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WCN · Waste Connections

18 filings

10-K

WCN 10-K Annual Reports

Waste Connections - 18 annual reports

Filing record · 2016–202610-K1110-Q328-K180

2025
Waste Connections Annual Report, Year Ended Dec 31, 2025
Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal, recycling and renewable fuels generation across 46 U.S. states and six Canadian provinces, plus E&P waste treatment and intermodal services. For 2025, revenues rose 6.1% to $9.467 billion from $8.920 billion, with price-led internal growth; net income attributable to Waste Connections increased 74% to $1.077 billion, largely because impairments and other operating items fell to $109.7 million from $613.0 million. Adjusted EBITDA increased 7.7% to $3.125 billion, and adjusted EBITDA margin rose to 33.0% from 32.5%. Cash flow from operations reached $2.414 billion, funding $1.179 billion of property and equipment capital expenditures, $966.8 million of net-fair-value acquisitions (19 deals), and $839.3 million of shareholder distributions through $333.8 million of dividends and $505.5 million of share repurchases. The Leverage Ratio rose nominally to 2.75x from 2.67x, and total indebtedness was $8.889 billion at year end. The company expects 2026 capital expenditures of approximately $1.250 billion and approved a quarterly dividend of $0.35 per share. Key risks disclosed include ongoing litigation and regulatory actions at the Chiquita Canyon Landfill, which ceased active waste disposal at December 31, 2024, and a Jefferson Parish odor litigation. The filing also notes that the company cannot currently determine the likelihood or range of loss for several of these matters, that PFAS and methane regulation may increase costs, and that roughly 16% of the workforce is covered by collective bargaining agreements.
Feb 12, 2026
2024
Waste Connections Annual Report, Year Ended Dec 31, 2024
Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada. In 2024 revenues increased 11.2% to $8.920 billion from $8.022 billion, with acquisitions contributing $529 million of incremental revenue and excluding acquisitions revenues increasing 4.6%, driven mainly by solid waste internal growth. Adjusted EBITDA rose 15.0% to $2.902 billion, and adjusted EBITDA margin improved from 31.5% to 32.5%. Reported net income attributable to Waste Connections fell 19.0% to $617.6 million, principally due to impairments and other operating items of $613.0 million, which were driven mainly by the decision to cease active waste disposal operations at the Chiquita Canyon Landfill as of December 31, 2024, including $480.8 million of closure and post-closure liability charges and a $116.1 million impairment. Cash flow and balance sheet metrics were mixed. Net cash provided by operating activities rose 4.8% to $2.229 billion, while capital expenditures for property and equipment reached $1.056 billion, leaving adjusted free cash flow of $1.218 billion, roughly flat versus $1.224 billion in 2023. Total indebtedness was approximately $8.152 billion at year-end, and the Leverage Ratio rose slightly from 2.60x to 2.67x against a target range of 2.5x to 3.0x. The company completed 24 acquisitions for consideration with a net fair value of $2.199 billion in 2024. Cash dividends declared rose to $302.3 million, and the quarterly dividend was increased 10.5% to $0.315 per share. The Chiquita Canyon Landfill faces substantial litigation, including roughly 9,200 plaintiffs in civil lawsuits and a County of Los Angeles lawsuit, and the company cannot currently determine the likely outcomes or penalty amounts. Management expects 2025 capital expenditures of between $1.200 billion and $1.225 billion.
Feb 13, 2025
2023
Waste Connections Annual Report, Year Ended Dec 31, 2023
Waste Connections, Inc. reported revenues of $8.022 billion for 2023, up 11.2% from $7.212 billion in 2022. Excluding $407.3 million of incremental revenue from acquisitions, revenues increased 5.6%, led by solid waste internal growth of 6.2%, with pricing up 9.0% and volumes down 2.0%. Net income attributable to Waste Connections decreased 8.7% to $762.8 million, principally due to impairments and other operating items that rose to $238.8 million from $18.2 million, including a $159.5 million charge to adjust a closure and post-closure liability at a non-active landfill area. Adjusted EBITDA rose 13.6% to $2.523 billion, and adjusted EBITDA margin improved to 31.5% from 30.8%. Adjusted free cash flow increased to $1.224 billion from $1.165 billion. The company completed 13 acquisitions in 2023 for consideration with a net fair value of $752.8 million, versus 24 acquisitions for $2.334 billion in 2022. Total debt was $6.812 billion, and the leverage ratio declined to 2.60x from 2.93x at year-end 2022. The company expects 2024 capital expenditures of $1.15 billion, including approximately $150 million for renewable natural gas facilities. The quarterly dividend was raised to $0.285 per share in October 2023, and the company announced another $0.285 quarterly dividend on February 13, 2024. Key risks disclosed include the Jefferson Parish, Louisiana odor litigation, the Chiquita Canyon Landfill elevated temperature event and South Coast Air Quality Management District notices of violation, with the company stating it cannot yet determine the likelihood or amount of outcomes. Grant Thornton LLP issued an unqualified opinion on both the financial statements and internal control over financial reporting.
Feb 14, 2024
2022
Waste Connections Annual Report, Year Ended Dec 31, 2022
Waste Connections, Inc. reported record-level operating results for fiscal 2022, with revenues of $7.212 billion, up 17.2% from $6.151 billion in 2021, and net income attributable to Waste Connections of $835.7 million, up 35.2% from $618.0 million. Adjusted EBITDA rose 15.7% to $2.221 billion, though its margin eased to 30.8% from 31.2%, reflecting the dilutive effect of acquisitions and inflationary pressures. Price-driven solid waste growth was the main driver, with solid waste internal growth of 7.4% and pricing growth of 9.2%, partially offset by a 1.1% volume decline. The company spent heavily on growth in 2022, completing 24 acquisitions for a net fair value of $2.334 billion and capital expenditures of $912.7 million. Net cash provided by operating activities rose 19.1% to $2.022 billion, and adjusted free cash flow increased to $1.165 billion. Leverage rose to 2.93x at year-end from 2.50x, versus a stated target range of 2.5x to 3.0x total debt to EBITDA, with total indebtedness of $6.963 billion and cash of $78.6 million. Shareholder returns remained a priority: the company distributed $668.0 million through dividends ($243.0 million) and share repurchases ($425 million), and the board approved a quarterly dividend of $0.255 per share in February 2023. Key risks flagged in the filing include competitive bidding and contract losses, inflation pass-through limits, recycled commodity and RIN price volatility, landfill permitting, and the ongoing Jefferson Parish, Louisiana odor litigation, for which the company cannot determine the likelihood of outcome.
Feb 16, 2023
2021
Waste Connections Annual Report, Year Ended Dec 31, 2021
Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal, resource recovery primarily through recycling and renewable fuels generation, and E&P waste treatment and disposal, across 43 states in the U.S. and six Canadian provinces. For 2021, revenues increased 13.0% to $6.151 billion from $5.446 billion, and net income attributable to Waste Connections rose to $618.0 million from $204.7 million. Adjusted EBITDA increased 15.5% to $1.919 billion, with the margin rising to 31.2% from 30.5%. The 2020 comparison included a $417.4 million impairment on four E&P landfills, which largely explains the swing in operating income, which rose to $1.040 billion from $412.4 million. The company completed 30 acquisitions in 2021 for consideration with a net fair value of $1.069 billion, and spent $744.3 million on capital expenditures. Net cash from operating activities rose 20.6% to $1.698 billion, and adjusted free cash flow increased to $1.010 billion from $841.9 million. Shareholder returns totaled $559.2 million, including $220.2 million in dividends and $339.0 million in share repurchases. The Leverage Ratio fell to 2.50x from 2.68x. Total indebtedness was approximately $5.102 billion at year-end, with $933.8 million of remaining capacity under the Credit Agreement, which matures in July 2026. The company expects 2022 capital expenditures of approximately $850 million. Risks highlighted in the filing include E&P waste demand tied to oil prices, recycled commodity and RIN price volatility, evolving PFAS and climate regulation, pending litigation on the Chiquita Canyon landfill conditions, and the Lower Duwamish Waterway Superfund allocation process. Cash balances declined to $147.4 million at year-end from $617.3 million, and the company reported a working capital deficit of $200.0 million.
Feb 17, 2022
2020
Waste Connections Annual Report, Year Ended Dec 31, 2020
Waste Connections, Inc. reported 2020 revenues of $5.446 billion, up from $5.389 billion in 2019, but net income attributable to Waste Connections fell 63.9% to $204.7 million, driven primarily by $466.7 million in impairments and other operating items, including a $417.4 million impairment charge on property and equipment at four E&P landfills. Excluding acquisitions, revenues decreased 2.6% as the COVID-19 pandemic reduced solid waste volumes and E&P waste revenue fell to $144.0 million from $256.0 million. Adjusted EBITDA was $1.662 billion, a 0.7% decline, with the margin at 30.5% versus 31.1% in 2019. Cash generation remained solid, with net cash from operating activities of $1.409 billion and adjusted free cash flow of $841.9 million. The company returned $305.6 million to shareholders through dividends ($199.9 million) and share repurchases ($105.7 million), and the quarterly dividend was raised 10.8% to $0.205 per share in October 2020. Leverage rose to 2.68x at year-end from 2.41x, with total indebtedness of approximately $4.751 billion and $1.239 billion of remaining borrowing capacity under the Credit Agreement. The company completed 21 acquisitions for $481.6 million in 2020 and expects 2021 capital expenditures for property and equipment of approximately $625 million. Management highlighted 17% of its workforce under collective bargaining agreements, a 12% reduction in incident rate, and over $35 million in incremental COVID-19-related costs, primarily supplemental pay for frontline employees.
Feb 18, 2021
2019
Waste Connections Annual Report, Year Ended Dec 31, 2019
Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets in the U.S. and Canada, plus non-hazardous E&P waste treatment through its R360 Environmental Solutions subsidiary and intermodal services in the Pacific Northwest. In 2019, revenues rose 9.5% to $5.389 billion from $4.923 billion, with acquisitions closed during or after 2018 contributing $312.7 million of incremental revenue and net price increases of $237.0 million. Operating income increased 0.7% to $837.8 million, though operating margin fell to 15.5% from 16.9%, reflected in higher cost of operations (59.4% of revenues versus 58.2%) and $61.9 million of impairments and other operating items. Net income attributable to Waste Connections was $566.8 million, or $2.14 per diluted share, compared with $2.07 in 2018. Adjusted EBITDA increased 6.8% to $1.674 billion, and adjusted free cash flow rose to $916.8 million. Cash generation supported investment and shareholder returns. Net cash from operating activities was $1.541 billion, while capital expenditures for property and equipment were $634.4 million and 21 acquisitions consumed $837.7 million of net fair value. The company returned $175.1 million to shareholders through dividends, raised the quarterly dividend 15.6% to $0.185 per share, and repurchased no shares in 2019. Total indebtedness was approximately $4.376 billion at December 31, 2019, and the leverage ratio improved to 2.41x from 2.45x. The company issued $500.0 million of 3.50% Senior Notes due 2029 in April 2019 and, after year end, $600.0 million of 2.60% Senior Notes due 2030. Investors should note several risk areas disclosed in the filing: E&P waste demand tied to crude oil prices, exposure to recycled commodity prices after China's import restrictions, renewable fuel (RIN) price volatility, and pending litigation including the Lower Duwamish Waterway Superfund allocation and Los Angeles County landfill expansion lawsuits. The company expects 2020 capital expenditures of $600 million to $625 million.
Feb 13, 2020
2018
Waste Connections Annual Report, Year Ended Dec 31, 2018
Waste Connections, Inc. (NYSE and TSX: WCN) reported 2018 revenues of $4.923 billion, up from $4.630 billion in 2017, with the filing attributing the growth to acquisitions, net of divestitures ($153.1 million incremental revenue), internal solid waste growth of 2.2%, and higher E&P waste revenue, which rose to $244.6 million from $192.0 million. Net income attributable to Waste Connections decreased 5.2% to $546.9 million, primarily because 2017 included a large income tax benefit from the Tax Cuts and Jobs Act. Adjusted EBITDA increased 7.2% to $1.566 billion, and adjusted free cash flow rose to $879.9 million from $763.9 million, with adjusted free cash flow at 17.9% of revenues. The company made 20 acquisitions in 2018 for consideration with a net fair value of $1.032 billion, including the American Disposal Services business acquired in December 2018. Capital expenditures were $546.1 million, and the company expects about $575 million in 2019. Leverage improved to 2.45x at year-end 2018 from 2.53x, and total indebtedness was approximately $4.175 billion. The company returned $211.5 million to shareholders through dividends and buybacks, raised its quarterly dividend to $0.16 per share, and repurchased 831,704 shares for $58.9 million. Risks flagged in the filing include a $11.0 million accrual for a Florida default judgment, ongoing Los Angeles County landfill litigation at Chiquita Canyon, the Lower Duwamish Waterway Superfund allocation process, and exposure to recycled commodity prices, RIN values, and E&P activity tied to crude oil prices.
Feb 14, 2019
2017
Waste Connections Annual Report, Year Ended Dec 31, 2017
Waste Connections, Inc. (Ontario corporation, NYSE and TSX: WCN) reported 2017 revenues of $4.630 billion, up 37.2% from $3.376 billion in 2016, driven mainly by the full-year contribution of the Progressive Waste acquisition completed June 1, 2016 and about $1.003 billion of incremental revenue from acquisitions. Net income attributable to Waste Connections rose to $576.8 million from $246.5 million, helped by a $269.8 million discrete tax benefit from the Tax Cuts and Jobs Act. Adjusted EBITDA increased 36.4% to $1.461 billion, with adjusted EBITDA margin at 31.5% of revenue, and net cash provided by operating activities rose to $1.187 billion. The company's results were also affected by a $156.5 million impairments and other operating items charge, including a $77.3 million goodwill impairment at its E&P segment, and E&P waste revenue recovered to $192.0 million from $120.2 million as crude oil prices rebounded. Management is targeting a leverage ratio of approximately 2.75x to 3.0x total debt to EBITDA and reported a leverage ratio of 2.53x at year-end, with total indebtedness of about $3.926 billion. Capital expenditures were $479.3 million, and management expects about $500 million in 2018 capital spending. The company did not repurchase shares in 2017 and raised its quarterly dividend to $0.14 per share. The filing also flags risks including competitive bidding on about 400 contracts (about 2.5% of annual revenues) expiring by December 31, 2018, exposure to recycled commodity prices and RIN values, landfill permitting, and ongoing litigation involving the Chiquita Canyon landfill in Los Angeles County and the Lower Duwamish Waterway Superfund site.
Feb 15, 2018
2016
Waste Connections Annual Report, Year Ended Dec 31, 2016
Waste Connections, Inc. (the registrant, filed in Ontario, Canada) reported fiscal 2016 revenues of $3.376 billion, up from $2.117 billion in 2015, driven primarily by the Progressive Waste acquisition completed June 1, 2016, which contributed $1.270 billion in incremental revenues. Operating income swung to $452.3 million from a loss of $61.5 million in 2015, which had included $494.5 million of impairments tied to the E&P segment. Net income attributable to Waste Connections was $246.5 million, or $1.60 diluted earnings per share, compared with a loss of $95.8 million in 2015. Adjusted EBITDA rose to $1.071 billion from $710.6 million, and adjusted free cash flow increased to $550.9 million from $343.0 million. The balance sheet grew substantially with total assets of $11.19 billion and long-term debt and notes payable of $3.62 billion at year-end, against total equity of $5.65 billion. The leverage ratio decreased to 2.69x from 2.88x, within the company's stated target range of approximately 2.75x to 3.0x total debt to EBITDA. Management expects 2017 capital expenditures of approximately $450 million and announced a quarterly dividend of $0.18 per share. Subsequent events include the acquisition of Groot Industries and a planned $400 million senior notes issuance. Investors should note the disclosed material weakness in internal control over financial reporting related to fair value measurements in business combinations, which led PricewaterhouseCoopers to express an adverse opinion on internal control. The E&P segment remains under pressure from lower crude oil prices, with E&P revenues falling to $120.5 million from $215.4 million, and the company carries a $77.3 million E&P goodwill balance whose fair value exceeded carrying value by $125.7 million at year-end.
Feb 27, 2017
2015
Waste Connections Annual Report, Year Ended Dec 31, 2015
Progressive Waste Solutions Ltd. filed its Form 40-F annual report for fiscal 2015 on March 2, 2016, with a pending all-stock merger with Waste Connections, Inc. announced January 18, 2016. Under the merger, Waste Connections stockholders would receive 2.076843 common shares for each WCI share, with Progressive shareholders and WCI stockholders holding approximately 30% and 70% of the combined company, respectively, and the merger is expected to close in the second quarter of 2016. The company would be renamed Waste Connections, Inc. and trade under WCN. For 2015, the company reported revenues of $1,925.6 million (down from $2,008.997 million in 2014, a decline of about $83.4 million, which includes an FX impact of about $104.7 million), net income of $123.9 million, adjusted EBITDA of $479.9 million and adjusted net income of $137.9 million. Free cash flow was $150.0 million versus $198.7 million in 2014. Total indebtedness was approximately $1,551 million, with a funded debt-to-EBITDA ratio of 3.22 times against a covenant maximum of 4.00. Moody's rated the credit facility Ba1 (stable) and S&P rated it BBB (stable). Management also disclosed a Florida putative class action filed in October 2015, which was voluntarily withdrawn without prejudice on February 29, 2016. The company operates 118 collection operations, 63 transfer stations, 31 landfills and 34 material recovery facilities across the U.S. and Canada, with about 7,900 employees. Several executive changes occurred in January 2016, including Dan Pio being named CEO effective January 29, 2016, and Joseph Quarin stepping down. Quarterly dividends were C$0.17 per share, and the Board declared a dividend payable April 15, 2016.
Mar 3, 2016
2014
Waste Connections Annual Report, Year Ended Dec 31, 2014
Progressive Waste Solutions Ltd. filed this Form 40-F annual report for the fiscal year ended December 31, 2014, incorporating its Annual Information Form, MD&A and audited consolidated financial statements. The company reported revenues of $2,008,997 thousand (about $2.01 billion) for 2014, down from $2,026,039 thousand in 2013, with net income of $126,516 thousand and adjusted EBITDA of $523,371 thousand, compared with $530,775 thousand the prior year. Revenue declined mainly due to foreign exchange, which reduced reported revenue by approximately $54,000 thousand, while at FX parity consolidated revenues increased approximately $37,900 thousand, driven by pricing and volume gains in Canada and the U.S. south, partly offset by lower U.S. northeast volumes. Free cash flow was $221,086 thousand in 2014 versus $191,031 thousand in 2013. The company repurchased 2,681 thousand common shares for $80,770 thousand during 2014, and total long-term debt was approximately $1,558 million at year end, with a funded debt to EBITDA ratio of 2.95 against a covenant maximum of 4.00. The company also disclosed a goodwill impairment test on its U.S. northeast reporting unit, which passed step two with a fair value exceeding carrying amount by approximately $42,900 thousand, and it noted that the New York City long-term contract remains a key assumption. For investors, the filing highlights a leveraged, vertically integrated waste business with stable contractual revenue, rising dividends (C$0.16 quarterly for 2015), an expected rise in current income tax of roughly $30,000 to $35,000 thousand annually once U.S. loss carryforwards are used up by 2016, and ongoing exposure to commodity, fuel and foreign exchange movements.
Mar 30, 2015
2013
Waste Connections Annual Report, Year Ended Dec 31, 2013
Progressive Waste Solutions Ltd. filed its Form 40-F annual report for the fiscal year ended December 31, 2013, incorporating its Annual Information Form, MD&A and audited consolidated financial statements. The company reported revenues of $2,026,039 thousand for 2013, up from $1,896,741 thousand in 2012, with net income of $117,970 thousand (versus $94,357 thousand) and adjusted EBITDA of $530,775 thousand (versus $519,659 thousand). Adjusted net income was $127,152 thousand, and free cash flow was $191,031 thousand, compared with $172,460 thousand in 2012. Growth was driven mainly by acquisitions, which contributed approximately $117,300 thousand of revenue growth, with core pricing and volume adding further gains. The company reported total indebtedness of approximately $1,548 million at year-end, with a funded debt to EBITDA ratio of 2.88 times against a covenant maximum of 4.00 times. The company repurchased no shares in 2013 and expects to resume buybacks in 2014 if no significant acquisitions occur. Management also flagged headwinds for 2014, including the Calgary landfill closure, the loss of a Canadian residential contract, and the Sandy-related revenue decline in the U.S. northeast, as well as an expected rise in cash taxes once U.S. loss carryforwards are used up, currently expected by the fourth quarter of 2015. The filing describes a vertically integrated non-hazardous solid waste business with 120 collection operations, 72 transfer stations, 31 landfills and 47 material recovery facilities across North America. Credit ratings were BBB- from S&P and Ba1 from Moody's on the credit facility, and the company's common shares trade on the TSX and NYSE under the symbol BIN. The board declared a quarterly dividend of C$0.15 per share, payable April 15, 2014.
Mar 28, 2014
2012-A
Waste Connections Annual Report (Amendment), Year Ended Dec 31, 2012
Progressive Waste Solutions Ltd., now Waste Connections, filed this Form 40-F/A (Amendment No. 1) for the fiscal year ended December 31, 2012. The company is an Ontario corporation with principal executive offices in Vaughan, Ontario, and its common shares are registered on the New York Stock Exchange. The filing reports 115,166,364 common shares outstanding as of the close of the period, and its Standard Industrial Classification code is 4953. The amendment does not update or restate the original annual report. The company filed it solely to furnish a corrected Exhibit 101, after finding formatting errors in the XBRL (eXtensible Business Reporting Language) financial information. The corrected XBRL covers the consolidated balance sheets, statements of operations and comprehensive income or loss, cash flows, and equity, and the notes to the consolidated financial statements, tagged as detailed text. The filing incorporates by reference the original annual report's exhibits, including the Annual Information Form, Management's Discussion and Analysis, audited consolidated financial statements, officer certifications under Section 302 and Section 906 of the Sarbanes-Oxley Act, and the consent of Deloitte LLP. The company's U.S. agent for service of process is IESI Corporation in Fort Worth, Texas.
Apr 3, 2013
2012
Waste Connections Annual Report, Year Ended Dec 31, 2012
Progressive Waste Solutions Ltd. filed this Form 40-F annual report for the fiscal year ended December 31, 2012, incorporating its Annual Information Form, MD&A, and audited consolidated financial statements. The company reported revenues of $1,896.7 million for 2012, up from $1,840.1 million in 2011, and net income of $94.4 million, compared with a net loss of $196.1 million in 2011 that reflected a goodwill impairment charge of $360.6 million in the U.S. northeast segment. Adjusted EBITDA was $519.7 million versus $534.5 million in 2011, and free cash flow was $172.5 million versus $262.5 million, with higher capital and landfill purchases of $246.9 million being the largest driver of the decline. Growth in 2012 was driven mainly by 19 tuck-in acquisitions costing approximately $282.3 million in cash, along with core pricing gains, while recycled commodity prices and weakness in the U.S. northeast segment were headwinds. Total indebtedness was approximately $1,688 million at year end, and the company refinanced its credit facilities in October 2012 into a $2.35 billion consolidated facility that includes a $500 million term B loan and an $1.85 billion revolver. Its funded debt to EBITDA ratio was 3.14 times against a maximum of 4.00 times under the new facility, and the company stated it expects to fund its 2013 dividends of C$0.14 per quarter from Canadian free cash flow. The filing describes a vertically integrated non-hazardous solid waste business operating 126 collection operations, 67 transfer stations, 30 landfills and 49 material recovery facilities across 13 U.S. states, the District of Columbia and six Canadian provinces. The company had about 7,500 employees and 115,166,364 common shares outstanding at December 31, 2012. The company later became Waste Connections, Inc. (WCN).
Apr 2, 2013
2011
Waste Connections Annual Report, Year Ended Dec 31, 2011
Progressive Waste Solutions Ltd. filed its Form 40-F annual report for the fiscal year ended December 31, 2011, incorporating an Annual Information Form, MD&A and audited consolidated financial statements. The company reported revenues of $1,840.1 million for 2011, up from $1,429.8 million in 2010, and adjusted EBITDA of $534.5 million, compared with $415.8 million in 2010. Adjusted net income was $135.0 million, but the company posted a net loss of $196.1 million (loss per share of $1.63) because of a $360.6 million goodwill impairment charge in its U.S. northeast reporting unit. Revenue growth was driven largely by the acquisition of Waste Services, Inc. (WSI) in July 2010 and by tuck-in acquisitions, with pricing and volume gains across most segments, though the U.S. northeast segment remained weak. Leverage and liquidity were central investor considerations. Total indebtedness was approximately $1,313 million at December 31, 2011, funded debt to EBITDA was 1.81 times in Canada and 3.21 times in the U.S., and the company reported a working capital deficit of approximately $36.6 million. Free cash flow was $262.5 million for 2011. The company repurchased 2,622 thousand common shares for about $55.8 million under its normal course issuer bid during the period from August 19 to December 31, 2011, and management intends to purchase roughly $75 million to $100 million of stock in 2012. The quarterly dividend was C$0.125 in 2011 and the Board approved a C$0.14 quarterly dividend for 2012. The company's internal control over financial reporting was reported as effective as of December 31, 2011, with no material weaknesses identified and an unqualified auditor opinion from Deloitte & Touche LLP. The filing also notes that the company is a foreign private issuer filing under the multi-jurisdictional disclosure system, that it reports in U.S. dollars under U.S. GAAP, and that its audit committee has no designated financial expert, relying instead on the Canadian "financially literate" standard.
Mar 20, 2012
2010
Waste Connections Annual Report, Year Ended Dec 31, 2010
IESI-BFC Ltd. (filed under this name; now Waste Connections, WCN) filed this Form 40-F annual report for the fiscal year ended December 31, 2010. The filing itself is a wrapper that incorporates by reference the Annual Information Form (Exhibit 99.1, dated March 31, 2011), the MD&A (Exhibit 99.2, incorporated from a Form 6-K dated March 10, 2011), and audited consolidated financial statements (Exhibit 99.3, also incorporated from that Form 6-K). The Annual Information Form describes BIN as one of the largest vertically integrated non-hazardous solid waste companies in North America, serving approximately 250,000 commercial and industrial customers and 3.8 million residential customers across 12 U.S. states, the District of Columbia and six Canadian provinces. It reports 2010 revenues of $1,429.8 million, adjusted net income of $101.0 million and adjusted EBITDA of $413.8 million, with total indebtedness of approximately $1,259 million at December 31, 2010. The key 2010 event was the July 2, 2010 merger with Waste Services Inc. (WSI), completed through an exchange of 0.5833 shares per WSI share. The company also entered a US$950 million U.S. credit facility and a C$525 million Canadian facility, both four-year revolvers, and acquired Fred Weber assets in St. Louis for $162.5 million cash in December 2010. All Participating Preferred Shares were exchanged for common shares on December 31, 2010. In March 2011 a secondary offering of 9,483,648 shares by TC Carting III was completed, along with a 1,000,000-share repurchase for cancellation by the company. The Annual Information Form also discloses risk factors including reliance on third-party disposal customers (about 57% of landfill tonnage in 2010), revenue concentration in Texas, New York and Florida, the New York City municipal contracts (3.4% of 2010 revenue), and approximately $352 million of performance and surety bonds outstanding. Management concluded disclosure controls were effective as of year-end 2010, and no changes in internal control over financial reporting were reported.
Mar 31, 2011
2009
Waste Connections Annual Report, Year Ended Dec 31, 2009
IESI-BFC Ltd. (filed under this name; now Waste Connections) submitted this Form 40-F annual report for the fiscal year ended December 31, 2009, incorporating by reference its Annual Information Form, MD&A, and consolidated financial statements as Exhibits 99.1 through 99.3. The Annual Information Form describes the company as one of the largest vertically integrated non-hazardous solid waste management companies in North America, serving approximately 170,000 commercial and industrial customers and approximately 1.7 million residential customers in 61 markets across 10 U.S. states, the District of Columbia and five Canadian provinces. It reports 2009 revenues of $1,008.5 million, adjusted net income of $60.1 million and Adjusted EBITDA of $290.4 million. The company operated 73 collection operations, 33 transfer stations, 22 landfills and 22 recycling facilities, and had approximately 4,214 employees at year-end. The filing's most significant investor item is the pending merger with Waste Services, Inc. (WSI), agreed November 11, 2009, under which each WSI share would convert into 0.5833 IESI-BFC Shares, with completion expected in the second calendar quarter of 2010. The filing states that indebtedness of IESI-BFC and WSI was approximately $655.0 million and $402.0 million, respectively, as of December 31, 2009, and that the combined company's indebtedness will be substantially greater on a stand-alone basis. A $11 million termination fee is noted as payable by IESI-BFC under certain circumstances. Shares began trading on the NYSE under the symbol "BIN" on June 5, 2009, and the company reports 82,336,148 common shares and 11,095,233 special voting shares outstanding at year-end. The company disclosed that it reports under U.S. GAAP and U.S. dollars beginning with the second quarter of 2009, and that its disclosure controls were concluded effective. It is a foreign private issuer using the MJDS, and it did not include a management report on internal control over financial reporting, citing the transition period for newly public companies.
Mar 31, 2010