FULL YEAR 2022 OUTLOOK Financial Discussion
NON-GAAP ADJUSTED EBITDA RECONCILIATION SCHEDULE
(in thousands, except share and per share amounts)
Six months ended
June 30
Adjusted EBITDA*
2018
2019
2020
2021
2022e **
Net income attributable to Waste Connections
546,871
566,841
204,677
618,047
837,500
Plus/(less): Net Inc. (exp.) attributable to noncontrolling interest
283
(160)
(685)
Plus/(less): Income tax provision (benefit)
159,986
139,210
49,922
442
152,253
2021
337,356
52
2022
404,398
177
232,973
88,159
107,146
Plus: Interest Expense
132,104
147,368
162,375
162,796
180,000
83,753
86,404
Less: Interest Income
(7,170)
(9,777)
(5,253)
(2,916)
(1,848)
(790)
Plus: Depreciation and Amortization
Plus: Closure and post-closure accretion
680,487
743,918
752,404
813,009
904,000
391,523 443,985
12,997
14,471
15,095
14,497
16,000
7,375
8,087
Plus: Loss on early extinguishment of debt
115,288
Plus: Impairments and other operating items
(Less)/plus: Other expense (income), net
Adjustments:
20,118
61,948
466,718
32,316
6,028
6,715
6,028
170
(5,704)
1,392
(6,285)
6,114
(2,312)
6,114
Plus: Transaction-related expenses
Plus: Fair value changes to equity awards
Plus: Integration-related and other expenses
Adjusted EBITDA*
8,607
12,335
9,803
11,318
8,232
583
8,232
9,205
3,104
5,536
8,393
(847)
6,723
(847)
2,760
1,566,418 1,673,554
1,661,984
1,919,158
2,190,000
918,079 1,068,934
Revenues
Adjusted EBITDA* as % of Revenues
*Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and
valuation measure in the solid waste industry. Other companies may calculate differently.
4,922,941 5,388,679
5,445,990 6,151,361 7,125,000
2,929,874 3,462,690
31.8%
31.1%
30.5%
31.2%
30.7%
31.3%
30.9%
**2022e based on August 2022 outlook.
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