Core Insights - Waste Connections reported strong financial results for Q1 2025, driven by price-led organic solid waste growth and continued acquisition activity, resulting in a revenue of $2.228 billion, a 7.5% increase year-over-year [3][9] - The company achieved an adjusted EBITDA margin of 32.0%, reflecting a 60 basis point improvement compared to the previous year, and adjusted net income increased to $293.1 million, or $1.13 per diluted share [4][9] - The company continues to focus on acquisitions, with annualized revenues from acquisitions exceeding $125 million, including a new recycling facility in New Jersey [2][9] Financial Performance - Revenue for Q1 2025 was $2.228 billion, up from $2.073 billion in Q1 2024 [3] - Operating income increased to $390.2 million from $366.8 million year-over-year, with net income rising to $241.5 million, or $0.93 per diluted share [3][4] - Adjusted EBITDA for the quarter was $712.2 million, compared to $650.7 million in the prior year [4][9] Operational Highlights - Core solid waste pricing increased by 6.9%, despite facing volume weakness due to adverse weather conditions [2][15] - Employee retention improved for the tenth consecutive quarter, and the company achieved record safety performance during the period [2] - The company reported net cash provided by operating activities of $541.5 million and adjusted free cash flow of $332.1 million [9][23] Acquisition Strategy - Waste Connections has maintained a robust acquisition strategy, with over $125 million in annualized revenue from acquisitions completed to date [2][9] - The company continues to leverage its strong financial position and free cash flow generation to pursue above-average acquisition activity in 2025 [2] Market Position - Waste Connections serves approximately nine million customers across 46 states in the U.S. and six provinces in Canada, focusing on non-hazardous waste services and resource recovery [7] - The company emphasizes its Environmental, Social, and Governance (ESG) initiatives as integral to its long-term value creation strategy [7]

Core Viewpoint - Waste Connections (WCN) is expected to report quarterly earnings of $1.07 per share, reflecting a 2.9% increase year-over-year, with revenues projected at $2.22 billion, indicating a 7.1% year-over-year growth [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.4%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate trends and short-term stock performance [3]. Revenue Projections - Analysts project 'Revenue Breakdown- E&P Waste Treatment, Recovery and Disposal' at $119.94 million, a significant increase of 131.7% year-over-year [5]. - The estimated 'Revenue Breakdown- Intermodal and Other' is $54.46 million, reflecting a 42.5% year-over-year increase [5]. - 'Revenues- E&P' are expected to reach $116.93 million, marking a 20% increase from the previous year [5]. - The consensus for 'Revenues- Intermodal and Other' stands at $55.14 million, indicating an 11.3% year-over-year change [6]. - 'Revenues- Total collection' is projected at $1.60 billion, showing a 5.8% increase from the prior year [6]. - 'Revenues- Recycling' is expected to decline to $46.25 million, reflecting a year-over-year decrease of 5.7% [6]. Geographic Revenue Insights - 'Geographic Revenues- Canada' are projected to reach $330.45 million, indicating a 17.9% year-over-year increase [7]. - 'Geographic Revenues- Southern' are expected at $457.70 million, reflecting a 9.3% increase [7]. - 'Geographic Revenues- Central' is forecasted to be $395.83 million, marking a 9.7% year-over-year change [7]. - 'Geographic Revenues- Eastern' are projected at $405.97 million, indicating a 12.8% increase [8]. - 'Geographic Revenues- Western' are expected to reach $454.36 million, reflecting a 7.6% increase [8]. Segment Performance - Analysts estimate 'Segment EBITDA- Western' to reach $126.49 million, compared to $113.05 million reported in the same quarter last year [8]. Stock Performance - Shares of Waste Connections have shown a return of 3.1% over the past month, contrasting with the Zacks S&P 500 composite's decline of 6.3% [9].

Company Overview - Waste Connections (WCN) shares increased by 5.3% to close at $192.90, contrasting with a 0.5% loss over the past four weeks, driven by price-led organic solid waste growth, improving commodities, and ongoing acquisition activities [1] - The company is expected to report quarterly earnings of $1.07 per share, reflecting a year-over-year increase of 2.9%, with revenues projected at $2.22 billion, up 7.3% from the previous year [2] Earnings Estimates and Trends - The consensus EPS estimate for Waste Connections has been revised marginally lower over the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] Industry Comparison - Waste Connections is part of the Zacks Waste Removal Services industry, where Montrose Environmental (MEG) experienced an 18.5% increase in its stock price, closing at $12.73, despite a -38.9% return over the past month [3] - Montrose Environmental's consensus EPS estimate has changed significantly to -$0.12, representing a -175% change from the previous year, and it currently holds a Zacks Rank of 5 (Strong Sell) [4]

Group 1: Company Performance - Waste Connections, Inc. (WCN) stock has increased by 9.6% over the past year, outperforming the industry's 2.5% rise and the Zacks S&P 500 composite's slight decline [1] - In the fourth quarter of 2024, WCN reported adjusted earnings of $1.16 per share, which missed the Zacks Consensus Estimate by 3.3% but represented a 4.5% year-over-year increase [1] - Revenues for the same quarter were $2.3 billion, slightly exceeding consensus estimates and growing by 11% compared to the previous year [1] Group 2: Operational Strategy - The company operates on a decentralized basis, allowing decision-making to be close to customers, which helps in addressing customer needs effectively [2] - This operational structure enables WCN to expand into nearby markets and serve smaller communities that may not be attractive to larger competitors [2] Group 3: Acquisition Strategy - Waste Connections evaluates acquisition opportunities based on financial, market, and management criteria, using initial buyouts as operational bases to strengthen their presence [3] - In recent years, WCN completed 24 acquisitions in 2024, 13 in 2023, 24 in 2022, and 30 in 2021, contributing significantly to its revenue [4] - The revenue contributions from acquisitions were $529 million in 2024, $410.9 million in 2023, $552 million in 2022, and $215.39 million in 2021 [4] Group 4: Shareholder Returns - Waste Connections has consistently rewarded shareholders with dividends, paying out $302.3 million in 2024, $270.6 million in 2023, $243 million in 2022, and $220.2 million in 2021 [5] - These dividend payments reflect the company's commitment to creating shareholder value and confidence in its business model [5] Group 5: Industry Challenges - The company faces challenges from stringent environmental, health, and safety regulations that increase operational costs [6] - Low entry barriers in the regulated waste collection and disposal business allow competitors to gain market share through aggressive pricing strategies, impacting WCN's profitability [7] - WCN's current ratio at the end of Q4 2024 was 0.65, below the industry average of 0.89, indicating potential issues with short-term debt coverage [8]

Core Viewpoint - Waste Connections, Inc. is set to report its financial results for Q1 2025 on April 23, 2025, with an investor conference call scheduled for April 24, 2025, at 8:30 A.M. Eastern Time [1]. Company Overview - Waste Connections is an integrated solid waste services company providing non-hazardous waste collection, transfer, and disposal services, including resource recovery primarily through recycling and renewable fuels generation [2]. - The company serves approximately nine million residential, commercial, and industrial customers across 46 states in the U.S. and six provinces in Canada [2]. - Waste Connections also offers non-hazardous oilfield waste treatment, recovery, and disposal services in various basins in the U.S. and Canada, along with intermodal services for cargo and solid waste containers in the Pacific Northwest [2]. Environmental, Social, and Governance (ESG) Efforts - The company considers its ESG initiatives as integral to its business strategy, focusing on long-term value creation, reducing emissions, increasing resource recovery, and enhancing employee engagement [2].

Core Insights - Waste Connections, Inc. (WCN) reported mixed fourth-quarter 2024 results, with earnings missing estimates while revenues exceeded expectations [1][2] Financial Performance - Adjusted earnings per share were $1.16, missing the Zacks Consensus Estimate by 3.3%, but increased 4.5% year-over-year [2] - Revenues reached $2.3 billion, slightly beating consensus estimates and growing 11% from the previous year [2] - Adjusted EBITDA was $656 million, down 10.4% year-over-year, with an adjusted EBITDA margin of 32.4%, a decrease of 20 basis points from the prior year [6] Segment Performance - Solid Waste Collection segment revenues grew 7.4% year-over-year to $1.6 billion, meeting estimates [4] - Solid Waste Disposal and Transfer segment revenues increased 6.9% to $718.5 million, surpassing expectations [4] - Solid Waste Recycling segment revenues surged 44.7% to $63.3 million, exceeding estimates [5] - E&P Waste Treatment, Recovery and Disposal segment revenues more than doubled to $146.3 million, significantly surpassing projections [5] - Intermodal and Other segment revenues declined 6.4% to $45.9 million, missing estimates [5] Balance Sheet & Cash Flow - Cash and cash equivalents at the end of Q4 2024 were $62.4 million, down from $78.4 million in the previous quarter [7] - Long-term debt remained stable at $6.7 billion [7] - Generated $568.9 million in cash from operating activities, with adjusted free cash flow of $173.8 million [7] - Capital expenditures totaled $396.7 million, and dividends paid amounted to $81 million [7] 2025 Outlook - For 2025, Waste Connections expects revenues between $9.45 billion and $9.6 billion, with a midpoint of $9.52 billion aligning with consensus estimates [8] - The company anticipates adjusted EBITDA of $3.12 billion to $3.2 billion, with an EBITDA margin projected at 33-33.3% [8]

Financial Data and Key Metrics Changes - Q4 2024 revenue reached $2.26 billion, an increase of $225 million or 11% year-over-year, bringing full year 2024 revenues to $8.92 billion, also up 11.2% year-over-year [23] - Adjusted EBITDA for Q4 was $732 million, up 11.6% year-over-year, representing 32.4% of revenue, while full year 2024 adjusted EBITDA was $2.902 billion, up 15% year-over-year with a margin increase of 100 basis points to 32.5% [27][28] - Adjusted free cash flow for 2024 was $1.218 billion, converting over 50% of adjusted EBITDA to free cash flow [15][31] Business Line Data and Key Metrics Changes - Solid waste core pricing in Q4 was 6.7%, with a range from about 5% in the Western region to about 7% in competitive markets [24] - Solid waste volumes in Q4 were down 2.7%, excluding a 50 basis point negative volume impact from Chiquita Canyon landfill [24] - Adjusted EBITDA margin was over 33% when excluding the reduction in tonnes at Chiquita and the drop-off in commodity-driven revenues [27] Market Data and Key Metrics Changes - The company closed approximately $750 million in annualized revenue from 24 acquisitions in 2024, contributing about $169 million of revenue in Q4 [19][23] - The company expects acquisition revenue contribution of about 3.5% in 2025, with a robust pipeline already having over $75 million in annualized revenue either closed or signed [20][35] Company Strategy and Development Direction - The company is focused on delivering excellence with humility, aiming for revenue growth to $10 billion and more while investing in innovation and sustainability [43] - The company is introducing electric trucks and expanding renewable natural gas generation in landfills, along with digitizing employee and customer experiences [43][44] - The disciplined approach to acquisitions remains unchanged, focusing on market selection and integration to provide value creation [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment improving, which could positively impact volume growth in 2026 [66] - The company anticipates revenue in 2025 to be in the range of $9.45 billion to $9.6 billion, with adjusted EBITDA expected between $3.12 billion and $3.2 billion [35][36] - Management highlighted the importance of maintaining a balance between price and volume, with a conscious trade-off strategy in place [62] Other Important Information - The company closed the Chiquita Canyon landfill due to economic infeasibility, redirecting waste throughput to other landfills [16] - The company expects total 2024 outlays related to the Chiquita Canyon ETLF event to step down significantly in subsequent years [30] Q&A Session Summary Question: Can you clarify cash flow and green CapEx spending? - Management confirmed that green CapEx spending will increase to about $125 million in 2025, with expectations to be completed by 2026 [50][51] Question: What is the outlook for volume growth? - Management indicated that volume growth may remain down in 2025, with a focus on shedding unprofitable contracts and redeploying capital into more profitable ones [58][62] Question: How is employee retention in acquired businesses? - Management noted that employee turnover is significantly higher in acquired companies, often around 30% to 35% in the first year, but overall voluntary turnover is under 13% [71][72] Question: What is the margin outlook for 2025? - Management expects a margin expansion of 50 to 80 basis points, driven by the strength of the underlying business despite commodity and FX headwinds [76] Question: How does the company view M&A opportunities? - Management remains optimistic about M&A opportunities, with a full pipeline and expectations for above-average activity in 2025 [109]

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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Woodbridge Ontario L4H 4G3 Canada (Address of principal executive of ices) For the transition period from ___________ to ___________ Commission File No. 1-34370 WASTE CONNECTIO ...

Waste Connections (WCN) came out with quarterly earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.20 per share. This compares to earnings of $1.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.33%. A quarter ago, it was expected that this solid waste services provider would post earnings of $1.30 per share when it actually produced earnings of $1.35, delivering a surprise of 3.85%.Over the last four ...

Exhibit 99.1 WASTE CONNECTIONS REPORTS FOURTH QUARTER 2024 RESULTS AND PROVIDES 2025 OUTLOOK Fourth Quarter and Full Year 2024 Highlights Expectations for 2025 TORONTO, ONTARIO, February 12, 2025 - Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced its results for the fourth quarter of 2024 and outlook for 2025. "Q4 provided a solid finish to a year of extraordinary accomplishments for Waste Connections both financially, with double-digit growth in both revenue an ...