WASTE CONNECTIONS, INC. THE WOODLANDS, Texas, July 21, 2014 /PRNewswire/ -- Waste Connections, Inc. (NYSE: WCN) today announced its results for the second quarter of 2014. Revenue in the second quarter totaled $524.7 million, a 7.2% increase over revenue of $489.4 million in the year ago period. Operating income was $118.7 million compared to $93.1 million in the second quarter of 2013. Adjusted EBITDA* in the current year period was $182.5 million, up 7.7% over adjusted EBITDA of $169.4 million in the prior year period. Adjusted EBITDA, a non-GAAP measure, excludes the impact of items such as acquisition-related costs and the loss, in the year ago period, on the Company's prior corporate office lease, as shown in the detailed reconciliation in the attached table.
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Net income attributable to Waste Connections in the quarter was $62.7 million, or $0.50 per share on a diluted basis of 124.8 million shares. In the year ago period, the Company reported net income attributable to Waste Connections of $44.0 million, or $0.35 per share on a diluted basis of 124.1 million shares.
Adjusted net income attributable to Waste Connections* in the quarter was $66.2 million, or $0.53 per share, versus $57.8 million, or $0.47 per share, in the prior year period. Adjusted net income and adjusted net income per diluted share, both non-GAAP measures, exclude certain items net of tax, as shown in the detailed reconciliation in the attached table, that affect comparability of results between periods.
"Higher than expected E&P waste activity and consistent solid waste pricing growth continue to drive strong results in the year. Through the first half of 2014, adjusted EBITDA as a percentage of revenue was up 80 basis points year-over-year, and adjusted free cash flow increased 18.8% to more than $200 million, or over 20% of revenue," said Ronald J. Mittelstaedt, Chief Executive Officer and Chairman. "We are extremely pleased with these results, especially given tougher year-over-year comparisons in solid waste landfill volumes and increasing collection cost pressures during this stage of the economic recovery."
Mr. Mittelstaedt added, "We now expect the two development stage landfills acquired earlier this year to be open before year-end. And as we look at the remainder of the year, our balance sheet is well positioned for expected increases in both acquisition activity and the return of capital to stockholders."
For the six months ended June 30, 2014, revenue was $1.01 billion, a 7.1% increase over revenue of $939.3 million in the year ago period. Operating income was $219.3 million compared to $180.0 million for the same period in 2013. Adjusted EBITDA for the six months ended June 30, 2014, was $346.6 million, up 9.9% over adjusted EBITDA of $315.4 million in the prior year period. Net income attributable to Waste Connections for the six months ended June 30, 2014, was $111.7 million, or $0.89 per share on a diluted basis of 124.8 million shares. In the year ago period, the Company reported net income attributable to Waste Connections of $85.5 million, or $0.69 per share on a diluted basis of 124.0 million shares. Adjusted net income attributable to Waste Connections for the six months ended June 30, 2014, was $120.7 million, or $0.97 per share, compared to $103.5 million, or $0.84 per share, in the year ago period.
* A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.
Waste Connections, Inc. is an integrated solid waste services company that provides waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets. Through its R360 Environmental Solutions subsidiary, the Company also is a leading provider of non-hazardous oilfield waste treatment, recovery and disposal services in several of the most active natural resource producing areas in the United States, including the Permian, Bakken and Eagle Ford Basins. Waste Connections serves more than two million residential, commercial, industrial, and exploration and production customers from a network of operations in 31 states. The Company also provides intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in The Woodlands, Texas.
Waste Connections will be hosting a conference call related to second quarter earnings and third quarter outlook on July 22(nd) at 8:30 A.M. Eastern Time. The call will be broadcast live over the Internet at www.streetevents.com or through a link on our website at www.wasteconnections.com. A playback of the call will be available at both of these websites.
For more information, visit the Waste Connections web site at www.wasteconnections.com. Copies of financial literature, including this release, are available on the Waste Connections website or through contacting us directly at (832) 442-2200.
Information Regarding Forward-Looking Statements
Certain statements contained in this release are forward-looking in nature, including statements related to the expected timing for recently acquired landfills to open; expected acquisition activity; the Company's ability to finance additional acquisitions; and the expected return of capital to stockholders. These statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. Factors that could cause actual results to differ from those projected include, but are not limited to, the following: (1) our results are vulnerable to economic conditions; (2) our industry is highly competitive and includes larger and better capitalized companies, companies with lower prices, return expectations or other advantages, and governmental service providers, which could adversely affect our ability to compete and our operating results; (3) our E&P waste business depends on the level of drilling and production activity in the basins in which we operate and the willingness of E&P companies to outsource their waste services activities; (4) we have limited experience in running an E&P waste treatment, recovery and disposal business; (5) competition for acquisition candidates, consolidation within the waste industry and economic and market conditions may limit our ability to grow through acquisitions; (6) our indebtedness could adversely affect our financial condition and limit our financial flexibility; (7) price increases may not be adequate to offset the impact of increased costs, or may cause us to lose volume; (8) fluctuations in prices for recycled commodities that we sell and rebates we offer to customers may cause our revenues and operating results to decline; (9) the seasonal nature of our business and "event-driven" waste projects cause our results to fluctuate; (10) we may lose contracts through competitive bidding, early termination or governmental action; (11) increases in labor costs could impact our financial results; (12) increases in the price of diesel or compressed natural gas fuel may adversely affect our collection business and reduce our operating margins; (13) labor union activity could divert management attention and adversely affect our operating results; (14) we could face significant withdrawal liability if we withdraw from participation in one or more multiemployer pension plans in which we participate and the accrued pension benefits are not fully funded; (15) our financial results could be adversely affected by impairments of goodwill or indefinite-lived intangibles; (16) we may incur charges related to capitalized expenditures of landfill development projects, which would decrease our earnings; (17) pending or future litigation or governmental proceedings could result in material adverse consequences, including judgments or settlements; (18) we may be subject in the normal course of business to judicial, administrative or other third party proceedings that could interrupt or limit our operations, require expensive remediation, result in adverse judgments, settlements or fines and create negative publicity; (19) increases in insurance costs and the amount that we self-insure for various risks could reduce our operating margins and reported earnings; (20) a portion of our growth and future financial performance depends on our ability to integrate acquired businesses, and the success of our acquisitions; (21) each business that we acquire or have acquired may have liabilities or risks that we fail or are unable to discover, or that become more adverse to our business than we anticipated at the time of acquisition; (22) our financial results are based upon estimates and assumptions that may differ from actual results; (23) our accruals for our landfill site closure and post-closure costs may be inadequate; (24) we depend significantly on the services of the members of our senior and regional management team, and the departure of any of those persons could cause our operating results to suffer; (25) our decentralized decision-making structure could allow local managers to make decisions that adversely affect our operating results; (26) liabilities for environmental damage may adversely affect our financial condition, business and earnings; (27) we rely on computer systems to run our business and disruptions or privacy breaches in these systems could impact our ability to service our customers and adversely affect our financial results, damage our reputation, and expose us to litigation risk; and (28) if we are not able to develop and protect intellectual property, or if a competitor develops or obtains exclusive rights to a breakthrough technology, our financial results may suffer. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
- financial tables attached -
CONTACT:
Worthing Jackman / (832) 442-2266 Mary Anne Whitney / (832) 442-2253
worthingj@wasteconnections.com maryannew@wasteconnections.com
WASTE CONNECTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2014
(Unaudited)
(in thousands, except share and per share amounts)
Three months ended Six months ended
June 30, June 30,
-------- --------
2013 2014 2013 2014
---- ---- ---- ----
Revenues $489,381 $524,693 $939,272 $1,006,402
Operating expenses:
Cost of operations 268,484 286,950 520,447 550,011
Selling, general and
administrative 52,903 56,526 106,154 112,172
Depreciation 54,766 57,105 106,414 112,922
Amortization of
intangibles 6,211 6,720 12,650 13,456
Loss (gain) on disposal
of assets 3,445 (1,324) 3,122 (1,465)
Loss on prior corporate
office lease 10,498 - 10,498 -
------ --- ------ ---
Operating income 93,074 118,716 179,987 219,306
Interest expense (18,928) (15,940) (37,940) (32,851)
Other income (expense),
net (1,706) 661 (965) 137
------ --- ---- ---
Income before income tax
provision 72,440 103,437 141,082 186,592
Income tax provision (28,445) (40,537) (55,408) (74,470)
------- ------- ------- -------
Net income 43,995 62,900 85,674 112,122
Less: net income attributable to noncontrolling interests
(28) (236) (151) (443)
--- ---- ---- ----
Net income attributable
to Waste Connections $43,967 $62,664 $85,523 $111,679
======= ======= ======= ========
Earnings per common share attributable to Waste
Connections' common stockholders:
Basic $0.36 $0.50 $0.69 $0.90
===== ===== ===== =====
Diluted $0.35 $0.50 $0.69 $0.89
===== ===== ===== =====
Shares used in the per share calculations:
Basic 123,610,969 124,230,572 123,496,519 124,096,619
=========== =========== =========== ===========
Diluted 124,080,423 124,848,351 123,993,311 124,781,097
=========== =========== =========== ===========
Cash dividends per common
share $0.10 $0.115 $0.20 $0.23
===== ====== ===== =====
WASTE CONNECTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)
December 31, June 30,
2013 2014
---- ----
ASSETS
Current assets:
Cash and
equivalents $13,591 $21,404
Accounts
receivable,
net of
allowance
for doubtful 234,001 254,858
accounts of
$7,348 and
$5,678 at
December 31,
2013
and June 30,
2014,
respectively
Deferred
income taxes 41,275 41,964
Prepaid
expenses and
other
current
assets 39,638 30,460
Total current assets 328,505 348,686
Property and equipment, net 2,450,649 2,446,043
Goodwill 1,675,154 1,675,726
Intangible assets, net 527,871 515,176
Restricted assets 35,921 38,171
Other assets, net 46,152 45,434
$5,064,252 $5,069,236
========== ==========
LIABILITIES AND EQUITY
Current liabilities:
Accounts
payable $105,394 $115,623
Book
overdraft 12,456 12,475
Accrued
liabilities 119,026 131,216
Deferred
revenue 71,917 77,927
Current
portion of
contingent
consideration 30,840 32,406
Current
portion of
long-term
debt and
notes
payable 5,385 4,031
Total current
liabilities 345,018 373,678
Long-term debt and notes payable 2,067,590 1,931,262
Long-term portion of contingent
consideration 24,710 26,867
Other long-term liabilities 77,035 84,699
Deferred income taxes 501,692 509,110
------- -------
Total
liabilities 3,016,045 2,925,616
Commitments and contingencies
Equity:
Preferred stock: $0.01 par value;
7,500,000 shares authorized; none
issued and outstanding
- -
Common stock: $0.01 par value;
250,000,000 shares authorized;
123,566,487 and 124,116,793 shares
issued and outstanding at December
31, 2013 and June 30, 2014,
respectively 1,241
1,236
Additional paid-in capital 796,085 808,849
Retained earnings 1,247,630 1,330,813
Accumulated other comprehensive
loss (1,869) (2,480)
------ ------
Total Waste Connections' equity 2,043,082 2,138,423
Noncontrolling interest in
subsidiaries 5,125 5,197
----- -----
Total equity 2,048,207 2,143,620
--------- ---------
$5,064,252 $5,069,236
========== ==========
WASTE CONNECTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2013 AND 2014
(Unaudited)
(Dollars in thousands)
Six months ended
June 30,
--------
2013 2014
---- ----
Cash flows from operating
activities:
Net income $85,674 $112,122
Adjustments to reconcile net
income to net cash provided by
operating activities:
Loss (gain) on
disposal of assets 3,122 (1,465)
Depreciation 106,414 112,922
Amortization of
intangibles 12,650 13,456
Deferred income
taxes, net of
acquisitions 14,990 7,114
Amortization of debt
issuance costs 2,016 1,594
Equity-based
compensation 7,446 9,444
Interest income on
restricted assets (196) (235)
Interest accretion 2,533 2,427
Excess tax benefit
associated with
equity-based
compensation (2,667) (7,096)
Loss on prior
corporate office
lease 10,498 -
Net change in
operating assets and
liabilities, net of
acquisitions 13,043 29,398
------ ------
Net cash provided by
operating activities 255,523 279,681
------- -------
Cash flows from investing
activities:
Payments for
acquisitions, net of
cash acquired (1,181) (29,596)
Proceeds from
adjustment to
acquisition
consideration 18,000 843
Capital expenditures
for property and
equipment (87,541) (83,679)
Proceeds from
disposal of assets 3,622 5,863
Increase in
restricted assets,
net of interest
income (81) (2,015)
Other (1,140) 589
------ ---
Net cash used in
investing activities (68,321) (107,995)
------- --------
Cash flows from financing
activities:
Proceeds from long-
term debt 93,500 122,000
Principal payments on
notes payable and
long-term debt (256,732) (259,682)
Payment of contingent
consideration
recorded at
acquisition date (2,743) (542)
Change in book
overdraft (90) 18
Proceeds from option
and warrant
exercises 1,330 2,958
Excess tax benefit
associated with
equity-based
compensation 2,667 7,096
Payments for cash
dividends (24,654) (28,496)
Tax withholdings related to net
share settlements of restricted
stock units
(5,362) (6,729)
Distributions to
noncontrolling
interests (198) (371)
Debt issuance costs (1,920) (125)
Net cash used in
financing activities (194,202) (163,873)
-------- --------
Net increase
(decrease) in cash
and equivalents (7,000) 7,813
Cash and equivalents
at beginning of
period 23,212 13,591
------ ------
Cash and equivalents
at end of period $16,212 $21,404
======= =======
ADDITIONAL STATISTICS
(Dollars in thousands)
Solid Waste Internal Growth:
The following table reflects
a breakdown of the components
of our solid waste internal
growth for the three months
ended June 30, 2014:
Three months ended
June 30, 2014
-------------
Solid Waste Internal Growth:
Core Price 2.6%
Surcharges 0.0%
Volume 1.5%
Recycling (0.6%)
-----
Total Solid Waste Internal
Growth 3.5%
---
Revenue Breakdown: The following
table reflects a breakdown of
our revenue for the three and
six month periods ending June
30, 2014:
Three months ended Six months ended
June 30, 2014 June 30, 2014
------------- -------------
Solid
Waste
Collection $322,763 54.6% $628,766 55.6%
Solid
Waste
Disposal
and
Transfer 158,913 26.9% 294,476 26.0%
E&P
Waste
Treatment,
Disposal
and
Recovery 82,646 14.0% 155,964 13.8%
Solid
Waste
Recycling 14,836 2.5% 29,739 2.6%
Intermodal
and
Other 11,970 2.0% 22,842 2.0%
------ --- ------ ---
Total
before
inter-
company
elimination 591,128 100.0% 1,131,787 100.0%
Inter-
company
elimination (66,435) (125,385)
------- --------
Reported
Revenue $524,693 $1,006,402
-------- ----------
Contribution from Acquisitions: The
following table reflects revenues
from acquisitions, net of
divestitures, for the three month
periods ending June 30, 2013 and
2014:
Three months ended
June 30,
--------
2013 2014
---- ----
Solid waste, net $11,051 $3,655
E&P waste, net 57,926 -
------ ---
Acquisitions, net $68,977 $3,655
======= ======
Other Cash Flow Items:
The following table
reflects cash interest
and cash taxes for the
three and six month
periods ending June 30,
2013 and 2014:
Three months ended Six months ended
June 30, June 30,
-------- --------
2013 2014 2013 2014
---- ---- ---- ----
Cash
Interest
Paid $24,106 $19,188 $33,901 $31,030
Cash
Taxes
Paid 17,641 40,612 18,340 41,261
ADDITIONAL STATISTICS (continued)
Debt to Book Capitalization as of June 30, 2014: Debt to Book Capitalization as of June 30, 2014: 47%
Internalization for the three months ended June 30, 2014:Internalization for the three months ended June 30, 2014: 53%
Days Sales Outstanding for the three months ended June 30, 2014:Days Sales Outstanding for the three months ended June 30, 2014: 44 (31 net of deferred revenue)
Share Information for the three months ended June 30, 2014:
Basic shares outstanding 124,230,572
Dilutive effect of options
and warrants 110,406
Dilutive effect of
restricted stock units 507,373
-------
Diluted shares outstanding 124,848,351
NON-GAAP RECONCILIATION SCHEDULE
(in thousands)
Reconciliation of Adjusted EBITDA:
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. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of the Company's operations. Waste Connections defines adjusted EBITDA as net income, plus income tax provision, plus interest expense, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on disposal of assets, plus other expense, less other income. The Company further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of our business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently.
Three months ended Six months ended
June 30, June 30,
-------- --------
2013 2014 2013 2014
---- ---- ---- ----
Net Income $43,995 $62,900 $85,674 $112,122
Plus: Income tax
provision 28,445 40,537 55,408 74,470
Plus: Interest
expense 18,928 15,940 37,940 32,851
Plus: Depreciation
and amortization 60,977 63,825 119,064 126,378
Plus: Closure and
post-closure
accretion 753 861 1,514 1,739
Plus/Less: Loss
(gain) on disposal
of assets 3,445 (1,324) 3,122 (1,465)
Plus/less: Other
expense (income),
net 1,706 (661) 965 (137)
Adjustments:
Plus: Loss on prior
corporate office
lease (a) 10,498 - 10,498 -
Plus: Acquisition-
related costs (b) 333 390 806 648
Plus: Corporate
relocation expenses
(c) 270 - 422 -
Adjusted EBITDA $169,350 $182,468 $315,413 $346,606
======== ======== ======== ========
As % of revenues 34.6% 34.8% 33.6% 34.4%
(a) Reflects the addback of the loss
on the prior corporate office
lease resulting from the
relocation of the Company's
corporate headquarters from
California to Texas.
(b) Reflects the addback of
acquisition-related
transaction costs.
(c) Reflects the addback of costs
associated with the relocation
of the Company's corporate
headquarters from California to
Texas.
NON-GAAP RECONCILIATION SCHEDULE (continued)
(in thousands)
Reconciliation of Adjusted Free Cash Flow:
Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a valuation and liquidity measure in the solid waste industry. Management uses adjusted free cash flow as one of the principal measures to evaluate and monitor the ongoing financial performance of the Company's operations. Waste Connections defines adjusted free cash flow as net cash provided by operating activities, plus proceeds from disposal of assets, plus or minus change in book overdraft, plus excess tax benefit associated with equity-based compensation, less capital expenditures for property and equipment and distributions to noncontrolling interests. The Company further adjusts this calculation to exclude the effects of items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. Other companies may calculate adjusted free cash flow differently.
Three months ended Six months ended
June 30, June 30,
-------- --------
2013 2014 2013 2014
---- ---- ---- ----
Net
cash
provided
by
operating
activities $122,565 $134,724 $255,523 $279,681
Plus/
Less:
Change
in
book
overdraft (73) (117) (90) 18
Plus:
Proceeds
from
disposal
of
assets 2,899 4,551 3,622 5,863
Plus:
Excess
tax
benefit
associated
with
equity-
based 569 2,036 2,667 7,096
compensation
Less:
Capital
expenditures
for
property
and
equipment (50,636) (48,087) (87,541) (83,679)
Less:
Distributions
to
noncontrolling
interests - - (198) (371)
Adjustment:
Corporate
office
relocation
(a) 270 - 1,832 -
Tax
effect
(b) (103) - (161) -
---- --- ---- ---
Adjusted
free
cash
flow $75,491 $93,107 $175,654 $208,608
======= ======= ======== ========
15.4% 17.7% 18.7% 20.7%
==== ==== ==== ====
(a) Reflects the addback of third
party expenses and reimbursable
advances to employees
associated with the relocation
of our corporate headquarters
from California to Texas.
(b) The tax effect of the corporate
office relocation is calculated
based on the applied tax rates
for the respective periods.
NON-GAAP RECONCILIATION SCHEDULE (continued)
(in thousands, except per share amounts)
Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income per Diluted Share:
Adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as a valuation measure in the solid waste industry. Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of the Company's operations. Waste Connections provides adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income has limitations due to the fact that it excludes items that have an impact on the Company's financial condition and results of operations. Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted net income and adjusted net income per diluted share differently.
Three months ended Six months ended
June 30, June 30,
-------- --------
2013 2014 2013 2014
---- ---- ---- ----
Reported
net
income
attributable
to
Waste
Connections $43,967 $62,664 $85,523 $111,679
Adjustments:
Amortization
of
intangibles
(a) 6,211 6,720 12,650 13,456
Acquisition-
related
costs
(b) 2,020 390 2,494 648
Loss
(gain)
on
disposal
of
assets
(c) 3,445 (1,324) 3,122 (1,465)
Corporate
relocation
expenses
(d) 270 - 422 -
Loss
on
prior
corporate
office
lease
(e) 10,498 - 10,498 -
Tax
effect
(f) (8,584) (2,219) (11,163) (4,847)
Impact
of
deferred
tax
adjustment
(g) - - - 1,220
--- --- --- -----
Adjusted
net
income
attributable
to
Waste
Connections $57,827 $66,231 $103,546 $120,691
======= ======= ======== ========
Diluted
earnings
per
common
share
attributable
to
Waste
Connections'
common
stockholders:
Reported
net
income $0.35 $0.50 $0.69 $0.89
===== ===== ===== =====
Adjusted
net
income $0.47 $0.53 $0.84 $0.97
===== ===== ===== =====
(a) Reflects the elimination of the
non-cash amortization of
acquisition-related intangible
assets.
(b) Reflects the elimination of
acquisition-related expenses,
including transaction costs and
adjustments to the fair value of
contingent consideration.
(c) Reflects the elimination of a
loss (gain) on disposal of
assets.
(d) Reflects the addback of costs
associated with the relocation
of the Company's corporate
headquarters from California to
Texas.
(e) Reflects the addback of the loss
on the prior corporate office
lease resulting from the
relocation of the Company's
corporate headquarters from
California to Texas.
(f) The aggregate tax effect of the
adjustments in footnotes (a)
through (e) is calculated based
on the applied tax rates for the
respective periods.
(g) Reflects the elimination of an
increase to the income tax
provision associated with an
increase in the Company's
deferred tax liabilities
resulting from the enactment of
New York State's 2014-2015
Budget Act on March 31, 2014.
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SOURCE Waste Connections, Inc.
