Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Canada (State or o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Ca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Canada (State ...

Financial Data and Key Metrics Changes - Revenue for Q2 2020 was $1.306 billion, down $64 million or 4.7% year-over-year, with almost half of the decline attributed to lower E&P waste activity [21][25] - Adjusted EBITDA for Q2 was $394.3 million, about $21 million above preliminary expectations, with an adjusted EBITDA margin of 30.2%, down 90 basis points year-over-year [26][27] - Cash collections improved with a 10% reduction in Days Sales Outstanding (DSOs) year-to-date, and adjusted free cash flow for the first half of the year was $494.6 million, or 18.6% of revenue [13][28] Business Line Data and Key Metrics Changes - Solid waste price plus volume growth on a same-store basis in Q2 was negative 5.3%, with declines ranging from flat in West Coast markets to negative 11% to 13% in the most impacted Eastern and Canadian regions [21][22] - E&P waste revenue was reported at $35.5 million in Q2, down about 45% year-over-year, leading to a noncash impairment charge of $417 million for long-lived E&P waste assets [25][26] - Solid waste landfill average price per ton increased 5% year-over-year, although revenue was down about 5% on a same-store basis due to a 10% decline in total tons [24] Market Data and Key Metrics Changes - By the end of Q2, approximately 53% of solid waste commercial customers that had suspended or reduced service had reached out for resumption, up from 12% in early May [11] - Solid waste volumes improved sequentially by about 300 basis points in July compared to Q2, with July revenue down about 1.9% year-over-year [15][16] - The recovery in less impacted markets, such as Texas and Florida, showed no material change despite rising COVID-19 cases, with recovery rates around 65% to 70% [72] Company Strategy and Development Direction - The company remains focused on cost control and quality of revenue as volumes return, with a commitment to community support and employee welfare during the pandemic [12][13] - The company is on pace for another solid year of acquisition activity, having closed acquisitions totaling approximately $60 million in annualized revenue year-to-date [14] - The company anticipates a revenue outlook of $5.325 billion for 2020, down about 1% year-over-year, with adjusted EBITDA of $1.61 billion [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's preparedness and execution during the pandemic, which positions it well for recovery [4][5] - The trajectory of recovery is considered unpredictable due to potential COVID-19 outbreaks and additional closure requirements, but management is encouraged by the demonstrated projectability of the business [17] - The company plans to increase capital expenditures to $550 million for the full year as business recovers [18] Other Important Information - The company has returned over $200 million to shareholders through share repurchases and dividends year-to-date, with an anticipated double-digit percentage increase in cash dividends in October [19] - The effective tax rate for Q2 was 41.1%, impacted by a $27.4 million tax item from 2019, with an underlying tax rate of approximately 21.5% [27] Q&A Session Summary Question: Pricing dynamics between Canada and the U.S. - Management indicated that pricing in Canada is expected to converge with U.S. pricing over time as they work through the book from previous transactions [36][37] Question: E&P revenue run rate and cost management. - Management noted that E&P margins are still positive despite declines, and the segment has been consolidated into the Southern region for efficiency [39] Question: Free cash flow guidance for the second half of the year. - Management explained that the lower free cash flow guidance is due to higher cash taxes and interest expenses in the second half, along with a conservative approach to long-term planning [42][43] Question: Recovery momentum and potential headwinds. - Management acknowledged that while recovery has plateaued, there is still potential for further upside as more impacted markets recover [48] Question: M&A activity and competitive landscape. - Management emphasized a disciplined approach to M&A, focusing on market selection and asset positioning, while noting potential increased competition in the market [50] Question: Employee welfare and costs during the pandemic. - Management highlighted the importance of servant leadership and support for frontline employees, including supplemental wages and community support initiatives [54][55] Question: Solid waste margin guidance for Q3 and Q4. - Management indicated an expected underlying solid waste margin expansion of around 70 basis points in Q3, despite COVID-related costs and acquisition impacts [56]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Canada (State or ot ...

Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-34370 WASTE CONNECTIONS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 Or (Exact name of registrant as specified in its charter) Ontario, Canada (State or o ...

Waste Connections, Inc. (NYSE:WCN) Q4 2019 Earnings Conference Call February 13, 2020 8:30 AM ET Company Participants Worthing Jackman - President and CEO Mary Anne Whitney - CFO Conference Call Participants Brian Maguire - Goldman Sachs Tyler Brown - Raymond James Michael Hoffman - Stifel Noah Kaye - Oppenheimer Sean Eastman - KeyBanc Capital Markets Chris Murray - AltaCorp Capital Kyle White - Deutsche Bank Mark Neville - Scotiabank Operator Greetings and welcome to the Waste Connections Fourth Quarter 20 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Ca ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Waste Connections' unaudited condensed consolidated financial statements for Q3 and nine months 2019 and 2018 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$13.27 billion** by September 30, 2019, with liabilities at **$6.47 billion** and equity at **$6.80 billion** Condensed Consolidated Balance Sheet Highlights (in thousands of U.S. dollars) | Account | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $1,105,290 | $1,092,903 | | **Property and equipment, net** | $5,375,166 | $5,168,996 | | **Goodwill** | $5,297,556 | $5,031,685 | | **Total Assets** | **$13,270,235** | **$12,627,329** | | **Total Current Liabilities** | $991,794 | $860,709 | | **Long-term debt and notes payable** | $4,039,405 | $4,153,465 | | **Operating lease liabilities** | $196,509 | $— | | **Total Liabilities** | **$6,473,895** | **$6,167,141** | | **Total Equity** | **$6,796,340** | **$6,460,188** [Condensed Consolidated Statements of Net Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Net%20Income) Q3 2019 revenues grew 10.3% to **$1.41 billion**, with net income at **$159.1 million** and diluted EPS at **$0.60** Key Income Statement Data (in thousands of U.S. dollars, except per share amounts) | Metric | Q3 2019 | Q3 2018 | 9 Months 2019 | 9 Months 2018 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $1,412,444 | $1,281,110 | $4,026,719 | $3,661,209 | | **Operating Income** | $236,600 | $232,869 | $643,594 | $632,264 | | **Net Income Attributable to Waste Connections** | $159,109 | $150,843 | $433,579 | $414,393 | | **Diluted EPS** | $0.60 | $0.57 | $1.64 | $1.57 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow increased to **$1.19 billion**, with **$885.7 million** used in investing and **$308.0 million** in financing activities Cash Flow Summary for Nine Months Ended Sep 30 (in thousands of U.S. dollars) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,185,430 | $1,037,792 | | **Net cash used in investing activities** | ($885,672) | ($870,446) | | **Net cash used in financing activities** | ($308,039) | ($395,689) | | **Net decrease in cash** | ($8,138) | ($228,871) | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, including new lease standards, **$420.4 million** in acquisitions, **$500 million** in new debt, and legal contingencies - The company adopted new lease accounting guidance on January 1, 2019, recognizing **$206.5 million** in operating lease right-of-use assets and corresponding lease liabilities on the balance sheet[26](index=26&type=chunk)[27](index=27&type=chunk) - During the first nine months of 2019, the company acquired 13 non-hazardous solid waste businesses for total cash consideration of **$420.4 million**, resulting in **$223.0 million** of goodwill[48](index=48&type=chunk)[51](index=51&type=chunk) - In April 2019, the company issued **$500 million** of 3.50% Senior Notes due 2029. Total long-term debt stood at **$4.06 billion** as of September 30, 2019[66](index=66&type=chunk)[68](index=68&type=chunk) - The company is involved in significant legal proceedings, including potential liabilities at the Lower Duwamish Waterway Superfund Site and litigation concerning landfill expansions in Los Angeles County, CA, and Colonie, NY[129](index=129&type=chunk)[134](index=134&type=chunk)[143](index=143&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2019 financial performance, noting a 10.3% revenue increase, compressed operating margins, strong liquidity, and segment results [Results of Operations](index=65&type=section&id=Results%20of%20Operations) Q3 2019 revenues grew 10.3% to **$1.41 billion**, driven by acquisitions and price, but operating margin decreased to 16.8% due to higher costs Q3 2019 vs Q3 2018 Revenue Change Drivers (in millions of U.S. dollars) | Driver | Revenue Impact | | :--- | :--- | | Acquisitions (net of divestitures) | ~$77.0 | | Price Increases (core & surcharges) | $61.1 | | Solid Waste Volume | $10.3 | | E&P Revenue (existing facilities) | $1.4 | | Recyclable Commodities Sales | ($9.5) | | Foreign Exchange & Other | ($9.0) | | **Total Increase** | **$131.3** | - Cost of operations as a percentage of revenues increased by **1.6 percentage points** to **59.1%** in Q3 2019, primarily due to the impact of recent acquisitions, higher labor expenses, and increased maintenance and repair costs[187](index=187&type=chunk) - SG&A expenses as a percentage of revenues decreased by **1.0 percentage point** to **9.8%** in Q3 2019, mainly due to lower equity-based compensation and reduced legal expenses[194](index=194&type=chunk)[195](index=195&type=chunk) [Segment Results](index=79&type=section&id=Segment%20Results) All segments reported Q3 2019 revenue growth, with Central and Eastern segments leading due to acquisitions, while EBITDA margins varied Segment Revenue and EBITDA - Q3 2019 (in thousands of U.S. dollars) | Segment | Revenue | Revenue Growth (YoY) | EBITDA | EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | | Eastern | $330,887 | 16.2% | $88,101 | 26.6% | | Southern | $305,188 | 7.8% | $77,406 | 25.4% | | Western | $289,208 | 6.7% | $90,059 | 31.1% | | Central | $230,074 | 21.2% | $81,746 | 35.5% | | Canada | $190,820 | 2.0% | $66,794 | 35.0% | | E&P | $66,267 | 1.6% | $35,803 | 54.0% | [Liquidity and Capital Resources](index=93&type=section&id=Liquidity%20and%20Capital%20Resources) Nine-month operating cash flow increased to **$1.19 billion**, supporting **$465.2 million** in capital expenditures and **$126.3 million** in dividends - Net cash provided by operating activities increased by **$147.6 million** to **$1.185 billion** for the nine months ended September 30, 2019, compared to the same period in 2018[264](index=264&type=chunk)[265](index=265&type=chunk) - Capital expenditures for the first nine months of 2019 were **$433.5 million** for property and equipment, plus an additional **$31.7 million** for the purchase of a greenfield landfill site[270](index=270&type=chunk)[274](index=274&type=chunk) - The company renewed its Normal Course Issuer Bid (NCIB) to repurchase up to **13.2 million shares** but did not repurchase any shares during the first nine months of 2019. Cash dividends paid increased by **14.4%** to **$126.3 million**[125](index=125&type=chunk)[269](index=269&type=chunk)[273](index=273&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=108&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, fuel prices, recyclable commodity prices, and foreign currency, with specific exposures detailed - A **one percentage point** increase in interest rates on the **$277.8 million** of unhedged variable-rate debt would decrease annual pre-tax income by approximately **$2.8 million**[306](index=306&type=chunk) - A **$0.10 per gallon** increase in fuel prices for the remainder of 2019 would decrease pre-tax income by approximately **$1.1 million**[308](index=308&type=chunk) - A **10%** decrease in average recycled commodity prices would have reduced revenues by **$4.9 million** for the first nine months of 2019[309](index=309&type=chunk) - A **$0.01** change in the Canadian dollar to U.S. dollar exchange rate would impact annual revenue by approximately **$9.8 million** and EBITDA by **$3.6 million**[310](index=310&type=chunk) [Item 4. Controls and Procedures](index=111&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2019[312](index=312&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[313](index=313&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=112&type=section&id=Item%201.%20Legal%20Proceedings) This section details the company's significant legal proceedings, including environmental liabilities and landfill expansion litigation - The company is a potentially responsible party (PRP) under CERCLA for the Lower Duwamish Waterway Superfund Site in Seattle, WA, with potential liability for cleanup costs and natural resource damages. The outcome and financial impact are currently indeterminable[129](index=129&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The company is engaged in multiple legal challenges related to the expansion of its Chiquita Canyon Landfill in Los Angeles County, CA, involving disputes over permit conditions and environmental reviews[134](index=134&type=chunk)[136](index=136&type=chunk)[141](index=141&type=chunk) - The company is a respondent in litigation challenging the permits issued by New York State for the expansion of the Town of Colonie Landfill[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Item 6. Exhibits](index=112&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, senior note indentures, and executive certifications - The report includes as exhibits the Second Supplemental Indenture for the **3.50%** Senior Notes due 2029, various separation and benefits agreements, and required CEO and CFO certifications (31.1, 31.2, 32.1, 32.2)[316](index=316&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Canada (State or ot ...