The following is a summary of the GFL Environmental Inc. (GFL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GFL Environmental reported Q1 2024 revenue of $1.8 billion, a 6.5% increase from the previous year, driven primarily by stronger pricing and volume.

• The company's adjusted EBITDA for Q1 was $2.23 billion.

• GFL spent $62 million on growth investments and expects to spend between $250 million to $300 million for the full year.

• Free cash flow for Q1 was $49 million, seeing nearly $100 million increase YoY.

• Pricing for Q1 was at 7.7%.

• GFL anticipates a further increase in EBITDA, exceeding $2.3 billion.

• Predicted improvements in labor turnover and other associated costs are expected to enhance EBITDA margins.

• The company achieved R&M of 10.3% of revenue for Q1.

Business Progress:

• GFL deployed around $500 million into six acquisitions, focusing on solid waste in their existing geographies, which are expected to contribute to organic growth.

• Sees opportunity in evolving EPR landscape in Canadian markets, expecting significant gains.

• The renewable natural gas facility at Arbor Hills Landfill is operational and more facilities are planned to be online by year's end.

• The company is planning to exit low-margin residential contracts to enhance the margin profile.

• GFL signed a 10-year Toronto recycling contract, yielding over $50 million in revenue per year.

• Continuous efforts in improving operational efficiency through route consolidation, facility consolidation, and headcount consolidation.

• The company aims to maintain the $600 million to $650 million cap for acquisitions in 2024 as part of their capital allocation framework.

More details: GFL Environmental IR

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