TORONTO, ONTARIO -- (Marketwired) -- 07/25/14 -- Progressive Waste Solutions Ltd. (the "Company") (NYSE: BIN)(TSX: BIN) reported financial results for the three and six months ended June 30, 2014.
Second quarter highlights
-- Consolidated revenues of $513.5 million in the second quarter, a decline
of 0.6% from the comparative period. Excluding a negative impact of
$13.0 million in foreign currency translation, consolidated revenues
increased 1.9%
-- Consolidated organic growth improvement of 2.0%, driven by higher
collection and disposal pricing
-- Consolidated volume decline of 0.2%
-- Adjusted EBITDA(A) of $131.9 million and adjusted operating income or
adjusted operating EBIT(A) of $79.8 million
-- Reported and adjusted net income per share(A) of $0.36 and $0.41,
respectively. Reported and adjusted net income includes a net gain on
sale of capital and landfill assets of $20 million
-- Free cash flow(B) of $56.4 million. Excluding internal infrastructure
investments, free cash flow(B) of $60.9 million, representing 11.9% of
revenue
-- Returned $10.9 million to shareholders through stock repurchases
-- Board of Directors declares increase of 6.7% to quarterly cash dividend
effective September 30, 2014
Management Commentary
(All amounts are in United States ("U.S.") dollars, unless otherwise stated)
"We performed well on many measures in the second quarter and we are making progress on several components of the strategic plan we initiated to improve EBITDA(A) margins and free cash flow through operational excellence," said Joseph Quarin, President and Chief Executive Officer, Progressive Waste Solutions Ltd. "In the quarter, consolidated revenues increased 1.9%, excluding the impact of foreign currency translation, with consolidated organic revenue growth of 2.0% led by higher pricing in our collection and disposal service lines. Consolidated volumes declined 0.2% from the second quarter a year ago, but represent the third sequential quarter of volume improvement and are on track to turn positive in the second half of the year. Adjusted EBITDA(A) increased 0.6%, excluding the impact of foreign currency translation, driven by revenue gains and lower SG&A costs, but offset by higher operating expenses as a percentage of revenue in the period."
"Operating expenses in the quarter reflect higher fuel costs as well as higher repairs and maintenance costs, related to the implementation of our strategic plan. Our guiding principle is to make the best long-term cash decisions for the business and these are short-term operating cost variances as we standardize best practices throughout our fleet and ensure the optimal allocation of capital in our field operations. In the second quarter we advanced several programs, such as fleet automation and conversion to compressed natural gas with the receipt of new trucks, that will reduce operating expenses in the third and fourth quarters and meaningfully expand EBITDA(A) margins in the second half of 2014 and beyond. With our strategic plan taking hold, we are also well-positioned to reduce our replacement capital expenditures next year."
Mr. Quarin added, "We remain committed to creating long-term shareholder value through a combination of operational excellence and disciplined capital allocation. We returned $10.9 million to shareholders in the second quarter through our share repurchase program and we are pleased to announce an increase of 6.7% to our quarterly cash dividend, raising it to $0.64 Canadian per share annually."
Three months ended June 30, 2014
Reported revenues decreased ($3.3) million or (0.6)% from $516.8 million in the second quarter of 2013 to $513.5 million in the second quarter of 2014. Expressed on a reportable basis and assuming a foreign currency exchange ("FX") rate of parity between the Canadian and U.S. dollar ("FX parity"), revenues increased 1.9% due in large part to a 2.0% increase attributable to higher overall core pricing partially offset by slightly lower volumes.
Operating income was $78.1 million in the second quarter of 2014 versus $64.6 million in the second quarter of 2013. Net income was $40.9 million versus $32.3 million in the second quarters of 2014 and 2013, respectively.
Adjusted amounts
Adjusted EBITDA(A) was $131.9 million in the second quarter of 2014 versus $134.9 million posted in the same quarter a year ago. Adjusted operating EBIT(A) was $79.8 million or 19.0% higher in the quarter compared to $67.0 million in the same period last year. Adjusted net income(A) was $47.2 million, or $0.41 per diluted share, compared to $35.3 million, or $0.31 per diluted share in the comparative period.
Six months ended June 30, 2014
For the six months ended June 30, 2014, reported revenues decreased ($20.1) million or (2.0)% from $1,003.4 million in 2013 to $983.3 million. Expressed on a reportable basis and at FX parity, revenues increased 0.9% on a comparative basis. The increase is due in large part to a 2.0% increase attributable to higher overall core pricing and recycled commodity pricing partially offset by a decline in volumes.
For the six months ended June 30, operating income was $119.4 million in 2014 versus $123.8 million in 2013. Net income was $66.8 million versus $61.6 million for the six months ended June 30, 2014 and 2013, respectively.
Adjusted amounts
For the six months ended June 30, adjusted EBITDA(A) was $244.7 million or (7.3)% lower in 2014 versus $263.9 million in 2013. Adjusted operating EBIT(A) was $122.4 million compared to the $125.4 million recorded last year. Adjusted net income(A) was $72.0 million, or $0.63 per diluted share, compared to $62.4 million, or $0.54 per diluted share in the same period last year.
Progressive Waste Solutions Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income or
Loss
("Statement of Operations and Comprehensive Income or Loss")
For the periods ended June 30, 2014 and 2013 (unaudited - stated in
accordance with accounting principles generally accepted in the U.S. and in
thousands of U.S. dollars, except share and net income or loss per share
amounts)
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Three months ended Six months ended
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2014 2013 2014 2013
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REVENUES $ 513,501 $ 516,807 $ 983,271 $ 1,003,367
EXPENSES
OPERATING 321,224 318,779 614,422 615,667
SELLING, GENERAL AND
ADMINISTRATION 62,025 65,538 127,090 125,354
AMORTIZATION 72,069 73,642 139,276 144,941
NET GAIN ON SALE OF
CAPITAL AND LANDFILL
ASSETS (19,959) (5,788) (16,926) (6,405)
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OPERATING INCOME 78,142 64,636 119,409 123,810
INTEREST ON LONG-TERM
DEBT 15,836 15,214 30,779 30,457
NET FOREIGN EXCHANGE
GAIN (237) (2,968) (184) (2,969)
NET LOSS (GAIN) ON
FINANCIAL INSTRUMENTS 7,149 1,205 10,484 (1,060)
RE-MEASUREMENT OF
PREVIOUSLY HELD EQUITY
INVESTMENT - - (5,156) -
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INCOME BEFORE INCOME TAX
EXPENSE AND NET LOSS
FROM EQUITY ACCOUNTED
INVESTEE 55,394 51,185 83,486 97,382
INCOME TAX EXPENSE
Current 10,012 7,858 15,590 17,657
Deferred 4,530 11,028 1,043 18,052
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14,542 18,886 16,633 35,709
NET LOSS FROM EQUITY
ACCOUNTED INVESTEE - 6 82 39
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NET INCOME 40,852 32,293 66,771 61,634
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OTHER COMPREHENSIVE
INCOME (LOSS):
Foreign currency
translation adjustment 17,154 (18,525) (1,583) (29,821)
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Derivatives designated
as cash flow hedges,
net of income tax $nil
and $nil (2013 - $242
and $530) - (451) - (986)
Settlement of
derivatives designated
as cash flow hedges,
net of income tax $nil
and ($225) (2013 -
($78) and ($227)) - 146 418 422
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- (305) 418 (564)
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TOTAL OTHER
COMPREHENSIVE INCOME
(LOSS) 17,154 (18,830) (1,165) (30,385)
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COMPREHENSIVE INCOME $ 58,006 $ 13,463 $ 65,606 $ 31,249
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----------------------------------------------------------------------------
Net income per weighted
average share, basic
and diluted $ 0.36 $ 0.28 $ 0.58 $ 0.54
Weighted average number
of shares outstanding
(thousands), basic and
diluted 115,030 115,167 115,103 115,167
Progressive Waste Solutions Ltd.
Condensed Consolidated Balance Sheets
("Balance Sheet")
June 30, 2014 (unaudited) and December 31, 2013 (stated in accordance with
accounting principles generally accepted in the United States of America
("U.S.") and in thousands of U.S. dollars except for issued and outstanding
share amounts)
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June 30, December 31,
2014 2013
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ASSETS
CURRENT
Cash and cash equivalents $ 31,942 $ 31,980
Accounts receivable 235,887 229,548
Other receivables 42 68
Prepaid expenses 41,197 34,886
Income taxes recoverable 10,614 2,531
Restricted cash 520 498
Other assets 1,930 2,149
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322,132 301,660
OTHER RECEIVABLES 5,641 -
FUNDED LANDFILL POST-CLOSURE COSTS 11,340 10,690
INTANGIBLES 197,416 220,078
GOODWILL 916,111 905,347
LANDFILL DEVELOPMENT ASSETS 15,007 20,247
DEFERRED FINANCING COSTS 17,257 19,037
CAPITAL ASSETS 949,742 937,252
LANDFILL ASSETS 947,514 952,731
INVESTMENTS 969 5,659
OTHER ASSETS 15,890 19,869
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$ 3,399,019 $ 3,392,570
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LIABILITIES
CURRENT
Accounts payable $ 102,483 $ 100,270
Accrued charges 142,678 136,991
Dividends payable 16,122 16,243
Income taxes payable 2,503 2,048
Deferred revenues 18,228 17,180
Current portion of long-term debt 5,395 5,969
Landfill closure and post-closure costs 9,309 10,332
Other liabilities 17,916 12,925
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314,634 301,958
LONG-TERM DEBT 1,505,208 1,542,289
LANDFILL CLOSURE AND POST-CLOSURE COSTS 119,677 114,122
OTHER LIABILITIES 17,345 14,743
DEFERRED INCOME TAXES 131,798 129,887
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2,088,662 2,102,999
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SHAREHOLDERS' EQUITY
Common shares (authorized - unlimited, issued
and outstanding - 114,287,459 (December 31,
2013 - 114,852,852)) 1,767,370 1,773,734
Restricted shares (issued and outstanding -
456,585 (December 31, 2013 - 322,352)) (10,157) (6,654)
Additional paid in capital 3,680 2,796
Accumulated deficit (367,480) (398,414)
Accumulated other comprehensive loss (83,056) (81,891)
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Total shareholders' equity 1,310,357 1,289,571
----------------------------------------------------------------------------
$ 3,399,019 $ 3,392,570
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Progressive Waste Solutions Ltd.
Condensed Consolidated Statements of Cash Flows
("Statement of Cash Flows")
For the periods ended June 30, 2014 and 2013 (unaudited - stated in
accordance with accounting principles generally accepted in the U.S. and in
thousands of U.S. dollars)
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Three months ended Six months ended
----------------------------------------------------------------------------
2014 2013 2014 2013
----------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH
RELATED TO THE FOLLOWING
ACTIVITIES
OPERATING
Net income $ 40,852 $ 32,293 $ 66,771 $ 61,634
Items not affecting cash
Restricted share expense 778 447 1,494 937
Accretion of landfill
closure and post-closure
costs 1,538 1,406 3,077 2,815
Amortization of
intangibles 13,899 15,018 27,797 30,378
Amortization of capital
assets 37,723 38,371 74,878 76,447
Amortization of landfill
assets 20,447 20,253 36,601 38,116
Interest on long-term debt
(amortization of deferred
financing costs) 866 849 1,720 1,705
Net gain on sale of
capital and landfill
assets (19,959) (5,788) (16,926) (6,405)
Net loss (gain) on
financial instruments 7,149 1,205 10,484 (1,060)
Re-measurement gain on
previously held equity
investment - - (5,156) -
Deferred income taxes 4,530 11,028 1,043 18,052
Net loss from equity
accounted investee - 6 82 39
Landfill closure and post-
closure expenditures (1,302) (1,434) (2,113) (2,229)
Changes in non-cash working
capital items 5,595 (8,145) (12,764) (20,144)
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Cash generated from
operating activities 112,116 105,509 186,988 200,285
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INVESTING
Acquisitions (1,453) (1,544) (9,751) (1,639)
Investment in cost
accounted for investee - (1,018) - (1,018)
Restricted cash deposits (21) (20) (22) (21)
Investment in other
receivables (67) - (67) (134)
Proceeds from other
receivables 18 139 37 278
Funded landfill post-
closure costs (238) (64) (582) (166)
Purchase of capital assets (57,999) (47,303) (92,429) (98,683)
Purchase of landfill assets (15,343) (15,787) (24,751) (25,793)
Proceeds from the sale of
capital and landfill
assets 23,162 13,263 23,523 14,384
Investment in landfill
development assets (276) (363) (462) (2,139)
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Cash utilized in investing
activities (52,217) (52,697) (104,504) (114,931)
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FINANCING
Payment of deferred
financing costs - (776) (48) (824)
Proceeds from long-term
debt 28,119 538,277 101,930 558,101
Repayment of long-term debt (72,961) (566,398) (137,809) (598,440)
Proceeds from the exercise
of stock options 35 - 67 3
Repurchase of common shares
and related costs (10,929) - (10,929) -
Purchase of restricted
shares (558) (1,356) (4,013) (4,362)
Dividends paid to
shareholders (15,842) (15,754) (31,498) (31,735)
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Cash utilized in financing
activities (72,136) (46,007) (82,300) (77,257)
Effect of foreign currency
translation on cash and
cash equivalents 1,897 (1,990) (222) (3,054)
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NET CASH (OUTFLOW) INFLOW (10,340) 4,815 (38) 5,043
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CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD OR YEAR 42,282 30,168 31,980 29,940
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CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 31,942 $ 34,983 $ 31,942 $ 34,983
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SUPPLEMENTAL CASH FLOW
INFORMATION:
Cash and cash equivalents
are comprised of:
Cash $ 31,939 $ 29,270 $ 31,939 $ 29,270
Cash equivalents 3 5,713 3 5,713
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$ 31,942 $ 34,983 $ 31,942 $ 34,983
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Cash paid during the period
for:
Income taxes $ 10,879 $ 12,165 $ 23,201 $ 23,857
Interest $ 15,785 $ 14,485 $ 30,154 $ 29,763
FX Impact on Consolidated Results
The following tables have been prepared to assist readers in assessing the
FX impact on selected results for the three and six months ended June 30,
2014.
Three months ended
----------------------------------------------------------------------------
June 30, June 30, June 30, June 30, June 30,
2013 2014 2014 2014 2014
----------------------------------------------------------------------------
(organic,
acquisition (holding
and other FX constant
non- with the
(as operating comparative (FX (as
reported) changes) period) impact) reported)
----------------------------------------------------------------------------
Condensed
Consolidated
Statement of
Operations
Revenues $ 516,807 $ 9,645 $ 526,452 $ (12,951) $ 513,501
Operating
expenses 318,779 9,933 328,712 (7,488) 321,224
Selling, general
and
administration 65,538 (1,841) 63,697 (1,672) 62,025
Amortization 73,642 166 73,808 (1,739) 72,069
Net gain on sale
of capital and
landfill assets (5,788) (15,207) (20,995) 1,036 (19,959)
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Operating income 64,636 16,594 81,230 (3,088) 78,142
Interest on
long-term debt 15,214 1,654 16,868 (1,032) 15,836
Net foreign
exchange gain (2,968) 2,708 (260) 23 (237)
Net loss on
financial
instruments 1,205 6,566 7,771 (622) 7,149
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Income before
net income tax
expense and net
loss from
equity
accounted
investee 51,185 5,666 56,851 (1,457) 55,394
Net income tax
expense 18,886 (3,897) 14,989 (447) 14,542
Net loss from
equity
accounted
investee 6 (7) (1) 1 -
----------------------------------------------------------------------------
Net income $ 32,293 $ 9,570 $ 41,863 $ (1,011) $ 40,852
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Adjusted
EBITDA(A) $ 134,896 $ 802 $ 135,698 $ (3,815) $ 131,883
Adjusted
EBITA(A) $ 76,272 $ (239) $ 76,033 $ (2,320) $ 73,713
Adjusted
operating
income or
adjusted
operating
EBIT(A) $ 67,042 $ 15,844 $ 82,886 $ (3,113) $ 79,773
Adjusted net
income(A) $ 35,290 $ 13,418 $ 48,708 $ (1,471) $ 47,237
Free cash
flow(B) $ 61,484 $ (3,921) $ 57,563 $ (1,152) $ 56,411
Six months ended
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June 30, June 30, June 30, June 30, June 30,
2013 2014 2014 2014 2014
----------------------------------------------------------------------------
(organic,
acquisition (holding
and other FX constant
non- with the
(as operating comparative (FX (as
reported) changes) period) impact) reported)
----------------------------------------------------------------------------
Condensed
Consolidated
Statement of
Operations
Revenues $1,003,367 $ 8,542 $ 1,011,909 $ (28,638) $ 983,271
Operating
expenses 615,667 15,065 630,732 (16,310) 614,422
Selling,
general and
administration 125,354 6,150 131,504 (4,414) 127,090
Amortization 144,941 (1,795) 143,146 (3,870) 139,276
Net gain on
sale of
capital and
landfill
assets (6,405) (11,593) (17,998) 1,072 (16,926)
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Operating
income 123,810 715 124,525 (5,116) 119,409
Interest on
long-term debt 30,457 2,696 33,153 (2,374) 30,779
Net foreign
exchange gain (2,969) 2,762 (207) 23 (184)
Net (gain) loss
on financial
instruments (1,060) 12,392 11,332 (848) 10,484
Re-measurement
gain on
previously
held equity
investment - (5,639) (5,639) 483 (5,156)
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Income before
net income tax
expense and
net loss from
equity
accounted
investee 97,382 (11,496) 85,886 (2,400) 83,486
Net income tax
expense 35,709 (18,532) 17,177 (544) 16,633
Net loss from
equity
accounted
investee 39 50 89 (7) 82
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Net income $ 61,634 $ 6,986 $ 68,620 $ (1,849) $ 66,771
----------------------------------------------------------------------------
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Adjusted
EBITDA(A) $ 263,947 $ (11,051) $ 252,896 $ (8,151) $ 244,745
Adjusted
EBITA(A) $ 149,384 $ (11,252) $ 138,132 $ (4,866) $ 133,266
Adjusted
operating
income or
adjusted
operating
EBIT(A) $ 125,411 $ 2,337 $ 127,748 $ (5,353) $ 122,395
Adjusted net
income(A) $ 62,387 $ 11,802 $ 74,189 $ (2,200) $ 71,989
Free cash
flow(B) $ 106,340 $ 245 $ 106,585 $ (1,480) $ 105,105
Other Financial Highlights
(all amounts are in thousands of U.S. dollars, excluding per share amounts)
Three months ended Six months ended
June 30 June 30
----------------------------------------------------------------------------
2014 2013 2014 2013
----------------------------------------------------------------------------
Operating income $ 78,142 $ 64,636 $ 119,409 $ 123,810
Transaction and related costs
(recoveries) - SG&A 141 390 (942) (175)
Fair value movements in stock
options - SG&A((i)) (314) 1,755 1,740 1,250
Restricted share expense -
SG&A((i)) 441 261 825 526
Non-operating or non-recurring
expenses - SG&A 1,363 - 1,363 -
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Adjusted operating income or
adjusted operating EBIT(A) 79,773 67,042 122,395 125,411
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Net gain on sale of capital and
landfill assets (19,959) (5,788) (16,926) (6,405)
Amortization 72,069 73,642 139,276 144,941
----------------------------------------------------------------------------
Adjusted EBITDA(A) 131,883 134,896 244,745 263,947
Amortization of capital and
landfill assets (58,170) (58,624) (111,479) (114,563)
----------------------------------------------------------------------------
Adjusted EBITA(A) $ 73,713 $ 76,272 $ 133,266 $ 149,384
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income $ 40,852 $ 32,293 $ 66,771 $ 61,634
Transaction and related costs
(recoveries) - SG&A 141 390 (942) (175)
Fair value movements in stock
options - SG&A((i)) (314) 1,755 1,740 1,250
Restricted share expense -
SG&A((i)) 441 261 825 526
Non-operating or non-recurring
expenses - SG&A 1,363 - 1,363 -
Net loss (gain) on financial
instruments 7,149 1,205 10,484 (1,060)
Re-measurement gain on
previously held equity
investment - - (5,156) -
Net income tax (recovery)
expense (2,395) (614) (3,096) 212
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Adjusted net income(A) $ 47,237 $ 35,290 $ 71,989 $ 62,387
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note:
((i))Amounts exclude long-term incentive plan ("LTIP") compensation.
Adjusted net income (A)
per weighted average share,
basic $ 0.41 $ 0.31 $ 0.63 $ 0.54
Adjusted net income (A)
per weighted average share,
diluted $ 0.41 $ 0.31 $ 0.63 $ 0.54
Replacement and growth
expenditures
Replacement expenditures $ 47,618 $ 39,331 $ 74,543 $ 60,649
Growth expenditures 25,724 23,759 42,637 63,827
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Total replacement and growth
expenditures $ 73,342 $ 63,090 $ 117,180 $ 124,476
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Free cash flow(B)
Cash generated from operating
activities (statement of cash
flows) $ 112,116 $ 105,509 $ 186,988 $ 200,285
Free cash flow(B) $ 56,411 $ 61,484 $ 105,105 $ 106,340
Free cash flow (B)
per weighted average share,
diluted $ 0.49 $ 0.53 $ 0.91 $ 0.92
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Dividends
Dividends paid (common shares) $ 15,842 $ 15,754 $ 31,498 $ 31,735
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Segment Highlights - Additional details regarding the FX impact on our
comparative results can be found in the Foreign Currency sections of this
report.
(all amounts are in thousands of U.S. dollars, unless otherwise stated)
Three months ended
June 30
----------------------------------------------------------------------------
2013 2014 Change 2014 Change
----------------------------------------------------------------------------
(holding
FX constant
with the
(as comparative (as
reported) period) reported)
----------------------------------------------------------------------------
Revenues $ 516,807 $ 526,452 $ 9,645 $ 513,501 $ (3,306)
----------------------------------------------------------------------------
Canada $ 198,855 $ 205,395 $ 6,540 $ 192,444 $ (6,411)
U.S. south $ 220,988 $ 229,254 $ 8,266 $ 229,254 $ 8,266
U.S. northeast $ 96,964 $ 91,803 $ (5,161) $ 91,803 $ (5,161)
Operating expenses $ 318,779 $ 328,712 $ 9,933 $ 321,224 $ 2,445
----------------------------------------------------------------------------
Canada $ 110,597 $ 118,298 $ 7,701 $ 110,810 $ 213
U.S. south $ 139,320 $ 145,440 $ 6,120 $ 145,440 $ 6,120
U.S. northeast $ 68,862 $ 64,974 $ (3,888) $ 64,974 $ (3,888)
SG&A (as reported) $ 65,538 $ 63,697 $ (1,841) $ 62,025 $ (3,513)
----------------------------------------------------------------------------
Canada $ 18,050 $ 17,586 $ (464) $ 16,531 $ (1,519)
U.S. south $ 22,144 $ 22,313 $ 169 $ 22,313 $ 169
U.S. northeast $ 8,409 $ 7,962 $ (447) $ 7,962 $ (447)
Corporate $ 16,935 $ 15,836 $ (1,099) $ 15,219 $ (1,716)
EBITDA(A)(as
reported) $ 132,490 $ 134,043 $ 1,553 $ 130,252 $ (2,238)
----------------------------------------------------------------------------
Canada $ 70,208 $ 69,511 $ (697) $ 65,103 $ (5,105)
U.S. south $ 59,524 $ 61,501 $ 1,977 $ 61,501 $ 1,977
U.S. northeast $ 19,693 $ 18,867 $ (826) $ 18,867 $ (826)
Corporate $ (16,935) $ (15,836) $ 1,099 $ (15,219) $ 1,716
Adjusted SG&A $ 63,132 $ 62,042 $ (1,090) $ 60,394 $ (2,738)
----------------------------------------------------------------------------
Canada $ 18,050 $ 17,586 $ (464) $ 16,531 $ (1,519)
U.S. south $ 22,144 $ 22,313 $ 169 $ 22,313 $ 169
U.S. northeast $ 8,409 $ 7,962 $ (447) $ 7,962 $ (447)
Corporate $ 14,529 $ 14,181 $ (348) $ 13,588 $ (941)
Adjusted EBITDA(A) $ 134,896 $ 135,698 $ 802 $ 131,883 $ (3,013)
----------------------------------------------------------------------------
Canada $ 70,208 $ 69,511 $ (697) $ 65,103 $ (5,105)
U.S. south $ 59,524 $ 61,501 $ 1,977 $ 61,501 $ 1,977
U.S. northeast $ 19,693 $ 18,867 $ (826) $ 18,867 $ (826)
Corporate $ (14,529) $ (14,181) $ 348 $ (13,588) $ 941
Six months ended
June 30
----------------------------------------------------------------------------
2013 2014 Change 2014 Change
----------------------------------------------------------------------------
(holding
FX constant
with the
(as comparative (as
reported) period) reported)
----------------------------------------------------------------------------
Revenues $1,003,367 $ 1,011,909 $ 8,542 $ 983,271 $ (20,096)
----------------------------------------------------------------------------
Canada $ 377,949 $ 388,443 $ 10,494 $ 359,805 $ (18,144)
U.S. south $ 432,555 $ 451,108 $ 18,553 $ 451,108 $ 18,553
U.S. northeast $ 192,863 $ 172,358 $ (20,505) $ 172,358 $ (20,505)
Operating
expenses $ 615,667 $ 630,732 $ 15,065 $ 614,422 $ (1,245)
----------------------------------------------------------------------------
Canada $ 207,159 $ 221,236 $ 14,077 $ 204,926 $ (2,233)
U.S. south $ 270,345 $ 286,159 $ 15,814 $ 286,159 $ 15,814
U.S. northeast $ 138,163 $ 123,337 $ (14,826) $ 123,337 $ (14,826)
SG&A (as
reported) $ 125,354 $ 131,504 $ 6,150 $ 127,090 $ 1,736
----------------------------------------------------------------------------
Canada $ 35,807 $ 36,377 $ 570 $ 33,695 $ (2,112)
U.S. south $ 43,519 $ 43,864 $ 345 $ 43,864 $ 345
U.S. northeast $ 17,127 $ 17,258 $ 131 $ 17,258 $ 131
Corporate $ 28,901 $ 34,005 $ 5,104 $ 32,273 $ 3,372
EBITDA(A)(as
reported) $ 262,346 $ 249,673 $ (12,673) $ 241,759 $ (20,587)
----------------------------------------------------------------------------
Canada $ 134,983 $ 130,830 $ (4,153) $ 121,184 $ (13,799)
U.S. south $ 118,691 $ 121,085 $ 2,394 $ 121,085 $ 2,394
U.S. northeast $ 37,573 $ 31,763 $ (5,810) $ 31,763 $ (5,810)
Corporate $ (28,901) $ (34,005) $ (5,104) $ (32,273) $ (3,372)
Adjusted SG&A $ 123,753 $ 128,281 $ 4,528 $ 124,104 $ 351
----------------------------------------------------------------------------
Canada $ 35,807 $ 36,377 $ 570 $ 33,695 $ (2,112)
U.S. south $ 43,519 $ 43,864 $ 345 $ 43,864 $ 345
U.S. northeast $ 17,127 $ 17,258 $ 131 $ 17,258 $ 131
Corporate $ 27,300 $ 30,782 $ 3,482 $ 29,287 $ 1,987
Adjusted
EBITDA(A) $ 263,947 $ 252,896 $ (11,051) $ 244,745 $ (19,202)
----------------------------------------------------------------------------
Canada $ 134,983 $ 130,830 $ (4,153) $ 121,184 $ (13,799)
U.S. south $ 118,691 $ 121,085 $ 2,394 $ 121,085 $ 2,394
U.S. northeast $ 37,573 $ 31,763 $ (5,810) $ 31,763 $ (5,810)
Corporate $ (27,300) $ (30,782) $ (3,482) $ (29,287) $ (1,987)
Revenues
Gross revenue by service type
The table below present's gross revenue by service type prepared on a
consolidated basis and includes the impact of FX.
Three months ended
June 30
----------------------------------------------------------------------------
2014 % 2013 %
----------------------------------------------------------------------------
Commercial $ 176,755 34.4 $ 176,483 34.1
Industrial 93,923 18.3 95,424 18.5
Residential 115,157 22.4 118,774 23.0
Transfer and disposal 185,064 36.0 185,213 35.8
Recycling 16,654 3.2 14,416 2.8
Other 9,536 1.9 11,491 2.2
----------------------------------------------------------------------------
Gross revenues 597,089 116.2 601,801 116.4
Intercompany (83,588) (16.2) (84,994) (16.4)
----------------------------------------------------------------------------
Revenues $ 513,501 100.0 $ 516,807 100.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues
Gross revenue by service type
The table below present's gross revenue by service type prepared on a
consolidated basis and includes the impact of FX.
Six months ended
June 30
----------------------------------------------------------------------------
2014 % 2013 %
----------------------------------------------------------------------------
Commercial $ 349,817 35.6 $ 352,205 35.1
Industrial 176,520 18.0 180,580 18.0
Residential 225,076 22.9 231,794 23.1
Transfer and disposal 333,755 33.9 345,461 34.4
Recycling 33,093 3.4 29,395 2.9
Other 19,164 1.9 21,597 2.2
----------------------------------------------------------------------------
Gross revenues 1,137,425 115.7 1,161,032 115.7
Intercompany (154,154) (15.7) (157,665) (15.7)
----------------------------------------------------------------------------
Revenues $ 983,271 100.0 $ 1,003,367 100.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue growth or decline components - expressed in percentages and
excluding FX
The table below has been prepared assuming Canadian and U.S. dollar parity
except for percentages presented that include FX.
Three months ended Six months ended
June 30 June 30
----------------------------------------------------------------------------
2014 2013 2014 2013
----------------------------------------------------------------------------
Price
Price 2.0 0.7 2.0 0.9
Fuel surcharges - - (0.1) 0.1
Recycling and other 0.2 (0.5) 0.3 (0.5)
----------------------------------------------------------------------------
Total price growth 2.2 0.2 2.2 0.5
Volume (0.2) 1.3 (1.1) 1.1
----------------------------------------------------------------------------
Total organic growth 2.0 1.5 1.1 1.6
Net acquisitions (0.1) 7.7 (0.2) 8.6
----------------------------------------------------------------------------
Total growth excluding FX 1.9 9.2 0.9 10.2
FX (2.5) (0.5) (2.9) (0.4)
----------------------------------------------------------------------------
Total (decline) growth including
FX (0.6) 8.7 (2.0) 9.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Free cash flow(B)
Purpose and objective
The purpose of presenting this non-GAAP measure is to provide investors and analysts with an additional measure of our value and liquidity. We use this non-GAAP measure to assess our relative performance to our peers and to assess the availability of funds for growth investment, share repurchases, debt repayment or dividend increases.
Free cash flow(B)- cash flow approach
Three months ended
June 30
----------------------------------------------------------------------------
2014 2013 Change
----------------------------------------------------------------------------
Cash generated from operating activities $ 112,116 $ 105,509 $ 6,607
----------------------------------------------------------------------------
Operating and investing
Stock option (recovery) expense(i) (314) 1,755 (2,069)
LTIP portion of restricted share
expense(ii) (337) (186) (151)
Acquisition and related costs
(recoveries) 141 390 (249)
Non-operating or non-recurring expenses 1,363 - 1,363
Changes in non-cash working capital
items (5,595) 8,145 (13,740)
Capital and landfill asset
purchases(iii) (73,342) (63,090) (10,252)
Proceeds from the sale of capital and
landfill assets 23,162 13,263 9,899
Financing
Purchase of restricted shares(i) (546) (1,334) 788
Net realized foreign exchange gain (237) (2,968) 2,731
----------------------------------------------------------------------------
Free cash flow(B) $ 56,411 $ 61,484 $ (5,073)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note:
(i) Amounts exclude LTIP compensation.
(ii) Long-term incentive plan ("LTIP").
(iii) Capital and landfill asset purchases include infrastructure
expenditures of approximately $4,500 and $13,700 for the three months ended
and $10,500 and $28,100 for the six months ended June 30, 2014 and 2013,
respectively.
Free cash flow(B)- cash flow approach
Six months ended
June 30
----------------------------------------------------------------------------
2014 2013 Change
----------------------------------------------------------------------------
Cash generated from operating activities $ 186,988 $ 200,285 $ (13,297)
----------------------------------------------------------------------------
Operating and investing
Stock option (recovery) expense(i) 1,740 1,250 490
LTIP portion of restricted share
expense(ii) (669) (411) (258)
Acquisition and related costs
(recoveries) (942) (175) (767)
Non-operating or non-recurring expenses 1,363 - 1,363
Changes in non-cash working capital
items 12,764 20,144 (7,380)
Capital and landfill asset
purchases(iii) (117,180) (124,476) 7,296
Proceeds from the sale of capital and
landfill assets 23,523 14,384 9,139
Financing
Purchase of restricted shares(i) (2,298) (1,692) (606)
Net realized foreign exchange gain (184) (2,969) 2,785
----------------------------------------------------------------------------
Free cash flow(B) $ 105,105 $ 106,340 $ (1,235)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note:
(i) Amounts exclude LTIP compensation.
(ii) Long-term incentive plan ("LTIP").
(iii) Capital and landfill asset purchases include infrastructure
expenditures of approximately $4,500 and $13,700 for the three months
ended and $10,500 and $28,100 for the six months ended June 30, 2014 and
2013, respectively.
Free cash flow(B) - adjusted EBITDA(A) approach
We typically calculate free cash flow(B) using an operations approach which reflects how we manage the business and free cash flow(B).
Three months ended
June 30
----------------------------------------------------------------------------
2014 2013 Change
----------------------------------------------------------------------------
Adjusted EBITDA(A) $ 131,883 $ 134,896 $ (3,013)
----------------------------------------------------------------------------
Purchase of restricted shares(i) (546) (1,334) 788
Capital and landfill asset purchases(ii) (73,342) (63,090) (10,252)
Proceeds from the sale of capital and
landfill assets 23,162 13,263 9,899
Landfill closure and post-closure
expenditures (1,302) (1,434) 132
Landfill closure and post-closure cost
accretion expense 1,538 1,406 132
Interest on long-term debt (15,836) (15,214) (622)
Non-cash interest expense 866 849 17
Current income tax expense (10,012) (7,858) (2,154)
----------------------------------------------------------------------------
Free cash flow(B) $ 56,411 $ 61,484 $ (5,073)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note:
(i) Amounts exclude LTIP compensation.
(ii) Capital and landfill asset purchases include infrastructure
expenditures of approximately $4,500 and $13,700 for the three months ended
and $10,500 and $28,100 for the six months ended June 30, 2014 and 2013,
respectively.
Six months ended
June 30
----------------------------------------------------------------------------
2014 2013 Change
----------------------------------------------------------------------------
Adjusted EBITDA(A) $ 244,745 $ 263,947 $ (19,202)
----------------------------------------------------------------------------
Purchase of restricted shares(i) (2,298) (1,692) (606)
Capital and landfill asset purchases(ii) (117,180) (124,476) 7,296
Proceeds from the sale of capital and
landfill assets 23,523 14,384 9,139
Landfill closure and post-closure
expenditures (2,113) (2,229) 116
Landfill closure and post-closure cost
accretion expense 3,077 2,815 262
Interest on long-term debt (30,779) (30,457) (322)
Non-cash interest expense 1,720 1,705 15
Current income tax expense (15,590) (17,657) 2,067
----------------------------------------------------------------------------
Free cash flow(B) $ 105,105 $ 106,340 $ (1,235)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note:
(i) Amounts exclude LTIP compensation.
(ii) Capital and landfill asset purchases include infrastructure
expenditures of approximately $4,500 and $13,700 for the three months
ended and $10,500 and $28,100 for the six months ended June 30, 2014 and
2013, respectively.
Funded debt to EBITDA (as defined and calculated in accordance with our consolidated facility)
The ratio of funded debt to EBITDA is 2.95 times.
Foreign Currency
(in thousands of U.S. dollars unless otherwise stated)
We have elected to report our financial results in U.S. dollars. However, we earn a significant portion of our revenues and income in Canada. Based on our 2014 guidance outlook, if the U.S. dollar strengthens by one cent our reported revenues will decline by approximately $8,200. EBITDA(A) is similarly impacted by approximately $2,500, assuming a strengthening U.S. dollar. The impact on net income and free cash flow(B) for a similar change in FX rate, results in an approximately $1,100 and $900 decline, respectively. Should the U.S. dollar weaken by one cent, our reported revenues, EBITDA(A), net income and free cash flow(B) will improve by amounts similar to those outlined above as a result of a strengthening U.S. dollar.
2014
----------------------------------------------------------------------------
Consolidated Consolidated
Balance Statement of Operations and
Sheet Comprehensive Income or Loss
----------------------------------------------------------------------------
Cumulative
Current Average Average
----------------------------------------------------------------------------
December 31
March 31 $ 0.9047 $ 0.9062 $ 0.9062
June 30 $ 0.9367 $ 0.9170 $ 0.9116
2013
----------------------------------------------------------------------------
Consolidated Consolidated
Balance Statement of Operations and
Sheet Comprehensive Income or Loss
----------------------------------------------------------------------------
Cumulative
Current Average Average
----------------------------------------------------------------------------
December 31 $ 0.9402 $ 0.9707
March 31 $ 0.9846 $ 0.9912 $ 0.9912
June 30 $ 0.9513 $ 0.9772 $ 0.9841
Quarterly dividend declared
The Company's Board of Directors declared a quarterly dividend of $0.16 Canadian per share to shareholders of record on September 30, 2014. The dividend will be paid on October 15, 2014. The Company has designated these dividends as eligible dividends for the purposes of the Income Tax Act (Canada).
Definitions
(A) All references to "Adjusted EBITDA" in this document are to revenues less operating expense and SG&A, excluding certain SG&A expenses, on the consolidated statement of operations and comprehensive income or loss. Adjusted EBITDA excludes some or all of the following: certain SG&A expenses, restructuring expenses, goodwill impairment, amortization, net gain or loss on sale of capital and landfill assets, interest on long-term debt, net foreign exchange gain or loss, net gain or loss on financial instruments, loss on extinguishment of debt, re-measurement gain on previously held equity investment, other expenses, income taxes and income or loss from equity accounted investee. Adjusted EBITDA is a term used by us that does not have a standardized meaning prescribed by U.S. GAAP and is therefore unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA is a measure of our operating profitability, and by definition, excludes certain items as detailed above. These items are viewed by us as either non-cash (in the case of goodwill impairment, amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, re-measurement gain on previously held equity investment, deferred income taxes and net income or loss from equity accounted investee) or non-operating (in the case of certain SG&A expenses, restructuring expenses, net gain or loss on sale of capital and landfill assets, interest on long-term debt, loss on extinguishment of debt, other expenses, and current income taxes). Adjusted EBITDA is a useful financial and operating metric for us, our Board of Directors, and our lenders, as it represents a starting point in the determination of free cash flow(B). The underlying reasons for the exclusion of each item are as follows:
Certain SG&A expenses - SG&A expense includes certain non-operating or non-recurring expenses. Non-operating expenses include transaction costs or recoveries related to acquisitions, fair value adjustments attributable to stock options and restricted share expense. Non-recurring expenses include certain equity based compensation, payments made to certain senior management on their departure and other non-recurring expenses from time-to-time. These expenses are not considered an expense indicative of continuing operations. Certain SG&A costs represent a different class of expense than those included in adjusted EBITDA.
Restructuring expenses - restructuring expenses includes costs to integrate certain operating locations with our own, exiting certain property and building and office leases, employee severance and employee relocation costs all of which were incurred in connection with our acquisition of WSI. These expenses are not considered an expense indicative of continuing operations. Accordingly, restructuring expenses represent a different class of expense than those included in adjusted EBITDA.
Goodwill impairment - as a non-cash item goodwill impairment has no impact on the determination of free cash flow(B) and is not indicative of our operating profitability.
Amortization - as a non-cash item amortization has no impact on the determination of free cash flow(B) and is not indicative of our operating profitability.
Net gain or loss on sale of capital and landfill assets - proceeds from the sale of capital assets are either reinvested in additional or replacement capital assets or used to repay revolving credit facility borrowings.
Interest on long-term debt - interest on long-term debt reflects our debt/equity mix, interest rates and borrowing position from time to time. Accordingly, interest on long-term debt reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA.
Net foreign exchange gain or loss - as non-cash items, foreign exchange gains or losses have no impact on the determination of free cash flow(B) and is not indicative of our operating profitability.
Net gain or loss on financial instruments - as non-cash items, gains or losses on financial instruments have no impact on the determination of free cash flow(B) and is not indicative of our operating profitability.
Loss on extinguishment of debt - loss on extinguishment of debt is a function of our debt financing. Accordingly, it reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA.
Re-measurement gain on previously held equity investment - as a non-cash item, a re-measurement gain on previously held equity investment has no impact on the determination of free cash flow(B) and is not indicative of our operating profitability.
Other expenses - other expenses typically represent amounts paid to certain management of acquired companies who are retained by us post acquisition and amounts paid to certain executives in respect of acquisitions successfully completed. These expenses are not considered an expense indicative of continuing operations. Accordingly, other expenses represent a different class of expense than those included in adjusted EBITDA.
Income taxes - income taxes are a function of tax laws and rates and are affected by matters which are separate from our daily operations.
Net income or loss from equity accounted investee - as a non-cash item, net income or loss from our equity accounted investee has no impact on the determination of free cash flow(B) and is not indicative of our operating profitability.
All references to "Adjusted EBITA" in this document represent Adjusted EBITDA after deducting amortization of capital and landfill assets. All references to "Adjusted operating income or adjusted operating EBIT" in this document represent Adjusted EBITDA after adjusting for net gain or loss on the sale of capital and landfill assets and all amortization expense, including amortization expense recognized on the impairment of intangible assets. All references to "Adjusted net income" are to adjusted operating income after adjusting, as applicable, net gain or loss on financial instruments, re-measurement gain on previously held equity investment, loss on extinguishment of debt, other expenses and net income tax expense or recovery.
Adjusted EBITA, Adjusted operating income or adjusted operating EBIT and Adjusted net income should not be construed as measures of income or of cash flows. Collectively, these terms do not have standardized meanings prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures used by other companies. Each of these measures are important for investors and are used by management in the management of its business. Adjusted operating income or adjusted operating EBIT removes the impact of a company's capital structure and its tax rates when comparing the results of companies within or across industry sectors. Management uses Adjusted operating EBIT as a measure of how its operations are performing and to focus attention on amortization and depreciation expense to drive higher returns on invested capital. In addition, Adjusted operating EBIT is used by management as a means to measure the performance of its operating locations and is a significant metric in the determination of compensation for certain employees. Adjusted EBITA accomplishes a similar comparative result as Adjusted operating EBIT, but further removes amortization attributable to intangible assets. Intangible assets are measured at fair value when we complete an acquisition and amortized over their estimated useful lives. We view capital and landfill asset amortization as a proxy for the amount of capital reinvestment required to continue operating our business steady state. We believe that the replacement of intangible assets is not required to continue our operations as the costs associated with continuing operations are already captured in operating or selling, general and administration expenses. Accordingly, we view Adjusted EBITA as a measure that eliminates the impact of a company's acquisitive nature and permits a higher degree of comparability across companies within our industry or across different sectors from an operating performance perspective. Finally, Adjusted net income is a measure of our overall earnings and profits and is further used to calculate our net income per share. Adjusted net income reflects what we believe is our "operating" net income which excludes certain non-operating income or expenses. Adjusted net income is an important measure of a company's ability to generate profit and earnings for its shareholders which is used to compare company performance both amongst and between industry sectors.
(B) We have adopted a measure called "free cash flow" to supplement net income or loss as a measure of our operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. GAAP, is prepared before dividends declared and shares repurchased, and may not be comparable to similar measures prepared by other companies. The purpose of presenting this non-GAAP measure is to provide disclosure similar to the disclosure provided by other U.S. publicly listed companies in our industry and to provide investors and analysts with an additional measure of our value and liquidity. We use this non-GAAP measure to assess our performance relative to other U.S. publicly listed companies and to assess the availability of funds for growth investment, debt repayment, share repurchases or dividend increases. All references to "free cash flow" in this document have the meaning set out in this note.
Guidance Outlook
Included in our press release for the fourth quarter and year ended December 31, 2013, issued February 13, 2014, was our guidance for the fiscal year ending December 31, 2014, including our 2014 outlook assumptions and factors. This press release is available at www.sec.gov and www.sedar.com. As of July 25, 2014, the Company expects to generate revenue at the high end of its outlook range for 2014 and adjusted EBITDA(A) at the low end of the range. Revenue in the first half of 2014 has been stronger than anticipated, with higher pricing realized in our Canadian and U.S. northeast segments, and strong organic volume improvements in our U.S. south segment. A new residential contract win in our U.S. south segment that commences in the third quarter of 2014 will also contribute to higher revenues than we had originally anticipated. Harsh winter weather and higher operating costs incurred in the first half of 2014, both of which are discussed in our first and second quarter Management Discussions and Analysis for 2014, resulted in lower than expected adjusted EBITDA(A) in the first half of this year which we don't expect to recover in the back half of 2014. The Company believes that it will deliver on all other outlook measures within the guidance ranges provided in February 2014.
Caution regarding forward looking statements
The Company's 2014 outlook is subject to the same risks and uncertainties outlined in the Risk and Uncertainties section of the Company's Management Discussion and Analysis, as applicable and investors are urged to fully review these sections before making an investment decision. This press release contains forward-looking statements and forward-looking information. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events. These statements can generally be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "budget," "continue," "could," "estimate," "expect," "forecast," "goals," "intend," "intent," "belief," "may," "plan," "foresee," "likely," "potential," "project," "seek," "strategy," "synergies," "targets," "will," "should," "would," or variations of such words and other similar words. Forward-looking statements include, but are not limited to, statements relating to future financial and operating results and our plans, objectives, prospects, expectations and intentions. These statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Numerous important factors could cause our actual results, performance or achievements to differ materially from those expressed in or implied by these forward-looking statements, including, without limitation, those factors outlined in the Risks and Uncertainties section of the Company's Management Discussion and Analysis. We caution that the list of factors is illustrative and by no means exhaustive. In addition, we cannot assure you that any of our expectations, estimates or projections will be achieved.
All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements in this press release are qualified by these cautionary statements. The forward-looking statements in this press release are made as of the date of this press release and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
About Progressive Waste Solutions Ltd.
As one of North America's largest full-service waste management companies, we provide non-hazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 13 U.S. states and the District of Columbia and six Canadian provinces. We serve our customers with vertically integrated collection and disposal assets. Progressive Waste Solutions Ltd.'s shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.
To find out more about Progressive Waste Solutions Ltd., visit our website at www.progressivewaste.com.
Management will hold a conference call on Friday, July 25, 2014, at 8:00 a.m. (ET) to discuss results for the three and six months ended June 30, 2014. Participants may listen to the call by dialing 1-888-300-0053, conference ID 65479417, at approximately 7:50 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.progressivewaste.com. A supplemental slide presentation will be available at www.progressivewaste.com.
A replay will be available after the call until Friday, August 8, 2014, at midnight, and can be accessed by dialing 1-855-859-2056, conference ID 65479417. International or local callers can access the replay by dialing 404-537-3406. The audio webcast will also be archived at www.streetevents.com and www.progressivewaste.com.
Contacts:
Progressive Waste Solutions Ltd.
Chaya Cooperberg
VP, Investor Relations and Corporate Communications
(905) 532-7517
chaya.cooperberg@progressivewaste.com
