WASTE CONNECTIONS REPORTS FIRST QUARTER 2025 RESULTS
Waste Connections (WCN) reported strong Q1 2025 financial results, exceeding expectations with revenue of $2.228 billion, up 7.5% year-over-year. The company achieved net income of $241.5 million and adjusted EBITDA of $712.2 million, up 9.5% from the previous year.
Key highlights include core solid waste pricing growth of 6.9%, adjusted EBITDA margin improvement to 32.0% (up 60 basis points), and earnings per share of $0.93 (net income) and $1.13 (adjusted). The company generated strong cash flow with $541.5 million in net cash from operations and $332.1 million in adjusted free cash flow.
Notable achievements include continued acquisition activity with year-to-date acquired annualized revenue exceeding $125 million, including a state-of-the-art recycling facility in New Jersey. The company also reported improved employee retention for the tenth consecutive quarter and record safety performance.
Waste Connections (WCN) ha riportato risultati finanziari solidi nel primo trimestre 2025, superando le aspettative con ricavi pari a 2,228 miliardi di dollari, in crescita del 7,5% rispetto all’anno precedente. L’azienda ha registrato un utile netto di 241,5 milioni di dollari e un EBITDA rettificato di 712,2 milioni di dollari, in aumento del 9,5% rispetto all’anno precedente.
I punti salienti includono una crescita del prezzo dei servizi di gestione rifiuti solidi di base del 6,9%, un miglioramento del margine EBITDA rettificato al 32,0% (in aumento di 60 punti base) e un utile per azione di 0,93 dollari (utile netto) e 1,13 dollari (rettificato). L’azienda ha generato un forte flusso di cassa con 541,5 milioni di dollari di liquidità netta dalle operazioni e 332,1 milioni di dollari di flusso di cassa libero rettificato.
Tra i risultati più rilevanti si segnalano la continua attività di acquisizione con ricavi annualizzati acquisiti da inizio anno superiori a 125 milioni di dollari, inclusa una struttura all’avanguardia per il riciclo nel New Jersey. Inoltre, l’azienda ha registrato un miglioramento nella fidelizzazione dei dipendenti per il decimo trimestre consecutivo e una performance record in termini di sicurezza.
Waste Connections (WCN) presentó sólidos resultados financieros en el primer trimestre de 2025, superando las expectativas con ingresos de 2.228 mil millones de dólares, un aumento del 7,5% interanual. La compañía logró un ingreso neto de 241,5 millones de dólares y un EBITDA ajustado de 712,2 millones de dólares, un 9,5% más que el año anterior.
Los aspectos destacados incluyen un crecimiento del precio básico de residuos sólidos del 6,9%, una mejora en el margen EBITDA ajustado al 32,0% (un aumento de 60 puntos básicos) y ganancias por acción de 0,93 dólares (ingreso neto) y 1,13 dólares (ajustado). La empresa generó un flujo de caja fuerte con 541,5 millones de dólares en efectivo neto de operaciones y 332,1 millones de dólares en flujo de caja libre ajustado.
Entre los logros notables se encuentra la continua actividad de adquisiciones con ingresos anualizados adquiridos desde principios de año que superan los 125 millones de dólares, incluida una planta de reciclaje de última generación en Nueva Jersey. La compañía también reportó una mejora en la retención de empleados por décimo trimestre consecutivo y un desempeño récord en seguridad.
Waste Connections (WCN)은 2025년 1분기 강력한 재무 실적을 보고하며 매출 22억 2,800만 달러로 전년 동기 대비 7.5% 증가하여 기대치를 초과 달성했습니다. 회사는 순이익 2억 4,150만 달러와 조정 EBITDA 7억 1,220만 달러를 기록하며 전년 대비 9.5% 증가했습니다.
주요 성과로는 핵심 고형 폐기물 가격이 6.9% 상승했고, 조정 EBITDA 마진이 32.0%로 60 베이시스 포인트 상승했으며, 주당 순이익은 0.93달러(순이익 기준), 1.13달러(조정 기준)를 기록했습니다. 회사는 운영 활동에서 5억 4,150만 달러의 순현금과 3억 3,210만 달러의 조정 자유 현금 흐름을 창출했습니다.
주목할 만한 성과로는 연초부터 인수한 연간화 매출이 1억 2,500만 달러를 초과하는 지속적인 인수 활동과 뉴저지에 최첨단 재활용 시설을 포함한 점이 있습니다. 또한 직원 유지율이 10분기 연속 개선되었으며 안전 성과도 최고 기록을 세웠습니다.
Waste Connections (WCN) a publié de solides résultats financiers pour le premier trimestre 2025, dépassant les attentes avec un chiffre d’affaires de 2,228 milliards de dollars, en hausse de 7,5 % sur un an. La société a réalisé un bénéfice net de 241,5 millions de dollars et un EBITDA ajusté de 712,2 millions de dollars, en progression de 9,5 % par rapport à l’année précédente.
Les points clés incluent une croissance des tarifs des déchets solides de base de 6,9 %, une amélioration de la marge EBITDA ajustée à 32,0 % (en hausse de 60 points de base) et un bénéfice par action de 0,93 $ (bénéfice net) et 1,13 $ (ajusté). L’entreprise a généré un flux de trésorerie solide avec 541,5 millions de dollars de trésorerie nette provenant des opérations et 332,1 millions de dollars de flux de trésorerie disponible ajusté.
Parmi les réalisations notables, on compte la poursuite des acquisitions avec un chiffre d’affaires annualisé acquis depuis le début de l’année dépassant 125 millions de dollars, incluant une installation de recyclage ultramoderne dans le New Jersey. La société a également signalé une amélioration de la rétention des employés pour le dixième trimestre consécutif ainsi qu’une performance record en matière de sécurité.
Waste Connections (WCN) meldete starke Finanzergebnisse für das erste Quartal 2025 und übertraf mit einem Umsatz von 2,228 Milliarden US-Dollar die Erwartungen, was einem Anstieg von 7,5 % im Jahresvergleich entspricht. Das Unternehmen erzielte einen Nettogewinn von 241,5 Millionen US-Dollar und ein bereinigtes EBITDA von 712,2 Millionen US-Dollar, was einem Anstieg von 9,5 % gegenüber dem Vorjahr entspricht.
Zu den wichtigsten Highlights zählen ein Wachstum der Kernpreise für feste Abfälle von 6,9 %, eine Verbesserung der bereinigten EBITDA-Marge auf 32,0 % (plus 60 Basispunkte) und ein Gewinn je Aktie von 0,93 US-Dollar (Nettogewinn) bzw. 1,13 US-Dollar (bereinigt). Das Unternehmen generierte einen starken Cashflow mit 541,5 Millionen US-Dollar Nettobarmitteln aus dem operativen Geschäft und 332,1 Millionen US-Dollar bereinigtem freiem Cashflow.
Bemerkenswerte Erfolge umfassen die fortgesetzte Akquisitionstätigkeit mit einem seit Jahresbeginn erworbenen annualisierten Umsatz von über 125 Millionen US-Dollar, einschließlich einer hochmodernen Recyclinganlage in New Jersey. Das Unternehmen berichtete außerdem über eine verbesserte Mitarbeiterbindung im zehnten Quartal in Folge und eine rekordverdächtige Sicherheitsleistung.
- Revenue increased 7.5% year-over-year to $2.228 billion
- Adjusted EBITDA grew 9.5% to $712.2 million
- Core solid waste pricing growth of 6.9%
- EBITDA margin improved 60 basis points to 32.0%
- Strong acquisition activity with $125 million in annualized revenue
- Improved employee retention for tenth consecutive quarter
- Experienced volume weakness due to weather events across markets
- Interest expense increased to $80.9 million from $78.5 million year-over-year
Insights
Waste Connections delivered a broad-based financial outperformance in Q1 2025, marked by price-driven organic growth, margin expansion and strong acquisition activity.
Waste Connections reported Q1 2025 revenue of
- Better than expected financial results from price-led organic solid waste growth and continued acquisition activity provide strong start to 2025
- Revenue of
$2.22 8 billion7.5% year over year - Net income(a) of
$241.5 million $712.2 million 9.5% year over year - Adjusted EBITDA(b) margin of
32.0% , above outlook and up 60 basis points year over year - Net income and adjusted net income(b) of
$0.93 $1.13 - Net cash provided by operating activities of
$541.5 million $332.1 million - Year-to-date acquired annualized revenue of over
$125 million
"We're extremely pleased by the strong start to 2025 as price-led organic solid waste growth and continued acquisition activity drove a top-to-bottom beat in the quarter, positioning us well for the full year. Exemplary operational execution supported core solid waste pricing of
"Our industry-leading results are indicative of the durability of our unique approach to market selection, our decentralized operating model and the resulting projectability from our commitment to excellence," continued Mr. Mittelstaedt. "To that end, we also saw continued improvement in employee retention for the tenth consecutive quarter along with record safety performance during the period."
Mr. Mittelstaedt added, "We achieved all of these accomplishments while also continuing acquisition activity at outsized levels, with annualized revenues closed to date already over
Q1 2025 Results
Revenue in the first quarter totaled
Adjusted net income(b) in the first quarter was
Q1 2025 Earnings Conference Call
Waste Connections will be hosting a conference call related to first quarter earnings on April 24th at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting "News & Events" from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. A replay of the conference call will be available until May 1, 2025, by calling 877-344-7529 (within
Waste Connections will be filing a Form 8-K on EDGAR and on SEDAR (as an "Other" document) prior to markets opening on April 24th, providing the Company's second quarter 2025 outlook for revenue and adjusted EBITDA(b).
About Waste Connections
Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the
Safe Harbor and Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the
– financial tables attached –
CONTACT: | |
Mary Anne Whitney / (832) 442-2253 | Joe Box / (832) 442-2153 |
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(a) | All references to "Net income" refer to the financial statement line item "Net income attributable to Waste Connections". |
(b) | A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule. |
WASTE CONNECTIONS, INC. | ||||||
Three months ended | ||||||
2024 | 2025 | |||||
Revenues | $ | 2,072,653 | $ | 2,228,176 | ||
Operating expenses: | ||||||
Cost of operations | 1,221,783 | 1,291,443 | ||||
Selling, general and administrative | 220,735 | 250,134 | ||||
Depreciation | 222,691 | 242,307 | ||||
Amortization of intangibles | 40,290 | 47,642 | ||||
Impairments and other operating items | 354 | 6,440 | ||||
Operating income | 366,800 | 390,210 | ||||
Interest expense | (78,488) | (80,875) | ||||
Interest income | 2,051 | 1,770 | ||||
Other income (expense), net | (1,823) | 1,872 | ||||
Income before income tax provision | 288,540 | 312,977 | ||||
Income tax provision | (59,413) | (71,467) | ||||
Net income | 229,127 | 241,510 | ||||
Plus: Net loss attributable to noncontrolling interests | 927 | - | ||||
Net income attributable to Waste Connections | $ | 230,054 | $ | 241,510 | ||
Earnings per common share attributable to Waste Connections' | ||||||
Basic | $ | 0.89 | $ | 0.94 | ||
Diluted | $ | 0.89 | $ | 0.93 | ||
Shares used in the per share calculations: | ||||||
Basic | 257,801,116 | 258,193,975 | ||||
Diluted | 258,482,473 | 258,904,806 | ||||
Cash dividends per common share | $ | 0.285 | $ | 0.315 | ||
WASTE CONNECTIONS, INC. | |||||||
December 31, | March 31, | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and equivalents | $ | 62,366 | $ | 111,226 | |||
Accounts receivable, net of allowance for credit losses of | 935,027 | 952,010 | |||||
Prepaid expenses and other current assets | 229,519 | 217,802 | |||||
Total current assets | 1,226,912 | 1,281,038 | |||||
Restricted cash | 135,807 | 138,220 | |||||
Restricted investments | 78,126 | 74,160 | |||||
Property and equipment, net | 8,035,929 | 8,222,980 | |||||
Operating lease right-of-use assets | 308,198 | 311,563 | |||||
Goodwill | 7,950,406 | 8,055,979 | |||||
Intangible assets, net | 1,991,619 | 2,067,264 | |||||
Other assets, net | 90,812 | 103,293 | |||||
Total assets | $ | 19,817,809 | $ | 20,254,497 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 637,371 | $ | 625,582 | |||
Book overdraft | 14,628 | 14,518 | |||||
Deferred revenue | 382,501 | 404,382 | |||||
Accrued liabilities | 736,824 | 690,222 | |||||
Current portion of operating lease liabilities | 40,490 | 39,857 | |||||
Current portion of contingent consideration | 59,169 | 47,261 | |||||
Current portion of long-term debt and notes payable | 7,851 | 7,657 | |||||
Total current liabilities | 1,878,834 | 1,829,479 | |||||
Long-term portion of debt and notes payable | 8,072,928 | 8,388,364 | |||||
Long-term portion of operating lease liabilities | 272,107 | 266,675 | |||||
Long-term portion of contingent consideration | 27,993 | 28,001 | |||||
Deferred income taxes | 958,340 | 1,011,613 | |||||
Other long-term liabilities | 747,253 | 716,185 | |||||
Total liabilities | 11,957,455 | 12,240,317 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common shares: 258,067,487 shares issued and 258,019,389 shares outstanding at | 3,283,161 | 3,286,078 | |||||
Additional paid-in capital | 325,928 | 318,350 | |||||
Accumulated other comprehensive loss | (205,740) | (207,286) | |||||
Treasury shares: 48,098 and 46,348 shares at December 31, 2024 and March 31, 2025, | - | - | |||||
Retained earnings | 4,457,005 | 4,617,038 | |||||
Total Waste Connections' equity | 7,860,354 | 8,014,180 | |||||
Noncontrolling interest in subsidiaries | - | - | |||||
Total equity | 7,860,354 | 8,014,180 | |||||
Total liabilities and equity | $ | 19,817,809 | $ | 20,254,497 | |||
WASTE CONNECTIONS, INC. | |||||||
Three months ended March 31, | |||||||
2024 | 2025 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 229,127 | $ | 241,510 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss from disposal of assets, impairments and other | 1,649 | 7,778 | |||||
Depreciation | 222,691 | 242,307 | |||||
Amortization of intangibles | 40,290 | 47,642 | |||||
Deferred income taxes, net of acquisitions | 30,395 | 36,165 | |||||
Current period provision for expected credit losses | 3,730 | 2,470 | |||||
Amortization of debt issuance costs | 4,055 | 2,034 | |||||
Share-based compensation | 21,952 | 23,438 | |||||
Interest accretion | 11,279 | 12,737 | |||||
Adjustments to contingent consideration | - | (1,500) | |||||
Other | 902 | (1,013) | |||||
Net change in operating assets and liabilities, net of acquisitions | (75,761) | (72,029) | |||||
Net cash provided by operating activities | 490,309 | 541,539 | |||||
Cash flows from investing activities: | |||||||
Payments for acquisitions, net of cash acquired | (1,156,422) | (380,417) | |||||
Capital expenditures for property and equipment | (169,951) | (212,455) | |||||
Proceeds from disposal of assets | 1,085 | 969 | |||||
Other | (9,291) | (11,308) | |||||
Net cash used in investing activities | (1,334,579) | (603,211) | |||||
Cash flows from financing activities: | |||||||
Proceeds from long-term debt | 2,353,022 | 782,904 | |||||
Principal payments on notes payable and long-term debt | (1,350,932) | (541,737) | |||||
Payment of contingent consideration recorded at acquisition date | (11,295) | (20,137) | |||||
Change in book overdraft | (271) | (110) | |||||
Payments for cash dividends | (73,573) | (81,477) | |||||
Tax withholdings related to net share settlements of equity-based compensation | (30,850) | (28,981) | |||||
Debt issuance costs | (10,093) | - | |||||
Proceeds from issuance of shares under employee share purchase plan | 2,183 | 2,593 | |||||
Proceeds from sale of common shares held in trust | 286 | 324 | |||||
Net cash provided by financing activities | 878,477 | 113,379 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (577) | (434) | |||||
Net increase in cash, cash equivalents and restricted cash | 33,630 | 51,273 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 184,038 | 198,173 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 217,668 | $ | 249,446 | |||
ADDITIONAL STATISTICS
(in thousands of
Solid Waste Internal Growth: The following table reflects a breakdown of the components of our solid waste internal growth for the three months ended March 31, 2025:
Three months ended March 31, 2025 | |||
Core Price | 6.9 % | ||
Surcharges | (0.2 %) | ||
Volume(a) | (2.8 %) | ||
Recycling | (0.1 %) | ||
Foreign Exchange Impact | (0.7 %) | ||
Closed Operation | (0.9 %) | ||
Total | 2.2 % | ||
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(a) | Volumes adjusted for one less workday during the period. |
Revenue Breakdown: The following table reflects a breakdown of our revenue for the three-month periods ended March 31, 2024 and 2025:
Three months ended March 31, 2024 | ||||||||||||
Revenue | Inter-company | Reported | % | |||||||||
Solid Waste Collection | $ | 1,515,060 | $ | (4,003) | $ | 1,511,057 | 72.9 | % | ||||
Solid Waste Disposal and Transfer | 655,360 | (282,978) | 372,382 | 17.9 | % | |||||||
Solid Waste Recycling | 49,025 | (1,839) | 47,186 | 2.3 | % | |||||||
E&P Waste Treatment, Recovery and Disposal | 97,408 | (4,543) | 92,865 | 4.5 | % | |||||||
Intermodal and Other | 49,541 | (378) | 49,163 | 2.4 | % | |||||||
Total | $ | 2,366,394 | $ | (293,741) | $ | 2,072,653 | 100.0 | % | ||||
Three months ended March 31, 2025 | ||||||||||||
Revenue | Inter-company | Reported | % | |||||||||
Solid Waste Collection | $ | 1,621,077 | $ | (4,536) | $ | 1,616,541 | 72.5 | % | ||||
Solid Waste Disposal and Transfer | 658,023 | (296,282) | 361,741 | 16.2 | % | |||||||
Solid Waste Recycling | 61,341 | (2,084) | 59,257 | 2.7 | % | |||||||
E&P Waste Treatment, Recovery and Disposal | 150,899 | (6,374) | 144,525 | 6.5 | % | |||||||
Intermodal and Other | 46,549 | (437) | 46,112 | 2.1 | % | |||||||
Total | $ | 2,537,889 | $ | (309,713) | $ | 2,228,176 | 100.0 | % | ||||
Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three- month periods ended March 31, 2024 and 2025:
Three months ended | ||||||
2024 | 2025 | |||||
Acquisitions, net | $ | 77,988 | $ | 129,298 | ||
ADDITIONAL STATISTICS (continued)
(in thousands of
Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three-month periods ended March 31, 2024 and 2025:
Three months ended | ||||||
2024 | 2025 | |||||
Cash Interest Paid | $ | 66,384 | $ | 84,154 | ||
Cash Taxes Paid | 28,406 | 22,176 | ||||
Debt to Book Capitalization at March 31, 2025:
Internalization for the three months ended March 31, 2025:
Days Sales Outstanding for the three months ended March 31, 2025: 38 (22 net of deferred revenue)
Share Information for the three months ended March 31, 2025:
Basic shares outstanding | 258,193,975 | |
Dilutive effect of equity-based awards | 710,831 | |
Diluted shares outstanding | 258,904,806 |
NON-GAAP RECONCILIATION SCHEDULE
(in thousands of
Reconciliation of Adjusted EBITDA:
Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections' operations. Waste Connections defines adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently.
Three months ended | ||||||
2024 | 2025 | |||||
Net income attributable to Waste Connections | $ | 230,054 | $ | 241,510 | ||
Less: Net loss attributable to noncontrolling interests | (927) | - | ||||
Plus: Income tax provision | 59,413 | 71,467 | ||||
Plus: Interest expense | 78,488 | 80,875 | ||||
Less: Interest income | (2,051) | (1,770) | ||||
Plus: Depreciation and amortization | 262,981 | 289,949 | ||||
Plus: Closure and post-closure accretion | 9,405 | 11,874 | ||||
Plus: Impairments and other operating items | 354 | 6,440 | ||||
Plus/(Less): Other expense (income), net | 1,823 | (1,872) | ||||
Adjustments: | ||||||
Plus: Transaction-related expenses(a) | 9,847 | 11,970 | ||||
Plus: Fair value changes to equity awards(b) | 1,286 | 1,770 | ||||
Adjusted EBITDA | $ | 650,673 | $ | 712,213 | ||
As % of revenues | 31.4 % | 32.0 % | ||||
____________________________ | |
(a) | Reflects the addback of acquisition-related transaction costs. |
(b) | Reflects fair value accounting changes associated with certain equity awards. |
NON-GAAP RECONCILIATION SCHEDULE (continued)
(in thousands of
Reconciliation of Adjusted Free Cash Flow:
Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry. Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment. Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. Other companies may calculate adjusted free cash flow differently.
Three months ended | ||||||
2024 | 2025 | |||||
Net cash provided by operating activities | $ | 490,309 | $ | 541,539 | ||
Less: Change in book overdraft | (271) | (110) | ||||
Plus: Proceeds from disposal of assets | 1,085 | 969 | ||||
Less: Capital expenditures for property and equipment | (169,951) | (212,455) | ||||
Adjustments: | ||||||
Transaction-related expenses(a) | 4,976 | 2,392 | ||||
Pre-existing Progressive Waste share-based grants(b) | 14 | 16 | ||||
Executive separation costs(c) | - | 449 | ||||
Tax effect(d) | (1,369) | (725) | ||||
Adjusted free cash flow | $ | 324,793 | $ | 332,075 | ||
As % of revenues | 15.7 % | 14.9 % | ||||
___________________________ | |
(a) | Reflects the addback of acquisition-related transaction costs. |
(b) | Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period. |
(c) | Reflects the cash component of severance expense associated with an executive departure from 2023. |
(d) | The aggregate tax effect of footnotes (a) through (c) is calculated based on the applied tax rates for the respective periods. |
NON-GAAP RECONCILIATION SCHEDULE (continued)
(in thousands of
Reconciliation of Adjusted Net Income attributable to Waste Connections and Adjusted Net Income per Diluted Share attributable to Waste Connections:
Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections' operations. Waste Connections provides adjusted net income attributable to Waste Connections to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income attributable to Waste Connections has limitations due to the fact that it excludes items that have an impact on the Company's financial condition and results of operations. Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently.
Three months ended | ||||||
2024 | 2025 | |||||
Reported net income attributable to Waste Connections | $ | 230,054 | $ | 241,510 | ||
Adjustments: | ||||||
Amortization of intangibles(a) | 40,290 | 47,642 | ||||
Impairments and other operating items(b) | 354 | 6,440 | ||||
Transaction-related expenses(c) | 9,847 | 11,970 | ||||
Fair value changes to equity awards(d) | 1,286 | 1,770 | ||||
Tax effect(e) | (13,162) | (16,212) | ||||
Adjusted net income attributable to Waste Connections | $ | 268,669 | $ | 293,120 | ||
Diluted earnings per common share attributable to Waste | ||||||
Reported net income | $ | 0.89 | $ | 0.93 | ||
Adjusted net income | $ | 1.04 | $ | 1.13 | ||
____________________________ | |
(a) | Reflects the elimination of the non-cash amortization of acquisition-related intangible assets. |
(b) | Reflects the addback of impairments and other operating items. |
(c) | Reflects the addback of acquisition-related transaction costs. |
(d) | Reflects fair value accounting changes associated with certain equity awards. |
(e) | The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods. |
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SOURCE Waste Connections, Inc.
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