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WCN · Waste Connections

32 filings

10-Q

WCN 10-Q Quarterly Reports

Waste Connections - 32 quarterly reports

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

2026-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2026
Waste Connections, Inc. reported third-quarter 2026 revenues of $2.638 billion, up from $2.458 billion a year earlier, and net income of $359.2 million, or $1.43 per diluted share, versus $286.3 million, or $1.11, in the prior-year quarter. Operating income rose to $541.7 million from $439.6 million. For the nine months, revenues were $7.570 billion and net income was $874.97 million ($3.45 per diluted share). The filing attributes revenue growth mainly to price increases, acquisitions and higher E&P waste revenues, partly offset by volume losses of $54.8 million in the quarter. Adjusted EBITDA was $895.8 million for the quarter and $2.505 billion for the nine months, per the non-GAAP reconciliation in the filing. Balance sheet and capital allocation show continued leverage and shareholder returns. Long-term debt rose to $9.427 billion at September 30, 2026, from $8.811 billion at year-end 2025, driven by the March 2026 issuance of $600.0 million of 4.80% notes due 2036 and August 2026 Canadian-dollar notes. The company repurchased $944.4 million of common shares in the first nine months and paid $265.5 million in dividends. On October 21, 2026, the board raised the quarterly dividend to $0.385 per share from $0.350. Operating cash flow was $1.971 billion for the nine months, against capital expenditures for property and equipment of $893.7 million. Legal and environmental exposure remains significant. The Chiquita Canyon Landfill matters, including roughly 14,000 civil plaintiffs, multiple regulatory notices of violation and a county injunction case, are described as having no determinable likelihood of outcome or reasonably estimable loss. The Jefferson Parish odor litigation is similarly unestimable. The company also recorded $132.0 million of net losses from adjustments to closure and post-closure liabilities in the first nine months of 2026.
Oct 22, 2026
2026-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2026
Waste Connections, Inc. (WCN) reported second-quarter 2026 revenues of $2.562 billion, up from $2.407 billion in the prior-year quarter, and net income of $296.4 million, or $1.17 per diluted share, compared with $290.3 million, or $1.12, a year earlier. Operating income declined to $437.6 million from $459.5 million, driven primarily by $58.5 million of impairments and other operating items, which included net losses of $55.8 million to adjust closure and post-closure liabilities. For the six months, revenues rose to $4.932 billion and net income fell to $515.7 million from $531.8 million. Adjusted EBITDA for the quarter was $840.1 million, compared with $786.4 million a year earlier, as stated in the filing's non-GAAP reconciliation. Cash flow and capital allocation remained substantial. Net cash provided by operating activities was $1.279 billion for the six months, while capital expenditures for property and equipment were $598.9 million and the company repurchased common shares for $614.5 million. Long-term debt increased to $9.28 billion, including $600.0 million of 4.80% Senior Notes due 2036 issued in March 2026. The company had a working capital deficit of $729.0 million at June 30, 2026, and the quarterly dividend was $0.350 per share. The filing also discloses significant litigation tied to the Chiquita Canyon Landfill, including the Elevated Temperature Landfill event, roughly 12,730 plaintiffs in civil suits as of July 21, 2026, and a Los Angeles County lawsuit. The company states it cannot determine the likelihood of outcome or reasonably estimate the possible loss in these matters, and it has not recorded an estimate for them.
Jul 23, 2026
2026-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2026
Waste Connections, Inc. reported first-quarter 2026 revenues of $2.371 billion, up from $2.228 billion a year earlier, with net income of $219.3 million, or $0.86 per diluted share, compared with $241.5 million, or $0.93, in the prior-year quarter. Operating income fell to $364.1 million from $390.2 million, driven mainly by $79.6 million of impairments and other operating items, including $76.8 million of net losses to adjust closure and post-closure liabilities. Management attributed revenue growth largely to $120.0 million of net price increases and $57.4 million from acquisitions, partially offset by $57.9 million of volume losses. Adjusted EBITDA was $769.5 million versus $712.2 million, and the company reported segment EBITDA of $758.4 million, a 32.0% margin. Cash flow and balance sheet activity were significant during the quarter. Net cash from operations was $545.6 million, while capital expenditures of $296.6 million and $283.96 million of share repurchases were funded alongside $600.0 million of 4.80% Senior Notes due 2036 issued in March 2026. Long-term debt rose to $9.09 billion from $8.81 billion, and the working capital deficit narrowed to $631.1 million from $812.7 million at year-end 2025. Management expects 2026 capital expenditures of approximately $1.250 billion. The filing also details extensive litigation tied to the Chiquita Canyon Landfill, where the company closed active disposal operations at the end of 2024. Approximately 12,400 plaintiffs are named in civil suits, and the company says it cannot determine the likelihood or estimate the range of loss for those matters. The Los Angeles County lawsuit, a preliminary injunction granted in August 2025, and regulatory enforcement actions remain pending, and the company says potential penalties could be substantial.
Apr 23, 2026
2025-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2025
Waste Connections, Inc. reported third-quarter 2025 revenues of $2.458 billion, up from $2.338 billion a year earlier, and net income of $286.3 million, or $1.11 per diluted share, versus $308.0 million ($1.19 per diluted share) in the prior-year quarter. Operating income declined to $439.6 million from $475.3 million, driven mainly by $60.1 million of impairments and other operating items, including a $30.4 million environmental liability at an operating facility. For the nine months, revenues rose to $7.094 billion and net income attributable to Waste Connections was $818.1 million, while net cash provided by operating activities reached $1.857 billion, compared with $1.660 billion a year earlier. Adjusted EBITDA for the nine months was $2.329 billion, and the company also reported adjusted net income per diluted share of $3.86 for the period. Capital allocation was active during the period. The company spent $794.9 million on capital expenditures and $627.3 million on acquisitions, repurchased 2,393,351 common shares for $442.2 million under its normal course issuer bid, and paid $244.0 million in dividends. It issued $500.0 million of 5.25% Senior Notes due 2035 in June 2025. Total long-term debt stood at $8.70 billion at September 30, 2025, including $2.199 billion drawn on the revolving credit facility, and the company reported a working capital deficit of $684.0 million. Subsequent to quarter-end, the board raised the quarterly dividend from $0.315 to $0.350 per share. Litigation remains a significant overhang. The Chiquita Canyon Landfill matter involves an elevated temperature landfill event, regulatory notices of violation, roughly 11,400 plaintiffs in civil lawsuits, and a County of Los Angeles suit in which a preliminary injunction was granted on August 29, 2025, with the company appealing. The company states it cannot determine the likelihood of outcomes or reasonably estimate possible losses in these matters, and that Chiquita Canyon closed active waste disposal as of December 31, 2024.
Oct 22, 2025
2025-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2025
Waste Connections, Inc. reported second-quarter 2025 revenues of $2.407 billion, up from $2.248 billion a year earlier, and net income of $290.3 million, up from $275.4 million. For the six months ended June 30, 2025, revenues were $4.635 billion and net income was $531.8 million. Operating income rose to $459.5 million for the quarter, and diluted EPS was $1.12 versus $1.07. The filing attributes the revenue growth primarily to price increases and acquisitions, partially offset by volume losses of $56.2 million in the quarter. Adjusted EBITDA was $786.4 million for the quarter, and net cash from operating activities was $1.180 billion for the six months. Cash dividends were $0.315 per share in the quarter. The balance sheet showed total assets of $20.68 billion and total liabilities of $12.32 billion at June 30, 2025, with a working capital deficit of $651.5 million. Long-term debt and notes payable totaled $8.34 billion. In June 2025 the company issued $500 million of 5.25% Senior Notes due 2035. Capital expenditures for the six months were $497.8 million, and full-year 2025 capital expenditures are expected to be between $1.200 billion and $1.250 billion. The most significant risk disclosure concerns the Chiquita Canyon Landfill in Los Angeles County, where an elevated temperature landfill event has led to numerous NOVs, civil suits involving approximately 9,700 plaintiffs, and a County lawsuit seeking an injunction and a receiver; the company cannot currently determine the likelihood or amount of outcomes. Subsequent to June 30, 2025, the company repurchased 1,297,239 shares for $240.2 million and the board declared a quarterly dividend of $0.315 per share.
Jul 24, 2025
2025-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2025
Waste Connections, Inc. reported first-quarter 2025 revenues of $2.228 billion, up from $2.073 billion a year earlier, with net income attributable to Waste Connections of $241.5 million, or $0.93 diluted earnings per share, compared with $230.1 million, or $0.89, in the prior-year period. Operating income rose to $390.2 million from $366.8 million. The filing attributes revenue growth mainly to $129.5 million of net price increases and $131.0 million from acquisitions, partly offset by $65.9 million of volume losses. Net cash provided by operating activities was $541.5 million, and capital expenditures were $212.5 million. The company expects 2025 capital expenditures of approximately $1.200 billion to $1.225 billion. Balance sheet debt rose: long-term debt and notes payable totaled $8.39 billion at March 31, 2025, and the Revolving Credit Agreement balance increased to $2.48 billion from $2.16 billion at year-end. The company had a working capital deficit of $548.4 million. Acquisitions consumed $380.4 million in cash during the quarter, and the board declared a regular quarterly dividend of $0.315 per share, paid on May 22, 2025. The most significant risk disclosure concerns the Chiquita Canyon Landfill in Los Angeles County. The company closed active waste disposal there as of December 31, 2024, after a tonnage restriction took effect. The filing describes an elevated temperature landfill event, roughly 321 Rule 402 notices of violation from SCAQMD, a U.S. EPA finding of violation, and about 9,200 plaintiffs in civil lawsuits. The company says it cannot determine the likelihood or amount of potential penalties or outcomes. The Jefferson Parish, Louisiana landfill class certification was denied on March 27, 2025.
Apr 24, 2025
2024-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2024
Waste Connections, Inc. reported strong third-quarter 2024 results. Revenues for the three months ended September 30, 2024 were $2.338 billion, up from $2.065 billion a year earlier, and nine-month revenues were $6.659 billion, up from $5.986 billion. Operating income rose to $475.3 million for the quarter from $353.0 million, and net income attributable to Waste Connections was $308.0 million, or $1.19 per diluted share, compared with $0.89 a year earlier. The filing attributes the revenue growth mainly to price increases, acquisitions, and higher recyclable commodity and E&P waste revenues, partly offset by volume losses from shedding low-margin municipal contracts. The balance sheet expanded significantly as the company spent $2.01 billion on acquisitions in the nine months, funded largely by borrowings. Long-term debt rose to $8.16 billion from $6.72 billion at year-end 2023, driven by $2.23 billion drawn under a new Revolving Credit Agreement and issuance of $750 million of 5.00% Senior Notes due 2034 and CAD $500 million of 4.50% Senior Notes due 2029. Operating cash flow was $1.660 billion for the nine months, and adjusted free cash flow was $1.044 billion. The company had a working capital deficit of $398.9 million and reported compliance with all covenants under the Revolving Credit Agreement. Legal matters remain significant. The Chiquita Canyon Landfill faces an elevated temperature landfill event, roughly 275 SCAQMD Rule 402 notices of violation, and about 3,300 plaintiffs in civil lawsuits as of October 23, 2024. The company states it cannot determine the likelihood or amount of outcomes. Under the Los Angeles County conditional use permit, absent approval of a modified permit, the landfill's maximum annual tonnage would fall from approximately two million to one million tons beginning January 1, 2025. The Jefferson Parish landfill odor class action is also ongoing. Subsequent to quarter end, the board raised the quarterly dividend to $0.315 per share from $0.285.
Oct 24, 2024
2024-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2024
Waste Connections, Inc. reported second-quarter 2024 revenues of $2.248 billion, up from $2.021 billion a year earlier, and net income attributable to Waste Connections of $275.5 million, or $1.07 per diluted share, versus $209.2 million, or $0.81, in the prior-year quarter. For the six months ended June 30, 2024, revenues were $4.321 billion and net income attributable to the company was $505.5 million, or $1.96 per diluted share. The filing attributes the revenue growth to price increases, acquisitions and higher landfill gas and E&P waste activity, partially offset by volume losses from the shedding of low-margin municipal contracts. Operating income rose to $424.7 million for the quarter, and adjusted EBITDA was $731.8 million compared with $628.9 million a year earlier. The balance sheet expanded materially during the period. Total assets grew to $19.30 billion from $17.92 billion at December 31, 2023, and long-term debt and notes payable rose to $7.70 billion from $6.72 billion. The company spent $1.44 billion on acquisitions in the first half, funded largely by borrowings under a new Revolving Credit Agreement, which had $1.77 billion drawn at June 30, 2024. Management also issued $750.0 million of 5.00% Senior Notes due 2034 and CAD $500.0 million of 4.50% Senior Notes due 2029, and used proceeds to retire the 2021 Revolving and Term Credit Agreement and the 2022 Term Loan Agreement. The filing highlights significant litigation and regulatory exposure at the Chiquita Canyon Landfill in California, where an elevated temperature landfill event has led to numerous regulatory notices, a stipulated abatement order, and over 2,800 civil plaintiffs as of July 24, 2024. Management states it cannot determine the likely penalties or the outcome of these matters. A separate Jefferson Parish, Louisiana odor litigation is set for a merits trial beginning August 12, 2024. The company also declared a quarterly dividend of $0.285 per share, payable August 22, 2024.
Jul 25, 2024
2024-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2024
Waste Connections, Inc. reported first-quarter 2024 revenues of $2.073 billion, up from $1.901 billion in the prior-year quarter, with net income attributable to Waste Connections of $230.1 million, or $0.89 per diluted share, compared with $197.8 million, or $0.77, a year earlier. Operating income rose to $366.8 million from $314.7 million, and the filing attributes the increase primarily to price increases in solid waste services, contributions from acquisitions, higher E&P waste earnings and higher renewable energy credit and recyclable commodity pricing, partially offset by higher risk management costs and incentive compensation. Adjusted EBITDA was $650.7 million versus $566.9 million, and adjusted free cash flow was $324.8 million versus $274.0 million. The balance sheet expanded materially during the quarter. Total assets rose to $19.08 billion from $17.92 billion at December 31, 2023, and long-term debt increased to $7.80 billion from $6.72 billion. In February 2024 the company issued $750.0 million of 5.00% Senior Notes due 2034 and entered a new Revolving Credit Agreement of up to $3.0 billion, using proceeds to repay its 2021 Revolving and Term Credit Agreement and 2022 Term Loan Agreement. Cash paid for acquisitions was $1.16 billion in the quarter, and the company reported a working capital deficit of $414.5 million. Net cash from operating activities was $490.3 million, and the quarterly dividend was raised to $0.285 per share. The filing also details significant legal and regulatory exposures. The Jefferson Parish, Louisiana landfill odor litigation has a class certification briefing deadline of June 26, 2024 and a merits trial scheduled for August 12, 2024, and the company cannot currently determine the likelihood of outcome. At the Chiquita Canyon Landfill, an elevated temperature landfill event has produced approximately 163 SCAQMD Rule 402 notices of violation and two Department of Toxic Substances Control summaries of violation, with potential penalties that the company describes as potentially substantial and not yet determinable.
Apr 25, 2024
2023-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2023
Waste Connections, Inc. reported third-quarter 2023 revenues of $2.065 billion, up from $1.880 billion in the prior-year quarter, and net income attributable to Waste Connections of $229.0 million, or $0.89 diluted EPS, compared with $236.9 million and $0.92 a year earlier. Revenue growth was driven by price increases ($156.6 million of core price increases in the quarter) and acquisitions ($104.1 million of added revenue), partially offset by volume losses of $42.0 million. Operating income rose 8.0% to $353.0 million, but impairments and other operating items increased to $56.5 million, mainly from contingent consideration adjustments of $31.3 million, and interest expense rose 34.9% to $69.0 million. For the nine months, revenue was $5.986 billion and net cash provided by operating activities was $1.571 billion, against capital expenditures of $615.6 million and acquisition payments of $573.2 million. The balance sheet shows total assets of $17.73 billion and long-term debt and notes payable of $6.80 billion at September 30, 2023. The company reported a working capital deficit of $424.0 million. Adjusted EBITDA for the nine months was $1.867 billion, and adjusted diluted EPS was $3.08, compared with $2.93 a year earlier, per the company's non-GAAP reconciliation. The company expects 2023 capital expenditures of approximately $920 million and declared a quarterly dividend increase to $0.285 per share, payable November 28, 2023. Key risk items for investors include the Jefferson Parish, Louisiana landfill odor litigation, in which the company says it cannot determine the likelihood of any outcome, and the Los Angeles County Chiquita Canyon landfill matter, where the company likewise cannot determine the likelihood of an outcome. The company also disclosed a 2023 executive separation cost of $15.1 million in SG&A for the nine months.
Oct 26, 2023
2023-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2023
Waste Connections, Inc. reported second-quarter 2023 revenues of $2.021 billion, up from $1.816 billion in the prior-year quarter, and net income attributable to Waste Connections of $209.2 million, or $0.81 diluted per share, versus $224.1 million, or $0.87, a year earlier. For the six months ended June 30, 2023, revenues were $3.922 billion and net income attributable to Waste Connections was $407.0 million, or $1.58 per diluted share. The filing attributes the revenue increase primarily to price increases, acquisitions and E&P waste demand, partly offset by lower recyclable commodity prices and a $0.2 million decrease from divestitures. Operating income rose to $344.1 million for the quarter, while interest expense increased to $67.5 million from $45.1 million, reflecting higher average borrowings and higher interest rates. Adjusted EBITDA for the quarter was $628.9 million, compared with $566.8 million a year earlier, and adjusted free cash flow for the six months was $630.0 million. The balance sheet shows total assets of $17.36 billion and total debt and notes payable of $6.76 billion at June 30, 2023, with cash and equivalents of $91.7 million and a working capital deficit of $351.8 million. Net cash provided by operating activities was $1.017 billion for the six months, while capital expenditures were $394.1 million and acquisition payments were $213.2 million. The company paid $131.1 million in dividends during the six months and declared a regular quarterly dividend of $0.255 per share. Management expects 2023 capital expenditures of approximately $920 million, net of disposal proceeds. The filing also discloses ongoing litigation over odors from the Jefferson Parish Landfill in Louisiana, where the Fifth Circuit stayed district court proceedings in the Addison action and has not yet ruled on the writ petition, and a dispute with Los Angeles County over the Chiquita Canyon Landfill conditional use permit, which is subject to a settlement and a pending CUP modification application. The company states it cannot currently determine the likelihood of outcome in either matter.
Aug 3, 2023
2023-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2023
Waste Connections, Inc. reported first-quarter 2023 revenues of $1.90 billion, up from $1.65 billion in the prior-year quarter, with net income attributable to Waste Connections of $197.8 million, or $0.77 per diluted share, compared with $180.3 million, or $0.69 per diluted share. Operating income rose to $314.7 million from $273.9 million, and the filing attributes the growth primarily to price increases, acquisitions and higher E&P waste earnings, partially offset by lower recyclable commodity pricing. Adjusted EBITDA was $566.9 million versus $502.1 million, and net cash provided by operating activities was $442.4 million. Interest expense rose to $68.4 million from $41.3 million, reflecting higher average borrowings and interest rates. At March 31, 2023, the company had total assets of $17.23 billion, total debt and notes payable of $6.99 billion (before unamortized discount and issuance costs), and a working capital deficit of $248.9 million. Capital expenditures were $175.8 million for the quarter, and the company expects roughly $895 million of capital expenditures for property and equipment in 2023. The quarterly dividend was increased to $0.255 per share, and no shares were repurchased under the normal course issuer bid during the quarter. The filing also discloses subsequent events: effective April 1, 2023, the company reorganized into six regional segments, and Ronald J. Mittelstaedt succeeded Worthing F. Jackman as President and Chief Executive Officer effective April 23, 2023. Ongoing litigation includes the Jefferson Parish, Louisiana landfill odor lawsuits, where a trial for a subset of plaintiffs is scheduled for September 2023, and the Chiquita Canyon matters in Los Angeles County, where the company says it cannot determine the likelihood of any outcome.
Apr 27, 2023
2022-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2022
Waste Connections, Inc. reported strong growth in its third quarter ended September 30, 2022. Revenues were $1.880 billion for the three months, up from $1.597 billion, and $5.343 billion for the nine months, up from $4.527 billion. Net income attributable to Waste Connections was $236.9 million for the quarter versus $114.4 million a year earlier, and diluted EPS was $0.92 versus $0.44. Management attributes the revenue growth to price increases, acquisitions and higher E&P waste revenue, partly offset by lower recyclable commodity prices and residential collection volume losses. Adjusted EBITDA was $588.1 million for the quarter, versus $505.6 million a year earlier, per the filing's non-GAAP reconciliation. Balance sheet and cash flow activity was heavy. Operating cash flow was $1.500 billion for the nine months, while cash used in investing activities was $1.859 billion, including $1.273 billion of acquisition payments and $618.3 million of capital expenditures. Long-term debt rose to $6.21 billion from $5.04 billion at year end, reflecting the $500 million 3.20% notes due 2032 and the $750 million 4.20% notes due 2033. The company repurchased 3,388,155 shares for $425.0 million during the nine months. Subsequent to quarter end, the company entered into an $800 million Term Loan Agreement on October 31, 2022, and increased its quarterly dividend to $0.255 per share. The filing also discloses an $8.4 million lawsuit judgment accrual and an ongoing dispute between subsidiary Chiquita Canyon, LLC and Los Angeles County. On October 11, 2022, the parties entered a settlement agreement, but the company states it cannot determine the likelihood of any outcome. Management expects 2022 capital expenditures of approximately $850 million.
Nov 3, 2022
2022-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2022
Waste Connections, Inc. reported second-quarter 2022 revenues of $1.816 billion, up from $1.534 billion a year earlier, and net income attributable to Waste Connections of $224.1 million, or $0.87 per diluted share, compared with $177.0 million, or $0.68, in the prior-year quarter. Operating income rose to $329.6 million from $266.8 million. Management attributed the growth primarily to price increases in solid waste services, contributions from acquisitions, and higher E&P waste activity, while cost of operations rose to 59.9% of revenues from 58.8%, driven by higher fuel and third-party trucking expenses. For the six months ended June 30, 2022, net cash provided by operating activities was $973.7 million, and capital expenditures were $371.4 million, with the company expecting total 2022 capital expenditures of approximately $850 million. The balance sheet shows total assets of $15.42 billion and long-term debt of $5.63 billion (non-current portion) at June 30, 2022, up from $5.04 billion at year-end 2021. During the six months, the company acquired eight non-hazardous solid waste businesses for $547.0 million in cash and issued $500.0 million of 3.20% Senior Notes due 2032. It repurchased 3,388,155 common shares for $425.0 million and paid $118.8 million in cash dividends. Subsequent to quarter-end, the Board approved a quarterly dividend of $0.23 per share and renewal of the normal course issuer bid. The filing also discloses ongoing legal matters, including the Chiquita Canyon landfill litigation with Los Angeles County and a Lower Duwamish Waterway Superfund allocation process in which the company believes its potential liability will not be material. Management reports that the company is not currently able to determine the likelihood of outcome in the Chiquita Canyon matter.
Aug 3, 2022
2022-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2022
Waste Connections, Inc. filed this Form 10-Q for the quarter ended March 31, 2022. Revenues rose to $1.646 billion from $1.396 billion in the prior-year quarter, and net income attributable to Waste Connections was $180.3 million, or $0.69 diluted per share, versus $160.3 million, or $0.61, a year earlier. Operating income was $273.9 million compared with $238.4 million. Management attributed the revenue increase mainly to $112.3 million from acquisitions and a $94.0 million net increase in prices at existing operations. Adjusted EBITDA was $502.1 million versus $433.2 million, and adjusted free cash flow was $320.4 million versus $289.8 million, both non-GAAP measures the filing reconciles. Balance sheet leverage increased during the quarter. Long-term debt rose to $5.82 billion from $5.04 billion at year-end 2021, following a $500 million offering of 3.20% Senior Notes due 2032 in March 2022 and $1.09 billion drawn on the revolver. Cash and equivalents increased to $391.4 million. Common share repurchases totaled $425.0 million for 3.4 million shares, and total equity declined to $6.76 billion from $6.99 billion. The company expects 2022 capital expenditures of approximately $850 million and declared a quarterly dividend of $0.23 per share, payable June 1, 2022. The filing also discloses ongoing legal matters, including the Lower Duwamish Waterway Superfund allocation, where the company cannot determine the likelihood or outcome of its potential liability, and litigation with Los Angeles County over the Chiquita Canyon Landfill conditional use permit, where the company likewise cannot determine the likelihood of any outcome. Acquisitions were a significant use of cash, with $355.2 million paid in the quarter.
May 4, 2022
2021-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2021
Waste Connections, Inc. reported third-quarter 2021 revenues of $1,597,168 thousand, up from $1,389,552 thousand a year earlier, and net income attributable to Waste Connections of $114,381 thousand, or $0.44 per diluted share, versus $158,049 thousand, or $0.60, in the prior-year quarter. For the nine months ended September 30, 2021, revenues were $4.527 billion and operating income was $790.3 million, compared with $215.3 million in the prior-year period, which included a $417.4 million impairment on E&P landfills. Net income attributable to Waste Connections for the nine months was $451.7 million, or $1.72 per diluted share, against $74.0 million, or $0.28, a year earlier. Management attributed revenue growth primarily to net price increases, acquisitions, and solid waste volume recovery from COVID-19 restrictions, while noting the revenue growth in the quarter was 14.9%. During the quarter the company refinanced its capital structure. On September 20, 2021 it issued $650.0 million of 2.20% senior notes due 2032 and $850.0 million of 2.95% senior notes due 2052, and used the proceeds and revolver borrowings to repay $1.5 billion of private notes, including a $110.6 million make-whole payment. This produced a $115.3 million loss on early extinguishment of debt. Cash and equivalents fell to $339.5 million at September 30, 2021 from $617.3 million at December 31, 2020, while long-term debt and notes payable rose to $4.87 billion. Net cash provided by operating activities for the nine months was $1.270 billion, and capital expenditures for property and equipment were $479.5 million, with the company expecting about $700 million for 2021. The company also repurchased $305.6 million of common shares in the nine months and paid $160.8 million in dividends. After the period end, on October 27, 2021, the Board increased the quarterly cash dividend from $0.205 to $0.23 per share. The filing also discloses ongoing environmental and regulatory matters, including the Lower Duwamish Waterway Superfund allocation and the Chiquita Canyon landfill litigation with Los Angeles County, for which the company stated it could not determine the likelihood of an outcome.
Oct 28, 2021
2021-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2021
Waste Connections, Inc. filed this Form 10-Q for the quarter ended June 30, 2021. Revenues for the three months ended June 30, 2021 were $1.534 billion, up from $1.306 billion a year earlier, and operating income was $266.8 million compared with an operating loss of $232.4 million in the prior-year quarter, which included a $417.4 million impairment at E&P operations. Net income attributable to Waste Connections was $177.0 million, or $0.68 per diluted share, versus a net loss of $227.1 million in the prior-year period. For the six months, net cash provided by operating activities was $848.5 million, and adjusted free cash flow was $585.8 million, compared with $494.6 million a year earlier. The company attributed revenue growth to net price increases of $60.9 million in the quarter, higher solid waste volumes, acquisitions, favorable currency translation and higher renewable energy credit prices. Management expects 2021 capital expenditures for property and equipment of approximately $675 million. During the six months, the company repurchased shares for $305.6 million and paid $107.3 million in dividends, and it reported a working capital surplus of $414.2 million at June 30, 2021. The filing also describes subsequent events, including a new Second Amended and Restated Revolving Credit and Term Loan Agreement effective July 30, 2021 with total commitments of $2.5 billion and a scheduled maturity of July 30, 2026. Ongoing legal matters include the Lower Duwamish Waterway Superfund allocation process and litigation between Chiquita Canyon, LLC and Los Angeles County over landfill permit conditions, for which the company states it cannot determine the likelihood of any outcome.
Aug 5, 2021
2021-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2021
Waste Connections, Inc. reported first-quarter 2021 revenues of $1.396 billion, up from $1.352 billion a year earlier, with operating income rising to $238.4 million from $217.0 million and net income attributable to Waste Connections of $160.3 million, or $0.61 per diluted share, versus $143.0 million, or $0.54, in the prior-year quarter. The filing attributes the revenue increase mainly to net price increases of $52.2 million and acquisitions adding $43.7 million, partially offset by lower volumes of $40.5 million, largely due to COVID-19 and one fewer business day from leap year. E&P revenue fell sharply to $28.0 million from $65.4 million, reflecting weaker crude oil demand. Adjusted EBITDA was $433.2 million versus $408.5 million, and net cash provided by operating activities was $400.4 million versus $369.6 million. The balance sheet grew to $14.04 billion in total assets, with cash and equivalents of $743.5 million at March 31, 2021, compared with $617.3 million at year-end 2020. Long-term debt, net of current portion, was $4.61 billion, and the company reported a working capital surplus of $397.1 million. Capital expenditures were $96.8 million in the quarter, and management expects 2021 capital expenditures of approximately $625 million. The company repurchased 666,184 shares for $66.0 million and paid $53.9 million in dividends, with the quarterly dividend raised to $0.205 per share. The filing also discloses ongoing legal matters, including the Lower Duwamish Waterway Superfund site, where the EPA's 2014 Record of Decision estimated cleanup costs of approximately $342,000 thousand, and the Chiquita Canyon landfill litigation, where CCL estimates new costs under the conditional use permit exceed $300,000 thousand. The company states it cannot determine the likelihood of outcomes in these matters.
Apr 29, 2021
2020-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2020
Waste Connections, Inc. reported third-quarter 2020 revenues of $1.390 billion, down from $1.412 billion a year earlier, and nine-month revenues of $4.048 billion versus $4.027 billion. Results were heavily affected by a $417.4 million impairment charge on four E&P landfills recorded in the second quarter, which pushed nine-month operating income down to $215.3 million from $643.6 million and nine-month net income attributable to Waste Connections to $74.0 million from $433.6 million. Third-quarter net income attributable to Waste Connections was $158.0 million, or $0.60 per diluted share, compared with $159.1 million a year earlier. The filing attributes volume declines in solid waste and E&P activity to COVID-19 economic disruption, partly offset by net price increases of $168.0 million for the nine months. Liquidity remained solid. Cash and equivalents were $859.1 million at September 30, 2020, with $1.258 billion of remaining borrowing capacity under the Credit Agreement, which matures in March 2023. Net cash provided by operating activities was $1.186 billion for the nine months, roughly flat year over year. During the period the company issued $600.0 million of 2.60% Senior Notes due 2030 and $500.0 million of 3.05% Senior Notes due 2050, repurchased 1,271,977 common shares for $105.7 million, and paid $145.9 million in dividends. Adjusted EBITDA was $432.6 million for the quarter versus $443.6 million a year earlier. The filing also discloses ongoing legal matters, including the Chiquita Canyon landfill litigation with Los Angeles County, the Lower Duwamish Waterway Superfund matter, and the Town of Colonie landfill expansion appeals. The company declared a quarterly dividend increase to $0.205 per share as a subsequent event.
Oct 29, 2020
2020-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2020
Waste Connections, Inc. reported a net loss attributable to Waste Connections of $227.1 million for the three months ended June 30, 2020, compared with net income of $148.8 million a year earlier, driven primarily by a $417.4 million impairment charge at four landfills in its E&P segment. Impairments and other operating items totaled $437.3 million in the quarter. Revenues fell to $1.306 billion from $1.370 billion, with the company attributing volume declines in commercial collection, roll off, transfer and landfill to COVID-19 economic disruptions. For the six months ended June 30, 2020, revenues rose to $2.658 billion from $2.614 billion, but the company recorded an operating loss of $15.4 million versus operating income of $407.0 million a year earlier. Liquidity remained solid. Cash and equivalents were $790.6 million at June 30, 2020, and the company had $1.26 billion of remaining borrowing capacity under its Credit Agreement. Net cash provided by operating activities was $753.2 million for the six months, essentially flat year over year. Total debt and notes payable principal was $4.74 billion, including $600.0 million of 2.60% Senior Notes due 2030 and $500.0 million of 3.05% Senior Notes due 2050 issued in early 2020. The company repurchased 1,271,977 common shares for $105.7 million and paid $96.9 million in dividends during the first half. The filing also highlights ongoing legal matters, including the Lower Duwamish Waterway Superfund allocation, the Chiquita Canyon landfill expansion litigation in Los Angeles County, and the Town of Colonie landfill expansion litigation in New York. The company stated it could not determine the likelihood of outcomes in several of these matters. Adjusted EBITDA was $394.3 million for the quarter versus $425.3 million a year earlier, and the company declared a regular quarterly dividend of $0.185 per share.
Aug 7, 2020
2020-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2020
Waste Connections, Inc. reported first-quarter 2020 revenues of $1.352 billion, up from $1.245 billion in the prior-year period, and net income attributable to Waste Connections of $143.0 million, or $0.54 per diluted share, versus $125.6 million, or $0.48, a year earlier. Operating income rose to $217.0 million from $184.9 million, and adjusted EBITDA was $408.5 million compared with $385.7 million. Management stated that the COVID-19 outbreak did not significantly affect first-quarter results, but that revenue and volumes began declining in March 2020, mainly in commercial collection, transfer station and landfill volumes, and that the company reduced its 2020 capital expenditure outlook by approximately $110 million. The balance sheet changed materially during the quarter. Cash and equivalents rose to $1.195 billion from $326.7 million at year-end 2019, driven by $1.79 billion of new long-term debt proceeds, including $600 million of 2.60% Senior Notes due 2030 and $500 million of 3.05% Senior Notes due 2050. Total debt and notes payable increased to about $5.16 billion from $4.35 billion. Accumulated other comprehensive loss widened to $(238.7) million, mainly from a $184.7 million foreign currency translation loss. The company also repurchased 1,271,977 shares for $105.7 million and paid $48.0 million in dividends at $0.185 per share. The filing flags several subsequent events and risks. The company expects an additional income tax expense of approximately $27.4 million related to 2019 following newly finalized IRS Section 267A regulations, to be recorded in the second quarter of 2020. Its E&P segment, which carries $832.7 million of property and equipment, faces potential impairment risk tied to lower crude oil prices. Legal matters include the Lower Duwamish Waterway Superfund allocation process and litigation involving the Chiquita Canyon landfill expansion, where the company states it cannot determine the likelihood of any outcome.
May 7, 2020
2019-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2019
Waste Connections, Inc. reported third-quarter 2019 revenues of $1.412 billion, up from $1.281 billion a year earlier, and net income attributable to Waste Connections of $159.1 million, or $0.60 per diluted share, compared with $150.8 million, or $0.57, in the prior-year quarter. For the nine months ended September 30, 2019, revenues were $4.027 billion, net income attributable to the company was $433.6 million, and diluted EPS was $1.64. Management attributes revenue growth primarily to acquisitions and net price increases of $61.1 million in the quarter. Cost of operations rose to 59.1% of revenues in the quarter from 57.5%, and operating income as a percentage of revenues declined to 16.8% from 18.2%. Operating cash flow for the nine months was $1.185 billion, up from $1.038 billion. Capital expenditures for property and equipment were $433.5 million, and the company expects 2019 capital expenditures of $600 million to $625 million. Cash dividends paid totaled $126.3 million for the nine months. During the period the company issued $500.0 million of 3.50% Senior Notes due 2029, and it repurchased no shares under its normal course issuer bid. Total debt, net of current portion, was $4.04 billion at September 30, 2019, and total assets were $13.27 billion. The filing also details significant litigation, including the Chiquita Canyon landfill expansion matters in Los Angeles County, where current estimates for new costs under the conditional use permit are in excess of $300 million, the Lower Duwamish Waterway Superfund matter, and the Town of Colonie landfill expansion proceedings. Subsequent to quarter end, the board raised the quarterly cash dividend from $0.16 to $0.185 per share.
Oct 29, 2019
2019-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2019
Waste Connections, Inc. reported revenues of $1,369,639 thousand for the three months ended June 30, 2019, up from $1,239,968 thousand a year earlier, and $2,614,275 thousand for the six months, up from $2,380,099 thousand. Operating income for the quarter was $222,134 thousand versus $210,688 thousand, and net income attributable to Waste Connections was $148,848 thousand, or $0.56 per diluted share, compared with $138,682 thousand, or $0.52, a year earlier. Management attributes revenue growth mainly to acquisitions and net price increases, while cost of operations rose to 59.5% of revenues in the quarter from 58.5%. Adjusted EBITDA for the quarter was $425,284 thousand, and adjusted free cash flow for the six months was $503,911 thousand. The balance sheet shows total assets of $13,145,772 thousand and long-term debt and notes payable of $4,082,876 thousand at June 30, 2019. Cash and equivalents fell to $209,209 thousand from $319,305 thousand at year-end 2018, and the company reported a working capital surplus of $47.7 million, reduced by the adoption of new lease accounting. The company issued $500 million of 3.50% Senior Notes due 2029 in April 2019, repurchased no shares during the six months, and paid $84,215 thousand in dividends. Management expects 2019 capital expenditures of $575 million to $600 million. The filing also details ongoing legal matters, including the Lower Duwamish Waterway Superfund allocation process, the Chiquita Canyon landfill litigation with Los Angeles County, and the Town of Colonie landfill expansion challenges. For these matters the company states it cannot currently determine the likelihood of any outcome.
Jul 30, 2019
2019-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2019
Waste Connections, Inc. reported first-quarter 2019 revenues of $1.245 billion, up from $1.140 billion in the first quarter of 2018, with the MD&A attributing the increase primarily to acquisitions, net price increases and E&P growth, partly offset by lower volumes and a stronger-dollar effect in Canada. Operating income declined to $184.9 million from $188.7 million, driven by $16.1 million of impairments and other operating items, mainly $12.2 million of charges to terminate or write off certain contracts. Net income attributable to Waste Connections was $125.6 million, or $0.48 per diluted share, compared with $124.9 million, or $0.47, a year earlier. Adjusted EBITDA rose to $385.7 million from $356.9 million, and adjusted free cash flow was $246.3 million versus $220.2 million. Cash and equivalents increased to $499.5 million at March 31, 2019, from $319.3 million at December 31, 2018, and net cash from operating activities was $363.8 million, up from $307.2 million. Cash used for acquisitions fell to $14.9 million from $311.96 million, while capital expenditures rose to $114.2 million. The company made no share repurchases in the quarter, versus $42.0 million a year earlier, and paid cash dividends of $42.1 million. Long-term debt stood at $4.16 billion, and the company expects 2019 capital expenditures of approximately $575 million. Subsequent to quarter-end, the company issued $500 million of 3.500% Senior Notes due 2029 on April 16, 2019, with proceeds expected to repay part of its Credit Agreement borrowings, and declared a quarterly dividend of $0.16 per share. Legal matters include the Chiquita Canyon landfill litigation with Los Angeles County, the Lower Duwamish Waterway Superfund matter, and the Town of Colonie landfill expansion challenges, for which the company states it cannot determine the likelihood of outcomes in several cases.
Apr 25, 2019
2018-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2018
Waste Connections, Inc. reported third-quarter 2018 results in its Form 10-Q filed October 30, 2018. Revenues rose to $1,281,110 thousand for the three months ended September 30, 2018, from $1,206,478 thousand a year earlier, and to $3,661,209 thousand for the nine months, from $3,473,313 thousand. Net income attributable to Waste Connections was $150,843 thousand for the quarter (diluted EPS $0.57, versus $0.47) and $414,393 thousand for the nine months (diluted EPS $1.57, versus $0.99). Operating income reached $632,264 thousand for the nine months, compared with $452,084 thousand in the prior-year period, which included $141,333 thousand of impairments and other operating items. Management's non-GAAP adjusted EBITDA was $1,169,232 thousand for the nine months, versus $1,099,825 thousand. Cash flow and balance sheet activity show net cash provided by operating activities of $1,037,792 thousand for the nine months, with capital expenditures of $373,512 thousand and payments for acquisitions of $500,064 thousand. The company repurchased 594,474 common shares for $42,040 thousand and paid $110,447 thousand in dividends. Total debt was $3,763,330 thousand at September 30, 2018, including $1,637,500 thousand of term loan and $169,950 thousand drawn on the revolver. Cash and equivalents fell to $244,389 thousand from $433,815 thousand at year-end 2017. Subsequent to quarter end, the board raised the quarterly dividend from $0.14 to $0.16 per share. The filing also details ongoing legal matters, including the Chiquita Canyon Landfill litigation against Los Angeles County, in which the company states that current estimates for new costs under the conditional use permit exceed $300,000 thousand, and the Lower Duwamish Waterway Superfund matter, where the EPA estimated clean-up costs at approximately $342,000 thousand. The company says it cannot currently determine the likelihood of outcomes in these matters.
Oct 30, 2018
2018-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2018
Waste Connections, Inc. filed its Form 10-Q for the quarter ended June 30, 2018 on July 25, 2018. Revenues for the three months ended June 30, 2018 were $1,239,968 thousand, up from $1,175,569 thousand a year earlier, and net income attributable to Waste Connections was $138,682 thousand, compared with $123,656 thousand. For the six months, revenues were $2,380,099 thousand and net income attributable to Waste Connections was $263,551 thousand, versus $138,530 thousand in the prior-year period. The prior-year six-month period included a $140,501 thousand impairments and other operating items charge, including a $77.3 million E&P goodwill impairment, which largely explains the year-over-year swing in operating income. Operating income for the six months was $399,395 thousand, compared with $233,314 thousand. Cash flow and balance sheet items were driven by acquisitions. Net cash provided by operating activities was $664,931 thousand for the six months, while payments for acquisitions, net of cash acquired, were $485,519 thousand and capital expenditures were $201,712 thousand. Cash and equivalents fell to $145,801 thousand from $433,815 thousand at December 31, 2017. Long-term debt and notes payable were $3,792,847 thousand. The company repurchased 594,474 common shares for $42,040 thousand and paid $73,584 thousand in cash dividends. The quarterly dividend was raised to $0.14 per share in October 2017 and a $0.14 quarterly dividend was approved on July 24, 2018. The filing also highlights ongoing legal matters, most notably the Chiquita Canyon Landfill litigation in Los Angeles County, where the court sustained the County's demurrer on July 17, 2018, barring CCL from challenging 14 of 29 CUP conditions, and the Lower Duwamish Waterway Superfund allocation process, for which the company states it cannot determine likely outcomes. A $10,000 thousand Florida default judgment against a subsidiary is under appeal, with no accrual recorded.
Jul 25, 2018
2018-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2018
Waste Connections, Inc. reported first-quarter 2018 revenues of $1.140 billion, up from $1.091 billion a year earlier, and net income attributable to Waste Connections of $124.9 million, or $0.47 per diluted share, compared with $14.9 million, or $0.06 per share, in the prior-year quarter. The prior-year period included a $141.7 million impairments and other operating items charge, including a $77.3 million E&P goodwill impairment, which depressed that comparison. Operating income rose to $188.7 million from $26.4 million. Management attributes the revenue growth primarily to $42.3 million of net price increases and $38.7 million of incremental acquisition revenue, partly offset by lower recyclable commodity prices and divestiture effects. E&P segment revenue rose 52.5% to $56.0 million and segment EBITDA nearly doubled to $28.7 million, reflecting higher crude oil and natural gas prices. Cash flow from operations was $307.2 million, and adjusted free cash flow was $220.2 million, versus $237.5 million a year earlier. The company spent $402.3 million on investing activities, including $312.0 million on acquisitions, and repurchased 594,474 common shares for $42.0 million. Cash and equivalents fell to $217.5 million from $433.8 million at year-end 2017, and working capital surplus declined to $227.5 million. Total long-term debt and notes payable was $3.88 billion at quarter end, with $1.638 billion of term loan and $172.2 million drawn on the revolver under a Credit Agreement maturing March 2023. The company also amended its note purchase agreements and released subsidiary guarantors in March 2018. The filing also discloses material legal matters, including the Lower Duwamish Waterway Superfund allocation process, a Chiquita Canyon landfill lawsuit against Los Angeles County over new conditions that the company estimates exceed $300 million in costs, and a $10 million Florida default judgment against a subsidiary, for which no liability has been accrued. Subsequent to quarter end, the company declared a quarterly dividend of $0.14 per share and redeemed its 2018 Senior Notes.
May 2, 2018
2017-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2017
Waste Connections, Inc. reported third-quarter 2017 revenues of $1,206,478 thousand, up from $1,084,922 thousand a year earlier, and net income attributable to Waste Connections of $123,227 thousand, or $0.47 per diluted share, versus $88,617 thousand, or $0.34, in the prior-year quarter. For the nine months ended September 30, 2017, revenues were $3,473,313 thousand and net income attributable to Waste Connections was $261,732 thousand, or $0.99 per diluted share. The nine-month results include a $77,343 thousand goodwill impairment at the E&P segment and total impairments and other operating items of $141,333 thousand. Operating income for the nine months was $452,084 thousand, and net cash provided by operating activities was $888,375 thousand. Adjusted free cash flow for the period is presented as $614,028 thousand in the filing's non-GAAP reconciliation. The balance sheet at September 30, 2017 showed cash and equivalents of $495,254 thousand, long-term debt and notes payable of $3,925,761 thousand, and total equity of $5,993,856 thousand. Growth was driven largely by the June 2016 Progressive Waste acquisition, which contributed $826.9 million of revenue in January to May 2017, and by the January 2017 acquisition of Groot Industries. Capital expenditures for the nine months were $317,385 thousand, and the company expects approximately $460 million in capital expenditures for 2017. The filing also discloses a Los Angeles County landfill expansion dispute. The Board of Supervisors approved the Chiquita Canyon conditional use permit on July 25, 2017 with conditions the company describes as substantially reducing historical operations, and the company filed a lawsuit on October 20, 2017 challenging the conditions. Separately, a subsidiary remains a potentially responsible party at the Lower Duwamish Waterway Superfund Site, where the EPA estimated clean-up costs of about $342,000 thousand. A subsequent event is a quarterly dividend increase to $0.14 per share declared October 25, 2017.
Oct 26, 2017
2017-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2017
Waste Connections, Inc. reported second-quarter 2017 revenues of $1,175,569 thousand, up from $727,639 thousand in the prior-year quarter, and net income attributable to Waste Connections of $123,656 thousand, or $0.47 per diluted share, versus $27,489 thousand, or $0.13, a year earlier. For the six months ended June 30, 2017, revenues were $2,266,835 thousand and net income attributable to the company was $138,530 thousand, or $0.52 per diluted share. The filing attributes the growth primarily to the June 2016 Progressive Waste acquisition, which contributed $336.6 million of the three-month revenue increase, and to the January 2017 Groot Industries acquisition. Operating income rose to $206,910 thousand for the quarter, though the six-month figure absorbed a $77,343 thousand goodwill impairment at the E&P segment and $140,501 thousand in total impairments and other operating items. Balance sheet and cash flow data show total assets of $11,655,363 thousand and long-term debt and notes payable of $3,963,909 thousand at June 30, 2017. Net cash provided by operating activities for the six months was $551,906 thousand, and adjusted free cash flow, a non-GAAP measure, was $393,619 thousand. Cash and equivalents rose to $399,741 thousand. The company issued $400,000 thousand of senior notes in April 2017 and declared a regular quarterly dividend of $0.12 per share, following a three-for-two share split effected in June 2017. The filing also flags regulatory matters. The Board of Supervisors approved a revised conditional use permit for the Chiquita Canyon Landfill on July 25, 2017, which the company says imposes new requirements and taxes that will likely make operations less profitable, and CCL is considering legal challenges. The company remains a potentially responsible party at the Lower Duwamish Waterway Superfund Site, where the EPA's 2014 Record of Decision estimated clean-up costs of about $342,000 thousand, and the timing of the allocation and any global settlement remains uncertain.
Jul 26, 2017
2017-Q1
Waste Connections Quarterly Report for Q1 Ended Mar 31, 2017
Waste Connections, Inc. reported first-quarter 2017 revenues of $1,091,266 thousand, up from $514,680 thousand in the first quarter of 2016, driven largely by the Progressive Waste acquisition completed June 1, 2016 and the January 2017 acquisition of Groot Industries. Operating income fell to $26,404 thousand from $90,979 thousand, primarily because of $141,681 thousand in impairments and other operating items, including a $77,343 thousand goodwill impairment at the E&P segment and a $53,471 thousand loss estimate on assets held for sale. Net income attributable to Waste Connections was $14,874 thousand, or $0.08 per diluted share, compared with $44,842 thousand, or $0.36 per diluted share, a year earlier. Adjusted EBITDA was $332,799 thousand versus $169,737 thousand, and adjusted free cash flow was $237,490 thousand versus $113,558 thousand, according to the company's non-GAAP reconciliations. Balance sheet and liquidity changed meaningfully during the quarter. Total assets rose to $11,469,432 thousand from $11,103,925 thousand at year-end 2016, and long-term debt and notes payable increased to $3,946,178 thousand from $3,616,760 thousand. Cash and equivalents reached $268,469 thousand. Net cash provided by operating activities was $287,477 thousand, while investing outflows of $412,859 thousand reflected acquisition payments of $344,265 thousand. The company also reported a material weakness from its 2016 10-K that management stated was remediated as of March 31, 2017. The filing highlights several forward-looking risks. Management said the Chiquita Canyon Landfill conditional use permit was approved by the Regional Planning Commission with tax and fee increases the company believes could make operations economically unviable, and an appeal to the County Board of Supervisors is planned. The filing also describes an ongoing Lower Duwamish Waterway Superfund matter in which the company cannot determine its potential liability. Subsequent events include a $400,000 thousand private placement of senior unsecured notes and a proposed three-for-two share split pending shareholder approval.
May 1, 2017
2016-Q3
Waste Connections Quarterly Report for Q3 Ended Sep 30, 2016
Waste Connections, Inc. (filed under the name Waste Connections, Inc., Ontario-incorporated, formerly Progressive Waste Solutions Ltd. at the time of the June 1, 2016 transaction) reported its 10-Q for the quarter ended September 30, 2016. The period reflects the June 1, 2016 Progressive Waste acquisition, accounted for as a reverse merger with Old Waste Connections as accounting acquirer. Third-quarter revenues were $1.085 billion versus $547.9 million a year earlier, and net income attributable to Waste Connections was $88.6 million, or $0.50 diluted, compared with a net loss of $257.0 million in the prior-year quarter, which included $493.8 million of impairments and other operating items tied to the E&P segment. Nine-month revenues were $2.327 billion and net income attributable to the company was $160.9 million. Total assets rose to $11.19 billion from $5.12 billion at December 31, 2015, and long-term debt rose to $3.66 billion, driven by the new Credit Agreement and the 2016 Senior Notes. Adjusted EBITDA was $342.3 million for the quarter and $745.6 million for the nine months, and the company reported adjusted free cash flow of $440.3 million for the nine months, both non-GAAP measures. Cash from operations was $538.8 million for the nine months. Segment reporting now includes Canada and Southern segments following the acquisition. Management reported that the E&P segment continues to face weak demand from lower crude oil prices, with E&P revenue expected to decline about 45% in 2016 from 2015 levels. The company also disclosed a Lower Duwamish Waterway Superfund matter, where cleanup costs were estimated at about $342 million in the EPA's Record of Decision, and a quarterly dividend increase to $0.18 per share, declared after quarter end.
Oct 31, 2016
2016-Q2
Waste Connections Quarterly Report for Q2 Ended Jun 30, 2016
Waste Connections, Inc. (filed under the name Waste Connections, Inc., Ontario, Canada) reported its 10-Q for the quarter ended June 30, 2016, reflecting the June 1, 2016 all-stock acquisition of Progressive Waste Solutions Ltd., which was accounted for as a reverse merger with Old Waste Connections as the accounting acquirer. Revenues for the three months ended June 30, 2016 were $727.6 million, up from $531.3 million a year earlier, and the Progressive Waste acquisition contributed $174.0 million of revenue from June 1 to June 30. Operating income fell to $63.5 million from $110.0 million, driven by higher SG&A of $152.7 million (including $23.0 million of direct acquisition costs and $19.4 million of severance-related expenses). Net income attributable to Waste Connections was $27.5 million, or $0.20 per diluted share, versus $57.4 million, or $0.46, a year earlier. Balance sheet size grew substantially: total assets were $11.09 billion at June 30, 2016 versus $5.12 billion at December 31, 2015, and long-term debt and notes payable rose to $3.76 billion from $2.15 billion. The company entered a new $3.2 billion Credit Agreement maturing June 2021, which included a $1.64 billion term loan and $457.0 million drawn on the revolver, and issued $750 million of senior unsecured notes under a 2016 note purchase agreement. Cash from operations for the six months was $259.6 million, compared with $319.2 million in the prior-year period. Adjusted EBITDA for the three months was $233.6 million, versus $177.7 million, according to the company's non-GAAP reconciliation. The filing also highlights ongoing weakness in the E&P waste segment, where revenues fell 46.8% in the quarter to $27.8 million, and management expects 2016 E&P revenue to decline between 40% and 50% from 2015. The company declared a quarterly dividend of $0.145 per share and approved a normal course issuer bid of up to 8,770,732 common shares, and it disclosed the Lower Duwamish Waterway Superfund matter, for which the EPA's Record of Decision estimated clean-up costs of about $342 million in present value dollars.
Aug 5, 2016