财务数据和关键指标变化 - 第三季度收入为19亿美元,同比增长1.3% [30] - 固体废弃物价格增长8.8%,持续保持中单位数增长 [30] - 固体废弃物业务量下降2.4%,略好于预期 [31] - 固体废弃物调整后EBITDA利润率同比扩大250个基点,环比加速30个基点 [32] - 综合调整后EBITDA利润率同比扩大230个基点,达到28.1% [38] - 调整后自由现金流为2.76亿美元,符合指引 [38] 各条业务线数据和关键指标变化 - 环境服务业务收入同比增长6.9%,剔除去年同期的一次性因素 [36] - 环境服务业务调整后EBITDA利润率同比扩大400个基点,达到近31% [37] 各个市场数据和关键指标变化 - 加拿大市场的回收业务量较大,商品价格下跌对利润率产生一定压力 [32] - 美国市场的商业和居民收集业务以及后端服务业务的增长抵消了一些低质量业务的退出 [31] 公司战略和发展方向及行业竞争 - 公司继续专注于三大战略支柱:高质量有机增长、挖掘自身的多项改善潜力、进行有针对性的并购 [10] - 公司预计未来几年有机增长将超过并购作为主要增长动力 [10] - 公司在加拿大的延伸生产者责任(EPR)项目方面具有先发优势,预计未来几年将带来更多机会 [11][12] - 公司的可再生天然气(RNG)项目也将在2026年前全部投产,预计将贡献1.75亿美元EBITDA [13][14] - 公司未来将专注于有针对性的小型并购,不会寻求大型收购 [15][20] - 公司将继续优化自身的运营效率,如车队转型、资产利用率提升和协同效应释放 [16] 管理层对经营环境和未来前景的评论 - 管理层对公司的长期战略执行情况表示满意,认为这一战略将继续成为公司未来成功的基础 [7][8] - 管理层认为公司目前的资产和平台已经为未来的差异化增长战略奠定了基础 [8] - 管理层对公司未来几年的有机增长和利润率扩张前景保持乐观 [51][52] - 管理层表示虽然当前的高利率环境给公司带来了一些挑战,但相信公司的信用质量将会逐步提升,利息成本的影响是可控的 [24][25][26] 问答环节重要的提问和回答 问题1 **Stephanie Moore 提问** 询问公司是否在给出第四季度和2023年全年的净杠杆目标时就已经考虑了最新的并购计划 [59][60] **Patrick Dovigi 回答** 公司在给出目标时并未考虑最新的并购,这是一个较为突发的机会,但公司对这个目标非常了解,认为它能带来很好的长期价值 [60][61] 问题2 **Kevin Chiang 提问** 询问公司2024年利润率扩张的具体情况,包括剥离业务和主动减量的影响 [125][126] **Luke Pelosi 回答** 公司将在第四季度报告时提供2024年的具体指引,包括剥离业务和并购的具体影响 [126][127] 问题3 **Michael Hoffman 提问** 询问公司未来几年的资本支出和自由现金流的情况 [157][158][159][160][161][162] **Luke Pelosi 回答** 公司将在自身业务的运营改善举措和可持续发展相关的增长投资之间进行平衡,前者相对轻资本,后者将有相应的资本开支 [159][160][161][162][163]

业绩总结 - Q3 2023固体废物调整后EBITDA毛利率较去年同期扩张了335个基点[7] - 环境服务部门具备良好的有机增长潜力，受益于收入质量和资产利用率的提升，调整后EBITDA毛利率增长了440个基点[8] - 2023财年指引更新显示，公司预计收入将增加60-70亿加元，调整后EBITDA将增加15-17亿加元[9] - 调整后的持续经营净收入为116.8亿美元，同比增长57.3%[41] - 调整后的持续经营每股收益为0.32美元，同比增长60%[41] 财务状况 - Q3 2023相比Q2 2023，公司的净杠杆率有所下降，主要受到有机减负和完成的额外并购的影响[11] - 在2023财年，公司加快了减负步伐，预计净杠杆率将低于4.0倍，不考虑外汇和额外并购的影响[12] - 在上市公司财报电话会议中，当前债务堆叠中大约72%采用固定利率，相比2023年第二季度的78%，固定利率占比略有下降[14] - 未来变动利率每增加100个基点，将导致额外利息义务增加约2,400万美元[14] - 有效借款利率在中期至长期预计将下降至5.96%至6.4%，可能会出现信用利差压缩的情况[16] 其他信息 - 调整后的EBITDA为公司净收入加上利息、折旧和摊销费用，用于帮助理解调整后的EBITDA的数学计算[44]

Exhibit 99.1 GFL Environmental Reports Third Quarter 2023 Results · Revenue of $1,890.0 million, increase of 10.3% excluding the impact of divestitures; 3.2% including the impact of divestitures · Solid Waste price of 8.8% · Adjusted EBITDA of $530.3 million, increase of 12.0%; Net income from continuing operations of $18.3 million; Adjusted Net Income from continuing operations of $116.8 million · Adjusted EBITDA margin of 28.1%; Solid Waste Adjusted EBITDA margin of 31.4%; Environmental Services Adjusted ...

GFL Environmental, Inc. (NYSE:GFL) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Company Participants Patrick Dovigi - Founder, Chairman, President & CEO Luke Pelosi - EVP & CFO Conference Call Participants Michael Hoffman - Stifel, Nicolaus & Company Kevin Chiang - CIBC Adam Bubes - Goldman Sachs Group Michael Doumet - Scotiabank Stephanie Yee - JPMorgan Chase & Co. Walter Spracklin - RBC Capital Markets Operator Good morning, ladies and gentlemen, and welcome to the GFL Environmental 2023 Q2 E ...

Exhibit 99.1 GFL Environmental Inc. Unaudited Interim Condensed Consolidated Financial Statements For the three and six months ended June 30, 2023 F-1 GFL Environmental Inc. Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In millions of dollars except per share amounts) Three months ended Six months ended June 30, June 30, Notes 2023 2022 2023 2022 Revenue 11 $ 1,943.6 $ 1,707.5 $ 3,742.7 $ 3,108.9 Expenses Cost of sales 1,590.6 1,482.0 3,145.2 2,747.6 Sell ...

GFL Environmental, Inc. (NYSE:GFL) Q1 2023 Earnings Conference Call April 28, 2023 8:30 AM ET Company Participants Patrick Dovigi - Founder & CEO Luke Pelosi - CFO Conference Call Participants Kevin Chiang - CIBC Wood Gundy Tyler Brown - Raymond James Michael Hoffman - Stifel Jerry Revich - Goldman Sachs Walter Spracklin - RBC Capital Markets Rupert Merer - National Bank Stephanie Moore - Jefferies Stephanie Yee - J.P. Morgan Chris Murray - ATB Capital Markets Devin Dodge - BMO Michael Feniger - Bank of Ame ...

Exhibit 99.1 GFL Environmental Inc. Unaudited Interim Condensed Consolidated Financial Statements For the three months ended March 31, 2023 F-1 GFL Environmental Inc. Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (In millions of dollars except per share amounts) Three months ended March 31, Notes 2023 2022 Revenue 11 $ 1,799.1 $ 1,401.4 Expenses Cost of sales 1,554.6 1,265.6 Selling, general and administrative expenses 214.5 162.7 Interest and other finance costs 8 ...

GFL Environmental Inc. (NYSE:GFL) Q4 2022 Earnings Conference Call February 22, 2023 8:30 AM ET Company Participants Patrick Dovigi - CEO Luke Pelosi - CFO Conference Call Participants Walter Spracklin - RBC Michael Hoffman - Stifel Kevin Chiang - CIBC Jerry Revich - Goldman Sachs Tyler Brown - Raymond James Tim James - TD Securities Stephanie Moore - Jefferies Michael Feniger - Bank of America Operator Good morning, or good afternoon all, and welcome to the GFL Environmental Fourth Quarter 2022 Earnings Ca ...

Exhibit 99.1 FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 27, 2022 by and among GFL ENVIRONMENTAL INC., a corporation existing under the laws of Ontario, Canada (the “Canadian Borrower”), GFL ENVIRONMENTAL USA INC., a corporation existing under the laws of Delaware (the “US Borrower”), the Guarantors party hereto, BANK OF MONTREAL, as administrative agent (in such capacity, the “Administr ...