FULL YEAR 2022 OUTLOOK Financial Discussion
1H 2022 HIGHLIGHTS
Financial Metrics
*
Revenue: $3.463 billion, up $533mm or 18.2% YoY
Solid waste price + volume growth of 7.9% on
accelerating price
Adjusted EBITDA: $1.069 billion, up 16.5% YoY
Adjusted EBITDA margin of 30.9%
Flat year over year, excluding margin dilutive impact of
acquisitions, despite record levels of inflation
Adjusted Free Cash Flow (FCF): $638mm
18.4% of revenue
Reflects ~60% conversion of adjusted EBITDA to
adjusted FCF
Other Observations
Completed acquisitions of over $245mm of annualized
revenues YTD, with another $225mm under definitive
agreements and anticipated to close in Q3
Step-up of over 40% in quarterly E&P waste revenue run rate
since year-end 2021
YTD Share Repurchases of $425mm (over 1% of outstanding
shares)
Leverage ratio** of ~2.5x net debt to EBITDA
Increased full year 2022 outlook for revenue, adjusted
EBITDA and adjusted FCF outlook on higher price-led
organic solid waste growth and contribution from
acquisitions closed since February
*see appendix for non-GAAP reconciliation tables.
**Compliance debt, net of cash, divided by compliance EBITDA.
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