WASTE CONNECTIONS REPORTS FIRST QUARTER 2025 RESULTS

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]