Gfl Environmental Inc · TSX:GFL
Gfl Environmental — Q1 2020 Earnings Presentation
11 slides from Gfl Environmental's earnings presentation, May 12, 2020
Slide 1: Q1 2020 Investor Review
Q1 2020 Investor Review May 12, 2020
Slide 2: Disclaimer
Disclaimer Unless otherwise indicated, all references in this presentation to ‘‘GFL,’’ ‘‘we,’’ ‘‘our,’’ ‘‘us,’’ ‘‘the Company’’ or similar terms refer to GFL Environmental Inc. and its consolidated subsidiaries. Forward-looking Information This presentation contains “forward-looking information” wit
Slide 3: Summary of Q1 Results
Summary of Q1 Results Q1: Financial Results • Revenue of $931.3 million, increase of 29.2% o Solid waste price growth ofSolid 4.9% Waste 72% • Adjusted EBITDA(1) of $222.9 million, increase of 24.4% • Deployed over $1.0 billion of capital on acquisitions COVID-19: Prioritizing the health and saf
Slide 4: Income Statement Highlights
Income Statement Highlights (C$ millions unless otherwise noted) Q1-20 Q1-19 Change $ % $ % $ % Revenue 931.3 100.0% 720.9 100.0% 210.4 29.2% Expense Cost of sales before the items noted below 628.7 67.5% 479.1 66.5% 149.6 31.2% Depreciation and amortization 215.9 23.2% 167.4 23.2% 48.5 29.0% Acquis
Slide 5: Operating Segment Breakdown
Operating Segment Breakdown (C$ millions unless otherwise noted) Solid Waste Q1-20 Adjusted • Pricing growth of 4.9% vs 4.0% in comparable period Adjusted Revenue (1) EBITDA EBITDA Margin o Q1 pricing typically highest quarter Solid waste: • Volume (0.1%) Canada 273.1 66.0 24.2% USA 434.9 135.8 31
Slide 6: Cash Flow Highlights
Cash Flow Highlights (C$ millions unless otherwise noted) Operating activities Change Q1-20 Q1-19 $ % • 34.3% improvement in operating cash flows before considering IPO costs and changes in non-cash working Cash flows from operating activities before capital 108.0 80.4 27.6 34.3% the items noted b
Slide 7: Net Leverage and Liquidity
Net Leverage and Liquidity (C$ millions unless otherwise noted) Delevered balanced sheet Q1-20 at • IPO proceeds used to pay down debt as described in Q1-20 (2) Q4-19 offering documents 12/31 FX Revolver - - - o Final term loan pay down reflective of revolver draw Term loan facility 2,918.6 2,671.
Slide 8: April Flash Results
April Flash Results Solid Waste Apr-20 Contribution Total • April revenue down 8.7% on like for like basis Organic Foreign from Revenue Acquisitions Growth Exchange Growth o Decline driven by commercial and industrial volume Solid waste: • Revenue impact varies by region Canada 28.6% (15.6%) 0.0%
Slide 9: Appendix
Appendix
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (C$ millions unless otherwise noted) 1. Loss (gain) on foreign exchange: Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered Q1-20 Q1-19 into in connection with our debt instruments, (ii) and gains and Net Loss (277.9) (93.4) l
Slide 11: Definitions
Definitions Adjusted EBITDA: Is calculated by adding and deducting, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance