Gfl Environmental Inc · TSX:GFL
Gfl Environmental — Q2 2020 Earnings Presentation
12 slides from Gfl Environmental's earnings presentation, Aug 6, 2020
Slide 1: Q2 2020 Investor Review
Q2 2020 Investor Review August 6, 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 Q2 Results
Summary of Q2 Results COVID-19: Prioritizing the health and safety of our employees while controlling discretionary spend • Continued focus on ensuring the Solid Waste health 72% and safety of our employees • Modified work arrangements to accommodate local recommendations of public health authorit
Slide 4: Q2 Growth
Q2 Growth Solid Waste Three months ended June 30, 2020 Contribution Total • Q2 organic growth down 4.3% from prior year Organic Foreign from Revenue Acquisitions Growth Exchange Growth o 4.1% price (3.7% core and 0.4% from commodities) Solid waste: offset by 8.3% negative volume (primarily ICI Can
Slide 5: Operating Segment Breakdown
Operating Segment Breakdown (C$ millions unless otherwise noted) Solid Waste Three months ended June 30, 2020 2019 • Pricing growth of 3.7% vs 4.9% in first quarter Adjusted Adjusted Adjusted Adjusted o Q1 pricing typically highest quarter Revenue EBITDA Revenue EBITDA EBITDA(1) EBITDA(1) Margin M
Slide 6: Income Statement Highlights
Income Statement Highlights (C$ millions unless otherwise noted) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 $ % $ % $ % $ % Revenue 993.3 100.0% 831.4 100.0% 1,924.6 100.0% 1,552.3 100.0% Expense Cost of sales before the items noted below 651.0 65.4% 554.1 66.6% 1,279.
Slide 7: Cash Flow Highlights
Cash Flow Highlights (C$ millions unless otherwise noted) Operating activities Three months ended June 30, Change • 137% increase in cash flows from operating activities 2020 2019 $ % • Results inclusive of non-linear cash interest cost cadence Cash flows from operating activities before the items
Slide 8: Net Leverage and Liquidity
Net Leverage and Liquidity (C$ millions unless otherwise noted) Delevered balanced sheet Q2-20 at • IPO proceeds used to pay down debt Q2-20 (1) Q4-19 12/31 FX • Historically H1 is a use of cash driven by seasonality and Revolver - - - front end loading of capital expenditures Term loan facility 2
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 Three months Six months on foreign exchange and interest rate swaps entered into in connection with ended June 30, ended June 30, our debt instruments, (i
Slide 11: Adjusted Net Income (Loss) Reconciliation
Adjusted Net Income (Loss) Reconciliation (C$ millions unless otherwise noted) 1. Amortization of intangibles:This is a non-cash item and consists of the Three months Six months amortization of intangible assets such as customer lists, municipal contracts, ended June 30, ended June 30, non-complete
Slide 12: 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