Waste Connections (WCN) CEO Ronald Mittelstaedt on Q4 2017 Results - Earnings Call Transcript

Feb. 15, 2018 4:47 PM ETWaste Connections, Inc. (WCN), WCN:CA
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Waste Connections, Inc. (NYSE:WCN) Q4 2017 Earnings Conference Call February 15, 2018 8:30 AM ET


Ronald Mittelstaedt – Chairman and Chief Executive Officer

Worthing Jackman – Chief Financial Officer


Hamzah Mazari – Macquarie

Derek Spronck – RBC Capital Market

Tyler Brown – Raymond James

Michael Hoffman – Stifel

Brian Maguire – Goldman Sachs

Noah Kaye – Oppenheimer

Corey Greendale – First Analysis

Chris Murray – AltaCorp Capital

Devin Dodge – BMO


Ladies and gentlemen, thank you for standing by, and welcome to the Waste Connections Fourth Quarter 2017 Earnings Conference Call. During the presentation all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions] As a reminder, today’s conference is being recorded, Thursday, February 15, 2018.

I would now like to turn the conference over to Ronald Mittelstaedt, Chairman of the Board and CEO. Please go ahead, sir.

Ronald Mittelstaedt

Okay. Thank you, operator and good morning. I’d like to welcome everyone to this conference call to discuss our fourth quarter 2017 results and provide a financial outlook for both the first quarter and full year 2018. I am joined this morning by Steve Bouck, our President; Worthing Jackman, our CFO, and several other members of our senior management team.

As noted in our earnings release, Q4 capped off another exceptional year for Waste Connections, with better than expected solid waste volume growth and E&P waste activity once again driving financial results in the quarter above expectations. Adjusted free cash flow for the full year of approximately $764 million or 16.5% of revenue and 52.3% of adjusted EBITDA continues to reflect the benefits of our differentiated strategy and purposeful focus on both quality of revenue and free cash flow generation. We are extremely pleased that adjusted free cash flow per share increased more than 20% in 2017, while the

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