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 ...

☐ 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. 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, 2019 (Exact name of registrant as specified in its charter) Ontario, Canada (State or othe ...

Company Overview - Waste Connections is the third largest solid waste company in North America, with an enterprise value of approximately $25 billion and assets of around $12 billion[5] - The company focuses on secondary and exclusive markets, leading to sector-leading EBITDA and free cash flow margins[5] - Waste Connections has consistently delivered positive shareholder returns, with 2018 marking the 15th consecutive year of such performance[5] Financial Performance and Outlook - In 2018, Waste Connections reported revenue of $4.923 billion, a 6.3% year-over-year increase, with solid waste pricing growth of approximately 4.5%[26] - Adjusted EBITDA for 2018 was $1.566 billion, representing 31.8% of revenue, a 30 bps increase year-over-year[26] - Adjusted free cash flow for 2018 reached $879.9 million, or 17.9% of revenue, with an EBITDA to FCF conversion rate of 56.2%[26] - The company anticipates 2019 revenue of $5.310 billion, with an adjusted EBITDA of $1.705 billion, or 32.1% of revenue[29] - Waste Connections projects adjusted free cash flow of $950 million for 2019, which is about 17.9% of revenue and over 55% of EBITDA, expecting double-digit adjusted free cash flow per share growth[29] Capital Allocation - Waste Connections actively engages in M&A, with approximately $360 million in total annualized revenue from acquisitions in 2018[26] - The company returned $211.5 million to shareholders through buybacks and dividends in 2018, increasing the quarterly cash dividend by 14.3%[26]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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, Canada (State or oth ...