Core Insights - GFL Environmental Inc. reported a revenue of $2,060.0 million for Q2 2024, representing an 11.1% increase excluding divestitures and a 6.0% increase including divestitures compared to Q2 2023 [3] - The company raised its full-year 2024 guidance for Adjusted EBITDA to between $2,240.0 million and $2,250.0 million, reflecting a 70 basis point increase over original guidance and a 170 basis point increase year-over-year [2][8] Financial Performance - Adjusted EBITDA for Q2 2024 was $591.1 million, a 13.9% increase excluding divestitures and a 9.3% increase including divestitures compared to Q2 2023 [3] - The Adjusted EBITDA margin improved to 28.7% in Q2 2024, up from 27.8% in Q2 2023, while the Solid Waste Adjusted EBITDA margin increased to 32.5% from 31.6% [3] - The company reported a net loss of $472.3 million in Q2 2024, compared to a net income of $293.8 million in Q2 2023, primarily due to a non-cash loss from divestitures [3][5] Revenue Breakdown - Solid Waste revenue for Q2 2024 was $1,581.6 million, with a core pricing increase of 6.5% offset by a volume decrease of 1.7% [3] - Environmental Services revenue increased to $478.4 million from $442.9 million in the prior year period [3] Year-to-Date Results - For the six months ended June 30, 2024, total revenue was $3,861.4 million, an 8.9% increase excluding divestitures and a 3.2% increase including divestitures compared to the same period in 2023 [4] - Adjusted Free Cash Flow for the six months ended June 30, 2024, was $234.8 million, a significant increase from $(46.3) million in the prior year [5] Updated Guidance - The updated full-year 2024 revenue guidance is estimated to be between $7,900.0 million and $7,925.0 million, reflecting an increase compared to original guidance [8] - Adjusted Free Cash Flow for the full year is estimated to be approximately $810.0 million, up from previous guidance [8] Strategic Insights - The company is focusing on organic growth opportunities, including RNG and EPR, and has accelerated its exit from low-margin residential collection contracts in Michigan [2] - GFL is exploring potential asset sales to enhance shareholder value, with preliminary expressions of interest already received [2]

A live audio webcast of the conference call can be accessed by logging onto the Company's Investors page at investors.gflenv.com or by clicking here or listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 776136) approximately 15 minutes prior to the scheduled start time. GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid ...

MIAMI BEACH, Fla., June 12, 2024 (GLOBE NEWSWIRE) -- ADW Capital Management, LLC, which owns 1,650,000 shares of GFL Environmental Inc. (NYSE:GFL) (TSX:GFL) (the "Company") together with its affiliates, today issued an open letter to GFL's board of directors and management team regarding opportunities to maximize value for all shareholders and reiterating its call for the Company to undertake a strategic review process. June 12, 2024 Dear Members of the Board and Management: But the Company's persistent und ...

Strongly Believes that GFL Environmental's Board and Management Should Genuinely Consider All Inbound Third-Party Acquisition Offers We cannot think of any reason why the Company would explore any other path than to sell its ES division. While we would be in favor of an 'outright' sale of the entire Company, we recognize the scope and scale of such a transaction. Given the minimal tax leakage, the Company does not lose much by doing a 'two step' take private in our view and leaves the door open to see if th ...

Core Viewpoint - GFL Environmental Inc. has successfully priced a US$500 million offering of senior notes, which was significantly oversubscribed, to refinance existing debt and enhance its capital structure [1][5]. Group 1: Financial Details - The senior notes have a coupon rate of 6.625% and an effective interest rate of 6.101% after a cross-currency interest rate swap [1]. - The proceeds will be used to redeem GFL's US$500 million 4.250% Senior Secured Notes due 2025, which have an effective interest rate of 4.805% after a cross-currency interest rate swap [1]. - The refinancing is expected to be leverage neutral, with any incremental interest expense offset by cash tax savings, resulting in an immaterial impact on GFL's free cash flow [5]. Group 2: Company Overview - GFL Environmental Inc. is the fourth largest diversified environmental services company in North America, providing solid waste management, liquid waste management, and soil remediation services [3]. - The company operates facilities throughout Canada and in more than half of the U.S. states, employing over 20,000 individuals [3]. Group 3: Offering Structure - The notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act [2]. - In Canada, the notes will be offered and sold on a private placement basis in certain provinces [2].

About GFL GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 20,000 employees. Forward-Looking Information This release includes certain "forward-looking statements", includin ...

GFL Environmental Inc. (GFL) shares soared 10.4% in the last trading session to close at $34.73. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4% loss over the past four weeks. The rise in GFL's stock price was fueled by reports indicating that the company might be attracting buyout interest from a group of private equity sponsors. This company is expected to post quarterly earnings of $0.24 per share in its upcoming report, wh ...

Adjusted Net Income Reconciliation (C$ and shares in millions, unless otherwise noted) Three months ended March 31, 2. Loss on foreign exchange: Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations. Net loss (176.5) (217.8) Amortization of intangible assets(1) 108.7 138.8 3. Mark-to-market loss on Purchase Contracts: This is a non-cash item that c ...

[Financial Statements](index=2&type=section&id=Financial%20Statements) [Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss](index=2&type=section&id=Statements%20of%20Operations%20and%20Comprehensive%20Loss) GFL reported a net loss of **$(172.8) million** for Q1 2024, an improvement from Q1 2023, with stable revenue and improved loss per share | Metric | Three months ended March 31, 2024 (in millions of dollars) | Three months ended March 31, 2023 (in millions of dollars) | | :--------------------------------------- | :------------------------------------------------------- | :------------------------------------------------------- | | Revenue | 1,801.4 | 1,799.1 | | Net loss attributable to GFL Environmental Inc. | (172.8) | (219.4) | | Basic and diluted loss per share | (0.53) | (0.66) | | Loss on foreign exchange | 74.9 | 5.3 | | Mark-to-market loss on Purchase Contracts | — | 104.3 | [Unaudited Interim Condensed Consolidated Statements of Financial Position](index=3&type=section&id=Statements%20of%20Financial%20Position) GFL's total assets increased to **$20,048.4 million** as of March 31, 2024, primarily driven by property, equipment, and goodwill growth | Metric | March 31, 2024 (in millions of dollars) | December 31, 2023 (in millions of dollars) | | :--------------------------------- | :-------------------------------------- | :-------------------------------------- | | Total assets | 20,048.4 | 19,879.2 | | Total liabilities | 12,662.7 | 12,493.0 | | Total shareholders' equity | 7,385.7 | 7,386.2 | | Cash | 70.0 | 135.7 | | Long-term debt (non-current) | 9,149.2 | 8,827.2 | [Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity](index=4&type=section&id=Statements%20of%20Changes%20in%20Shareholders'%20Equity) Total shareholders' equity remained stable at **$7,385.7 million** as of March 31, 2024, with net loss offset by share-based payments and currency adjustments | Metric | March 31, 2024 (in millions of dollars) | December 31, 2023 (in millions of dollars) | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Total shareholders' equity | 7,385.7 | 7,386.2 | | Net loss and comprehensive loss attributable to GFL Environmental Inc. | (52.9) | (217.4) (for Q1 2023) | | Share-based payments | 57.0 | 15.0 (for Q1 2023) | | Dividends issued and paid | (6.4) | (5.6) (for Q1 2023) | [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Statements%20of%20Cash%20Flows) Operating cash flow increased to **$263.2 million** in Q1 2024, while investing activities saw a reduced outflow and financing activities decreased significantly | Metric | Three months ended March 31, 2024 (in millions of dollars) | Three months ended March 31, 2023 (in millions of dollars) | | :--------------------------------------- | :------------------------------------------------------- | :------------------------------------------------------- | | Net cash from operating activities | 263.2 | 192.5 | | Net cash used in investing activities | (393.9) | (481.7) | | Net cash from financing activities | 65.0 | 286.8 | | Decrease in cash | (65.7) | (2.4) | | Cash, end of quarter | 70.0 | 73.0 | | Business acquisitions and investments, net of cash acquired | (111.6) | (224.2) | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. REPORTING ENTITY](index=6&type=section&id=1.%20REPORTING%20ENTITY) GFL Environmental Inc. is a Canadian company providing non-hazardous solid waste management and environmental services across North America - GFL Environmental Inc. provides non-hazardous solid waste management and environmental services across Canada and the United States[14](index=14&type=chunk) - GFL's subordinate voting shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "GFL"[13](index=13&type=chunk) - The Board of Directors approved the Interim Financial Statements on May 1, 2024[15](index=15&type=chunk) [2. SUMMARY OF MATERIAL ACCOUNTING POLICIES](index=6&type=section&id=2.%20SUMMARY%20OF%20MATERIAL%20ACCOUNTING%20POLICIES) The Interim Financial Statements adhere to IAS 34 and IFRS, are presented in Canadian dollars, and maintain consistency with 2023 annual policies - The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, within the framework of International Financial Reporting Standards[16](index=16&type=chunk) - The Interim Financial Statements are presented in Canadian dollars, which is GFL's functional currency[19](index=19&type=chunk) - The accounting policies adopted are consistent with those followed in the preparation of the Annual Financial Statements for the year ended December 31, 2023[21](index=21&type=chunk) - New and amended standards adopted for the current reporting period were not required to change GFL's accounting policies or make retrospective adjustments, and new standards not yet effective are not expected to have a material impact[23](index=23&type=chunk)[24](index=24&type=chunk) [3. BUSINESS COMBINATIONS AND INVESTMENTS](index=7&type=section&id=3.%20BUSINESS%20COMBINATIONS%20AND%20INVESTMENTS) In Q1 2024, GFL acquired four immaterial businesses for **$71.6 million** in cash, while also managing investments in associates and joint ventures [Business Acquisitions](index=7&type=section&id=Business%20Acquisitions) - GFL acquired 4 individually immaterial businesses during the three months ended March 31, 2024[25](index=25&type=chunk) | Purchase Price Allocation (Three months ended March 31, 2024) | | :--------------------------------------- | :------------------- | | Net assets acquired | $71.6 million | | Cash paid | $71.6 million | | Goodwill | $34.4 million | - Revenue and income before income taxes attributable to the 2024 acquisitions included in the Interim Financial Statements were approximately **$4.3 million** and **$0.7 million**, respectively[28](index=28&type=chunk) [Investments in Associates](index=8&type=section&id=Investments%20in%20Associates) | Metric | March 31, 2024 (in millions of dollars) | December 31, 2023 (in millions of dollars) | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Investments in associates | 195.2 | 229.1 | | Share of loss and total comprehensive loss from associates (Q1) | 33.9 | 20.9 | [Investments in Joint Ventures](index=8&type=section&id=Investments%20in%20Joint%20Ventures) | Metric | March 31, 2024 (in millions of dollars) | December 31, 2023 (in millions of dollars) | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Investments in RNG joint ventures | 95.3 | 89.9 | | Share of income and total comprehensive income from joint ventures (Q1) | 3.3 | (0.1) (loss) | - GFL advanced a loan of **$18.1 million** to other sustainability projects with strategic partners during Q1 2024[34](index=34&type=chunk) [4. PROPERTY AND EQUIPMENT](index=9&type=section&id=4.%20PROPERTY%20AND%20EQUIPMENT) The carrying amount of property and equipment increased to **$7,048.4 million** as of March 31, 2024, with **$255.0 million** in Q1 2024 depreciation | Metric | March 31, 2024 (in millions of dollars) | December 31, 2023 (in millions of dollars) | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Carrying amount of Property and equipment | 7,048.4 | 6,980.7 | | Total depreciation of property and equipment (Q1) | 255.0 | 239.8 | | Depreciation included in cost of sales (Q1) | 247.5 | 233.2 | [5. GOODWILL AND INTANGIBLE ASSETS](index=10&type=section&id=5.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Goodwill increased to **$8,053.7 million** as of March 31, 2024, primarily due to acquisitions and foreign exchange, with total intangible assets reaching **$11,046.6 million** | Metric | March 31, 2024 (in millions of dollars) | December 31, 2023 (in millions of dollars) | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Goodwill carrying amount | 8,053.7 | 7,890.5 | | Intangible assets carrying amount | 11,046.6 | 10,946.8 | | Amortization of intangible assets (Q1) | 108.7 | 138.8 | | Goodwill acquired via

GFL Environmental Inc. (GFL) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.01. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post earnings of $0.18 per share when it actually produced earnings of $0.04, delivering a surprise of -77.78%.Over the last four quarters, the company has surpa ...