- Progressive Waste Solutions is one of the largest solid waste management companies in North America, serving over 4 million customers.
- The presentation discusses the company's financial results, industry dynamics, operating model, integrated asset base, capital allocation priorities, and growth strategies.
- Key priorities include optimizing the asset base to position for the future, improving operational execution, and disciplined deployment of capital to increase return on invested capital.
- Progressive Waste Solutions is one of the largest solid waste management companies in North America, serving over 4 million customers.
- They provide an overview of their business model, industry dynamics, financial highlights, and capital allocation priorities.
- Their key priorities are optimizing their asset base to position for the future, focusing on operational execution to drive organic growth, and disciplining deploying capital to improve return on invested capital.
The document provides an investor presentation for Progressive Waste Solutions Ltd. for April 2014. It includes the following key points in 3 sentences:
1) The presentation includes forward-looking statements and identifies factors that could materially affect actual results, such as economic downturns and changes in fuel and commodity prices.
2) Progressive Waste Solutions is one of the largest solid waste management companies in North America, serving over 4 million customers across multiple segments with over 7,500 employees.
3) The presentation outlines the company's focus on operational execution, disciplined capital allocation to improve return on invested capital, and positioning its integrated asset base to generate long-term value for shareholders.
The document provides an overview of Progressive Waste Solutions' business and financial results. Some key points:
- Progressive Waste Solutions is one of the largest solid waste management companies in North America with over 4 million customers.
- For Q4 2013, revenue increased 1.2% to $502 million driven by a 2.1% increase in core pricing, partially offset by a 1.1% decline in volumes.
- Adjusted EBITDA for Q4 2013 was $131.9 million, a 1.4% decline from the prior year period primarily due to lower recycled commodity prices.
Raymond James Annual Institutional Investors ConferenceProgressiveWaste
The document provides an overview of Progressive Waste Solutions' business and strategy from its presentation at the 35th Annual Institutional Investors Conference on March 3, 2014. Some key points include: Progressive Waste Solutions is one of the largest solid waste management companies in North America, with over 4 million customers and a top 3 market share position in most markets. It focuses on operational execution, disciplined capital allocation, and improving return on invested capital to optimize its integrated asset base and deliver consistent strong financial results.
Credit Suisse Global Industrials Conference Dec 4, 2013ProgressiveWaste
Progressive Waste Solutions Ltd. is one of the largest solid waste management companies in North America with over 4 million customers. It has a vertically integrated asset base in the US and Canada including collection routes, transfer stations, landfills, and gas-to-energy facilities. The company focuses on operational execution, strategic investments, and improving return on invested capital to drive continuous improvement in revenue, EBITDA, and free cash flow. It is committed to the disciplined allocation of capital expenditures and cash flow to generate the highest returns for shareholders.
RBC Capital Markets' Global Industrials ConferenceProgressiveWaste
This document provides an overview of Progressive Waste Solutions Ltd., a solid waste management company operating in North America. It discusses the company's financial results, industry dynamics, operating model, integrated asset base, focus on operational execution, and commitment to improving return on invested capital. The company has seen consistent strong revenue, adjusted EBITDA, and free cash flow growth in recent years through organic growth and acquisitions. Management is focused on driving further improvement through sales initiatives, strategic acquisitions, and optimizing costs.
Owens Corning presented information at investor events in June 2017. The presentation discussed Owens Corning's focus on shareholder value and provided an overview of the company's Q2 2017 performance. It summarized the company's three business segments and highlighted its improved portfolio, earnings, cash flow, and macroeconomic drivers. Owens Corning aims to invest in organic growth, pursue value-creating acquisitions, and return cash to shareholders.
- Progressive Waste Solutions is one of the largest solid waste management companies in North America, serving over 4 million customers.
- They provide an overview of their business model, industry dynamics, financial highlights, and capital allocation priorities.
- Their key priorities are optimizing their asset base to position for the future, focusing on operational execution to drive organic growth, and disciplining deploying capital to improve return on invested capital.
The document provides an investor presentation for Progressive Waste Solutions Ltd. for April 2014. It includes the following key points in 3 sentences:
1) The presentation includes forward-looking statements and identifies factors that could materially affect actual results, such as economic downturns and changes in fuel and commodity prices.
2) Progressive Waste Solutions is one of the largest solid waste management companies in North America, serving over 4 million customers across multiple segments with over 7,500 employees.
3) The presentation outlines the company's focus on operational execution, disciplined capital allocation to improve return on invested capital, and positioning its integrated asset base to generate long-term value for shareholders.
The document provides an overview of Progressive Waste Solutions' business and financial results. Some key points:
- Progressive Waste Solutions is one of the largest solid waste management companies in North America with over 4 million customers.
- For Q4 2013, revenue increased 1.2% to $502 million driven by a 2.1% increase in core pricing, partially offset by a 1.1% decline in volumes.
- Adjusted EBITDA for Q4 2013 was $131.9 million, a 1.4% decline from the prior year period primarily due to lower recycled commodity prices.
Raymond James Annual Institutional Investors ConferenceProgressiveWaste
The document provides an overview of Progressive Waste Solutions' business and strategy from its presentation at the 35th Annual Institutional Investors Conference on March 3, 2014. Some key points include: Progressive Waste Solutions is one of the largest solid waste management companies in North America, with over 4 million customers and a top 3 market share position in most markets. It focuses on operational execution, disciplined capital allocation, and improving return on invested capital to optimize its integrated asset base and deliver consistent strong financial results.
Credit Suisse Global Industrials Conference Dec 4, 2013ProgressiveWaste
Progressive Waste Solutions Ltd. is one of the largest solid waste management companies in North America with over 4 million customers. It has a vertically integrated asset base in the US and Canada including collection routes, transfer stations, landfills, and gas-to-energy facilities. The company focuses on operational execution, strategic investments, and improving return on invested capital to drive continuous improvement in revenue, EBITDA, and free cash flow. It is committed to the disciplined allocation of capital expenditures and cash flow to generate the highest returns for shareholders.
RBC Capital Markets' Global Industrials ConferenceProgressiveWaste
This document provides an overview of Progressive Waste Solutions Ltd., a solid waste management company operating in North America. It discusses the company's financial results, industry dynamics, operating model, integrated asset base, focus on operational execution, and commitment to improving return on invested capital. The company has seen consistent strong revenue, adjusted EBITDA, and free cash flow growth in recent years through organic growth and acquisitions. Management is focused on driving further improvement through sales initiatives, strategic acquisitions, and optimizing costs.
Owens Corning presented information at investor events in June 2017. The presentation discussed Owens Corning's focus on shareholder value and provided an overview of the company's Q2 2017 performance. It summarized the company's three business segments and highlighted its improved portfolio, earnings, cash flow, and macroeconomic drivers. Owens Corning aims to invest in organic growth, pursue value-creating acquisitions, and return cash to shareholders.
Credit Suisse Industrial and Environmental Services Conference 2013ProgressiveWaste
Progressive Waste Solutions Ltd. presented at the Credit Suisse Industrials and Environmental Services Conference in Boston on May 14, 2013. The presentation included forward-looking statements and discussed Progressive's integrated asset base in North America, industry dynamics of solid waste management, financial results for 2012 and Q1 2013, and capital allocation strategy. Progressive expects waste volumes to grow due to population and economic growth, and sees opportunities to generate new revenue through increased diversion and identifying value from collected materials.
The Brink's Company First Quarter 2017 Results Presentationinvestorsbrinks
The document provides an overview of Brink's first quarter 2017 financial results and outlook for 2017 and 2019. Some key points:
- Revenue increased 7% to $740 million in Q1 2017 driven by 7% organic growth.
- Operating profit increased 62% to $53 million in Q1 2017 with margins expanding from 4.7% to 7.1%.
- Full-year 2017 guidance raises revenue to $3 billion, operating profit to $235-245 million, and EPS to $2.55-2.65.
- Three-year strategic plan targets 2019 revenue of $3.3 billion, operating profit of $325 million, and EPS of $3.50, representing continued margin expansion
Curtiss-Wright reported second quarter 2017 earnings that exceeded expectations. Revenue increased 7% to $583 million driven by growth in power generation and industrial markets. Operating income rose 22% and margins increased 190 basis points to 14.7%. For full-year 2017, Curtiss-Wright raised guidance and now expects revenue to increase 4-6% and diluted EPS to grow 6-8% to a range of $4.45 to $4.55. Management cited improving industrial demand and contributions from acquisitions for the increased outlook.
This document provides an overview of Owens Corning for investors attending an event in August 2017. It discusses Owens Corning's three business segments: Insulation, Roofing, and Composites. It highlights how portfolio improvements over the last several years have lifted margins and returns. Free cash flow has also significantly improved. Owens Corning has a disciplined capital allocation strategy and strong cash flow outlook. The Insulation and Roofing businesses each provide details on market positions, historical performance, and growth opportunities.
Brink's is hosting investor meetings in June 2017. The document provides a safe harbor statement and discusses non-GAAP results. It then summarizes Brink's strategy to accelerate profitable growth through initiatives like growing high-value services, introducing differentiated services by leveraging technology, and achieving operational excellence. Financial targets for 2019 include 5% annual revenue growth to $3.275 billion, operating profit margin of around 10% ($330 million), and adjusted EBITDA margin of around 15% ($475 million). Segment contributions to the 2019 targets are also outlined.
- Tinuum distributions to ADES were $14.7 million in Q1 2017, up $9.8 million from Q1 2016.
- ADES completed the lease of an additional refined coal facility in March 2017, bringing the total number of invested facilities to 14.
- Net income increased 99% quarter-over-quarter to $8.7 million, while future projected cash flows from Tinuum were updated to between $275-300 million through 2021.
Owens Corning provides concise summaries of its quarterly performance and outlook. The summary focused on its three businesses: Insulation, Roofing, and Composites. It discussed financial results including EBIT margins and free cash flow generation. It also outlined drivers of future growth across end markets and an acquisition that strengthens its Insulation segment.
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
Bank of America Merrill Lynch 2015 Transportation ConferenceDelta_Airlines
- Delta has delivered strong financial performance through industry-leading operations, strategic growth initiatives, and cost productivity measures.
- It has significantly improved earnings, margins, returns on capital, and cash generation over the last few years and is on track for record results in 2015.
- Delta maintains a balanced capital allocation strategy of reinvesting in its business, strengthening its balance sheet by reducing debt, and returning cash to shareholders through dividends and stock repurchases.
- Integer reported financial results for the first quarter of 2017, with revenue up 5% organically year-over-year. Adjusted net income was up 26% organically despite a 2% reported decline, driven by continued progress in the business.
- Revenue growth improved for the first time in five quarters, with all product lines seeing positive trends. Advanced surgical, orthopedics, and portable medical returned to growth, while cardio & vascular was driven by existing contracts.
- The company reaffirmed its full-year 2017 outlook and expects continued organic growth, supported by strong cash flow generation to pay down debt and achieve leverage targets.
- WestRock reported Q3 2017 results with adjusted earnings per share of $0.74 and adjusted free cash flow of $473 million.
- They achieved $94 million in productivity initiatives and expect a synergy and performance improvement run-rate of $825 million by the end of Q4 2017.
- Guidance for fiscal year 2017 includes reaffirming adjusted free cash flow of $1.2 billion and estimating capital expenditures of $750 million.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
Barnes Group Inc. Investor Overview - April 2017Terri Chapman
Barnes Group provides an investor overview presentation covering their business segments, markets, growth strategy, and financials. The company has undergone a transformation through acquisitions to focus on industrial and aerospace manufacturing. They have a global presence with diversified end markets and long-term agreements in the aerospace aftermarket through revenue sharing and component repair programs. Barnes Group aims to drive sustainable profitable growth through their business system, productivity initiatives, and portfolio management.
This document provides an overview of Nelnet's business segments and financial performance. The key points are:
- Nelnet has four business segments: NDS (loan origination/servicing software), NBS (education payment processing software), AGM (student loan asset management), and ALLO (fiber network provider).
- Over the past decade, Nelnet has diversified its business and grown revenues across all segments. Adjusted net income has increased from $41 million in 2007 to over $200 million in recent years.
- Nelnet services over $195 billion in student loans for nearly 10 million borrowers. Its student loan portfolio is expected to generate $2.07 billion in future cash flows.
Capital return-announcement-with-non-gaapsDelta_Airlines
Delta provided projections for its future financial performance from 2015-2017. It expects to significantly improve its operating margin to between 14-16% through cost productivity and capacity discipline. Delta plans to generate $7-8 billion in annual operating cash flow and $4-5 billion in free cash flow, which it will use to continue strengthening its balance sheet and increase returns to shareholders. By maintaining its disciplined capital investment of $2.5-3 billion annually and implementing its financial framework, Delta believes it can achieve 15%+ annual EPS growth and a ROIC of 20-25% over the next three years.
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales grew 4.5% organically year-over-year with improving trends across all product lines. Adjusted EBITDA increased 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects adjusted EPS from business operations to remain unchanged despite foreign currency losses.
- WestRock reported financial results for Q4 FY17 and provided guidance for Q1 FY18.
- For Q4 FY17, adjusted earnings per share were $0.87 and adjusted free cash flow was $271 million.
- Guidance for Q1 FY18 expects impacts such as $30-35 million negative impact from price/mix/pulp and volumes and $35 million negative impact from maintenance downtime and group insurance benefits, resulting in anticipated sequential declines in earnings per share.
Hillenbrand provides a presentation overview for investors that includes:
- An introduction to the company's transformation from a death care company to a diversified industrial company through acquisitions.
- Segment overviews of the Process Equipment Group and Batesville, outlining strategies for growth.
- Financial highlights showing a history of strong performance and the use of cash flow to fund further growth.
- SCE forecasts $18.6 billion in capital expenditures from 2017-2020, including $1.8 billion for grid modernization during the 2018 GRC period.
- SCE's historical rate base grew at a compounded annual rate of 7% from 2011-2016 and core earnings grew at 5% annually over the same period.
- Key drivers of future growth include ongoing infrastructure investment, grid modernization to integrate renewables, and expanding electric transportation.
ADP reported solid financial results for fiscal 2017, with 6% revenue growth and 13% adjusted EPS growth. Revenue increased to $12.4 billion and adjusted EBIT grew 8% to $2.4 billion. New business bookings were softer due to strong prior year bookings from ACA-related sales. For fiscal 2018, ADP expects 5-7% revenue growth, adjusted EBIT margin expansion, and 2-4% growth in adjusted diluted EPS. ADP will continue investing in innovation, service, and sales while returning capital to shareholders through dividends and share repurchases.
RBC Capital Markets' Global Industrials ConferenceProgressiveWaste
Progressive Waste Solutions held a presentation at the RBC Capital Markets' Global Industrial Conference on September 10, 2013 to discuss creating value. The presentation included forward-looking statements and discussed Progressive Waste Solutions' industry dynamics, consistent strong financial results, highlights from Q2 2013 including revenue and EBITDA growth, components of revenue growth, their operating model for continuous improvement, integrated assets that support their operating strategy, focusing on operational execution, committing to improving return on invested capital, capital expenditures, internal infrastructure investments, 2013 capital allocation, and their priorities.
The document discusses forward-looking statements and non-GAAP measures used by The Manitowoc Company. It then summarizes that Manitowoc is a global leader in lifting equipment with a stable customer base across diverse geographies. The company is in the early stages of transforming to a higher-margin crane company compared to peers through strategic priorities focused on margin expansion, growth, innovation and velocity.
Credit Suisse Industrial and Environmental Services Conference 2013ProgressiveWaste
Progressive Waste Solutions Ltd. presented at the Credit Suisse Industrials and Environmental Services Conference in Boston on May 14, 2013. The presentation included forward-looking statements and discussed Progressive's integrated asset base in North America, industry dynamics of solid waste management, financial results for 2012 and Q1 2013, and capital allocation strategy. Progressive expects waste volumes to grow due to population and economic growth, and sees opportunities to generate new revenue through increased diversion and identifying value from collected materials.
The Brink's Company First Quarter 2017 Results Presentationinvestorsbrinks
The document provides an overview of Brink's first quarter 2017 financial results and outlook for 2017 and 2019. Some key points:
- Revenue increased 7% to $740 million in Q1 2017 driven by 7% organic growth.
- Operating profit increased 62% to $53 million in Q1 2017 with margins expanding from 4.7% to 7.1%.
- Full-year 2017 guidance raises revenue to $3 billion, operating profit to $235-245 million, and EPS to $2.55-2.65.
- Three-year strategic plan targets 2019 revenue of $3.3 billion, operating profit of $325 million, and EPS of $3.50, representing continued margin expansion
Curtiss-Wright reported second quarter 2017 earnings that exceeded expectations. Revenue increased 7% to $583 million driven by growth in power generation and industrial markets. Operating income rose 22% and margins increased 190 basis points to 14.7%. For full-year 2017, Curtiss-Wright raised guidance and now expects revenue to increase 4-6% and diluted EPS to grow 6-8% to a range of $4.45 to $4.55. Management cited improving industrial demand and contributions from acquisitions for the increased outlook.
This document provides an overview of Owens Corning for investors attending an event in August 2017. It discusses Owens Corning's three business segments: Insulation, Roofing, and Composites. It highlights how portfolio improvements over the last several years have lifted margins and returns. Free cash flow has also significantly improved. Owens Corning has a disciplined capital allocation strategy and strong cash flow outlook. The Insulation and Roofing businesses each provide details on market positions, historical performance, and growth opportunities.
Brink's is hosting investor meetings in June 2017. The document provides a safe harbor statement and discusses non-GAAP results. It then summarizes Brink's strategy to accelerate profitable growth through initiatives like growing high-value services, introducing differentiated services by leveraging technology, and achieving operational excellence. Financial targets for 2019 include 5% annual revenue growth to $3.275 billion, operating profit margin of around 10% ($330 million), and adjusted EBITDA margin of around 15% ($475 million). Segment contributions to the 2019 targets are also outlined.
- Tinuum distributions to ADES were $14.7 million in Q1 2017, up $9.8 million from Q1 2016.
- ADES completed the lease of an additional refined coal facility in March 2017, bringing the total number of invested facilities to 14.
- Net income increased 99% quarter-over-quarter to $8.7 million, while future projected cash flows from Tinuum were updated to between $275-300 million through 2021.
Owens Corning provides concise summaries of its quarterly performance and outlook. The summary focused on its three businesses: Insulation, Roofing, and Composites. It discussed financial results including EBIT margins and free cash flow generation. It also outlined drivers of future growth across end markets and an acquisition that strengthens its Insulation segment.
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
Bank of America Merrill Lynch 2015 Transportation ConferenceDelta_Airlines
- Delta has delivered strong financial performance through industry-leading operations, strategic growth initiatives, and cost productivity measures.
- It has significantly improved earnings, margins, returns on capital, and cash generation over the last few years and is on track for record results in 2015.
- Delta maintains a balanced capital allocation strategy of reinvesting in its business, strengthening its balance sheet by reducing debt, and returning cash to shareholders through dividends and stock repurchases.
- Integer reported financial results for the first quarter of 2017, with revenue up 5% organically year-over-year. Adjusted net income was up 26% organically despite a 2% reported decline, driven by continued progress in the business.
- Revenue growth improved for the first time in five quarters, with all product lines seeing positive trends. Advanced surgical, orthopedics, and portable medical returned to growth, while cardio & vascular was driven by existing contracts.
- The company reaffirmed its full-year 2017 outlook and expects continued organic growth, supported by strong cash flow generation to pay down debt and achieve leverage targets.
- WestRock reported Q3 2017 results with adjusted earnings per share of $0.74 and adjusted free cash flow of $473 million.
- They achieved $94 million in productivity initiatives and expect a synergy and performance improvement run-rate of $825 million by the end of Q4 2017.
- Guidance for fiscal year 2017 includes reaffirming adjusted free cash flow of $1.2 billion and estimating capital expenditures of $750 million.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
Barnes Group Inc. Investor Overview - April 2017Terri Chapman
Barnes Group provides an investor overview presentation covering their business segments, markets, growth strategy, and financials. The company has undergone a transformation through acquisitions to focus on industrial and aerospace manufacturing. They have a global presence with diversified end markets and long-term agreements in the aerospace aftermarket through revenue sharing and component repair programs. Barnes Group aims to drive sustainable profitable growth through their business system, productivity initiatives, and portfolio management.
This document provides an overview of Nelnet's business segments and financial performance. The key points are:
- Nelnet has four business segments: NDS (loan origination/servicing software), NBS (education payment processing software), AGM (student loan asset management), and ALLO (fiber network provider).
- Over the past decade, Nelnet has diversified its business and grown revenues across all segments. Adjusted net income has increased from $41 million in 2007 to over $200 million in recent years.
- Nelnet services over $195 billion in student loans for nearly 10 million borrowers. Its student loan portfolio is expected to generate $2.07 billion in future cash flows.
Capital return-announcement-with-non-gaapsDelta_Airlines
Delta provided projections for its future financial performance from 2015-2017. It expects to significantly improve its operating margin to between 14-16% through cost productivity and capacity discipline. Delta plans to generate $7-8 billion in annual operating cash flow and $4-5 billion in free cash flow, which it will use to continue strengthening its balance sheet and increase returns to shareholders. By maintaining its disciplined capital investment of $2.5-3 billion annually and implementing its financial framework, Delta believes it can achieve 15%+ annual EPS growth and a ROIC of 20-25% over the next three years.
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales grew 4.5% organically year-over-year with improving trends across all product lines. Adjusted EBITDA increased 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects adjusted EPS from business operations to remain unchanged despite foreign currency losses.
- WestRock reported financial results for Q4 FY17 and provided guidance for Q1 FY18.
- For Q4 FY17, adjusted earnings per share were $0.87 and adjusted free cash flow was $271 million.
- Guidance for Q1 FY18 expects impacts such as $30-35 million negative impact from price/mix/pulp and volumes and $35 million negative impact from maintenance downtime and group insurance benefits, resulting in anticipated sequential declines in earnings per share.
Hillenbrand provides a presentation overview for investors that includes:
- An introduction to the company's transformation from a death care company to a diversified industrial company through acquisitions.
- Segment overviews of the Process Equipment Group and Batesville, outlining strategies for growth.
- Financial highlights showing a history of strong performance and the use of cash flow to fund further growth.
- SCE forecasts $18.6 billion in capital expenditures from 2017-2020, including $1.8 billion for grid modernization during the 2018 GRC period.
- SCE's historical rate base grew at a compounded annual rate of 7% from 2011-2016 and core earnings grew at 5% annually over the same period.
- Key drivers of future growth include ongoing infrastructure investment, grid modernization to integrate renewables, and expanding electric transportation.
ADP reported solid financial results for fiscal 2017, with 6% revenue growth and 13% adjusted EPS growth. Revenue increased to $12.4 billion and adjusted EBIT grew 8% to $2.4 billion. New business bookings were softer due to strong prior year bookings from ACA-related sales. For fiscal 2018, ADP expects 5-7% revenue growth, adjusted EBIT margin expansion, and 2-4% growth in adjusted diluted EPS. ADP will continue investing in innovation, service, and sales while returning capital to shareholders through dividends and share repurchases.
RBC Capital Markets' Global Industrials ConferenceProgressiveWaste
Progressive Waste Solutions held a presentation at the RBC Capital Markets' Global Industrial Conference on September 10, 2013 to discuss creating value. The presentation included forward-looking statements and discussed Progressive Waste Solutions' industry dynamics, consistent strong financial results, highlights from Q2 2013 including revenue and EBITDA growth, components of revenue growth, their operating model for continuous improvement, integrated assets that support their operating strategy, focusing on operational execution, committing to improving return on invested capital, capital expenditures, internal infrastructure investments, 2013 capital allocation, and their priorities.
The document discusses forward-looking statements and non-GAAP measures used by The Manitowoc Company. It then summarizes that Manitowoc is a global leader in lifting equipment with a stable customer base across diverse geographies. The company is in the early stages of transforming to a higher-margin crane company compared to peers through strategic priorities focused on margin expansion, growth, innovation and velocity.
Sunoco LP provided an investor presentation that included the following key points:
1. The presentation included forward-looking statements and non-GAAP financial measures with required reconciliations.
2. Sunoco executed a business transformation that divested retail sites and refinanced debt to improve its financial profile and leverage targets.
3. Going forward, Sunoco expects a lean cost structure from its fuel distribution business with stable income streams from fuel sales and rental income. It aims to grow through organic expansion and acquisitions while maintaining disciplined financial policies.
Hi investor presentation 19_mar18 - final for printHillenbrand_IR
The document discusses Hillenbrand's strategy to continue transforming into a global diversified industrial company through organic growth, acquisitions, leveraging their operating model to drive profitability, and deploying strong free cash flow. They have made progress growing revenue and margins across their Process Equipment Group and Batesville segments. Hillenbrand is now focused on building leadership positions and platforms to accelerate profitable growth.
The document discusses Hillenbrand's strategy to transform into a global diversified industrial company through acquisitions and organic growth. It highlights how Hillenbrand has strengthened its portfolio and financial results over the past 5 years. The presentation also outlines Hillenbrand's strategic priorities going forward to continue driving profitable growth, including strengthening leadership positions, leveraging the Hillenbrand Operating Model, and making additional acquisitions.
Investor roadshow presentation april 2016 final-v5TrueBlueInc
- The document is an investor presentation that provides an overview of TrueBlue and its business outlook.
- TrueBlue has grown organically and through acquisitions to become a $2.7 billion company providing staffing, workforce management, and recruiting solutions.
- For fiscal year 2016, TrueBlue expects revenue of $2.8-2.9 billion and adjusted EBITDA of $158-172 million, reflecting challenges from slower organic growth and margin pressure.
Myers Industries presented its investor presentation, which included forward-looking statements noting actual results could differ from expectations. It summarized risks to its business, including changes in markets, customer relationships, competition, costs, weather, economic conditions, capital requirements, litigation, and laws. Myers encourages investors to review detailed risk factors in its SEC filings. The presentation outlined Myers' business transformation, goals to increase sales and profits through organic growth and M&A, and balanced capital allocation including returning cash to shareholders.
The document is an investor presentation by Myers Industries, Inc. It discusses the company's realignment into two business segments, Material Handling and Distribution. It provides financial goals and metrics, highlighting net sales growth, gross profit margins, return on invested capital, and free cash flow. The presentation also reviews the company's strategies to drive organic and acquisition-led growth, optimize operations, and allocate capital through investments, dividends, and share repurchases.
The document summarizes the performance of Cedar Fair, an amusement park operator. It discusses Cedar Fair's portfolio of 11 amusement parks and 3 water parks that entertain over 23 million guests annually. It highlights Cedar Fair's history of growth through increasing attendance and per capita spending. Cedar Fair has a goal of achieving over $450 million in adjusted EBITDA by 2016 through initiatives like enhanced guest experience and strategic partnerships. The company also maintains a balanced approach to capital allocation between distribution growth, investment, and debt repayment.
- The document is an investor presentation for TRC discussing financial highlights from Q1 2015 including revenue growth, backlog, cash flow and strategic growth initiatives.
- TRC's business model is diversified across environmental, energy and infrastructure segments serving public/private clients.
- Key growth strategies include investing in high-margin organic opportunities and strategic acquisitions to expand in oil/gas, utility, and transportation markets.
- Financial results show continued revenue growth, increasing margins and profits, strong balance sheet and cash flow.
This presentation discusses advancing semiconductor manufacturing technology. It provides an overview of the company, highlighting its focus on the growing semiconductor market, flexible vertically integrated business model, and key customers. The company has seen strong financial growth in recent years, with revenues increasing 97% and non-GAAP EPS growing 631% from 2015 to 2017. Management believes the company is well-positioned to capitalize on opportunities in the fastest growing segments of the semiconductor market.
Hi investor presentation sidoti ndr_final for print_23_may18Hillenbrand_IR
Hillenbrand provides a summary of its transformation into a global diversified industrial company through acquisitions and portfolio changes over the past five years. It is now focused on building leadership positions in key markets like plastics and chemicals through organic growth and strategic M&A. The Hillenbrand Operating Model is a competitive advantage that has driven margin expansion and cash flow generation, and will be leveraged to accelerate profitable growth. Hillenbrand has a strong balance sheet to support its strategic priorities and further transformation.
Goldman Sachs US Financial Services Conference 2017 presentation outlines Evercore's goal of becoming the most elite and respected independent investment bank. It discusses Evercore's differentiated platform of integrated capabilities across M&A advisory, capital markets, and investment management. The presentation also notes current supportive market conditions and Evercore's strategic expansion diversifying its geographic footprint and industry expertise to drive continued growth.
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
This presentation discusses advancing semiconductor manufacturing technology. It begins with forward-looking statements and disclosures. It then highlights the company's strong financial performance over the past 3 years, including 97% revenue growth and 631% increase in non-GAAP EPS. The rest of the presentation focuses on the company's strategy of capitalizing on fast growing segments of the semiconductor market, its flexible business model, key customers enabling growth opportunities, and management's focus on maximizing opportunities in semiconductors.
Manitowoc stifel 2017 industrials conference june 15 2017 vfManitowocCompany
The document discusses forward-looking statements and non-GAAP measures used by The Manitowoc Company. It summarizes Manitowoc's position as a global leader in lifting equipment with a stable customer base. It outlines the company's strategic priorities to improve quality, increase market share, optimize capacity and productivity to expand margins. The document provides an update on first quarter 2017, noting higher orders but lower revenue compared to prior year due to soft market conditions. Financial metrics such as backlog and cash flow are included.
This document provides an investor presentation for Quest Resource Holding Corporation, a national service integrator of waste and recycling solutions. It highlights Quest's value proposition as being able to design tailored recycling and waste management solutions to meet clients' sustainability and cost goals. It also outlines Quest's growth strategy, competitive positioning, market opportunity, and financial results to date from implementing a strategic repositioning.
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Waste Connections and Progressive Waste Solutions Conference CallProgressiveWaste
The document discusses a proposed transaction between Waste Connections (WCN) and Progressive Waste Solutions (BIN) that would combine the two waste management companies. Under the terms, WCN shareholders would receive 2.076843 BIN shares for each WCN share they own. The combined company is expected to have annual adjusted EBITDA between $1.25-$1.3 billion and over $625 million in adjusted free cash flow. The transaction is anticipated to generate $50 million in cost savings and provide accretion to adjusted free cash flow per share of over 20% in the first year. The combined management team and board of directors will be comprised primarily of current WCN personnel.
Progressive Waste Solutions Third Quarter 2015 Financial ResultsProgressiveWaste
FRIDAY OCTOBER 30, 2015 - Progressive Waste Solutions Ltd. Reports Results for the Three and Nine Months Ended September 30, 2015
Investor Relations
http://investor.progressivewaste.com/English/investor-relations/default.aspx
Progressive Waste Solutions Second Quarter 2015 Financial ResultsProgressiveWaste
The document provides an overview of Progressive Waste Solutions' Q2 2015 financial results. It summarizes that the company saw strong revenue growth driven by higher volumes and pricing. It also discusses progress on operational excellence initiatives and fleet conversion efforts. While adjusted EBITDA declined in Q2, the company remains focused on generating cash and maximizing returns.
The document provides an overview of Progressive Waste Solutions' Q2 2015 financial results. It summarizes that the company saw strong revenue growth driven by higher volumes and pricing. It also discusses progress on operational excellence initiatives and fleet conversion efforts. While adjusted EBITDA declined in Q2, the company remains focused on generating cash and maximizing returns.
Progressive Waste Solutions First Quarter 2015 Financial ResultsProgressiveWaste
- The document discusses Progressive Waste Solutions' Q1 2015 financial results.
- Revenue declined 2% year-over-year due to lower fuel surcharges and recycled commodity prices, but grew 2.1% excluding foreign exchange impacts.
- Operating expenses increased due to a $3 million increase in insurance claims provisions and weather-related impacts on disposal volumes.
Progressive Waste Solutions reported its Q4 and FY2014 financial results. Key highlights include:
- Q4 2014 revenues increased 0.5% year-over-year to $504.6 million, driven by organic growth and acquisitions.
- Adjusted EBITDA for Q4 2014 increased 5.2% to $138.8 million compared to Q4 2013.
- Capital expenditures in 2014 declined to 9.7% of revenues from 10.6% in 2013, allowing the company to generate $235.4 million in free cash flow for FY2014.
Progressive Waste Solutions Third Quarter 2014 Financial Results ProgressiveWaste
- Total company revenue increased 0.1% compared to Q3 2013, but grew 2.0% excluding the impact of foreign exchange. Organic revenue growth was 2.2% driven by higher price and volume.
- Adjusted EBITDA increased 3.7% to $139.8 million compared to Q3 2013. Adjusted EBITDA margins improved to 26.8% from 25.9% in Q3 2013.
- Capital expenditures decreased to $73.4 million from $97.8 million in Q3 2013, with lower spending on replacement capital. The company expects full year 2014 adjusted EPS and free cash flow to be higher than previously expected.
Progressive Waste Solutions Second Quarter 2014 Financial Results ProgressiveWaste
- The document reports on the financial results of Progressive Waste Solutions for the second quarter of 2014, including revenue, expenses, earnings, cash flow and other metrics.
- Total revenues for Q2 2014 were $513.5 million, a slight decline of 0.6% from Q2 2013, due to the impact of foreign exchange rates. Excluding FX, revenues grew 1.9% overall.
- Adjusted net income for Q2 2014 was $47.2 million, an increase of 33.9% from Q2 2013. Adjusted earnings per share were $0.41, up 32.3% from the prior year.
- Free cash flow for the quarter, excluding infrastructure spending,
1) Progressive Waste Solutions reported financial results for the fourth quarter of 2013 that were in line with guidance, with adjusted net income and free cash flow at the high end of expectations.
2) Core pricing increased across all service lines in both the US and Canada, driving organic revenue growth of 1%. However, revenue declined slightly due to unfavorable foreign exchange rates.
3) Adjusted EBITDA of $131.9 million was down slightly due to foreign exchange impacts, but margins of 26.3% were in line with guidance. Free cash flow of $58 million increased over the prior year.
Progressive Waste Solutions Third Quarter 2013 Financial ResultsProgressiveWaste
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Progressive Waste Solutions Ltd. released its second quarter 2013 financial results on July 30, 2013. The company reported revenue of $516.8 million, an increase of 8.7% from the previous quarter. Adjusted EBITDA was $134.9 million, a 1.7% increase. Free cash flow was $61.5 million, an 8.8% increase. The company also updated its guidance for 2013, increasing the upper end of the adjusted EBITDA range to $548 million and raising its free cash flow guidance.
Progressive Waste Solutions Fourth-Quarter Supplemental Information PackageProgressiveWaste
Progressive Waste Solutions reported financial results for the fourth quarter and full year of 2012. Revenue increased 8.4% in Q4 2012 and 3.1% for the full year, driven by acquisitions completed in 2012 and price increases, partially offset by lower recycling revenue and volumes. Adjusted net income decreased 25.9% in Q4 2012 and 16.2% for the full year due to lower operating margins and higher financing costs related to acquisitions. The company continued its acquisition strategy in 2012, completing 19 acquisitions including seven in Q4, and remains focused on improving returns on invested capital.
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MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
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World economy charts case study presented by a Big 4
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2. Forward Looking Statements
This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words
such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," and "continue" or variations of such words, other similar words or
similar expressions are intended to identify such forward-looking statements. These forward-looking statements
may include, without limitation, statements relating to future financial and operating results, our financial condition
and our plans, objectives, prospects, expectations and intentions. These forward-looking statements involve
significant risks and uncertainties and other factors and assumptions that could cause actual results to differ
materially from the forward-looking statements. Most of these factors and assumptions are outside of our control
and are difficult to predict. In addition to the factors and assumptions contained in this presentation, the following
factors and assumptions, among others, could cause or contribute to such material differences: downturns in the
worldwide economy; our ability to realize all of the anticipated benefits of future acquisitions; our ability to obtain,
renew and maintain certain permits, licenses and approvals relating to our landfill operations; and fuel cost and
commodity price fluctuations. Additional factors and assumptions that could cause Progressive Waste Solutions Ltd.'s
results to differ materially from those described in the forward-looking statements can be found in the most recent
annual information form under the heading “Risk Factors”. Progressive Waste Solutions Ltd. cautions that the
foregoing list of factors is not exclusive and that investors should not place undue reliance on such forward-looking
statements. All subsequent written and oral forward-looking statements concerning Progressive Waste Solutions
Ltd., or other matters attributable to Progressive Waste Solutions Ltd. or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements above. Progressive Waste Solutions Ltd. does not undertake
any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in
this communication, except as required by law.
2
3. Snapshot
• One of the largest solid waste management companies in N.A.
• Over 4 million Commercial, Industrial and Residential customers
• Top 3 market share position by number of collection routes in over 80% of the
markets in which we operate
• Strong vertically integrated asset base in the U.S. and Canada with significant
and strategic landfill internalization rates
• More than 7,000 employees
• Quarterly cash dividend of $0.15 per share ($0.60/share annually)
• Listed on the NYSE & TSX : “BIN”
3
4. Industry Dynamics
•
•
•
•
•
•
•
•
4
$60 billion+ industry in N.A. with scale concentrated in top four players
Essential service with multi-year contracts
Strong and predictable cash flow
Recession resistance with operating leverage to an economic recovery due to high fixed
cost infrastructure (typically a late-cycle performer)
Assets are underutilized, presenting margin expansion opportunity
Competitive dynamics vary by local market and success is driven by local market
customer density and asset mix
Top players represent ~36% of industry revenues with many further consolidation
opportunities remaining
Industry growth driven by price and volume improvements, with recycling and waste
diversion growth creating new revenue opportunities
5. Consistent Strong Results
Revenue 5-year CAGR is 14.2%
Adjusted EBITDA(A) 5-year CAGR is 12.8%
Free Cash Flow(B) 5-year CAGR is 15.6%
Revenue
US $MM
$1,840 $1,897
$2,026
$535 $520 $531
Adjusted EBITDA (A)
US $MM
$416
$1,430
$559
2005
$680
2006
$854
2007
$1,047 $1,008
$170
2008
2009
2010
2011
2012
2013
262.5
$199(1)
US$MM
$194
$95
2005
5
$50
2006
$291 $292
2005 2006 2007 2008 2009 2010 2011 2012 2013
Free Cash Flow (B)
$48
$208
$257
$230(1)
172.5
191
$119
$64
2007
2008
2009
2010
2011
2012
(A) Please refer to the definition and explanation of (A) on slide 35. (B) Please refer to the definition and explanation of (B) on slide 37.
(1) Free cash flow excluding $38.6 million and $26.1 million on discretionary infrastructure projects in 2013 and 2012 respectively.
2013
2012 includes
$30 MM revenue
& EBITDA impact
of lower recycled
commodities
prices
6. Q4 2013 Highlights
• Fourth-quarter results in line with our guidance with free cash flow(B)
and adjusted net income(A) at the high end or above our expectations
• Positive organic growth driven by higher core pricing in every service
line in both U.S. and Canada
• Strongest quarterly price performance since Q3 2012
• 2014 focus is operational execution and disciplined capital allocation
• Focused on operating our business to improve EBITDA, free cash flow(B)
and long-term return on invested capital (“ROIC”)
(A) Please refer to the definition and explanation of (A) on slide 35.
(B) Please refer to the definition and explanation of (B) on slide 37.
7. Operating Model for Continuous Improvement
Build dense collection network
organically or by acquisition
Revenue/hour
Balance with franchise markets
Complement with strategic
landfills
Drive internalization
opportunities
Critical mass matters
Density drives productivity
Strategic plans that drive
revenue and EBITDA per asset
up year over year
Year over year ROC
improvement
Business model
drives improvement
year-over-year
Decentralized decision-making
Local market execution and accountability
Goal oriented and execution to a result
Performance driven by metrics
Commitment to year over year performance improvement
7
Culture
Passion
Training
Teamwork
8. Integrated Assets Support
Operating Strategy
120
non-hazardous
solid waste
collection
operations
Electricity Natural Gas Home Heating
72
Compost
Organics, yard &
landscape waste
transfer
stations*
strategically
located near
many
collection
routes
Anaerobic Digester
Gas-to-Energy Plant
31 landfill sites*
47
Solid Waste
Transfer station
Landfill
5 gas-to-energy systems
Material recovery
•Market focused strategy
•Leading collection operations in dense urban markets
•Strategically located landfills in close proximity to urban markets
*Owned and / or operated
Recycled goods
material
recovery
facilities*
process a
variety of
materials
9. Positioning Asset Base for the Future
• Integrated assets are critical.
– The right combinations of collection, recycling, transfer and disposal assets
provide operating leverage
• Acquisitions can contribute incremental operating leverage.
– ‘Tuck-in’ collection companies that integrate into existing routes and assets
can help achieve higher route density and landfill internalization
• The right assets, at the right price, will position our company for future
success.
– Strategic assets, including acquisitions and internal infrastructure projects,
both collection and post-collection, need to meet our measures for return on
invested capital
9
10. Focusing on Operational Execution
• Management focused on internal execution.
– Drive productive organic growth
– Maintain an optimized cost structure
• Sales initiatives are taking hold.
– Upgraded field sales teams
– Added strategic price management tools and field sales training programs
• Positioned well for the longer term.
– Serve higher growth, open markets that are most levered to an economic
recovery
– Opportunity to continue to grow in the markets we serve
10
11. Committed to Improving Return on Invested Capital
• Focused on the disciplined investment of free cash flow(B), with
the goal of improving our return on invested capital (“ROIC”).
• Deploying cash to generate the highest available returns for our
shareholders.
• Compensation programs directly tied to improving ROIC at the
company level.
11
(B) Please refer to the definition and explanation of (B) on slide 37.
12. Capital Expenditures
$USD (MM)
$220(1)
Growth
Replacement
$143
$122
$171
30%
28%
~$212 –
$ 216(1)
~15%
29%
71%
74%
250
200
150
26%
39%
61%
$235(1)
70%
72%
~86%
100
2009 2010 2011 2012 2013 2014
7.0%
2.9%
6.9%
2.4%
2014 Replacement CAPEX
•
50
0
As a % of revenue:
Replacement
7.3%
Growth
4.8%
2014 CAPEX
• Expect total CAPEX to
be between $212 $216MM.
• Also reflects proceeds
from asset sales.
8.2%
3.5%
8.3%
3.3%
Includes capital for
construction at Seneca
Meadows landfill for
utility relocation.
2013 Growth CAPEX
•
Includes capital related to
municipal contract wins
and organic growth.
(1) Does not include internal infrastructure investments of $26.5MM and $38.6MM in 2012 and 2013, respectively. 2014 does not
include anticipated infrastructure investments of $20MM.
12
13. 2014 Capital Allocation
• Focused on the optimal allocation of our cash
• Target long-term leverage between 2.5x – 3.0x
– Total long-term debt is $1.55B at December 31, 2013 vs. $1.61B at
September 30, 2013
– Funded debt to EBITDA, as defined and calculated in accordance with our
consolidated facility, was 2.88x at December 31, 2013
– Comfortable with current leverage level and believe optimal long-term
leverage range for the Company is between 2.5x and 3.0x
• Balance sheet stability combined with strong levels of free cash flow provide
flexibility to direct capital where we expect to generate the most value
13
14. Progressive Waste Solutions Priorities
1. Optimization of asset base, including post-collection, to position for the
future.
Investments in assets will be strategic, not thematic, and need to meet our
measures for return on invested capital
2. Operational execution to deliver organic growth and cost efficiency.
Continued focus on internal execution at the field level to drive productive
organic growth and maintain an optimized cost structure
3. Disciplined deployment of capital to improve ROIC.
Strict oversight of replacement and growth capital
Allocation of free cash flow to generate the highest available returns for our
shareholders
14
17. 2013 Financial Highlights
$U.S. MM
Except per share amounts
Q4/12
Q4/13
QoQ
FY/12
FY/13
YOY
Canada
$199.0
$192.1
(3.5%)
201.7
220.9
9.5%
$776.8
$780.3
$769.0
$876.9
(1.0%)
12.4%
89.0
$502.0
(6.4%)
$339.6
$380.1
11.9%
Total Revenues
95.1
$495.8
1.2%
$1,896.7
$2,026.0
6.8%
Adjusted Net Income(A)
Reported Net Income
$28.2
$11.8
$33.4
$36.2
18.7%
208.4%
$113.2
$94.4
$127.2
$118.0
12.3%
25.0%
Adjusted EPS(A) (diluted)
Reported EPS (diluted)
$0.24
$0.10
$0.29
$0.31
20.8%
210%
$0.97
$0.81
$1.10
$1.02
13.4%
25.9%
Adjusted Operating EBIT(A)
$61.6
$59.1
(4.0%)
246.1
246.2
-
Adjusted EBITDA(A)
$133.7
$131.9
(1.4%)
519.7
530.8
2.1%
Adjusted EBITDA(A) Margins
27.0%
26.3%
(70bps)
27.4%
26.2%
(120bps)
Adjusted EBITA(A)
$76.4
$72.6
(4.9%)
299.1
297.2
(0.6%)
Free Cash Flow(B)
$36.6
$57.7
(57.6%)
$172.5
$191.0
10.8%
115,163
115,175
116,178
115,170
U.S. South
U.S. Northeast
Weighted Average Share Count
Total Actual Outstanding Share Count
17
(A) Please refer to the definition and explanation of (A) on slide 35.
(B) Please refer to the definition and explanation of (B) on slide 37.
115,175
115,175
18. Revenue Growth
CAN
Q4/12
U.S.
Q4/12
Total
Company
Q4/12
FY
2012
CAN
Q4/13
U.S.
Q4/13
Total
Company
Q4/13
FY
2013
Core Price(1)
1.5%
1.0%
1.2%
1.4%
1.7%
1.6%
1.6%
1.1%
Fuel Surcharges
0.1%
0.6%
0.3%
0.4%
(0.1%)
(0.3%)
(0.2%)
-
Recycling and Other(2)
(1.6%)
(0.6%)
(1.0%)
(1.6%)
1.1%
0.4%
0.7%
0.1%
-
1.0%
0.5%
0.2%
2.7%
1.7%
2.1%
1.2%
Volume (Decline) Growth
(2.6%)
2.0%
0.1%
(1.2%)
(0.7%)(3)
(1.4%) (4)
(1.1%) (5)
0.7%(6)
Total Organic
Revenue (Decline) Growth
(2.6%)
3.0%
0.6%
(1.0%)
2.0%
0.3%
1.0%
1.9%
Acquisitions
6.4%
6.3%
6.4%
4.5%
0.2%
4.1%
2.5%
6.2%
Total Growth Excluding
Foreign Exchange (“FX”)
3.8%
9.3%
7.0%
3.5%
2.2%
4.4%
3.5%
8.1%
FX
1.4%
(0.4%)
(2.3%)
(1.3%)
Total Growth Including FX
8.4%
3.1%
1.2%
6.8%
Components of Revenue
Growth (Decline)
Total Price Growth
(1)
(2)
(3)
(4)
(5)
(6)
18
Core Price reflects organic average price change, net of rollbacks and excludes fuel surcharges, across the Company’s customer base.
OCC average price based on RISI pricing weighted to BIN regions Q1/13 = $99/ton , Q2/13 = $104/ton, Q3/13 = $112/ton, Q4/13 = $109/ton.
Q4 2013 Canadian volume decline reflects impact of Calgary landfill closure to MSW and municipal contracts completed in 2012. This resulted in a negative volume impact of (202 bps) to
Canadian volume and (81bps) to total company volume. Adjusted volume is 1.3% in Canada.
US volume decline reflects impact of Superstorm Sandy volume received in Q4 2014. This resulted in a negative volume impact of (310 bps) to US volume and (182 bps) to consolidated
company volume. Adjusted volume is 1.7% in the US.
Q4 2013 adjusted total company volume reflecting Canadian and US volume decline of (263 bps) is 1.5%.
FY 2013 adjusted volume reflects Canadian and US volume decline of (116 bps) is 1.9%.
19. Q4 2013 Reported Revenue by Segment
$U.S. (MM)
U.S. South
Canada
$496
$502
$95
$89
$202
U.S. Northeast
• CAD $ weaker vs. U.S. $ in
Q4/13 vs. Q4/12, reducing
total company revenue by
$11.3 MM on translation to
U.S. dollars.
1.2% QoQ
Growth
$221
500
400
300
200
$199
$192
100
0
Q4 2012
% of Total Revenues
Canada
U.S. South
U.S. Northeast
19
40.1%
40.7%
19.2%
Q4 2013
38.3%
44.0%
17.7%
• At parity, total Company
consolidated revenue
increased 3.5% on
acquisitions and organic
growth.
•Expressed in U.S. $, Q4/13
Canadian revenue declined
(3.5%) QoQ.
• Q4/13 U.S. South revenue
increased 9.5% QoQ.
• Q4/13 U.S. Northeast
revenue decreased 6.4%
QoQ. Q4/12 included
nearly $8MM of revenue
from Superstorm Sandy
(“Sandy”).
20. Reported and Gross Revenues(1)
Strong Revenue from Canadian and U.S. Operations
Q4/13
Q3/13
Q2/13
Q1/13
Total Reported Revenues
$502.0
$520.7
$516.8
$486.6
U.S.
Canada
$309.9
$192.1
$321.6
$199.1
$318.0
$198.8
$307.5
$179.1
Gross Revenue From Operations
000’s
(1)
Q4/13
Consolidated
$US
Q4/13
% of Gross
Revenue
Q3/13
Consolidated
$US
Q3/13
% of Gross
Revenue
Q2/13
Consolidated
$US
Q2/13
% of Gross
Revenue
Q1/13
Consolidated
$US
Q1/13
% of Gross
Revenue
$174,117
34.7
$177,185
34.0
$176,483
34.1
$175,722
36.1
89,255
17.8
96,008
18.4
95,424
18.5
85,156
17.5
Residential
116,753
23.3
118,623
22.8
118,774
23.0
113,020
23.2
Transfer and
Disposal
172,924
34.4
187,933
36.1
185,213
35.8
160,248
32.9
Recycling
16,253
3.2
14,216
2.7
14,416
2.8
14,979
3.1
Other
9,698
1.9
11,166
2.1
11,491
2.2
10,106
2.1
Gross
Revenues
579,000
115.3
605,131
116.1
601,801
116.4
559,231
114.9
Intercompany
(76,993)
(15.3 )
(84,466)
(16.1)
(84,994)
(16.4)
(72,671)
(14.9)
$502,007
100%
$520,665
100%
$516,807
100%
$486,560
100%
Commercial
Industrial
Revenues
20
(1) Gross Revenue includes intercompany revenue on a consolidated basis and includes the impact of FX.
21. Q4 2013 Operating Expenses
• Operating expenses
increased 1.6% QoQ.
$U.S. (MM)
U.S. Northeast
U.S. South
500
Canada
400
$305
$310
$67
$62
$127
$141
300
200
100
$111
$107
0
Q4 2012
21
Q4 2013
• Operating expenses
totaled 61.8% of total
revenue, up 20 bps vs. Q4
2012.
• In Q4/13 higher
transportation costs in
western Canada, related
to trucking volume longer
distances to our
Coronation Landfill
following closure of the
Calgary Landfill,
contributed to higher
expenses compared to
prior period.
22. Q4 2013 Gross Revenues by Service Line(1) in Canada and the U.S.
000’s
Canada
(Canadian dollars)
Canada % of
Revenue
U.S.
(U.S. dollars)
U.S. % of
Revenue
$80,422
39.9
$97,546
31.5
Industrial
37,987
18.8
52,987
17.1
Residential
37,945
18.8
80,607
26.0
Transfer and Disposal
64,919
32.2
111,061
35.8
Recycling
8,175
4.1
8,458
2.7
Other
5,379
2.7
4,585
1.5
Gross Revenues
234,827
116.5
355,244
114.6
Intercompany
(33,176)
(16.5)
(45,312)
(14.6)
$201,651
100%
$309,932
100%
Commercial
Revenues
(1) Gross Revenue includes intercompany revenue on a consolidated basis.
22
23. Q4 2013 Adjusted Selling, General & Administration (“SG&A”)
Expenses
$U.S. (MM)
Corporate
100
U.S. Northeast
90
U.S. South
80
Canada
$57
$60
70
60
$10
$8
$21
$21
30
$18
$18
10
Q4 2012
23
$12
$9
Q4 2013
50
40
20
0
• Adjusted SG&A
expenses up $3.0MM
QoQ to $60MM.
• Higher expenses
primarily due to
acquisitions and bad
debt expenses in
Q4/13.
24. Q4 2013 Adjusted EBITDA(A)
$U.S. (MM)
180
Corporate
U.S. Northeast
Canada
$134
$132
155
$20
$18
130
$54
U.S. South
$59
105
80
55
$70
$67
-$10
-$12
Q4 2012
Q4 2013
Adjusted EBITDA(A) Margins
27.0%
Total Company
35.2%
Canada
26.8%
U.S. South
20.8%
U.S. Northeast
(A)
24
Please refer to the definition and explanation of (A) on slide 35.
26.3%
34.9%
26.7%
19.7%
30
5
-20
• Total company Adjusted
EBITDA(A) in line with
guidance.
•Total company Adjusted
EBITDA(A) declined 1.4%
QoQ to $131.9MM.
Includes FX drag of $3.5MM
•Total company Adjusted
EBITDA margins were
26.3%.
25. FY 2013 Replacement & Growth Capital Expenditures (“CAPEX”)
$U.S. MM
Growth
Replacement
$274
$247
37%
300
250
39%
200
150
63%
2012
25
61%
100
50
2013
0
• CAPEX in line with guidance.
• FY13 Replacement CAPEX
was $168MM, offset by
$21MM in proceeds from the
sale of certain redundant
assets.
•FY13 Growth CAPEX was
$106MM, including nearly
$39MM spent on
infrastructure projects.
26. Free Cash Flow(B)
Q4 2013 $U.S. (MM)
$4(1)
$12(1)
$58
$37
80
60
40
20
0
Q4 2012
FY $U.S. (MM)
Q4 2013
$39(2)
$191
$26(1)
$172
FY 2012
26
195
190
185
180
175
170
165
160
FY 2013
(B) Please refer to the definition and explanation of (B) on slide 36.
(1) Free cash flow(B) excluding discretionary infrastructure expenditures of $12.3MM in Q4 2012 and $4.6 MM in Q4 2013, respectively.
(2) Free cash flow(B) excluding discretionary infrastructure expenditures of $26.1MM in FY2012 and $38.6 MM in FY2013, respectively.
• Business continues to
generate strong free cash
flow(B).
• Free cash flow(B)
increased $21MM QoQ
to $58MM in Q4/13.
• Excluding spending on
discretionary
infrastructure
investments of $4.6MM,
free cash flow(B) was
$62MM.
• FY2013 free cash flow(B)
of nearly $230MM
excluding $39MM of
internal infrastructure
expenditures.
27. Long-Term Debt Summary at December 31, 2013
Long-Term Debt Facilities
$U.S. MM
Senior Secured Term B Facility
Senior Secured Revolving
Facility
Available
Lending
Accordion
$495.0
$1,850.0
Facility Drawn
$495.0
$750.0
Letters of
Credit
_
Available
Capacity
Ratings
_
Moody’s
Ba1
September 9, 2013
S&P
BBBMarch 26, 2013
$983.5
$196.9
$669.6
$64.0
$64.0
_
_
$0.6
$0.6
_
_
IRBs(1)
Other Notes
• Total long-term debt is $1.55B at December 31, 2013 vs. $1.61B at September 30, 2013
• Funded debt to EBITDA, as defined and calculated in accordance with our consolidated facility, was 2.88x
compared with 3.0x as at September 30, 2013
• Comfortable with current leverage level and believe optimal long-term leverage range for the Company is
between 2.5x and 3.0x
• Interest expense on total outstanding debt was $15.5 MM for the three months ended December 31, 2013
27
(1)
Variable Rate Demand Solid Waste Disposal Revenue Bonds.
28. 2014 Guidance(1)
$2,070
Revenue $U.S. (MM)
$2,050
$2,030
$2,026
1.6%
$(8.0)
-0.2%
$1,990
$555
Calgary
Landfill
Closure
-0.5%
Adjusted EBITDA(A) $U.S. (MM)
2.7%
Sale of operations
(Immaterial EBITDA
contribution)
Superstorm
Sandy
Organic
Growth
-2.9%
Adj. EBITDA(A) at mid-point of 2014E
Adj. EBITDA(A) @ FX=$0.97
$550
$530
2014E Adj.
EBITDA(A)
@FX=$0.90
-3.4%
$(8.5)
$520
-1.6%
$(5.0)
-0.8%
$515
28
$(18.0)
$533
$531
$525
$510
$551
2014E Mid-point
Revenue
Guidance
3.8%
$540
$535
Foreign
Exchange
$33.5
$545
2014E
Revenue
@FX=$0.90
$2,000
$(10)
-0.4%
2013
Revenue
$(58)
$54.0
$(4.0)
$2,010
$1,970
$2,058
Revenue at mid-point of 2014E
Revenue @ FX=$0.97
Represents
(60bps) of
volume in 2014
2013 Adjusted
EBITDA(A)
Calgary
Landfill
Closure
Long-term &
Short-term
Compensation
(A) Please refer to the definition and explanation of (A) on slide 35.
$(2.0)
$2.0
-0.4%
0.4%
Superstorm
Sandy
Gas plant
contribution in 2H
2014 offset by startup costs in 1H 2014
6.2%
Organic
Growth
Foreign
Exchange
2014E Mid-point
Adjusted EBITDA(A)
Guidance
29. 2014 Guidance(1)
1.
2.
3.
Guidance assumes no change in the current economic environment and excludes the impact of any acquisitions we may
complete in 2014
Assumes foreign exchange rate of $0.90 U.S. for each Canadian dollar
Assumes an average recycled commodity price for the year that is equal to our average price for Q4 2013
$U.S. (MM)
2013 Actual
(FX rate of $0.97)
2014 Impact at
Guidance
constant
(FX rate of $0.97) currency(1)
2014 Guidance (FX
rate of $0.90)
Revenue
Adjusted EBITDA(A)
$2,026
$530.8
$2,047 to $2,068
$546 to $556
Increase
Increase
$1,990 to $2,010
$528 to $538
Amortization expense, as a percentage of revenue
14.6%
14.2%
Decrease
14.2%
$246
$61
$255 to$263
$65 to $67
Increase
Increase
$245 to $253
$64 to $66
33.0%
29.3% to 31.4%
Decrease
30% to 32%
$30
$38 to $39
Increase
$35 to $37
$1.10
$1.12 to $1.22
Increase
$1.06 to $1.15
$230
$219 to $236
Neutral
$210 to $225
$214
$218 to $222
Increase
$212 to $216(1)
$39
$21
Decrease
$20(2)
C$0.58 per share
C$0.60 per share
N/A
C$0.60 per share
Adjusted operating EBIT(A)
Interest expense
Effective tax rate as a percentage of income before income tax
expense and net (income) loss from equity accounted investee
Cash taxes (expressed on an adjusted basis)
Adjusted net income(A) per diluted share
Free cash flow(B) excluding additional internal infrastructure
investment
Capital and landfill expenditures excluding internal
infrastructure investment and including net proceeds on sale(2)
Internal infrastructure investment(3)
Expected annual cash dividend, payable on a quarterly basis
(A)
(B)
1)
2)
29 3)
Please refer to the definition and explanation of (A) on slide 35.
Please refer to the definition and explanation of (B) on slide 37.
Constant currency refers to these amounts being translated at an average FX rate of $0.9707.
Capital and landfill expenditures includes replacement expenditures, including net proceeds on sale, of approximately $181-184MM, representing approximately 9.1%
of revenues, at the mid-point of the guidance range. In 2014, replacement spending includes cell development of $15 MM at Seneca Meadows Landfill. Growth
expenditures of $31 - $32MM include municipal contracts and organic growth.
Completion of natural gas plant at Lachenaie Landfill, Quebec
30. Reconciliation of Adjusted EBITDA(A) to Free Cash Flow(B)
$U.S. (MM)
Q4/12
Q4/13
Adjusted EBITDA(A)
$133.7
$131.9
-
-
Capital and landfill asset purchases
($72.9)
($59.4)
Proceeds from sale of capital assets
$0.7
$5.6
Landfill closure/post-closure expenditures
($1.3)
($0.7)
Landfill closure/post-closure cost accretion expense
$1.3
$1.4
Interest on long-term debt
($14.5)
($15.5)
Non-cash interest expense
$0.6
$0.8
Current income tax expense
($11.0)
($6.4)
Free cash flow(B)
$36.6
$57.7
Recovery (purchase) of restricted shares
(A) Please refer to the definition and explanation of (A) on slide 35.
(B) Please refer to the definition and explanation of (B) on slide 37.
30
31. Reconciliation of Reported Net Income and Earnings Per Share to
Adjusted
Adjusted net income(A) increased 18.7% QoQ to $33.4 MM.
Q4/13
Reported Net Income and EPS (diluted)
$36.2
$0.31
$U.S.(MM)
EPS ($’s)
Segment
Revenue/
Expense Line
Item
Transaction and related costs
($2.4)
($0.02)
Corporate
SG&A
Fair value movements in stock options
($0.2)
-
Corporate
SG&A
Restricted share expense
$0.4
-
Corporate
SG&A
Non-operating or non-recurring expenses
$3.0
$0.03
All
SG&A
Net gain on financial instruments
($5.8)
($0.05)
All
Loss on extinguishment of debt
$1.2
$0.01
Net Income tax expense or (recovery)
$1.0
$0.01
Adjusted net income(A) and
Adjusted EPS(A) (diluted)
$33.4
$0.29
Items of note
(A)
31
Please refer to the definition and explanation of (A) on slide 35.
32. Geographical Distribution
Canada
FY 2012 FY 2013
US$ millions
$776.8
Adjusted
EBITDA(A)
% Margin
$769.1
$278.5
$270.5
35.1%
Revenue
35.2%
Northeast
Revenue
Adjusted
South
FY 2012
FY 2013
$780.3
Adjusted EBITDA(A) $217.1
% Margin
$876.9
$236.0
US$ millions
Revenue
% Margin
27.8%
26.9%
Serve more than 4 million customers in North America
Note: Corporate Adjusted EBITDA(A) of ($52.0) million and ($47.4) million in 2013 and 2012, respectively, are not shown.
32
(A) Please refer to the definition and explanation of (A) on slide 35.
EBITDA(A)
FY 2012
FY 2013
$339.6
US$ millions
$380.1
$71.5
$76.3
21.1%
20.1%
33. Recycled Fiber Sensitivity
•
Revenues and earnings are impacted by changes in recycled commodity prices, which principally
include old corrugated cardboard (“OCC”) and other paper fibers, including newsprint, sorted
office paper and mixed paper
•
Other commodities we receive include wood, plastics, aluminum and metals
•
Our results of operations may be affected by changing prices or market requirements for
recyclable materials. The resale and purchase price of, and market demand for, recyclable
materials can be volatile due to changes in economic conditions and numerous other factors
beyond our control
•
These fluctuations may affect our consolidated financial condition, results of operations and
cash flows
•
Based on current volumes, a $10 change in the price of an average basket of commodities
results in a ~$7.6 million change to revenues and an approximately $0.04 change to net income
per share on an annual basis, applying the average FX rate for 2013
33
34. FX Sensitivity
We have elected to report our financial results in U.S. dollars. However, we earn a
significant portion of our revenues and earnings in Canada
• Based on 2014 guidance outlook, if the U.S. dollar strengthens by one cent our
reported revenues will decline by approximately $8.2 million
• EBITDA(A) is similarly impacted by approximately $2.5 million , assuming a
strengthening U.S. dollar
• The impact on net income for a similar change in FX rate, results in an
approximately $1.1 million decline
• The impact on free cash flow(B) for a similar change in FX rate, results in an
approximately $900,000 decline
• Should the U.S. dollar weaken by one cent, our reported revenues, EBITDA(A) and
net income will improve by amounts similar to those outlined above as a result of
a strengthening U.S. dollar
(A)
(B)
34
Please refer to the definition and explanation of (A) on slide 35.
Please refer to the definition and explanation of (B) on slide 37.
35. Non-GAAP Disclosure
(A) All references to “Adjusted EBITDA” in this document are to revenues less operating expense and SG&A, excluding certain SG&A expenses, on the consolidated
statement of operations and comprehensive income or loss. Adjusted EBITDA excludes some or all of the following: certain SG&A expenses, restructuring expenses,
goodwill impairment, amortization, net gain or loss on sale of capital assets, interest on long term debt, net foreign exchange gain or loss, net gain or loss on financial
instruments, loss on extinguishment of debt, other expenses, income taxes and income or loss from equity accounted investee. Adjusted EBITDA is a term used by us that
does not have a standardized meaning prescribed by U.S. GAAP and is therefore unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA
is a measure of our operating profitability, and by definition, excludes certain items as detailed above. These items are viewed by us as either non-cash (in the case of
goodwill impairment, amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, deferred income taxes and net income or loss from equity
accounted investee) or non-operating (in the case of certain SG&A expenses, restructuring expenses, net gain or loss on sale of capital assets, interest on long-term debt,
loss on extinguishment of debt, other expenses, and current income taxes). Adjusted EBITDA is a useful financial and operating metric for us, our Board of Directors, and
our lenders, as it represents a starting point in the determination of free cash flow(B). The underlying reasons for the exclusion of each item are as follows: Certain SG&A
expenses – SG&A expense includes certain non-operating or non-recurring expenses. Non-operating expenses include transaction costs or recoveries related to
acquisitions, fair value adjustments attributable to stock options and restricted share expense. Non-recurring expenses include certain equity based compensation,
payments made to certain senior management on their departure and other non recurring expenses from time-to-time. These expenses are not considered an expense
indicative of continuing operations. Certain SG&A costs represent a different class of expense than those included in adjusted EBITDA. Restructuring expenses –
expenses includes costs to integrate certain operating locations with our own, exiting certain property and building and office leases, employee severance
and employee relocation costs all of which were incurred in connection with our acquisition of WSI. These expenses are not considered an expense indicative of
continuing operations. Accordingly, restructuring expenses represent a different class of expense than those included in adjusted EBITDA. Goodwill impairment – as a non
cash item goodwill impairment has no impact on the determination of free cash flow(B) and is not indicative of our operating profitability. Amortization – as a non-cash
item amortization has no impact on the determination of free cash flow(B) and is not indicative of our operating profitability. Net gain or loss on sale of capital assets
proceeds from the sale of capital assets are either reinvested in additional or replacement capital assets or used to repay revolving credit facility borrowings. Interest on
long-term debt – interest on long-term debt reflects our debt/equity mix, interest rates and borrowing position from time to time. Accordingly, interest on long-term debt
reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA. Net foreign exchange gain or loss – as non
cash items, foreign exchange gains or losses have no impact on the determination of free cash flow(B) and is not indicative of our operating profitability. Net gain or loss on
financial instruments – as non-cash items, gains or losses on financial instruments have no impact on the determination of free cash flow(B) and is not indicative of our
operating profitability. Loss on extinguishment of debt – loss on extinguishment of debt is a function of our debt financing. Accordingly, it reflects our treasury/financing
activities and represents a different class of expense than those included in adjusted EBITDA. Other expenses – other expenses typically represent amounts paid to certain
management of acquired companies who are retained by us post acquisition and amounts paid to certain executives in respect of acquisitions successfully completed.
These expenses are not considered an expense indicative of continuing operations. Accordingly, other expenses represent a different class of expense than those included
in adjusted EBITDA. Income taxes – income taxes are a function of tax laws and rates and are affected by matters which are separate from our daily operations.
Net income or loss from equity accounted investee – as a non-cash item, net income or loss from our equity accounted investee has no impact on the determination of
free cash flow(B) and is not indicative of our operating profitability. All references to “Adjusted EBITA” in this document represent Adjusted EBITDA after deducting
amortization of capital and landfill assets. All references to “Adjusted operating income or adjusted operating EBIT” in this document represent Adjusted EBITDA after
adjusting for net gain or loss on the sale of capital assets and all amortization expense, including amortization expense recognized on the impairment of intangible
assets. All references to “Adjusted net income” are to adjusted operating income after adjusting net gain or loss on financial instruments, loss on extinguishment of debt,
other expenses and net income tax expense or recovery.
35
36. Non-GAAP Disclosure – continued
2013
Operating income
Transaction and related (recoveries) costs - SG&A
Fair value movements in stock options - SG&A(*)
Restricted share expense - SG&A(*)
Non-operating or non-recurring expenses - SG&A
Impairment of intangible assets - Amortization
Adjusted operating income or adjusted operating EBIT(A)
Net (gain) loss on sale of capital assets
Amortization(*)(*)
Adjusted EBITDA(A)
Amortization of capital and landfill assets
Adjusted EBITA(A)
$
$
Three months ended
December 31
2012
58,330
(2,349)
(182)
350
2,965
59,114
(566)
73,379
131,927
(59,333)
72,594
$
$
Net income
$
36,242 $
Transaction and related (recoveries) costs - SG&A
(2,349)
Fair value movements in stock options - SG&A(*)
(182)
(*)
Restricted share expense - SG&A
350
Non-operating or non-recurring expenses - SG&A
2,965
Impairment of intangible assets - Amortization
Net (gain) loss on financial instruments
(5,819)
Loss on extinguishment of debt
1,240
Other expenses
Net income tax expense or (recovery)
970
Adjusted net income(A)
$
33,417 $
Note:
(*)Amounts exclude long-term incentive plan ("LTIP") compensation.
(*)(*)Amortization is presented net of amortization expense recorded on the impairment of intangible assets.
36
2013
Year ended
December 31
2012
58,623 $
462
703
819
981
61,588
383
71,766
133,737
(57,387)
76,350 $
232,916 $
(2,460)
5,879
1,142
4,600
4,074
246,151
(7,793)
292,417
530,775
(233,562)
297,213 $
237,711
2,507
(110)
2,034
3,991
246,133
(592)
274,118
519,659
(220,533)
299,126
11,753 $
462
703
819
981
3,541
16,924
(7,031)
28,152 $
117,970 $
(2,460)
5,879
1,142
4,600
4,074
(4,282)
1,240
(1,011)
127,152 $
94,357
2,507
(110)
2,034
3,991
1,725
16,924
105
(8,346)
113,187
37. Non-GAAP Disclosure – continued
(B)We have adopted a measure called “free cash flow” to supplement net income or loss as a measure of our operating performance. Free cash flow is a term which
does not have a standardized meaning prescribed by U.S. GAAP, is prepared before dividends declared and shares repurchased, and may not be comparable to
similar measures prepared by other companies. The purpose of presenting this non-GAAP measure is to provide disclosure similar to the disclosure provided by
other U.S. publicly listed companies in our industry and to provide investors and analysts with an additional measure of our value and liquidity. We use this nonGAAP measure to assess our performance relative to other U.S. publicly listed companies and to assess the availability of funds for growth investment, debt
repayment, share repurchases or dividend increases. All references to “free cash flow” in this document have the meaning set out in this note.
Three months ended
December 31
2012
Change
2013
Adjusted EBITDA(A)
Recovery (purchase) of
restricted shares(*)(*)
Capital and landfill asset
purchases(*)
Proceeds from the sale of
capital assets
Landfill closure and postclosure expenditures
Landfill closure and postclosure cost accretion
expense
Interest on long-term
debt
Non-cash interest expense
Current income tax
expense
Free cash flow(B)
$
131,927
$
133,737
$
(1,810)
2013
$
530,775
Year ended
December 31
Change
2012
$
519,659
$
11,116
-
-
(1,591)
(541)
(1,050)
(59,396)
(72,881)
13,485
(273,862)
(246,878)
(26,984)
5,551
654
4,897
21,183
2,761
18,422
(742)
(1,336)
594
(4,276)
(6,737)
2,461
1,418
1,313
105
5,655
5,240
415
(15,482)
854
$
-
(14,494)
596
(988)
258
(60,754)
3,436
(57,428)
5,665
(3,326)
(2,229)
(6,431)
57,699
$
(10,969)
36,620
$
4,538
21,079
$
(29,535)
191,031
$
(49,281)
172,460
$
19,746
18,571
Note:
(*)Capital
and landfill asset purchases include infrastructure expenditures of approximately $4,600 and $12,300 for the three months and
$38,600 and $26,100 for the years ended December 31, 2013 and 2012, respectively.
(*)(*)Amounts exclude LTIP compensation.
37