GFL - Earnings call transcript Q4 2021

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Operator

Welcome to the GFL Environmental Fourth Quarter Earnings Call. My name is Juan, and I will be coordinating your call today. [Operator Instructions]. I will now turn over to your host, Patrick Dovigi, Founder and CEO of GFL Environmental. Please Patrick, go ahead.

Patrick Dovigi

morning. good and you, Thank I would thank today's and everyone to for joining welcome you to us. call, like This morning we fourth will be reviewing our providing guidance quarter results our for XXXX. and for the who by Pelosi, forward-looking morning, before into get details. we us joined, I'm disclaimer our CFO, through will Luke our the take

Luke Pelosi

Thank for you, everyone you Good thank morning, Patrick. and joining.

filed The available is website. press our on press which release, earnings have release We includes information. important our

a presentation available to accompany that call also website. prepared this on is our have We

Patrick, Canadian to U.S. Regulators. over I Securities measures, a turn X will reconciliation speak events filings call forward-looking our be otherwise. call some Any Canadian regarding in U.S. those update in performance of securities as believe only materially of these forward-looking will on non-IFRS developments, non-IFRS the certain we these number will of result a whether risks of information, are Page expressed of applicable U.S. statement back and may we within today's and measures statements and the forward-looking we call, and presentation. our with and or meaning differ forward-looking implied uncertainties, do obligation will not statements guarantee can laws, in with subject statements, this Securities be actual and During These statements. a filings new including occur of making discussion Regulators. start These or from anticipate of that of found not or events out those to the the in a to and statements date the is future. may Canadian future forward-looking developments, a off assume future statements any now as results include who the This including the set or

Patrick Dovigi

say look never entire happy family. and accomplished prouder GFL XXXX, what reflect of been we on As to in I've we back the I'm

these in as vaccine the us agree U.S., smooth we and COVID roll-out all Canada. with. overall can there's as in market that supply shortages we than the be and day selection can drive the our will out us and the all excel. nine hoped as employees, the labor the been provinces The with quality supported of to deal some only states a we be inflationary retention, I talent of team here XX,XXX with disruptions, that growth. dedication base allowed brands had particularly liked, that been result, overcome think hasn't in markets, Add XX our a pressures challenges would've U.S. building The our While And all to of behind continues of to to we Canada asset lot in win. more and and chain it in of of now Every to foundation we our GFL our strength stands go challenges. we

the over safe that's of on it's say pace think fab. I for grew in for path headline proof The outwork not us no that XX%. us one and to the results, to the accretive year others. Count what easier revenue the most I take distinguishes is by from us believe

team How Our a closer management creation. industry drives alignment The for I believe in consistently any different. cash is GFL of and that expectations collective eight focus ownership over consecutive grew on others far exceeded of Adjusted to grew exceeds believe our XX%. that equity public we the And results? these long-term I XX%. of adjusted achieve free EBITDA flow have company. quarters we to our relentless will value able that

acquisitions. our a growth and our it our and objectives optimize year. and have sheet rationalize we core plan ESG our for report that be organic base, report costs our strategic later reduce IPO. organic laser-focused continues our We our XXXX releasing We of sustainability leverage guided to growth XXXX to strategy. and Drive asset accretive our the action debt sustainability focus, are since on expansion, this will strategy and margin growth in us execute balance targets, updated QX in goals, to be sustainability is our released with on ESG

we billion to highest believe we XXXX, $XXX discuss phase non-core base. separate plans in our ensure in capitals more projects the of later our growth sheet, we is the the sustainability assets our our in have strategy business, divestures on sold drive divestures for from plan X.X infrastructure path With what recycling higher from makes on assets. in focus to realized million for from value we'll we achieving in us sense underlying commitments. on in In which will CapEx detail consistent. in our done in fleet three the RNG deploy that discuss shareholders call, involved services when greatest includes our the the but to Giving we business Taking it we will balance organic more landfills XX date, proceeds. support to the approximately our base acquisitions. investments Later we our our return In at in also the business. As the this invest of assets pandemic, we later is additional our opportunities rationalizing XXXX asset are call, in were and to action deployed conversion seller CNG our

rationalizing capital As on our I also, structure. focusing our mentioned, use Sheet, Balance

impact higher So were attached view our on of rates. the interest briefly

look need players than think at who industry I GFL will other to already investment-grade. differently you

spread still realize of cash mitigate call point said shareholders. cost deploy another believe We executing risk As rates, have value of buy continues improvement our believe quality that we capital. on and our quality we we the will what can now example higher rates. we business, our lines lots invest We compression guidance. room credit the of our is complementary I free in on when GFL I see the when result results public. all pass to we with improve increasing went that we a credit see will decrease our of of as like altogether, accretive And that Luke, we opportunities to XXXX of interest financial our capital, and through us our we prune for we will and the when over to us when do R&D, who add that see to to take reward opportunities, doing we opportunities for and create flow, we

Luke Pelosi

Revenue I'll period, pick November. in for guidance which than of Page greater the XX% Thanks, we quarter $XXX prior a Patrick. provided to the the year on the million presentation. compared over increased up X was

than growth some prices U.S. Included we for solid to impact volume, growth so in the was revenues waste X.X% volume our by in targets contributions markets in saw softened that respectively. our and pull-forward supported peak pricing on basis M&A, is price points of which the we versus drag in certain a cost price inflation. a we The guidance. ancillary also exceeded came in operations. While as the compared opportunistic and quarter real XX to up Canadian the Commodity QX, picked respond by to of performance Western was was at primarily the driven increase X.X% QX, better plans was from and in modest

straight to liquid in business Specifically A difficult Terrapure on continues deviation M&A, December. saw we the through meaningful a seasonality from volume profile.

restrictions, the robust the QX prices information start-up in positive. EBITDA subsequent revenues, that margin with COVID of relatively Page certain came as through decline continued the the QX margin in you'll base On late catch-ups growth of Western to the Canadian margin We then recent of for outlook some other acquisitions. also of segment, lower partially to ancillary exceptionally M&A. markets, And see for our contribution and and delays remains perfect remediation offset new get this related in in the XXXX in $XXX.X a is largely commodity of was M&A we and soil of of number forecast and of guidance. U.S. the and see XX.X%. line not the saw expectations contributors finally adjusted as of It's combined uncommon But The million compounded X, pipeline for cadence on projects. all help that this of disruptions have our performance a uncertainty. opportunities Infrastructure side new new COVID exceed

inflation levels expansion that price continued four, we the and view rise, a cover of continued respond to only around as to this demonstration quarter cost cost as with now organic platform not internal escalation, margin sits capacity drive While the of our but well.

up impressive achieved. when Looking margins segments, all and considering at solid it quarter better that for XX% which under of year, first the this company the a or inflationary is more each backdrop was the waste result every were the

overall and organically rising was expanded impact of operating collection points drag M&A, by quarter-over-quarter, from margin driven headwinds, boast The pricing. offset margins the commodity the one-time fuel and benefits by pricing Excluding certain XX basis mark leverage. prices partially from macro volumes,

then solid with XX.X% the XX from diluted waste expanded For margins basis in revenue geographies. expansion quarter the were year margins a as exceptions were outsize points, waste we contribution revenues and can to organic do Terrapure. and of by Terrapure Terrapure for path both Liquid liquid above segments. margins our the impacted margin whole, and continue expectations to we and liquid in the and right a a average to are line up bring with to with the margins see

with M&A points leverage overcoming a the able the cost recoveries volume structure post-COVID basis to and the margins basis that margins headwind had year Infrastructure volumes recovery and whole, fixed associated points, a the as of points continued For forecasted. liquids as and period-over-period increased relatively XXX leverage over XX from improved basis the segment. soil soil demonstrating we're we operating XXX

and completed activities total asset longer-term. On of prior cash a While part perspective, million. challenged asset-based the as cost increase quarter-over-quarter the to expansion approximately a million, you of confident over near the as the over $XXX to margins adjusted our we're well use Page see during levers, the operating proceeds bringing for optimization and be period. We from and margin ongoing year pricing quarter, $XXX first our from to X, in ability divestitures comparison from XXXX sustained another flow disposals on XX% drive will asset can

to dollars As deployed. these a the success high attractive previously dollars redeploying business, initiatives of our we into between the are proceeds of have ability return within and portfolio into growth business. the redeploy dollars difference base Because discussed, efforts received timing rationalization the outpaced our we

to free cash from reconciliation, a these free proceeds. adjusted as with annual of of thinking cash treatment flow the intensive realized for color to excess the CapEx. XXXX, burdening the our for flow asset provide the discuss adjustment disposals we've about an with the included normalized additional exclude we're we we'll level such, how excess As number guidance When proceeds adjusted

of the our believe growth During $X.X characterized of ongoing result the A to that Flow and $XX We opportunities. $XX related the as is million previously attractiveness we to recent Free year, cash end under required as we disruptions an taxes million of towards December continues capital our Act. the the Free XX% million to working of as compared period the a was believe quarter, capital modestly over working by adjusted we result XXXX ahead repayment deferred guidance for collection better of that of outcome million to Omicron negatively were normalized realized of our working spread our believe this an demonstrate prior year. the the from Cash of incremental Cares representing rapid growth $XXX also, by of purchase over the payroll part Cash M&A headwind, just holiday Despite Flow under capital for over we price. impacted and impacted $XX

preferred Page previously to the to of the quarter. we deployed net times announced issuance acquisitions at We as leverage, approximately X, during part million $X year equity. in terms of Turning billion X.XX XX into ended $XXX due in anticipated, the

this spoke when November. over million Now last of was in $XXX we completed

last new we $XX So nine net it's has deployed million about spoke. been tuck-ins into numbers since

nearly million that to towards For acquisitions revenues We generate is $XXX net the expect believe we since differences an the incremental we revenue during is evaluate all and divestitures. rollover Terrapure $XXX of to million year, million. completed by From of We number on opportunities a as for which be to timing related as optionality last guidance cash still the offset ideal providing perspective, an rollover setup, we of with undrawn liquidity we million $XX the M&A. previously new our acquired approximately related revolver growth $XXX maximum annualized hand from largely an think the accurate the XXXX. to negative year start guided approximately of incremental and the

Patrick Dovigi

rationalization Kicking initiatives. in highlight Page off we on portfolio to XX, final believe what to be wanted we near-term significant our the step

divisions profile a two entire with is has Our the solid remediation the liquid our different and is focused comprised high waste two XX its is businesses. and believe infrastructure business. best-in-class division. investment margin in. been different our and solo on But mid-teen been On GFL, into the to leadership tempered industry with plan. solo division our relative our service line outline services segment incremental and A as to participates we component invest The soil service division We and businesses. pride that opportunity solid of profiles. given a core services capital capital that XX, under has Page division into liquid the That deploying team we've investment waste has growth a

we offerings Chairman company, infrastructure entity by leaders. I Infrastructure will Green overtime of service highly its our meaningful be create Partners. the interest will opportunity recognize that business of of allowing exceed infrastructure sell the business. When size COCO investment GFL financial entity. transaction spinning highly services will COCO services and is cash and with capitalize We believe will far be team, existing mix business, Green the to which of oversee Infrastructure creation we a in the on that will monetize performance GFL vertically and $XXX growth management pipeline, can Instead, of EBITDA was form Partners COCO services civil value leading we will created. infrastructure infrastructure a and our value Paving a and creation within bring no a the to in value for The a our assets see new results statements. new as attractive equity infrastructure a together us within complementary vehicle M&A million GFL. to Infrastructure business the the is and off new carry complete, longer we leading the Green see called existing Partners we'll services value infrastructure the the integrated we With

the still while be the take the XX the infrastructure of illustrates store liquid Page portfolio of we While in infrastructure not redeploying to the impact waste divested services target, of division opportunity divested the combined GFL moving venture infrastructure simplifying we intend we timing margins the summary, to on overall solid remained post increase, the page, increases, In with And retaining a segment term. consideration M&A weighting listed plan there's our mediation environmental think waste into business transaction. is EBITDA. and in component will services and execute our the the reporting. for EBITDA the an the near and to opportunities has segment finally, the got cash near-term to backfill the services

our while growth lot about organically reaffirms waste will solid this guidance. With for it the I solid acquisitions. leading are a opportunity talk in opportunity back of our the reviewing and that, conviction now through to increase near-term accretive M&A, still a for both further business, pass within there waste our and

Luke Pelosi

continue we greater to pull we in have equity laid demonstrate to starting last so same follow. reiterate for believe opportunity We that even that the to the each guide. to we makes year the is the have out these mentioned format XX on forward create accomplished think public, areas we than it set value. since levers Patrick earlier So details easy date. as Page and looking we We of what XX, follow intend went the capabilities hopefully Page we've

page together we've see the all on laid at out we Looking XX, it top-line. how coming

CPI for re-calculated. than XXX our waste of rates the pricing inflationary to be There basis levels pressures. and that time could prior to actual response depending the force, points in upside each a the on various pricing Solid retention number resets high year better cost at

that point anchor non-recurring with we for For half, to a beat all at XXXX linger range disruptions. to point high commodity X.X at waste over if opportunity down in moved the just a point to and end the volumes headwind. beyond can Canada X.XX%, prices whereas plus volume are a and lock a once we and this benefited are from expect the of Commodity

of drag to commodity to negative about of XX when The basket rate point revenue from about That impact, revenue million. with including a expect in rollover, to be volume X.X FX Liquid over we approximately out. net price outlook we X.XX that average per commodity expected excluding ton, is on X.XX can net The an million around the million Canadian with to over backed the associated XX% the which basis $XX than November, less divestitures, that of as of assumes just EBITDA just the you generate our drag. So infrastructure growth $XX for a decrease divestitures. we brings The was reopening. last top-line $XX or rollover see the free an basket midpoint, services about largely was guidance cash M&A and billion X% X at plan versus the expected In in flow. net impact the from growth, where January's negative $XXX of out we to expected business set spin assumes infrastructure be the guidance $XXX standalone and and to XXXX. forecast bridge, metric have % approximately provided a recovery you

last at is infrastructure the we guide. revenue page, on services a moving from the results segregate in said, of Patrick target near-term intend shows highlight to The this number spin the is the which midpoint, the As division the fall timing would from X.XXX base contribution we'll the transactions and the but XXXX's out as this still the execute plan excludes until consummated. we and

on to adjusted XX, of cash to XX.XX X.XX Page free infrastructure. XX EBITDA adjusted and ranges of convert you'll flow, revenue including Turning see listed Page that

$XX our for base from for about Again, moment. of numbers guidance, contribution less that prices Those whole. on and the highlighted M&A, XXX free free we'll in midpoint. the infrastructure services, the the the we impact which in blue than EBITDA we you excluding numbers business and cash adjusted previously, cash also outlook We've presented before preliminary XX.XX mentioned net of new the any I as for November. a the should adjusted the commodity provided at our of these touch considering XXXX a are expecting million adjusted were think on call EBITDA, be As

million from adjusted against the we terms million, neutral free normal for of amount Xs. unpack of of had in. in to capital around interest we these redeploy we're million. $XXX walk and $XX normalizing remaining The In proceeds drags XXX and expected EBITDA, On XX, XXXX dollars We million these excess business. from XXXX. net both a of page working as CapEx $XXX over expecting cash do XXXX during million XXXX of of received $XXX of And Offsetting million report proceeds our into EBITDA the cash within initiatives net were adjusted not $XXX and growth CapEx proceeds are was we expense this able and proceeds CapEx $XXX million invest as divestitures. and to approximately we leverage anticipated, our that low ending other XXXX just course approximately

$XXX of XX, are XXXX basis proceeds to markets, new recycling incremental the investments Looking page the around centered development. funded rationalization from funded growth and immaterial XXXX. we've Again, which the with investment existing from by of These program. of asset which R&D excess proceeds bottom continued our infrastructure all identified investments be facilities, and these certain all will at upgrades of being the new million approximately opportunities. Substantially is the a in

cash M&A. not impact is past the spent. guidance So be between those a with for difference when dollars received it any another of when dollars That we reinvest Consistent simply not these from to does the way our Infrastructure and does into future as was sale reflect include proceeds timing bridge any of Division, intend cash will thinking practice, about M&A.

largely we're pipeline but guidance. $XXX the execution has carved across and the this M&A backfill summarize our half mentioned, that M&A infrastructure This opportunity, how larger EBITDA, XX the transaction to out in of be could Then Patrick accretive XX, anticipate first million about number. opportunity immediately thinking page our in footprint larger million one There's there program. opportunities, our continued of is our tuck-in robust. have As services, of is 'XX. actionable history we to we In this shown landscape. it will to $XXX this We highlight XX of that revenue regular upside on incremental top transactions, within

those billion that get think on and XX $X.X EBITDA basis. as adjusted opportunities, with run-rate adjusted we 'XX million flow shows upside If of free of exit cash you if about potential executed, Page $XXX a

Patrick Dovigi

relevant into the frame guidance. thinking R&G this how Page XX while, not for we're highly in opportunities an to We of a of overview XXXX about ties XXXX. wanted how

contemplating structure $XXX R&D are $XXX venture sector, portion assumptions, conservative from using incremental free development cash from flow we the these per of a third-parties the We million Using sites be to projects. landfill viable in joint venture agreement think annum. could our million range XX-XX the are think we

first We the site process finalized next sites sites per expectation be portion the the cash the of nine flow five $XXX million arrangement during free year. to our the will from and adjusted million of for these have $XXX that finalizing four

normal XXXX. course in will adjusted run flow big setting we of free M&A XX, path clear XXXX our for RNG for on these million will conservative business, we continuing and organic us $XXX XXXX. fundamental At course from opportunity it the a outlay to we exceed million. be capital that XXX, $XXX continued potential and On Page with our but and expected end see our normal the R&G We of to M&A drive assumptions as levers in focus core spent which our a rate. with add-on you start not to the nine the to is projects majority portion see billion distract estimate highlighted great invest and this Our rate growth in organic run in the cash $X to of to The XXXX earlier. will an

that is every As of see with through we quarter. GFL there calls we when you'll have followed our think you consistency you a these history, many

fully our owners, As senior shareholders. management with aligned our team is

how alignment reaffirm never challenging future proud phase again, what management clients. more results. in been about Even the over drive holds. GFL questions. line I achieved the operator so to what that achieve of to I've we've will results XXXX this far I'm optimistic team industry-leading very the to open Our the and turn call now most the for of

Operator

is make [Operator Instructions]. a asking When sure unmuted locally. your question, phone

from Mazari, The from is now first question comes Hamzah Jefferies. Please Hamzah, open. your line

Hamzah Mazari

morning. Luke sector cash My higher. maybe just free high Good or you. in flow. Thank cash maybe first like slightly maybe looks M&A you grows it's add free is XX% on question for It organically single-digits, if the flow general

differences Your walk free mix less feel approaching than Canada versus growth that walk us some out you confidence a there's I just a flow the just through why differently, like profile it's peers. numbers But profile, Do in And free higher in what U.S. your and you're up us billion know markets peers. much lot looks are higher sustainable doing than it flow Maybe is competition? year. yards have like in cash level cash this? your through and how

Luke Pelosi

with the sort I it's sit where the a correlate good one at when think great margin to and prices we flow. the Hamzah, think around look little and normal industry, at you Thanks cash free of have The morning. in of and model question, this single-digit high line Yes. a and expansion sort them. line about bit that of two of stock I as top try bottom think I that right. lot, I a equate mean, you're mid-single-digit mean, we

base at selection, you there when an you opportunity expansion. the think see a that the the of to beat in we capital all has market margin structure the have quality asset the of look opportunity considering through business, middle, I our and before

added growth. you've X% So been top-line

cost we bit where, is year-over-year, to can flow that able I the solely going think, opportunity you little didn't reached at think, of line to with the net of cash that the point number bigger is couple delivering today, cost And when as self-funding. lines. which think which going a profile. unique be we've go interest forward interest for GFL, I a help but a leverage Or drive and free is margin incremental inflection

course as there's cash a normal I meaningful eight free together, grower flow is organically, at that And you take it from those the teams what Our can and or you think at to and can nine, that. goal, accretion you that put see a unique I factors comes mid low a achieve for of GFL of result been we've we the organic think Then these what that, structure. that look to advantage tied and re-deployments. to cap in we able of and sort top what at the to on markets is what continue achieve

XX%. look on M&A above on year's high was brought have teens, giving. have few XX number. flow up to [Indiscernible] free I numbers points growth XX% the year we're think another the easily layer top five next as and that. seven to sustainable The at basis you we're at low all that, you for next this years conservative on And cash Then suggesting guide of how another you the XX%, that's as

growth think I M&A by the not an at. we've appears, subsides, and organic items looking value-added to all as think organic rate Free I that's opportunity see compounded then are foreign clearly able just But this Flow, opportunity that's other, at unique this by it results be excess if people and a think, the that noisy. been real the will, you say to the other outsized as unique just complimented I noise there's in industry. but time, And Cash

Hamzah Mazari

Got it.

that business. that. of execution too be you Partners distracting? more clear, detail announcement. but the do Just Is you be I what Chairman be much could involved know, that business other of you be pick It's terms on in expect? percentage pretty of kind your the proceeds like equity talk The just does infrastructure any Is look keep? What would larger? going to in to you're early? that? grow ownership up question of to Is just around to Is about want it Patrick, going that BC going to

Patrick Dovigi

Sure.

there I For we less revenue in Thinking combined business. the period early business. infrastructure it million my that from GFL build that XXXX, were that route industry significant of a who been like XXXX we the compared starting don't private look relevant zero It's organically over late the got about to the were and business to looked XXXX to create some in in to in today how call X.X and starting infrastructure in between free. a that company, story. peers. always would excess XXXX, We people an public Phelps eight-year growing doing the $XXX business we on know go public a what services We're When ourselves. opportunity view that is really

best-in-class we a us team already, opportunity. why had be think created I'm that guys, we perspective, just, so to line in there's reports. reports something good from me Back today leaders we think sell will Canada know successful just industry to I team and my would where significant just very -- of in sell hungry, it's saw for more we shareholders. amount not be can But to and it. I easiest we value a this business I a young management path mean, getting

the family-run in great and and ideas of do industry over that leader the lots of most on this what of businesses created had one likes the an years, Canada. of greatest fairway last of being the Right deals side do and the work to the GFL successful Coco Canada, we've one what couple we have opportunities out. that, the got thinking We in spin best brain of my middle for being down of

just why reason six spin I round significantly when $XXX we significant we service, time for call over comps, opportunity, lax the of XXX quarter with when under can't And back. it. proceeds amount to we're it, XXX take us, under new keep our the makes think shareholders. told for it, basis leverage-neutral, fragmented. million. look it And think just you proforma billion billion build our stake quality There's start out, XX% any EBITDA a that create with to entity. the process XXX highly as see I combined starting and significant higher of, the it going going the the two a it of numbers because roughly are said, what to I dollars industry thought over businesses. industry of And years. to as get this don't then and meant value of What have go look ours, norm at I'm of with build get equity you points sense you at we entity the we're quality And will than in over margins to if of five, business

the have part a So to contribute And it's great unique it that opportunity. as to going in It a and participate be very for shareholders the GFL for follow been opportunity GFL great story. well. a gate. will to It's are our investors that of opportunity

of I a think create it's just lot we'll have just everybody than we probably sold off. So a value more it think win-win if sort I we could for and

Hamzah Mazari

over. it turn I'll question, last just then And

You have a going lot on.

numbers in a people have cash flow to probably and You up XXXX beyond detail lot that. these can of project free

you How private been into you good volatile. tied of maybe for decade your public over also, two plan of thinking here plan given a about for does. the thing Obviously at lot years, to being value see market you do last role, plus. year. ton network last yourself Do been decade? GFL, Stocks have and market does obviously stock you this, it role a been created a But the others a you've but about in this are whole through? It's You've the what talk over your on Patrick.

Patrick Dovigi

allocating XX think I change are going But mark the capital, I've decisions control long done -- can't to term. stock value Like of here and for lot sit a is the That's I going control for anytime don't making we price, the to the right? create there. that's get what of mean, over soon. sort think I we business the right I and I from I all where can today, think I unpack I -- control that years think

the it's that's season, I think not to go from continues industry, to U.S. the wherever fingers. respect I see And tip be our as $XXX think I a I'm $XX to U.S. happy the getting at continue $XX as we of from going it stock until

to always under-promise approach. it's been the I I think over-deliver -- think and

see you think I that.

and puzzle that's the there's an the get end look I out enough because and anybody, I paycheck I the think make of to win. like, here think want make day, here in story the money, us XX to call. more money. more today can to industry until of be to pieces the I here want where I'm think then I feel But and We're to [Indiscernible] And we've got XXX going be like And little next amazing we're better there's everybody I and asked don't significant that's I industry -- get you I'm of but one. and stop time. go. puzzle. that gave always we're amount that's to for of the not created than going in there have with to a don't think We're investors we that the need opportunities where I make we we're here there. a this going have money successful the the we goals, and no and at and why long to here attractive amazing to I And what And value align event I'm peers be more to for -- pieces a money industry going the our going today. in of we over then XXX while. that period is a over take

Hamzah Mazari

you lot Thank a guy have still a of you're so And you. time. Guarded. young

Patrick Dovigi

going go until my not We're the ready so. there. to keep to Hamzah, yet, hands and to I'm hold get we mall wife working with

Hamzah Mazari

Okay.

Luke Pelosi

Thanks Hamzah.

Hamzah Mazari

this I'll turn you. Thank over.

Operator

Michael your Thank line you, from Michael, comes Hoffman, our Please question Stifel. open. next from now is

Michael Hoffman

Hi, thank Can you per -- to tackle green we infrastructure second. much. very going I'm

put putting numbers if right. equity you're help me interest. million, of it in value, the the got I've for half these your then you're getting in $XX And cash, and you So

that enterprise. You've then got XX XXX XX public XX. It M&A. from million million starting two number, EBITDA, a grow Take it, was call a That's to at it should add a I times, your everybody the million. XX% that X.XX. four think of That's of sort you take Is leverage plus $XXX X/X $XXX million. and X%, that? value billion appears know, XX about can $X.X right X% EBITDA of number. organically so don't way That's the out cash.

Luke Pelosi

is and you think math public. the take actually Xx equity. getting I you want But have You when there's probably on I your my on think thing I -- that, close you're very depends of do an to our more if yeah, would opportunity. All good. mean, to

And so while living maximum it that may XX face the look maybe getting on value. today the isn't

described, you to that's think if than exact be logic what said. for get some higher that you And rationale. And well, end would monetizing we today. multiple, things going that premium it just you're significant to otherwise were you could up what just the Following

Michael Hoffman

all something. create sell How or at using I'm trying a could And to calculate relatively things. to the of conservative shareholders. stated, creating This you how Right. for not take of path the XX value the that $XX to upside? view. It's That's the short low times time. in overstate end not I'm the you a what you window is sure incremental

Luke Pelosi

Correct.

Michael Hoffman

of all adjustment. you How company when? part or talking Okay. That's and noise XX% about. get number a development the adjustments. and our in adjusted a that It's your I young cash Good. free growth, people mode Alright. at the do XXXX, flow being midpoint XX of for get sub the

Luke Pelosi

mind people past this never green. adjustments. hear we're at rebranding cap up year structure IPO, site back the in pace To years painting of of what back where the adding with we're is we're the everything set, a -- level blowing adding I million $XX what bright

a all M&A growth do that But we you we that. debate can that we're see say there's this as that about strategic over mode decision with you spend. unique and travel $XX that's can and that as You the is in country million and

a transaction $XX costs. have million You year roughly of

at all years, in $XX XXX transaction and And the plus four deployed across million bucks a a over deals costs. look last that, year billion. $XX we've You done over of

deploy $XXX think in billion. X%. over aggregate cost in So -- four years $XX.X I to $XX transaction million That's

going from weighted to X. would XX every at those So said capital folks like -- lawyer say at there's bankers, it to years, transaction of to to fees if I costs what that. number negative And don't pay I what level, this the cash put was is. million XXX three the a etc., sort we that's that, we up add associated be I we're free and you these and year. I flow went with is deploying a think that last look XXX -- has on been mean,

that's across going I shake way though about about XX the the number number that year, as of not naturally is obviously, I And transactions, the free through million percentage, steps of base meaningful do we're I quantum in if growing come billion the going where a I number is think relative if XX% to think with the that comment to out. think going cash. deploying that's augmented to $XX That's fair growing. decrease your of naturally $XX this to that. $X.X cash a year, the just we're number M&A, think free growth of is down. down is the coming But

Michael Hoffman

Great.

how to about is. think noise -- business helps I what how that really think clarify that

everybody we through that the range? Do want walk idea half. a ought think about the half, numbers when don't introduced that first You with second through margins street up truck to right us end drive the gets so either to you it cadence

Luke Pelosi

Starting deck, out for pro recasting for -- forma in the like you we've included backed next XXXX, infrastructure. the a for if

right so So just comparison. we set level have can a

XX.X% cadence. I quarterly wonky billion. it's bit annual now the with we're the sort of you to the a getting think going mean, at do QX guess and range $X.X guidance. revenue midpoint If I [Indiscernible] -- sort I QX. for in seasonality the XX% in sort normal a little XX%of number give of quarantine Canada seasonality revenue look times historically to of said But stops. COVID revenue the think you of not

-- typically, the here sort XXX, points. is to basis think I of margin QX XXX quarter lowest

next you're if blended so thinking number year. Now the for 'XX about high as

that. you a unpack call QX XX, in sort it or high see give it's they You'd of

tough a last year. be comp will solid have You

If U.S. margin highest QX at of for very you which at year, is was year, look atypical solid the last QX.

have some about being on bank can is cost And, comp, of new that, X%. for normalizing bucket we'll liquid, a So have liquid, sort going tough expansion. corporate the you

how see I'd in typical I cadence, we'll the year rounding follow think peak QX, XX that's XX, So out, QX then and up the seasonality for that high and that shaking below QX guide. at QX, QX margins ending

Michael Hoffman

you're age anywhere you think have going I to And work you under Right. every XX, four going of the Patrick, Okay. I have so think go then kids day. don't you're it's, -- now, to

-- how your strength. importantly, More talk bench about

Patrick Dovigi

the week team, do COVID general to public the of the today had of really opportunity with other the being to we haven't team, in the a to before accomplish, HR this from Luke Obviously, team. cheering March yet Investor and showcase We're here, XXXX the going end to know able teams, Where day, with but on I'm Day. I'm a through sit team, perspective, hit team's on at to an the Yorston, counsel. cheerleader. his my I Greg team, don't the been I'm BD integration starting I

has is of a that for mean of where it's that at Day look to team May. Investor at and things, of When able said, at the think for there's team, my face delivered a we results all share team look forward in do if when has out that the you in look you period showcasing of perspective pressures best-in-class management results quarter-after-quarter and solid I waste, M&A go lion's our And inflationary execute a I I this think talk that business, our we I time. exceptional handpicked the a exceptional. when which that, been to is the we through As And team old other on, big long list, the thing. I whole look

with the to think, I just bus what attacker waiting We haven't gets for we a see gets COVID. But exactly picked more. happens and under that by back a just get date look when hood, people hit as the will

clear going just was GFL to it's be think fine. that pretty be I to going

just did scale -- take scale it's we off I about to the think then being am hat the place. and have the great doing And pieces pretty my to things. execute to and started all they're in And watch, being do really watch amazing where management guys playbook, I from relevant And executing because a I it's these to team able on and today sitting amazing. continue are, to we on I'm making investor handing and that that so. forward we them team day. when you because, all over better to and than This in know showcasing job I wasn't guys what? look manufacturing you be the where May the in I seat a reins wouldn't was I them are them it thankful But to of doing when actually happen. for for we if do

Michael Hoffman

Okay. Thank you.

Operator

Thank you.

Tyler, is Our now next open. from question Brown Please comes Raymond line James. your from Tyler

Tyler Brown

morning, good Hey, guys.

Patrick Dovigi

Tyler. Hey

Tyler Brown

me? hear You sorry. Oh, guys hey,

Luke Pelosi

Yes.

Tyler Brown

pull It really year PI's high or some over of But fade the and just out? pulled the pricing how look you as forward pretty the given sounds was solid. should out? the year, as course layer does and plays the Does pricing the it CPI into will consistent in QX. fact start be like it forward year plays that Obviously

Luke Pelosi

And then the then about as particularly, less resets bunch have mean, stuff down of and than anticipating space then. start at a XX% normal CPI open approximately a focused we're well. think of I but walk that still is I I we are market high of with -- time, January mean, sort QX year. our hitting just

be definitely biggest guided will number. the QX the X's. high We've So

that tale. I think and tell will beat, think there's to I QX maybe opportunity

see And QX. will pre-COVID consistently have of QX as QX, book albeit you if in what year. perhaps U.S. and a that's But high you big like, QX step-downs business. would we actually the see But in dependent how out. good hit CPI on beat if environment actually how it'll primarily from I be CPI see resets X's, our going I large because set QX on you for the majority retention can for shakes support not the and have seen but a of is in think and are think the the hit QX stage to the a we'll as step-down at So then in that QX

Tyler Brown

Right.

quick And helpful. RNG. That's then just on Okay. real

So JV to through that structure be that right? flow the RNG despite lines, clear, is CapEx actual CapEx the will

Luke Pelosi

so aren't to on But manifest [Indiscernible], see isolate, structures influx. sure ring-fence -- the either underlying that's way, see apples-to-apples. real we'll sorry, out, there's still the as as parse it we'll So investment certain all be it's and the economics. can actually you transactions in people If actually so finalized extent itself

Tyler Brown

it's in same add -- how from there you thoughts the that be but financially? you just share unconsolidated thinking plans? probably And Okay. how there? here, the know account any for I but same will still those EBITDA of to EBITDA in that an or just 'XX Will will along back show then, simply influx, the the kind

Luke Pelosi

Yeah. up the backing this, these it of course Darling, of fluctuates picking that example doing share done. they bunch what has other R&D the is you one, exclude layering at as look But accounting of their then your EBITDA look that is There's look But Again, -- -- a if who out all other those in guys I was because normal of ends back you up players, and share at and there's how JV. an look that Brock your you aren't agreements looking out. in something of might practice, I just those end share has probably if precedent up already just like. think proportionate at shaking the if EBITDA. and they you the results the the is And add

Tyler Brown

appreciate helpful. services when the line But appendix. be for that Is last revenue? kind This good billion will the environmental Okay. placeholder? modeling my proformas that Terrapure in in of just one in That's a new and purposes, layer dollars a I about you

Luke Pelosi

place. a that's perfect Yeah,

XXXX I services base a think of dollars and billion as the solid of environmental about X.X guide. of

Tyler Brown

time. All I guys. Thanks, appreciate Perfect. right. Okay. your

Luke Pelosi

you. Thank

Operator

Thank you.

is Please Walter next line from from comes Our your now Spracklin question Walter, RBC open. Markets. Capital

Walter Spracklin

seen and that your volatility or would a Thanks ways all, with thing. that alone, more discuss competitors invest want to But the that you have approach bit higher own investment. and other your very we've back it go invest then the renewable subject it of to of on much. how to a some take Good reveal it morning, and some come entire on of level tap everyone. do come I strategy little Patrick, that the resource energy and to

I'm about you positive decision how the a talk perhaps feedback led You're -- going what would characterize approach, approach, with other to you which bit partner to would relative to hearing more that your more little how it volatility. more go being some but upside, perhaps and on the much alone,

Patrick Dovigi

we when initially talking very if months say, this roll -- how we -- actually RD. knew I little think, harvest across you way from started this, eight went about back ago, about it you I if dollars back would The

while. that it of has those at I going think for looking resources been alone at some have more significantly companies have other that been internal this a

-- shovel like, quickly core the what a line is doing this get be of R&G. thing. had didn't build figure one facilities the in to it engineer not where I get we're as can of already to how new and quickly business together a site one we've electric that ground of about flaring require profitability know importantly, to lot know to how our the best the consent possible, last think experts We this, a were the been we all do maximize to can that There's RNG. out. we do as possible, typical Yes, at the our model we pillar which going the dollars royalty quickly these find that exactly had six, years. we that on day could things not on doing given Those need ago. the was they to back-end we or go we was as switch agreements, sale Coupled XX stop a Metal anything And were from with as permitted. those I'm able found one gas of Services at of for sites R&D be realize eight they to as something that to going looking Company, that months that of sort as away. inventory actual rights had with -- our the those, parts an most to us can as build out had we're

let's hey, about, sense sense. about the electrical and more So go that sort makes subsidized certainly split discussion makes XX-XX in But door these will R&G. let's of open the old agreements, R&G them

I fair. think it's

it's day. that get to do we I didn't any as usually think that experts have us in. have somewhere possible quickly it'll the don't Where division as And every market profitable. this we expertise with

think that you should together. couple I So have

we think loss. weren't a I

I think But do we're sites. better own it's out if to on have we we because my to perspective. not -- do. they're of And the let let's was other it. the at these to going let It we're out to could just experts some our the the go on today, of something to than probably set day, just do it, just it going end

Walter Spracklin

That sense. ton of a makes Yeah.

any on your other service, you could in lens your gets think this your driving within year? Or all churn you are are into they seeing a take a at higher that seeing churn market as worried about result things extreme continuing pricing, increase, getting right getting When we're you churn competitors. the as to service more looking I may you dynamic here either considered. for of your trends are little emerge organization? focused competitors grow any pricing of But price all own very any see at with gears a opportunities big price switching -- customer this gets share in Okay, the churn. it. to their have Clearly Are a and price,

Patrick Dovigi

and time get ensuring Because For right? challenging me challenging us new It's that it's the has market. slower. having new in about simple market, fact we're the companies, paid new be to all appropriate that business it's labor we're selective even for just an a the Everything interesting for equipment. getting only to business price to very collect been as

I very inflation we've well. the cover continue as cost the since either I that at we as inflation, very 'XX. to internal think an been market to all industry navigated our And seeing disciplined highest that think competitors all price we're it's least today's situation getting been we've is, ensure

have that we I been there's industries ours think sort that pass of like to have. very on few like able

ours to grab win market. as So, the and not market going are share focus as the to it go much I don't think is PI trying some that of can, out the we be of

needed that remain are make base be customer us want to And and price and time. our have share if between be provide the able is month. businesses, the think luxury that you sure for think our I that of knows service. competitive of lion's up $X they to on I it's a And the our $XXX picked accounts to

single-digits if it's amount them. a not for material price increase, high even So getting they're

and would. normally shortage, chain R&M, and around market I have I in it. and bigger and seeing papers not other is understanding the think day, fish they driver inflation fuel any I'm think fry supply to Clearly than of shortages the backlogs. they insurance, -- the headlines every

together coupled in those All check. remained of have

cost in us market it's the me of in way people think at a new today. all make happening think any win because share just just loyal that today, it customer sense base industry, I but And is go rising aren't the just today, it that's nothing doesn't I pretty to any -- what's given worries which where out industry sits not but today. to in

Walter Spracklin

Perfect.

Okay.

Patrick. time, the appreciate always As

Patrick Dovigi

Thanks, Walter.

Operator

Thank you.

Kevin from Please, Kevin. question from next Chiang comes Our CIBC.

now line Your open. is

Kevin Chiang

there's Canada XXXX when a I made a upside but you the of my comment on remarks, bridge on get about, volume, talked Luke then the could clarify, for based and Thanks just taking as reopening. to you you for think maybe and see highlighted waste in I solid more we question. If the you upside, prepared

your building of get you are today obviously of which seen that in back pretty level recovery solid we're or what Is waste? we wondering, kind -- year. within normalcy Canada, you in the what Just some seeing through for is do challenged to

Luke Pelosi

in tail the good Kevin, honest, trying a question. the donkey tired getting pin to Canada. be of on we're To

think to we assuming get back seem right this, two the we sitting full me in direction. be you're have It's with restaurants, let you it's continue And tailwind. would etc. actually be again, that and we a here -- We again, be really So in completely that if down obviously we all we we get a I today. continue drawn weeks us fully another life on can this progress. summer, be could if If headwind. locked enjoying buy this

So and middle we backwards the it's here, think very the right number to go for do to I'm the there's tried last fairway don't I hopeful we've upside a think because of guess but I wrong. years been two from now.

So time. the taking sort this just approach of conservative

Kevin Chiang

home well. at as you. Yes, hear stuck [Indiscernible] I been I've

I'm this rate, -- and at free your XXXX could conversion. a the you're was presentation mid-XXs. on to talked Just about last you time XX% cash run free back you go had looking year I XXXX when what look about think like, I flow If it about implying

helpful. Just converting I cash we ask RNG opportunities guess wondering like flow because maybe as flow have cash higher which north incremental I being seem a I see here. yourself rates convert a at does that Any up, you would from free company? XX% look And it there suspect past be of free color do you XXXX,

Luke Pelosi

that page been Kevin, the the that simplicity I on think I cash free it's that R&G has page at layered looking a into some because footnotes number. are you're relevant Yes. there think just little

in in before up but footnotes apples-to-apples. you're see the but the tease on not it's table dividing EBITDA, cash can the You page the the they that free

But So think be it when don't that, that's you to for we do ceiling. would line that these. more the your along nice point,

march there's to there, be a we industry a Patrick's have we fundamentally And are ceiling when and opportunity us think forth of the this I level as through front a we look to think see As asset heard we base you've there. break and from the we are I say we mid-XXs, think whole yeah, and going we is Patrick from to to set think you in path opportunity continuing going that can XX% the going can point go here a don't the at comments. industry-leading. the above that and and keep go we echo where lies and

Tyler Brown

leave much you very for Thank it I'll clarification. there. the Excellent.

Luke Pelosi

Thank you.

Operator

Thank you.

Mark comes Mark. question from Scotiabank. from next Neville Please, Our

Your now open. line is

Mark Neville

guys. Appreciate it. morning, Good

Patrick Dovigi

Good morning, Mark.

Mark Neville

Maybe it by well? just Is consider saleable participating would something you business. some on Environmental anticipate Service core in would consolidating as long phone that Is the market term? that you remaining that or

Patrick Dovigi

equity As good the keeping people we'll have this very and obviously think public. again, and from in I keep Unless we participated entry we're long creating that. to as have that plan interest we take is plan beginning the a can value, -- there's behind --

we And do you to you're post-IPO. ability that I business once about the we think going the time. sorry, that to equity value -- Are have over But significant -- monetize grow create that we're we'll value. talking

Mark Neville

Sorry Patrick --

Patrick Dovigi

talking -- liquid? about we

Mark Neville

stuff will less, that the and The liquid [Indiscernible]. be the

Patrick Dovigi

I a shareholder Michael. said, I'm business Sorry, liquid Like The is great. misunderstood that. first. I

Someone to what for business. paid public was we're high-XXs think, face I pay for at U.S. a big on looking number I of it think U.S. ecology, ecology a the

at XX let's mid-XX's XX's getting going for margin that. our margins. say, have asset moving that's high business We comparable high go to base, is to Great, similar, times

with from in think set other we the perspective, a some of similar totally it. in think I we that what That's case. be base think the have benchmark building our keep I value. maybe So going better But what in we we're ways business to ways, could

to business. a more think today. It's margins flow free it's business. going market I to comparable we're it. cash the great reason Canadian largely There's Very keep existing our focusing

with we're know with think team anything. it. of keep management as I to get more exceptional in we'll business. We'll So we're great going out the why an opinion, not? a keep to that thoughts And industry-leading of It's well growing business it margins,

Mark Neville

the numbers, reporters to just the just To sort capital to and renewable just for release? get -- XXX, of what some to look I XXX your capital your -- your you gave linear at investment I want investment. think roughly

Patrick Dovigi

little moving we're because a a of target negotiating. bit Just

less significantly on of of benefits will developers be that's the some we're what themselves. the And capital of the commitments are some today differentiating the than builds. all future is think I working original

see. we'll So projects were I think minimal I for acquired be OCS from think capital that the you future --

think much required don't of what will negotiating be given I more there So today. we're

Mark Neville

that one, closed the hasn't But to your one key pop as yet. the excluded, infrastructure with that would clarification. Maybe just On even plan be report up is correct? report on

Luke Pelosi

proper that's pro done to But is the in Whether either clean in a will X Mark, get financial officially Yes, statements correct. segment infrastructure. still you it's we way TBD. need it or the I presentation report forma do

Mark Neville

All right.

Luke Pelosi

Mark. Thanks right. All

Operator

Thank you.

comes question Jerry next Our Please, Goldman from Sachs. from Revich Jerry.

Your open. is now line

Jerry Revich

Patrick, million Good proportion if on you to could morning. talk expect MMBTu -- have projects. sudden landfill about wondering I you I'm of use gas Thanks. what Luke, Yes. of the that what you you expect plans. applications non-room off eligible out the take go on proportion applications fleet as three build to to and your vehicle when three other industrial versus CG based

Patrick Dovigi

need other I We into the And the and our to in transportation in about commercial, will grow of long-term that'll And the slightly XX lack the then arrangements, volume. of you'll to that we're transportation agreement. that own think you into market. And We're but of process put balance negotiated industrial, vehicles going long-term likely see remaining have in then the going some what XX% that, most market that. for is XX% continue XX.

Jerry Revich

And that that it's update twenties, spent time had out mentioned industrial as you topic, Patrick, with with? where we when last in you've more shaking any is prices it. the market the spoke Got

Patrick Dovigi

is or up, $X.XX four new the you wherever RIN are called go. pricing. the have five. agreements bit. written RIN it to of example, to seeing correlated obviously, to that sort share a from the moved pricing sharing a in what pricing may -- RIN to Whatever actually upside the went that The $X.XX we're now are there agreement if pricing So as moved in now up But if, for ability

they long-term agreement the more. if pay In then go supply So the to that portion up higher, fair back. has

a little bit back than ago. So three more getting lucrative to we anticipated months originally even four

Jerry Revich

get that to And and will M&A post of mid-teens at? up acquired pipeline on business in EBITDA How then asphalt infrastructure part expand t Terrific. much the industry, profile, Coco looks businesses like out but lifting you plan running you to your for what the margin folks need to just a lot in is heavy assets portfolio? there terms do certainly can Can of that the of roll the to not the margins.

Patrick Dovigi

Yeah.

the I solid day And hit and provinces of And So, I in it us markets you'll we that the where think these that it end margin that see and under finding the the businesses. it with margin us see others, you'll It's think, nine in generally comes go of Canada down liquid that profile. I waste the the for business, these seen be to us acquire comes markets to in exactly out, they it the assets are be that then our we businesses and be business, We to waste short I following selectful XXXX continue on think to exactly the performing GFL be know of we'd I how quality focus And think of profile backdrop, playbook to that I of continue at are? beauty places selection GFL markets about the and businesses see and market right? the into right? right go. think think the market very think liquid what on right in the will operating that better I and and U.S. you'll have So what than you've the profile

should pretty country-leading our and business well. So we'll it [Indiscernible] go continue to be

Jerry Revich

that than higher pull-forward wondering, what look guided as I'm higher you the side. first absences nice solid to in at pricing other have and to new potential in and lastly, implemented And Great. on given you alluded that from it for Luke, to Okay. the be pricing OMICRON quarter, see you waste the any overtime actions from. folks costs? you’re

that wondering, Feb, dealt as through look and folks constraints? I'm did those with you Jan have So how

Luke Pelosi

beginning the on I labor Jan, constraints, a there's obviously crown. of Look the think

us quickly. that Fortunately, very of had got a a lot fuse quite and short behind

of think the in I pricing that coming sort strong. QX in is

As I up the And quarter. levels. our of said, this keeps throughout some is strongest

enough of I inflation. the Look, to the -- that think low-end the of of that that's provided. we cover guide number the opportunity cost understand I it's to end that's be important X.X to had think guide there's the high at

the So guide, even low-end the of at good. we're

beat the guide. or on more tell I end think beat the ever the the I opportunity is will I said And comments, the high achieved earlier as tale. to think of QX

number the if terms the quarter. Again, February retention, we is in of the of see promising but we'll end looking high six. and of a time five that's or sort by January get First, to

sort think of beat that assure think covers even year, we're more just of cost I I guys this seeing. should but the sets the for -- that's the rest up inflation the people us low-end opportunity the guide of the than I current

Jerry Revich

Thanks. discussions. appreciate the Terrific,

Luke Pelosi

Thanks.

Operator

you. Thank

from question next Bank. National from Merer comes Our Rupert Please, Rupert.

open. Your line now is

Rupert Merer

million you. cash rough for you divestment what's morning, tell might assets, do on Thank Patrick GFL have to final you on from economics Good the to the $XXX estimate the us left you receive GIP, mentioned guys. the should deal in that of us infrastructure And can GIP. ownership give stake a where plan. finalize

Patrick Dovigi

weeks. structure public all of that see. now, a It's to over of September. getting on in a that's you'll etc. next parameters just up generally together the but leading going -- at We're to bunch come to pretty five of That's fluid the six what looking entity

Rupert Merer

Okay.

lines and you the explained You joint of expect interest etc.? have what a the R&G, accounting, on venture do along minority

Luke Pelosi

equity as to joint an was it's joint But it just regular-way interest, venture accounting, it's is opposed Hi be as control, a said, probably won't accounting, actually Rupert. outcome, Patrick unlikely it non-controlling account. equity fluid. still a The

Rupert Merer

seeing sales asset other non-core, mentioned XXXX? you then largely any Are you are rationalizations And any might consider in anticipate there assets great. you done. Okay, your any regions there, out asset

Patrick Dovigi

left expect Yes. and proceeds well get There's the early do, a we'll million done few of anticipate range. to things underway QX to to in QX, $XX sort probably $XX which

Rupert Merer

cadence? know the think quick, those we you, those? should could more the projects shares Given thinking How quick timing we're them in about the R&D I if at what's -- one looking early for at real one if on lob I mid-late. XXXX you XXXX,

Patrick Dovigi

modeling we we're ready There, shovel on and XXXX, basically reality in them maybe going simplicity March. is, the for in of those revenues if purposes construction of you get starting XX% some probably to

So typical to those on XX fine XX.X construction months. like

should a QX. So, like be SCFM Michigan. at one I with online, which largest particularly site. a like That's We landfill is QX in the think early XX,XXX

So year. next to that we running - often hope April have ish

Rupert Merer

Thanks much. Excellent. very

Operator

have final hand questions. - I further will over currently no Dovigi remarks. back Thank you. We Patrick for any A

Patrick Dovigi

much, joining questions support. today much. And, always, jump for so further phone as Thanks I you available there's the appreciate the so call. if your [Indiscernible] any on to again, continued And Thank everyone

Operator

This concludes for call. you Thank joining. much so today's

disconnect now your may You lines.

GFL Environmental (GFL) 10 Feb 222021 Q4 Earnings call transcript