GFL(US:GFL)2025-11-05 21:10Revenue Performance - Revenue for Q3 2025 was $1,694.2 million, an increase of 9.0% year-over-year, driven by 6.3% from core pricing and 1.0% from positive volume growth[5] - Revenue for the three months ended September 30, 2025, was $1,694.2 million, an increase from $1,554.2 million in the same period of 2024, representing an 8.99% growth[34] - Revenue growth for the total company was 9.0% for the three months ended September 30, 2025, driven by 2.9% from acquisitions and 5.4% from organic growth[42] - For the nine months ended September 30, 2025, total revenue was $4,929.5 million, an increase of 7.9% from $4,567.6 million in the same period of 2024[45] Profitability Metrics - Adjusted EBITDA for Q3 2025 was $535.1 million, a 12.0% increase from $477.8 million in Q3 2024, with an Adjusted EBITDA margin of 31.6%, the highest in the company's history[4] - Adjusted EBITDA for the three months ended September 30, 2025, was $535.1 million, representing a margin of 31.6%, compared to $477.8 million and a margin of 30.7% in the prior year[51] - Adjusted EBITDA guidance for 2025 is now estimated at $1,975 million, compared to the prior guidance of $1,950 million to $1,975 million[14] - Adjusted Free Cash Flow for Q3 2025 was $180.5 million, an increase of $74.6 million from $105.9 million in Q3 2024, primarily due to higher Adjusted EBITDA[14] Net Income and Earnings - Net income from continuing operations for Q3 2025 was $108.1 million, compared to $41.6 million in Q3 2024, reflecting significant year-over-year growth[5] - Net income from continuing operations for the three months ended September 30, 2025, was $108.1 million, compared to $41.6 million in the same period of 2024, indicating a significant increase[34] - The company’s basic income per share from continuing operations for the three months ended September 30, 2025, was $0.28, up from $0.06 in the same period of 2024[34] - Adjusted Net Income from continuing operations for the nine months ended September 30, 2025, was $150.9 million, compared to a loss of $1.4 million in the same period of 2024[57] Cash Flow and Liquidity - Adjusted Free Cash Flow for Q3 2025 was $180.5 million, up from $105.9 million in Q3 2024, reflecting a growth of 70.5%[59] - Cash flows from operating activities for Q3 2025 were $391.1 million, an increase from $347.1 million in Q3 2024, representing a growth of 12.0%[59] - Adjusted Cash Flows from Operating Activities for Q3 2025 reached $412.7 million, compared to $220.3 million in Q3 2024, indicating a significant increase of 87.2%[59] - For the nine months ended September 30, 2025, cash flows from operating activities totaled $870.7 million, down from $974.9 million in the same period of 2024, a decrease of 10.7%[61] Debt and Leverage - Net leverage is estimated to be in the low-to-mid 3.0x range by the end of 2025, indicating a stable financial position[14] - The company reported a net leverage ratio of 3.4x as of September 30, 2025, down from 4.1x as of December 31, 2024[47] - Long-term debt decreased from $8,853.0 million as of December 31, 2024, to $7,268.8 million as of September 30, 2025, a reduction of approximately 17.9%[37] - Total long-term debt, net of derivative asset, was $7,314.8 million as of September 30, 2025, a decrease from $9,884.8 million as of December 31, 2024[47] Shareholder Actions - The company repurchased $2.76 billion of shares year-to-date, representing over 10% of issued and outstanding subordinate voting shares[4] - The company plans to continue its opportunistic approach to share repurchases and M&A activities, focusing on accretive opportunities[2] Asset and Liability Management - Total assets decreased from $21,207.4 million as of December 31, 2024, to $19,355.2 million as of September 30, 2025, representing a decline of approximately 8.7%[37] - Total liabilities decreased from $13,985.7 million as of December 31, 2024, to $11,549.1 million as of September 30, 2025, a decline of approximately 17.4%[37] - Shareholders' equity increased from $7,221.7 million as of December 31, 2024, to $7,806.1 million as of September 30, 2025, an increase of approximately 8.1%[37] Acquisition and Growth Strategy - Year-to-date completed acquisitions are generating approximately $205.0 million in annualized revenue, contributing positively to overall performance[4] - The company expects to incur similar acquisition-related costs in the future, indicating ongoing market expansion strategies[56] - The company incurred transaction costs of $38.1 million for the nine months ended September 30, 2025, compared to $26.3 million in the same period of 2024, an increase of 44.0%[61]