FULL YEAR 2022 OUTLOOK Financial Discussion
FULL YEAR 2021 HIGHLIGHTS
Financial Metrics
*
Revenue: $6.151 billion, up $705mm or 13.0% YoY
➤ Solid waste price + volume growth of 6.6%
•
Price: +5.0%, +100bps above initial outlook
Adjusted EBITDA: $1.919 billion
➤ Up $257mm, or 15.5% YoY
➤ Margins of 31.2%, up 70bps YoY
Adjusted Free Cash Flow: $1.010 billion, or 16.4% of revenue
➤ Up $68mm or ~20% YoY despite purposeful increase in
capex of 25%
Conversion of ~53% of adj. EBITDA to adj. FCF
☐
Other Observations
Completed 30 solid waste acquisitions with ~ $400mm of
annualized acquired revenue
Deployed over $1.8 billion for acquisitions and capital
expenditures
Doubled return of capital to shareholders to $560mm
➤ Opportunistic share buybacks => Over 1% of shares
outstanding
Increased divided by 12.2% in October
Balance sheet strength and flexibility for continued growth
Maintained leverage ratio** of ~2.4x net debt to EBITDA
*see appendix for non-GAAP reconciliation tables.
**Compliance debt, net of cash, divided by compliance EBITDA.
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