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, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents Commission file number 1-34370 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) Ontario, Canada (State or o ...

Financial Performance - Revenue for Q1 2024 was $2.073 billion, a 9.1% increase from $1.901 billion in Q1 2023[5] - Operating income rose to $366.8 million, compared to $314.7 million in the same period last year[5] - Net income for Q1 2024 was $230.1 million, or $0.89 per diluted share, up from $197.8 million, or $0.77 per diluted share, in Q1 2023[5] - Adjusted EBITDA for Q1 2024 was $650.7 million, an increase of 14.8% year over year[6] - Adjusted EBITDA margin expanded by 160 basis points to 31.4% in Q1 2024[3] - Net income for the three months ended March 31, 2024, increased to $229,127, up from $197,836 in the same period of 2023, representing a growth of 15.8%[16] - Total revenue for the three months ended March 31, 2024, was $2,072,653, compared to $1,900,503 in 2023, reflecting an increase of 9.1%[18] - Adjusted EBITDA for the three months ended March 31, 2024, was $650,673, which is 31.4% of revenues, compared to $566,869 or 29.8% of revenues in 2023[22][23] Cash Flow and Debt - The company reported net cash provided by operating activities of $490.3 million and adjusted free cash flow of $324.8 million[6] - Net cash provided by operating activities for the three months ended March 31, 2024, was $490,309, up from $442,358 in 2023, an increase of 10.9%[27] - Adjusted free cash flow for the three months ended March 31, 2024, was $324,793, representing 15.7% of revenues, compared to $273,981 or 14.4% of revenues in 2023[26] - The company reported a debt to book capitalization ratio of 50% as of March 31, 2024[20] - Cash interest paid increased to $66,384 for the three months ended March 31, 2024, compared to $55,131 in 2023, marking a rise of 20.5%[20] Growth and Acquisitions - Year-to-date acquired annualized revenue exceeded $375 million, driven by solid waste acquisitions totaling approximately $150 million[6] - Acquisition activity remains strong, with a focus on expanding into new markets such as Indiana and Michigan[4] - Revenue from acquisitions, net of divestitures, decreased to $77,988 for the three months ended March 31, 2024, down from $132,109 in 2023[18] Operational Metrics - Solid waste internal growth for the three months ended March 31, 2024, was 4.1%, driven by a core price increase of 7.8%[17] - Basic shares outstanding as of March 31, 2024, were 257,801,116, with diluted shares outstanding at 258,482,473[21] Employee Commitment - Waste Connections emphasizes its commitment to employee retention and safety, achieving three-year lows in monthly incidents[4]

Financial Data and Key Metrics Changes - Adjusted EBITDA margin expanded by 200 basis points in Q4 2023, reaching an industry-leading margin of 31.5% for the full year, with a 70 basis points increase year-over-year [4][5][13] - Revenue for Q4 was $2.036 billion, up 8.9% year-over-year, contributing to a full year revenue of $8.022 billion, which is an 11.2% increase [21][5] - Adjusted free cash flow for 2023 was $1.224 billion, representing 15.3% of revenue, with a conversion rate of over 48% of adjusted EBITDA [5][24] Business Line Data and Key Metrics Changes - Solid waste organic growth was driven by 8.7% core pricing, although solid waste volumes in Q4 decreased by 2.3% due to shedding poor quality revenues and non-renewal of municipal contracts [4][21] - Core pricing in Q4 ranged from about 7% in exclusive markets to over 10% in competitive markets [21] - Adjusted EBITDA for Q4 was $656 million, up 16.4% year-over-year, with an adjusted EBITDA margin of 32.2% [23] Market Data and Key Metrics Changes - The company closed over $215 million in annualized revenue from 13 acquisitions in 2023, with expectations for 2024 acquisition contributions to exceed $325 million [17][19] - The company is encouraged by recent developments in the New York City franchise process, having been awarded rights to compete in 12 commercial zones [18] Company Strategy and Development Direction - The company aims for continued outsized margin expansion in 2024, driven by reduced employee turnover and moderating cost inflation [14][33] - The focus remains on disciplined acquisition strategies, with a robust pipeline of solid waste opportunities anticipated in the coming quarters [17][18] - Sustainability projects, including renewable natural gas (RNG) facilities, are part of the growth strategy, with expected incremental EBITDA of $200 million by 2026 [25][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for growth in 2024, with expectations for adjusted EBITDA margin expansion and improved operational metrics [33][34] - The company noted that while there are risks and uncertainties, the outlook for 2024 assumes no significant changes in the current economic environment [26] Other Important Information - The company recorded a $160 million increase in landfill closure and post-closure liabilities related to the elevated temperature landfill event at Chiquita Canyon [15][24] - Capital expenditures for 2023 were approximately $1.7 billion, with a focus on organic growth and renewable energy projects [19] Q&A Session Summary Question: Can you walk us through the 200 basis point improvement for Q4 and the expected improvement for 2024? - Management indicated that 75% of the Q4 margin improvement came from the underlying solid waste business, with additional contributions from recycled commodities and RINs [37] Question: Are you assuming that turnover and safety improvements will impact margins in 2024? - Management clarified that while turnover is currently impacting cost structure positively, the benefits from risk reductions are not factored into the 2024 guidance [40] Question: What is the expected revenue impact from M&A in Q1? - Management estimated a contribution of about $65 million from acquisitions in Q1, with expectations for ramping contributions throughout the year [69] Question: How does the New York City franchise opportunity affect your addressable market? - Management noted that the franchise provides certainty and sustainability, allowing for organic growth and acquisition opportunities in the Northeast [57] Question: What is the outlook for wage growth in 2024? - Management expects wage growth to moderate further, potentially falling below 5% as cost pressures ease [68]

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, 2023 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 ...

Waste Connections, Inc. (NYSE:WCN) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET Company Participants Ron Mittelstaedt – President and Chief Executive Officer Mary Anne Whitney – Chief Financial Officer Conference Call Participants Toni Kaplan – Morgan Stanley Kevin Chiang – CIBC Jasper Bibb – Truist Securities Michael Hoffman – Stifel Bryan Burgmeier – Citi Tyler Brown – Raymond James Noah Kaye – Oppenheimer Jerry Revich – Goldman Sachs Stephanie Moore – Jefferies Stephanie Yee – JPMorgan Op ...

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, 2023 ☐ 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 ...

Waste Connections, Inc. (NYSE:WCN) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Ronald Mittelstaedt - Founder, CEO, President & Director Mary Whitney - EVP & CFO Conference Call Participants Toni Kaplan - Morgan Stanley Sean Eastman - KeyBanc Capital Markets Tyler Brown - Raymond James Noah Kaye - Oppenheimer Stephanie Yee - JPMorgan Chase & Co. Michael Hoffman - Stifel, Nicolaus & Company Harold Antor - Jefferies Kevin Chiang - CIBC Jerry Revich - Goldman Sachs Group Brya ...

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 WASTE CONNECTIONS, INC. (Exact name of registrant as specified in its charter) For the quarterly period ended June 30, 2023 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 Ontario, Canada (State or ot ...

Waste Connections, Inc. (NYSE:WCN) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Ronald Mittelstaedt - President and Chief Executive Officer Mary Anne Whitney - Chief Financial Officer Conference Call Participants Tyler Brown - Raymond James & Associates, Inc. Kevin Chiang - CIBC Capital Markets Sean Eastman - KeyBanc Capital Markets, Inc. Michael Hoffman - Stifel Financial Corp. Noah Kaye - Oppenheimer & Co., Inc. Jasper Bibb - Truist Securities Hilary Lee - Morgan Stanley ...

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, 2023 ☐ 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 othe ...