VAUGHAN, ON, April 4, 2024 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that the Board of Directors of the Company has declared a 10% increase to the regular quarterly cash dividend on the Company's subordinate voting and multiple voting shares. The regular quarterly cash dividend, which increases from US$0.013 per share to US$0.014 per share, will be paid on April 30, 2024 to shareholders of record at the close of business on April 15, 2024.  The Com ...

VAUGHAN, ON, April 2, 2024 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company"), a leading North American diversified environmental services company, today announced that S&P Global Ratings ("S&P") has upgraded GFL's issuer credit rating to 'BB-' from 'B+', while maintaining a positive outlook. "The rating upgrade from S&P is a testament to the strong execution of our strategy to increase free cash flow and de-lever the business", said Patrick Dovigi, Chief Executive Officer ...

Yevhen Smyk Investment action I recommended a buy rating for GFL Environmental (NYSE:GFL) when I wrote about it the last time, as I expected the stock to continue trading at a premium. Based on my current outlook and analysis of GFL, I recommend a buy rating. I believe the market is not appreciating the potential upsides in GFL FY24 EBITDA guidance given how the share price has reacted post-earnings. This presents a good opportunity for investors to size up their positions, as I expect GFL to beat the g ...

VAUGHAN, ON, Feb. 28, 2024 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that BCEC GFL Borrower (Cayman) LP, Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital, LLC, and entities affiliated with HPS Investment Partners, LLC (collectively, the "Selling Shareholders") intend to offer for sale 17,000,000 subordinate voting shares (the "Shares"). GFL will not receive any proceeds from the sale of the Shares (the "Offer ...

GFL Environmental Reports Third Quarter 2023 Results [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlights strong Q3 results, a strategic shift to organic growth and deleveraging, and a positive 2024 outlook - Total revenue for Q3, excluding non-core asset divestitures, increased **10.3%** year-over-year, primarily driven by a Solid Waste core pricing increase of **8.8%**[3](index=3&type=chunk) - Significant year-over-year margin improvement was observed, with Solid Waste Adjusted EBITDA margin up **250 bps** and Environmental Services Adjusted EBITDA margin up **440 bps**[3](index=3&type=chunk) - The company is shifting its growth strategy, prioritizing **organic growth and tuck-in acquisitions** over large-scale M&A[3](index=3&type=chunk) - GFL is committed to **deleveraging** and aims to achieve an **investment grade rating** before the majority of its fixed-rate debt matures in 2028[3](index=3&type=chunk) - Preliminary 2024 outlook anticipates **high single-digit top-line growth** and **low teens Adjusted EBITDA growth** (or at least 10% considering divestitures)[3](index=3&type=chunk) Financial Highlights [Third Quarter 2023 Results](index=1&type=section&id=Third%20Quarter%202023%20Results) The company reported strong Q3 revenue and Adjusted EBITDA growth, margin expansion, and a significant turnaround in net income Q3 2023 Key Financial Metrics | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $1,890.0M | $1,831.2M | +3.2% | | Revenue (ex-divestitures) | - | - | +10.3% | | Adjusted EBITDA | $530.3M | $473.3M | +12.0% | | Adjusted EBITDA Margin | 28.1% | 25.8% | +230 bps | | Net Income (from cont. ops) | $18.3M | ($183.7M) | Turnaround | | Adjusted Net Income (from cont. ops) | $116.8M | $74.0M | +57.8% | | Adjusted Free Cash Flow | $276.0M | $97.0M | +184.5% | - Solid Waste revenue was **$1,502.5 million**, with **4.2% organic growth** driven by **8.8% core pricing** increases[5](index=5&type=chunk)[6](index=6&type=chunk) - Environmental Services revenue was **$387.5 million**, with organic growth of **6.9%** when excluding the impact of a large sub-contracting job in Q3 2022[8](index=8&type=chunk) [Year to Date 2023 Results](index=3&type=section&id=Year%20to%20Date%202023%20Results) Year-to-date results show strong revenue and EBITDA growth, though Adjusted Free Cash Flow declined due to divestiture taxes and capex Nine Months Ended Sep 30, 2023 Key Financial Metrics | Metric | YTD 2023 | YTD 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $5,632.7M | $4,940.1M | +14.0% | | Revenue (ex-divestitures) | - | - | +17.8% | | Adjusted EBITDA | $1,511.5M | $1,281.0M | +18.0% | | Adjusted EBITDA Margin | 26.8% | 25.9% | +90 bps | | Net Income (from cont. ops) | $94.3M | $35.9M | +162.7% | | Adjusted Free Cash Flow | $235.8M | $317.8M | -25.8% | - The decrease in YTD Adjusted Free Cash Flow was driven by **$248.6 million in cash taxes** from divestitures, **$195.9 million in incremental net capex**, and **$114.6 million in incremental cash interest** paid[11](index=11&type=chunk) Consolidated Financial Statements [Statements of Operations (Income Statement)](index=7&type=section&id=Statements%20of%20Operations) The company's Q3 net income improved significantly due to lower foreign exchange losses and the absence of prior-year contract losses Q3 2023 vs Q3 2022 Income Statement Highlights (in millions) | Line Item | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Revenue | $1,890.0 | $1,831.2 | | Cost of sales | $1,526.8 | $1,591.9 | | Loss (gain) on foreign exchange | $46.9 | $195.3 | | Loss (gain) on divestiture | $0.0 | $1.6 | | Net income (loss) from continuing ops | $18.3 | ($183.7) | YTD 2023 vs YTD 2022 Income Statement Highlights (in millions) | Line Item | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Revenue | $5,632.7 | $4,940.1 | | Loss (gain) on divestiture | ($580.5) | ($4.9) | | Net income from continuing ops | $94.3 | $35.9 | [Statements of Financial Position (Balance Sheet)](index=9&type=section&id=Statements%20of%20Financial%20Position) The balance sheet strengthened as total liabilities decreased significantly while shareholders' equity increased Balance Sheet Highlights (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $19,890.4 | $19,767.6 | | Total Liabilities | $12,377.2 | $13,723.5 | | Long-term debt | $8,848.9 | $9,248.9 | | Total Shareholders' Equity | $7,513.2 | $6,044.1 | [Statements of Cash Flows](index=10&type=section&id=Statements%20of%20Cash%20Flows) Year-to-date cash from operations decreased, while divestiture proceeds drove a net cash inflow from investing activities Nine Months Ended Sep 30, 2023 Cash Flow Summary (in millions) | Activity | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Cash from Operating Activities | $579.0 | $693.3 | | Cash from Investing Activities | $198.6 | ($1,329.9) | | Cash from Financing Activities | ($683.3) | $719.5 | | **Increase in Cash** | **$94.3** | **$82.9** | - Key investing activities included **$1.65 billion in proceeds from divestitures** and **$823.6 million in property and equipment purchases**[36](index=36&type=chunk) - Key financing activities included **$3.03 billion in issuance of long-term debt** and **$3.60 billion in repayment of long-term debt**[36](index=36&type=chunk) Supplemental Data [Revenue Growth Analysis](index=11&type=section&id=Revenue%20Growth%20Analysis) Revenue growth was driven by strong organic performance, particularly core pricing in the Solid Waste segment Q3 2023 Revenue Growth Breakdown | Segment | Contribution from Acquisitions | Organic Growth | Foreign Exchange | Total Growth | | :--- | :--- | :--- | :--- | :--- | | Solid Waste | (3.6)% | 4.2% | 1.9% | 2.5% | | Environmental Services | 7.8% | (1.9)% | 0.5% | 6.3% | | **Total** | **(1.3)%** | **3.0%** | **1.6%** | **3.2%** | Solid Waste Organic Growth Components | Component | Q3 2023 | YTD 2023 | | :--- | :--- | :--- | | Price | 8.8% | 10.5% | | Surcharges | (1.6)% | (0.8)% | | Volume | (2.4)% | (1.9)% | | Commodity price | (0.6)% | (1.0)% | | **Total** | **4.2%** | **6.8%** | [Operating Segment Results](index=12&type=section&id=Operating%20Segment%20Results) Both the Solid Waste and Environmental Services segments demonstrated significant year-over-year Adjusted EBITDA margin expansion in Q3 Q3 2023 Segment Performance (in millions) | Segment | Revenue | Adjusted EBITDA | Adjusted EBITDA Margin | YoY Margin Change | | :--- | :--- | :--- | :--- | :--- | | Solid Waste | $1,502.5 | $471.8 | 31.4% | +250 bps | | Environmental Services | $387.5 | $119.9 | 30.9% | +440 bps | | **Total** | **$1,890.0** | **$530.3** | **28.1%** | **+230 bps** | [Net Leverage and Shares Outstanding](index=13&type=section&id=Net%20Leverage%20and%20Shares%20Outstanding) The company significantly reduced its Net Leverage ratio through a combination of debt reduction and increased Run-Rate EBITDA - Net Leverage was reduced to **4.30x** at the end of Q3 2023, compared to **5.02x** at year-end 2022[44](index=44&type=chunk) Net Leverage Calculation (in millions) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total long-term debt (adjusted) | $8,856.0 | $9,252.0 | | Less: cash | ($174.2) | ($82.1) | | Net Debt | $8,681.8 | $9,169.9 | | Run-Rate EBITDA | $2,018.7 | $1,826.8 | | **Net Leverage** | **4.30x** | **5.02x** | - As of September 30, 2023, there were **369,984,983 basic shares outstanding** and **412,148,383 diluted shares outstanding**[46](index=46&type=chunk) Non-IFRS Measures and Reconciliations [Definitions of Non-IFRS Measures](index=5&type=section&id=Definitions%20of%20Non-IFRS%20Measures) This section defines non-IFRS measures used to provide supplemental insight into core business performance trends - **Adjusted EBITDA** excludes items like foreign exchange gains/losses, M&A transaction costs, and divestiture gains to better reflect underlying business performance[18](index=18&type=chunk) - **Adjusted Free Cash Flow** is calculated from operating cash flows, adjusted for asset disposals, capital expenditures, and certain other items[23](index=23&type=chunk) - **Net Leverage** is defined as total long-term debt (net of cash) divided by Run-Rate EBITDA, which is adjusted for the full-year impact of acquisitions[25](index=25&type=chunk)[26](index=26&type=chunk) [Non-IFRS Reconciliation Schedules](index=14&type=section&id=Non-IFRS%20Reconciliation%20Schedules) This section provides detailed reconciliations of non-IFRS measures to their most directly comparable IFRS figures Q3 2023 Reconciliation Summary (in millions) | IFRS Measure | Value | Non-IFRS Measure | Value | Key Adjustments | | :--- | :--- | :--- | :--- | :--- | | Net Income (cont. ops) | $18.3 | Adjusted EBITDA | $530.3 | +$137.2 Interest, +$349.2 D&A, +$46.9 FX Loss | | Net Income (cont. ops) | $18.3 | Adjusted Net Income | $116.8 | +$106.9 Amortization, +$46.9 FX Loss, -$41.3 Tax Effect | | Cash from Ops | $125.8 | Adjusted FCF | $276.0 | +$248.6 Divestiture Taxes, -$276.3 Capex | Corporate Information and Disclaimers [About GFL and Conference Call](index=3&type=section&id=About%20GFL%20and%20Conference%20Call) GFL is a leading North American environmental services company that scheduled a conference call to discuss its Q3 results - GFL is the **fourth largest diversified environmental services company** in North America, operating throughout Canada and in more than half of the U.S. states[12](index=12&type=chunk) - A conference call to discuss Q3 2023 earnings was scheduled for **November 2, 2023**, at 8:30 am Eastern Time[10](index=10&type=chunk) [Forward-Looking Information](index=4&type=section&id=Forward-Looking%20Information) The report contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ - The report contains forward-looking information concerning **future outlook, financial guidance, and business strategy**[14](index=14&type=chunk) - Actual results may differ materially due to known and unknown risks, including **currency exchange, interest rates, and economic trends**[15](index=15&type=chunk)

GFL Environmental, Inc. (NYSE:GFL) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Michael Hoffman - Stifel, Nicolaus & Company Walter Spracklin - RBC Capital Markets Thank you, and good morning, everyone. Sorry for the slight delay as our conference operator is experiencing technical difficulties at the current time. So you may hear from others that they may have not been able to log in, but anyone that logged in prior to sort of 8:15 a.m has the ability to log in. But it is -- the conference cal ...

Exhibit 99.1 GFL Environmental Inc. Unaudited Interim Condensed Consolidated Financial Statements For the three and six months ended June 30, 2023 F-1 GFL Environmental Inc. Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In millions of dollars except per share amounts) | | | | Three months ended | | | Six months ended | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | June 30, | | | June 30, | | | | | Notes | 2023 | | 2022 | | 2023 | | 2 ...

Financial Data and Key Metrics Changes - The company reported nearly 30% top-line growth in Q1, with adjusted EBITDA growing 24% to $441 million, exceeding expectations [88][116][118] - Solid Waste core pricing reached 12.6%, the highest in the company's history, with an acceleration of 270 basis points from Q4 [116][98] - Adjusted free cash flow was negative $55 million, approximately $35 million better than planned, despite $25 million of unanticipated cash interest payments [128] Business Line Data and Key Metrics Changes - The Environmental Services segment achieved over 25% organic growth, significantly outperforming internal expectations [90] - Solid Waste margins expanded nearly 200 basis points when excluding the impact of fuel and commodity prices, driven by record price increases [91][98] - The company anticipates further margin expansion in the second quarter, projecting Solid Waste margins between 30.5% and 31% [130] Market Data and Key Metrics Changes - The company noted a positive trend in labor and commodity prices, which is expected to provide a tailwind for future guidance [119] - The pricing environment is improving, with restricted book resetting at 7% to 8% price increases, indicating a healthier pricing landscape [138] Company Strategy and Development Direction - The company is focused on optimizing pricing to ensure a sustainable price-cost spread and rationalizing its portfolio to concentrate on attractive markets [132][121] - The divestiture of non-core markets is expected to generate gross proceeds of CAD1.6 billion, enhancing the company's leverage position [120][93] - The company is committed to achieving a net leverage of less than 4x by year-end, positioning itself for an investment-grade rating in the medium term [121][102] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the widening spread between price and cost inflation, indicating confidence in meeting or exceeding margin expansion guidance [119][10] - The company is seeing good acceptance of pricing, with expectations for continued improvement in pricing and cost recovery strategies [10][38] - Management highlighted the importance of maintaining a disciplined approach to pricing in response to cost pressures, which is expected to support a structurally higher spread in the future [143] Other Important Information - The company made progress on its RNG project pipeline, with significant projects expected to start production soon [94] - A new director of diversity, equity, inclusion, and belonging has been appointed to enhance employee engagement and retention [122] Q&A Session Summary Question: Can you provide insights on the pricing environment and customer acceptance? - Management noted that the pricing environment has improved, with less customer pushback on price increases, contributing to outperformance in Q1 [57] Question: How do you see the future of free cash flow and margin growth? - Management indicated that free cash flow growth is closely tied to margin improvements, with expectations for significant growth in free cash flow per share over the medium to long term [76][77] Question: What are the expectations for volume trends in Solid Waste? - Management suggested that long-term volume growth is expected to be in the range of down half to up one percent, reflecting a stable outlook [50]

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 ...