Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 1

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 1
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 | ​ | ​ | TO BE A GREATPLACE TO WORK | ​ | ​ | TO BETHE PREMIER WASTESERVICES COMPANYIN THE U.S. ANDCANADA | ​ |

(1) All references to “Net income” in this Proxy Statement refer to the financial statement line item “Net income attributable to Waste Connections”. This Proxy Statement includes certain measures that do not have a standardized meaning and are not defined by GAAP and, therefore, may not be comparable to similar measures used by other companies. We present adjusted EBITDA, a non-GAAP financial measure, supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. We also present adjusted free cash flow, a non-GAAP financial measure, because it is widely used by investors as a liquidity measure in the solid waste industry. In addition, we present Leverage Ratio (total debt to EBITDA), a non-GAAP ratio, supplementally because it is used for the purposes of calculating financial covenants under our revolving credit agreement with Bank of America, N.A. Management also uses Leverage Ratio as one of the principal measures to evaluate and monitor the indebtedness of the Company relative to its ability to generate income to service such debt. These measures are not a substitute for, and should be used in conjunction with, GAAP financial measures. This section should be read in conjunction with information presented in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, under the heading “Non-GAAP Financial Measures”, which includes a reconciliation of the non-GAAP financial measures used in this Proxy Statement to GAAP financial measures.

TABLE OF CONTENTS

Ronald J. Mittelstaedt President, Chief Executive Officer and
Director

| ​ | “ Coming into 2024, we emphasized the importance and interconnectivity ofRelationships and Results, and we attribute our accomplishments to that renewed emphasis on human capital. We’re proud of these results and the leaders behind them who embody Waste Connections’ enduring operating values and who have driven an industry-leading track record of value creation over 27 years.” | ​ |

Dear Fellow Shareholders, You are invited to attend the Annual Meeting (the “Meeting”) of Shareholders of Waste Connections, Inc. (“Waste Connections” or the “Company”) on Friday, May 16, 2025, at 8:00 a.m. (Central Time). The Meeting will be held at our principal administrative offices located at