Item 7.01 Regulation FD Disclosure.

During our earnings conference call on February 18, 2021, we highlighted the following outlook for the first quarter 2021.

(Dollar amounts are approximations)

For the first quarter of the year, we estimate our revenue to be approximately $1.370 billion. We expect solid waste price to be approximately 4%, with volume growth to be about negative 4%. Net income attributable to Waste Connections is estimated to be approximately $145.9 million. Adjusted EBITDA, as reconciled below, is estimated to be approximately $415 million.





                                Q1 2021 OUTLOOK

                        NON-GAAP RECONCILIATION SCHEDULE

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

Reconciliation of Adjusted EBITDA:






                                                   Q1 2021 Outlook
                                    Estimates                           Observation
Net income attributable
to Waste Connections     $    145,850
Plus: Income tax                                                    Approximately 19.0%
provision                      34,300                                  effective rate
Plus: Interest expense,
net of interest income         42,000
Plus: Depreciation and                                             Approximately 11.4% of
depletion                     156,500                                     revenue
                                                                   Approximately 2.4% of
                                                                   revenue, or $0.09 per
Plus: Amortization             32,600                            diluted share net of taxes
Plus: Closure and
post-closure accretion          3,750
                                                                   Approximately 30.3% of
Adjusted EBITDA          $    415,000                                     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, minus net 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 first quarter 2021 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.

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