GFL(US:GFL)2023-04-27 16:00Revenue and Income - Revenue for Q1 2023 was $1,799.1 million, a 28.4% increase from $1,401.4 million in Q1 2022[4] - GFL reported a net loss attributable to the company of $219.4 million for Q1 2023, compared to a net income of $27.4 million in Q1 2022[49] - The company reported a comprehensive loss from continuing operations of $215.9 million, compared to a comprehensive income of $23.2 million in Q1 2022[4] - For the three months ended March 31, 2023, GFL reported a net loss of $217.8 million compared to a net income of $27.4 million in the same period of 2022[12] - The Adjusted EBITDA for the first quarter of 2023 was $440.5 million, up from $354.4 million in Q1 2022, representing a growth of 24.3%[53] Costs and Expenses - Cost of sales increased to $1,554.6 million, up from $1,265.6 million, reflecting a rise of 22.8%[4] - Interest and other finance costs increased to $164.7 million from $103.2 million year-over-year[12] - The interest and other finance costs increased to $164.7 million in Q1 2023 from $99.7 million in Q1 2022, reflecting a rise of 65.2%[45] - The total compensation expense related to share options for the three months ended March 31, 2023, was $5.2 million, a decrease from $5.6 million for the same period in 2022[59] - The total compensation expense related to RSUs for the three months ended March 31, 2023, was $9.5 million, up from $6.0 million for the same period in 2022[61] Assets and Liabilities - Total assets as of March 31, 2023, were $19,830.2 million, slightly up from $19,767.6 million at the end of 2022[6] - Total liabilities decreased to $12,874.6 million from $13,723.5 million at the end of 2022, a reduction of 6.2%[6] - Shareholders' equity increased to $6,955.6 million from $6,044.1 million, reflecting a growth of 15.1%[6] - GFL's total long-term debt increased to $9,572.1 million from $9,266.8 million as of December 31, 2022, reflecting a rise of approximately 3.3%[37] - The balance of landfill closure and post-closure obligations increased to $888.4 million as of March 31, 2023, from $847.2 million at the end of 2022, marking a rise of about 4.9%[34] Acquisitions and Investments - GFL acquired 12 businesses during the three months ended March 31, 2023, with a total cash consideration of $221.1 million[24] - The pro forma revenue for the three months ended March 31, 2023, would have been $1,811.2 million, with a net loss before taxes of $257.6 million if the acquisitions had occurred on January 1, 2023[28] - GFL's total consideration for acquisitions included $2.5 million in additional consideration related to prior years[25] Cash Flow and Working Capital - GFL's cash and cash equivalents decreased to $73.0 million at the end of the quarter from $189.3 million at the end of the previous year[12] - GFL reported a net change in non-cash working capital of $(65.8) million for the three months ended March 31, 2023, compared to $(69.6) million for the same period in 2022[62] - As of March 31, 2023, GFL had letters of credit totaling approximately $232.3 million, slightly down from $233.0 million as of December 31, 2022[67] Revenue Segmentation - GFL's residential revenue increased to $388.0 million in Q1 2023, up 17.6% from $330.0 million in Q1 2022[50] - The commercial/industrial revenue rose to $707.8 million in Q1 2023, a significant increase of 37.7% from $514.1 million in the prior year[50] - GFL's landfill revenue for Q1 2023 was $218.0 million, up 23.3% from $176.7 million in Q1 2022[50] Shareholder Information - GFL's total share capital increased to 405,921,300 shares from 380,211,030 shares as of December 31, 2022, reflecting a conversion of 25,666,465 shares from TEUs[57] - GFL's outstanding RSUs increased to 2,051,317 as of March 31, 2023, from 1,906,769 as of December 31, 2022, with a grant date fair value of $28.27 per RSU[60] Other Financial Metrics - The Total Net Funded Debt to Adjusted EBITDA ratio was maintained at 5.75 to 1.00, in compliance with the financial maintenance covenant[42] - GFL's goodwill and indefinite life intangible assets totaled $8,443.0 million as of March 31, 2023, down from $9,022.1 million as of December 31, 2022[54] - The accumulated amortization of intangible assets was $1,855.3 million as of March 31, 2023, compared to $1,859.7 million at the end of 2022, indicating a slight decrease[32] Divestitures and Sales - GFL classified three distinct U.S. Solid Waste regions as held for sale during the three months ended March 31, 2023, based on definitive agreements and a letter of intent[72] - The divestiture of GFL's Infrastructure services division was completed for cash consideration of $224.0 million on April 25, 2022[74]