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GFL Environmental Inc. (NYSE: GFL, TSX: GFL) is a prominent environmental services company based in Vaughan, Ontario. As the fourth largest diversified environmental services company in North America, GFL offers a wide array of services including solid waste management, liquid waste management, and soil remediation. With over 140 strategically located facilities across Canada and Michigan, GFL provides essential services to more than 2.5 million households and over 80,000 industrial, commercial, and institutional customers.
GFL's core business lines include the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste, which generates the majority of their revenue. Their Environmental Services segment encompasses liquid waste management and soil remediation services. The company derives most of its revenue from operations in the United States, with significant activities also in Canada.
GFL is committed to sustainability and environmental responsibility. Recent projects include sustainability investments and the ongoing execution of a robust M&A strategy aimed at enhancing their market footprint. The company has recently announced growth capital expenditures focused on sustainability and accretive opportunities, with an expected deployment of up to $900 million in 2024. These investments are anticipated to generate substantial incremental Adjusted EBITDA starting from Q4 2024.
Financially, GFL is focused on disciplined capital allocation to achieve an investment-grade credit rating. They have outlined a clear strategy to de-lever the business and maintain a strong balance sheet. GFL's first Renewable Natural Gas (RNG) facility at Arbor Hills is now online, and several other RNG projects are projected to come online between Q4 2024 and 2026.
With a workforce of over 20,000 employees, GFL's unwavering commitment to safety, compliance, and customer service excellence sets them apart as a leader in the environmental services industry. Their comprehensive approach and ongoing innovation ensure they meet and exceed environmental and legislative requirements, fostering greater environmental responsibility within the communities they serve.
GFL Environmental Inc. (NYSE: GFL) has declared a cash dividend of US$0.012 per share for Q2 2022, effective for both subordinate and multiple voting shares. The dividend will be distributed on July 29, 2022, to shareholders on record as of July 18, 2022. This dividend is classified as an eligible dividend under the Canadian Income Tax Act. GFL is the fourth largest diversified environmental services company in North America, employing over 18,000 individuals.
On May 24, 2022, GFL Environmental held its inaugural Investor Day in New York City, detailing strategic initiatives since its IPO in March 2020. The Company reaffirmed its 2022 full-year guidance and outlined three potential growth scenarios for 2022-2025, focusing on debt reduction and acquisitions funded by adjusted free cash flow. GFL targets an organic revenue growth of 5% annually, with anticipated adjusted EBITDA margin expansion. By 2026, adjusted free cash flow could range from $1,050 million to $1,350 million, demonstrating its commitment to growth and sustainability.
On May 18, 2022, GFL Environmental Inc. (NYSE: GFL) announced the positive results of its annual meeting of shareholders, where all proposed items were approved. Notably, each director nominee received overwhelming support, with votes ranging from 91.07% to 99.91% in favor. The company continues to expand its position as a leading environmental services provider in North America, employing over 18,000 people. Full voting results will be available on SEDAR and EDGAR.
GFL Environmental Inc. announced the acceptance of its normal course issuer bid (NCIB) by the TSX, which will run from May 12, 2022, to May 11, 2023. The company intends to repurchase up to 16,510,694 subordinate voting shares, representing 5% of its outstanding shares, through various market transactions. CEO Patrick Dovigi emphasized that the repurchase reflects the company's growth potential and is a strategic use of available cash. The decision will be weighed against other growth opportunities and financial guidelines.
GFL Environmental reported impressive first-quarter 2022 results, achieving revenue of $1,401.4 million, a 27.4% increase year-over-year. The company experienced organic revenue growth of 11.3%, driven by solid waste pricing and surcharges of 6.6%, marking the highest in its history. Adjusted EBITDA rose 19.0% to $354.4 million, with a margin of 25.3%. Net income improved significantly to $137.0 million, while free cash flow increased to $118.6 million. GFL also expanded its guidance for 2022, projecting revenue of $6,000-$6,100 million and adjusted EBITDA of $1,680-$1,720 million.
On May 3, 2022, Brown Gibbons Lang & Company announced the sale of Sprint Waste Services, LP to GFL Environmental Inc. Though specific terms of the transaction were not disclosed, this acquisition enables GFL to enhance its solid waste management footprint in the Southern United States. Sprint, a waste management provider based in Texas, operates 16 sites and boasts a fleet of over 400 vehicles, positioning GFL to integrate complementary assets and extend its service capabilities in North America.
GFL Environmental Inc. (NYSE: GFL, TSX: GFL) announced its acquisition of Sprint Waste Services, enhancing its solid waste footprint in the Southern United States. This acquisition includes 14 sites in Texas and two in Louisiana, supported by over 400 vehicles and 500 employees. The deal is part of GFL's growth strategy, contributing an estimated $300 million in annualized revenue. GFL has also undertaken 20 acquisitions this year and rationalized its balance sheet, raising $91 million from non-core divestitures. Overall, GFL aims to maintain its credit rating while expanding its market presence.
On April 25, 2022, GFL Environmental completed its spin-off of GFL Infrastructure Group to create Green Infrastructure Partners (GIP), a top Canadian infrastructure service provider. GIP acquired Coco Paving, enhancing its portfolio with over 250 aggregate sites and 33 asphalt plants. GFL received C$224 million in cash and a 45% stake in GIP, expecting annual revenues exceeding C$1.1 billion. CEO Patrick Dovigi emphasized the spin-off aims to rationalize the balance sheet and foster value creation for shareholders.
GFL Environmental Inc. (NYSE: GFL) has announced the opening of registration for its inaugural Investor Day, scheduled for May 24, 2022, in New York City. This event aims to provide insights into the Company's growth strategies, capital allocation, sustainability initiatives, and financial objectives. For those unable to attend in person, presentations will be available via live audio webcast. GFL is a leading environmental services provider in North America, employing over 18,000 individuals and offering a diverse range of waste management services.
GFL Environmental has reached an agreement with the Canadian Competition Bureau regarding its acquisition of Terrapure Environmental's solid waste and environmental services, completed on August 17, 2021. As part of the agreement, GFL will divest four liquid waste facilities and three tank farms in Western Canada, projected to generate approximately $20 million in annual revenue for 2022. This agreement resolves the Bureau's legal action against GFL, allowing the company to move forward with the divestiture promptly.
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