CA - Waste Connections Inc. (WCN) Q1 2024 Earnings Call Transcript
2024-04-25 15:51:07 ET
Waste Connections, Inc. (WCN)
Q1 2024 Earnings Conference Call
April 25, 2024, 08:30 AM ET
Company Participants
Ron Mittelstaedt - President and Chief Executive Officer
Mary Anne Whitney - Chief Financial Officer
Conference Call Participants
Tyler Brown - Raymond James
Sabahat Khan - RBC Capital Markets
Michael Hoffman - Stifel
Kevin Chiang - CIBC
Noah Kaye - Oppenheimer
Bryan Burgmeier - Citi
Hillary Lee - Morgan Stanley
Adam Bubes - Goldman Sachs
Tony Bancroft - Genco Investors
Jack Wilson - Truist Securities
James Schumm - TD Cowen
Presentation
Operator
Good morning, everyone and welcome to the Waste Connections, Inc. Q1 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note today’s event is being recorded. At this time, I’d like to turn the floor over to Ron Mittelstaedt, President and CEO. Sir, please go ahead.
Ron Mittelstaedt
Okay. Thank you, operator and good morning. I would like to welcome everyone to this conference call to discuss first quarter results and to provide a outlook both the second quarter. I am joined this morning by Mary Annee Whitney, our CFO and several other members of senior management.
We are extremely pleased by the strong start of the year, driving better than expected operating and financial results, which, along with recently completed acquisitions, positions us well for the remainder of 2024. Adjusted EBITDA margin expansion of 160 basis points to 31.4% in the seasonally weakest quarter of the year puts us on track to exceed our industry-leading full-year margin outlook of 32.7%, as continuing improvements in employee retention and safety trends, along with rising commodity values, provide momentum for continued performance.
Before we get into much more detail, let me turn the call over to Mary Anne for our forward-looking disclaimer, as well as other housekeeping items.
Mary Anne Whitney
Thank you, Ron, and good morning. The discussion during today's call includes forward-looking statements made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including forward-looking information within the meaning of applicable Canadian securities laws.
Actual results could differ materially from those made in such forward-looking statements due to various risks and uncertainties. Factors that could cause actual results to differ are discussed both in the cautionary statement included in our April 24 earnings release, and in greater detail in Waste Connections filings with the U.S. Securities and Exchange Commission and the Securities Commission's or similar regulatory authorities in Canada. We should not place undue reliance on forward-looking statements as there may be additional risks to which we are not presently aware, or that we currently believe are immaterial, which could have an adverse impact on our business.
We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change after today's date. On the call, we will discuss non-GAAP measures such as adjusted EBITDA, adjusted net income attributable to Waste Connections on both the dollar basis and per Duluth share, and adjusted pre-cash flow. Please refer to our earnings releases for a reconciliation of such non-GAAP measures to the most comparable GAAP measures. Management uses certain non-GAAP measures to evaluate and monitor the ongoing financial performance of our operations. Other companies may calculate these non-GAAP measures differently....
Waste Connections, Inc. (WCN) Q1 2024 Earnings Call Transcript