asignificantreductioninthewaste, recyclingandotherstreamswemanagecouldhaveamaterialadverseeffectonourfinancialcondition,resultsofoperationsandcashflows. Enforcementorimplementationofforeignregulationscanaffectourabilitytoexportproducts.In2013,theChinesegovernmentbegantostrictlyenforce regulationsthatestablishlimitsonmoistureandnon-conformingmaterialsthatmaybecontainedinimportedrecycledpaperandplastics.thehigherquality expectationsresultingfrominitiativessuchasoperationgreenfencecandriveupoperatingcostsintherecyclingindustry,particularlyforsinglestreammaterial recyclingfacilities("mrf").singlestreammrfsprocessawiderangeofcommingledmaterialsandtendtoreceiveahigherpercentageofnon-recyclables,which resultsinincreasedprocessingandresidualdisposalcosts.ifoperationgreenfenceorothersimilarinitiativesornewregulationsincreaseouroperatingcostsin thefuture,andwearenotabletorecapturethosecostsfromourcustomers,suchregulationscouldhaveamaterialadverseeffectonourresultsofoperations. Ifwearenotabletocomplywiththerequirementsthatapplytoaparticularfacilityorifweoperatewithoutthenecessaryapprovalsorpermits,wecouldbe subjecttoadministrativeorcivil,andpossiblycriminal,finesandpenalties,andwemayberequiredtospendsubstantialcapitaltobringanoperationinto compliance,totemporarilyorpermanentlydiscontinueactivitiesand/ortakecorrectiveactions,possiblyincludingtheremovalorrelocationoflandfilledmaterials. Wemaybeliableforanyenvironmentaldamagethatourcurrentorformerfacilitiescause,includingdamagetoneighboringlandownersorresidents,particularly asaresultofthecontaminationofsoil,groundwaterorsurfacewater,andespeciallydrinkingwater,ortonaturalresources.wemayalsobeliableforanyon-site environmentalcontaminationcausedbypollutantsorhazardoussubstanceswhosetransportation,treatmentordisposalweorourpredecessorsarrangedor conducted.thosecostsoractionscouldbesignificanttousandimpactourresultsofoperations,cashflowsandavailablecapital.wemaynothavesufficient insurancecoverageforourenvironmentalliabilities,suchcoveragemaynotcoverallofthepotentialliabilitiestowhichwemaybesubjectandwemaynotbeable toobtaininsurancecoverageinthefutureatreasonableexpenseoratall. Wemaymakeadditionalacquisitionsfromtimetotimeinthefuture,andwehavetriedandwillcontinuetotrytoevaluateandlimitenvironmentalrisksand liabilitiespresentedbybusinessestobeacquiredpriortotheacquisition.itispossiblethatsomeliabilities,includingonesthatmayexistonlybecauseofthepast operationsofanacquiredbusiness,mayprovetobemoredifficultorcostlytoaddressthanweanticipate. 20

27 Itisalsopossiblethatgovernmentofficialsresponsibleforenforcingenvironmentallawsandregulationsmaybelieveanissueismoreseriousthanweexpect, orthatwewillfailtoidentifyorfullyappreciateanexistingliabilitybeforewebecomelegallyresponsibleforaddressingit.someofthelegalsanctionstowhich wecouldbecomesubjectcouldcausethesuspensionorrevocationofaneededpermit,preventusfrom,ordelayusin,obtainingorrenewingpermitstooperateor expandourfacilities,orharmourreputation. Future changes in regulations applicable to oil and gas drilling and production could adversely affect our energy services business. Ourenergyservicesbusinessmaybeadverselyaffectedifdrillingactivityslowsduetoindustryconditionsbeyondourcontrol,inadditiontochangesinoil andgasprices.changesinlawsorgovernmentregulationsregardingghgemissionsfromoilandgasoperationsand/orhydraulicfracturingcouldincreaseour customer'scostsofdoingbusinessandreduceoilandgasexplorationandproductionbycustomers.recently,therehasbeenincreasedattentionfromthepublic, somestatesandtheepatotheallegedpotentialforhydraulicfracturingtoimpactdrinkingwatersupplies.thereisalsoheightenedregulatoryfocusonemissions ofmethanethatoccurduringdrillingandtransportationofnaturalgas,aswellasprotectivedisposalofdrillingresiduals.increasedregulationofoilandgas explorationandproductionandnewrulesregardingthetreatmentanddisposalofwastesassociatedwithexplorationandproductionoperationscouldincreaseour coststoprovideoilfieldservices,decreasedemandforourenergyservicesbusinessandreduceourmarginsandrevenuefromsuchservices. Our operations are subject to environmental, health and safety laws and regulations, as well as contractual obligations that may result in significant liabilities. Thereisriskofincurringsignificantenvironmental,healthandsafetyliabilitiesintheuse,treatment,storage,transferanddisposalofwastematerials.Under applicableenvironmentallawsandregulations,wecouldbeliableifouroperationshaveanegativeimpactonhumanhealthorcauseenvironmentaldamagetoour propertiesortothepropertyofotherlandowners,particularlyasaresultofthecontaminationofair,drinkingwaterorsoil.undercurrentlaw,wecouldalsobe heldliablefordamagecausedbyconditionsthatexistedbeforeweacquiredtheassetsoroperationsinvolved.thisriskisofparticularconcernasweexecuteour growthstrategy,partiallythroughacquisitions,becausewemaybeunsuccessfulinidentifyingandassessingpotentialliabilitiesduringourduediligence investigations.further,thecounterpartiesinsuchtransactionsmaybeunabletoperformtheirindemnificationobligationsowedtous.ouroperationsincludethe haulingofmedicalwasteandthehaulinganddisposalofasbestos.if,notwithstandingourefforts,weinadvertentlyarrangeforthetransportation,disposalor treatmentofhazardoussubstancesthatcauseenvironmentalcontamination,orifapredecessorownermadesucharrangementsand,underapplicablelaw,weare treatedasasuccessortothepriorowner,wecouldbeheldliable.anysubstantialliabilityforenvironmentaldamageorviolationsofhealthandsafetylawsand regulationscouldhaveamaterialadverseeffectonourfinancialcondition,resultsofoperationsandcashflows. Intheordinarycourseofourbusiness,wehaveinthepast,wearecurrently,andwemayinthefuture,becomeinvolvedinlegalandadministrative proceedingsrelatingtolanduseandenvironmentallawsandregulations.theseincludeproceedingsinwhich: agenciesoffederal,state,localorforeigngovernmentsseektoimposeliabilityonusunderapplicablestatutes,sometimesinvolvingcivilor criminalpenaltiesforviolations,ortorevokeordenyrenewalofapermitweneed; 21

28 localcommunities,citizengroups,landownersorgovernmentalagenciesopposetheissuanceofapermitorapprovalweneed,allegeviolationsof thepermitsunderwhichweoperateorlawsorregulationstowhichwearesubjectorseektoimposeliabilityonusforenvironmentaldamage. Wegenerallyseektoworkwiththeauthoritiesorotherpersonsinvolvedintheseproceedingstoresolveanyissuesraised.Ifwearenotsuccessful,theadverse outcomeofoneormoreoftheseproceedingscouldresultin,amongotherthings,materialincreasesinourcostsorliabilitiesaswellasmaterialchargesforasset impairments. The adoption of climate change legislation or regulations restricting emissions of GHGs could increase our costs to operate. Ourlandfilloperationsemitmethane,whichisidentifiedasaGHG.Thereareanumberoflegislativeandregulatoryeffortsatthestate,regionalandfederal levelstocurtailtheemissionofghgstoamelioratetheeffectofclimatechange.onaugust3,2015,theepafinalizedthecleanpowerplanrule,whichregulates CO2emissionsfromexistingpowerplants,andtheCarbonPollutionStandardsfornew,modified,andreconstructedpowerplants.Also,onJanuary14,2015,the ObamaAdministrationannouncedthegoaloflimitingmethaneemissionsviaahostofproposedandanticipatedregulationsdirectedattheoilandgasindustry.On July15,2016,theEPApublishedupdatestoits1996EmissionGuidelinesforexistingMSWlandfillsthatfurtherreducemethaneemissions.Inasimultaneous rulemaking,theepapublishedupdatedrequirementsforreducingmethaneemissionsfromnewandmodifiedlandfills.comprehensivefederalclimatechange legislationcouldimposecostsonouroperationsthatmightnotbeoffsetbytherevenueincreasesassociatedwithourlower-carbonserviceoptions,themateriality ofwhichwecannotpredict.in2010,theepapublishedapsdandtitlevghgtailoringrule,whichexpandedtheepa'sfederalairpermittingauthorityto includethesixghgs.therulesetsnewthresholdsforghgemissionsthatdefinewhenthecleanairactof1970,asamended(the"cleanairact"),permitsare required.inaugust2016,theepaandthedepartmentoftransportation'snationalhighwaytrafficsafetyadministration("nhtsa")finalizedanational programthatwouldestablishthenextphaseofghgemissionsandfuelefficiencystandardsformediumandheavy-dutyvehicles.industrygroupshavefiledlegal challengestotherulemakingbeforethed.c.circuitcourtofappeals.onmay8,2017,thed.c.circuitcourtofappealsgrantedamotionbytheepaandthe NHTSAtoholdthelitigationchallengingtheruleinabeyancewhiletheagenciesevaluateapetitiontoreconsidertherulefiledbyoneoftherule'schallengers.The currentrequirementsoftheseruleshavenotsignificantlyaffectedouroperationsorcashflows,duetothetailoredthresholdsandexclusionsofcertainemissions fromregulation.however,ifcertainchangestotheseregulationswereenacted,suchasloweringthethresholdsortheinclusionofbiogenicemissions,thenthe amendmentscouldhaveanadverseeffectonouroperatingcosts. Future changes in laws or renewed enforcement of laws regulating the flow of solid waste in interstate commerce could adversely affect our operating results. Variousstateandlocalgovernmentshaveenacted,orareconsideringenacting,lawsandregulationsthatrestrictthedisposalwithinthejurisdictionofsolid wastegeneratedoutsidethejurisdiction.inaddition,somestateandlocalgovernmentshavepromulgated,orareconsideringpromulgating,lawsandregulations whichgoverntheflowofwastegeneratedwithintheirrespectivejurisdictions.these"flowcontrol"lawsandregulationstypicallyrequirethatwastegenerated withinthejurisdictionbedirectedtospecifiedfacilitiesfordisposalorprocessing,whichcouldlimitorprohibitthedisposalorprocessingofwasteinourtransfer stationsandlandfills.suchflowcontrollawsandregulationscouldalsorequireustodeliverwastecollectedbyuswithinaparticularjurisdictiontofacilitiesnot ownedorcontrolledbyus,whichcouldincreaseourcostsandreduceourrevenues.in 22

29 addition,suchlawsandregulationscouldrequireustoobtainadditionalcostlylicensesorauthorizationstobedeemedanauthorizedhaulerordisposalfacility. The waste management industry is undergoing fundamental change as traditional waste streams are increasingly viewed as renewable resources and changes in laws and environmental policies may limit the items that enter the waste stream, any of which may adversely impact volumes and tipping fees at our landfills. Alternatives to landfill disposal may cause our revenues and operating results to decline. Aswehavecontinuedtodevelopourlandfillcapacity,thewastemanagementindustryhasincreasinglyrecognizedthevalueofthewastestreamasa renewableresourceandnewalternativestolandfillingarebeingdevelopedthatseektomaximizetherenewableenergyandotherresourcebenefitsofwaste.we areincreasinglycompetingwithcompaniesthatseektousepartsofthewastestreamasfeedstockforrenewableenergysupplies.inaddition,environmental initiatives,suchasproductstewardshipandepr,whichholdmanufacturersorotheractorsintheproductlifecycleresponsibleforthedisposalofmanufactured goods,mayreducethevolumeofproductsthatenterthewastestream.further,theremaybechangesinthelawsthatreclassifyitemsinthewastestreamas hazardousorthatprohibitthedisposalofcertainwastesinourlandfills.thesealternativesandchangesinlawsmayimpactthedemandforlandfillspace,which mayaffectourabilitytooperateourlandfillsatfullcapacity,aswellasthetippingfeesandpricesthatwecanchargeforutilizationoflandfillspace.asaresult, ourrevenuesandoperatingmarginscouldbeadverselyaffected. Countiesandmunicipalitiesinwhichweownandoperatelandfillsmayberequiredtoformulateandimplementcomprehensiveplanstoreducethevolumeof solidwastedepositedinlandfillsthroughwasteplanning,composting,recyclingorotherprograms.somestateandlocalgovernmentsprohibitthedisposalof certaintypesofwastes,suchasyardwaste,atlandfills.suchactionshavereducedandmayinthefuturefurtherreducethevolumeofwastegoingtolandfillsin certainareas,whichmayaffectourabilitytooperateourlandfillsatfullcapacityandcouldadverselyaffectouroperatingresults. We rely on computer systems to run our business and security breaches could disrupt or damage our internal operations, information technology systems or reputation and expose us to litigation risk. Wemayexperienceproblemswiththeoperationofourcurrentinformationtechnologysystemsorthetechnologysystemsofthirdpartiesonwhichwerely,as wellasthedevelopmentanddeploymentofnewinformationtechnologysystems,thatcouldadverselyaffect,oreventemporarilydisrupt,alloraportionofour operationsuntilresolved.inabilitiesanddelaysinimplementingnewsystemscanalsoaffectourabilitytorealizeprojectedorexpectedcostsavings. Weusecomputersinsubstantiallyallaspectsofourbusinessoperations.Wealsousemobiledevices,socialnetworkingandotheronlineactivitiestoconnect withouremployeesandourcustomers.suchusesgiverisetocybersecurityrisks,includingsecuritybreach,espionage,systemdisruption,hacking,cyber-attack, theftandinadvertentreleaseofinformation.ourbusinessinvolvesthestorageandtransmissionofnumerousclassesofsensitiveand/orconfidentialinformation andintellectualproperty,includingcustomers'personalinformation,privateinformationaboutemployees,andourfinancialandstrategicinformation.further,as wepursueourstrategytogrowthroughstrategicacquisitionsinadditiontointernalgrowth,ourtechnologicalpresenceandcorrespondingexposureto cybersecurityriskwillincrease.ifwefailtoassessandidentifycybersecurityrisksassociatedwithacquisitionsandnewinitiatives,wemaybecomeincreasingly vulnerabletosuchrisks. Despiteourimplementationofnetworksecuritymeasures,computerprogrammersandhackers,oreveninternalusers,maybeabletopenetrate,createsystems disruptionsorcauseshutdownsofournetworksecurityorthatofthird-partycompanieswithwhichwehavecontracted.asaresult,wecouldexperience significantdisruptionsofouroperationsandincursignificantexpensesaddressingproblems 23

30 createdbythesebreaches.suchunauthorizedaccesscoulddisruptourbusinessandcouldresultinalossofrevenueorassetsandanycompromiseofcustomer informationcouldsubjectustocustomerorgovernmentlitigationandharmourreputation,whichcouldadverselyaffectourbusinessandgrowth. Manystateshaveadoptedbreachofdatasecuritystatutesorregulationsthatrequirenotificationtoconsumersifthesecurityoftheirpersonalinformationis breached.governmentalfocusondatasecuritymayleadtoadditionallegislativeaction,andtheincreasedemphasisoninformationsecuritymayleadcustomersto requestthatwetakeadditionalmeasurestoenhancesecurity.asaresult,wemayhavetomodifyourbusinesswiththegoaloffurtherimprovingdatasecurity, whichwouldresultinincreasedexpensesandoperatingcomplexity. Risks Related to Our Indebtedness Our indebtedness could adversely affect our financial condition and limit our financial flexibility. AsofMarch31,2017,wehadapproximately$1,945.1millionofindebtednessoutstandingandcashinterestexpenseof$14.8millionforthethreemonths endedmarch31,2017.wemayincuradditionaldebtinthefuture.thisamountofourindebtednesscould: increaseourvulnerabilitytogeneraladverseeconomicandindustryconditionsorincreasesininterestrates; limitourabilitytoobtainadditionalfinancingorrefinancingatattractiverates; requirethededicationofasubstantialportionofourcashflowfromoperationstothepaymentofprincipalof,andintereston,ourindebtedness, therebyreducingtheavailabilityofsuchcashflowtofundourgrowthstrategy,workingcapital,capitalexpenditures,dividends,sharerepurchases andothergeneralcorporatepurposes; limitourflexibilityinplanningfor,orreactingto,changesinourbusinessandtheindustry;and placeusatacompetitivedisadvantagerelativetoourcompetitorswithlessdebt. Further,ouroutstandingindebtednessissubjecttofinancialandothercovenants,whichmaybeaffectedbychangesineconomicorbusinessconditionsor othereventsthatarebeyondourcontrol.ifwefailtocomplywiththecovenantsunderanyofourindebtedness,wemaybeindefaultunderthedocuments governingsuchindebtedness,whichmayentitlethelendersthereundertoacceleratethedebtobligations.adefaultunderanyofourindebtednesscouldresultin cross-defaultsunderourotherindebtedness.inordertoavoiddefaultingonourindebtedness,wemayberequiredtotakeactionssuchasreducingordelaying capitalexpenditures,reducingoreliminatingdividendsorstockrepurchases,sellingassets,restructuringorrefinancingallorpartofourexistingdebtorseeking additionalequitycapital,anyofwhichmaynotbeavailableontermsthatarefavorabletous,ifatall. Despite our high indebtedness level, we and our subsidiaries will still be able to incur significant additional amounts of debt, which could further exacerbate the risks associated with our substantial indebtedness. Weandoursubsidiariesmaybeabletoincursubstantialadditionalindebtednessinthefuture.Althoughtheagreementsgoverningourindebtednesscontain restrictionsonincurringadditionalindebtedness,theserestrictionsaresubjecttoanumberofsignificantqualificationsandexceptionsand,undercertain circumstances,theamountofindebtednessthatcouldbeincurredincompliancewiththeserestrictionscouldbesubstantial. 24

31 Our debt agreements contain restrictions that limit our flexibility in operating our business. Theagreementsgoverningouroutstandingindebtednessandourexistingseniorsecuredcreditfacilitiescontainvariouscovenantsthatlimitourabilityto engageinspecifiedtypesoftransactions.thesecovenantsmaylimitourabilityandtheabilityofourrestrictedsubsidiaries,undercertaincircumstances,to,among otherthings: incuradditionalindebtednessandissuecertainpreferredstock; paydividendson,repurchaseormakedistributionsinrespectofcapitalstockormakeotherrestrictedpayments; placelimitationsondistributionsfromrestrictedsubsidiaries; issueorsellcapitalstockofrestrictedsubsidiaries; guaranteecertainindebtedness; makecertaininvestments; sellorexchangeassets; enterintotransactionswithaffiliates; createcertainliens;and consolidate,mergeortransferallorsubstantiallyallofourassetsandtheassetsofoursubsidiariesonaconsolidatedbasis. Abreachofanyofthesecovenantscouldresultinadefaultunderoneormoreoftheseagreements,includingasaresultofcrossdefaultprovisions,and,inthe caseofourexistingrevolvingcreditfacility,permitthelenderstocalltheloansorceasemakingloanstous. We may utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness and we will be exposed to risks related to counterparty credit worthiness or non-performance of these instruments. Wemayenterintointerestratecapstolimitourexposuretochangesinvariableinterestrates.Suchinstrumentswillresultineconomiclossesshouldinterest ratesnotriseabovethestrikepriceinthederivativecontracts.wewillbeexposedtocredit-relatedlosseswhichcouldimpacttheresultsofoperationsintheevent offluctuationsinthefairvalueoftheinterestratecapsduetoachangeinthecreditworthinessornon-performancebythecounterpartiestotheinterestratecaps. SeeNote7,DerivativeInstrumentsandHedgingActivities,toourauditedconsolidatedfinancialstatementsincludedinour2016Form10-KandNote6, DerivativeInstrumentsandHedgingActivities,toourunauditedcondensedconsolidatedfinancialstatementsincludedinour2017Q1Form10-Q. Risks Related to this Offering and Ownership of Our Common Stock Our stock price may fluctuate significantly following the offering, and you may not be able to resell shares of our common stock at or above the price you paid or at all, and you could lose all or part of your investment as a result. Thetradingpriceofourcommonstockislikelytobevolatilefollowingthisoffering.Marketvolatilityoftenhasbeenunrelatedordisproportionatetothe operatingperformanceofparticularcompanies.youmaynotbeabletoresellyoursharesatorabovethepublicofferingpriceduetoanumberoffactorssuchas thoselistedin" RisksRelatedtoOurBusiness"andthefollowing: resultsofoperationsthatvaryfromtheexpectationsofsecuritiesanalystsandinvestors; 25

32 resultsofoperationsthatvaryfromthoseofourcompetitors; changesinexpectationsastoourfuturefinancialperformance,includingfinancialestimatesandinvestmentrecommendationsbysecuritiesanalysts andinvestors; declinesinthemarketpricesofstocksgenerally,orthoseofwastemanagementcompanies; strategicactionsbyusorourcompetitors; announcementsbyusorourcompetitorsofsignificantcontracts,newservicesorproducts,acquisitions,jointventures,otherstrategicrelationships orcapitalcommitments; changesingeneraleconomicormarketconditionsortrendsinourindustryormarkets; futuresalesofourcommonstockorothersecurities; investorperceptionsortheinvestmentopportunityassociatedwithourcommonstockrelativetootherinvestmentalternatives; thepublic'sresponsetopressreleasesorotherpublicannouncementsbyusorthirdparties,includingourfilingswiththesec; announcementsrelatingtolitigation; guidance,ifany,thatweprovidetothepublic,anychangesinthisguidanceorourfailuretomeetthisguidance; thedevelopmentandsustainabilityofanactivetradingmarketforourstock; changesinaccountingprinciples;and othereventsorfactors,includingthoseresultingfromnaturaldisasters,war,actsofterrorismorresponsestotheseevents. Thesebroadmarketandindustryfluctuationsmayadverselyaffectthemarketpriceofourcommonstock,regardlessofouractualoperatingperformance.In addition,pricevolatilitymaybegreaterifthepublicfloatandtradingvolumeofourcommonstockislow. Inthepast,followingperiodsofmarketvolatility,stockholdershaveinstitutedsecuritiesclassactionlitigation.Ifwewereinvolvedinsecuritieslitigation,it couldhaveasubstantialcostanddivertresourcesandtheattentionofexecutivemanagementfromourbusinessregardlessoftheoutcomeofsuchlitigation. Because we have no current plans to pay cash dividends on our common stock for the foreseeable future, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it. Weintendtoretainfutureearnings,ifany,forfutureoperations,expansionanddebtrepaymentandhavenocurrentplanstopayanycashdividendsforthe foreseeablefuture.thedeclaration,amountandpaymentofanyfuturedividendsonsharesofcommonstockwillbeatthesolediscretionofourboardofdirectors. Ourboardofdirectorsmaytakeintoaccountgeneralandeconomicconditions,ourfinancialconditionandresultsofoperations,ouravailablecashandcurrentand anticipatedcashneeds,capitalrequirements,contractual,legal,taxandregulatoryrestrictionsandimplicationsonthepaymentofdividendsbyustoour stockholdersorbyoursubsidiariestousandsuchotherfactorsasourboardofdirectorsmaydeemrelevant.inaddition,ourabilitytopaydividendsislimitedby covenantscontainedinourexistingindebtednessandmaybelimitedbycovenantscontainedinanyfutureindebtednessweoroursubsidiariesincur.asaresult, youmaynotreceiveanyreturnonaninvestmentinourcommonstockunlessyousellourcommonstockforapricegreaterthanthatwhichyoupaidforit. 26

33 If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, our stock price and trading volume could decline. Thetradingmarketforourcommonstockreliesinpartontheresearchandreportsthatindustryorfinancialanalystspublishaboutusorourbusiness.Wedo notcontroltheseanalysts.furthermore,ifoneormoreoftheanalystswhodocoverusdowngradeourstockorourindustry,orthestockofanyofourcompetitors, orpublishinaccurateorunfavorableresearchaboutourbusiness,thepriceofourstockcoulddecline.ifoneormoreoftheseanalystsceasescoverageofusorfail topublishreportsonusregularly,wecouldlosevisibilityinthemarket,whichinturncouldcauseourstockpriceortradingvolumetodecline. Future sales, or the perception of future sales, by us or our existing stockholders in the public market could cause the market price for our common stock to decline. Thesaleofsubstantialamountsofsharesofourcommonstockinthepublicmarket,ortheperceptionthatsuchsalescouldoccur,couldharmtheprevailing marketpriceofsharesofourcommonstock.thesesales,orthepossibilitythatthesesalesmayoccur,alsomightmakeitmoredifficultforustosellequity securitiesinthefutureatatimeandatapricethatwedeemappropriate. Anti-takeover provisions in our organizational documents could delay or prevent a change of control. Certainprovisionsofourcertificateofincorporationandbylawsmayhaveananti-takeovereffectandmaydelay,deferorpreventamerger,acquisition, tenderoffer,takeoverattemptorotherchangeofcontroltransactionthatastockholdermightconsiderinitsbestinterest,includingthoseattemptsthatmightresult inapremiumoverthemarketpriceforthesharesheldbyourstockholders. Theseprovisionswillprovidefor,amongotherthings: aclassifiedboardofdirectorswithstaggeredthree-yearterms; theabilityofourboardofdirectorstoissueoneormoreseriesofpreferredstock; advancenoticefornominationsofdirectorsbystockholdersandforstockholderstoincludematterstobeconsideredatourannualmeetings; certainlimitationsonconveningspecialstockholdermeetings; theremovalofdirectorsforcauseandonlyupontheaffirmativevoteofholdersofamajorityofthesharesofcommonstockentitledtovoteinthe electionofdirectors;and thatcertainprovisionsmaybeamendedonlybytheaffirmativevoteofatleast66 2 /3%ofthesharesofcommonstockentitledtovote. Theseanti-takeoverprovisionscouldmakeitmoredifficultforathirdpartytoacquireus,evenifthethird-party'soffermaybeconsideredbeneficialbymany ofourstockholders.asaresult,ourstockholdersmaybelimitedintheirabilitytoobtainapremiumfortheirshares. Affiliates of Highstar Capital LP may continue to influence our policies and decisions and their interests may conflict with ours or yours in the future. AffiliatesofHighstarCapitalLP("HighstarCapital")beneficiallyownapproximately48%ofourcommonstockpriortothisofferingandareexpectedtoown 34%ofourcommonstocksubsequenttothisoffering.UnderourStockholdersAgreementwithHighstarCapital,wehaveagreedtonominatetoourboard individualsdesignatedbyhighstarcapitalinnumbersproportionatetotheirownershipofourcommonstock.forsolongashighstarcapitalanditsaffiliates continuetoownasignificantpercentageofourcommonstock,highstarcapitalwillstillbeabletosignificantlyinfluencethecompositionofourboardofdirectors andtherebyinfluenceourpoliciesandoperations,includingthe 27

34 appointmentofmanagement,futureissuancesofourcommonstockorothersecurities,thepaymentofdividends,ifany,onourcommonstock,theincurrenceor modificationofdebtbyus,amendmentstoourcertificateofincorporationandbylawsandtheenteringintoofextraordinarytransactions,andtheirinterestsmay notinallcasesbealignedwithyourinterests.additionally,incertaincircumstances,acquisitionsofdebtatadiscountbypurchasersthatarerelatedtoadebtorcan giverisetocancellationofindebtednessincometosuchdebtorforu.s.federalincometaxpurposes. SolongasHighstarCapitalcontinuestoownasignificantamountofourcombinedvotingpower,HighstarCapitalwillcontinuetobeabletostrongly influenceoreffectivelycontrolourdecisions.inaddition,highstarcapitalwillbeabletosignificantlyaffecttheoutcomeofallmattersrequiringstockholder approvalandlikelywillbeabletocauseorpreventachangeofcontrolofthecompanyorachangeinthecompositionofourboardofdirectorsandcouldpreclude anyunsolicitedacquisitionofthecompany.theconcentrationofownershipcoulddepriveyouofanopportunitytoreceiveapremiumforyoursharesofcommon stockaspartofasaleofthecompanyandultimatelymightaffectthemarketpriceofourcommonstock. UntilOctober6,2017,wearenotrequiredtohaveamajorityofindependentdirectors,ourauditcommittee,nominatingandcorporategovernancecommittee andcompensationcommitteemaynotconsistentirelyofindependentdirectorsandsuchcommitteeswillnotbesubjecttoannualperformanceevaluations. Accordingly,youmaynothavethesameprotectionsaffordedtostockholdersofcompaniesthataresubjecttoallofthecorporategovernancerequirementsofthe NYSE. 28

35 WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE Wefileannual,quarterlyandspecialreportsandotherinformationwiththeSEC.OurfilingswiththeSECareavailabletothepublicontheSEC'swebsiteat filewiththesecorcontainedonoraccessiblethroughourcorporatewebsiteoranyotherwebsitethatwemaymaintainisnotpartofthisprospectusorthe registrationstatementofwhichthisprospectusisapart.youmayalsoreadandcopy,atsecprescribedrates,anydocumentwefilewiththesec,includingthe registrationstatement(anditsexhibits)ofwhichthisprospectusisapart,atthesec'spublicreferenceroomlocatedat100fstreet,n.e.,washingtond.c YoucancalltheSECat1-800-SEC-0330toobtaininformationontheoperationofthePublicReferenceRoom. TheSECallowsusto"incorporatebyreference"theinformationwefilewiththem,whichmeansthatwecandiscloseimportantinformationtoyouby referringyoutothosedocuments.theinformationincorporatedbyreferenceisanimportantpartofthisprospectus.weincorporatebyreferencethedocuments listedbelow: AnnualReportonForm10-KfortheyearendedDecember31,2016,filedwiththeSEConFebruary24,2017(the"2016Form10-K"). QuarterlyReportonForm10-QforthequarterendedMarch31,2017,filedwiththeSEConMay8,2017(the"2017Q1Form10-Q"). DefinitiveProxyStatementonSchedule14A,filedwiththeSEConApril5,2017(portionsthereofincorporatedbyreferenceinPartIIIofthe2016 Form10-K). ThedescriptionofourcommonstockcontainedinourRegistrationStatementonForm8-AfiledonOctober5,2016,includingallamendmentsand reportsfiledforthepurposeofupdatingsuchdescription. Wewillprovidewithoutchargetoeachpersonacopyofanyandallofthedocumentsreferredtoherein,whomakesawrittenororalrequest,bywritingor callingusatthefollowingaddressortelephonenumber: AdvancedDisposalServices,Inc. 90FortWadeRoad PonteVedra,FL32081 Attention:InvestorRelations Telephone:+1(904)

36 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS Thisprospectuscontainsandincorporatesbyreference"forward-lookingstatements"withinthemeaningoftheU.S.federalsecuritieslaws.Allstatements otherthanstatementsofhistoricalfactsinthisdocument,including,withoutlimitation,thoseregardingourbusinessstrategy,financialposition,resultsof operations,plans,prospectsandobjectivesofmanagementforfutureoperations(includingdevelopmentplansandobjectivesrelatingtoouractivities),areforwardlookingstatements.many,butnotall,ofthesestatementscanbefoundbylookingforwordslike"expect,""anticipate,""goal,""project,""plan,""believe,""seek," "will,""may,""forecast,""estimate,""intend"and"future"andsimilarwords.statementsthataddressactivities,eventsordevelopmentsthatweintend,expector believemayoccurinthefutureareforward-lookingstatementswithinthemeaningofsection27aofthesecuritiesact,andsection21eoftheexchangeact. Forward-lookingstatementsdonotguaranteefutureperformanceandmayinvolverisks,uncertaintiesandotherfactorswhichcouldcauseouractualresults, performanceorachievementstodiffermateriallyfromthefutureresults,performanceorachievementsexpressedorimpliedinthoseforward-lookingstatements. Examplesoftheserisks,uncertaintiesandotherfactorsinclude,butarenotlimitedto: ourabilitytoachievefutureprofitabilitywilldependonusexecutingourstrategyandcontrollingcosts;futureresultsmaybeimpactedbythe expirationofnetoperatinglosses; weoperateinahighlycompetitiveindustryandtheinabilitytocompeteeffectivelywithlargerandbettercapitalizedcompaniesandgovernmental serviceproviders; ourresultsarevulnerabletoeconomicconditions; wemaylosecontractsthroughcompetitivebidding,earlyterminationorgovernmentalaction; someofourcustomers,includinggovernmentalentities,havesufferedfinancialdifficultiesaffectingtheircreditrisk,whichcouldnegativelyimpact ouroperatingresults; ourfinancialandoperatingperformancemaybeaffectedbytheinabilityinsomeinstancestoreneworexpandexistinglandfillpermitsoracquire newlandfills.further,thecostofoperationand/orfutureconstructionofourexistinglandfillsmaybecomeeconomicallyunfeasiblecausingusto abandonorceaseoperations; wecouldbeprecludedfrommaintainingpermitsorenteringintocertaincontractsifweareunabletoobtainsufficientthird-partyfinancial assuranceoradequateinsurancecoverage; ouraccrualsforourlandfillsiteclosure,post-closureandcontaminationrelatedcostsmaybeinadequate; ourcashflowmaynotbesufficienttofinanceourhighlevelofcapitalexpenditures; ouracquisitions,includingourabilitytointegrateacquiredbusinesses,orthattheacquiredbusinessesmayhaveunexpectedrisksorliabilities; theseasonalnatureofourbusinessand"event-driven"wasteprojectsthatcouldcauseourresultstofluctuate; wemaybesubjectinthenormalcourseofbusinesstojudicial,administrativeorotherthird-partyproceedingsthatcouldinterruptorlimitour operations,resultinadversejudgments,settlementsorfinesandcreatenegativepublicity; fuelsupplyandpricesmayfluctuatesignificantlyandwemaynotbeabletopassoncostincreasestoourcustomers; fluctuationsinthepricesofcommoditiesmayadverselyaffectourfinancialcondition,resultsofoperationsandcashflows; 30

37 increasesinlaboranddisposalcostsandrelatedtransportationcostscouldadverselyimpactourfinancialresults; effortsbylaborunionscoulddivertmanagementattentionandadverselyaffectoperatingresults; wedependsignificantlyontheservicesofthemembersofoursenior,regionalandlocalmanagementteams,andthedepartureofanyofthose personscouldcauseouroperatingresultstosuffer; weareincreasinglydependentontechnologyinouroperationsand,ifourtechnologyfails,ourbusinesscouldbeadverselyaffected; acybersecurityincidentcouldnegativelyimpactourbusinessandourrelationshipswithcustomers; operationalandsafetyrisks,includingtheriskofpersonalinjurytoemployeesandothers; wearesubjecttosubstantialgovernmentalregulationandfailuretocomplywiththeserequirements,aswellasenforcementactionsandlitigation arisingfromanactualorperceivedbreachofsuchrequirements,couldsubjectustofines,penaltiesandjudgments,andimposelimitsonourability tooperateandexpand; ouroperationsbeingsubjecttoenvironmental,healthandsafetylawsandregulations,aswellascontractualobligationsthatmayresultin significantliabilities; futurechangesinlawsorrenewedenforcementoflawsregulatingtheflowofsolidwasteininterstatecommercecouldadverselyaffectour operatingresults; fundamentalchangeinthewastemanagementindustryastraditionalwastestreamsareincreasinglyviewedasrenewableresourcesandchangesin lawsandenvironmentalpoliciesmaylimittheitemsthatenterthewastestream,anyofwhichmayadverselyimpactvolumesandtippingfeesatour landfills.alternativestolandfilldisposalmaycauseourrevenuesandoperatingresultstodecline; risksassociatedwithoursubstantialindebtednessandworkingcapitaldeficit;and risksassociatedwithourabilitytoimplementourgrowthstrategyasandwhenplanned. Theremaybeotherfactors,manyofwhicharebeyondourcontrol,thatmaycauseouractualresultstodiffermateriallyfromtheforward-lookingstatements, includingfactorsdisclosedunderthesectionsentitled"riskfactors"and"management'sdiscussionandanalysisoffinancialconditionandresultsof Operations"inour2016Form10-Kandour2017Q1Form10-Q.Youshouldevaluateallforward-lookingstatementsmadeinthisprospectusinthecontextof theserisksanduncertainties. Theforward-lookingstatementscontainedinthisprospectusspeakonlyasofthedateofthisprospectus.Weundertakenoobligationtopubliclyreleasethe resultofanyrevisionstotheseforward-lookingstatements,toreflecteventsorcircumstancesafterthedateofthisprospectusortoreflecttheoccurrenceof unanticipatedevents. 31

38 USE OF PROCEEDS Wewillnotreceiveanyoftheproceedsfromthesaleofourcommonstockbythesellingstockholders. 32

39 CAPITALIZATION ThefollowingtablesetsforthourcashandcashequivalentsandcapitalizationasofMarch31,2017. Youshouldreadthefollowingtableinconjunctionwiththeinformationcontainedorincorporatedbyreferenceinthisprospectus,including"Summary ConsolidatedFinancialInformationandOtherData"and"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"andour consolidatedfinancialstatementsandrelatednotesincludedelsewhereinthisprospectus. As of March 31, 2017 (in millions) Cashandcashequivalents $ 1.7 Long-termdebtandcapitalleaseobligations: Revolvingcreditfacility(1) $ 22.0 TermLoanB 1, /8%SeniorNotesdue Capitalleaseobligations 45.6 Otherdebt 13.9 Totaldebt $ 1,982.8 Stockholders'Equity: Commonstock:$.01parvalue,1,000,000,000sharesauthorized,88,263,804sharesissuedand outstanding $ 0.9 Additionalpaid-incapital 1,475.9 Accumulateddeficit (648.6) Totalstockholders'equity Totalcapitalization $ 2,811.0 (1) AsofMay10,2017,wehad$32millionofoutstandingborrowingsunderourrevolvingcreditfacility. 33

40 SELLING STOCKHOLDERS Thisprospectusrelatestotheresaleofuptoatotalof13,500,000sharesofcommonstockbythesellingstockholders.Theunderwritershavetheoptionto purchaseuptoanadditional2,025,000sharesfromthesellingstockholders.onoctober12,2016,weenteredintoaregistrationrightsagreementwiththeselling stockholderspursuanttowhichweagreedtoprepareandfilearegistrationstatementtopermittheresaleofthesharescoveredbythisprospectus.theselling stockholdersidentifiedbelowmaycurrentlyholdoracquireatanytimesharesofcommonstockinadditiontothoseregisteredhereby. CertainofourdirectorsserveasnomineesofHighstarCapitalandBTGunderaStockholdersAgreementweenteredinto.See"DescriptionofCapitalStock StockholdersAgreement"formoreinformation. BeneficialownershipforthepurposesofthefollowingtableisdeterminedinaccordancewiththerulesandregulationsoftheSEC.Theserulesgenerally providethatapersonisthebeneficialownerofsecuritiesifsuchpersonhasorsharesthepowertovoteordirectthevotingthereof,ortodisposeordirectthe dispositionthereoforhastherighttoacquiresuchpowerswithin60days.exceptasdisclosedinthefootnotestothetablebelowandsubjecttoapplicable communitypropertylaws,webelievethateachstockholderidentifiedinthetablepossessessolevotingandinvestmentpoweroverallsharesofcommonstock shownasbeneficiallyownedbythestockholder. Ourcalculationofthebeneficialownershipisbasedon88,265,250sharesofourcommonstockoutstandingasofMay5,2017. Shares Beneficially Owned Prior to This Offering Shares Beneficially Owned After This Offering Assuming No Exercise of Option to Purchase Additional Shares Shares Beneficially Owned After This Offering Assuming Full Exercise of Option to Purchase Additional Shares Name Number Percent Number Percent Number Percent StarAtlanticWasteHoldings,L.P.(1) 41,985, % 29,813, % 27,987, % BTGPactualInternationalPortfolioFundIISPC, SegregatedPortfolioBTGPHCorpHedge(2) 4,578, % 3,250, % 3,051, % (1) StarAtlanticGPInc.("StarAtlanticGP")wasthegeneralpartner,andStarAtlanticWasteHoldings,L.P.("StarAtlantic")wasalimited partner,ofstaratlanticwasteholdingsii,l.p.("staratlanticii"),whichheldsharesinadvanceddisposalwasteholdingscorp.,our formerparentcompanypriortoourinitialpublicoffering.onoctober12,2016,ourformerparentcompany,whichownedallofour outstandingcommonstockpriortotheinitialpublicoffering,wasmergedwithandintous,withthecompanyasthesurvivingcorporation. Inthemerger,allofourissuedandoutstandingsharesofcommonstockheldbyourformerparentcompanywerecanceled,andpre-merger holdersofthecapitalstockofourparentcompanyreceivedsharesofourcommonstock.immediatelyafterourinitialpublicoffering,star AtlanticIIdistributedtoStarAtlantic41,985,997sharesofourCommonStockthatitreceivedinthemerger.PineBridgeHighstar (SPE)LLCservesasthegeneralpartnerofStarAtlanticGPandhasdelegatedmanagementauthorityforStarAtlanticGPtoHighstar CapitalLP("HighstarCapital").HighstarCapitalisaregisteredinvestmentadviser.HighstarCapitalalsoservesastheinvestmentmanager forstaratlantic.staratlanticisthedirectholderofthesharesofcommonstockreportedinthetableabove.theprincipalbusiness addressofeachoftheentitiesandpersonsidentifiedinthisandtheparagraphaboveishighstarcapital,277parkavenue,45thfloor,new York,NewYork

41 (2) BTGPactualInternationalPortfolioFundIISPC,SegregatedPortfolioBTGPHCorpHedge("BTG")iswhollyownedbyBancoBTG PactualS.A.-CaymanIslandsBranch("CaymanBranch").CaymanBranchisabranchofBancoBTGPactualS.A.(the"Bank")duly incorporatedinthecaymanislands.thebankisdirectlycontrolledbybtgpactualholdings.a.("holdings")whichinturnisdirectly controlledbybtgpactualg7holdings.a.("g7").asaconsequence,g7istheindirectcontrollerofthebank.g7iscontrolledand whollyownedbymarcelokalim,robertoballssallouti,jamesmarcosdeoliveira,guilhermedacostapaes,persioarida,renato MonteirodosSantosandAntonioCarlosCantoPortoFilho.TheprincipalbusinessaddressofCaymanBranchisButterfieldHouse,68Fort Street,GrandCaymanIslands,CaymanIslands.TheprincipalbusinessaddressoftheBankisPraiadeBotafogo,501,5thFloor, ,CityandStateofRiodeJaneiro,Brazil.TheprincipalbusinessaddressofHoldingsisAv.BrigadeiroFariaLima,3477,14thFloor, part,itaimbibi,cityandstateofsãopaulo, ,brazil.theprincipalbusinessaddressofg7ispraiadebotafogo,501,5thfloor, ,CityandStateofRiodeJaneiro,Brazil.TheprincipalbusinessaddressofMarceloKalim,RobertoBallsSallouti,James MarcosdeOliveira,GuilhermedaCostaPaes,PersioArida,RenatoMonteirodosSantosandAntonioCarlosCantoPortoFilhoisAv. BrigadeiroFariaLima,3477,14thFloor,ItaimBibi,CityandStateofSãoPaulo, ,Brazil. 35

42 DESCRIPTION OF CAPITAL STOCK Thefollowingisadescriptionofthematerialtermsandprovisionsofourcapitalstock,ourcertificateofincorporationandbylaws,andotherrightsofholders ofourcapitalstock,includingourstockholdersagreement(asdefinedherein)ascurrentlyineffect.thisdescriptionisnotcompleteandmaynotcontainallthe informationyoushouldconsiderbeforeinvestinginourcapitalstock.formorecompleteinformation,youshouldreadourcertificateofincorporation,bylaws,and thestockholdersagreement,copiesofwhichareincorporatedbyreferenceherein. Authorized Capitalization Ourauthorizedcapitalstockconsistsof1,000,000,000sharesofcommonstock,parvalue$0.01pershare,and100,000,000sharesofpreferredstock,par value$0.01pershare. Common Stock Voting Rights Holdersofcommonstockareentitledtoonevoteforeachshareheldofrecordonallmatterssubmittedtoavoteofthestockholders,includingtheelectionof directors.therewillbenocumulativevotingintheelectionofdirectors,whichmeansthatholdersofamajorityoftheoutstandingsharesofcommonstockwillbe abletoelectallofthedirectors,andholdersoflessthanamajorityofsuchshareswillbeunabletoelectanydirector. Dividends Underourcertificateofincorporation,subjecttopreferencesthatmaybeapplicabletoanyoutstandingsharesofpreferredstock,holdersofcommonstockare entitledtoreceivesuchdividends,ifany,asmaybedeclaredfromtimetotimebyourboardofdirectorsoutoffundslegallyavailablefordividendpayments.our seniorsecuredcreditfacilitiesandtheindenturegoverningour5.625%seniornotesdue2024imposerestrictionsonourabilitytodeclaredividendsonour commonstock. Preemptive Rights Theholdersofcommonstockhavenopreferencesorrightsofconversion,exchange,pre-emptionorothersubscriptionrights.Intheeventthatwegrantany preemptiverightswithrespecttoourcommonstocktoanyperson,highstarcapital,btg,andcppib,andtheiraffiliates,asapplicable,solongastheyhavethe righttonominateadesigneetoourboard,shallbeentitledtopreemptiverightsnolessfavorablethanthosegrantedtosuchperson. Redemption or Sinking Fund Therearenoredemptionorsinkingfundprovisionsapplicabletothecommonstock. Liquidation or Dissolution Intheeventofanyliquidation,dissolutionorwinding-upofouraffairs,holdersofcommonstockwillbeentitledtoourassetsthatareremainingafter paymentorprovisionforpaymentofallofourdebtsandobligationsandafterliquidationpaymentstoholdersofoutstandingsharesofpreferredstock,ifany. Preferred Stock Thereare100,000,000sharesofauthorizedpreferredstockwhich,ifissued,wouldhavepriorityoverthecommonstockwithrespecttodividendsandother distributions,includingthedistributionof 36

43 ourassetsuponliquidation.unlessrequiredbylaworbythenyse,ourboardofdirectorswillhavetheauthoritywithoutfurtherstockholderauthorizationtoissue fromtimetotimesharesofpreferredstockinoneormoreseriesandtofixtheterms,limitations,relativerightsandpreferencesandvariationsofeachseries.no sharesofpreferredstockareissuedoroutstandingasofthedateofthisprospectus. Limitations on Directors' Liability Ourcertificateofincorporationandbylawscontainprovisionsindemnifyingourdirectorsandofficerstothefullestextentpermittedbylaw.Wehaveentered intoindemnificationagreementswitheachofourdirectorswhich,insomecases,arebroaderthanthespecificindemnificationprovisionscontainedunder Delawarelaw. Inaddition,aspermittedbyDelawarelaw,ourcertificateofincorporationprovidesthatnodirectorwillbeliabletousorourstockholdersformonetary damagesforbreachoffiduciarydutyasadirector.theeffectofthisprovisionistorestrictourrightsandtherightsofourstockholdersinderivativesuitsto recovermonetarydamagesagainstadirectorforbreachoffiduciarydutyasadirector,exceptthatadirectorwillbepersonallyliablefor: anybreachofhisorherdutyofloyaltytousorourstockholders; actsoromissionsnotingoodfaithwhichinvolveintentionalmisconductoraknowingviolationoflaw; thepaymentofdividendsortheredemptionorpurchaseofstockinviolationofdelawarelaw;or anytransactionfromwhichthedirectorderivedanimproperpersonalbenefit. Thisprovisiondoesnotaffectadirector'sliabilityunderthefederalsecuritieslaws. Totheextentourdirectors,officersandcontrollingpersonsareindemnifiedundertheprovisionscontainedinourcertificateofincorporation,ourbylaws, DelawarelaworcontractualarrangementsagainstliabilitiesarisingundertheSecuritiesAct,wehavebeenadvisedthatintheopinionoftheSECsuch indemnificationisagainstpublicpolicyasexpressedinthesecuritiesactandisthereforeunenforceable. Corporate Opportunity TheDelawareGeneralCorporationLaw(the"DGCL")permitscorporationstoadoptprovisionsthatrenounceanyinterestorexpectancyin,oranyofferofan opportunitytoparticipatein,specifiedbusinessopportunitiesthatarepresentedtothecorporationoroneormoreofitsofficers,directorsorstockholders.in recognitionthatourdirectorsandofficersmayserveas(i)directors,officersand/oremployeesofhighstarcapital,btgorcppibandtheirrespectiveaffiliatesor (ii)asdirectors,officersand/oremployeesofotherbusinessesengagedindesigning,developing,providingservicesto,managing,owningorinvestinginwaste managementcompanies("dualrolepersons"),ourcertificateofincorporationwillprovidefortheallocationofcertaincorporateopportunitiesbetweenusandthe DualRolePersons.Specifically,noneoftheDualRolePersonswillhaveanydutytorefrainfromengagingdirectlyorindirectlyinthesameorsimilarbusiness activitiesorlinesofbusinessthatwedo.intheeventthatadualrolepersonacquiresknowledgeofapotentialtransactionormatteroutsideofhisorhercapacity asadirectorofadvanceddisposalwhichmaybeacorporateopportunity,wewillnothaveanyexpectancyinsuchcorporateopportunity,andthedualrole Personwillnothaveanydutytopresentsuchcorporateopportunitytousandmaypursueoracquiresuchcorporateopportunityforhimself/herselfordirectsuch opportunitytoanotherperson.acorporateopportunitythatadualrolepersonacquiresknowledgeofwillnotbelongtousunlessthecorporateopportunity 37

44 atissueisexpresslyofferedtosuchpersonsolelyinhisorhercapacityasadirectororofficerofours.inaddition,evenifabusinessopportunityispresentedtoa DualRolePerson,thefollowingcorporateopportunitieswillnotbelongtous:(1)thosewearenotfinanciallyable,contractuallypermittedorlegallyableto undertake;(2)thosenotinourlineofbusiness;(3)thoseofnopracticaladvantagetous;and(4)thoseinwhichwehavenointerestorreasonableexpectancy. Anti-Takeover Provisions InadditiontothevotingrightsthatHighstarCapitalanditsaffiliateswillhaveuponcompletionofthisofferingasaresultofitsownershipofourcommon stock,someprovisionsofdelawarelawcontain,andourcertificateofincorporationandourbylawsdescribedbelowwillcontain,anumberofprovisionswhich mayhavetheeffectofencouragingpersonsconsideringunsolicitedtenderoffersorotherunilateraltakeoverproposalstonegotiatewithourboardofdirectors ratherthanpursuenon-negotiatedtakeoverattempts,whichwebelievemayresultinanimprovementofthetermsofanysuchacquisitioninfavorofour stockholders.however,theseprovisionswillalsogiveourboardofdirectorsthepowertodiscourageacquisitionsthatsomestockholdersmayfavor. Delaware Law WearegovernedbytheprovisionsofSection203oftheDGCLregulatingcorporatetakeovers.ThissectionpreventssomeDelawarecorporationsfrom engaging,undersomecircumstances,inabusinesscombination,whichincludesamergerorsaleofatleast10%ofthecorporation'sassetswithanyinterested stockholder,meaningastockholderwho,togetherwithaffiliatesandassociates,ownsor,withinthreeyearspriortothedeterminationofinterestedstockholder status,didown15%ormoreofthecorporation'soutstandingvotingstock,unless: thetransactionisapprovedbytheboardofdirectorspriortothetimethattheinterestedstockholderbecameaninterestedstockholder; uponconsummationofthetransactionwhichresultedinthestockholder'sbecominganinterestedstockholder,theinterestedstockholderownedat least85%ofthevotingstockofthecorporationoutstandingatthetimethetransactioncommenced,excludingstockownedbydirectorswhoare alsoofficersofthecorporation;or subsequenttosuchtimethatthestockholderbecameaninterestedstockholder,thebusinesscombinationisapprovedbytheboardofdirectorsand authorizedatanannualorspecialmeetingofstockholdersbyatleasttwo-thirdsoftheoutstandingvotingstockwhichisnotownedbytheinterested stockholder. ADelawarecorporationmay"optout"oftheseprovisionswithanexpressprovisioninitsoriginalcertificateofincorporationoranexpressprovisioninits certificateofincorporationorbylawsresultingfromastockholders'amendmentapprovedbyatleastamajorityoftheoutstandingvotingshares.wehavenotopted outoftheseprovisions.asaresult,mergersorothertakeoverorchangeincontrolattemptsofusmaybediscouragedorprevented. Certificate of Incorporation and Bylaw Provisions Ourcertificateofincorporationandourbylawsincludeanumberofprovisionsthatcoulddeterhostiletakeoversordelayorpreventchangesincontrolofour company,includingthefollowing: Number of Directors; Removal; Vacancies. Ourcertificateofincorporationprovidesthatthenumberofourdirectorscanbeincreasedordecreased bytheboardofdirectorswithoutshareholderapproval.directorsmayonlyberemovedforcausebyamajorityofsharesentitledtovote.vacancies ontheboardofdirectorsmaybefilledonlybytheaffirmativevoteofamajorityoftheremainingdirectorstheninofficeandnotbythe stockholders.theseprovisions 38

45 willpreventastockholderfromincreasingthesizeofourboardofdirectorsandgainingcontrolofourboardofdirectorsbyremovingdirectorsand fillingtheresultingvacancieswithitsownnominees. Classified Board of Directors. Ourboardofdirectorsisclassifiedintothreeclassesofapproximatelyequalsize,eachofwhichwillholdofficefor astaggeredthree-yearterm.theexistenceofaclassifiedboardofdirectorscoulddelayasuccessfultenderofferorfromobtainingmajoritycontrol ofourboardofdirectors,andtheprospectofthatdelaymightdeterapotentialofferor. Stockholder Action. Ourstockholdersarenotpermittedtotakeactionbywrittenconsent. Special Meetings of Stockholders. Ourcertificateofincorporationwillprovidethataspecialmeetingofstockholdersmaybecalledonlybyour boardofdirectorsbyaresolutionadoptedbytheaffirmativevoteofamajorityofthetotalnumberofdirectorstheninoffice. Advance Notice Requirements for Stockholder Proposals and Director Nominations. Ourbylawsprovideadvancenoticeproceduresfor stockholdersseekingtobringbusinessbeforeourannualmeetingofstockholders,ortonominatecandidatesforelectionasdirectorsatanymeeting ofstockholders.ourbylawsalsospecifycertainrequirementsregardingtheformandcontentofastockholder'snotice.theseprovisionsmay precludeourstockholdersfrombringingmattersbeforeourannualmeetingofstockholdersorfrommakingnominationsfordirectorsatour meetingsofstockholders.undertheseprovisions,atimelynoticemustbereceivedatourprincipalexecutiveofficenotlaterthanthecloseof businessonthe90thdaynorearlierthanthecloseofbusinessonthe120thdaypriortothefirstanniversaryofthepreviousyear'sannualmeetingof stockholders,orinthecaseofaspecialmeetingofthestockholders,notearlierthanthe120thdaypriortosuchspecialmeetingandnotlaterthan thecloseofbusinessonthelaterofthe90thdaybeforesuchspecialmeetingorthe10thdayfollowingthedayonwhichpublicannouncementof thedateofsuchmeetingisfirstmade. No Cumulative Voting. TheDGCLprovidesthatstockholdersarenotentitledtotherighttocumulatevotesintheelectionofdirectorsunlessa corporation'scertificateofincorporationprovidesotherwise.ourcertificateofincorporationandbylawsdonotprovideforcumulativevoting. Issuance of Undesignated Preferred Stock. Ourboardofdirectorshastheauthority,withoutfurtheractionbythestockholders,toissue undesignatedpreferredstockwithrightsandpreferences,includingvotingrights,designatedfromtimetotimebytheboardofdirectors.the existenceofauthorizedbutunissuedsharesofpreferredstockenablesourboardofdirectorstorendermoredifficultortodiscourageanattemptto obtaincontrolofusbymeansofamerger,tenderoffer,proxycontest,orotherwise. Amendments. Ourboardofdirectorswillhavethepowertomake,alter,amend,changeorrepealourbylawsoradoptnewbylawsbythe affirmativevoteofamajorityofthetotalnumberofdirectorstheninoffice.ourcertificateofincorporationprovidesthatcertainprovisionsinour certificateofincorporationmaybeamended,altered,repealedorrescindedonlybytheaffirmativevoteoftheholdersofatleasttwo-thirdsinvoting powerofalloutstandingsharesofstockofourcompanyentitledtovotethereon,votingtogetherasasingleclass,includingtheprovisionsproviding foraclassifiedboardofdirectors(theelectionandtermofourdirectors). Stockholders Agreement Inconnectionwithourinitialpublicoffering,weenteredintoastockholdersagreement(the"StockholdersAgreement")withHighstarCapital,CPPIBand BTG.ThisagreementgrantsHighstarCapitaltherighttonominatetoourboardofdirectorsanumberofdesigneesequalto:(i)atleasta 39

46 majorityofthetotalnumberofdirectorscomprisingourboardofdirectors,atsuchtime,aslongashighstarcapitalanditsaffiliatesbeneficiallyownatleast50% ofthesharesofourcommonstock;(ii)atleast40%ofthetotalnumberofdirectorscomprisingourboardofdirectorsatsuchtimeaslongashighstarcapitaland itsaffiliatesbeneficiallyownatleast40%butlessthan50%ofthesharesofourcommonstock;(iii)atleast30%ofthetotalnumberofdirectorscomprisingour boardofdirectorsatsuchtimeaslongashighstarcapitalanditsaffiliatesbeneficiallyownatleast30%butlessthan40%ofthesharesofourcommonstock; (iv)atleast20%ofthetotalnumberofdirectorscomprisingourboardofdirectorsatsuchtimeaslongashighstarcapitalanditsaffiliatesbeneficiallyownat least20%butless30%ofthesharesofourcommonstock;and(v)atleast10%ofthetotalnumberofdirectorscomprisingourboardofdirectorsatsuchtimeas longashighstarcapitalanditsaffiliatesbeneficiallyownatleast5%butlessthan20%ofthesharesofourcommonstock.forpurposesofcalculatingthenumber ofdirectorsthathighstarcapitalisentitledtonominatepursuanttotheformulaoutlinedabove,anyfractionalamountswouldberoundeduptothenearestwhole number(e.g.,oneandonequarterdirectorsshallequatetotwodirectors)andthecalculationwouldbemadeonaproformabasisaftertakingintoaccountany increaseinthesizeofourboardofdirectors. ThisagreementalsograntstoeachofCPPIBandBTGtherighttonominatetoourBoardofDirectorsonedesignee,aslongasCPPIB,anditsaffiliates,or BTG,anditsaffiliates,asapplicablecollectivelybeneficiallyownatleast5%oftheoutstandingsharesofourcommonstock. Inaddition,intheeventavacancyontheboardofdirectorsiscausedbythedeath,retirementorresignationofaHighstarCapital,CPPIBorBTGdirectordesignee,HighstarCapital,CPPIBorBTG,ortheiraffiliates,asapplicable,tothefullestextentpermittedbylaw,havetherighttohavethevacancyfilledbyanew director-designeeofhighstarcapital,cppiborbtg,asapplicable. Listing OurcommonstockislistedontheNYSEunderthesymbol"ADSW". Transfer Agent and Registrar ThetransferagentandregistrarforourcommonstockisWellsFargoBank,NationalAssociation. 40

47 MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK ThefollowingisasummaryofthematerialU.S.federalincometaxconsequencestoNon-U.S.Holders(asdefinedbelow)associatedwiththepurchase, ownershipanddispositionofourcommonstock,butdoesnotpurporttobeacompleteanalysisofallthepotentialtaxconsiderationsrelatingthereto.this summaryisbasedupontheprovisionsoftheinternalrevenuecodeof1986,asamended(the"code"),treasuryregulationspromulgatedthereunder("treasury Regulations"),administrativerulingsandjudicialdecisions,allasofthedatehereof.Theseauthoritiesmaybechanged,possiblyretroactively,andanychanges mayresultinu.s.federalincometaxconsequencesdifferentfromthosesetforthbelow.wehavenotsoughtanyrulingfromtheinternalrevenueservice(the "IRS")withrespecttothestatementsmadeandtheconclusionsreachedinthefollowingsummary.Theauthoritiesonwhichthisdiscussionisbasedaresubjectto variousinterpretationsandtherecanbenoassurancethattheirsorthecourtswillagreewithsuchstatementsandconclusions. Thissummaryalsodoesnotaddressthetaxconsiderationsarisingunderthelawsofanystate,localornon-U.S.jurisdictionorunderU.S.federalgiftand estatetaxlaws.thissummaryislimitedtonon-u.s.holderswhoholdourcommonstockasacapitalassetforu.s.federalincometaxpurposes(generally, propertyheldforinvestment).inaddition,becausethissectionisageneralsummary,itdoesnotaddressallaspectsoftaxationthatmayberelevanttoparticular shareholdersinlightoftheirpersonalinvestmentortaxcircumstances,ortocertaintypesofshareholdersthataresubjecttospecialtreatmentundertheu.s.federal incometaxlaws,including,withoutlimitation,brokersordealersinsecurities,insurancecompanies,banksorotherfinancialinstitutions,hybridentities,regulated investmentcompanies,realestateinvestmenttrusts,tax-exemptorganizationsoraccounts,personsholdingcommonstockasapartofahedging,integrated, conversiontransaction,straddleorotherriskreductiontransaction,tradersinsecuritiesthatelecttouseamark-to-marketmethodofaccountingfortheirsecurities holdings,personssubjecttothealternativeminimumtaxorthemedicaretaxonnetinvestmentincome,entitiesorarrangementstreatedaspartnershipsforu.s. federalincometaxpurposesorinvestorsinsuchentities,personswhoacquiredourcommonstockthroughtheexerciseofemployeestockoptionsorotherwiseas compensationforservices,certainformeru.s.citizensorlong-termresidents,"controlledforeigncorporations"or"passiveforeigninvestmentcompanies"within themeaningofthecode,andpersonsdeemedtosellourcommonstockundertheconstructivesaleprovisionsofthecode. Non-U.S. Holders are urged to consult their tax advisors with respect to the application of the U.S. federal income tax laws to their particular situations, as well as any tax consequences of the purchase, ownership and disposition of our common stock arising under the U.S. federal estate or gift tax rules or under the laws of any state, local, non-u.s. or other taxing jurisdiction or under any applicable tax treaty. Non-U.S. Holder Defined Asusedinthisdiscussion,theterm"Non-U.S.Holder"meansabeneficialownerofourcommonstockthat,forU.S.federalincometaxpurposes,isan individual,corporation,estateortrustandisnotanyofthefollowingforu.s.federalincometaxpurposes: anentityorarrangementtreatedasapartnership; anindividualwhoisacitizenorresidentoftheunitedstates; acorporationcreatedororganizedintheunitedstatesorunderthelawsoftheunitedstatesoranystatethereoforthedistrictofcolumbia; anestatewhoseincomeissubjecttou.s.federalincometaxregardlessofitssource;or 41

48 atrust(i)theadministrationofwhichissubjecttotheprimarysupervisionofau.s.courtandthathasoneormoreu.s.personswhohavethe authoritytocontrolallsubstantialdecisionsofthetrustor(ii)thathasavalidelectionineffectunderapplicabletreasuryregulationstobetreated asau.s.person. Distributions Wedonotanticipatemakingdistributionsonourcommonstockintheforeseeablefuture.However,ifdistributionsofcashorproperty(otherthancertainpro ratastockdistributions)aremadetonon-u.s.holdersonsharesofourcommonstock,suchdistributionsgenerallywillconstitutedividendsforu.s.federal incometaxpurposestotheextentpaidfromourcurrentoraccumulatedearningsandprofits,asdeterminedunderu.s.federalincometaxprinciples.totheextent thosedistributionsexceedbothourcurrentandouraccumulatedearningsandprofits,theywillconstituteareturnofcapitalandwillfirstreduceanon-u.s. Holder'sbasisinourcommonstock(determinedseparatelywithrespecttoeachshareofourcommonstock),butnotbelowzero,andthenwillbetreatedasgain fromthesaleofthatcommonstockasdescribedbelowunder" GainonDispositionofOurCommonStock." ExceptasdescribedinthenextparagraphandsubjecttothediscussionsofbackupwithholdingandFATCA,anydividendpaidtoaNon-U.S.Holder generallywillbesubjecttou.s.federalwithholdingtaxeitheratarateof30%ofthegrossamountofthedividendorsuchlowerrateasmaybespecifiedbyan applicableincometaxtreaty.inordertoreceiveareducedtreatyrate,thenon-u.s.holdermustprovidetheapplicablewithholdingagentinatimelymannera properlycompletedirsformw-8benorw-8ben-e,whicheverisapplicable,orotherappropriateversionofirsformw-8,includingau.s.taxpayer identificationnumberandcertifyingqualificationforthereducedrate.anon-u.s.holderofsharesofourcommonstockeligibleforareducedrateofu.s.federal withholdingtaxpursuanttoanincometaxtreatymayobtainarefundofanyexcessamountswithheldbyfilinganappropriateclaimforrefundwiththeirsina timelymanner.ifthenon-u.s.holderholdsthecommonstockthroughafinancialinstitutionorotheragentactingonthenon-u.s.holder'sbehalf,thenon-u.s. Holderwillberequiredtoprovideappropriatedocumentationtotheagent,whichthenwillberequiredtoprovidecertificationtotheapplicablewithholdingagent, eitherdirectlyorthroughotherintermediaries. DividendsreceivedbyaNon-U.S.HolderthatareeffectivelyconnectedwithitsconductofaU.S.tradeorbusiness(and,ifanincometaxtreatyrequires,that areattributabletoapermanentestablishmentorfixedbasemaintainedbythenon-u.s.holderintheunitedstates),areexemptfromsuchwithholdingtax.in ordertoclaimthisexemption,thenon-u.s.holdermustprovidetheapplicablewithholdingagentwithaproperlycompletedirsformw-8eciorother applicableirsformw-8properlycertifyingsuchexemption.sucheffectivelyconnecteddividends,althoughnotsubjecttou.s.federalwithholdingtax,generally aresubjecttou.s.federalincometaxonanetincomebasisatapplicablegraduatedu.s.federalincometaxrates,netofcertaindeductionsandcredits,and generallyinamannerapplicabletou.s.persons.inaddition,dividendsreceivedbyanon-u.s.holderthatistreatedasacorporationforu.s.federalincometax purposesthatareeffectivelyconnectedwithsuchnon-u.s.holder'sconductofau.s.tradeorbusinessmayalso,subjecttocertainadjustments,besubjecttoa branchprofitstaxatarateof30%orsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty. 42

49 Gain on Disposition of Our Common Stock SubjecttothediscussionsofbackupwithholdingandFATCA,Non-U.S.HoldersgenerallywillnotberequiredtopayU.S.federalincometax,includingby wayofwithholding,onanygainrealizeduponthesaleorotherdispositionofourcommonstockunless: thegainiseffectivelyconnectedwiththenon-u.s.holder'sconductofau.s.tradeorbusiness,andifanapplicableincometaxtreatyrequires,is attributabletoau.s.permanentestablishmentorfixedbasemaintainedbythenon-u.s.holderintheunitedstates; thenon-u.s.holderisanindividualwhoispresentintheunitedstatesforaperiodorperiodsaggregating183daysormoreduringthecalendar yearinwhichthesaleordispositionoccursandcertainotherconditionsaremet;or ourcommonstockconstitutesau.s.realpropertyinterestbyreasonofourstatusasa"unitedstatesrealpropertyholdingcorporation"(a "USRPHC")forU.S.federalincometaxpurposesatanytimeduringtheshorterofthefive-yearperiodprecedingtheNon-U.S.Holder'sdisposition of,orthenon-u.s.holder'sholdingperiodfor,ourcommonstock. Generally,acorporationisaUSRPHCifthefairmarketvalueofitsU.S.realpropertyinterests(withinthemeaningoftheCodeandapplicableTreasury Regulations)equalsorexceeds50%ofthesumofthefairmarketvalueofitsworldwiderealpropertyinterestsplusitsotherassetsusedorheldforuseinatradeor business.webelievethatwearenotcurrentlyausrphcand,basedonourbusinessplanandanticipatedoperations,donotexpecttobecomeausrphcinthe future.howeverusrphcstatusisaninherentlyfactualdeterminationthatinvolvescomplexlegalconsiderations.wehavenotsoughtanirsrulingwithrespect towhetherweareausrphcandwecannotgivedefinitiveassuranceregardingournon-usrphcstatus.additionally,becausethedeterminationofwhetherwe areausrphcdependsonthefairmarketvalueofouru.s.realpropertyinterestsrelativetothefairmarketvalueofourotherbusinessassets,therecanbeno assurancethatwewillnotbecomeausrphcinthefuture.evenifweareorbecomeausrphc,aslongasourcommonstockisregularlytradedonan establishedsecuritiesmarket(withinthemeaningofthecodeandapplicabletreasuryregulations),suchcommonstockwillbetreatedasau.s.realproperty interestonlyifanon-u.s.holderactuallyorconstructivelyholdsmorethan5%ofsuchregularlytradedcommonstockatanytimeduringtheshorterofthefiveyearperiodprecedingthenon-u.s.holder'sdispositionof,orthenon-u.s.holder'sholdingperiodfor,ourcommonstock.non-u.s.holdersshouldbeaware thatnopredictioncanbemadeastowhetherourcommonstockwillberegularlytradedonanestablishedsecuritiesmarket(withinthemeaningofthecodeand applicabletreasuryregulations). Non-U.S.HoldersdescribedinthefirstbulletabovewillberequiredtopaytaxonthenetgainderivedfromthesaleunderregulargraduatedU.S.federal incometaxrates,andacorporatenon-u.s.holderdescribedinthefirstbulletabovealsomaybesubjecttothebranchprofitstaxata30%rate,orsuchlowerrate asmaybespecifiedbyanapplicableincometaxtreaty.individualnon-u.s.holdersdescribedinthesecondbulletabovewillberequiredtopayaflat30%taxon thegainderivedfromthesale,whichgainmaybeoffsetbyu.s.-sourcecapitallossesforthatyear.non-u.s.holdersshouldconsultanyapplicableincometaxor othertreatiesthatmayprovidefordifferentrules. Backup Withholding and Information Reporting Generally,wemustreportannuallytotheIRStheamountofdividendspaidtoaNon-U.S.Holder,theNon-U.S.Holder'snameandaddress,andtheamountof U.S.federalincometaxwithheld,ifany.AsimilarreportwillbesenttotheNon-U.S.Holder.Theseinformationreportingrequirementsapplyevenifwithholding wasnotrequiredbecausethedividendswereeffectivelyconnectedtotheconductofanon-u.s.holder'stradeorbusinesswithintheunitedstatesorwithholding wasreducedoreliminatedbyanapplicableincometaxtreaty.pursuanttoapplicableincometaxtreatiesorother 43

50 agreements,theirsmaymakethesereportsavailabletotaxauthoritiesinthenon-u.s.holder'scountryofresidence. Paymentsofdividendson,orofproceedsfromthedispositionof,ourcommonstockmadetoNon-U.S.Holdersmaybesubjecttoadditionalinformation reportingandbackupwithholdingunlessthenon-u.s.holderestablishesanexemption,forexample,byproperlycertifyingitsnon-u.s.statusonanirsformw- 8BENorW-8BEN-E,whicheverisapplicable,oranotherappropriateversionofIRSFormW-8.Notwithstandingtheforegoing,backupwithholdingand informationreportingmayapplyiftheapplicablewithholdingagenthasactualknowledge,orreasontoknow,thataholderclaimingtobeanon-u.s.holderisa U.S.person. U.S.informationreportingandbackupwithholdinggenerallywillnotapplytoapaymentofproceedsofadispositionofcommonstockwherethetransaction iseffectedoutsidetheunitedstatesthroughanon-u.s.officeofanon-u.s.broker.however,informationreportingrequirements,butnotbackupwithholding, generallywillapplytosuchapaymentifthebrokeris(i)au.s.person;or(ii)aforeignpersonwithcertainu.s.connections,unlessthebrokerhasdocumentary evidenceinitsrecordsthattheholderisanon-u.s.holderandcertainconditionsaremetortheholderotherwiseestablishesanexemption. Backupwithholdingisnotanadditionaltax;rather,theU.S.federalincometaxliabilityofpersonssubjecttobackupwithholdingwillbereducedbythe amountoftaxwithheld.ifwithholdingresultsinanoverpaymentoftaxes,arefundorcreditmaygenerallybeobtainedfromtheirs,providedthattherequired informationisfurnishedtotheirsinatimelymanner.non-u.s.holdersshouldconsulttheirowntaxadvisorsregardingtheapplicationofbackupwithholdingin theirparticularcircumstancesandtheavailabilityofandprocedureforobtaininganexemptionfrombackupwithholdingundercurrenttreasuryregulations. FATCA LegislationcommonlyknownasFATCA(underSections1471to1474oftheCode)generallyimposesaU.S.federalwithholdingtaxof30%ondividendson andthegrossproceedsofadispositionofourcommonstockpaidtoa"foreignfinancialinstitution"(asdefinedunderfatcaandtheapplicabletreasury Regulations),unlesssuchinstitutionentersintoanagreementwiththeU.S.governmenttowithholdoncertainpaymentsandtocollectandprovidetotheU.S.tax authoritiessubstantialinformationregardingtheu.s.accountholdersofsuchinstitution(whichincludescertainequityanddebtholdersofsuchinstitution,aswell ascertainaccountholdersthatareforeignentitieswithu.s.owners)orotherwiseestablishesanexemption.fatcaalsogenerallyimposesau.s.federal withholdingtaxof30%ondividendsonandthegrossproceedsofadispositionofourcommonstockpaidtoanon-financialforeignentityunlesssuchentity providestheapplicablewithholdingagentwithacertificationidentifyingcertainsubstantialdirectandindirectu.s.ownersoftheentity,certifiesthatthereare noneorotherwiseestablishesanexemption.thewithholdingtaxesdescribedaboveapplycurrentlytoanydividendpaymentsonourcommonstockandwillapply afterdecember31,2018,topaymentsofgrossproceedsfromdispositionsofourcommonstock.undercertaincircumstances,anon-u.s.holdermightbeeligible forrefundsorcreditsofsuchtaxes.anintergovernmentalagreementbetweentheunitedstatesandanapplicableforeigncountrymaymodifytherequirements describedinthisparagraph.prospectiveinvestorsareurgedtoconsultwiththeirowntaxadvisorsregardingthepossibleimplicationsofthislegislationontheir investmentinourcommonstock. 44

51 UNDERWRITING Thesellingstockholdersareofferingthesharesofourcommonstockdescribedinthisprospectusthroughtheunderwritersnamedbelow.UBS SecuritiesLLC,DeutscheBankSecuritiesInc.andMorganStanley&Co.LLCareactingasjointbook-runningmanagersofthisofferingandasrepresentativesof theunderwriters.subjecttothetermsandconditionsoftheunderwritingagreement,eachoftheunderwritershasseverallyagreedtopurchase,andtheselling stockholdershaveagreedtoselltotheunderwriters,thenumberofsharesofcommonstocklistednexttoitsnameinthefollowingtable. Underwriters Theunderwritingagreementprovidesthattheunderwritersmustbuyallofthesharesofcommonstockiftheybuyanyofthem.However,theunderwritersare notrequiredtopayforthesharescoveredbytheunderwriters'optiontopurchaseadditionalsharesasdescribedbelow. Ourcommonstockisofferedsubjecttoanumberofconditions,including: receiptandacceptanceofourcommonstockbytheunderwriters;and Number of shares UBSSecuritiesLLC DeutscheBankSecuritiesInc. MorganStanley&Co.LLC MacquarieCapital(USA)Inc. BarclaysCapitalInc. CreditSuisseSecurities(USA)LLC MerrillLynch,Pierce,Fenner&Smith Incorporated Stifel,Nicolaus&Company,Incorporated FirstAnalysisSecuritiesCorporation Total theunderwriters'righttorejectordersinwholeorinpart. Wehavebeenadvisedbytherepresentativesthattheunderwritersintendtomakeamarketinourcommonstockbutthattheyarenotobligatedtodosoand maydiscontinuemakingamarketatanytimewithoutnotice. Inconnectionwiththisoffering,certainoftheunderwritersorsecuritiesdealersmaydistributeprospectuseselectronically. OPTION TO PURCHASE ADDITIONAL SHARES Thesellingstockholdershavegrantedtheunderwritersanoptiontobuyuptoanaggregateof2,025,000additionalsharesofourcommonstock.The underwritershave30daysfromthedateofthisprospectustoexercisethisoption.iftheunderwritersexercisethisoption,theywilleachpurchaseadditionalshares ofcommonstockapproximatelyinproportiontotheamountsspecifiedinthetableabove. UNDERWRITING DISCOUNT Sharessoldbytheunderwriterstothepublicwillinitiallybeofferedattheofferingpricesetforthonthecoverofthisprospectus.Anysharessoldbythe underwriterstosecuritiesdealersmaybesoldatadiscountofupto$persharefromthepublicofferingprice.salesofsharesmadeoutsideoftheunitedstates maybemadebyaffiliatesoftheunderwriters.ifallthesharesarenotsoldatthepublic 45

52 offeringprice,therepresentativesmaychangetheofferingpriceandtheothersellingterms.uponexecutionoftheunderwritingagreement,theunderwriterswill beobligatedtopurchasethesharesatthepricesanduponthetermsstatedtherein. Thefollowingtableshowsthepershareandtotalunderwritingdiscountthesellingstockholderswillpaytotheunderwritersassumingbothnoexerciseand fullexerciseoftheunderwriters'optiontopurchaseupto2,025,000additionalshares. Weestimatethatthetotalexpensesoftheofferingpayablebyuswillbeapproximately$.Wehavealsoagreedtoreimbursetheunderwritersforcertain oftheirexpenses,includinginconnectionwiththeclearanceofthisofferingwiththefinancialindustryregulatoryauthority,inc.,inanamountupto$. NO SALES OF SIMILAR SECURITIES We,ourexecutiveofficersanddirectors,andtheholdersofmorethan5%ofourcapitalstockareexpectedtoenterintolock-upagreementswiththe underwriters.underthelock-upagreements,subjecttocertainexceptions,weandeachofthesepersonsmaynot,withoutthepriorwrittenapprovalofubs SecuritiesLLC,DeutscheBankSecuritiesInc.andMorganStanley&Co.LLCoffer,sell,contracttosell,pledge,orotherwisedisposeof,directlyorindirectly,or hedgeourcommonstockorsecuritiesconvertibleintoorexchangeableorexercisableforourcommonstock.theserestrictionswillbeineffectforaperiodending onandincludingthedatethatis90daysafterthedateofthisprospectus. UBSSecuritiesLLC,DeutscheBankSecuritiesInc.andMorganStanley&Co.LLCmay,atanytimeandintheirsolediscretion,releasesomeorallthe securitiesfromtheselock-upagreements.iftherestrictionsunderthelock-upagreementsarewaived,sharesofourcommonstockmaybecomeavailableforresale intothemarket,subjecttoapplicablelaw,whichcouldreducethemarketpriceofourcommonstock. INDEMNIFICATION Weandthesellingstockholdersagreedtoindemnifytheseveralunderwritersagainstcertainliabilities,includingcertainliabilitiesundertheSecuritiesAct.If weandthesellingstockholdersareunabletoprovidethisindemnification,weandthesellingstockholdershaveagreedtocontributetopaymentstheunderwriters mayberequiredtomakeinrespectofthoseliabilities. EXCHANGE LISTING OurcommonstockhasbeenapprovedforlistingontheNYSEunderthesymbol"ADSW". PRICE STABILIZATION, SHORT POSITIONS Inconnectionwiththisoffering,theunderwritersmayengageinactivitiesthatstabilize,maintainorotherwiseaffectthepriceofourcommonstockduring andafterthisoffering,including: stabilizingtransactions; No exercise Full exercise Pershare $ $ Total $ $ shortsales; purchasestocoverpositionscreatedbyshortsales; impositionofpenaltybids;and 46

53 syndicatecoveringtransactions. Stabilizingtransactionsconsistofbidsorpurchasesmadeforthepurposeofpreventingorretardingadeclineinthemarketpriceofourcommonstockwhile thisofferingisinprogress.stabilizationtransactionspermitbidstopurchasetheunderlyingsecuritysolongasthestabilizingbidsdonotexceedaspecified maximum.thesetransactionsmayalsoincludemakingshortsalesofourcommonstock,whichinvolvethesalebytheunderwritersofagreaternumberofshares ofcommonstockthantheyarerequiredtopurchaseinthisofferingandpurchasingsharesofcommonstockontheopenmarkettocovershortpositionscreatedby shortsales.shortsalesmaybe"coveredshortsales,"whichareshortpositionsinanamountnotgreaterthantheunderwriters'optiontopurchaseadditionalshares referredtoabove,ormaybe"nakedshortsales,"whichareshortpositionsinexcessofthatamount. Theunderwritersmaycloseoutanycoveredshortpositionbyeitherexercisingtheiroption,inwholeorinpart,orbypurchasingsharesintheopenmarket.In makingthisdetermination,theunderwriterswillconsider,amongotherthings,thepriceofsharesavailableforpurchaseintheopenmarketascomparedtothe priceatwhichtheymaypurchasesharesthroughtheover-allotmentoption. Nakedshortsalesareshortsalesmadeinexcessoftheover-allotmentoption.Theunderwritersmustcloseoutanynakedshortpositionbypurchasingshares intheopenmarket.anakedshortpositionismorelikelytobecreatediftheunderwritersareconcernedthattheremaybedownwardpressureonthepriceofthe commonstockintheopenmarketthatcouldadverselyaffectinvestorswhopurchasedinthisoffering. Theunderwritersalsomayimposeapenaltybid.Thisoccurswhenaparticularunderwriterrepaystotheunderwritersaportionoftheunderwritingdiscount receivedbyitbecausetherepresentativeshaverepurchasedsharessoldbyorfortheaccountofthatunderwriterinstabilizingorshortcoveringtransactions. Thesestabilizingtransactions,shortsales,purchasestocoverpositionscreatedbyshortsales,theimpositionofpenaltybidsandsyndicatecovering transactionsmayhavetheeffectofraisingormaintainingthemarketpriceofourcommonstockorpreventingorretardingadeclineinthemarketpriceofour commonstock.asaresultoftheseactivities,thepriceofourcommonstockmaybehigherthanthepricethatotherwisemightexistintheopenmarket.the underwritersmaycarryoutthesetransactionsonnyse,intheover-the-countermarketorotherwise.neitherwenortheunderwritersmakeanyrepresentationor predictionastotheeffectthatthetransactionsdescribedabovemayhaveonthepriceoftheshares.neitherwe,noranyoftheunderwritersmakeany representationthattheunderwriterswillengageinthesestabilizationtransactionsorthatanytransaction,oncecommenced,willnotbediscontinuedwithoutnotice. AFFILIATIONS Theunderwritersandtheirrespectiveaffiliatesarefullservicefinancialinstitutionsengagedinvariousactivities,whichmayincludesecuritiestrading, commercialandinvestmentbanking,financialadvisory,investmentmanagement,investmentresearch,principalinvestment,hedging,financingandbrokerage activities.theunderwritersandtheiraffiliatesmayfromtimetotimeinthefutureengagewithusandperformservicesforusorintheordinarycourseoftheir businessforwhichtheywillreceivecustomaryfeesandexpenses.intheordinarycourseoftheirvariousbusinessactivities,theunderwritersandtheirrespective affiliatesmaymakeorholdabroadarrayofinvestmentsandactivelytradedebtandequitysecurities(orrelatedderivativesecurities)andfinancialinstruments (includingbankloans)fortheirownaccountandfortheaccountsoftheircustomers,andsuchinvestmentandsecuritiesactivitiesmayinvolvesecuritiesand/or instrumentsofus.theunderwritersandtheirrespectiveaffiliatesmayalsomakeinvestmentrecommendationsand/orpublishorexpressindependent 47

54 researchviewsinrespectofthesesecuritiesorinstrumentsandmayatanytimehold,orrecommendtoclientsthattheyacquire,longand/orshortpositionsin thesesecuritiesandinstruments. ELECTRONIC DISTRIBUTION AprospectusinelectronicformatmaybemadeavailableontheInternetsitesorthroughotheronlineservicesmaintainedbyoneormoreoftheunderwriters participatinginthisoffering,orbytheiraffiliates.inthosecases,prospectiveinvestorsmayviewofferingtermsonlineand,dependingupontheparticular underwriter,prospectiveinvestorsmaybeallowedtoplaceordersonline.theunderwritersmayagreewithustoallocateaspecificnumberofsharesforsaleto onlinebrokerageaccountholders. Anysuchallocationforonlinedistributionswillbemadebytheunderwritersonthesamebasisasotherallocations.Otherthantheprospectusinelectronic format,theinformationonanyunderwriter'swebsiteandanyinformationcontainedinanyotherwebsitemaintainedbyanunderwriterisnotpartoftheprospectus ortheregistrationstatementofwhichthisprospectusformsapart,hasnotbeenapprovedand/orendorsedbyusoranyunderwriterinitscapacityasunderwriter andshouldnotberelieduponbyinvestors. NOTICE TO PROSPECTIVE INVESTORS European Economic Area InrelationtoeachmemberstateoftheEuropeanEconomicArea,noofferofshareswhicharethesubjectoftheofferinghasbeen,orwillbemadetothe publicinthatmemberstate,otherthanunderthefollowingexemptionsundertheprospectusdirective: A. toanylegalentitywhichisaqualifiedinvestorasdefinedintheprospectusdirective; B. tofewerthan150naturalorlegalpersons(otherthanqualifiedinvestorsasdefinedintheprospectusdirective),subjecttoobtainingtheprior consentoftherepresentativesforanysuchoffer;or C. inanyothercircumstancesfallingwithinarticle3(2)oftheprospectusdirective, providedthatnosuchofferofsharesreferredtoin(a)to(c)aboveshallresultinarequirementforthecompanyoranyrepresentativetopublisha prospectuspursuanttoarticle3oftheprospectusdirective,orsupplementaprospectuspursuanttoarticle16oftheprospectusdirective. EachpersonlocatedinaMemberStatetowhomanyofferofsharesismadeorwhoreceivesanycommunicationinrespectofanyofferofordinaryshares,or whoinitiallyacquiresanyshareswillbedeemedtohaverepresented,warranted,acknowledgedandagreedtoandwitheachrepresentativeandthecompanythat (1)itisa"qualifiedinvestor"withinthemeaningofthelawinthatMemberStateimplementingArticle2(1)(e)oftheProspectusDirective;and(2)inthecaseof anysharesacquiredbyitasafinancialintermediaryasthattermisusedinarticle3(2)oftheprospectusdirective,thesharesacquiredbyitintheofferhavenot beenacquiredonbehalfof,norhavetheybeenacquiredwithaviewtotheirofferorresaleto,personsinanymemberstateotherthanqualifiedinvestors,asthat termisdefinedintheprospectusdirective,orincircumstancesinwhichthepriorconsentoftherepresentativeshasbeengiventotheofferorresale;orwhere ordinaryshareshavebeenacquiredbyitonbehalfofpersonsinanymemberstateotherthanqualifiedinvestors,theofferofthoseordinarysharestoitisnot treatedundertheprospectusdirectiveashavingbeenmadetosuchpersons. TheCompany,therepresentativesandtheirrespectiveaffiliateswillrelyuponthetruthandaccuracyoftheforegoingrepresentations,acknowledgmentsand agreements. ThisprospectushasbeenpreparedonthebasisthatanyofferofsharesinanyMemberStatewillbemadepursuanttoanexemptionundertheProspectus Directivefromtherequirementtopublisha 48

55 prospectusforoffersofshares.accordinglyanypersonmakingorintendingtomakeanofferinthatmemberstateofshareswhicharethesubjectoftheoffering contemplatedinthisprospectusmayonlydosoincircumstancesinwhichnoobligationarisesforthecompanyoranyoftherepresentativestopublisha prospectuspursuanttoarticle3oftheprospectusdirectiveinrelationtosuchoffer.neitherthecompanynortherepresentativeshaveauthorized,nordothey authorize,themakingofanyofferofsharesincircumstancesinwhichanobligationarisesforthecompanyortherepresentativestopublishaprospectusforsuch offer. Forthepurposesofthisprovision,theexpressionan"offerofsharestothepublic"inrelationtoanysharesinanyMemberStatemeansthecommunicationin anyformandbyanymeansofsufficientinformationonthetermsoftheofferandthesharestobeofferedsoastoenableaninvestortodecidetopurchaseor subscribetheshares,asthesamemaybevariedinthatmemberstatebyanymeasureimplementingtheprospectusdirectiveinthatmemberstate,theexpression "ProspectusDirective"meansDirective2003/71/EC(asamended)andincludesanyrelevantimplementingmeasureineachMemberState. Theabovesellingrestrictionisinadditiontoanyothersellingrestrictionssetoutbelow. United Kingdom Thisprospectusisonlybeingdistributedtoandisonlydirectedat:(1)personswhoareoutsidetheUnitedKingdom;(2)investmentprofessionalsfalling withinarticle19(5)ofthefinancialservicesandmarketsact2000(financialpromotion)order2005,ortheorder;or(3)highnetworthcompanies,andother personstowhomitmaylawfullybecommunicated,fallingwithinarticle49(2)(a)to(d)oftheorder,orallsuchpersonsfallingwithin(1)-(3)togetherbeing referredtoasrelevantpersons.thesharesareonlyavailableto,andanyinvitation,offeroragreementtosubscribe,purchaseorotherwiseacquiresuchshareswill beengagedinonlywith,relevantpersons.anypersonwhoisnotarelevantpersonshouldnotactorrelyonthisprospectusoranyofitscontents. Canada Thisdocumentconstitutesan"exemptofferingdocument"asdefinedinandforthepurposesofapplicableCanadiansecuritieslaws.Noprospectushasbeen filedwithanysecuritiescommissionorsimilarregulatoryauthorityincanadainconnectionwiththeofferandsaleoftheshares.nosecuritiescommissionor similarregulatoryauthorityincanadahasreviewedorinanywaypasseduponthisdocumentoronthemeritsofthesharesandanyrepresentationtothecontrary isanoffence. Canadian investors are advised that this document has been prepared in reliance on section 3A.3 of National Instrument Underwriting Conflicts, or NI Pursuant to section 3A.3 of NI , we and the underwriters are not required to provide investors with certain conflicts of interest disclosure pertaining to "connected issuer" and/or "related issuer" relationships that may exist between the company and the underwriters as would otherwise be required pursuant to subsection 2.1(1) of NI Resale restrictions TheofferandsaleofthesharesinCanadaisbeingmadeonaprivateplacementbasisonlyandisexemptfromtherequirementthatweprepareandfilea prospectusunderapplicablecanadiansecuritieslaws.anyresaleofsharesacquiredbyacanadianinvestorinthisofferingmustbemadeinaccordancewith applicablecanadiansecuritieslaws,whichmayvarydependingontherelevantjurisdiction,andwhichmayrequireresalestobemadeinaccordancewith Canadianprospectusrequirements,astatutoryexemptionfromtheprospectusrequirements,inatransactionexemptfromtheprospectusrequirementsorotherwise underadiscretionaryexemptionfromtheprospectus 49

56 requirementsgrantedbytheapplicablelocalcanadiansecuritiesregulatoryauthority.theseresalerestrictionsmayundercertaincircumstancesapplytoresalesof thesharesoutsideofcanada. Representations of purchasers EachCanadianinvestorwhopurchasestheshareswillbedeemedtohaverepresentedtous,theunderwritersandtoeachdealerfromwhomapurchase confirmationisreceived,asapplicable,thattheinvestor(i)ispurchasingasprincipal,orisdeemedtobepurchasingasprincipalinaccordancewithapplicable Canadiansecuritieslaws;(ii)isan"accreditedinvestor"assuchtermisdefinedinsection1.1ofNationalInstrument45-106Prospectus Exemptions,orNI45-106, or,inontario,assuchtermisdefinedinsection73.3(1)ofthesecurities Act (Ontario);and(iii)isa"permittedclient"assuchtermisdefinedinsection1.1of NationalInstrument31-103Registration Requirements, Exemptions and Ongoing Registrant Obligations. Taxation and eligibility for investment Anydiscussionoftaxationandrelatedmatterscontainedinthisdocumentdoesnotpurporttobeacomprehensivedescriptionofallofthetaxconsiderations thatmayberelevanttoacanadianinvestorwhendecidingtopurchasethesharesand,inparticular,doesnotaddressanycanadiantaxconsiderations.no representationorwarrantyisherebymadeastothetaxconsequencestoaresident,ordeemedresident,ofcanadaofaninvestmentinthesharesorwithrespectto theeligibilityofthesharesforinvestmentbysuchinvestorunderrelevantcanadianfederalandprovinciallegislationandregulations. Rights of action for damages or rescission SecuritieslegislationincertainoftheCanadianjurisdictionsprovidescertainpurchasersofsecuritiespursuanttoanofferingmemorandum,includingwhere thedistributioninvolvesan"eligibleforeignsecurity"assuchtermisdefinedinontariosecuritiescommissionrule45-501ontario Prospectus and Registration Exemptions andinmultilateralinstrument45-107listing Representation and Statutory Rights of Action Disclosure Exemptions,asapplicable,witharemedyfor damagesorrescission,orboth,inadditiontoanyotherrightstheymayhaveatlaw,wheretheofferingmemorandum,orotherofferingdocumentthatconstitutes anofferingmemorandum,andanyamendmentthereto,containsa"misrepresentation"asdefinedunderapplicablecanadiansecuritieslaws.theseremedies,or noticewithrespecttotheseremedies,mustbeexercisedordelivered,asthecasemaybe,bythepurchaserwithinthetimelimitsprescribedunder,andaresubject tolimitationsanddefencesunder,applicablecanadiansecuritieslegislation.inaddition,theseremediesareinadditiontoandwithoutderogationfromanyother rightorremedyavailableatlawtotheinvestor. Language of documents Uponreceiptofthisdocument,eachCanadianinvestorherebyconfirmsthatithasexpresslyrequestedthatalldocumentsevidencingorrelatinginanywayto thesaleofthesecuritiesdescribedherein(includingforgreatercertaintyanypurchaseconfirmationoranynotice)bedrawnupintheenglishlanguageonly.par la réception de ce document, chaque investisseur canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement. Australia Thisprospectusisnotaformaldisclosuredocumentandhasnotbeen,norwillbe,lodgedwiththeAustralianSecuritiesandInvestmentsCommission.Itdoes notpurporttocontainallinformationthataninvestorortheirprofessionaladviserswouldexpecttofindinaprospectusorotherdisclosure 50

57 document(asdefinedinthecorporationsact2001(australia))forthepurposesofpart6d.2ofthecorporationsact2001(australia)orinaproductdisclosure statementforthepurposesofpart7.9ofthecorporationsact2001(australia),ineithercase,inrelationtothesecurities. ThesecuritiesarenotbeingofferedinAustraliato"retailclients"asdefinedinsections761Gand761GAoftheCorporationsAct2001(Australia).This offeringisbeingmadeinaustraliasolelyto"wholesaleclients"forthepurposesofsection761gofthecorporationsact2001(australia)and,assuch,no prospectus,productdisclosurestatementorotherdisclosuredocumentinrelationtothesecuritieshasbeen,orwillbe,prepared. ThisprospectusdoesnotconstituteanofferinAustraliaotherthantopersonswhodonotrequiredisclosureunderPart6D.2oftheCorporationsAct2001 (Australia)andwhoarewholesaleclientsforthepurposesofsection761GoftheCorporationsAct2001(Australia).Bysubmittinganapplicationforour securities,yourepresentandwarranttousthatyouareapersonwhodoesnotrequiredisclosureunderpart6d.2andwhoisawholesaleclientforthepurposesof section761gofthecorporationsact2001(australia).ifanyrecipientofthisprospectusisnotawholesaleclient,noofferof,orinvitationtoapplyfor,our securitiesshallbedeemedtobemadetosuchrecipientandnoapplicationsforoursecuritieswillbeacceptedfromsuchrecipient.anyoffertoarecipientin Australia,andanyagreementarisingfromacceptanceofsuchoffer,ispersonalandmayonlybeacceptedbytherecipient.Inaddition,byapplyingforour securitiesyouundertaketousthat,foraperiodof12monthsfromthedateofissueofthesecurities,youwillnottransferanyinterestinthesecuritiestoanyperson inaustraliaotherthantoapersonwhodoesnotrequiredisclosureunderpart6d.2andwhoisawholesaleclient. Hong Kong ThecontentsofthisprospectushavenotbeenreviewedbyanyregulatoryauthorityinHongKong.Youareadvisedtoexercisecautioninrelationtotheoffer. Ifyouareinanydoubtaboutanyofthecontentsofthisprospectus,youshouldobtainindependentprofessionaladvice.Pleasenotethat(i)oursecuritiesmaynot beofferedorsoldinhongkong,bymeansofthisprospectusoranydocumentotherthanto"professionalinvestors"withinthemeaningofpartiofschedule1of thesecuritiesandfuturesordinance(cap.571,lawsofhongkong)(sfo)andanyrulesmadethereunder,orinothercircumstanceswhichdonotresultinthe documentbeinga"prospectus"withinthemeaningofthecompaniesordinance(cap.32,lawsofhongkong)(co)orwhichdonotconstituteanofferor invitationtothepublicforthepurposeofthecoorthesfo,and(ii)noadvertisement,invitationordocumentrelatingtooursecuritiesmaybeissuedormaybein thepossessionofanypersonforthepurposeofissue(ineachcasewhetherinhongkongorelsewhere)whichisdirectedat,orthecontentsofwhicharelikelyto beaccessedorreadby,thepublicinhongkong(exceptifpermittedtodosounderthesecuritieslawsofhongkong)otherthanwithrespecttothesecurities whichareorareintendedtobedisposedofonlytopersonsoutsidehongkongoronlyto"professionalinvestors"withinthemeaningofthesfoandanyrules madethereunder. Japan OursecuritieshavenotbeenandwillnotberegisteredundertheFinancialInstrumentsandExchangeLawofJapan(theFinancialInstrumentsandExchange Law)andoursecuritieswillnotbeofferedorsold,directlyorindirectly,inJapan,orto,orforthebenefitof,anyresidentofJapan(whichtermasusedherein meansanypersonresidentinjapan,includinganycorporationorotherentityorganizedunderthelawsofjapan),ortoothersforre-offeringorresale,directlyor indirectly,injapan,ortoaresidentofjapan,exceptpursuanttoanexemptionfromtheregistrationrequirementsof,andotherwiseincompliancewith,the FinancialInstrumentsandExchangeLawandanyotherapplicablelaws,regulationsandministerialguidelinesofJapan. 51

58 Singapore ThisprospectushasnotbeenregisteredasaprospectuswiththeMonetaryAuthorityofSingapore.Accordingly,thisprospectusandanyotherdocumentor materialinconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchase,ofoursecuritiesmaynotbecirculatedordistributed,normayoursecurities beofferedorsold,orbemadethesubjectofaninvitationforsubscriptionorpurchase,whetherdirectlyorindirectly,topersonsinsingaporeotherthan(i)toan institutionalinvestorundersection274ofthesecuritiesandfuturesact,chapter289ofsingapore(sfa),(ii)toarelevantpersonpursuanttosection275(1),or anypersonpursuanttosection275(1a),andinaccordancewiththeconditionsspecifiedinsection275ofthesfa,or(iii)otherwisepursuantto,andin accordancewiththeconditionsof,anyotherapplicableprovisionofthesfa. WhereoursecuritiesaresubscribedorpurchasedunderSection275byarelevantpersonwhichis: (a) (b) acorporation(whichisnotanaccreditedinvestor(asdefinedinsection4aofthesfa))thesolebusinessofwhichistoholdinvestmentsandthe entiresharecapitalofwhichisownedbyoneormoreindividuals,eachofwhomisanaccreditedinvestor;or atrust(wherethetrusteeisnotanaccreditedinvestor)whosesolepurposeistoholdinvestmentsandeachbeneficiaryofthetrustisanindividual whoisanaccreditedinvestor,securities(asdefinedinsection239(1)ofthesfa)ofthatcorporationorthebeneficiaries'rightsandinterest (howsoeverdescribed)inthattrustshallnotbetransferredwithinsixmonthsafterthatcorporationorthattrusthasacquiredoursecuritiespursuant toanoffermadeundersection275except: (1) toaninstitutionalinvestorortoarelevantpersondefinedinsection275(2)ofthesfa,ortoanypersonarisingfromanofferreferredtoin Section275(1A)orSection276(4)(i)(B)oftheSFA; (2) wherenoconsiderationisorwillbegivenforthetransfer; (3) wherethetransferisbyoperationoflaw;or (4) asspecifiedinsection276(7)ofthesfa. Switzerland ThisProspectusdoesnotconstituteanissueprospectuspursuanttoArticle652aorArticle1156oftheSwissCodeofObligations(CO)andtheshareswillnot belistedonthesixswissexchange.therefore,theprospectusmaynotcomplywiththedisclosurestandardsofthecoand/orthelistingrules(includingany prospectusschemes)ofthesixswissexchange.accordingly,thesharesmaynotbeofferedtothepublicinorfromswitzerland,butonlytoaselectedandlimited circleofinvestors,whichdonotsubscribetotheshareswithaviewtodistribution. Dubai International Finance Centre ThisprospectusrelatestoanExemptOfferinaccordancewiththeMarketsRulesoftheDubaiFinancialServicesAuthority.Thisprospectusisintendedfor distributiononlytoprofessionalclientswhoarenotnaturalpersons.itmustnotbedeliveredto,orreliedonby,anyotherperson.thedubaifinancialservices AuthorityhasnoresponsibilityforreviewingorverifyinganydocumentsinconnectionwithExemptOffers.TheDubaiFinancialServicesAuthorityhasnot approvedthisdocumentnortakenstepstoverifytheinformationsetoutinit,andhasnoresponsibilityforit.thesecuritiestowhichthisprospectusrelatesmaybe illiquidand/orsubjecttorestrictionsontheirresale.prospectivepurchasersofthesecuritiesofferedshouldconducttheirownduediligenceonthesecurities.ifyou donotunderstandthecontentsofthisdocumentyoushouldconsultanauthorizedfinancialadviser. 52

59 LEGAL MATTERS ThevalidityofthecommonstockofferedherebywillbepasseduponforusbyShearman&SterlingLLP,NewYork,NewYork.Certainlegalmatterswillbe passeduponfortheunderwritersbylatham&watkinsllp,newyork,newyork. 53

60 EXPERTS TheconsolidatedfinancialstatementsofAdvancedDisposalServices,Inc.incorporatedbyreferenceinthe2016Form10-KhavebeenauditedbyErnst& YoungLLP,independentregisteredpublicaccountingfirm,assetforthintheirreportsthereon,incorporatedbyreferencetherein,andincorporatedhereinby reference.suchconsolidatedfinancialstatementsareincorporatedhereinbyreferenceinrelianceuponsuchreportsgivenontheauthorityofsuchfirmasexperts inaccountingandauditing. 54

61