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 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.
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 Third Quarter 2013 Financial ResultsProgressiveWaste
Progressive Waste Solutions reported third quarter 2013 financial results with revenue increasing 6.9% year-over-year to $521 million. Adjusted EBITDA declined slightly to $135 million due to higher costs. Free cash flow was $27 million. For 2013, the company revised guidance downward with adjusted EBITDA expected between $530-536 million and adjusted net income per share of $1.06-1.09. Capital expenditures are forecasted at $208-218 million excluding internal infrastructure investments.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
Morgan Stanley Dean Witter reported record quarterly operating results for Q2 1999, with net income up 35% to $1.15 billion and diluted EPS up 42% to $1.95 per share. Net revenues increased 23% to $5.7 billion, driven by strong performances across institutional securities, investment banking, and private client businesses. The company also saw improved credit quality and higher transaction volume in its credit services segment. Overall, Morgan Stanley Dean Witter had another very successful quarter with significant revenue and earnings growth across all business lines.
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.
- TE Connectivity reported Q3 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.00, up 14% year-over-year.
- Adjusted operating margin was 15.4%, up 60 basis points from the prior year, driven by volume growth, product mix, and productivity gains.
- Free cash flow for the quarter was $530 million. The company returned $169 million to shareholders in the form of dividends and share repurchases.
- For the full year 2014, the company expects sales of $13.95 billion at the midpoint, up 5% from 2013. Adjusted EPS is expected to be
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
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.
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 Third Quarter 2013 Financial ResultsProgressiveWaste
Progressive Waste Solutions reported third quarter 2013 financial results with revenue increasing 6.9% year-over-year to $521 million. Adjusted EBITDA declined slightly to $135 million due to higher costs. Free cash flow was $27 million. For 2013, the company revised guidance downward with adjusted EBITDA expected between $530-536 million and adjusted net income per share of $1.06-1.09. Capital expenditures are forecasted at $208-218 million excluding internal infrastructure investments.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
Morgan Stanley Dean Witter reported record quarterly operating results for Q2 1999, with net income up 35% to $1.15 billion and diluted EPS up 42% to $1.95 per share. Net revenues increased 23% to $5.7 billion, driven by strong performances across institutional securities, investment banking, and private client businesses. The company also saw improved credit quality and higher transaction volume in its credit services segment. Overall, Morgan Stanley Dean Witter had another very successful quarter with significant revenue and earnings growth across all business lines.
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.
- TE Connectivity reported Q3 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.00, up 14% year-over-year.
- Adjusted operating margin was 15.4%, up 60 basis points from the prior year, driven by volume growth, product mix, and productivity gains.
- Free cash flow for the quarter was $530 million. The company returned $169 million to shareholders in the form of dividends and share repurchases.
- For the full year 2014, the company expects sales of $13.95 billion at the midpoint, up 5% from 2013. Adjusted EPS is expected to be
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
- CNO Financial Group reported financial and operating results for the second quarter of 2015 ending June 30, 2015.
- Key highlights included operating earnings per share excluding significant items increasing 6% compared to the prior year, strong capital measures including an estimated RBC ratio of 443% and holding company leverage of 19.7%, and returning $115 million to shareholders through share buybacks and dividends.
- Segment results were positive, with Bankers Life impacted by a long-term care future loss reserve offset by strength in other blocks, and Washington National impacted by supplemental health claims experience.
RioCan Investor Presentation for the second quarter of 2015. The presentation discusses RioCan's portfolio of retail properties in Canada and the US, key financial highlights from Q2 2015, and an overview of non-GAAP financial measures used by RioCan to assess performance. RioCan also notes it has engaged advisors to conduct a strategic review of its US operations and will update the market on options in late 2015 or early 2016.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
Genworth MI Canada reported its Q2 2016 results. Key highlights included:
- Premiums written increased 113% quarter-over-quarter due to higher portfolio insurance volumes and seasonality.
- The loss ratio was 21%, down from 24% last quarter, driven by typical seasonal factors and improvements in Quebec.
- Net operating income increased 8% quarter-over-quarter to $99 million, driven by higher premiums earned and lower losses on claims.
- The MCT ratio remained strong at 233%, down slightly from last quarter but up from the prior year.
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
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.
- UGI's Q1 2016 earnings were impacted by significantly warmer weather compared to the prior year period, which lowered volumes. However, this was partially offset by benefits from investments in Midstream & Marketing and the acquisition of Finagaz.
- AmeriGas saw lower volumes due to weather that was nearly 17% warmer than the prior year, but achieved higher unit margins and lower operating expenses.
- UGI International saw higher total margin and earnings due to the Finagaz acquisition, partially offset by warmer weather impacts. Integration is progressing on or ahead of schedule.
- Utilities saw lower throughput from warmer weather, but customer additions partially offset this impact. A rate case was filed in Q2 2016.
The document is a presentation by Tom O'Flynn, Executive Vice President & Chief Financial Officer of AES Corporation, given at the Wolfe Power & Gas Leaders Conference on September 30, 2015. It contains forward-looking statements and provides an overview of AES Corporation, including its strategic business units, growth drivers, financial metrics, capital allocation plans, and assumptions. Key points include AES operating in six strategic business units, an $7 billion construction program driving 10-15% annual free cash flow growth, expected adjusted EPS growth of 6-8% annually from 2016-2018, and a capital allocation plan prioritizing debt reduction, dividends, and share repurchases.
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
Genworth MI Canada reported its financial results for the second quarter of 2015. Premiums written increased 57% quarter-over-quarter and 28% year-over-year to $205 million due to higher premium rates, market share gains, and a larger origination market. The loss ratio improved to 17%, down 5 percentage points from the previous quarter. Net operating income was $92 million, down 5% from the previous quarter primarily due to a one-time tax adjustment in Q1 2015. The company maintained a strong capital position with an MCT ratio of 231%.
The document provides an earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
The document provides an overview of the company's second quarter 2017 results. It summarizes that postpaid handset growth and reduced churn led to 23,000 postpaid net additions. Average revenue and billings per user declined year-over-year. Adjusted OIBDA decreased 9% to $163 million due to lower service revenues and equipment sales, partially offset by lower expenses. Guidance for 2017 remains unchanged with estimated revenues of $3.8-4 billion and adjusted OIBDA of $550-650 million.
Nielsen reported its second quarter 2016 results. Revenue increased 4.5% to $1.6 billion driven by growth in the Watch and Developing Markets segments. Adjusted EBITDA rose 6.5% to $490 million and adjusted earnings per share increased 9.2% to $0.71. Nielsen reiterated its full year 2016 guidance for revenue growth between 4-6% and adjusted EBITDA margin expansion of 50-70 basis points. The company continues executing on its strategic initiatives such as Total Audience Measurement and expanding in emerging markets.
PrivateBancorp reported its first quarterly profit since launching a strategic growth plan. Net revenue grew 23% over the previous quarter to $88.3 million. Client deposits increased $920.6 million or 15% over the previous quarter. Non-performing assets increased to $191.6 million due to weakness in the commercial real estate sector across the company's markets. The company's efficiency ratio improved to 65.8% for the quarter.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
This document provides a financial supplement for Transatlantic Holdings, Inc. and Subsidiaries for the second quarter of 2009. It includes key financial highlights such as statements of operations, balance sheets, net premiums written by office, loss and LAE reserves, segment results, investment data, and reconciliations of non-GAAP measures. The supplement should be read along with SEC filings by Transatlantic Holdings to provide contextual understanding of the company's financial position.
Bruker Corporation reported financial results for Q3 2015. Revenues declined 6% year-over-year to $396.1 million due to currency headwinds, but grew 8% organically. Non-GAAP operating margins expanded significantly to 13.3% compared to 8.6% in Q3 2014. Non-GAAP earnings per share grew 36% despite a higher tax rate. The CALID and BioSpin groups drove organic revenue growth, while currency impacts and divestitures reduced reported revenues. Bruker is on track to meet its full-year guidance targets through margin expansion and earnings growth.
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.
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 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.
- TE Connectivity reported record Q3 adjusted EPS of $1.08, up 20% year-over-year and above guidance.
- Sequential increases in revenue of 6% and orders of 7% were driven by growth in harsh environment businesses.
- For Q4, revenue is expected to be $3.35 billion at the mid-point with adjusted EPS of $1.20, including the impact of an extra week.
- Full year adjusted EPS guidance was reiterated at $4.00, up 11% year-over-year, on slightly reduced revenue of $12.25 billion at the mid-point.
- CNO Financial Group reported financial and operating results for the second quarter of 2015 ending June 30, 2015.
- Key highlights included operating earnings per share excluding significant items increasing 6% compared to the prior year, strong capital measures including an estimated RBC ratio of 443% and holding company leverage of 19.7%, and returning $115 million to shareholders through share buybacks and dividends.
- Segment results were positive, with Bankers Life impacted by a long-term care future loss reserve offset by strength in other blocks, and Washington National impacted by supplemental health claims experience.
RioCan Investor Presentation for the second quarter of 2015. The presentation discusses RioCan's portfolio of retail properties in Canada and the US, key financial highlights from Q2 2015, and an overview of non-GAAP financial measures used by RioCan to assess performance. RioCan also notes it has engaged advisors to conduct a strategic review of its US operations and will update the market on options in late 2015 or early 2016.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
Genworth MI Canada reported its Q2 2016 results. Key highlights included:
- Premiums written increased 113% quarter-over-quarter due to higher portfolio insurance volumes and seasonality.
- The loss ratio was 21%, down from 24% last quarter, driven by typical seasonal factors and improvements in Quebec.
- Net operating income increased 8% quarter-over-quarter to $99 million, driven by higher premiums earned and lower losses on claims.
- The MCT ratio remained strong at 233%, down slightly from last quarter but up from the prior year.
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
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.
- UGI's Q1 2016 earnings were impacted by significantly warmer weather compared to the prior year period, which lowered volumes. However, this was partially offset by benefits from investments in Midstream & Marketing and the acquisition of Finagaz.
- AmeriGas saw lower volumes due to weather that was nearly 17% warmer than the prior year, but achieved higher unit margins and lower operating expenses.
- UGI International saw higher total margin and earnings due to the Finagaz acquisition, partially offset by warmer weather impacts. Integration is progressing on or ahead of schedule.
- Utilities saw lower throughput from warmer weather, but customer additions partially offset this impact. A rate case was filed in Q2 2016.
The document is a presentation by Tom O'Flynn, Executive Vice President & Chief Financial Officer of AES Corporation, given at the Wolfe Power & Gas Leaders Conference on September 30, 2015. It contains forward-looking statements and provides an overview of AES Corporation, including its strategic business units, growth drivers, financial metrics, capital allocation plans, and assumptions. Key points include AES operating in six strategic business units, an $7 billion construction program driving 10-15% annual free cash flow growth, expected adjusted EPS growth of 6-8% annually from 2016-2018, and a capital allocation plan prioritizing debt reduction, dividends, and share repurchases.
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
Genworth MI Canada reported its financial results for the second quarter of 2015. Premiums written increased 57% quarter-over-quarter and 28% year-over-year to $205 million due to higher premium rates, market share gains, and a larger origination market. The loss ratio improved to 17%, down 5 percentage points from the previous quarter. Net operating income was $92 million, down 5% from the previous quarter primarily due to a one-time tax adjustment in Q1 2015. The company maintained a strong capital position with an MCT ratio of 231%.
The document provides an earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
The document provides an overview of the company's second quarter 2017 results. It summarizes that postpaid handset growth and reduced churn led to 23,000 postpaid net additions. Average revenue and billings per user declined year-over-year. Adjusted OIBDA decreased 9% to $163 million due to lower service revenues and equipment sales, partially offset by lower expenses. Guidance for 2017 remains unchanged with estimated revenues of $3.8-4 billion and adjusted OIBDA of $550-650 million.
Nielsen reported its second quarter 2016 results. Revenue increased 4.5% to $1.6 billion driven by growth in the Watch and Developing Markets segments. Adjusted EBITDA rose 6.5% to $490 million and adjusted earnings per share increased 9.2% to $0.71. Nielsen reiterated its full year 2016 guidance for revenue growth between 4-6% and adjusted EBITDA margin expansion of 50-70 basis points. The company continues executing on its strategic initiatives such as Total Audience Measurement and expanding in emerging markets.
PrivateBancorp reported its first quarterly profit since launching a strategic growth plan. Net revenue grew 23% over the previous quarter to $88.3 million. Client deposits increased $920.6 million or 15% over the previous quarter. Non-performing assets increased to $191.6 million due to weakness in the commercial real estate sector across the company's markets. The company's efficiency ratio improved to 65.8% for the quarter.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
This document provides a financial supplement for Transatlantic Holdings, Inc. and Subsidiaries for the second quarter of 2009. It includes key financial highlights such as statements of operations, balance sheets, net premiums written by office, loss and LAE reserves, segment results, investment data, and reconciliations of non-GAAP measures. The supplement should be read along with SEC filings by Transatlantic Holdings to provide contextual understanding of the company's financial position.
Bruker Corporation reported financial results for Q3 2015. Revenues declined 6% year-over-year to $396.1 million due to currency headwinds, but grew 8% organically. Non-GAAP operating margins expanded significantly to 13.3% compared to 8.6% in Q3 2014. Non-GAAP earnings per share grew 36% despite a higher tax rate. The CALID and BioSpin groups drove organic revenue growth, while currency impacts and divestitures reduced reported revenues. Bruker is on track to meet its full-year guidance targets through margin expansion and earnings growth.
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.
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 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.
- TE Connectivity reported record Q3 adjusted EPS of $1.08, up 20% year-over-year and above guidance.
- Sequential increases in revenue of 6% and orders of 7% were driven by growth in harsh environment businesses.
- For Q4, revenue is expected to be $3.35 billion at the mid-point with adjusted EPS of $1.20, including the impact of an extra week.
- Full year adjusted EPS guidance was reiterated at $4.00, up 11% year-over-year, on slightly reduced revenue of $12.25 billion at the mid-point.
The document provides an earnings summary and outlook for Q2 2016. Key points include:
- Adjusted EPS was above guidance despite a challenging macro environment.
- Transportation orders remained solid while Industrial orders grew quarter-over-quarter.
- Guidance for Q3 2016 projects adjusted EPS growth of 14% year-over-year.
- Full year 2016 guidance reiterates sales of $12.1-12.5 billion and adjusted EPS of $3.90-4.10.
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,
This document provides a summary of DuPont's fourth quarter and full year 2015 earnings conference call. It discusses DuPont's financial results including operating earnings per share, net sales, segment operating earnings, and regional net sales highlights. The document also discusses factors impacting the fourth quarter results such as currency exchange rates, tax rates, and weakness in certain markets like agriculture. Additionally, it provides details on DuPont's balance sheet, cash flow, cost savings initiatives, the planned DowDuPont merger, and assumptions for key markets and the macroeconomic outlook in 2016.
The document provides a summary of TE Connectivity's Q1 2016 earnings. Some key points:
- Sales were above guidance at $2.83 billion, down 7% year-over-year but down only 2% organically. Adjusted EPS was above the high end of guidance at $0.84, down 6% year-over-year.
- Transportation sales were above expectations, helped by strength in automotive. Industrial sales remained sluggish. Communications sales declined due to weakness in China, appliances, and data/devices markets.
- Bookings increased 3% sequentially, with book-to-bill above 1.0 across all segments. Adjusted operating margin was resilient despite macro challenges.
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.
Masco Corporation reported first quarter 2015 earnings. Total sales increased 7% excluding foreign currency effects. All segments saw sales growth in local currencies, with plumbing products seeing 10% international sales growth. Operating profit increased 15% due to cost productivity and operating leverage gains. The company repurchased around 4 million shares in the quarter and acquired Endless Pools, Inc. Management expects full year sales and profit growth to continue.
The document provides guidance for Q2 2016 earnings. It summarizes Q1 2016 financial results which were above expectations driven by the Transportation segment. Key points:
- Q1 sales were $2.83 billion, down 7% year-over-year but above guidance. Adjusted EPS was $0.84, above guidance and down 6% year-over-year.
- Transportation sales grew 1% organically, driven by strength in automotive. Industrial sales declined 6% organically on weakness in oil & gas and China. Communications sales declined 3% organically.
- Q2 guidance expects continued challenges from China weakness and supply chain adjustments, with sales of $2.88-3.
This document provides an earnings summary and outlook for Q1 2016. Some key points:
- Sales were $2.83B, above guidance and down 7% year-over-year but down only 2% organically. Adjusted EPS was $0.84, above the high end of guidance and down 6% year-over-year.
- Transportation sales were above expectations due to strength in automotive. Industrial sales declined due to inventory corrections and weakness in oil and gas. Communications sales declined due to weakness in China, appliances, and data/devices.
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Solid Q3 2015 earnings for TE Connectivity with sales up 1% year-over-year and adjusted EPS up 6% year-over-year. Sales were below guidance due to softness in certain end markets and foreign exchange headwinds. Adjusted gross margin and adjusted operating margin increased 50 basis points each due to productivity gains from the TE Operating Advantage program. Full year 2015 guidance was adjusted downward slightly due to weakness in China and supply chain adjustments, but adjusted EPS growth is still expected to be 10% year-over-year at the midpoint.
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The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
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Transportation sales grew 15% in Q4 2016 driven by strength in automotive, particularly in Asia and Europe. Industrial Solutions sales grew 16% due to acquisitions, while Communications Solutions sales declined 1% organically. Adjusted EPS was $1.27, above guidance. For the full year, sales were flat at $12.24B while adjusted EPS grew 13% to $4.08, above original guidance. The company expects continued sales and EPS growth in 2017.
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- Guidance for fiscal year 2017 includes reaffirming adjusted free cash flow of $1.2 billion and estimating capital expenditures of $750 million.
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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," “foresee," “likely," "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 these 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 MD&A and 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 applicable law.
2
4. Q3 2015 Highlights
• Completed two acquisitions in the quarter and one on October 1, 2015.
• Total consideration of more than $100 million
• Largest of the three transactions is in South Carolina, a high growth market that fits
operational strategy
• High-quality, well-maintained assets in attractive growth markets
• Solid organic growth driven by volume increase of 2.1% combined with higher
price of 1.7%.
• Volume and pricing driven by commercial collection business, in West and North
regions
• Adjusted EBITDA(A) increased in the North and East regions.
• Improvement in operating margins in these two regions
• Taking quick action in the West region to restore historically higher operating margins
• Remain committed to delivering on the goals in the Company’s five-year
Strategic Plan and creating value for shareholders.
4
7. Q3 2015 Consolidated Revenues
• Total company revenue down
6.3%; up 0.3% on a constant
currency basis.
• Revenue reflects FX drag of $34
million, impact of February
2015 divestiture of Long Island
assets, and acquisitions
completed in past year.
7
$U.S. (MM)
(1) Foreign currency exchange (“FX”)
(1)
$521 $523
$489
$2 $(34)
$475
$485
$495
$505
$515
$525
2014-Q3
Revenue
(as reported)
Organic &
Acquisition
Growth
2015-Q3
Revenue at
constant FX
FX 2015-Q3
Revenue
(as reported)
0.3%
(6.6%)
(1)
8. Revenue Growth Components
8
Q3 2015
Components of Revenue Growth (Decline)(2) CAN U.S. Company
Price(1) 2.1% 1.4% 1.7%
Fuel Surcharges (1.7%) (0.9%) (1.2%)
Recycling and Other 0.5% (0.9%) (0.3%)
Total Price Growth (Decline) 0.9% (0.4%) 0.2%
Volume Growth 1.5% 2.4% 2.1%
Total Organic Revenue Growth 2.4% 2.0% 2.3%
Net Acquisitions - (3.0%) (2.0%)
Total Growth (Decline) Excluding FX 2.4% (1.0%) 0.3%
FX (6.6%)
Total Decline Including FX
(6.3%)
(1) Price reflects organic average price change, net of rollbacks and excludes fuel surcharges
(2) Presented at FX parity
9. Reported Revenue By Segment(D)
9
$U.S. (MM)
• Consolidated revenues grew $2MM Q/Q,
excluding the FX impact.
• Revenues in the North segment grew
C$5MM Q/Q.
• Revenues in our West segment improved
approximately $17M Q/Q largely due to
acquisitions.
• Revenues in our East segment were down
about $21M Q/Q mainly due to the sale of
assets.
As a percentage of
total revenues
Q3 2014 Q3 2015
North 38.2% 34.8%
West 29.6% 35.1%
East 32.2% 30.1%
Total 100.0% 100.0%
(1) Canadian revenue converted to U.S. dollars applying exchange rates of $0.9180and $0.7637 for the Q3/14 and Q3/15 periods, respectively.
(D) Please refer to the explanation on slide 32.
(1)
$199 $170
$154
$172
$168
$147
Q3 2014 Q3 2015
North West East
$521
$489
10. Operating Expenses(C)(D)
10
$U.S. (MM)
• Operating expenses declined by $24MM
Q/Q; net of FX, operating expenses
decreased by approximately $5MM.
• North segment’s operating costs were
principally flat Q/Q .
• In the West segment, the increase of
$14MM largely reflects acquisition, organic
growth, and higher labor and repair and
maintenance costs.
• East segment operating costs were lower
by $19MM Q/Q primarily due to the
divesture of certain operations.
(C) and (D) Please refer to the explanation on slide 32.
$115
$96
$101
$115
$116
$97
Q3 2014 Q3 2015
North West East
$332
$308
11. Adjusted Selling, General and Administration
Expenses (“Adjusted SG&A”)(1) (C) (D)
11
$U.S. (MM)
• Adjusted SG&A(1) increased Q/Q by $4MM to
$53MM in Q3/15.
• Excluding the impact of FX, adjusted SG&A(1)
increased by $8MM Q/Q mainly due to higher
salaries.
• As a percentage of revenue, adjusted SG&A(1)
was 10.9% versus 9.4% in the same period
last year. The most significant contribution to
this change was lower performance based
compensation recoveries, coupled with lower
current quarter revenues from net
divestitures, lower fuel surcharges and lower
commodity revenues.
(1) Please refer to page 28 which outlines the types of expenses excluded from selling, general and administration expense as reported
(C) and (D) Please refer to the explanation on slide 32.
$14 $12
$13 $16
$14 $14
$8
$11
Q3 2014 Q3 2015
North West East Corporate
$49
$53
12. Adjusted Earnings Before Interest, Tax, Depreciation
and Amortization (“Adjusted EBITDA(A) (D)”)
12
$U.S. (MM)
• Q3 2015 consolidated adjusted EBITDA(A)
decreased Q/Q by $13MM to $127MM.
• On a constant currency basis, adjusted
EBITDA(A) was $138MM, a decline of 1.3%
Q/Q.
• Adjusted EBITDA(A) margins for the
consolidated company were 26.0% in
Q3/15 vs. 26.8% in Q3/14.
Adjusted EBITDA(A)
Margins Q3 2014 Q3 2015
North 35.5% 36.7%
West 25.9% 23.3%
East 22.3% 24.6%
Company 26.8% 26.0%
(A) Please refer to the definition and explanation of (A) on slide 28.
(D) Please refer to the explanation on slide 32.
$71
$62
$40
$40
$37
$36
($8) ($11)
Q3 2014 Q3 2015
North West East Corporate
$140
$127
13. Amortization
• On a consolidated basis, amortization expense declined approximately 7.2% Q/Q.
When FX is excluded amortization expense decreased by approximately 1.4%.
• As a percentage of reported revenues, amortization expense decreased to 13.7% in
Q3 2015, compared to 13.9% in Q3 2014.
13
14. Long-Term Debt and Interest Expense
14
Long-Term Debt Facilities
Available
Lending Accordion
Facility
Drawn
Letters of
Credit
Available
Capacity Ratings
Senior Secured Term A Facility $500 - $500 - -
Moody's Ba1
S&P BBB
Senior Secured Revolving Facility $1,850 $1,000 $925 $196 $729
Industrial Revenue Bonds $64 - $64 - -
• Interest expense was $13MM in Q3 2015
• Total long-term debt is $1.50B at September 30, 2015 vs. $1.58B at June 30, 2015
• Funded debt to EBITDA, as defined and calculated in accordance with our consolidated facility,was
3.03x compared with 3.12x as at June 30, 2015
• Comfortable with current leverage level and believe optimal long-term leverage range for the
Company is between 2.5x and 3.0x
$U.S. (MM)
15. Effective Tax Rate and Cash Taxes
• As reported, the effective tax rate was approximately 20.9%. This is lower
Q/Q mainly due to higher net losses on financial instruments which are
largely on account of the fair value change in interest rate swaps.
• Total cash taxes were $6.9MM in Q3 2015 compared to $6.7MM in
Q3 2014.
• For 2015, estimate our effective tax rate will be approximately 18% and cash
taxes of approximately $27 million.
15
16. Adjusted Net Income(A) and
Adjusted Earnings Per Share(A) (“EPS”)
16
Items of Note $U.S (MM) EPS ($) Segment
Expense Line
Item
Reported Net Income and EPS (diluted) $22.9 $0.21
Transaction and related costs $0.3 - Corporate SG&A
Fair value movements in stock options $0.8 $0.01 Corporate SG&A
Restricted share expense $0.2 - Corporate SG&A
Non-operating and non-recurring expenses - - Corporate SG&A
Restructuring expenses $1.3 $0.01 Corporate
Net loss on financial instruments $17.6 $0.17 Corporate
Net Income tax recovery ($5.4) ($0.05) All
Adjusted net income(A) and Adjusted EPS(A) (diluted) $37.7 $0.35
(A) Please refer to the definition and explanation of (A) on slide 28.
17. Capital Expenditures(E)
17
• On a reported basis, replacement
spending of $21MM was lower by
approximately $13MM Q/Q. Growth
expenditures on a reported basis
declined approximately $10MM to
$29MM.
• Replacement spending in our U.S.
segments declined approximately
$8MM, while replacement expenditures
in the North declined approximately
$5MM.
$U.S. (MM)
(E) Please refer to explanation on slide 32.
$34
$21
$39
$29
Q3 2014 Q3 2015
Replacement Growth
$50
$73
18. Free Cash Flow(B) (E) (“FCF”)
18
$U.S. (MM)
• Free cash flow(B) increased by $12MM
Q/Q.
• Primary reasons for the change:
• An approximately $23MM decline in
capital and landfill asset purchases, net
of working capital changes.
• Adjusted EBITDA(A) was lower by
approximately $13MM.
• FX was a drag of approximately $2MM
to free cash flow(B).
(B) Please refer to the definition and explanation of (B) on slide 31.
(E) Please refer to explanation on slide 32.
Q3 2014 Q3 2015
FCF
$47
$59
19. Outlook
19
$U.S. (MM)
2015 Prior Outlook
(USD$0.80/CAD)
2015 Updated Outlook
(USD$0.80/CAD)
Impact
Revenue $1,925 to $1,945 $1,925 to $1,945
No change
Adjusted EBITDA(A) $500 to $515 $480 to $485 Decrease
Adjusted EBITDA(A) margins 26.0% to 26.5% 24.9% Decrease
Amortization expense, as a percentage of revenue 14.2% 13.8% Decrease
Adjusted operating EBIT(A) $225 to $240 $220 to $225 Decrease
Interest expense $59 $60 Increase
Effective tax rate as a percentage of income before
income tax expense
22% 18% Decrease
Cash taxes (expressed on an adjusted basis) $30 $27 Decrease
Adjusted net income(A) per diluted share $1.20 to $1.34 $1.18 to $1.22 Decrease
Free cash flow(B) $165 to $180 $144 to $149 Decrease
Capital and landfill expenditures $250 $250 No change
Expected annual cash dividend (paid quarterly) C$0.66 per share C$0.66 per share No change
(A) Please refer to the definition and explanation of (A) on slide 28.
(B) Please refer to the definition and explanation of (B) on slide 31.
22. Q3 2015 Financial Highlights
22
$U.S. MM
Except per share amounts and share counts
Q3 2014 Q3 2015 Q/Q
North(D) $199.1 $169.8 (14.7%)
West(D) 154.4 171.6 11.2%
East(D) 167.7 147.1 (12.3%)
Total Revenues $521.2 $488.5 (6.3%)
Adjusted Net Income(A) $41.2 $37.7 (8.5%)
Reported Net Income $40.9 $22.9 (43.9%)
Adjusted EPS(A) (diluted) $0.36 $0.35 (4.1%)
Reported EPS (diluted) $0.36 $0.21 (41.8%)
Adjusted Operating EBIT(A) $68.3 $62.4 (8.6%)
Adjusted EBITDA(A) $139.8 $127.2 (9.0%)
Adjusted EBITDA(A) Margin 26.8% 26.0% (0.8%)
Adjusted EBITA(A) $81.2 $70.2 (13.6%)
Free Cash Flow(B) $47.3 $58.7 24.1%
Weighted Average Share Count 114,745 109,302
Total Actual Outstanding Share Count 114,746 109,303
(A) Please refer to the definition and explanation of (A) on slide 28.
(B) Please refer to the definition and explanation of (B) on slide 31.
(D) Please refer to the definition and explanation of (D) on slide 32
23. Q3 2015 Reported and Gross Revenues(1)
23
(1) Gross Revenues includes intercompany revenue and the impact of FX.
Gross Revenue(1)
from Operations
Reported Revenues from
Canadian and U.S. Operations
Q3/15
Total Reported Revenues $488.5
North(D) $169.8
West(D) $171.6
East(D) $147.1
Q3 2014 Q3 2015
Consolidated $U.S. % of Revenue Consolidated $U.S. % of Revenue
Commercial $178.0 34.2% $165.4 33.9%
Industrial 96.3 18.5% 89.4 18.3%
Residential 116.4 22.3% 110.6 22.6%
Transfer and Disposal 186.6 35.8% 165.9 34.0%
Recycling 15.9 3.1% 13.3 2.7%
Other 9.9 1.9% 15.4 3.2%
Gross Revenues(1) $603.1 115.8% $560.0 114.7%
Intercompany (81.9) (15.8%) (71.5) (14.7%)
Revenues $521.2 100.0% $488.5 100.0%
$U.S. (MM)
24. Q3 2015 Gross Revenue(1) By Service Line and
Total Revenues in Canada and U.S.
24
CAN U.S.
$CAD % total $U.S. % total
Commercial $88.1 39.6% $98.2 30.8%
Industrial 40.9 18.4% 58.2 18.3%
Residential 37.5 16.9% 82.0 25.7%
Transfer and Disposal 71.7 32.3% 110.9 34.8%
Recycling 8.9 4.0% 6.6 2.1%
Other 11.9 5.4% 6.2 1.9%
Gross Revenue(1) $259.0 116.6% $362.1 113.6%
Intercompany (36.8) (16.6%) (43.4) (13.6%)
Revenues $222.2 100.0% $318.7 100.0%
(1) Gross Revenue includes intercompany revenue.
$U.S. (MM)
25. Reconciliation of Adjusted EBITDA(A)
to Free Cash Flow(B) (E)
25
(A) Please refer to the definition and explanation of (A) on slide 28.
(B) Please refer to the definition and explanation of (B) on slide 31.
(E) Please refer to explanation on slide 32.
(1) Amounts exclude long-term incentive plan compensation.
(2) Net of changes in non – cash working capital.
Q3
2014 2015
Adjusted EBITDA(A) $139.8 $127.2
Purchase of restricted shares(1) 0.2 -
Capital and landfill asset purchases (2) (72.9) (50.3)
Proceeds from the sale of capital and landfill assets 1.6 0.6
Landfill closure and post-closure expenditures (1.3) (1.2)
Landfill closure and post-closure accretion expense 1.6 1.6
Interest on long-term debt (15.7) (13.1)
Non-cash interest expense 0.7 0.8
Current income tax expense (6.7) (6.9)
Free Cash Flow(B) $47.3 $58.7
$U.S. (MM)
26. Foreign Currency Translation Sensitivity
• We have elected to report our financial
results in U.S. dollars. However, we earn a
significant portion of our revenues and
income in Canada.
• Although our results are subject to FX
movements, we have very little operational
FX risk.
26
$ U.S. (MM)
Annual sensitivity to
one cent change(1)
Revenues $8.6
Adjusted EBITDA(A) $2.8
Adjusted net income(A) $1.0
Free cash flow(B) $1.0
(A) Please refer to the definition and explanation of (A) on slide 28.
(B) Please refer to the definition and explanation of (B) on slide 31.
(1) Refers to one cent change in the U.S. to Canadian dollar exchange rate. Sensitivity based on 2015 outlook at constant currency.
27. Recycled Fiber Sensitivity
• Our revenues and earnings are impacted by changes in recycled commodity prices, which
includes old corrugated cardboard and other paper fibers, including newsprint, sorted office
paper and mixed paper.
• Other commodities we receive include plastics, aluminum, metals and wood. Our results of
operations may be affected by changing prices or market demand 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.
• Our outlook for 2015 reflects prices for recycled commodities consistent with February 2015
levels.
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28. 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 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 and landfill assets, interest on long-term debt, net foreign exchange gain or loss, net gain or loss on financial instruments, loss on extinguishment of debt, re-
measurement gain on previously held equity investment, 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 sale of capital and landfill assets, net foreign exchange gain or loss, net gain or loss on financial instruments, loss on extinguishment of debt, re-measurement gain
on previously held equity investment, 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, interest on long-term debt 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 amounts,
payments made to certain senior management on their departure and other non-recurring expenses from time-to-time, including branding costs. 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 – restructuring expenses includes costs to integrate certain operating locations with our own, exiting certain property and building and office leases,
employee severance, including legal costs related thereto, and employee relocation. 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 and landfill assets – as a non-cash item the net gain or loss on sale of capital and landfill assets has no impact on the determination of free cash
flow(B). In addition, the sale of capital and landfill assets does not reflect a primary operating activity and therefore represents a different class of income or expense than those
included in adjusted EBITDA.
• 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.
28
29. Non-GAAP Disclosure (cont’d)
• Loss on extinguishment of debt – as a non-cash item, loss on extinguishment is not indicative of our operating profitability and reflects a resulting charge from a change in our debt
financing. Accordingly, it reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA.
• Re-measurement gain on previously held equity investment – as a non-cash item, the re-measurement gain on previously held equity investment has no impact on the determination
of free cash flow(B) and is not indicative of our operating profitability.
• 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 attributable to capital and landfill assets. All references to “Adjusted
operating income or adjusted operating EBIT” in this document represent Adjusted EBITDA after adjusting for goodwill impairment, net gain or loss on the sale of capital and landfill
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 for, as applicable, net gain or loss on financial instruments, re-measurement gain on previously held equity investment, loss on extinguishment of
debt, other expenses and net income tax expense or recovery.
• Adjusted EBITA, Adjusted operating income or adjusted operating EBIT and Adjusted net income should not be construed as measures of income or of cash flows. Collectively, these
terms do not have standardized meanings prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures used by other companies. Each of these
measures is important for investors and is used by management to manage its business. Adjusted operating income or adjusted operating EBIT removes the impact of a company’s
capital structure and its tax rates when comparing the results of companies within or across industry sectors. Management uses Adjusted operating EBIT as a measure of how its
operations are performing and to focus attention on amortization and depreciation expense to drive higher returns on invested capital. In addition, Adjusted operating EBIT is used
by management as a means to measure the performance of its operating locations and is a significant metric in the determination of compensation for certain employees. Adjusted
EBITA accomplishes a similar comparative result as Adjusted operating EBIT, but further removes amortization attributable to intangible assets. Intangible assets are measured at fair
value when we complete an acquisition and are amortized over their estimated useful lives. We view capital and landfill asset amortization as a proxy for the amount of capital
reinvestment required to continue operating our business steady state. We believe that the replacement of intangible assets is not required to continue our operations as the costs
associated with continuing operations are already captured in operating or selling, general and administration expenses. Accordingly, we view Adjusted EBITA as a measure that
eliminates the impact of a company’s acquisitive nature and permits a higher degree of comparability across companies within our industry or across different sectors from an
operating performance perspective. Finally, adjusted net income is a measure of our overall earnings and profits and is further used to calculate our adjusted net income per share.
Adjusted net income reflects what we believe is our “operating” net income which excludes certain non-operating income or expenses. Adjusted net income is an important measure
of a company’s ability to generate profit and earnings for its shareholders which is used to compare company performance both amongst and between industry sectors.
29
30. Non-GAAP Disclosure (cont’d)
30
$U.S. MM Q3
2014 2015
Operating income $65.5 $59.9
Transaction and related costs - 0.3
Fair value movements in stock options 1.6 0.8
Restricted share expense 0.2 0.2
Non-operating and non-recurring expenses 1.0 -
Restructuring expenses - 1.3
Adjusted operating income $68.3 $62.4
Net gain on sale of capital and landfill assets (0.7) (2.2)
Amortization 72.2 67.0
Adjusted EBITDA $139.8 $127.2
Amortization of capital and landfill assets (58.6) (57.0)
Adjusted EBITA $81.2 $70.2
Net Income $40.8 $22.9
Transaction and related costs - 0.3
Fair value movements in stock options 1.6 0.8
Restricted share expense 0.2 0.2
Non-operating and non-recurring expenses 1.0 -
Restructuring expenses - 1.3
Net (gain) loss on financial instruments (2.7) 17.6
Loss on extinguishment of debt - -
Net income tax expense (recovery) 0.3 (5.4)
Adjusted Net Income $41.2 $37.7
31. Non-GAAP Disclosure (cont’d)
(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 non-GAAP 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
31
(A) Please refer to the definition and explanation of (A) on slide 28.
(1) Amounts exclude long-term incentive plan compensation.
(2) Net of changes in non – cash working capital.
Q3
2014 2015
Adjusted EBITDA(A) $139.8 $127.2
Purchase of restricted shares(1) 0.2 -
Capital and landfill asset purchases (2) (72.9) (50.3)
Proceeds from the sale of capital and landfill assets 1.6 0.6
Landfill closure and post-closure expenditures (1.3) (1.2)
Landfill closure and post-closure accretion expense 1.6 1.6
Interest on long-term debt (15.7) (13.1)
Non-cash interest expense 0.7 0.8
Current income tax expense (6.7) (6.9)
Free Cash Flow(B) $47.3 $58.7
32. Non-GAAP Disclosure (cont’d)
(C) Rent, property taxes, insurance, utility, building maintenance and repair costs and other facility costs, collectively “facility costs”, incurred at our operating locations have been
reclassified from SG&A expense to operating expenses. Facility costs incurred by our corporate, region and area offices remain in SG&A expense. The reclassification better reflects these
costs as costs of our operations and aligns the classification of these costs on a basis consistent with our peers. Prior period amounts have been reclassified to conform to the current
period presentation and the reclassification had no impact on operating income and our results.
(D) Effective with the release of our first quarter 2015 results, we announced the reorganization of our regional management structure. Our previously reported U.S. northeast segment was
joined by a portion of our previously reported U.S. south segment, and combined became our East segment. The remainder of our previously reported U.S. south segment was renamed
our West segment. Our previously reported Canadian segment was renamed the North segment. These segment changes were made to align with our reorganized management structure.
The objective of the reorganization was to satisfy our profitability and shareholder return goals outlined in our five year plan, which includes the optimization of our area management
teams and the streamlining of certain corporate office functions. In connection with this reorganization, all previously reported segment amounts and discussions have been adjusted to
conform to the current period segment information, comprising the North, East and West.
(E) We manage our capital and landfill spending based on the goods and services we receive in a particular period or year and our outlook is presented on a similar basis. Accordingly, to
align our reporting of free cash flow(B) with our management of capital and landfill spending, we have adjusted our reported amounts of free cash flow(B) to include the working capital
adjustment for both expenditures, thereby reflecting our receipt of capital and landfill assets in a reporting period. The prior period presentation of free cash flow(B) reflects this change
and conforms with the current period presentation.
32