GFL Environmental Reports Third Quarter 2024 Results
GFL Environmental reported strong Q3 2024 results with revenue of $2,014.7 million, up 9.3% excluding divestitures. The company achieved its highest-ever Adjusted EBITDA margin of 31.1%, a 300 basis point increase year-over-year. Net income reached $110.6 million, compared to $18.3 million in Q3 2023. Solid Waste revenue was $1,554.2 million with 6.0% core pricing growth. The company's Environmental Services sale process is progressing with expected net proceeds of at least $6 billion. GFL maintained its 2024 guidance and announced a planned COO transition effective January 2025.
GFL Environmental ha riportato risultati solidi nel terzo trimestre del 2024, con un fatturato di 2.014,7 milioni di dollari, in aumento del 9,3% escludendo le dismissioni. L'azienda ha raggiunto il suo più alto margine di EBITDA rettificato di sempre, pari al 31,1%, con un incremento di 300 punti base rispetto all'anno precedente. L'utile netto ha toccato i 110,6 milioni di dollari, rispetto ai 18,3 milioni di dollari del terzo trimestre del 2023. Il fatturato del Settore dei Rifiuti Solidi è stato di 1.554,2 milioni di dollari, con una crescita dei prezzi core del 6,0%. Il processo di vendita dei servizi ambientali dell'azienda sta procedendo con ricavi netti attesi di almeno 6 miliardi di dollari. GFL ha mantenuto le proprie previsioni per il 2024 e ha annunciato una transizione programmata del COO a partire da gennaio 2025.
GFL Environmental reportó resultados sólidos en el tercer trimestre de 2024, con ingresos de 2,014.7 millones de dólares, un aumento del 9.3% excluyendo desinversiones. La compañía logró su margen de EBITDA ajustado más alto hasta la fecha, del 31.1%, un aumento de 300 puntos básicos interanuales. La utilidad neta alcanzó los 110.6 millones de dólares, en comparación con los 18.3 millones de dólares en el tercer trimestre de 2023. Los ingresos por Residuos Sólidos fueron de 1,554.2 millones de dólares, con un crecimiento de precios base del 6.0%. El proceso de venta de los servicios ambientales de la compañía avanza con ingresos netos esperados de al menos 6 mil millones de dólares. GFL mantuvo su guía para 2024 y anunció una transición planificada de COO que entrará en vigor en enero de 2025.
GFL Environmental는 2024년 3분기 강력한 실적을 보고했으며, 수익은 20억 1,470만 달러로 divestitures를 제외하면 9.3% 증가했습니다. 회사는 연간 기준으로 300 베이시스 포인트 증가하여 사상 최고인 조정 EBITDA 마진 31.1%를 달성했습니다. 순이익은 1억 1,060만 달러에 도달했으며, 2023년 3분기에 비해 1,830만 달러에서 증가했습니다. 고형 폐기물 수익은 15억 5,420만 달러였으며, 핵심 가격이 6.0% 성장했습니다. 회사의 환경 서비스 판매 프로세스는 적어도 60억 달러의 순수익이 예상되는 순조롭게 진행되고 있습니다. GFL은 2024년 전망을 유지하며 2025년 1월부터 COO 전환을 계획하고 있다고 발표했습니다.
GFL Environmental a annoncé de solides résultats pour le troisième trimestre 2024 avec un chiffre d'affaires de 2.014,7 millions de dollars, en hausse de 9,3% hors cessions. L'entreprise a atteint un niveau record de marge EBITDA ajustée de 31,1%, soit une augmentation de 300 points de base par rapport à l'année précédente. Le revenu net a atteint 110,6 millions de dollars, contre 18,3 millions de dollars au troisième trimestre 2023. Le chiffre d'affaires des Déchets Solides s'est établi à 1.554,2 millions de dollars avec une croissance des prix de base de 6,0%. Le processus de vente des services environnementaux de l'entreprise progresse avec des produits nets attendus d'au moins 6 milliards de dollars. GFL a maintenu ses prévisions pour 2024 et a annoncé une transition prévue du COO à partir de janvier 2025.
GFL Environmental meldete im dritten Quartal 2024 starke Ergebnisse mit einem Umsatz von 2.014,7 Millionen Dollar, ein Anstieg von 9,3% ohne Veräußerrungen. Das Unternehmen erreichte mit einer EBITDA-Marge von 31,1% den höchsten Wert seiner Geschichte, was einem Anstieg von 300 Basispunkten im Vergleich zum Vorjahr entspricht. Der Nettogewinn betrug 110,6 Millionen Dollar, verglichen mit 18,3 Millionen Dollar im dritten Quartal 2023. Der Umsatz im Bereich Festabfall betrug 1.554,2 Millionen Dollar mit einem Kernpreisanstieg von 6,0%. Der Verkaufsprozess der Umweltdienstleistungen des Unternehmens verläuft mit erwarteten Nettoerlösen von mindestens 6 Milliarden Dollar. GFL hielt an seinen Prognosen für 2024 fest und kündigte einen geplanten Wechsel des COO ab Januar 2025 an.
- Record Adjusted EBITDA margin of 31.1%, up 300 basis points YoY
- Net income increased to $110.6M from $18.3M in Q3 2023
- Revenue grew 9.3% excluding divestitures
- Expected $6B net proceeds from Environmental Services sale
- Solid Waste pricing growth of 6.0%
- Lowest Net Leverage ratio in company history at 4.05x
- Year-to-date acquisitions generating ~$115M in annualized revenue
- Solid Waste volume decreased by 0.8%
- Adjusted Free Cash Flow declined to $225.4M from $276.0M YoY
- Net loss of $538.2M for the nine months ended September 30, 2024
Insights
GFL Environmental delivered impressive Q3 2024 results with notable achievements. Revenue grew 9.3% (excluding divestitures) to
- Adjusted EBITDA margin1 of
31.1% , highest in Company's history and an increase of 300 basis points over prior year - Net Leverage1 of 4.05x, lowest in Company's history
- Environmental Services sale process remains on track with expected net proceeds of at least
$6 billion - Solid Waste price of
6.0% excluding the impact of divestitures (5.8% including the impact of divestitures), ahead of expectations - Solid Waste volumed improved sequentially by 90 basis points, ahead of expectations
- Adjusted EBITDA1 of
, increase of$625.9 million 18.0% ; Adjusted Net Income1 of ; Net income of$126.1 million $110.6 million - Adjusted Cash Flows from Operating Activities1 of
; cash flows from operating activities of$377.6 million ; Adjusted Free Cash Flow1 of$347.1 million $225.4 million - Year-to-date completed acquisitions generating approximately
in annualized revenue$115 million
"Once again, the dedication of our over 20,000 employees delivered consistent high-quality results across all our financial metrics," said Patrick Dovigi, Founder and Chief Executive Officer of GFL. "Our continued focus on strong execution generated industry leading Adjusted EBITDA margin1 expansion of 300 basis points over the prior year quarter, the highest in GFL's history. Consistent with our capital allocation plan for the year, we deployed
"We are also tracking in line to achieve our 2024 capital allocation targets, including the deployment of approximately
Mr. Dovigi continued, "In August we announced our plans to further evaluate the potential sale of our Environmental Services business. We launched a robust process in September and have received several expressions of interest from highly reputable potential buyers at valuations that should net a minimum of
Mr. Dovigi concluded, "Today we are also announcing a change to our leadership team. As part of our long-planned succession process, effective January 1, 2025, Greg Yorston will transition the role of Chief Operating Officer to Billy Soffera, our current EVP of Solid Waste Operations and will continue in an advisory role until the end of 2025 to ensure an orderly and seamless transition. Over the past six years, Greg has been instrumental in executing our growth strategy and instilling operational discipline across the enterprise. We are fortunate that we will continue to benefit from his leadership during this transitional period. Billy has decades of industry experience and has been a critical member of our operational leadership team since joining GFL in 2021. Billy's depth and breadth of experience, combined with his institutional knowledge of our business, make him uniquely positioned to advance our operational and growth strategy."
Third Quarter Results
- Revenue of
in the third quarter of 2024, increase of$2,014.7 million 9.3% excluding the impact of divestitures (6.6% including the impact of divestitures), compared to the third quarter of 2023.- Solid Waste revenue of
, including$1,554.2 million 6.0% from core pricing partially offset by volume decreases of0.8% .2 - Environmental Services revenue of
, compared to$460.5 million in the prior year period which included approximately$447.0 million of revenue associated with an unseasonably high level of large event driven business. Excluding the impact of this outsized activity in the prior year period, revenue increased by$20.6 million 7.9% .
- Solid Waste revenue of
- Adjusted EBITDA1 increased by
18.0% to in the third quarter of 2024, compared to$625.9 million in the third quarter of 2023. Adjusted EBITDA margin1 was$530.3 million 31.1% in the third quarter of 2024, compared to28.1% in the third quarter of 2023. Solid Waste Adjusted EBITDA margin1 was34.8% in the third quarter of 2024, compared to31.4% in the third quarter of 2023. Environmental Services Adjusted EBITDA margin1 was32.2% in the third quarter of 2024, compared to31.1% in the third quarter of 2023. - Net income was
in the third quarter of 2024, compared to net income of$110.6 million in the third quarter of 2023.$18.3 million - Adjusted Free Cash Flow1 was
in the third quarter of 2024, compared to$225.4 million in the third quarter of 2023. The decrease of$276.0 million was predominantly due to the timing of cash taxes related to divestitures and incremental growth investments, offset by an increase in cash flows from operating activities.$50.6 million
Year to Date Results
- Revenue of
for the nine months ended September 30, 2024, an increase of$5,876.1 million 9.0% excluding the impact of divestitures (4.3% including the impact of divestitures), compared to the nine months ended September 30, 2023.- Solid Waste revenue of
, including$4,567.6 million 6.7% from core pricing, partially offset by volume decreases of1.8% .2 - Environmental Services revenue of
, compared to$1,308.5 million in the prior year period which included approximately$1,265.8 million of revenue associated with an unseasonably high level of large event driven business. Excluding the impact of this outsized activity in the prior year period, revenue increased by$81.8 million 10.5% .
- Solid Waste revenue of
- Adjusted EBITDA1 increased by
14.3% excluding the impact of divestitures (10.7% including the impact of divestitures) to for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Adjusted EBITDA margin1 was$1,672.7 million 28.5% for the nine months ended September 30, 2024, compared to26.8% for the nine months ended September 30, 2023. Solid Waste Adjusted EBITDA margin1 was32.8% for the nine months ended September 30, 2024, compared to30.7% for the nine months ended September 30, 2023. Environmental Services Adjusted EBITDA margin1 was28.4% for the nine months ended September 30, 2024, compared to27.9% for the nine months ended September 30, 2023. - Net loss was
for the nine months ended September 30, 2024, compared to net income of$538.2 million for the nine months ended September 30, 2023. Net loss includes a non-cash loss resulting from the divestiture of certain$94.3 million U.S. assets completed in the current period. - Adjusted Free Cash Flow1 was
for the nine months ended September 30, 2024, compared to$460.2 million for the nine months ended September 30, 2023. The increase of$235.8 million was predominantly due to an increase in cash flows from operating activities from a reduction in cash interest paid, as well as timing of capex payments.$224.4 million
______________________ | |
(1) | A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures. |
(2) | Reflects pro forma adjustments to remove the contribution of three non-core |
Q3 2024 Earnings
GFL will host a conference call related to our third quarter earnings on November 7, 2024 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto our Investors page at investors.gflenv.com or by clicking here. Listeners may access the call toll-free by dialing 1-833-950-0062 in
We encourage participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login?show=0c5465fe&confId=71726. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. Participants may pre-register at any time, including up to and after the call start time. For those unable to listen live, an audio replay of the call will be available until November 21, 2024 by dialing 1-226-828-7578 in
About GFL
GFL, headquartered in
For more information, visit the GFL web site at gflenv.com. To subscribe for investor email alerts please visit investors.gflenv.com or click here.
Forward-Looking Information
This release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable
Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; our ability to find purchasers for and complete any divestiture of assets on terms acceptable to us; our ability to use the proceeds of any such asset divestiture for deleveraging or potential share repurchases; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2023 and GFL's other periodic filings with the
Non-IFRS Measures
This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
EBITDA represents, for the applicable period, net income (loss) plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss). We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.
Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) mark-to-market (gain) loss on Purchase Contracts, (d) share of net (income) loss of investments accounted for using the equity method for associates, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the three and nine months ended September 30, 2024, Founder/CEO remuneration has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.
Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.
Acquisition EBITDA represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.
Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) transaction costs, (b) acquisition, rebranding and other integration costs, (c) Founder/CEO remuneration, (d) cash interest paid on TEUs, (e) cash taxes related to divestitures and (f) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the three and nine months ended September 30, 2024, Founder/CEO remuneration and distributions received from joint ventures have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid or received, as applicable, in prior periods. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.
Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL. For the three and nine months ended September 30, 2024, we excluded investment in joint ventures and associates from the calculation of Adjusted Free Cash Flow.
Adjusted Net Income (Loss) represents net income (loss) adjusted for (a) amortization of intangible assets, (b) ARO discount rate depreciation adjustment, (c) incremental depreciation of property and equipment due to recapitalization, (d) amortization of deferred financing costs, (e) (gain) loss on foreign exchange, (f) mark-to-market (gain) loss on Purchase Contracts, (g) share of net (income) loss of investments accounted for using the equity method, (h) loss on termination of hedged instruments (i) (gain) loss on divestiture, (j) transaction costs, (k) acquisition, rebranding and other integration costs, (l) Founder/CEO remuneration, (m) TEU amortization expense, (n) other and (o) the tax impact of the forgoing. For the three and nine months ended September 30, 2024, we added back the ARO discount rate depreciation adjustment, the loss on termination of hedged instruments, Founder/CEO remuneration, and our share of net loss of investments accounted for using the equity method. Adjusted income (loss) per share is defined as Adjusted Net Income (Loss) divided by the weighted average shares in the period. For the three and nine months ended September 30, 2024, Founder/CEO remuneration has been added back to net income (loss). We believe that Adjusted income (loss) per share provides a meaningful comparison of current results to prior periods' results by excluding items that GFL does not believe reflect its fundamental business performance.
Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.
Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.
All references to "$" in this press release are to Canadian dollars, unless otherwise noted.
For further information:
Patrick Dovigi, Founder and Chief Executive Officer
+1 905-326-0101
pdovigi@gflenv.com
GFL Environmental Inc. | ||||||||
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||
(In millions of dollars except per share amounts) | ||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenue | $ 2,014.7 | $ 1,890.0 | $ 5,876.1 | $ 5,632.7 | ||||
Expenses | ||||||||
Cost of sales | 1,604.5 | 1,526.8 | 4,769.9 | 4,672.0 | ||||
Selling, general and administrative expenses | 236.2 | 234.7 | 765.5 | 683.4 | ||||
Interest and other finance costs | 169.8 | 137.2 | 509.7 | 466.7 | ||||
Gain on sale of property and equipment | (2.4) | (6.7) | (4.3) | (13.1) | ||||
(Gain) loss on foreign exchange | (68.1) | 46.9 | 12.2 | (4.6) | ||||
Mark-to-market loss on Purchase Contracts | — | — | — | 104.3 | ||||
Loss (gain) on divestiture | 0.5 | — | 494.6 | (580.5) | ||||
Other | (25.1) | (15.2) | (26.0) | (17.5) | ||||
1,915.4 | 1,923.7 | 6,521.6 | 5,310.7 | |||||
Share of net income (loss) of investments accounted for using the equity method | 31.8 | 34.0 | 16.9 | (48.9) | ||||
Income (loss) before income taxes | 131.1 | 0.3 | (628.6) | 273.1 | ||||
Current income tax expense | 29.8 | 18.1 | 93.0 | 367.5 | ||||
Deferred tax recovery | (9.3) | (36.1) | (183.4) | (188.7) | ||||
Income tax expense (recovery) | 20.5 | (18.0) | (90.4) | 178.8 | ||||
Net income (loss) | 110.6 | 18.3 | (538.2) | 94.3 | ||||
Less: Net income (loss) attributable to non-controlling interests | 0.2 | (3.8) | (4.6) | (3.3) | ||||
Net income (loss) attributable to GFL Environmental Inc. | 110.4 | 22.1 | (533.6) | 97.6 | ||||
Items that may be subsequently reclassified to net income (loss) | ||||||||
Currency translation adjustment | (86.2) | 119.4 | 115.1 | (42.4) | ||||
Reclassification to net income (loss) of fair value movements on cash flow hedges, net of tax | (5.7) | — | (5.7) | — | ||||
Fair value movements on cash flow hedges, net of tax | 2.1 | 10.7 | (12.6) | 25.6 | ||||
Share of other comprehensive loss of investments accounted for using the equity method | — | — | (1.2) | (0.4) | ||||
Reclassification to net income (loss) of foreign currency differences on divestitures | — | — | (26.5) | 22.5 | ||||
Other comprehensive (loss) income | (89.8) | 130.1 | 69.1 | 5.3 | ||||
Total comprehensive income (loss) | 20.8 | 148.4 | (469.1) | 99.6 | ||||
Less: Total comprehensive loss attributable to non-controlling interests | (2.7) | (4.5) | — | (4.3) | ||||
Total comprehensive income (loss) attributable to GFL Environmental Inc. | $ 23.5 | $ 152.9 | $ (469.1) | $ 103.9 | ||||
Basic income (loss) per share(1) | $ 0.24 | $ — | $ (1.59) | $ 0.08 | ||||
Diluted income (loss) per share(1) | $ 0.23 | $ — | $ (1.59) | $ 0.08 | ||||
Weighted average number of shares outstanding | 380,144,960 | 369,556,706 | 376,589,863 | 369,320,689 | ||||
Diluted weighted average number of shares outstanding | 385,321,424 | 369,556,706 | 376,589,863 | 372,007,592 |
(1) | Basic and diluted loss per share is calculated on net income (loss) attributable to GFL Environmental Inc. adjusted for amounts attributable to preferred shareholders. Refer to Note 9 in our Unaudited Interim Financial Statements. |
GFL Environmental Inc. | ||||
Unaudited Interim Condensed Consolidated Statements of Financial Position | ||||
(In millions of dollars) | ||||
September 30, 2024 | December 31, 2023 | |||
Assets | ||||
Cash | $ 99.5 | $ 135.7 | ||
Trade and other receivables, net | 1,216.6 | 1,080.0 | ||
Income taxes recoverable | 8.8 | 47.7 | ||
Prepaid expenses and other assets | 281.3 | 221.6 | ||
Current assets | 1,606.2 | 1,485.0 | ||
Property and equipment, net | 7,358.7 | 6,980.7 | ||
Intangible assets, net | 2,846.8 | 3,056.3 | ||
Investments accounted for using the equity method | 335.5 | 319.0 | ||
Other long-term assets | 108.8 | 82.9 | ||
Deferred income tax assets | 155.3 | 64.8 | ||
Goodwill | 7,727.3 | 7,890.5 | ||
Non-current assets | 18,532.4 | 18,394.2 | ||
Total assets | $ 20,138.6 | $ 19,879.2 | ||
Liabilities | ||||
Accounts payable and accrued liabilities | 1,598.8 | 1,679.1 | ||
Long-term debt | 1,031.1 | 9.7 | ||
Lease obligations | 66.5 | 59.6 | ||
Due to related party | 2.9 | 5.8 | ||
Landfill closure and post-closure obligations | 59.2 | 56.2 | ||
Current liabilities | 2,758.5 | 1,810.4 | ||
Long-term debt | 8,493.8 | 8,827.2 | ||
Lease obligations | 422.8 | 383.4 | ||
Other long-term liabilities | 40.0 | 39.1 | ||
Due to related party | — | 2.9 | ||
Deferred income tax liabilities | 444.7 | 534.0 | ||
Landfill closure and post-closure obligations | 973.6 | 896.0 | ||
Non-current liabilities | 10,374.9 | 10,682.6 | ||
Total liabilities | 13,133.4 | 12,493.0 | ||
Shareholders' equity | ||||
Share capital | 9,938.0 | 9,835.1 | ||
Contributed surplus | 137.2 | 149.5 | ||
Deficit | (3,376.9) | (2,822.6) | ||
Accumulated other comprehensive income | 79.6 | 15.1 | ||
Total GFL Environmental Inc.'s shareholders' equity | 6,777.9 | 7,177.1 | ||
Non-controlling interests | 227.3 | 209.1 | ||
Total shareholders' equity | 7,005.2 | 7,386.2 | ||
Total liabilities and shareholders' equity | $ 20,138.6 | $ 19,879.2 |
GFL Environmental Inc. | ||||||||
Unaudited Interim Condensed Consolidated Statements of Cash Flows | ||||||||
(In millions of dollars) | ||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating activities | ||||||||
Net income (loss) | $ 110.6 | $ 18.3 | $ (538.2) | $ 94.3 | ||||
Adjustments for non-cash items | ||||||||
Depreciation of property and equipment | 289.0 | 242.3 | 831.3 | 719.9 | ||||
Amortization of intangible assets | 110.9 | 106.9 | 330.2 | 379.7 | ||||
Share of net (income) loss of investments accounted for using the equity method | (31.8) | (34.0) | (16.9) | 48.9 | ||||
Loss (gain) on divestiture | 0.5 | — | 494.6 | (580.5) | ||||
Other | (25.1) | (15.2) | (26.0) | (17.5) | ||||
Interest and other finance costs | 169.8 | 137.2 | 509.7 | 466.7 | ||||
Share-based payments | 18.0 | 26.5 | 90.6 | 56.7 | ||||
(Gain) loss on unrealized foreign exchange on long-term debt and TEUs | (68.1) | 47.2 | 12.0 | (3.5) | ||||
Gain on sale of property and equipment | (2.4) | (6.7) | (4.3) | (13.1) | ||||
Mark-to-market loss on Purchase Contracts | — | — | — | 104.3 | ||||
Current income tax expense | 29.8 | 18.1 | 93.0 | 367.5 | ||||
Deferred tax recovery | (9.3) | (36.1) | (183.4) | (188.7) | ||||
Interest paid in cash on Amortizing Notes component of TEUs | — | — | — | (0.2) | ||||
Interest paid in cash, excluding interest paid on Amortizing Notes | (164.3) | (134.8) | (393.2) | (411.5) | ||||
Income taxes paid in cash, net | (29.3) | (250.9) | (35.8) | (261.8) | ||||
Changes in non-cash working capital items | (38.4) | 12.9 | (168.3) | (169.6) | ||||
Landfill closure and post-closure expenditures | (12.8) | (5.9) | (20.4) | (12.6) | ||||
347.1 | 125.8 | 974.9 | 579.0 | |||||
Investing activities | ||||||||
Purchase of property and equipment | (281.1) | (276.3) | (875.8) | (823.6) | ||||
Proceeds from disposal of assets and other | 32.5 | 30.6 | 40.5 | 51.0 | ||||
Proceeds from divestitures | — | — | 69.5 | 1,645.9 | ||||
Business acquisitions and investments, net of cash acquired | (62.1) | (392.3) | (613.5) | (674.7) | ||||
Dividend received from joint ventures | 1.1 | — | 9.4 | — | ||||
(309.6) | (638.0) | (1,369.9) | 198.6 | |||||
Financing activities | ||||||||
Repayment of lease obligations | (41.0) | (30.8) | (103.3) | (69.4) | ||||
Issuance of long-term debt | 430.2 | 1,069.0 | 2,490.9 | 3,032.1 | ||||
Repayment of long-term debt | (453.2) | (412.2) | (1,964.0) | (3,597.1) | ||||
Proceeds from termination of hedged arrangements | — | — | — | 17.3 | ||||
Payment for termination of hedged arrangements | — | — | (6.4) | — | ||||
Payment of contingent purchase consideration and holdbacks | (9.1) | (0.6) | (28.6) | (4.6) | ||||
Repayment of Amortizing Notes | — | — | — | (15.7) | ||||
Dividends issued and paid | (7.2) | (6.4) | (20.7) | (18.5) | ||||
Payment of financing costs | (8.8) | (11.2) | (17.5) | (26.2) | ||||
Repayment of loan to related party | (2.9) | (2.9) | (5.8) | (9.3) | ||||
Contribution from non-controlling interest | 18.2 | — | 18.2 | 8.1 | ||||
(73.8) | 604.9 | 362.8 | (683.3) | |||||
(Decrease) increase in cash | (36.3) | 92.7 | (32.2) | 94.3 | ||||
Changes due to foreign exchange revaluation of cash | 1.6 | (0.7) | (4.0) | (2.2) | ||||
Cash, beginning of period | 134.2 | 82.2 | 135.7 | 82.1 | ||||
Cash, end of period | $ 99.5 | $ 174.2 | $ 99.5 | $ 174.2 |
SUPPLEMENTAL DATA
You should read the following information in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, as well as our unaudited Interim Financial Statements and notes thereto for the three and nine months ended September 30, 2024.
Revenue Growth
The following tables summarize the revenue growth in our segments for the periods indicated:
Three months ended September 30, 2024 | ||||||||||||
Pro forma excluding divestitures(1) | ||||||||||||
Contribution | Organic | Foreign | Revenue | Impact from | Total Revenue | |||||||
Solid Waste | ||||||||||||
0.6 % | 9.7 % | — % | 10.3 % | — % | 10.3 % | |||||||
6.4 | 3.6 | 1.7 | 11.7 | (5.2) | 6.5 | |||||||
Solid Waste | 4.5 | 5.6 | 1.2 | 11.3 | (3.6) | 7.7 | ||||||
Environmental Services | 5.3 | (2.8) | 0.5 | 3.0 | — | 3.0 | ||||||
Total | 4.7 % | 3.6 % | 1.0 % | 9.3 % | (2.7) % | 6.6 % |
(1) | Reflects pro forma adjustments to remove the contribution of three non-core |
Nine months ended September 30, 2024 | ||||||||||||
Pro forma excluding divestitures(1) | ||||||||||||
Contribution | Organic | Foreign | Revenue | Impact from | Total Revenue | |||||||
Solid Waste | ||||||||||||
0.7 % | 8.4 % | — % | 9.1 % | — % | 9.1 % | |||||||
6.9 | 3.5 | 1.2 | 11.6 | (8.9) | 2.7 | |||||||
Solid Waste | 4.9 | 5.1 | 0.8 | 10.8 | (6.2) | 4.6 | ||||||
Environmental Services | 6.8 | (3.8) | 0.4 | 3.4 | — | 3.4 | ||||||
Total | 5.3 % | 3.0 % | 0.7 % | 9.0 % | (4.7) % | 4.3 % |
(1) | Reflects pro forma adjustments to remove the contribution of three non-core |
Detail of Solid Waste Organic Growth
The following table summarizes the components of our Solid Waste organic growth for the periods indicated:
Pro forma excluding | ||||||||
Three months September 30, | Nine months September 30, | Three months September 30, | Nine months September 30, | |||||
Price | 6.0 % | 6.7 % | 5.8 % | 6.3 % | ||||
Surcharges | (0.5) | (0.7) | (0.5) | (0.6) | ||||
Volume | (0.8) | (1.8) | (0.7) | (1.7) | ||||
Commodity price | 0.9 | 0.9 | 0.8 | 0.8 | ||||
Total Solid Waste organic growth | 5.6 % | 5.1 % | 5.4 % | 4.8 % |
(1) | Reflects pro forma adjustments to remove the contribution of three non-core |
Operating Segment Results
The following tables summarize our operating segment results for the periods indicated:
Three months ended September 30, 2024 | Three months ended September 30, 2023 | |||||||||||
($ millions) | Revenue | Adjusted | Adjusted | Revenue(3) | Adjusted | Adjusted | ||||||
Solid Waste | ||||||||||||
$ 508.1 | $ 164.0 | 32.3 % | $ 460.5 | $ 129.9 | 28.2 % | |||||||
1,046.1 | 377.2 | 36.1 | 982.5 | 322.9 | 32.9 | |||||||
Solid Waste | 1,554.2 | 541.2 | 34.8 | 1,443.0 | 452.8 | 31.4 | ||||||
Environmental Services | 460.5 | 148.1 | 32.2 | 447.0 | 138.9 | 31.1 | ||||||
Corporate | — | (63.4) | — | — | (61.4) | — | ||||||
Total | $ 2,014.7 | $ 625.9 | 31.1 % | $ 1,890.0 | $ 530.3 | 28.1 % |
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | |||||||||||
($ millions) | Revenue | Adjusted | Adjusted | Revenue(5) | Adjusted | Adjusted | ||||||
Solid Waste | ||||||||||||
$ 1,437.5 | $ 427.4 | 29.7 % | $ 1,318.0 | $ 363.9 | 27.6 % | |||||||
3,130.1 | 1,068.7 | 34.1 | 3,048.9 | 977.8 | 32.1 | |||||||
Solid Waste | 4,567.6 | 1,496.1 | 32.8 | 4,366.9 | 1,341.7 | 30.7 | ||||||
Environmental Services | 1,308.5 | 371.1 | 28.4 | 1,265.8 | 352.6 | 27.9 | ||||||
Corporate | — | (194.5) | — | — | (182.8) | — | ||||||
Total | $ 5,876.1 | $ 1,672.7 | 28.5 % | $ 5,632.7 | $ 1,511.5 | 26.8 % |
(1) | A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures. |
(2) | See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures. |
(3) | Includes reclassification of |
(4) | Includes reclassification of |
(5) | Includes reclassification of |
(6) | Includes reclassification of |
Net Leverage
The following table presents the calculation of Net Leverage as at the dates indicated:
($ millions) | September 30, 2024 | December 31, 2023 | ||
Total long-term debt, net of derivative asset(1) | $ 9,507.3 | $ 8,816.9 | ||
Deferred finance costs and other adjustments | (41.2) | (17.7) | ||
Total long-term debt excluding deferred finance costs and other adjustments | $ 9,548.5 | $ 8,834.6 | ||
Less: cash | (99.5) | (135.7) | ||
9,449.0 | 8,698.9 | |||
Trailing twelve months Adjusted EBITDA(2) | 2,165.0 | 2,003.7 | ||
Run-Rate EBITDA Adjustments(3) | 168.0 | 98.3 | ||
Run-Rate EBITDA(3) | $ 2,333.0 | $ 2,102.0 | ||
Net Leverage(2) | 4.05x | 4.14x |
(1) | Total long-term debt includes derivative asset reclassified for financial statement presentation purposes to other long-term assets, refer to Note 7 in our unaudited Interim Financial Statements. |
(2) | A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures. |
(3) | See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures and ratios. |
Shares Outstanding
The following table presents the total shares outstanding as at the date indicated:
September 30, 2024 | ||
Subordinate voting shares | 381,570,096 | |
Multiple voting shares | 11,812,964 | |
Basic shares outstanding | 393,383,060 | |
Effect of dilutive instruments | 11,921,233 | |
Series A Preferred Shares (as converted) | 11,452,541 | |
Series B Preferred Shares (as converted) | 8,072,002 | |
Diluted shares outstanding | 424,828,836 |
NON-IFRS RECONCILIATION SCHEDULE
Adjusted EBITDA
The following tables provide a reconciliation of our net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated:
($ millions) | Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||
Net income | $ 110.6 | $ 18.3 | ||
Add: | ||||
Interest and other finance costs | 169.8 | 137.2 | ||
Depreciation of property and equipment | 289.0 | 242.3 | ||
Amortization of intangible assets | 110.9 | 106.9 | ||
Income tax expense (recovery) | 20.5 | (18.0) | ||
EBITDA | 700.8 | 486.7 | ||
Add: | ||||
(Gain) loss on foreign exchange(1) | (68.1) | 46.9 | ||
Gain on sale of property and equipment | (2.4) | (6.7) | ||
Share of net income of investments accounted for using the equity method(3) | (12.2) | (34.0) | ||
Share-based payments(4) | 18.0 | 26.5 | ||
Loss on divestiture(5) | 0.5 | — | ||
Transaction costs(6) | 7.0 | 22.3 | ||
Acquisition, rebranding and other integration costs(7) | 2.0 | 3.8 | ||
Founder/CEO remuneration(8) | 5.4 | — | ||
Other | (25.1) | (15.2) | ||
Adjusted EBITDA | $ 625.9 | $ 530.3 |
($ millions) | Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||
Net (loss) income | $ (538.2) | $ 94.3 | ||
Add: | ||||
Interest and other finance costs | 509.7 | 466.7 | ||
Depreciation of property and equipment | 831.3 | 719.9 | ||
Amortization of intangible assets | 330.2 | 379.7 | ||
Income tax (recovery) expense | (90.4) | 178.8 | ||
EBITDA | 1,042.6 | 1,839.4 | ||
Add: | ||||
Loss (gain) on foreign exchange(1) | 12.2 | (4.6) | ||
Gain on sale of property and equipment | (4.3) | (13.1) | ||
Mark-to-market loss on Purchase Contracts(2) | — | 104.3 | ||
Share of net loss of investments accounted for using the equity method(3) | 13.8 | 48.9 | ||
Share-based payments(4) | 90.6 | 56.7 | ||
Loss (gain) on divestiture(5) | 494.6 | (580.5) | ||
Transaction costs(6) | 29.3 | 63.9 | ||
Acquisition, rebranding and other integration costs(7) | 4.3 | 14.0 | ||
Founder/CEO remuneration(8) | 15.6 | — | ||
Other | (26.0) | (17.5) | ||
Adjusted EBITDA | $ 1,672.7 | $ 1,511.5 |
(1) | Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations. |
(2) | This is a non-cash item that consists of the fair value "mark-to-market" adjustment on the Purchase Contracts. |
(3) | Excludes share of net income of investments accounted for using the equity method for RNG projects. |
(4) | This is a non-cash item and consists of the amortization of the estimated fair value of share-based payments granted to certain members of management under share-based payment plans. |
(5) | Consists of loss or gain resulting from the divestiture of certain assets and non-core |
(6) | Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A. |
(7) | Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales. |
(8) | Consists of cash payment to the Founder and CEO, which payment had been satisfied through the issuance of restricted share units in the nine months ended September 30, 2023 as reflected in "All Other Compensation" in the 2024 Management Information Circular. |
Adjusted Net Income
The following tables provide a reconciliation of our net income (loss) to Adjusted Net Income for the periods indicated:
($ millions) | Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||
Net income | $ 110.6 | $ 18.3 | ||
Add: | ||||
Amortization of intangible assets(1) | 110.9 | 106.9 | ||
ARO discount rate depreciation adjustment(2) | — | 4.8 | ||
Amortization of deferred financing costs | 5.1 | 4.3 | ||
(Gain) loss on foreign exchange(3) | (68.1) | 46.9 | ||
Share of net income of investments accounted for using the equity method(5) | (12.2) | (34.0) | ||
Loss on divestiture(7) | 0.5 | — | ||
Transaction costs(8) | 7.0 | 22.3 | ||
Acquisition, rebranding and other integration costs(9) | 2.0 | 3.8 | ||
Founder/CEO remuneration(10) | 5.4 | — | ||
Other | (25.1) | (15.2) | ||
Tax effect(11) | (10.0) | (41.3) | ||
Adjusted Net Income | $ 126.1 | $ 116.8 | ||
Adjusted income per share, basic and diluted | $ 0.33 | $ 0.32 |
($ millions) | Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||
Net (loss) income | $ (538.2) | $ 94.3 | ||
Add: | ||||
Amortization of intangible assets(1) | 330.2 | 379.7 | ||
ARO discount rate depreciation adjustment(2) | 4.3 | 4.8 | ||
Incremental depreciation of property and equipment due to recapitalization | — | 7.5 | ||
Amortization of deferred financing costs | 17.1 | 13.5 | ||
Loss (gain) on foreign exchange(3) | 12.2 | (4.6) | ||
Mark-to-market loss on Purchase Contracts(4) | — | 104.3 | ||
Share of net loss of investments accounted for using the equity method(5) | 13.8 | 48.9 | ||
Loss on termination of hedged arrangements(6) | 17.2 | — | ||
Loss (gain) on divestiture(7) | 494.6 | (580.5) | ||
Transaction costs(8) | 29.3 | 63.9 | ||
Acquisition, rebranding and other integration costs(9) | 4.3 | 14.0 | ||
Founder/CEO remuneration(10) | 15.6 | — | ||
TEU amortization expense | — | 0.1 | ||
Other | (26.0) | (17.5) | ||
Tax effect(11) | (138.7) | 213.3 | ||
Adjusted Net Income | $ 235.7 | $ 341.7 | ||
Adjusted income per share, basic | $ 0.63 | $ 0.93 | ||
Adjusted income per share, diluted | $ 0.63 | $ 0.92 |
(1) | This is a non-cash item and consists of the amortization of intangible assets such as customer lists, municipal contracts, non-compete agreements, trade name and other licenses. |
(2) | This is a non-cash item and consists of depreciation expense related to the difference between the ARO calculated using the credit adjusted risk-free discount rate required for measurement of the ARO through purchase accounting compared to the risk-free discount rate required for quarterly valuations. |
(3) | Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations. |
(4) | This is a non-cash item that consists of the fair value "mark-to-market" adjustment on the Purchase Contracts. |
(5) | Excludes share of net income of investments accounted for using the equity method for RNG projects. |
(6) | Consists of gains and losses on the termination of hedged arrangements associated with the |
(7) | Consists of gains and losses resulting from the divestiture of certain assets and non-core |
(8) | Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A. |
(9) | Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales. |
(10) | Consists of cash payment to the Founder and CEO, which payment had been satisfied through the issuance of restricted share units in the nine months ended September 30, 2023 as reflected in "All Other Compensation" in the 2024 Management Information Circular. |
(11) | Consists of the tax effect of the adjustments to net loss (loss). |
Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow
The following tables provide a reconciliation of our cash flows from operating activities to Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow for the periods indicated:
($ millions) | Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||
Cash flows from operating activities | $ 347.1 | $ 125.8 | ||
Add: | ||||
Transaction costs(1) | 7.0 | 22.3 | ||
Acquisition, rebranding and other integration costs(2) | 2.0 | 3.8 | ||
Founder/CEO remuneration(3) | 5.4 | — | ||
Cash taxes related to divestitures | 15.0 | 248.6 | ||
Distribution received from joint ventures | 1.1 | — | ||
Adjusted Cash Flows from Operating Activities | 377.6 | 400.5 | ||
Proceeds on disposal of assets and other | 32.5 | 30.6 | ||
Purchase of property and equipment | (281.1) | (276.3) | ||
Adjusted Free Cash Flow (including incremental growth investments) | 129.0 | 154.8 | ||
Incremental growth investments(5) | 96.4 | 121.2 | ||
Adjusted Free Cash Flow | $ 225.4 | $ 276.0 |
($ millions) | Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||
Cash flows from operating activities | $ 974.9 | $ 579.0 | ||
Add: | ||||
Transaction costs(1) | 29.3 | 63.9 | ||
Acquisition, rebranding and other integration costs(2) | 4.3 | 14.0 | ||
Founder/CEO remuneration(3) | 15.6 | — | ||
Cash interest paid on TEUs(4) | — | 0.2 | ||
Cash taxes related to divestitures | 15.0 | 248.6 | ||
Distribution received from joint ventures | 9.4 | — | ||
Adjusted Cash Flows from Operating Activities | 1,048.5 | 905.7 | ||
Proceeds on disposal of assets and other | 40.5 | 51.0 | ||
Purchase of property and equipment | (875.8) | (823.6) | ||
Adjusted Free Cash Flow (including incremental growth investments) | 213.2 | 133.1 | ||
Incremental growth investments(5) | 247.0 | 102.7 | ||
Adjusted Free Cash Flow | $ 460.2 | $ 235.8 |
(1) | Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future, and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A. |
(2) | Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales. |
(3) | Consists of cash payment to the Founder and CEO, which payment had been satisfied through the issuance of restricted share units in the nine months ended September 30, 2023 as reflected in "All Other Compensation" in the 2024 Management Information Circular. |
(4) | Consists of interest paid in cash on the Amortizing Notes. |
(5) | Consists of incremental sustainability related capital projects, primarily related to recycling and RNG. |
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SOURCE GFL Environmental Inc.
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