GFL(US:GFL)2024-11-06 21:20Revenue Performance - Revenue for the nine months ended September 30, 2024, was $5,876.1 million, representing a 9.0% increase excluding divestitures and a 4.3% increase including divestitures compared to the same period in 2023[1] - Revenue for the three months ended September 30, 2024, was $2,014.7 million, an increase from $1,890.0 million for the same period in 2023, representing an increase of 6.6%[84] - Total revenue growth for the company was 6.6%, with solid waste in Canada growing by 10.3% and in the USA by 6.5%[88] - Total revenue growth for the solid waste segment in Canada was 9.1%, while the U.S. segment experienced a total revenue growth of 2.7%[14] Profitability and Loss - The net loss for the nine months ended September 30, 2024, was $538.2 million, a significant decline from a net income of $94.3 million for the same period in 2023[2] - Net income for Q3 2024 was $110.6 million, a significant increase from $18.3 million in Q3 2023[48] - Adjusted Net Income for the nine months ended September 30, 2024, was $341.7 million, with Adjusted income per share (diluted) at $0.92[72] - Total comprehensive income for the three months ended September 30, 2024, was $20.8 million, compared to $148.4 million for the same period in 2023[84] - Net income attributable to GFL Environmental Inc. for the three months ended September 30, 2024, was $110.4 million, compared to $22.1 million for the same period in 2023, showing a significant increase[84] Adjusted EBITDA - Adjusted EBITDA for the nine months ended September 30, 2024, was $1,672.7 million, compared to $1,511.5 million for the same period in 2023, reflecting a growth of 10.7%[23] - Adjusted EBITDA for Q3 2024 increased by 18.0% to $625.9 million, with an adjusted EBITDA margin of 31.1%, up 300 basis points from the prior year[34] - The trailing twelve months Adjusted EBITDA was $2,165.0 million, up from $2,003.7 million in the previous period[19] - Adjusted EBITDA margin for the total operations was 28.5% for the nine months ended September 30, 2024, compared to 26.8% for the same period in 2023[17] - Solid Waste Adjusted EBITDA margin for the nine months ended September 30, 2024, was 32.8%, compared to 30.7% in the prior year[50] Debt and Leverage - Total long-term debt as of September 30, 2024, was $9,507.3 million, an increase from $8,816.9 million as of December 31, 2023[19] - The net leverage ratio improved to 4.05x as of September 30, 2024, compared to 4.14x at the end of 2023[19] - Net Leverage improved to 4.05x, the lowest in the company's history[44] - Long-term debt significantly increased to $1,031.1 million as of September 30, 2024, from $9.7 million as of December 31, 2023[85] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2024, were $974.9 million, compared to $579.0 million for the same period in 2023, representing a 68.2% increase[100] - Adjusted Cash Flows from Operating Activities increased to $1,048.5 million for the nine months ended September 30, 2024, from $905.7 million in 2023, reflecting a 15.7% growth[100] - Adjusted Free Cash Flow, including incremental growth investments, rose to $460.2 million in 2024, up from $235.8 million in 2023, marking a 95.1% increase[100] - Incremental growth investments for the nine months ended September 30, 2024, were $247.0 million, compared to $102.7 million in 2023, indicating a 141.5% increase[100] - Cash flows from operating activities for the quarter ended September 30, 2024, were $347.1 million, up from $125.8 million in 2023, representing a 176.5% increase[102] Asset and Liability Management - Total assets as of September 30, 2024, were $20,138.6 million, up from $19,879.2 million as of December 31, 2023, indicating a growth of 1.3%[85] - Total liabilities increased to $13,133.4 million as of September 30, 2024, compared to $12,493.0 million as of December 31, 2023, reflecting a rise of 5.1%[85] - Shareholders' equity decreased to $7,005.2 million as of September 30, 2024, from $7,386.2 million as of December 31, 2023[85] Operational Highlights - The workforce of GFL Environmental Inc. is approximately 20,000 employees, supporting its operations across Canada and more than half of the U.S. states[4] - The company reported a significant non-cash loss due to the divestiture of certain U.S. assets during the current period[2] - The company plans to continue its market expansion and product development strategies, focusing on solid waste and environmental services[88] Other Financial Metrics - The company incurred transaction costs of $29.3 million for the nine months ended September 30, 2024, down from $63.9 million in 2023, a decrease of 54.3%[100] - Cash taxes related to divestitures decreased significantly to $15.0 million in 2024 from $248.6 million in 2023, a reduction of 93.9%[100] - The company incurred a loss on divestiture of $0.5 million, contrasting with a gain of $494.6 million in the previous year[86] - Founder/CEO remuneration for the nine months ended September 30, 2024, was $15.6 million, with no corresponding costs in 2023[100]