Delayed Nyse  -  04:00 2022-06-24 pm EDT
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06/22Morgan Stanley Lowers Waste Connections' Price Target to $138 From $150, Maintains Overweight Rating
05/31RBC Capital Reviews Waste Sector Companies' Q1
05/20RBC Capital Markets Notes GFL, Waste Connections' Ability To Pass On Higher Costs Through Price Increase
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WASTE CONNECTIONS, INC. : Regulation FD Disclosure (form 8-K)

05/04/2022 | 08:59am EDT

Item 7.01 Regulation FD Disclosure.

During our earnings conference call on May 4, 2022, we highlighted the following outlook for the second quarter 2022.

(Dollar amounts are approximations)

For the second quarter of the year, we estimate our revenue to be approximately $1.785 billion. We expect solid waste price plus volume growth to be 7.5% to 8.5%. We expect pricing growth to increase sequentially to a range of 8.0% to 8.5%, on reported volumes of flat to down 0.5%. Net income attributable to Waste Connections is estimated to be approximately $216.3 million. Adjusted EBITDA, as reconciled below, is estimated to be approximately $557 million.

                                Q2 2022 OUTLOOK


               (in thousands of U.S. dollars, except where noted)

Reconciliation of Adjusted EBITDA:

                                                 Q2 2022 Outlook
                                   Estimates                          Observation
Net income attributable
to Waste Connections     $  216,250
Plus: Income tax                                                  Approximately 22.5%
provision                    62,750                                 effective rate
Plus: Interest expense,
net of interest income       45,000
Plus: Depreciation and                                          Approximately 10.7% of
depletion                   191,500                                     revenue
Plus: Amortization           37,500                              Approximately 2.1% of
                                                                 revenue, or $0.11 per
                                                              diluted share net of taxes
Plus: Closure and
post-closure accretion        4,000
                                                                Approximately 31.2% of
Adjusted EBITDA          $  557,000                                     revenue

These estimates assume no significant change in underlying economic trends.

They also exclude any impact from additional acquisitions that may close during the remainder of the year, and expensing of transaction-related items during the period.

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 our operations. We define 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. We further adjust this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of our 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.

The information furnished in Item 7.01 is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Safe Harbor and Forward-Looking Information

This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements

included in this document are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this document include, but are not limited to, statements about expected second quarter 2022 outlook for financial results. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.

Waste Connections undertakes no obligation to update the forward-looking statements set forth in this document, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 7 055 M - -
Net income 2022 847 M - -
Net Debt 2022 5 013 M - -
P/E ratio 2022 37,4x
Yield 2022 0,78%
Capitalization 31 553 M 31 553 M -
EV / Sales 2022 5,18x
EV / Sales 2023 4,77x
Nbr of Employees 19 998
Free-Float 99,7%
Duration : Period :
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 122,73 $
Average target price 147,22 $
Spread / Average Target 20,0%
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Managers and Directors
Worthing F. Jackman President, Chief Executive Officer & Director
Mary Anne Whitney Chief Financial Officer & Senior Vice President
Ronald J. Mittelstaedt Executive Chairman
Eric O. Hansen Director-Management Information Systems
Darrell W. Chambliss Executive Vice President-Operations
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