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EX - 99.1 2 wcn - 20210804xex99d1.htm EX - 99.1 N WASTE CONNECTIONS Connect with the Future® WASTE CONNECTIONS REPORTS SECOND QUARTER 2021 RESULTS AND RAISES FULL YEAR OUTLOOK Continued momentum from higher solid waste pricing and volumes , along with tailwinds from higher recovered commodity values , drive outsized results and increased full year outlook Revenue of $ 1.534 billion , up 17.5 % year over year Reports 11.4 % solid waste price + volume growth , exceeding outlook Net income ( a ) of $ 177.0 million , and adjusted EBITDA ) of $ 484.9 million , or 31.6 % of revenue , exceeding outlook and up 140 basis points year over year Net income and adjusted net income ( b ) of $ 0.68 and $ 0.81 per share , respectively Year to date net cash provided by operating activities of $ 848.5 million and adjusted free cash flow ( b ) of $ 585.8 million , or 20.0 % of revenue and up 18.5 % year over year Provides full year 2021 outlook for revenue of approximately $ 5.975 billion , net income of approximately $ 690 million , adjusted EBITDA ) of approximately $ 1.875 billion , net cash provided by operating activities of approximately $ 1.666 billion , and adjusted free cash flow ( b ) of approximately $ 1 billion TORONTO , ONTARIO , August 4 , 2021 - Waste Connections , Inc. ( TSX / NYSE : WCN ) ( " Waste Connections " or the " Company " ) today announced its results for the second quarter of 2021 . " Broad - based strength drove an across the board beat in the second quarter , positioning us to raise our outlook for the full year . Revenue and adjusted EBITDA ) in Q2 increased 17.5 % and 23.0 % , respectively , over the prior year primarily as a result of continued improvement in solid waste pricing and volume growth , and strength in recovered commodity values . These trends drove year to date adjusted EBITDA ( b ) margin expansion of 110 basis points and adjusted free cash flow ( b ) of over $ 585 million , up 18.5 % year over year , " said Worthing F. Jackman , President and Chief Executive Officer . " Given the strength of our results in the first half of the year and expected continuing momentum and margin expansion from these trends , we believe we are on track to report approximately $ 5.975 billion of revenue and $ 1.875 billion of adjusted EBITDA ( b ) in 2021 , exceeding our initial outlook provided in February . More importantly , full year adjusted free cash flow ( b ) is also pacing ahead of initial expectations and is now estimated at approximately $ 1 billion , or 53 % of adjusted EBITDA ( b ) . " Q2 2021 Results Mr. Jackman continued , " 2021 also has the potential to be another outsized year of acquisition activity . Year to date , we have signed or closed 14 acquisitions with total annualized revenue of approximately $ 115 million , including $ 75 million of franchise operations in California , Nevada and Oregon expected to close later this year . We continue to see record amounts of seller interest driving elevated acquisition dialogue and , as communicated throughout the year , expect closings related to most of this activity to be more weighted to the second half of the year . Our recently expanded credit facility and continuing balance sheet strength provide the flexibility to fund outsized acquisition activity along with an increasing return of capital to shareholders . " Revenue in the second quarter totaled $ 1.534 billion , up from $ 1.306 billion in the year ago period . Operating income was $ 266.8 million , which included $ 6.4 million in fair value accounting changes to equity awards and $ 6.1 million of impairments and other operating items . This compares to operating loss of $ 232.4 million in the second quarter of 2020 , which included $ 437.3 million in impairments primarily related to a decrease in property , plant and equipment at certain E & P waste landfills . Net income in the second quarter was $ 177.0 million , or $ 0.68 per share on a diluted