Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 12

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 12
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 ​ | 2023 
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 ​ | 2022 
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| Adjusted EBITDA(a)         | ​ | ​ | ​                                         | $ | 712,213 | ​ | ​ | ​ | ​    | $ | 650,673 | ​ | ​ | ​ | ​                       | $ | 2,901,865 | ​ | ​ | ​ | ​    | $ | 2,522,956 | ​ | ​ | ​ | ​    | $ | 2,220,652 | ​ | ​ |
| Adjusted Free Cash Flow(a) | ​ | ​ | ​                                         | $ | 332,075 | ​ | ​ | ​ | ​    | $ | 324,793 | ​ | ​ | ​ | ​                       | $ | 1,217,526 | ​ | ​ | ​ | ​    | $ | 1,224,132 | ​ | ​ | ​ | ​    | $ | 1,164,844 | ​ | ​ |

(a) For the definitions of the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow and reconciliations of Adjusted EBITDA and Adjusted Free Cash Flow to our most directly comparable financial measures calculated in accordance with GAAP, see “— Non-GAAP Measures” below. Non-GAAP Measures Adjusted EBITDA 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. Management uses Adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of our operations. We define Adjusted EBITDA as net income attributable to the Company, plus or minus net income (loss) attributable to non