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 ...

Investor Presentation March 2023 SAFE HARBOR STATEMENT This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events ...

Financial Data and Key Metrics Changes - In Q4 2022, revenue reached $1.869 billion, exceeding expectations by $24 million and reflecting a year-over-year increase of 15.1% [22] - Adjusted EBITDA for Q4 was $564 million, up 13.8% year-over-year, resulting in an adjusted EBITDA margin of 30.2%, which was a 20 basis point beat to the outlook [28][29] - For the full year 2022, adjusted free cash flow was $1.165 billion, representing a 15% increase year-over-year, with capital expenditures (CapEx) of $913 million, up 23% year-over-year [14][30] Business Line Data and Key Metrics Changes - Solid waste pricing in Q4 increased by 10.6%, with core pricing contributing 9% and showing a sequential increase of 70 basis points from Q3 [23] - Commercial collection revenue rose by 14% year-over-year, primarily driven by pricing, while landfill rates per ton increased by about 7.5% [26] - Recycled commodity revenues were down approximately 70% year-over-year due to a significant decline in values since July [27] Market Data and Key Metrics Changes - The company experienced a 1.7% decline in solid waste volumes in Q4, attributed to the non-renewal of two municipal contracts [25] - The pricing acceleration in competitive regions during 2022 positioned the company for an estimated 9.5% total price increase in 2023, primarily from core pricing [24] Company Strategy and Development Direction - The company plans to continue its focus on sustainability and operational execution, with a significant increase in CapEx for sustainability-related projects expected in 2023 [15][17] - Acquisition activity in 2022 totaled approximately $640 million in annualized revenue, with a disciplined approach to market selection and risk profiles [18][19] - The company aims for double-digit revenue growth and adjusted EBITDA margin expansion in 2023, with potential upside from improved commodity values and additional acquisitions [7][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming inflationary pressures and commodity-related headwinds, with expectations for continued pricing momentum in 2023 [5][12] - The company anticipates a challenging operating environment but remains optimistic about the potential for margin expansion and revenue growth [41][42] - Management noted that improvements in recycled commodity prices have been observed in February, although these have not been factored into the current outlook [36] Other Important Information - The company returned $668 million to shareholders through dividends and share repurchases in 2022, marking a nearly 20% increase from the previous year [20] - The 2023 outlook includes an estimated revenue of $8.05 billion and adjusted EBITDA of approximately $2.5 billion, reflecting a 30 basis point increase in margin year-over-year [33][34] Q&A Session Summary Question: Can you expand on the margin cadence implied by guidance? - Management indicated that the first quarter is expected to have the toughest comparisons, with margin improvements anticipated in subsequent quarters [44][46] Question: What is the outlook for R&D and monetizing gas at facilities? - Management stated that there are currently 17 sites with electric generation facilities, but further details on monetization will depend on regulatory developments [51][53] Question: How is volume expected to trend in 2023? - Management expects volume growth to remain flat to down 1%, with potential episodic increases from new contracts [55][57] Question: What is the M&A pipeline looking like? - The company noted that while there have been larger transactions, the average size of targeted acquisitions remains consistent, focusing on companies with $20 million to $40 million in revenue [66][70] Question: What is the sustainability CapEx budget for 2023? - The sustainability CapEx budget for 2023 is expected to be between $75 million and $85 million, reflecting some shifts from previous expectations [85]

WASTE CONNECTIONS REPORTS FOURTH QUARTER 2022 RESULTS AND PROVIDES 2023 OUTLOOK Fourth Quarter Highlights - Price-led organic growth and acquisition activity drive Q4 results above expectations and provide higher entry point into 2023 - Revenue of $1.869 billion, net income(a) of $194.4 million, and adjusted EBITDA(b) of $563.6 million, or 30.2% of revenue, above expectations - Net income and adjusted net income(b) of $0.75 and $0.89 per share, respectively Full Year 2022 Highlights - Revenue of $7.212 bill ...

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) 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 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Worthing Jackman - President, CEO & Director Mary Anne Whitney - EVP & CFO Conference Call Participants Toni Kaplan - Morgan Stanley Jerry Revich - Goldman Sachs Kyle White - Deutsche Bank Sean Eastman - KeyBanc Capital Markets Michael Hoffman - Stifel Noah Kaye - Oppenheimer Stephanie Moore - Jefferies Walter Spracklin - RBC Capital Stephanie Yee - JPMorgan Operator Good morning, and welcome ...

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, 2022 ☐ 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 ...