WASTE CONNECTIONS REPORTS THIRD QUARTER 2025 RESULTS
- Better than expected results highlight superior execution on improving operating trends and cost management
- Revenue of
$2.458 billion , above expectations - Net income(a) of
$286.3 million , or$1.11 per share, adjusted net income attributable to Waste Connections(b) of$372.0 million , or$1.44 per share - Adjusted EBITDA(b) of
$830.3 million , above expectations - Adjusted EBITDA(b) margin of 33.8% of revenue, above expectations
- Increased regular quarterly dividend by 11.1% and completed share repurchases of approximately 1% of shares outstanding
- Acquisitions year to date of approximately
$300 million in annualized revenue closed or under definitive agreement - No change to full year 2025 outlook as provided in July
"Superior execution drove better than expected financial results in the third quarter, bolstered by continued improvement in operating trends. Another quarterly step down in employee turnover and new record low safety incident rates, together with strong pricing retention, provided for underlying solid waste margin expansion of approximately 80 basis points in the period," said
Q3 2025 Results
Revenue in the third quarter totaled
Adjusted net income(b) in the third quarter was
Nine Months Year to Date Results
For the nine months ended
Net income for the nine months ended
Adjusted net income(b) for the nine months ended
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(a) All references to "Net income" refer to the financial statement line item "Net income attributable to Waste Connections" |
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(b) A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule |
Q3 2025 Earnings Conference Call
Waste Connections will be hosting a conference call related to third quarter earnings on
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 –
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CONTACT: |
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WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
THREE AND NINE MONTHS ENDED (Unaudited)
(in thousands of |
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Three months ended |
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Nine months ended |
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2024 |
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2025 |
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2024 |
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2025 |
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||||
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|
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||||
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Revenues |
|
$ |
2,338,488 |
|
$ |
2,458,378 |
|
$ |
6,659,308 |
|
$ |
7,093,609 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of operations |
|
|
1,344,079 |
|
|
1,406,854 |
|
|
3,866,932 |
|
|
4,091,153 |
|
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Selling, general and administrative |
|
|
222,526 |
|
|
236,476 |
|
|
672,110 |
|
|
729,576 |
|
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Depreciation |
|
|
248,473 |
|
|
263,999 |
|
|
712,392 |
|
|
763,727 |
|
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Amortization of intangibles |
|
|
45,170 |
|
|
51,331 |
|
|
129,584 |
|
|
149,209 |
|
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Impairments and other operating items |
|
|
2,897 |
|
|
60,127 |
|
|
11,441 |
|
|
70,598 |
|
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Operating income |
|
|
475,343 |
|
|
439,591 |
|
|
1,266,849 |
|
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1,289,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense |
|
|
(83,520) |
|
|
(84,449) |
|
|
(244,385) |
|
|
(248,074) |
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Interest income |
|
|
3,331 |
|
|
5,090 |
|
|
9,391 |
|
|
9,174 |
|
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Other income, net |
|
|
4,904 |
|
|
14,542 |
|
|
12,727 |
|
|
26,463 |
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Income before income tax provision |
|
|
400,058 |
|
|
374,774 |
|
|
1,044,582 |
|
|
1,076,909 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income tax provision |
|
|
(92,012) |
|
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(88,503) |
|
|
(232,008) |
|
|
(258,852) |
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Net income |
|
|
308,046 |
|
|
286,271 |
|
|
812,574 |
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|
818,057 |
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Plus: Net loss attributable to noncontrolling interests |
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- |
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- |
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1,003 |
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- |
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Net income attributable to Waste Connections |
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$ |
308,046 |
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$ |
286,271 |
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$ |
813,577 |
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$ |
818,057 |
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Earnings per common share attributable to Waste Connections' common shareholders: |
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Basic |
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$ |
1.19 |
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$ |
1.11 |
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$ |
3.15 |
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$ |
3.17 |
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|
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|
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Diluted |
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$ |
1.19 |
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$ |
1.11 |
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$ |
3.15 |
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$ |
3.16 |
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Shares used in the per share calculations: |
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Basic |
|
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258,023,661 |
|
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256,948,902 |
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257,939,935 |
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|
257,835,515 |
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Diluted |
|
|
258,756,528 |
|
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257,580,321 |
|
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258,601,815 |
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258,484,698 |
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Cash dividends per common share |
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$ |
0.285 |
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$ |
0.315 |
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$ |
0.855 |
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$ |
0.945 |
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WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands of
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ASSETS |
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Current assets: |
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Cash and equivalents |
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$ |
62,366 |
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$ |
117,596 |
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Accounts receivable, net of allowance for credit losses of |
|
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935,027 |
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1,069,645 |
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Prepaid expenses and other current assets |
|
|
229,519 |
|
|
216,399 |
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Total current assets |
|
|
1,226,912 |
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1,403,640 |
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|
|
|
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|
|
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Restricted cash |
|
|
135,807 |
|
|
172,989 |
|
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Restricted investments |
|
|
78,126 |
|
|
80,002 |
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Property and equipment, net |
|
|
8,035,929 |
|
|
8,422,847 |
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Operating lease right-of-use assets |
|
|
308,198 |
|
|
316,106 |
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Goodwill |
|
|
7,950,406 |
|
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8,275,386 |
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Intangible assets, net |
|
|
1,991,619 |
|
|
2,003,600 |
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Other assets, net |
|
|
90,812 |
|
|
107,925 |
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Total assets |
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$ |
19,817,809 |
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$ |
20,782,495 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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|
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Accounts payable |
|
$ |
637,371 |
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$ |
759,271 |
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Book overdraft |
|
|
14,628 |
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|
14,292 |
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Deferred revenue |
|
|
382,501 |
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|
411,579 |
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Accrued liabilities |
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736,824 |
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|
762,137 |
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Current portion of operating lease liabilities |
|
|
40,490 |
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|
42,681 |
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Current portion of contingent consideration |
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|
59,169 |
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|
89,044 |
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Current portion of long-term debt and notes payable |
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|
7,851 |
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|
8,619 |
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Total current liabilities |
|
|
1,878,834 |
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|
2,087,623 |
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Long-term portion of debt and notes payable |
|
|
8,072,928 |
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|
8,621,371 |
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Long-term portion of operating lease liabilities |
|
|
272,107 |
|
|
270,414 |
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Long-term portion of contingent consideration |
|
|
27,993 |
|
|
20,080 |
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Deferred income taxes |
|
|
958,340 |
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|
1,067,840 |
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Other long-term liabilities |
|
|
747,253 |
|
|
621,799 |
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Total liabilities |
|
|
11,957,455 |
|
|
12,689,127 |
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Commitments and contingencies |
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Equity: |
|
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|
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Common shares: Unlimited shares authorized; 258,067,487 shares issued and |
|
|
3,283,161 |
|
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2,846,773 |
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Additional paid-in capital |
|
|
325,928 |
|
|
354,567 |
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Accumulated other comprehensive loss |
|
|
(205,740) |
|
|
(139,084) |
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Treasury shares: 48,098 and 46,348 shares at |
|
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- |
|
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- |
|
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Retained earnings |
|
|
4,457,005 |
|
|
5,031,112 |
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Total Waste Connections' equity |
|
|
7,860,354 |
|
|
8,093,368 |
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|
|
|
|
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Total equity |
|
|
7,860,354 |
|
|
8,093,368 |
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Total liabilities and equity |
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$ |
19,817,809 |
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$ |
20,782,495 |
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WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED (Unaudited)
(in thousands of |
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Nine months ended |
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2024 |
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2025 |
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Cash flows from operating activities: |
|
|
|
|
|
|
|
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Net income |
|
$ |
812,574 |
|
$ |
818,057 |
|
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Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
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Loss from disposal of assets, impairments and other |
|
|
934 |
|
|
71,614 |
|
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Depreciation |
|
|
712,392 |
|
|
763,727 |
|
|
Amortization of intangibles |
|
|
129,584 |
|
|
149,209 |
|
|
Deferred income taxes, net of acquisitions |
|
|
81,270 |
|
|
93,839 |
|
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Current period provision for expected credit losses |
|
|
12,681 |
|
|
9,321 |
|
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Amortization of debt issuance costs |
|
|
7,974 |
|
|
6,271 |
|
|
Share-based compensation |
|
|
61,229 |
|
|
60,432 |
|
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Interest accretion |
|
|
27,733 |
|
|
38,411 |
|
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Payment of contingent consideration recorded in earnings |
|
|
(35,035) |
|
|
(400) |
|
|
Adjustments to contingent consideration |
|
|
- |
|
|
30,874 |
|
|
Other |
|
|
(1,505) |
|
|
(7,046) |
|
|
Net change in operating assets and liabilities, net of acquisitions |
|
|
(149,833) |
|
|
(177,119) |
|
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Net cash provided by operating activities |
|
|
1,659,998 |
|
|
1,857,190 |
|
|
|
|
|
|
|
|
|
|
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Cash flows from investing activities: |
|
|
|
|
|
|
|
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Payments for acquisitions, net of cash acquired |
|
|
(2,010,274) |
|
|
(627,310) |
|
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Capital expenditures for property and equipment |
|
|
(659,302) |
|
|
(794,937) |
|
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Proceeds from disposal of assets |
|
|
5,633 |
|
|
9,153 |
|
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Proceeds from sale of investment in noncontrolling interests |
|
|
37,000 |
|
|
- |
|
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Other |
|
|
(18,867) |
|
|
(20,819) |
|
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Net cash used in investing activities |
|
|
(2,645,810) |
|
|
(1,433,913) |
|
|
|
|
|
|
|
|
|
|
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Cash flows from financing activities: |
|
|
|
|
|
|
|
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Proceeds from long-term debt |
|
|
4,092,166 |
|
|
2,222,235 |
|
|
Principal payments on notes payable and long-term debt |
|
|
(2,759,676) |
|
|
(1,808,598) |
|
|
Payment of contingent consideration recorded at acquisition date |
|
|
(26,625) |
|
|
(28,324) |
|
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Change in book overdraft |
|
|
(287) |
|
|
(336) |
|
|
Payments for repurchase of common shares |
|
|
- |
|
|
(442,176) |
|
|
Payments for cash dividends |
|
|
(221,253) |
|
|
(243,950) |
|
|
Tax withholdings related to net share settlements of equity-based compensation |
|
|
(32,203) |
|
|
(31,306) |
|
|
Debt issuance costs |
|
|
(13,449) |
|
|
(4,825) |
|
|
Proceeds from issuance of shares under employee share purchase plan |
|
|
4,486 |
|
|
5,464 |
|
|
Proceeds from sale of common shares held in trust |
|
|
1,198 |
|
|
324 |
|
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Other |
|
|
(4,000) |
|
|
- |
|
|
Net cash provided by (used in) financing activities |
|
|
1,040,357 |
|
|
(331,492) |
|
|
|
|
|
|
|
|
|
|
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Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(75) |
|
|
627 |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted cash |
|
|
54,470 |
|
|
92,412 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
184,038 |
|
|
198,173 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
238,508 |
|
$ |
290,585 |
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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 and nine month periods ended
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Three months ended
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Nine months ended
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Core Price |
|
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6.3 % |
|
|
6.6 % |
|
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Surcharges |
|
|
(0.1 %) |
|
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(0.2 %) |
|
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Volume |
|
|
(2.7 %) |
|
|
(2.7 %) |
|
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Recycling |
|
|
(0.8 %) |
|
|
(0.4 %) |
|
|
Foreign Exchange Impact |
|
|
(0.1 %) |
|
|
(0.4 %) |
|
|
Closed Operation |
|
|
(0.8 %) |
|
|
(0.9 %) |
|
|
Total |
|
|
1.8 % |
|
|
2.0 % |
|
Revenue Breakdown: The following table reflects a breakdown of our revenue for the three month periods ended
|
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Three months ended |
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Revenue |
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Inter-company |
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Reported |
|
% |
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|
Solid Waste Collection |
$ |
1,622,308 |
|
$ |
(4,898) |
|
$ |
1,617,410 |
|
69.2 |
% |
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|
Solid Waste Disposal and Transfer |
|
776,928 |
|
|
(317,142) |
|
|
459,786 |
|
19.6 |
% |
||||||||||
|
Solid Waste Recycling |
|
69,748 |
|
|
(2,611) |
|
|
67,137 |
|
2.9 |
% |
||||||||||
|
E&P Waste Treatment, Recovery and Disposal |
|
154,202 |
|
|
(6,923) |
|
|
147,279 |
|
6.3 |
% |
||||||||||
|
Intermodal and Other |
|
47,341 |
|
|
(465) |
|
|
46,876 |
|
2.0 |
% |
||||||||||
|
Total |
$ |
2,670,527 |
|
$ |
(332,039) |
|
$ |
2,338,488 |
|
100.0 |
% |
||||||||||
|
|
Three months ended |
||||||||||
|
|
Revenue |
|
Inter-company |
|
Reported |
|
% |
||||
|
Solid Waste Collection |
$ |
1,730,339 |
|
$ |
(5,733) |
|
$ |
1,724,606 |
|
70.1 |
% |
|
Solid Waste Disposal and Transfer |
|
804,442 |
|
|
(348,040) |
|
|
456,402 |
|
18.6 |
% |
|
Solid Waste Recycling |
|
58,351 |
|
|
(2,110) |
|
|
56,241 |
|
2.3 |
% |
|
E&P Waste Treatment, Recovery and Disposal |
|
188,679 |
|
|
(9,542) |
|
|
179,137 |
|
7.3 |
% |
|
Intermodal and Other |
|
42,686 |
|
|
(694) |
|
|
41,992 |
|
1.7 |
% |
|
Total |
$ |
2,824,497 |
|
$ |
(366,119) |
|
$ |
2,458,378 |
|
100.0 |
% |
Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three and nine month periods ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||
|
Acquisitions, net |
|
$ |
161,024 |
|
$ |
76,621 |
|
$ |
359,716 |
|
$ |
318,789 |
ADDITIONAL STATISTICS (continued)
(in thousands of
Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three and nine month periods ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||
|
Cash Interest Paid |
|
$ |
85,170 |
|
$ |
83,792 |
|
$ |
223,196 |
|
$ |
239,038 |
|
Cash Taxes Paid |
|
|
81,235 |
|
|
50,394 |
|
|
164,615 |
|
|
141,535 |
Debt to Book Capitalization as of
Internalization
for the three months ended
Days Sales Outstanding
for the three months ended
Share Information for the three months ended
|
|
|
|
|
Basic shares outstanding |
|
256,948,902 |
|
Dilutive effect of equity-based awards |
|
631,419 |
|
Diluted shares outstanding |
|
257,580,321 |
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 |
|
Nine months ended |
||||||||
|
|
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||
|
Net income attributable to Waste Connections |
|
$ |
308,046 |
|
$ |
286,271 |
|
$ |
813,577 |
|
$ |
818,057 |
|
Less: Net loss attributable to noncontrolling interests |
|
|
- |
|
|
- |
|
|
(1,003) |
|
|
- |
|
Plus: Income tax provision |
|
|
92,012 |
|
|
88,503 |
|
|
232,008 |
|
|
258,852 |
|
Plus: Interest expense |
|
|
83,520 |
|
|
84,449 |
|
|
244,385 |
|
|
248,074 |
|
Less: Interest income |
|
|
(3,331) |
|
|
(5,090) |
|
|
(9,391) |
|
|
(9,174) |
|
Plus: Depreciation and amortization |
|
|
293,643 |
|
|
315,330 |
|
|
841,976 |
|
|
912,936 |
|
Plus: Closure and post-closure accretion |
|
|
7,387 |
|
|
11,963 |
|
|
22,879 |
|
|
35,779 |
|
Plus: Impairments and other operating items |
|
|
2,897 |
|
|
60,127 |
|
|
11,441 |
|
|
70,598 |
|
Less: Other income, net |
|
|
(4,904) |
|
|
(14,542) |
|
|
(12,727) |
|
|
(26,463) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Transaction-related expenses(a) |
|
|
8,067 |
|
|
3,835 |
|
|
25,169 |
|
|
19,778 |
|
Plus/(Less): Fair value changes to equity awards(b) |
|
|
99 |
|
|
(509) |
|
|
1,602 |
|
|
527 |
|
Adjusted EBITDA |
|
$ |
787,436 |
|
$ |
830,337 |
|
$ |
2,169,916 |
|
$ |
2,328,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As % of revenues |
|
|
33.7 % |
|
|
33.8 % |
|
|
32.6 % |
|
|
32.8 % |
|
____________________________ |
|
(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. This measure is not meant to represent residual cash available for strategic acquisitions, stock repurchases, dividends or other discretionary expenditures since it does not adjust for mandatory debt service requirements and other non-discretionary expenditures. Other companies may calculate adjusted free cash flow differently.
|
|
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||
|
Net cash provided by operating activities |
|
$ |
558,310 |
|
$ |
677,449 |
|
$ |
1,659,998 |
|
$ |
1,857,190 |
|
Less: Change in book overdraft |
|
|
(1,637) |
|
|
(733) |
|
|
(287) |
|
|
(336) |
|
Plus: Proceeds from disposal of assets |
|
|
2,636 |
|
|
3,736 |
|
|
5,633 |
|
|
9,153 |
|
Less: Capital expenditures for property and equipment |
|
|
(272,132) |
|
|
(297,172) |
|
|
(659,302) |
|
|
(794,937) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related expenses(a) |
|
|
3,668 |
|
|
1,734 |
|
|
12,348 |
|
|
12,895 |
|
Executive separation costs(b) |
|
|
- |
|
|
- |
|
|
1,670 |
|
|
2,119 |
|
Payment of contingent consideration recorded in earnings(c) |
|
|
35,035 |
|
|
- |
|
|
35,035 |
|
|
400 |
|
Pre-existing Progressive Waste share-based grants(d) |
|
|
39 |
|
|
- |
|
|
1,170 |
|
|
16 |
|
Tax effect(e) |
|
|
(9,643) |
|
|
(434) |
|
|
(12,556) |
|
|
(2,832) |
|
Adjusted free cash flow |
|
$ |
316,276 |
|
$ |
384,580 |
|
$ |
1,043,709 |
|
$ |
1,083,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As % of revenues |
|
|
13.5 % |
|
|
15.6 % |
|
|
15.7 % |
|
|
15.3 % |
|
___________________________ |
|
|
(a) |
Reflects the addback of acquisition-related transaction costs. |
|
(b) |
Reflects the cash component of severance expense associated with an executive departure from 2021. |
|
(c) |
Reflects the addback of acquisition-related payments for contingent consideration that were recorded as expenses in earnings and as a component of cash flows from operating activities as the amounts paid exceeded the fair value of the contingent consideration recorded at the acquisition date. |
|
(d) |
Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period. |
|
(e) |
The aggregate tax effect of footnotes (a) through (d) 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 |
|
Nine months ended |
||||||||
|
|
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||
|
Reported net income attributable to Waste Connections |
|
$ |
308,046 |
|
$ |
286,271 |
|
$ |
813,577 |
|
$ |
818,057 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles(a) |
|
|
45,170 |
|
|
51,331 |
|
|
129,584 |
|
|
149,209 |
|
Impairments and other operating items(b) |
|
|
2,897 |
|
|
60,127 |
|
|
11,441 |
|
|
70,598 |
|
Transaction-related expenses(c) |
|
|
8,067 |
|
|
3,835 |
|
|
25,169 |
|
|
19,778 |
|
Fair value changes to equity awards(d) |
|
|
99 |
|
|
(509) |
|
|
1,602 |
|
|
527 |
|
Tax effect(e) |
|
|
(14,275) |
|
|
(29,005) |
|
|
(42,655) |
|
|
(59,903) |
|
Adjusted net income attributable to Waste Connections |
|
$ |
350,004 |
|
$ |
372,050 |
|
$ |
938,718 |
|
$ |
998,266 |
|
Diluted earnings per common share attributable to Waste Connections' common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income |
|
$ |
1.19 |
|
$ |
1.11 |
|
$ |
3.15 |
|
$ |
3.16 |
|
Adjusted net income |
|
$ |
1.35 |
|
$ |
1.44 |
|
$ |
3.63 |
|
$ |
3.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________________ |
|
|
(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. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/waste-connections-reports-third-quarter-2025-results-302590623.html
SOURCE Waste Connections, Inc.
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