# EDGAR Filing Document

**Accession Number:** 0001318220
**File Stem:** 0001558370-23-001421
**Filing Date:** 2023-2
**Character Count:** 9321
**Document Hash:** 60f93eca911fe99522685bea17f0ded8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-001421.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001558370-23-001421

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waste Connections, Inc.
- **CENTRAL INDEX KEY:** 0001318220
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34370
- **FILM NUMBER:** 23637285

**BUSINESS ADDRESS:**
- **STREET 1:** 6220 HWY 7
- **STREET 2:** SUITE 600
- **CITY:** WOODBRIDGE
- **STATE:** A6
- **ZIP:** L4H 4G3
- **BUSINESS PHONE:** (905) 532-7510

**MAIL ADDRESS:**
- **STREET 1:** 6220 HWY 7
- **STREET 2:** SUITE 600
- **CITY:** WOODBRIDGE
- **STATE:** A6
- **ZIP:** L4H 4G3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Progressive Waste Solutions Ltd.
- **DATE OF NAME CHANGE:** 20110503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IESI-BFC Ltd
- **DATE OF NAME CHANGE:** 20090522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BFI Canada Ltd
- **DATE OF NAME CHANGE:** 20081015

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**Current Report**

**Pursuant To Section 13 or 15 (d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 16, 2023**

## Waste Connections, Inc.
**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Ontario, Canada** | **1-34370** | **98-1202763** |
| **(State or other jurisdictionof Incorporation)** | **(CommissionFile Number)** | **(I.R.S. EmployerIdentification No.)** |

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**6220 Hwy 7, Suite 600**

**Woodbridge**

**Ontario L4H 4G3**

**Canada**

**(Address of principal executive offices)**

**Registrant's telephone number, including area code: (905) 532-7510**

**Not Applicable**

**(Former name or address, if changed since last report.)**

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class**<br>| &nbsp;&nbsp;**Trading Symbol(s)**<br>| &nbsp;&nbsp;**Name of each exchange on which registered**<br>|
| &nbsp;&nbsp;Common Shares, no par value | &nbsp;&nbsp;WCN | &nbsp;&nbsp;New York Stock Exchange ("NYSE")<br>Toronto Stock Exchange ("TSX") |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01 Regulation FD Disclosure.**

During our earnings conference call on February 16, 2023, we highlighted the following outlook for the first quarter 2023.

*(Dollar amounts are approximations)*

For the first quarter of the year, we estimate our revenue to be approximately $1.895 billion. We expect price plus volume growth for solid waste of 10.5% on pricing of about 11.5%. Net income attributable to Waste Connections is estimated to be approximately $192.5 million. Adjusted EBITDA is estimated to be approximately $568 million, or 30.0% of revenue.

Q1 2023 OUTLOOK

NON-GAAP RECONCILIATION SCHEDULE

(in thousands of U.S. dollars, except where noted)

Reconciliation of Adjusted EBITDA:

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| | | |
|:---|:---|:---|
|  | Q1 2023 Outlook | Q1 2023 Outlook |
|  | Estimates | Observation |
| Net income attributable to Waste Connections | $192500 |  |
| &nbsp;&nbsp;&nbsp;Plus: Income tax provision | 54250 | Approximately 22.0% effective rate |
| &nbsp;&nbsp;&nbsp;Plus: Interest expense, net of interest income | 67000 |  |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation and depletion | 211500 | Approximately 11.2% of revenue |
| &nbsp;&nbsp;&nbsp;Plus: Amortization | 38500 | Approximately 2.0% of revenue, or $0.11 per diluted share net of taxes |
| &nbsp;&nbsp;&nbsp;Plus: Closure and post-closure accretion | 4250 |  |
| Adjusted EBITDA | $568000 | Approximately 30.0% of revenue |

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For the full year, in addition to the outlook provided in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 15, 2023, we expect pricing of about 9.5%, essentially all core, and volumes in the range of flat to down 1%.

These estimates assume no change in the current economic environment. They also exclude any impact from additional acquisitions that may close during the remainder of the year, and expensing of transaction-related items during the period.

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 our operations. We define adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. We further adjust 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.

The information furnished in Item 7.01 is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

**Safe Harbor and Forward-Looking Information**

This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks,"

"expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this document are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this document include, but are not limited to, statements about expected 2023 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this document, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **WASTE CONNECTIONS, INC.** | **WASTE CONNECTIONS, INC.** |
| Date: February 16, 2023 | BY: | /s/ Mary Anne Whitney |
|  |  | Mary Anne Whitney |
|  |  | Executive Vice President and Chief Financial Officer |

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