Revenue and Income - Revenue for Q1 2023 was $1,799.1 million, a 28.4% increase from $1,401.4 million in Q1 2022[4] - GFL reported a net loss attributable to the company of $219.4 million for Q1 2023, compared to a net income of $27.4 million in Q1 2022[49] - The company reported a comprehensive loss from continuing operations of $215.9 million, compared to a comprehensive income of $23.2 million in Q1 2022[4] - For the three months ended March 31, 2023, GFL reported a net loss of $217.8 million compared to a net income of $27.4 million in the same period of 2022[12] - The Adjusted EBITDA for the first quarter of 2023 was $440.5 million, up from $354.4 million in Q1 2022, representing a growth of 24.3%[53] Costs and Expenses - Cost of sales increased to $1,554.6 million, up from $1,265.6 million, reflecting a rise of 22.8%[4] - Interest and other finance costs increased to $164.7 million from $103.2 million year-over-year[12] - The interest and other finance costs increased to $164.7 million in Q1 2023 from $99.7 million in Q1 2022, reflecting a rise of 65.2%[45] - The total compensation expense related to share options for the three months ended March 31, 2023, was $5.2 million, a decrease from $5.6 million for the same period in 2022[59] - The total compensation expense related to RSUs for the three months ended March 31, 2023, was $9.5 million, up from $6.0 million for the same period in 2022[61] Assets and Liabilities - Total assets as of March 31, 2023, were $19,830.2 million, slightly up from $19,767.6 million at the end of 2022[6] - Total liabilities decreased to $12,874.6 million from $13,723.5 million at the end of 2022, a reduction of 6.2%[6] - Shareholders' equity increased to $6,955.6 million from $6,044.1 million, reflecting a growth of 15.1%[6] - GFL's total long-term debt increased to $9,572.1 million from $9,266.8 million as of December 31, 2022, reflecting a rise of approximately 3.3%[37] - The balance of landfill closure and post-closure obligations increased to $888.4 million as of March 31, 2023, from $847.2 million at the end of 2022, marking a rise of about 4.9%[34] Acquisitions and Investments - GFL acquired 12 businesses during the three months ended March 31, 2023, with a total cash consideration of $221.1 million[24] - The pro forma revenue for the three months ended March 31, 2023, would have been $1,811.2 million, with a net loss before taxes of $257.6 million if the acquisitions had occurred on January 1, 2023[28] - GFL's total consideration for acquisitions included $2.5 million in additional consideration related to prior years[25] Cash Flow and Working Capital - GFL's cash and cash equivalents decreased to $73.0 million at the end of the quarter from $189.3 million at the end of the previous year[12] - GFL reported a net change in non-cash working capital of $(65.8) million for the three months ended March 31, 2023, compared to $(69.6) million for the same period in 2022[62] - As of March 31, 2023, GFL had letters of credit totaling approximately $232.3 million, slightly down from $233.0 million as of December 31, 2022[67] Revenue Segmentation - GFL's residential revenue increased to $388.0 million in Q1 2023, up 17.6% from $330.0 million in Q1 2022[50] - The commercial/industrial revenue rose to $707.8 million in Q1 2023, a significant increase of 37.7% from $514.1 million in the prior year[50] - GFL's landfill revenue for Q1 2023 was $218.0 million, up 23.3% from $176.7 million in Q1 2022[50] Shareholder Information - GFL's total share capital increased to 405,921,300 shares from 380,211,030 shares as of December 31, 2022, reflecting a conversion of 25,666,465 shares from TEUs[57] - GFL's outstanding RSUs increased to 2,051,317 as of March 31, 2023, from 1,906,769 as of December 31, 2022, with a grant date fair value of $28.27 per RSU[60] Other Financial Metrics - The Total Net Funded Debt to Adjusted EBITDA ratio was maintained at 5.75 to 1.00, in compliance with the financial maintenance covenant[42] - GFL's goodwill and indefinite life intangible assets totaled $8,443.0 million as of March 31, 2023, down from $9,022.1 million as of December 31, 2022[54] - The accumulated amortization of intangible assets was $1,855.3 million as of March 31, 2023, compared to $1,859.7 million at the end of 2022, indicating a slight decrease[32] Divestitures and Sales - GFL classified three distinct U.S. Solid Waste regions as held for sale during the three months ended March 31, 2023, based on definitive agreements and a letter of intent[72] - The divestiture of GFL's Infrastructure services division was completed for cash consideration of $224.0 million on April 25, 2022[74]

Very helpful. And Patrick, when you IPO-ed in 2020, there was a knock on the fact that you had lower solid waste exposure and some other, yet we're seeing other large public players starting to get more into environmental services. So I'm just curious, since we've seen some of these developments, are you observing in that market where there's -- there's a connotation of volatility, not as much discipline, if you're seeing any shift there over the last year or so, that's noteworthy. Patrick Dovigi It makes i ...

Exhibit 99.1 FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), dated as of May 27, 2022 by and among GFL ENVIRONMENTAL INC., a corporation existing under the laws of Ontario, Canada (the "Canadian Borrower"), GFL ENVIRONMENTAL USA INC., a corporation existing under the laws of Delaware (the "US Borrower"), the Guarantors party hereto, BANK OF MONTREAL, as administrative agent (in such capacity, the "Administr ...

GFL Environmental Inc. (NYSE:GFL) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET Company Participants Patrick Dovigi - Chief Executive Officer Luke Pelosi - Chief Financial Officer Conference Call Participants Michael Hoffman - Stifel Walter Spracklin - RBC Adam Bubes - Goldman Sachs Tim James - TD Securities Stephanie Moore - Jefferies Louka Nadeau - National Bank Michael Hoffman - Stifel Chris Murray - ATB Capital Markets Stephanie Yee - JPMorgan Chase Mark Neville - Scotiabank Operator Good ...

[Unaudited Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Statements of Operations and Comprehensive Income (Loss)](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Revenue grew over 32% in Q3 and the first nine months of 2022, narrowing the net loss despite increased costs and foreign exchange losses Key Performance Indicators (Q3 & 9M 2022 vs 2021) | Metric | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,831.2 M | $1,381.3 M | $4,940.1 M | $3,697.0 M | | **Net Loss** | $(183.7) M | $(309.9) M | $(92.0) M | $(529.4) M | | **Net Loss from Continuing Operations** | $(183.7) M | $(316.1) M | $35.9 M | $(545.3) M | | **Total Basic & Diluted EPS** | $(0.55) | $(0.89) | $(0.42) | $(1.58) | - A significant factor in the quarterly results was a **foreign exchange loss of $195.3 million** in Q3 2022, compared to $111.6 million in Q3 2021[3](index=3&type=chunk) - The company recorded a **mark-to-market gain on Purchase Contracts of $10.3 million** in Q3 2022, a sharp reversal from a $208.6 million loss in Q3 2021[3](index=3&type=chunk) [Statements of Financial Position](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) Total assets grew to $20.01 billion driven by acquisitions, while increased debt raised total liabilities to $13.69 billion Financial Position Summary (in millions) | Account | Sep 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $20,014.4 | $18,373.7 | +$1,640.7 | | Goodwill | $8,184.9 | $7,501.1 | +$683.8 | | Property and equipment, net | $6,538.8 | $6,010.6 | +$528.2 | | **Total Liabilities** | $13,692.8 | $12,597.6 | +$1,095.2 | | Long-term debt (current & non-current) | $9,376.7 | $7,979.0 | +$1,397.7 | | **Total Shareholders' Equity** | $6,321.6 | $5,776.1 | +$545.5 | [Statements of Changes in Shareholders' Equity](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to $6.32 billion, driven by comprehensive income and share issuances for acquisitions - **Total shareholders' equity** attributable to GFL Environmental Inc. grew from $5,776.1 million to **$6,315.6 million** during the first nine months of 2022[8](index=8&type=chunk) - Key changes in equity for the nine months ended September 30, 2022 include: a net loss of $91.8 million, a **positive currency translation adjustment of $526.1 million**, share capital issuance of $154.5 million for acquisitions, and dividend payments of $15.1 million[8](index=8&type=chunk) [Statements of Cash Flows](index=6&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to $693.3 million, while financing activities provided $719.5 million to fund acquisitions Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Activity | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | **Net cash from operating activities** | $693.3 | $614.1 | | **Net cash used in investing activities** | $(1,329.9) | $(1,550.6) | | - Business acquisitions, net of cash | $(1,072.7) | $(1,303.2) | | - Purchase of property and equipment | $(542.8) | $(417.8) | | **Net cash from financing activities** | $719.5 | $2,065.4 | | - Issuance of long-term debt | $1,446.1 | $3,610.1 | | - Repayment of long-term debt | $(588.2) | $(1,371.6) | | **Cash, end of period** | $237.4 | $1,149.5 | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Note 1: Description of the Business](index=8&type=section&id=1%2E%20DESCRIPTION%20OF%20THE%20BUSINESS) GFL Environmental Inc is a publicly traded provider of non-hazardous solid waste and environmental services in North America - GFL provides non-hazardous solid waste management and environmental services through a network of facilities in **Canada and the United States**[15](index=15&type=chunk) - The company's subordinate voting shares trade on the **NYSE and TSX under the symbol 'GFL'**, and its tangible equity units (TEUs) trade on the NYSE under 'GFLU'[14](index=14&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=8&type=section&id=2%2E%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Financials follow IAS 34, with the GFL Infrastructure division reclassified to discontinued operations - The financial statements are prepared in accordance with **IAS 34, Interim Financial Reporting**, and should be read with the 2021 Annual Financial Statements[18](index=18&type=chunk)[19](index=19&type=chunk) - The GFL Infrastructure services division has been reclassified and presented as **discontinued operations**[31](index=31&type=chunk) - The Liquid Waste segment and the soil remediation division have been combined into a new segment named **'Environmental Services'**[31](index=31&type=chunk) [Note 3: Business Combinations](index=10&type=section&id=3%2E%20BUSINESS%20COMBINATIONS) The company completed 34 acquisitions for $1.27 billion, contributing $178.0 million in revenue - GFL completed **34 acquisitions** in the first nine months of 2022, of which 29 were solid waste management businesses[32](index=32&type=chunk) Acquisition Summary (Nine Months Ended Sep 30, 2022) | Item | Amount (in millions) | | :--- | :--- | | **Total Consideration** | **$1,273.1** | | - Cash Paid | $1,118.6 | | - Share Capital Issued | $154.5 | | **Net Assets Acquired** | **$1,273.1** | | - Goodwill | $463.9 | | - Property and equipment | $569.4 | | - Intangible assets | $364.2 | - Since their acquisition dates, the 2022 acquisitions have contributed approximately **$178.0 million in revenue** and $21.0 million in income before taxes[35](index=35&type=chunk) [Note 4: Property and Equipment](index=11&type=section&id=4%2E%20PROPERTY%20AND%20EQUIPMENT) Property and equipment increased to $6.54 billion, driven by additions and acquisitions, with a $12.5 million impairment charge Property and Equipment, Net (in millions) | Category | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Landfills | $1,959.8 | $1,782.1 | | Vehicles | $1,568.9 | $1,403.0 | | Land, buildings and improvements | $1,504.5 | $1,375.6 | | **Total Carrying Amount** | **$6,538.8** | **$6,010.6** | - For the nine months ended September 30, 2022, GFL recognized **$12.5 million of impairment charges** related to assets destroyed in fires[39](index=39&type=chunk) [Note 5: Goodwill and Intangible Assets](index=12&type=section&id=5%2E%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Goodwill increased to $8.18 billion from acquisitions, and the GFL Infrastructure division was divested Goodwill and Intangible Assets Carrying Amounts (in millions) | Asset | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Goodwill | $8,184.9 | $7,501.1 | | Indefinite life C of A | $829.3 | $811.9 | | Customer lists and municipal contracts | $2,037.3 | $2,118.3 | | **Total** | **$11,475.5** | **$10,831.1** | - GFL completed the GFL Infrastructure divestiture for cash consideration of **$224.0 million** and an approximate **45% non-controlling equity interest** in Green Infrastructure Partners Inc. (GIP)[42](index=42&type=chunk) [Note 6: Landfill Closure and Post-Closure Obligations](index=13&type=section&id=6%2E%20LANDFILL%20CLOSURE%20AND%20POST-CLOSURE%20OBLIGATIONS) Landfill closure obligations decreased to $836.9 million, primarily due to adjustments for discount rates Landfill Closure and Post-Closure Obligations (in millions) | Description | Amount | | :--- | :--- | | Balance, December 31, 2021 | $880.6 | | Adjustment for discount rates | $(171.4) | | Provisions | $59.6 | | Acquisitions via business combinations | $31.9 | | Expenditures | $(19.1) | | **Balance, September 30, 2022** | **$836.9** | [Note 7: Long-Term Debt](index=14&type=section&id=7%2E%20LONG-TERM%20DEBT) Total long-term debt rose to $9.38 billion due to drawings on the revolving credit facility, while remaining in covenant compliance Long-Term Debt Composition (in millions) | Debt Instrument | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Revolving credit facility | $874.0 | $— | | Term Loan B Facility | $1,768.2 | $1,647.9 | | Notes (various) | $6,230.9 | $5,764.0 | | **Total long-term debt** | **$9,376.7** | **$7,979.0** | - As of September 30, 2022, GFL was in **compliance with its financial maintenance covenants**, including the Total Net Funded Debt to Adjusted EBITDA ratio and the Interest Coverage Ratio[50](index=50&type=chunk) [Note 8: Interest and Other Finance Costs](index=15&type=section&id=8%2E%20INTEREST%20AND%20OTHER%20FINANCE%20COSTS) Interest and finance costs rose to $340.7 million for the nine-month period, driven by higher interest expense on debt Interest and Other Finance Costs (in millions) | Component | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Interest | $295.3 | $231.9 | | Prepayment penalties | $— | $49.3 | | Accretion of landfill obligations | $15.1 | $11.0 | | **Total** | **$340.7** | **$327.6** | [Note 9: Tangible Equity Units (TEUs)](index=15&type=section&id=9%2E%20TANGIBLE%20EQUITY%20UNITS) The entire $926.6 million carrying value of TEUs was reclassified as a current liability ahead of its 2023 maturity - Each TEU has a stated amount of US$50.00 and is comprised of a prepaid stock purchase contract and a senior amortizing note **due March 15, 2023**[53](index=53&type=chunk) TEU Components (in millions) | Component | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Amortizing Notes | $31.2 | $70.4 | | Purchase Contracts | $895.4 | $1,218.1 | | **Total** | **$926.6** | **$1,288.5** | | Current Portion | $(926.6) | $(56.9) | [Note 10: Loss Per Share](index=16&type=section&id=10%2E%20LOSS%20PER%20SHARE) The total loss per share improved to $0.42 for the nine-month period from $1.58 in the prior year Basic and Diluted (Loss) Earnings Per Share | Category | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Continuing operations | $(0.07) | $(1.62) | | Discontinued operations | $(0.35) | $0.04 | | **Total operations** | **$(0.42)** | **$(1.58)** | [Note 11: Revenue](index=17&type=section&id=11%2E%20REVENUE) Total revenue for the nine-month period grew 33.6% to $4.94 billion, led by strong performance in both major segments Revenue by Service Type (Nine Months Ended Sep 30, in millions) | Service Type | 2022 | 2021 | | :--- | :--- | :--- | | **Solid Waste** | **$4,544.3** | **$3,648.2** | | - Total collection | $2,869.3 | $2,271.8 | | - Landfill | $614.6 | $485.5 | | **Environmental Services** | **$990.3** | **$540.5** | | Intercompany revenue | $(594.5) | $(491.7) | | **Total Revenue** | **$4,940.1** | **$3,697.0** | [Note 12: Operating Segments](index=18&type=section&id=12%2E%20OPERATING%20SEGMENTS) The Solid Waste and Environmental Services segments drove total Adjusted EBITDA to $1.28 billion for the nine-month period Segment Performance (Nine Months Ended Sep 30, 2022, in millions) | Segment | Revenue | Adjusted EBITDA | | :--- | :--- | :--- | | Solid Waste | $4,019.7 | $1,179.6 | | Environmental Services | $920.4 | $234.4 | | Corporate | — | $(133.0) | | **Total** | **$4,940.1** | **$1,281.0** | - Goodwill and indefinite life intangible assets are primarily allocated to the **Solid Waste segment**, with **$8.1 billion of the $9.0 billion total** as of September 30, 2022[68](index=68&type=chunk) - Adjusted EBITDA is reconciled to net income from continuing operations, with major deductions including **depreciation ($732.1M)**, **amortization ($382.1M)**, and **interest costs ($340.7M)** for the nine-month period[67](index=67&type=chunk) [Note 13: Shareholders' Equity](index=21&type=section&id=13%2E%20SHAREHOLDERS'%20EQUITY) This note details the company's capital structure, share repurchase program, and share-based compensation plans [Share Issuances and Normal Course Issuer Bid](index=21&type=section&id=13%2Ea%20Normal%20course%20issuer%20bid) Total shares outstanding increased to 380.2 million, and no shares were repurchased under the active NCIB - The total number of shares outstanding increased to **380,172,222** as of September 30, 2022, primarily due to 3,976,434 shares issued as partial consideration for an acquisition[73](index=73&type=chunk) - GFL implemented a normal course issuer bid (NCIB) in May 2022, allowing for the repurchase of up to 16,510,694 subordinate voting shares, but **no shares were repurchased** under the plan in Q3 2022[72](index=72&type=chunk) [Share-based Compensation](index=21&type=section&id=13%2Eb%20Share%20options%2C%20restricted%20share%20units%20%28RSUs%29%2C%20and%20deferred%20share%20units%20%28DSUs%29) Share-based compensation expense totaled $37.4 million for the nine-month period for outstanding options and RSUs Outstanding Share-Based Awards (as of Sep 30, 2022) | Award Type | Number Outstanding | Weighted Avg. Price (US$) | | :--- | :--- | :--- | | Share Options | 22,128,582 | $32.59 (Exercise Price) | | RSUs | 1,947,185 | $28.10 (Grant Date Fair Value) | - Total compensation expense for the nine months ended September 30, 2022 was **$15.8 million for share options** and **$21.6 million for RSUs**[75](index=75&type=chunk)[77](index=77&type=chunk) [Note 14: Supplemental Cash Flow Information](index=22&type=section&id=14%2E%20SUPPLEMENTAL%20CASH%20FLOW%20INFORMATION) A net change in non-cash working capital resulted in a $201.2 million cash outflow, driven by increased receivables Changes in Non-Cash Working Capital (Nine Months Ended Sep 30, in millions) | Item | 2022 | 2021 | | :--- | :--- | :--- | | Accounts payable and accrued liabilities | $165.1 | $31.7 | | Trade and other receivables, net | $(329.9) | $(133.0) | | Prepaid expenses and other assets | $(36.4) | $(16.7) | | **Total Change** | **$(201.2)** | **$(118.0)** | [Note 15: Financial Instruments and Risk Management](index=23&type=section&id=15%2E%20FINANCIAL%20INSTRUMENTS%20AND%20RISK%20MANAGEMENT) The fair value of the company's USD notes was $5.46 billion, significantly below their $6.23 billion carrying value Fair Value of Notes (in millions) | Date | Carrying Value | Fair Value (Level 2) | | :--- | :--- | :--- | | Sep 30, 2022 | $6,230.9 | $5,461.3 | | Dec 31, 2021 | $5,764.0 | $5,808.3 | - Purchase Contracts and net derivative instruments are recorded at fair value and are classified within **Level 1 and Level 2** of the fair value hierarchy, respectively[81](index=81&type=chunk) [Note 16: Commitments](index=23&type=section&id=16%2E%20COMMITMENTS) The company held significant off-balance-sheet commitments, including $238.3 million in letters of credit and $1.49 billion in performance bonds - As of September 30, 2022, GFL had outstanding **letters of credit totaling approximately $238.3 million**[83](index=83&type=chunk) - As of September 30, 2022, GFL had issued **performance bonds totaling $1,492.2 million**[84](index=84&type=chunk) [Note 17: Related Party Transactions](index=24&type=section&id=17%2E%20RELATED%20PARTY%20TRANSACTIONS) GFL has ongoing financial relationships with entities controlled by its CEO and recognized $13.9 million in revenue from GIP - GFL has notes payable to Josaud Holdings Inc. and Sejosa Holdings Inc., both controlled by **CEO Patrick Dovigi**, with remaining principal balances of $3.5 million and $14.5 million, respectively, as of September 30, 2022[86](index=86&type=chunk)[87](index=87&type=chunk) - For the nine months ended September 30, 2022, GFL recognized **revenue of $13.9 million** from transactions with Green Infrastructure Partners Inc. (GIP)[88](index=88&type=chunk) [Note 18: Discontinued Operations](index=24&type=section&id=18%2E%20DISCONTINUED%20OPERATIONS) The divested GFL Infrastructure division is reported as discontinued operations, recording a net loss of $127.9 million - The divestiture of GFL Infrastructure was completed on April 25, 2022, for cash consideration of **$224.0 million** and an approximate **45% non-controlling equity interest** in GIP[89](index=89&type=chunk) Results of Discontinued Operations (in millions) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Revenue | $96.8 | $289.0 | | Earnings (loss) before income taxes | $(1.6) | $18.7 | | Impairment | $(128.1) | $— | | **Net income (loss)** | **$(127.9)** | **$15.9** |

GFL Environmental Inc. (NYSE:GFL) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET Company Participants Patrick Dovigi - Chief Executive Officer Luke Pelosi - Chief Financial Officer Conference Call Participants Michael Hoffman - Stifel Kevin Chiang - CIBC Tim James - TD Securities Chris Murray - ATB Capital Markets Operator Good morning. My name is Victoria and I will be your conference operator this morning. As a reminder, this conference call is being recorded. I would like to welcome everyone t ...

Financial Statements [Statements of Operations and Comprehensive Income (Loss)](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) GFL Environmental Inc. reported significant revenue growth and improved net income from continuing operations for Q2 and H1 2022 Q2 & H1 2022 vs 2021 Performance Highlights (in millions) | Metric | Q2 2022 | Q2 2021 | YoY Change | H1 2022 | H1 2021 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,707.5 | $1,216.1 | +40.4% | $3,108.9 | $2,315.7 | +34.2% | | **Net Income (Loss) from Continuing Operations** | $82.6 | $54.5 | +51.6% | $219.6 | $(229.2) | N/A | | **Net Income (Loss)** | $64.3 | $62.5 | +2.9% | $91.7 | $(219.5) | N/A | | **Total Comprehensive Income (Loss)** | $283.6 | $(25.8) | N/A | $197.2 | $(390.4) | N/A | Basic and Diluted Earnings (Loss) Per Share | Per Share Data | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | **Continuing Operations** | $0.17 | $0.12 | $0.49 | $(0.71) | | **Discontinued Operations** | $(0.05) | $0.02 | $(0.35) | $0.03 | | **Total Operations** | $0.12 | $0.14 | $0.14 | $(0.68) | [Statements of Financial Position](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) GFL's financial position as of June 30, 2022, shows an increase in total assets and liabilities, with a corresponding improvement in shareholders' equity Balance Sheet Summary (in millions) | Account | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | $19,112.0 | $18,373.7 | |     Goodwill | $7,814.1 | $7,501.1 | |     Property and equipment, net | $6,047.1 | $6,010.6 | | **Total Liabilities** | $12,967.8 | $12,597.6 | |     Long-term debt (non-current) | $8,773.0 | $7,961.8 | | **Total Shareholders' Equity** | $6,144.2 | $5,776.1 | [Statements of Changes in Shareholders' Equity](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Total shareholders' equity increased during the first half of 2022, driven by net income, share capital issuance for acquisitions, and positive currency translation adjustments - Total shareholders' equity increased from **$5,776.1 million** at Dec 31, 2021, to **$6,144.2 million** at June 30, 2022[9](index=9&type=chunk) - Key changes in equity for H1 2022 include: net income of **$91.7 million**, share capital issuance for acquisitions of **$154.5 million**, and share-based payments of **$26.1 million**, offset by **$9.7 million** in dividends[9](index=9&type=chunk) [Statements of Cash Flows](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow analysis for H1 2022 shows positive operating cash flow, significant outflows for investing activities primarily due to acquisitions, and substantial inflows from financing activities Cash Flow Summary for Six Months Ended June 30 (in millions) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net cash from operating activities** | $407.2 | $390.2 | | **Net cash used in investing activities** | $(995.2) | $(417.2) | |     Business acquisitions, net of cash | $(947.4) | $(203.3) | | **Net cash from financing activities** | $651.8 | $330.8 | | **Increase in cash** | $63.8 | $303.8 | | **Cash, end of period** | $230.6 | $310.4 | Notes to the Financial Statements [Note 1: Description of the Business](index=7&type=section&id=1.%20DESCRIPTION%20OF%20THE%20BUSINESS) GFL Environmental Inc. provides non-hazardous solid waste management and environmental services across North America, with its shares listed on major stock exchanges - GFL provides non-hazardous solid waste management and environmental services through a network of facilities in Canada and the United States[16](index=16&type=chunk) - The company's shares trade on the NYSE and TSX under the symbol 'GFL', and its tangible equity units (TEUs) trade on the NYSE under 'GFLU'[15](index=15&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=7&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The interim financial statements adhere to IAS 34, with key policy updates including the reclassification of the GFL Infrastructure division as discontinued operations and the renaming of the Liquid Waste segment to 'Environmental Services' - The financial statements are prepared in accordance with IAS 34, Interim Financial Reporting[19](index=19&type=chunk) - The GFL Infrastructure services division has been reclassified and presented as a discontinued operation[33](index=33&type=chunk) - The soil remediation division was combined with the Liquid Waste segment, which has been renamed 'Environmental Services'[33](index=33&type=chunk) [Note 3: Business Combinations](index=9&type=section&id=3.%20BUSINESS%20COMBINATIONS) GFL completed 25 acquisitions in H1 2022, primarily in solid waste management, significantly contributing to goodwill, revenue, and pre-tax income - GFL completed **25 acquisitions** in the first six months of 2022, of which **21** were solid waste management businesses[34](index=34&type=chunk) Purchase Price Allocation for H1 2022 Acquisitions (in millions) | Asset/Liability Acquired | Amount | | :--- | :--- | | Property and equipment | $441.6 | | Intangible assets | $319.8 | | Goodwill | $408.2 | | **Net assets acquired / Total consideration** | **$1,146.3** | - Since their acquisition dates, the 2022 acquisitions have contributed approximately **$72.3 million** in revenue and **$10.2 million** in income before taxes[36](index=36&type=chunk) [Note 4: Property and Equipment](index=10&type=section&id=4.%20PROPERTY%20AND%20EQUIPMENT) GFL's net property and equipment increased as of June 30, 2022, reflecting additions and acquisitions, alongside significant depreciation and an impairment charge - The carrying amount of Property and Equipment, net, increased from **$6,010.6 million** at year-end 2021 to **$6,047.1 million** at June 30, 2022[38](index=38&type=chunk) - Depreciation of property and equipment for the six months ended June 30, 2022, was **$468.1 million**, compared to **$415.6 million** in the prior year period[38](index=38&type=chunk) - A **$9.1 million** impairment charge was recognized in H1 2022 related to assets destroyed in a fire[40](index=40&type=chunk) [Note 5: Goodwill and Intangible Assets](index=11&type=section&id=5.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) GFL's goodwill and intangible assets increased as of June 30, 2022, primarily due to acquisitions, alongside significant amortization and the completion of the GFL Infrastructure divestiture Goodwill and Intangible Assets (in millions) | Account | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Goodwill** | $7,814.1 | $7,501.1 | | **Intangible Assets, net** | $3,395.3 | $3,330.0 | - Amortization of intangible assets for the six months ended June 30, 2022, totaled **$259.1 million**[41](index=41&type=chunk) - In H1 2022, GFL completed the GFL Infrastructure divestiture for **$224.0 million** cash and a **45%** equity interest in Green Infrastructure Partners Inc. (GIP)[42](index=42&type=chunk) [Note 6: Landfill Closure and Post-Closure Obligations](index=12&type=section&id=6.%20LANDFILL%20CLOSURE%20AND%20POST-CLOSURE%20OBLIGATIONS) GFL's total landfill closure and post-closure obligations decreased as of June 30, 2022, primarily due to adjustments for discount rates, partially offset by new provisions - Total landfill closure and post-closure obligations were **$834.1 million** as of June 30, 2022, down from **$880.6 million** at December 31, 2021[44](index=44&type=chunk) - The decrease was primarily driven by a **$97.6 million** adjustment for discount rates[44](index=44&type=chunk) [Note 7: Long-Term Debt](index=13&type=section&id=7.%20LONG-TERM%20DEBT) GFL's total long-term debt increased as of June 30, 2022, primarily due to a draw on its revolving credit facility, while remaining in compliance with all financial covenants Long-Term Debt Breakdown (in millions) | Debt Instrument | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Revolving credit facility | $755.0 | $— | | Term Loan B Facility | $1,666.5 | $1,647.9 | | Notes (various) | $5,859.0 | $5,764.0 | | **Total long-term debt** | **$8,790.1** | **$7,979.0** | - On May 27, 2022, GFL exercised a **$300.0 million** accordion option, increasing its revolving credit facility[49](index=49&type=chunk) - As of June 30, 2022, GFL was in compliance with all financial maintenance covenants[51](index=51&type=chunk) [Note 8: Interest and Other Finance Costs](index=15&type=section&id=8.%20INTEREST%20AND%20OTHER%20FINANCE%20COSTS) Interest and other finance costs decreased in Q2 and H1 2022, primarily due to the non-recurrence of prepayment penalties incurred in the prior year Interest and Other Finance Costs (in millions) | Period | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Costs** | $104.8 | $139.8 | $204.5 | $231.0 | - The six months ended June 30, 2021 included **$49.3 million** in prepayment penalties for early note redemption, which did not recur in 2022[54](index=54&type=chunk) [Note 9: Tangible Equity Units (TEUs)](index=15&type=section&id=9.%20TANGIBLE%20EQUITY%20UNITS) As of June 30, 2022, GFL's Tangible Equity Units (TEUs) were classified as a current liability due to their upcoming maturity, with a total carrying value of $895.1 million - Each TEU has a stated amount of **US$50.00** and is comprised of a prepaid stock purchase contract and a senior amortizing note due March 15, 2023[55](index=55&type=chunk) TEU Components (in millions) | Component | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Amortizing Notes | $43.6 | $70.4 | | Purchase Contracts | $851.5 | $1,218.1 | | **Total TEUs** | **$895.1** | **$1,288.5** | [Note 10: Earnings (Loss) Per Share](index=16&type=section&id=10.%20EARNINGS%20%28LOSS%29%20PER%20SHARE) Basic and diluted earnings per share from continuing operations significantly improved in Q2 and H1 2022, reflecting a positive shift from a prior-year loss Earnings Per Share (EPS) Summary | EPS from Continuing Operations | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | | **Basic and Diluted** | $0.17 | $0.12 | $0.49 | $(0.71) | - The weighted average number of shares outstanding (basic) for H1 2022 was **365.4 million**, up from **360.6 million** in H1 2021[57](index=57&type=chunk) [Note 11: Revenue](index=17&type=section&id=11.%20REVENUE) GFL's revenue for H1 2022 significantly grew, driven by strong performance in both the Solid Waste and Environmental Services segments Revenue by Service Type for Six Months Ended June 30 (in millions) | Service Type | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | **Solid Waste** | $2,886.0 | $2,336.7 | +23.5% | |     Total collection | $1,824.0 | $1,469.1 | +24.2% | |     Landfill | $385.3 | $300.9 | +28.0% | | **Environmental Services** | $599.4 | $286.0 | +109.6% | | **Total Revenue (after intercompany elim.)** | **$3,108.9** | **$2,315.7** | **+34.2%** | [Note 12: Operating Segments](index=18&type=section&id=12.%20OPERATING%20SEGMENTS) Total Adjusted EBITDA increased significantly in H1 2022, driven by strong performance across both Solid Waste and Environmental Services segments, with goodwill primarily allocated to Solid Waste USA Adjusted EBITDA by Segment for Six Months Ended June 30 (in millions) | Segment | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | **Solid Waste** | $756.4 | $635.5 | +19.0% | |     Canada | $211.5 | $188.0 | +12.5% | |     USA | $544.9 | $447.5 | +21.8% | | **Environmental Services** | $137.9 | $63.9 | +115.8% | | **Corporate** | $(86.6) | $(63.9) | -35.5% | | **Total Adjusted EBITDA** | **$807.7** | **$635.5** | **+27.1%** | - Adjusted EBITDA is reconciled to net income from continuing operations, which was **$219.6 million** for H1 2022, compared to a loss of **$(229.2) million** in H1 2021[71](index=71&type=chunk) - As of June 30, 2022, the Solid Waste USA segment held the largest portion of goodwill and indefinite life intangible assets at **$5.74 billion**[72](index=72&type=chunk) [Note 13: Shareholders' Equity](index=21&type=section&id=13.%20SHAREHOLDERS%27%20EQUITY) As of June 30, 2022, GFL had 379.6 million shares outstanding, initiated a normal course issuer bid, and recognized share-based compensation expense - In May 2022, GFL initiated a normal course issuer bid (NCIB) to repurchase up to **16,510,694** subordinate voting shares; no shares were repurchased by June 30, 2022[76](index=76&type=chunk) - During H1 2022, GFL issued **3,976,434** subordinate voting shares as partial consideration for an acquisition[77](index=77&type=chunk) - As of June 30, 2022, there were **22.1 million** share options outstanding with a weighted average exercise price of **US$32.59**[78](index=78&type=chunk) [Note 14: Supplemental Cash Flow Information](index=22&type=section&id=14.%20SUPPLEMENTAL%20CASH%20FLOW%20INFORMATION) The net change in non-cash working capital for H1 2022 resulted in a cash outflow, primarily due to increased receivables partially offset by higher accounts payable Changes in Non-Cash Working Capital for H1 2022 (in millions) | Item | H1 2022 | H1 2021 | | :--- | :--- | :--- | | Accounts payable and accrued liabilities | $99.7 | $(28.9) | | Trade and other receivables, net | $(218.4) | $6.0 | | Prepaid expenses and other assets | $(41.7) | $(21.1) | | **Total Change** | **$(160.4)** | **$(44.0)** | [Note 15: Financial Instruments and Risk Management](index=23&type=section&id=15.%20FINANCIAL%20INSTRUMENTS%20AND%20RISK%20MANAGEMENT) GFL's financial instruments generally approximate fair value, though the fair value of outstanding Notes was below their carrying value as of June 30, 2022, with risk management policies remaining consistent Fair Value of Notes (in millions) | Date | Carrying Value | Fair Value | | :--- | :--- | :--- | | **June 30, 2022** | $5,859.0 | $5,150.8 | | **Dec 31, 2021** | $5,764.0 | $5,808.3 | - The fair value of the Notes is estimated using a discounted cash flow model (Level 2 hierarchy)[85](index=85&type=chunk) [Note 16: Commitments](index=23&type=section&id=16.%20COMMITMENTS) As of June 30, 2022, GFL had significant outstanding commitments in letters of credit and performance bonds, which are not recognized on the balance sheet - Outstanding letters of credit totaled approximately **$221.6 million** as of June 30, 2022[88](index=88&type=chunk) - Issued performance bonds totaled **$1,328.2 million** as of June 30, 2022[89](index=89&type=chunk) [Note 17: Related Party Transactions](index=24&type=section&id=17.%20RELATED%20PARTY%20TRANSACTIONS) GFL has ongoing related party transactions, including notes payable to CEO-controlled entities and revenue from Green Infrastructure Partners Inc. following a divestiture - As of June 30, 2022, the remaining principal on notes payable to entities controlled by Patrick Dovigi was **$24.4 million**[90](index=90&type=chunk)[91](index=91&type=chunk) - In Q2 2022, GFL recognized **$3.7 million** in revenue from transactions with Green Infrastructure Partners Inc. (GIP), an entity in which an affiliate controlled by Patrick Dovigi holds a minority interest[92](index=92&type=chunk)[93](index=93&type=chunk) [Note 18: Discontinued Operations](index=24&type=section&id=18.%20DISCONTINUED%20OPERATIONS) GFL completed the divestiture of its Infrastructure division in April 2022, resulting in the reclassification of its results as discontinued operations, which recorded a significant net loss including an impairment charge - The divestiture of GFL Infrastructure was completed on April 25, 2022, for **$224.0 million** cash and a **~45%** equity interest in GIP[93](index=93&type=chunk) Results of Discontinued Operations for Six Months Ended June 30 (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Revenue | $96.8 | $185.2 | | Earnings (loss) before income taxes | $(1.6) | $10.1 | | Impairment | $(128.1) | $— | | **Net (loss) income** | **$(127.9)** | **$9.7** | - Operating cash flows from discontinued operations were an outflow of **$35.4 million** in H1 2022, compared to an inflow of **$4.7 million** in H1 2021[96](index=96&type=chunk)

GFL Environmental Inc. (NYSE:GFL) Q1 2022 Results Conference Call May 5, 2022 8:30 AM ET Company Participants Patrick Dovigi - Founder & Chief Executive Officer Luke Pelosi - Chief Financial Officer Conference Call Participants Michael Hoffman - Stifel Walter Spracklin - RBC Capital Kevin Chiang - CIBC Tyler Brown - Raymond James Joe Revich - Goldman Sachs Operator Welcome to the GFL Environmental Q1 Earnings Call. My name is Ruby and I will be moderator for today's call. [Operator Instructions] I will now ...

GREEN FOR LIFE environmental Q4 2021 Investor Review & 2022 Guidance February 10, 2022 STERIET the first and and the states t 201 Unless otherwise indicated, all references in this presentation to ''GFL,'' ''we,'' ''our,'' ''us,'' the "Company'' or similar terms refer to GFL Environmental Inc. and its consolidated subsidiaries. Forward-Looking Information This presentation includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the ...

GFL Environmental Inc. (NYSE:GFL) Q4 2021 Earnings Conference Call February 10, 2022 8:30 AM ET Company Participants Patrick Dovigi – Founder and Chief Executive Officer Luke Pelosi – Chief Financial Officer | --- | --- | |----------------------------------------|-------| | | | | Conference Call Participants | | | Hamzah Mazari – Jefferies | | | Michael Hoffman – Stifel | | | Tyler Brown – Raymond James | | | Walter Spracklin – RBC Capital Markets | | | Kevin Chiang – CIBC | | | Mark Neville – Scotiabank | ...