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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 | |
---|---|---|---|---|---|---|---|---|
-1.01 | -0.61% | 164.56 | 166.73 | 164.04 | 166.15 | 517,284 | 01:00:00 |
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Per
2032 Note |
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Total
2032 Notes |
| |
Per
2052 Note |
| |
Total
2052 Notes |
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Price to public(1)
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
Underwriting discount
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
Proceeds, before expenses, to us
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | |
|
BofA Securities
|
| |
J.P. Morgan
|
| |
MUFG
|
| |
Wells Fargo Securities
|
|
| | | | | S-4 | | | |
| | | | | S-5 | | | |
| | | | | S-6 | | | |
| | | | | S-9 | | | |
| | | | | S-13 | | | |
| | | | | S-17 | | | |
| | | | | S-18 | | | |
| | | | | S-19 | | | |
| | | | | S-32 | | | |
| | | | | S-35 | | | |
| | | | | S-36 | | | |
| | | | | S-38 | | | |
| | | | | S-44 | | | |
| | | | | S-45 | | | |
| | | | | S-45 | | | |
| | | | | S-45 | | | |
| | | | | S-46 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| | | | | 11 | | | |
| | | | | 12 | | | |
| | | | | 12 | | | |
| | | | | 12 | | |
| | |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
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2021
|
| |
2020
|
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2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||
|
(unaudited)
|
| |
(audited)
|
| ||||||||||||||||||||||||||
|
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 2,929,874 | | | | | $ | 2,658,187 | | | | | $ | 5,445,990 | | | | | $ | 5,388,679 | | | | | $ | 4,922,941 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of operations
|
| | | | 1,727,111 | | | | | | 1,601,134 | | | | | | 3,276,808 | | | | | | 3,198,757 | | | | | | 2,865,704 | | |
Selling, general and administrative
|
| | | | 299,365 | | | | | | 268,210 | | | | | | 537,632 | | | | | | 546,278 | | | | | | 524,388 | | |
Depreciation
|
| | | | 326,624 | | | | | | 302,051 | | | | | | 621,102 | | | | | | 618,396 | | | | | | 572,708 | | |
Amortization of intangibles
|
| | | | 64,899 | | | | | | 63,409 | | | | | | 131,302 | | | | | | 125,522 | | | | | | 107,779 | | |
Impairments and other operating items
|
| | | | 6,715 | | | | | | 438,777 | | | | | | 466,718 | | | | | | 61,948 | | | | | | 20,118 | | |
Operating income (loss)
|
| | | | 505,160 | | | | | | (15,394) | | | | | | 412,428 | | | | | | 837,778 | | | | | | 832,244 | | |
Interest expense
|
| | | | (83,753) | | | | | | (78,926) | | | | | | (162,375) | | | | | | (147,368) | | | | | | (132,104) | | |
Interest income
|
| | | | 1,848 | | | | | | 3,493 | | | | | | 5,253 | | | | | | 9,777 | | | | | | 7,170 | | |
Other income (expense), net
|
| | | | 2,312 | | | | | | (3,749) | | | | | | 1,392 | | | | | | 5,704 | | | | | | (170) | | |
Income (loss) before income tax provision
|
| | | | 425,567 | | | | | | (94,576) | | | | | | 253,914 | | | | | | 705,891 | | | | | | 707,140 | | |
Income tax (provision) benefit
|
| | | | (88,159) | | | | | | 10,003 | | | | | | (49,922) | | | | | | (139,210) | | | | | | (159,986) | | |
Net income (loss)
|
| | | | 337,408 | | | | | | (84,573) | | | | | | 203,992 | | | | | | 566,687 | | | | | | 547,154 | | |
Plus (less): Net loss (income) attributable to noncontrolling interests
|
| | | | (52) | | | | | | 536 | | | | | | 685 | | | | | | 160 | | | | | | (283) | | |
Net income (loss) attributable to Waste Connections
|
| | | $ | 337,356 | | | | | $ | (84,037) | | | | | $ | 204,677 | | | | | $ | 566,841 | | | | | $ | 546,871 | | |
BALANCE SHEET DATA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and equivalents
|
| | | $ | 727,395 | | | | | $ | 790,551 | | | | | $ | 617,294 | | | | | $ | 326,738 | | | | | $ | 319,305 | | |
Working capital surplus
|
| | | | 414,172 | | | | | | 465,607 | | | | | | 379,618 | | | | | | 123,370 | | | | | | 206,068 | | |
Property and equipment, net
|
| | | | 5,249,904 | | | | | | 5,045,872 | | | | | | 5,284,506 | | | | | | 5,516,347 | | | | | | 5,168,996 | | |
Total assets
|
| | | | 14,106,207 | | | | | | 13,594,005 | | | | | | 13,992,364 | | | | | | 13,737,695 | | | | | | 12,627,329 | | |
| | |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||
|
(unaudited)
|
| |
(audited)
|
| ||||||||||||||||||||||||||
|
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||||||||||
Long-term debt and notes payable
|
| | | | 4,762,857 | | | | | | 4,694,736 | | | | | | 4,708,678 | | | | | | 4,353,782 | | | | | | 4,153,465 | | |
Total equity
|
| | | | 6,868,600 | | | | | | 6,469,381 | | | | | | 6,863,438 | | | | | | 6,938,354 | | | | | | 6,460,188 | | |
OTHER FINANCIAL DATA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(a)
|
| | | $ | 918,079 | | | | | $ | 802,845 | | | | | $ | 1,661,984 | | | | | $ | 1,673,554 | | | | | $ | 1,566,418 | | |
Adjusted Free Cash Flow(a)
|
| | | $ | 585,835 | | | | | $ | 494,569 | | | | | $ | 841,898 | | | | | $ | 916,777 | | | | | $ | 879,901 | | |
| | |
Six Months Ended June 30,
|
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||
|
(unaudited)
|
| |
(audited)
|
| ||||||||||||||||||||||||||
|
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||||||||||
Net income (loss) attributable to Waste Connections
|
| | | $ | 337,356 | | | | | $ | (84,037) | | | | | $ | 204,677 | | | | | $ | 566,841 | | | | | $ | 546,871 | | |
Plus (less): Net income (loss) attributable to noncontrolling interests
|
| | | | 52 | | | | | | (536) | | | | | | (685) | | | | | | (160) | | | | | | 283 | | |
Plus (less): Income tax provision (benefit)
|
| | | | 88,159 | | | | | | (10,003) | | | | | | 49,922 | | | | | | 139,210 | | | | | | 159,986 | | |
Plus: Interest expense
|
| | | | 83,753 | | | | | | 78,926 | | | | | | 162,375 | | | | | | 147,368 | | | | | | 132,104 | | |
Less: Interest income
|
| | | | (1,848) | | | | | | (3,493) | | | | | | (5,253) | | | | | | (9,777) | | | | | | (7,170) | | |
Plus: Depreciation and amortization
|
| | | | 391,523 | | | | | | 365,460 | | | | | | 752,404 | | | | | | 743,918 | | | | | | 680,487 | | |
Plus: Closure and post-closure
accretion |
| | | | 7,375 | | | | | | 7,617 | | | | | | 15,095 | | | | | | 14,471 | | | | | | 12,997 | | |
Plus: Impairments and other
operating items |
| | | | 6,715 | | | | | | 438,777 | | | | | | 466,718 | | | | | | 61,948 | | | | | | 20,118 | | |
Plus (less): Other expense (income),
net |
| | | | (2,312) | | | | | | 3,749 | | | | | | 1,392 | | | | | | (5,704) | | | | | | 170 | | |
| | |
Six Months Ended
June 30, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||
|
(unaudited)
|
| |
(audited)
|
| ||||||||||||||||||||||||||
|
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||||||||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Plus: Transaction-related
expenses(1) |
| | | | 583 | | | | | | 2,162 | | | | | | 9,803 | | | | | | 12,335 | | | | | | 8,607 | | |
Plus: Fair value changes to certain equity awards(2)
|
| | | | 6,723 | | | | | | 4,223 | | | | | | 5,536 | | | | | | 3,104 | | | | | | 9,205 | | |
Plus: Integration-related and other expenses(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,760 | | |
Adjusted EBITDA
|
| | | $ | 918,079 | | | | | $ | 802,845 | | | | | $ | 1,661,984 | | | | | $ | 1,673,554 | | | | | $ | 1,566,418 | | |
|
| | |
Six Months Ended
June 30, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||
|
(unaudited)
|
| |
(audited)
|
| ||||||||||||||||||||||||||
|
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||||||||||
Net cash provided by operating
activities |
| | | $ | 848,478 | | | | | $ | 753,185 | | | | | $ | 1,408,521 | | | | | $ | 1,540,547 | | | | | $ | 1,411,235 | | |
Plus (less): Change in book overdraft
|
| | | | (190) | | | | | | (606) | | | | | | 1,096 | | | | | | (2,564) | | | | | | (839) | | |
Plus: Proceeds from disposal of assets
|
| | | | 7,906 | | | | | | 10,642 | | | | | | 19,084 | | | | | | 3,566 | | | | | | 5,385 | | |
Less: Capital expenditures for property and equipment
|
| | | | (271,392) | | | | | | (268,711) | | | | | | (597,053) | | | | | | (634,406) | | | | | | (546,145) | | |
Less: Distributions to noncontrolling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | (570) | | | | | | (103) | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payment of contingent consideration recorded in earnings(1)
|
| | | | 520 | | | | | | — | | | | | | 10,371 | | | | | | — | | | | | | 11 | | |
| | |
As of June 30, 2021
|
| |||||||||
|
Actual
|
| |
As Adjusted
|
| ||||||||
|
(in thousands of U.S. dollars)
|
| |||||||||||
Cash and equivalents
|
| | | $ | 727,395 | | | | | $ | 727,395 | | |
Long-term debt and notes payable: | | | | | | | | | | | | | |
Revolver under credit agreement(1)
|
| | | $ | 505,034 | | | | | $ | (2) | | |
Term loan under credit agreement
|
| | | | 650,000 | | | | | | 650,000 | | |
Existing senior notes
|
| | | | 3,600,000 | | | | | | 2,100,000 | | |
Notes offered hereby
|
| | | | — | | | | | | | | |
Notes payable to sellers and other third parties
|
| | | | 37,201 | | | | | | 37,201 | | |
Total long-term debt and notes payable
|
| | | $ | 4,762,857 | | | | | $ | | | |
Equity: | | | | | | | | | | | | | |
Common shares
|
| | | $ | 3,724,859 | | | | | $ | 3,724,859 | | |
Additional paid-in-capital
|
| | | | 172,232 | | | | | | 172,232 | | |
Accumulated other comprehensive income
|
| | | | 78,265 | | | | | | 78,265 | | |
Retained earnings
|
| | | | 2,889,027 | | | | | | 2,889,027 | | |
Total Waste Connections’ equity
|
| | | | 6,864,383 | | | | | | 6,864,383 | | |
Noncontrolling interest in subsidiaries
|
| | | | 4,217 | | | | | | 4,217 | | |
Total equity
|
| | | $ | 6,868,600 | | | | | $ | 6,868,600 | | |
Total capitalization
|
| | | $ | 14,106,207 | | | | | $ | | | |
Underwriter
|
| |
Principal amount
of 2032 Notes |
| |
Principal amount
of 2052 Notes |
| ||||||
BofA Securities, Inc.
|
| | | $ | | | | | $ | | | ||
J.P. Morgan Securities LLC
|
| | | | | | | | | | | | |
MUFG Securities Americas Inc.
|
| | | | | | | | | | | | |
Wells Fargo Securities, LLC
|
| | | | | | | | | | | | |
Total
|
| | | $ | | | | | $ | | |
| | |
Paid by us
|
|
Per 2032 Note
|
| |
%
|
|
Per 2052 Note
|
| |
%
|
|
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| | | | | 11 | | | |
| | | | | 12 | | | |
| | | | | 12 | | | |
| | | | | 12 | | |
1 Year Waste Connections Chart |
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