Company Quick10K Filing
Quick10K
Waste Connections
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$91.61 264 $24,150
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
8-K 2019-08-01 Exhibits
8-K 2019-07-30 Regulation FD
8-K 2019-07-29 Earnings, Regulation FD, Exhibits
8-K 2019-07-25 Officers, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-17 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-25 Regulation FD
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-04-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-09 Enter Agreement, Regulation FD, Exhibits
8-K 2019-04-06 Other Events, Exhibits
8-K 2019-02-19 Officers, Exhibits
8-K 2019-02-14 Regulation FD
8-K 2019-02-13 Earnings, Regulation FD, Exhibits
8-K 2019-01-03 Other Events, Exhibits
8-K 2018-12-10 Other Events, Exhibits
8-K 2018-11-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-06 Enter Agreement, Regulation FD, Exhibits
8-K 2018-10-30 Regulation FD
8-K 2018-10-29 Earnings, Regulation FD, Exhibits
8-K 2018-10-17 Officers, Exhibits
8-K 2018-09-14 Regulation FD
8-K 2018-07-25 Regulation FD
8-K 2018-07-24 Earnings, Regulation FD, Exhibits
8-K 2018-05-24 Shareholder Vote, Other Events, Exhibits
8-K 2018-05-14 Officers, Exhibits
8-K 2018-05-03 Regulation FD
8-K 2018-03-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-09 Regulation FD
8-K 2018-02-14 Earnings, Regulation FD, Exhibits
EVOP EVO Payments 2,330
TEN Tenneco 1,020
SLCA US Silica Holdings 960
NRE Northstar Realty Europe 878
SFBC Sound Financial Bancorp 87
BGFV Big 5 Sporting Goods 51
IZEA IZEA 8
CNSX Tower One Wireless 0
MPACU Matlin & Partners Acquisition 0
VABK Virginia National Bankshares 0
WCN 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 5.Other Information
Item 6.Exhibits
EX-10.1 wcn-20190630ex1017747e0.htm
EX-10.2 wcn-20190630ex102fe6fed.htm
EX-10.3 wcn-20190630ex103032d1d.htm
EX-31.1 wcn-20190630ex3116ad3ba.htm
EX-31.2 wcn-20190630ex312375c95.htm
EX-32.1 wcn-20190630ex3219fb5c6.htm
EX-32.2 wcn-20190630ex322727586.htm

Waste Connections Earnings 2019-06-30

WCN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to                 

Commission file number 1-34370

Graphic

WASTE CONNECTIONS, INC.

(Exact name of registrant as specified in its charter)

Ontario, Canada

(State or other jurisdiction of incorporation or organization)

98-1202763

(I.R.S. Employer Identification No.)

610 Applewood Crescent, 2nd Floor

Vaughan

Ontario L4K 0E3

Canada

(Address of principal executive offices)

(905) 532-7510

(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, no par value

WCN

New York Stock Exchange (“NYSE”)
Toronto Stock Exchange (“TSX”)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

þ Large Accelerated
Filer

Accelerated
Filer

Non-accelerated
Filer

Smaller Reporting
Company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common shares:

As of July 19, 2019: 263,666,142 common shares

Table of Contents

WASTE CONNECTIONS, INC.

FORM 10-Q

TABLE OF CONTENTS

Page

PART I – FINANCIAL INFORMATION (unaudited)

Item 1.

    

Financial Statements

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Net Income

2

Condensed Consolidated Statements of Comprehensive Income

3

Condensed Consolidated Statements of Equity

4

Condensed Consolidated Statements of Cash Flows

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

Item 4.

Controls and Procedures

69

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

70

Item 5.

Other Information

70

Item 6.

Exhibits

71

Signatures

72

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands of U.S. dollars, except share and per share amounts)

June 30, 

December 31, 

    

2019

    

2018

ASSETS

 

  

 

  

 

Current assets:

 

  

 

  

 

Cash and equivalents

$

209,209

$

319,305

Accounts receivable, net of allowance for doubtful accounts of $14,029 and $16,760 at June 30, 2019 and December 31, 2018, respectively

 

663,931

 

609,545

Prepaid expenses and other current assets

 

117,454

 

164,053

Total current assets

 

990,594

 

1,092,903

Restricted cash

84,527

84,661

Restricted investments

 

54,515

 

47,486

Property and equipment, net

 

5,318,196

 

5,168,996

Operating lease right-of-use assets

194,361

Goodwill

 

5,316,670

 

5,031,685

Intangible assets, net

 

1,124,107

 

1,128,628

Other assets, net

 

62,802

 

72,970

Total assets

$

13,145,772

$

12,627,329

LIABILITIES AND EQUITY

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

408,229

$

359,967

Book overdraft

 

17,984

 

18,518

Accrued liabilities

 

274,478

 

289,544

Current portion of operating lease liabilities

30,255

Current portion of contingent consideration

 

11,773

 

11,612

Deferred revenue

 

199,401

 

179,282

Current portion of long-term debt and notes payable

 

798

 

1,786

Total current liabilities

 

942,918

 

860,709

Long-term debt and notes payable

 

4,082,876

 

4,153,465

Long-term portion of operating lease liabilities

170,829

Long-term portion of contingent consideration

 

45,227

 

43,003

Deferred income taxes

 

783,609

 

760,033

Other long-term liabilities

 

412,508

 

349,931

Total liabilities

 

6,437,967

 

6,167,141

Commitments and contingencies (Note 18)

 

  

 

  

Equity:

 

  

 

  

Common shares: 263,686,518 shares issued and 263,601,239 shares outstanding at June 30, 2019; 263,271,302 shares issued and 263,141,413 shares outstanding at December 31, 2018

 

4,135,002

 

4,131,307

Additional paid-in capital

 

138,194

 

133,577

Accumulated other comprehensive loss

 

(23,487)

 

(74,786)

Treasury shares: 85,279 and 129,889 shares at June 30, 2019 and December 31, 2018, respectively

 

 

Retained earnings

 

2,452,687

 

2,264,510

Total Waste Connections’ equity

 

6,702,396

 

6,454,608

Noncontrolling interest in subsidiaries

 

5,409

 

5,580

Total equity

 

6,707,805

 

6,460,188

$

13,145,772

$

12,627,329

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Table of Contents

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

(In thousands of U.S. dollars, except share and per share amounts)

Three months ended June 30, 

Six months ended June 30, 

    

2019

    

2018

    

2019

    

2018

    

Revenues

$

1,369,639

$

1,239,968

$

2,614,275

$

2,380,099

Operating expenses:

 

 

 

 

Cost of operations

 

815,819

 

725,022

 

1,549,508

 

1,384,825

Selling, general and administrative

 

139,664

 

128,261

 

272,249

 

259,568

Depreciation

 

156,776

 

142,450

 

303,623

 

275,634

Amortization of intangibles

 

31,344

 

26,474

 

61,886

 

52,573

Impairments and other operating items

 

3,902

 

7,073

 

20,014

 

8,104

Operating income

 

222,134

 

210,688

 

406,995

 

399,395

Interest expense

 

(37,245)

 

(32,426)

 

(74,533)

 

(64,796)

Interest income

 

1,818

 

1,056

 

5,129

 

2,210

Other income, net

 

805

 

2,031

 

3,363

 

1,644

Foreign currency transaction gain (loss)

 

1,115

 

30

 

1,218

 

(190)

Income before income tax provision

 

188,627

 

181,379

 

342,172

 

338,263

Income tax provision

 

(39,788)

 

(42,565)

 

(67,756)

 

(74,417)

Net income

 

148,839

 

138,814

 

274,416

 

263,846

Plus (less): Net loss (income) attributable to noncontrolling interests

 

9

 

(132)

 

54

 

(295)

Net income attributable to Waste Connections

$

148,848

$

138,682

$

274,470

$

263,551

Earnings per common share attributable to Waste Connections’ common shareholders:

 

  

 

  

 

  

 

  

Basic

$

0.56

$

0.53

$

1.04

$

1.00

Diluted

$

0.56

$

0.52

$

1.04

$

1.00

Shares used in the per share calculations:

 

  

 

 

 

Basic

 

263,846,970

 

263,691,172

 

263,725,867

 

263,757,179

Diluted

 

264,494,943

 

264,332,029

 

264,416,610

 

264,452,785

Cash dividends per common share

$

0.16

$

0.14

$

0.32

$

0.28

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Table of Contents

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands of U.S. dollars)

    

Three months ended June 30, 

Six months ended June 30, 

    

2019

    

2018

    

2019

    

2018

Net income

$

148,839

$

138,814

$

274,416

$

263,846

Other comprehensive income (loss), before tax:

 

 

 

 

Interest rate swap amounts reclassified into interest expense

 

(2,472)

 

(1,273)

 

(4,944)

 

(1,872)

Fuel hedge amounts reclassified into cost of operations

 

 

(1,688)

 

 

(2,837)

Changes in fair value of interest rate swaps

 

(25,615)

 

3,196

 

(41,336)

 

14,965

Changes in fair value of fuel hedges

 

 

2,045

 

 

2,661

Foreign currency translation adjustment

 

43,135

 

(43,474)

 

85,315

 

(102,804)

Other comprehensive income (loss), before tax

 

15,048

 

(41,194)

 

39,035

 

(89,887)

Income tax (expense) benefit related to items of other comprehensive income (loss)

 

7,443

 

(594)

 

12,264

 

(3,420)

Other comprehensive income (loss), net of tax

 

22,491

 

(41,788)

 

51,299

 

(93,307)

Comprehensive income

 

171,330

 

97,026

 

325,715

 

170,539

Plus (less): Comprehensive loss (income) attributable to noncontrolling interests

 

9

 

(132)

 

54

 

(295)

Comprehensive income attributable to Waste Connections

$

171,339

$

96,894

$

325,769

$

170,244

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands of U.S. dollars, except share amounts)

WASTE CONNECTIONS' EQUITY

ACCUMULATED

ADDITIONAL

OTHER

COMMON SHARES

PAID-IN

COMPREHENSIVE

TREASURY SHARES

RETAINED

NONCONTROLLING

  

SHARES

  

AMOUNT

  

CAPITAL

  

INCOME (LOSS)

  

SHARES

  

AMOUNT

  

EARNINGS

  

INTERESTS

  

TOTAL

Balances at December 31, 2018

263,141,413

$

4,131,307

$

133,577

$

(74,786)

129,889

$

$

2,264,510

$

5,580

$

6,460,188

Sale of common shares held in trust

 

43,637

 

3,610

 

 

 

(43,637)

 

 

 

 

3,610

Vesting of restricted share units

 

400,555

 

 

 

 

 

 

 

 

Vesting of performance-based restricted share units

 

180,258

 

 

 

 

 

 

 

 

Restricted share units released from deferred compensation plan

 

15,371

 

 

 

 

 

 

 

 

Tax withholdings related to net share settlements of equity-based compensation

 

(202,679)

 

 

(16,974)

 

 

 

 

 

 

(16,974)

Equity-based compensation

 

 

 

11,627

 

 

 

 

 

 

11,627

Exercise of warrants

 

8,690

 

 

 

 

 

 

 

 

Cash dividends on common shares

 

 

 

 

 

 

 

(42,084)

 

 

(42,084)

Amounts reclassified into earnings, net of taxes

 

 

 

 

(1,817)

 

 

 

 

 

(1,817)

Changes in fair value of cash flow hedges, net of taxes

 

 

 

 

(11,555)

 

 

 

 

 

(11,555)

Foreign currency translation adjustment

 

 

 

 

42,180

 

 

 

 

 

42,180

Cumulative effect adjustment from adoption of new accounting pronouncement

 

 

 

 

 

 

 

(2,078)

 

 

(2,078)

Net income (loss)

 

 

 

 

 

 

 

125,622

 

(45)

 

125,577

Balances at March 31, 2019

 

263,587,245

$

4,134,917

$

128,230

$

(45,978)

 

86,252

$

$

2,345,970

$

5,535

$

6,568,674

Sale of common shares held in trust

 

973

 

85

 

 

 

(973)

 

 

 

 

85

Vesting of restricted share units

 

6,495

 

 

 

 

 

 

 

 

Tax withholdings related to net share settlements of equity-based compensation

 

(3,081)

 

 

(290)

 

 

 

 

 

 

(290)

Equity-based compensation

 

 

 

10,254

 

 

 

 

 

 

10,254

Exercise of warrants

 

9,607

 

 

 

 

 

 

 

 

Cash dividends on common shares

 

 

 

 

 

 

 

(42,131)

 

 

(42,131)

Amounts reclassified into earnings, net of taxes

 

 

 

 

(1,817)

 

 

 

 

 

(1,817)

Changes in fair value of cash flow hedges, net of taxes

 

 

 

 

(18,827)

 

 

 

 

 

(18,827)

Foreign currency translation adjustment

 

 

 

 

43,135

 

 

 

 

 

43,135

Distributions to noncontrolling interests

(117)

(117)

Net income (loss)

 

 

 

 

 

 

 

148,848

 

(9)

 

148,839

Balances at June 30, 2019

 

263,601,239

$

4,135,002

$

138,194

$

(23,487)

 

85,279

$

$

2,452,687

$

5,409

$

6,707,805

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands of U.S. dollars, except share amounts)

WASTE CONNECTIONS' EQUITY

ACCUMULATED

ADDITIONAL

OTHER

COMMON SHARES

PAID-IN

COMPREHENSIVE

TREASURY SHARES

RETAINED

NONCONTROLLING

  

SHARES

  

AMOUNT

  

CAPITAL

  

INCOME (LOSS)

  

SHARES

  

AMOUNT

  

EARNINGS

  

INTERESTS

  

TOTAL

Balances at December 31, 2017

 

263,494,670

$

4,187,568

$

115,743

$

108,413

 

166,133

$

$

1,856,946

$

5,400

$

6,274,070

Sale of common shares held in trust

 

26,849

 

1,947

 

 

 

(26,849)

 

 

 

 

1,947

Vesting of restricted share units

 

452,700

 

 

 

 

 

 

 

 

Vesting of performance-based restricted share units

 

154,181

 

 

 

 

 

 

 

 

Restricted share units released from deferred compensation plan

 

114

 

 

 

 

 

 

 

 

Tax withholdings related to net share settlements of equity-based compensation

 

(206,084)

 

 

(14,121)

 

 

 

 

 

 

(14,121)

Equity-based compensation

 

 

 

7,991

 

 

 

 

 

 

7,991

Repurchase of common shares

(594,474)

(42,040)