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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Waste Connections Inc New | NYSE:WCN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.72 | 1.68% | 164.32 | 164.33 | 161.36 | 162.26 | 1,256,079 | 01:00:00 |
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Year Ended December 31,
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2023
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2022
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2021
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(audited)
(in thousands of U.S. dollars) |
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STATEMENT OF OPERATIONS DATA: | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 8,021,951 | | | | | $ | 7,211,859 | | | | | $ | 6,151,361 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Cost of operations
|
| | | | 4,744,513 | | | | | | 4,336,012 | | | | | | 3,654,074 | | |
Selling, general and administrative
|
| | | | 799,119 | | | | | | 696,467 | | | | | | 612,337 | | |
Depreciation
|
| | | | 845,638 | | | | | | 763,285 | | | | | | 673,730 | | |
Amortization of intangibles
|
| | | | 157,573 | | | | | | 155,675 | | | | | | 139,279 | | |
Impairments and other operating items
|
| | | | 238,796 | | | | | | 18,230 | | | | | | 32,316 | | |
Operating income
|
| | | | 1,236,312 | | | | | | 1,242,190 | | | | | | 1,039,625 | | |
Interest expense
|
| | | | (274,642) | | | | | | (202,331) | | | | | | (162,796) | | |
Interest income
|
| | | | 9,350 | | | | | | 5,950 | | | | | | 2,916 | | |
Other income (expense), net
|
| | | | 12,481 | | | | | | 3,154 | | | | | | 6,285 | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (115,288) | | |
Income before income tax provision
|
| | | | 983,501 | | | | | | 1,048,963 | | | | | | 770,742 | | |
Income tax provision
|
| | | | (220,675) | | | | | | (212,962) | | | | | | (152,253) | | |
Net income
|
| | | | 762,826 | | | | | | 836,001 | | | | | | 618,489 | | |
Plus (less): Net loss (income) attributable to noncontrolling interests
|
| | | | (26) | | | | | | (339) | | | | | | (442) | | |
Net income (loss) attributable to Waste Connections
|
| | | $ | 762,800 | | | | | $ | 835,662 | | | | | $ | 618,047 | | |
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Year Ended December 31,
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2023
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2022
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(audited)
(in thousands of U.S. dollars) |
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BALANCE SHEET DATA: | | | | | | | | | | | | | |
Cash and equivalents
|
| | | $ | 78,399 | | | | | $ | 78,637 | | |
Working capital surplus (deficit)
|
| | | | (546,147) | | | | | | (394,998) | | |
Property and equipment, net
|
| | | | 7,228,331 | | | | | | 6,950,915 | | |
Total assets
|
| | | | 17,915,876 | | | | | | 17,134,603 | | |
Long-term debt and notes payable
|
| | | | 6,724,771 | | | | | | 6,890,149 | | |
Total equity
|
| | | | 7,697,781 | | | | | | 7,113,644 | | |
| | |
Year Ended December 31,
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| | |
2023
|
| |
2022
|
| |
2021
|
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| | |
(unaudited)
(in thousands of U.S. dollars) |
| |||||||||||||||
OTHER FINANCIAL DATA: | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(a)
|
| | | $ | 2,522,956 | | | | | $ | 2,220,652 | | | | | $ | 1,919,158 | | |
Adjusted Free Cash Flow(a)
|
| | | $ | 1,224,132 | | | | | $ | 1,164,844 | | | | | $ | 1,009,598 | | |
| | |
2023
|
| |
2022
|
| |
2021
|
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| | |
(in thousands of U.S. dollars)
|
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Net income attributable to Waste Connections
|
| | | $ | 762,800 | | | | | $ | 835,662 | | | | | $ | 618,047 | | |
Plus (less): Net income (loss) attributable to noncontrolling interests
|
| | | | 26 | | | | | | 339 | | | | | | 442 | | |
Plus: Income tax provision
|
| | | | 220,675 | | | | | | 212,962 | | | | | | 152,253 | | |
Plus: Interest expense
|
| | | | 274,642 | | | | | | 202,331 | | | | | | 162,796 | | |
Less: Interest income
|
| | | | (9,350) | | | | | | (5,950) | | | | | | (2,916) | | |
Plus: Depreciation and amortization
|
| | | | 1,003,211 | | | | | | 918,960 | | | | | | 813,009 | | |
Plus: Closure and post-closure accretion
|
| | | | 19,605 | | | | | | 16,253 | | | | | | 14,497 | | |
Plus: Impairments and other operating items
|
| | | | 238,796 | | | | | | 18,230 | | | | | | 32,316 | | |
Plus (less): Other expense (income), net
|
| | | | (12,481) | | | | | | (3,154) | | | | | | (6,285) | | |
Plus: Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 115,288 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Plus: Transaction-related expenses(1)
|
| | | | 10,653 | | | | | | 24,933 | | | | | | 11,318 | | |
Plus: Fair value changes to certain equity awards(2)
|
| | | | (1,726) | | | | | | 86 | | | | | | 8,393 | | |
Plus: Executive separation costs(3)
|
| | | | 16,105 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 2,522,956 | | | | | $ | 2,220,652 | | | | | $ | 1,919,158 | | |
Adjusted EBITDA as a % of Revenues
|
| | | | 31.5% | | | | | | 30.8% | | | | | | 31.2% | | |
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Years Ended December 31,
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2023
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2022
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2021
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(in thousands of U.S. dollars)
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Net cash provided by operating activities
|
| | | $ | 2,126,817 | | | | | $ | 2,022,492 | | | | | $ | 1,698,229 | | |
Plus (less): Change in book overdraft
|
| | | | (790) | | | | | | (1,076) | | | | | | (367) | | |
Plus: Proceeds from disposal of assets
|
| | | | 31,581 | | | | | | 30,676 | | | | | | 42,768 | | |
Less: Capital expenditures for property and equipment
|
| | | | (934,000) | | | | | | (912,677) | | | | | | (744,315) | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Payment of contingent consideration recorded in earnings(1)
|
| | | | — | | | | | | 2,982 | | | | | | 520 | | |
Cash received for divestitures(2)
|
| | | | (6,194) | | | | | | (5,671) | | | | | | (17,118) | | |
Transaction-related items(3)
|
| | | | 5,519 | | | | | | 30,825 | | | | | | 30,771 | | |
Executive Separation Costs(4)
|
| | | | 1,686 | | | | | | — | | | | | | — | | |
Pre-existing Progressive Waste share-based grants(5)
|
| | | | 1,285 | | | | | | 286 | | | | | | 397 | | |
Tax effect(6)
|
| | | | (1,772) | | | | | | (2,993) | | | | | | (1,287) | | |
Adjusted Free Cash Flow
|
| | | $ | 1,224,132 | | | | | $ | 1,164,844 | | | | | $ | 1,009,598 | | |
Adjusted Free Cash Flow as a % of Adjusted EBITDA
|
| | | | 48.5% | | | | | | 52.5% | | | | | | 52.6% | | |
| | |
As of December 31, 2023
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| | |
Actual
|
| |
As Adjusted
|
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| | |
(in thousands of U.S. dollars)
|
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Cash and equivalents
|
| | | $ | 78,399 | | | | | $ | | | |
Long-term debt and notes payable: | | | | | | | | | | | | | |
Existing Revolving Credit Facility(1)
|
| | | $ | 453,245 | | | | | $ | | | |
Existing 2021 Term Credit Facility(2)
|
| | | | 650,000 | | | | | | | | |
Existing 2022 Term Credit Facility(3)
|
| | | | 800,000 | | | | | | 800,000 | | |
Existing senior notes
|
| | | | 4,850,000 | | | | | | 4,850,000 | | |
Notes offered hereby
|
| | | | — | | | | | | | | |
Notes payable to sellers and other third parties
|
| | | | 58,808 | | | | | | 58,808 | | |
Total long-term debt and notes payable
|
| | | $ | 6,812,053 | | | | | $ | 6,812,053 | | |
Equity: | | | | | | | | | | | | | |
Common shares
|
| | | $ | 3,276,661 | | | | | $ | 3,276,661 | | |
Additional paid-in-capital
|
| | | | 284,284 | | | | | | 284,284 | | |
Accumulated other comprehensive income
|
| | | | (9,826) | | | | | | (9,826) | | |
Retained earnings
|
| | | | 4,141,690 | | | | | | 4,141,690 | | |
Total Waste Connections’ equity
|
| | | | 7,692,809 | | | | | | 7,692,809 | | |
Noncontrolling interest in subsidiaries
|
| | | | 4,972 | | | | | | 4,972 | | |
Total equity
|
| | | $ | 7,697,781 | | | | | $ | 7,697,781 | | |
Total capitalization
|
| | | $ | 14,509,834 | | | | | $ | 14,509,834 | | |
Underwriter
|
| |
Principal
amount of Notes |
| |||
BofA Securities, Inc.
|
| | | $ | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
PNC Capital Markets LLC
|
| | | | | | |
Truist Securities, Inc.
|
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Total
|
| | | $ | | | |
| | |
Paid by us
|
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Per note
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1 Year Waste Connections Chart |
1 Month Waste Connections Chart |
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