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    WASTE CONNECTIONS REPORTS FOURTH QUARTER 2024 RESULTS AND PROVIDES 2025 OUTLOOK

    2/12/25 4:37:00 PM ET
    $WCN
    Environmental Services
    Utilities
    Get the next $WCN alert in real time by email

    Fourth Quarter and Full Year 2024 Highlights

    • Strong finish to the year led by solid execution and accelerating improvement in operating trends in the fourth quarter, providing momentum for 2025
    • Full year 2024 revenue of $8.920 billion, up 11.2% year over year
    • Net income(a) of $617.6 million, adjusted net income(b) of $1.239 billion, and adjusted EBITDA(b) of $2.902 billion, up 15.0%, and 32.5% of revenue, up 100 basis points year over year
    • Net cash provided by operating activities of $2.229 billion and adjusted free cash flow(b) of $1.218 billion
    • Record year of private company acquisitions of approximately $750 million in annualized revenue

    Expectations for 2025

    • Revenue in the range of $9.45 billion to $9.60 billion
    • Net income of $1.186 billion to $1.224 billion and adjusted EBITDA(b) margin expansion of up to 80 basis points, or 33.3%
    • Net cash provided by operating activities in the range of $2.500 billion to $2.575 billion and adjusted free cash flow(b) of between $1.300 billion and $1.350 billion, or over $1.550 billion on a normalized basis
    • Ongoing acquisition-related dialogue with strong pipeline, along with expectations for improving commodity-driven revenues, position for high end of range or above

    TORONTO, Feb. 12, 2025 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE:WCN) ("Waste Connections" or the "Company") today announced its results for the fourth quarter of 2024 and outlook for 2025.   

    Waste Connections logo. (PRNewsFoto/Waste Connections, Inc.) (PRNewsFoto/WASTE CONNECTIONS_ INC_)

    "Q4 provided a solid finish to a year of extraordinary accomplishments for Waste Connections both financially, with double-digit growth in both revenue and adjusted EBITDA(b), and operationally, with accelerating improvements in employee engagement and retention, along with the integration of record levels of private company acquisition activity, which totaled approximately $750 million in annualized revenues in 2024," said Ronald J. Mittelstaedt, President and Chief Executive Officer.

    "Our differentiated results in 2024 include 100 basis points adjusted EBITDA(b) margin expansion for industry-leading margin of 32.5% led by 7% solid waste core price complemented by outsized acquisition contribution," added Mr. Mittelstaedt.  "Most importantly, our continued focus on human capital resulted in multi-year lows for employee turnover, now down over one thousand basis points from 2022, setting up for continued outsized margin expansion." 

    Mr. Mittelstaedt concluded, "We are extremely pleased by our industry-leading results in 2024 driven by approximately 24,000 dedicated employees whose efforts truly set us apart as we continued to execute on a proven playbook. We are well-positioned for another year of outsized growth in 2025 from price-led organic solid waste growth, with improving commodities and ongoing acquisition activity positioning us at or above the high end of our range of potential outcomes and normalized adjusted free cash flow(b) in excess of $1.550 billion.  With year-end leverage of less than 2.7 times, the strength of our balance sheet continues to provide tremendous optionality to fund outsized acquisition activity and invest in sustainability-related projects, along with an increasing return of capital to shareholders."

    Q4 2024 Results

    Revenue in the fourth quarter totaled $2.260 billion, up from $2.036 billion in the year ago period.  Operating loss was $199.2 million, which included $601.6 million in impairments primarily related to the early closure of a landfill and adjustments to landfill closure and post-closure costs, and $0.9 million from transaction-related expenses. This compares to operating income of $224.5 million in the fourth quarter of 2023, which included $172.5 million primarily in impairments associated with adjustments to landfill closure and post-closure costs and transaction-related expenses.  Net loss in the fourth quarter was $196.0 million, or $0.76 per share on a diluted basis of 258.8 million shares.  In the year ago period, the Company reported net income of $126.8 million, or $0.49 per share on a diluted basis of 258.3 million shares.   

    Adjusted net income(b) in the fourth quarter was $300.6 million, or $1.16 per diluted share, up from $285.5 million, or $1.11 per diluted share, in the prior year period.  Adjusted EBITDA(b) in the fourth quarter was $731.9 million, as compared to $656.0 million in the prior year period.  Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and transaction-related items, as reflected in the detailed reconciliations in the attached tables.

    Full Year 2024 Results

    For the year ended December 31, 2024, revenue was $8.920 billion, up from $8.022 billion in the year ago period.  Operating income was $1.068 billion, which included $613.0 million in impairments primarily related to the early closure of a landfill and closure and post-closure costs, $26.1 million in transaction-related expenses and $1.6 million in fair value changes to certain equity awards.  In the year ago period, operating income was $1.236 billion, which included $263.8 million primarily from impairments and other operating items attributable to landfill closure and post-closure costs, transaction-related expenses and executive separation costs.   

    Net income for the year ended December 31, 2024 was $617.6 million, or $2.39 per share on a diluted basis of 258.7 million shares.  In the year ago period, the Company reported net income of $762.8 million, or $2.95 per share on a diluted basis of 258.1 million shares.  

    Adjusted net income(b) for the year ended December 31, 2024 was $1.239 billion, or $4.79 per diluted share, as compared to $1.081 billion, or $4.19 per diluted share, in the year ago period. Adjusted EBITDA(b) for the year ended December 31, 2024 was $2.902 billion, up from $2.523 billion in the prior year period.

    2025 Outlook

    Waste Connections also announced its outlook for 2025, which assumes no change in the current economic environment.  The Company's outlook excludes expensing of transaction-related items.  The outlook provided below is forward looking, and actual results may differ materially depending on risks and uncertainties detailed at the end of this release and in our periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Certain components of the outlook for 2025 are subject to quarterly fluctuations.  See reconciliations in the attached tables.

    • Revenue is estimated between $9.450 billion and $9.600 billion;
    • Net income is estimated between $1.186 billion and $1.224 billion;
    • Adjusted EBITDA(b) margin is estimated between 33.0% and 33.3% of revenue, up 50 to 80 basis points year over year;
    • Net cash provided by operating activities is estimated between $2.500 billion and $2.575 billion;
    • Capital expenditures are estimated to be between $1.200 billion and $1.225 billion, including $100 million to $150 million for RNG facilities; and
    • Adjusted free cash flow(b) is estimated between $1.300 billion and $1.350 billion.

    ----------------------------------------------------------------------------------------------------------------------------------------------------

     (a)

    All references to "Net income" refer to the financial statement line item "Net income attributable to Waste Connections".

     (b)

    A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.

    Q4 2024 Earnings Conference Call

    Waste Connections will be hosting a conference call related to fourth quarter earnings on February 13th at 8:30 A.M. Eastern Time.  A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting "News & Events" from the website menu. Alternatively, conference call participants can preregister by clicking here.  Registered participants will receive dial-in instructions and a personalized code for entry to the conference call.  A replay of the conference call will be available until February 20, 2025, by calling 877-344-7529 (within North America) or 412-317-0088 (international) and entering Passcode #2431085.

    Waste Connections will be filing a Form 8-K on EDGAR and on SEDAR (as an "Other" document) prior to markets opening on February 13th, providing the Company's first quarter 2025 outlook for revenue and adjusted EBITDA(b).

    About Waste Connections

    Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance ("ESG") efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement.

    Safe Harbor and Forward-Looking Information

    This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2025 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada.  You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.  Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

    – financial tables attached –

    CONTACT:

    Mary Anne Whitney / (832) 442-2253

    Joe Box / (832) 442-2153

    [email protected] 

    [email protected]

     

    WASTE CONNECTIONS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

    THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2023 AND 2024

    (Unaudited)

    (in thousands of U.S. dollars, except share and per share amounts)







    Three months ended

    December 31,



    Twelve months ended

    December 31,





    2023



    2024



    2023



    2024



















    Revenues



    $

    2,035,609



    $

    2,260,283



    $

    8,021,951



    $

    8,919,591

    Operating expenses:

























    Cost of operations





    1,195,620





    1,324,774





    4,744,513





    5,191,706

    Selling, general and administrative





    192,752





    211,335





    799,119





    883,445

    Depreciation





    213,291





    261,609





    845,638





    974,001

    Amortization of intangibles





    39,833





    60,184





    157,573





    189,768

    Impairments and other operating items





    169,595





    601,570





    238,796





    613,012

    Operating income (loss)





    224,518





    (199,189)





    1,236,312





    1,067,659



























    Interest expense





    (69,728)





    (82,419)





    (274,642)





    (326,804)

    Interest income





    2,464





    2,215





    9,350





    11,607

    Other income (expense), net





    4,135





    (2,256)





    12,481





    10,471

    Income (loss) before income tax provision





    161,389





    (281,649)





    983,501





    762,933



























    Income tax (provision) benefit





    (34,760)





    85,645





    (220,675)





    (146,363)

    Net income (loss)





    126,629





    (196,004)





    762,826





    616,570

    Plus/(less): Net loss (income) attributable to noncontrolling interests





    124





    -





    (26)





    1,003

    Net income (loss) attributable to Waste Connections



    $

    126,753



    $

    (196,004)



    $

    762,800



    $

    617,573



























    Earnings (loss) per common share attributable to Waste Connections'

    common shareholders:

























    Basic



    $

    0.49



    $

    (0.76)



    $

    2.96



    $

    2.39



























    Diluted



    $

    0.49



    $

    (0.76)



    $

    2.95



    $

    2.39



























    Shares used in the per share calculations:

























    Basic





    257,636,137





    258,043,117





    257,551,129





    257,965,871

    Diluted





    258,303,370





    258,043,117





    258,149,244





    258,662,190





















































    Cash dividends per common share



    $

    0.285



    $

    0.315



    $

    1.05



    $

    1.17

     

    WASTE CONNECTIONS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    (in thousands of U.S. dollars, except share and per share amounts)







    December 31,

    2023



    December 31,

    2024

    ASSETS













    Current assets:













    Cash and equivalents



    $

    78,399



    $

    62,366

    Accounts receivable, net of allowance for credit losses of $23,553 and $25,730

    at December 31, 2023 and 2024, respectively





    856,953





    935,027

    Prepaid expenses and other current assets





    206,433





    229,519

    Total current assets





    1,141,785





    1,226,912















    Restricted cash





    105,639





    135,807

    Restricted investments





    70,350





    78,126

    Property and equipment, net





    7,228,331





    8,035,929

    Operating lease right-of-use assets





    261,782





    308,198

    Goodwill





    7,404,400





    7,950,406

    Intangible assets, net





    1,603,541





    1,991,619

    Other assets, net





    100,048





    90,812

    Total assets



    $

    17,915,876



    $

    19,817,809

     

    LIABILITIES AND EQUITY













    Current liabilities:













    Accounts payable



    $

    642,455



    $

    637,371

    Book overdraft





    14,855





    14,628

    Deferred revenue





    355,203





    382,501

    Accrued liabilities





    521,428





    736,824

    Current portion of operating lease liabilities





    32,533





    40,490

    Current portion of contingent consideration





    94,996





    59,169

    Current portion of long-term debt and notes payable





    26,462





    7,851

    Total current liabilities





    1,687,932





    1,878,834















    Long-term portion of debt and notes payable





    6,724,771





    8,072,928

    Long-term portion of operating lease liabilities





    238,440





    272,107

    Long-term portion of contingent consideration





    20,034





    27,993

    Deferred income taxes





    1,022,480





    958,340

    Other long-term liabilities





    524,438





    747,253

    Total liabilities





    10,218,095





    11,957,455

    Commitments and contingencies













    Equity:













    Common shares: 257,659,921 shares issued and 257,600,479 shares outstanding at

    December 31, 2023; 258,067,487 shares issued and 258,019,389 shares outstanding

    at December 31, 2024





    3,276,661





    3,283,161

    Additional paid-in capital





    284,284





    325,928

    Accumulated other comprehensive loss





    (9,826)





    (205,740)

    Treasury shares: 59,442 and 48,098 shares at December 31, 2023 and 2024, respectively





    -





    -

    Retained earnings





    4,141,690





    4,457,005

    Total Waste Connections' equity





    7,692,809





    7,860,354

    Noncontrolling interest in subsidiaries





    4,972





    -

    Total equity





    7,697,781





    7,860,354

     Total liabilities and equity



    $

    17,915,876



    $

    19,817,809

     

    WASTE CONNECTIONS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    TWELVE MONTHS ENDED DECEMBER 31, 2023 AND 2024

    (Unaudited)

    (in thousands of U.S. dollars)







    Twelve months ended December 31,





    2023



    2024

    Cash flows from operating activities:













    Net income



    $

    762,826



    $

    616,570

    Adjustments to reconcile net income to net cash provided by operating activities:













    Loss from disposal of assets, impairments and other





    38,877





    122,641

    Adjustment to closure and post-closure liabilities





    159,547





    480,786

    Depreciation





    845,638





    974,001

    Amortization of intangibles





    157,573





    189,768

    Deferred income taxes, net of acquisitions





    6,329





    (57,285)

    Current period provision for expected credit losses





    17,430





    20,243

    Amortization of debt issuance costs





    6,483





    10,007

    Share-based compensation





    70,436





    77,885

    Interest accretion





    22,720





    36,001

    Payment of contingent consideration recorded in earnings





    -





    (35,035)

    Adjustments to contingent consideration





    30,367





    (3)

    Other





    (3,943)





    2,656

    Net change in operating assets and liabilities, net of acquisitions





    12,534





    (209,308)

    Net cash provided by operating activities





    2,126,817





    2,228,927















    Cash flows from investing activities:













    Payments for acquisitions, net of cash acquired





    (676,793)





    (2,120,878)

    Capital expenditures for property and equipment





    (934,000)





    (1,055,988)

    Proceeds from disposal of assets





    31,581





    7,903

    Proceeds from sale of investment in noncontrolling interests





    -





    37,000

    Other





    (1,867)





    (27,213)

    Net cash used in investing activities





    (1,581,079)





    (3,159,176)















    Cash flows from financing activities:













    Proceeds from long-term debt





    1,818,765





    4,564,469

    Principal payments on notes payable and long-term debt





    (2,052,153)





    (3,245,419)

    Payment of contingent consideration recorded at acquisition date





    (13,317)





    (27,743)

    Change in book overdraft





    (790)





    (227)

    Payments for repurchase of common shares





    -





    -

    Payments for cash dividends





    (270,604)





    (302,258)

    Tax withholdings related to net share settlements of equity-based compensation





    (31,009)





    (32,928)

    Debt issuance costs





    -





    (13,449)

    Proceeds from issuance of shares under employee share purchase plan





    3,909





    4,486

    Proceeds from sale of common shares held in trust





    794





    2,014

    Other





    -





    (4,000)

    Net cash provided by (used in) financing activities





    (544,405)





    944,945















    Effect of exchange rate changes on cash, cash equivalents and restricted cash





    1,341





    (561)















    Net increase in cash, cash equivalents and restricted cash





    2,674





    14,135

    Cash, cash equivalents and restricted cash at beginning of year





    181,364





    184,038

    Cash, cash equivalents and restricted cash at end of year



    $

    184,038



    $

    198,173



    ADDITIONAL STATISTICS


     (in thousands of U.S. dollars, except where noted)

    Solid Waste Internal Growth:  The following table reflects a breakdown of the components of our solid waste internal growth for the three and twelve month periods ended December 31, 2024:





    Three months ended

    December 31, 2024



    Twelve months ended

    December 31, 2024

    Core Price





    6.7 %





    7.1 %

    Surcharges





    (0.5 %)





    (0.5 %)

    Volume





    (3.2 %)





    (2.9 %)

    Recycling





    0.2 %





    0.7 %

    Foreign Exchange Impact





    (0.3 %)





    (0.2 %)

    Total





    2.9 %





    4.2 %



    Revenue Breakdown:
    The following table reflects a breakdown of our revenue for the three month periods ended December 31, 2023 and 2024: 





     Three months ended December 31, 2023







    Revenue



    Inter-company

    Elimination



    Reported

    Revenue



    %

    Solid Waste Collection



    $

    1,501,882



    $

    (4,220)



    $

    1,497,662



    73.6

    %

    Solid Waste Disposal and Transfer





    672,318





    (279,231)





    393,087



    19.3

    %

    Solid Waste Recycling





    41,316





    (1,462)





    39,854



    2.0

    %

    E&P Waste Treatment, Recovery and Disposal





    59,780





    (3,677)





    56,103



    2.7

    %

    Intermodal and Other





    49,066





    (163)





    48,903



    2.4

    %

    Total



    $

    2,324,362



    $

    (288,753)



    $

    2,035,609



    100.0

    %













     Three months ended December 31, 2024







    Revenue



    Inter-company

    Elimination



    Reported

    Revenue



    %

    Solid Waste Collection



    $

    1,612,307



    $

    (4,513)



    $

    1,607,794



    71.1

    %

    Solid Waste Disposal and Transfer





    718,525





    (309,508)





    409,017



    18.1

    %

    Solid Waste Recycling





    59,802





    (2,102)





    57,700



    2.6

    %

    E&P Waste Treatment, Recovery and Disposal





    146,328





    (6,074)





    140,254



    6.2

    %

    Intermodal and Other





    45,908





    (390)





    45,518



    2.0

    %

    Total



    $

    2,582,870



    $

    (322,587)



    $

    2,260,283



    100.0

    %



    Contribution from Acquisitions
    : The following table reflects revenues from acquisitions, net of divestitures, for the three and twelve month periods ended December 31, 2023 and 2024:





    Three months ended

    December 31,



    Twelve months ended

    December 31,





    2023



    2024



    2023



    2024

    Acquisitions, net



    $

    51,011



    $

    169,467



    $

    407,313



    $

    529,183



    ADDITIONAL STATISTICS (continued)

    (in thousands of U.S. dollars, except where noted)

    Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three and twelve month periods ended December 31, 2023 and 2024:





    Three months ended

    December 31,



    Twelve months ended

    December 31,





    2023



    2024



    2023



    2024

    Cash Interest Paid



    $

    69,868



    $

    75,738



    $

    260,923



    $

    298,934

    Cash Taxes Paid





    81,470





    51,382





    207,020





    215,997



    Debt to Book Capitalization as of December 31, 2024: 
    51%

    Internalization for the three months ended December 31, 2024:  58%

    Days Sales Outstanding for the three months ended December 31, 2024:  38 (22 net of deferred revenue)

    Share Information for the three months ended December 31, 2024:

    Basic shares outstanding



    258,043,117

    Dilutive effect of equity-based awards 



    799,634

    Diluted shares outstanding



    258,842,751



    NON-GAAP RECONCILIATION SCHEDULE

    (in thousands of U.S. dollars, except where noted)

    Reconciliation of Adjusted EBITDA:

    Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry.  Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections' operations.  Waste Connections defines adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income.  Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business.  This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures.  Other companies may calculate adjusted EBITDA differently. 





    Three months ended

    December 31,



    Twelve months ended

    December 31,





    2023



    2024



    2023



    2024

    Net income (loss) attributable to Waste Connections



    $

    126,753



    $

    (196,004)



    $

    762,800



    $

    617,573

    Plus/(Less): Net income (loss) attributable to noncontrolling interests





    (124)





    -





    26





    (1,003)

    Plus/(Less): Income tax provision (benefit)





    34,760





    (85,645)





    220,675





    146,363

    Plus: Interest expense





    69,728





    82,419





    274,642





    326,804

    Less: Interest income





    (2,464)





    (2,215)





    (9,350)





    (11,607)

    Plus: Depreciation and amortization





    253,124





    321,793





    1,003,211





    1,163,769

    Plus: Closure and post-closure accretion





    5,909





    6,896





    19,605





    29,774

    Plus: Impairments and other operating items





    169,595





    601,570





    238,796





    613,012

    Plus/(Less): Other expense (income), net





    (4,135)





    2,256





    (12,481)





    (10,471)

    Adjustments:

























    Plus: Transaction-related expenses(a)





    3,639





    890





    10,653





    26,059

    Plus/(Less): Fair value changes to equity awards(b)





    (1,791)





    (11)





    (1,726)





    1,592

    Plus: Executive separation costs(c)





    1,042





    -





    16,105





    -

    Adjusted EBITDA



    $

    656,036



    $

    731,949



    $

    2,522,956



    $

    2,901,865



























    As % of revenues





    32.2 %





    32.4 %





    31.5 %





    32.5 %

    ____________________________

    (a)

    Reflects the addback of acquisition-related transaction costs.

    (b)

    Reflects fair value accounting changes associated with certain equity awards.

    (c)

    Reflects the cash and non-cash components of severance expense associated with an executive departure.



    NON-GAAP RECONCILIATION SCHEDULE (continued)

    (in thousands of U.S. dollars, except where noted)

    Reconciliation of Adjusted Free Cash Flow:

    Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry.  Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment.  Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations.  This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures.  Other companies may calculate adjusted free cash flow differently.







    Twelve months ended

    December 31,







    2023



    2024

    Net cash provided by operating activities





    $

    2,126,817



    $

    2,228,927

    Less: Change in book overdraft







    (790)





    (227)

    Plus: Proceeds from disposal of assets







    31,581





    7,903

    Less: Capital expenditures for property and equipment







    (934,000)





    (1,055,988)

    Adjustments:















       Payment of contingent consideration recorded in earnings(a)







    -





    35,035

    Cash received for divestitures(b)







    (6,194)





    -

    Transaction-related expenses(c)







    5,519





    11,408

    Executive separation costs (d)







    1,686





    1,670

    Pre-existing Progressive Waste share-based grants(e)







    1,285





    1,194

    Tax effect(f)







    (1,772)





    (12,396)

    Adjusted free cash flow





    $

    1,224,132



    $

    1,217,526

















    As % of revenues







    15.3 %





    13.7 %

    ___________________________

    (a)

    Reflects the addback of acquisition-related payments for contingent consideration that were recorded as expenses in earnings and as a component of cash flows from operating activities as the amounts paid exceeded the fair value of the contingent consideration recorded at the acquisition date.

    (b)

    Reflects the elimination of cash received in conjunction with the divestiture of certain operations.

    (c)

    Reflects the addback of acquisition-related transaction costs.

    (d)

    Reflects the cash component of severance expense associated with an executive departure.

    (e)

    Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.

    (f)

    The aggregate tax effect of footnotes (a) through (e) is calculated based on the applied tax rates for the respective periods.



    NON-GAAP RECONCILIATION SCHEDULE (continued)

     (in thousands of U.S. dollars, except per share amounts)

    Reconciliation of Adjusted Net Income attributable to Waste Connections and Adjusted Net Income per Diluted Share attributable to Waste Connections:

    Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as a valuation measure in the solid waste industry.  Management uses adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections' operations.  Waste Connections provides adjusted net income attributable to Waste Connections to exclude the effects of items management believes impact the comparability of operating results between periods.  Adjusted net income attributable to Waste Connections has limitations due to the fact that it excludes items that have an impact on the Company's financial condition and results of operations.  Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections are not a substitute for, and should be used in conjunction with, GAAP financial measures.  Other companies may calculate these non-GAAP financial measures differently. 





    Three months ended

    December 31,



    Twelve months ended

    December 31,





    2023



    2024



    2023



    2024

    Reported net income (loss) attributable to Waste Connections



    $

    126,753



    $

    (196,004)



    $

    762,800



    $

    617,573

    Adjustments:

























    Amortization of intangibles(a)





    39,833





    60,184





    157,573





    189,768

    Impairments and other operating items(b)





    169,595





    601,570





    238,796





    613,012

    Transaction-related expenses(c) 





    3,639





    890





    10,653





    26,059

    Fair value changes to equity awards(d)





    (1,791)





    (11)





    (1,726)





    1,592

    Executive separation costs(e)





    1,042





    -





    16,105





    -

    Tax effect(f)





    (53,592)





    (166,051)





    (102,948)





    (208,711)

    Adjusted net income attributable to Waste Connections



    $

    285,479



    $

    300,578



    $

    1,081,253



    $

    1,239,293

    Diluted earnings per common share attributable to Waste Connections' common shareholders:

























    Reported net income (loss)



    $

    0.49



    $

    (0.76)



    $

    2.95



    $

    2.39

    Adjusted net income



    $

    1.11



    $

    1.16



    $

    4.19



    $

    4.79

    Shares used in the per share calculations:



    Reported diluted shares





    258,303,370





    258,043,117





    258,149,244





    258,662,190

    Adjusted diluted shares(g)





    258,303,370





    258,842,751





    258,149,244





    258,662,190

     

    ____________________________

    (a)

    Reflects the elimination of the non-cash amortization of acquisition-related intangible assets.

    (b)

    Reflects the addback of impairments and other operating items.

    (c)

    Reflects the addback of acquisition-related transaction costs.

    (d)

    Reflects fair value accounting changes associated with certain equity awards.

    (e)

    Reflects the cash and non-cash components of severance expense associated with an executive departure. 

    (f)

    (g)

    The aggregate tax effect of the adjustments in footnotes (a) through (e) is calculated based on the applied tax rates for the respective periods.

    Reflects reported diluted shares adjusted for shares that were excluded from the reported diluted shares calculation due to reporting a net loss during the three months ended December 31, 2024.  

     

     

    2025 OUTLOOK

    NON-GAAP RECONCILIATION SCHEDULE

    (in thousands of U.S. dollars, except where noted)



    Reconciliation of Adjusted EBITDA:



    2025 Outlook





    Low

    Estimate





    High

    Estimate





    Observation

    Net income attributable to Waste Connections

    $

    1,186,000



    $

    1,224,000







        Plus: Income tax provision



    374,000





    386,000





    Approximate 24.0% effective rate

        Plus: Interest expense, net



    290,000





    310,000







        Plus: Depreciation and Depletion



    1,040,000





    1,045,000





    Approximately 10.9% - 11.0% of revenue

        Plus: Amortization



    185,000





    190,000





    Approximately 2.0% of revenue

        Plus: Closure and post-closure accretion



    45,000





    45,000







    Adjusted EBITDA

    $

    3,120,000



    $

    3,200,000





    Approximately 33.0% - 33.3% of revenue

     



    Reconciliation of Adjusted Free Cash Flow:









    2025 Outlook





    Low

    Estimate





    High

    Estimate

    Net cash provided by operating activities

    $

    2,500,000



    $

    2,575,000

        Less: Capital expenditures



    (1,200,000)





    (1,225,000)

    Adjusted Free Cash Flow 

    $

    1,300,000



    $

    1,350,000

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/waste-connections-reports-fourth-quarter-2024-results-and-provides-2025-outlook-302375322.html

    SOURCE Waste Connections, Inc.

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