Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 14

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 14
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(1) Reflects the addback of acquisition-related transaction costs. (2) Reflects fair value accounting changes associated with certain equity awards. (3) Reflects the cash and non-cash components of severance expense associated with an executive departure. Adjusted Free Cash Flow We present Adjusted Free Cash Flow, a non-GAAP financial measure, 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 our operations. We define Adjusted Free Cash Flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment and distributions to noncontrolling interests. We further adjust this calculation to exclude the effects of 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 liquidity or financial measures. Other companies may calculate Adjusted Free Cash Flow differently. Our Adjusted Free Cash Flow for the three months ended March 31, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, are calculated as follows:

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 ​ | Three MonthsEnded March 31,    
 2025                           
 (in thousands of U.S. dollars) |   |          |   | ​ | ​ | 2024 |   |          |   | ​ 
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 ​ | Years EndedDecember 31, 
 2024                    |   |            |   | ​ | ​ | 2023 |   |           |   | ​ | ​ | 2022 |   |           |   | ​ 
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