GFL Environmental Inc

Table of Contents
GFL Environmental Inc- Financial and Strategic Analysis Review ..............................3
Company Overview....................................................................................................3
GFL Environmental Inc- Key Facts ...........................................................................3
GFL Environmental Inc- Major Products and Services .............................................3
GFL Environmental Inc- History ...............................................................................4
GFL Environmental Inc- Key Competitors................................................................5
GFL Environmental Inc- Key Employees..................................................................5
GFL Environmental Inc- Locations & Subsidiaries...................................................6
Head office .............................................................................................................6
Other Locations & Subsidiaries .................................................................................6
GFL Environmental Inc, Other locations ...............................................................6
GFL Environmental Inc, Subsidiaries ........................................................................6
Canada Fibers Ltd. .................................................................................................6
Deep Foundations Contractors Inc .........................................................................7
GFL Environmental Services Inc. ..........................................................................7
Ground Force Environmental Inc...........................................................................7
Robert Cooke Trucking Inc....................................................................................7
Terrapure Environmental .......................................................................................7
The Garbage Company Inc.....................................................................................7
WasteAway Recycling and Environmental Inc......................................................7
WDS Windsor Disposal Services Ltd ....................................................................7
ALABAMA DUMPSTER SERVICE, L.L.C. .......................................................7
American Waste, Inc. .............................................................................................7
Bestway Disposal Services.....................................................................................8
Country Waste of Virginia, LLC............................................................................8
Excel Disposal LLC ...............................................................................................8
GFL Environmental Real Property, Inc. ................................................................8
GFL Environmental Services USA, Inc. ................................................................8
GFL Environmental USA Inc.................................................................................8
GFL Everglades Holdings LLC .............................................................................8
Peoria Disposal Company ......................................................................................8
Soil Safe, Inc. .........................................................................................................8
SPRINT WASTE SERVICES LP..........................................................................8
WCA Waste Corp...................................................................................................8
WCA Waste Systems, Inc. .....................................................................................9
Wrangler Holdco Corp. ..........................................................................................9
Summarized Statement...............................................................................................9
GFL Environmental Inc, Annual Statements .............................................................9
Income Statements .................................................................................................9
Balance Sheet .........................................................................................................9
Cash Flow...............................................................................................................9
Detailed Statement .....................................................................................................9
GFL Environmental Inc, Full Annual Statements......................................................9

Published: 24 Mar 2023 Page 1

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GFL Environmental Inc

Income Statements ...............................................................................................10

Balance Sheet .......................................................................................................10
Cash Flow.............................................................................................................11
Summarized Interim Statement ................................................................................12
GFL Environmental Inc, Summarized Interim Statements ......................................12
Balance Sheet .......................................................................................................12
Cash Flow.............................................................................................................13
Detailed Interim Statement.......................................................................................13
GFL Environmental Inc, Detailed Interim Statement ..............................................13
Balance Sheet .......................................................................................................14
Cash Flow.............................................................................................................15
Interim Ratios ...........................................................................................................15
GFL Environmental Inc, Interim Ratios...................................................................15
Annual Ratios ...........................................................................................................16
GFL Environmental Inc, Annual Ratios...................................................................16

Published: 24 Mar 2023 Page 2

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GFL Environmental Inc

GFL Environmental Inc- Financial and Strategic

Analysis Review
Company Overview

GFL Environmental Inc (GFL) is a waste management company. GFL offers

residential solid waste management services and commercial solid waste management
services. The company offers liquid waste management solutions which include
automotive fluid services, vacuum truck services, hazardous waste management,
emergency response and site remediation and decontamination services, solid waste
management solutions which includes residential waste, recycling, collection,
processing and storage, landfill disposal and diversion and organics processing and
compost products. It also offers infrastructure services including soil remediation and
remediation services, construction waste disposal services, shoring and foundation
services and excavation services. GFL is headquartered in Vaughan, Ontario, Canada.

GFL Environmental Inc- Key Facts

GFL Environmental Inc- Key Facts

Corporate Ticker Symbol,
100 New Park Place GFL[TSE]
Address Exchange
No. of
Telephone 1 905 3260101 19500
Employees
Fax N/A Fiscal Year End December
Revenue (in
URL wwwgflenv.com/ 5195.0337
US$ Million)
Source : GlobalData Research analysis / © GlobalData Research

GFL Environmental Inc- Major Products and Services

GFL Environmental Inc- Major Products and Services

Services:

Solid Waste Management

Recycling, Collection, Processing and Storage Services
Landfill Disposal and Diversion
Organic Processing and Compost Products
Emergency Response and Site Remediation
Decontamination Services
Liquid Waste Management
Automotive Fluid Services
Vacuum Truck Services

Published: 24 Mar 2023 Page 3

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GFL Environmental Inc

Hazardous Waste Management

Industrial Cleaning
Excavation Services
Shoring and Foundation
Infrastructure
Soil Management and Remediation
Civil Division
Construction Waste Disposal

Source : GlobalData Research analysis / © GlobalData Research

GFL Environmental Inc- History

GFL Environmental Inc- History

Year Event Description
2023 Acquisitions/Mergers/Takeovers In February, the company acquired Heartland
used motor oil collection and recycling
business from Vertex Energy Inc for US$90
million.
2022 Contracts/Agreements In May, GFL Environmental USA and City of
Fort Wayne contracted for GFL to be the next
garbage and recycling hauler for the City of
Fort Wayne.
2022 Acquisitions/Mergers/Takeovers In May, the company acquired the US-based
Sprint Waste Services.
2022 Spin-off In April, the company announced spin-off of
GFL Infrastructure Group Inc.
2021 Acquisitions/Mergers/Takeovers In August, the company acquired certain lines
of business from Terrapure Environmental
Ltd., including Environmental Solutions,
Organics Solutions, Oil Recycling Solutions
and Landfill operations.
2021 Contracts/Agreements In December, the company’s subsidiary GFL
Renewables LLC entered into a joint venture
with affiliates of OPAL Fuels LLC for the
development, construction and operation of
renewable natural gas facilities at 2 GFL
municipal solid waste landfills.
2021 Contracts/Agreements In January, the company entered into an
agreement to acquire solid and liquid waste
businesses in Michigan and Pennsylvania, the
US from American Waste.
2021 Financing Agreements In October, the company agreed to secure

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GFL Environmental Inc

US$300 million from HPS Investment

Partners, LLC.
2021 Contracts/Agreements In July, the company entered into an
agreement to acquire Canadian Stewardship
Services Alliance, a non-profit organization in
Toronto, Canada.
2021 Acquisitions/Mergers/Takeovers In October, the company acquired Excel
Disposal, LLC.
2021 Acquisitions/Mergers/Takeovers In October, the company acquired Peoria
Disposal Company.
2021 Acquisitions/Mergers/Takeovers In October, the company closed the
acquisition of the Alabama Dumpster, a
provider of commercial and roll-off solid
waste and recycling services.
2021 Asset Purchase In October, the company completed the
acquisition of the divestiture assets of Waste
Management.
2020 Acquisitions/Mergers/Takeovers In August, the company agreed to acquire
WCA Waste for US$1.21 billion.
2018 Asset Purchase In September, the company purchased Echo's
refinery assets in Saskatchewan.
2007 Incorporation/Establishment The company was founded.

GFL Environmental Inc- Key Competitors

Emterra Group
Sentinel Waste International Ltd
Waste Management of Canada Corp.

GFL Environmental Inc- Key Employees

GFL Environmental Inc- Key Employees

Name Job Title Board Level Since Age Biography
Patrick Dovigi Chairman Executive 43
Board
Paolo Director Non Executive 2018 48
Notarnicola Board
Jessica Director Non Executive 2022 54
McDonald Board
Ven Poole Director Non Executive 2018 60
Board
Violet Konkle Director Non Executive 2021 69
Board
Arun Nayar Director Non Executive 2018 72
Board
Blake Sumler Director Non Executive 2018 52

Published: 24 Mar 2023 Page 5

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GFL Environmental Inc

Board
Raymond Director Non Executive 2018 60
Svider Board
Dino Chiesa Director Non Executive 2007 74
Board
Elizabeth Joy Senior Vice President - Senior 2018 64
Grahek Strategic Initiatives Management
Gerg Yorston Executive Vice President Senior 2018 59
Management
Luke Pelosi Chief Financial Officer Senior 2018 42
Management
Mindy Gilbert Chief Legal Officer Senior 2018 50
Management
Edward Area Vice-President- Liquid Senior 2020 57
Glavina Waste, Canada Management
Source : GlobalData Research analysis / © GlobalData Research

GFL Environmental Inc- Locations & Subsidiaries

Head office

Suite 500
100 New Park Place
Vaughan
Canada
L4K 0H9
1 905 3260101

Other Locations & Subsidiaries

GFL Environmental Inc, Other locations

Suite 500
100 New Park Place
Vaughan
Canada
L4K 0H9
1 905 3260101
Source : GlobalData Research analysis / © GlobalData Research

GFL Environmental Inc, Subsidiaries

Canada Fibers Ltd.

Canada Fibers Ltd 130 Arrow Rd, North York, ON Phone : (416) 253-0400 Fax :
(416) 253-1230
Toronto

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GFL Environmental Inc

Canada

Deep Foundations Contractors Inc

Stouffville
Canada

GFL Environmental Services Inc.

Canada

Ground Force Environmental Inc.

Kitchener
Canada

Robert Cooke Trucking Inc.

Kitchener
Canada

Terrapure Environmental

1100 Burloak Drive

Burlington
Canada

The Garbage Company Inc.

Canada

WasteAway Recycling and Environmental Inc.

Kitchener
Canada

WDS Windsor Disposal Services Ltd

Windsor
Canada

ALABAMA DUMPSTER SERVICE, L.L.C.

Montgomery
United States of America

American Waste, Inc.

P.O. Box 1030

Kalkaska

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GFL Environmental Inc

United States of America

Bestway Disposal Services

United States of America

Country Waste of Virginia, LLC

United States of America

Excel Disposal LLC

United States of America

GFL Environmental Real Property, Inc.

United States of America

GFL Environmental Services USA, Inc.

United States of America

GFL Environmental USA Inc.

United States of America

GFL Everglades Holdings LLC

United States of America

Peoria Disposal Company

Peoria
United States of America

Soil Safe, Inc.

6700 Alexander Bell Drive

Columbia
United States of America

SPRINT WASTE SERVICES LP

Sugar Land
United States of America

WCA Waste Corp

7th Floor
Houston

Published: 24 Mar 2023 Page 8

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GFL Environmental Inc

United States of America

WCA Waste Systems, Inc.

United States of America

Wrangler Holdco Corp.

United States of America

Summarized Statement

GFL Environmental Inc, Annual Statements

Parameter Name Currency 2018 2019 2020 2021 2022

Income Statements
Total Revenue CAD 1852.59 3346.85 4196.20 5525.50 6761.30
Gross Profit CAD 170.80 310.15 190.10 527.60 797.60
Operating Income CAD -195.06 -122.75 -472.90 89.00 64.90
Net Income CAD -483.34 -451.65 -1102.40 -606.80 -311.80
Diluted Normalized EPS CAD -01.14 -00.91 -02.56 -01.79 -00.35

Balance Sheet
Total Current Assets CAD 681.15 1420.27 1028.20 1495.70 1383.10
Total Assets CAD 11071.63 12323.80 15730.00 18373.70 19767.60
Total Current Liabilities CAD 681.37 865.09 1193.30 1522.40 2692.10
Total Liabilities CAD 7879.02 9555.87 10050.70 12597.60 13730.40
Total Equity CAD 3192.61 2767.93 5679.30 5776.10 6037.20
Total Common Shares
CAD 326.42 326.42 326.36 338.29 343.44
Outstanding

Cash Flow
Cash from Operating
CAD 19.38 251.00 502.20 897.90 1096.30
Activities
Cash from Investing
CAD -7177.84 -1166.87 -4353.50 -2687.20 -1734.20
Activities
Cash from Financing
CAD 7151.79 1479.04 3338.30 1964.70 569.00
Activities
Net Change in Cash CAD 07.44 567.35 -547.60 163.20 -108.30

Detailed Statement

GFL Environmental Inc, Full Annual Statements

Parameter Name Currency 2018 2019 2020 2021 2022

Published: 24 Mar 2023 Page 9

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GFL Environmental Inc

Income Statements
Revenue CAD 1852.59 3346.85 4196.20 5525.50 6761.30
Cost of Revenue, Total CAD 1681.79 3036.70 4006.10 4997.90 5963.70
Selling/ General/
CAD 188.67 307.94 482.90 562.00 701.30
Admin. Expenses, Total
Depreciation/
CAD 09.29 23.07 25.50 29.90 29.10
Amortization
Unusual Expense
CAD 167.90 101.90 154.60 -153.30 02.30
(Income)
Total Operating Expense CAD 2047.65 3469.60 4669.10 5436.50 6696.40
Gain (Loss) on Sale of
CAD -04.63 -01.19 -04.60 -01.90 -04.70
Assets
Other, Net CAD -106.40 -51.82 -130.10 -87.60 -48.40
Net Income Before
CAD -624.25 -609.22 -1355.80 -712.80 -359.30
Taxes
Provision for Income
CAD -140.92 -157.57 -253.40 -106.00 -176.10
Taxes
Net Income After Taxes CAD -483.34 -451.65 -1102.40 -606.80 -183.20
Minority Interest CAD 00.00 00.00 00.00 00.00 -00.70
Net Income Before
CAD -483.34 -451.65 -1102.40 -606.80 -183.90
Extra. Items
Total Extraordinary
CAD 00.00 00.00 00.00 00.00 -127.90
Items
Income Available to
CAD -483.34 -451.65 -1102.40 -606.80 -183.90
Com Excl ExtraOrd
Income Available to
CAD -483.34 -451.65 -1102.40 -606.80 -311.80
Com Incl ExtraOrd
Diluted Net Income CAD -483.34 -451.65 -1102.40 -606.80 -311.80
Diluted Weighted
CAD 326.42 326.42 360.38 361.57 367.17
Average Shares
Diluted EPS Excluding
CAD -01.48 -01.38 -03.06 -01.68 -00.50
ExtraOrd Items
DPS - Common Stock
CAD 00.00 00.00 00.05 00.06 00.07
Primary Issue

Balance Sheet
Cash CAD 07.45 574.80 27.20 190.40 82.10
Cash and Short Term
CAD 07.45 574.80 27.20 190.40 82.10
Investments
Accounts Receivable -
CAD 574.73 713.36 867.30 1134.70 1118.10
Trade, Net
Total Receivables, Net CAD 574.73 713.36 867.30 1134.70 1118.10
Total Inventory CAD 42.39 50.51 57.40 82.00 84.20
Prepaid Expenses CAD 56.58 81.61 76.30 88.60 98.70

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GFL Environmental Inc

Other Current Assets,

CAD 00.00 00.00 00.00 00.00 00.00
Total
Property/ Plant/
Equipment, Total - CAD 2576.09 3431.77 6190.00 7918.00 9405.40
Gross
Accumulated
CAD -139.75 -581.70 -1115.20 -1907.40 -2865.10
Depreciation, Total
Property/ Plant/
CAD 2436.35 2850.06 5074.80 6010.60 6540.30
Equipment, Total - Net
Goodwill, Net CAD 4979.30 5173.78 6500.40 7501.10 8182.40
Intangibles, Net CAD 2940.30 2848.02 3093.40 3330.00 3245.00
Long Term Investments CAD 00.00 00.00 00.00 00.00 326.60
Note Receivable - Long
CAD 01.20 00.00 00.00 00.00 00.00
Term
Other Long Term
CAD 33.34 31.67 33.20 36.30 90.20
Assets, Total
Payable/ Accrued CAD 606.24 732.04 1014.80 1319.70 1557.70
Notes Payable/ Short
CAD 00.00 00.00 00.00 00.00 00.00
Term Debt
Current Port. of LT
CAD 53.66 97.54 42.10 68.10 69.40
Debt/ Capital Leases
Other Current liabilities,
CAD 21.48 35.51 136.40 134.60 1065.00
Total
Long Term Debt CAD 6235.00 7560.66 6161.50 7961.80 9248.90
Capital Lease
CAD 00.00 158.87 153.70 257.40 327.30
Obligations
Total Long Term Debt CAD 6235.00 7719.53 6315.20 8219.20 9576.20
Total Debt CAD 6288.66 7817.07 6357.30 8287.30 9645.60
Deferred Income Tax CAD 759.14 733.79 466.00 723.90 582.60
Minority Interest CAD 00.00 00.00 00.00 00.00 06.90
Other Liabilities, Total CAD 203.50 237.47 2076.20 2132.10 872.60
Common Stock, Total CAD 3470.36 3524.53 7644.80 8462.90 8640.30
Additional Paid-In
CAD 01.96 16.44 54.30 77.40 109.60
Capital
Retained Earnings
CAD -318.66 -770.32 -1778.30 -2510.50 -2843.00
(Accumulated Deficit)
Other Equity, Total CAD 38.96 -02.73 -241.50 -253.70 130.30
Total Liabilities &
CAD 11071.63 12323.80 15730.00 18373.70 19767.60
Shareholders' Equity
Total Preferred Shares
CAD 00.00 00.00 00.00 36.77 36.77
Outstanding

Cash Flow
Net Income/ Starting
CAD -483.34 -451.65 -994.90 -606.80 -311.10
Line

Published: 24 Mar 2023 Page 11

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GFL Environmental Inc

Depreciation/ Depletion CAD 244.52 465.34 810.60 876.90 1000.90

Amortization CAD 168.41 334.12 427.00 461.20 516.80
Deferred Taxes CAD -143.99 -160.64 -362.20 -129.90 -175.60
Non-Cash Items CAD 232.14 158.15 633.90 681.30 617.90
Changes in Working
CAD 01.65 -94.32 -12.20 -384.80 -552.60
Capital
Capital Expenditures CAD -212.54 -457.79 -428.30 -647.20 -780.10
Other Investing Cash
CAD -6965.30 -709.08 -3925.20 -2040.00 -954.10
Flow Items, Total
Financing Cash Flow
CAD -106.09 -20.69 934.80 -54.20 -21.20
Items
Total Cash Dividends
CAD 00.00 00.00 -13.10 -17.90 -20.70
Paid
Issuance (Retirement) of
CAD 3587.07 -05.76 4041.90 372.50 00.00
Stock, Net
Issuance (Retirement) of
CAD 3670.81 1505.49 -1625.30 1664.30 610.90
Debt, Net
Foreign Exchange
CAD 14.09 04.19 -34.60 -12.20 -39.40
Effects
Cash Interest Paid CAD 106.09 00.00 41.00 321.20 417.90
Cash Taxes Paid CAD -03.34 00.26 -04.30 11.00 24.40

Summarized Interim Statement

GFL Environmental Inc, Summarized Interim Statements

Mar-2022 Jun-2022 (3 Sep-2022 (3 Dec-2022 (3

Income Statements Currency
(3 Months) Months) Months) Months)
Total Revenue CAD 1401.40 1707.50 1831.20 1821.20
Gross Profit CAD 135.80 225.50 239.30 197.00
Operating Income CAD -20.40 38.00 46.80 00.50
Net Income CAD 27.40 64.30 -183.50 -220.00
Diluted Normalized
CAD 00.39 00.27 -00.46 -00.54
EPS

Balance Sheet
Total Current Assets CAD 1758.80 1519.00 1637.90 1383.10
Total Assets CAD 17942.50 19112.00 20014.40 19767.60
Total Current
CAD 2443.00 2401.50 2546.60 2692.10
Liabilities
Total Liabilities CAD 12244.00 12967.80 13698.80 13730.40
Total Equity CAD 5698.50 6144.20 6315.60 6037.20
Total Common
CAD 338.30 342.87 343.40 343.44
Shares Outstanding

Published: 24 Mar 2023 Page 12

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GFL Environmental Inc

Cash Flow
Cash from Operating
CAD 176.00 407.20 693.30 1096.30
Activities
Cash from Investing
CAD -190.60 -995.20 -1329.90 -1734.20
Activities
Cash from Financing
CAD 19.60 651.80 719.50 569.00
Activities
Net Change in Cash CAD -01.10 40.20 47.00 -108.30

Detailed Interim Statement

GFL Environmental Inc, Detailed Interim Statement

Mar-2022 Jun-2022 Sep-2022 Dec-2022

Income Statements Currency
(3 Months) (3 Months) (3 Months) (3 Months)
Revenue CAD 1401.40 1707.50 1831.20 1821.20
Cost of Revenue, Total CAD 1265.60 1482.00 1591.90 1624.20
Selling/ General/
CAD 154.80 171.00 180.40 195.10
Admin. Expenses, Total
Depreciation/
CAD 07.90 07.40 07.10 06.70
Amortization
Unusual Expense
CAD -06.50 09.10 05.00 -05.30
(Income)
Total Operating
CAD 1421.80 1669.50 1784.40 1820.70
Expense
Gain (Loss) on Sale of
CAD 01.80 02.60 05.70 -14.80
Assets
Other, Net CAD -11.70 -09.90 -13.70 -13.10
Net Income Before
CAD 115.20 34.70 -259.50 -249.70
Taxes
Provision for Income
CAD -21.80 -47.90 -75.80 -30.60
Taxes
Net Income After Taxes CAD 137.00 82.60 -183.70 -219.10
Minority Interest CAD 00.00 00.00 00.20 -00.90
Net Income Before
CAD 137.00 82.60 -183.50 -220.00
Extra. Items
Total Extraordinary
CAD -109.60 -18.30 00.00 00.00
Items
Income Available to
CAD 137.00 82.60 -183.50 -220.00
Com Excl ExtraOrd
Income Available to
CAD 27.40 64.30 -183.50 -220.00
Com Incl ExtraOrd
Diluted Net Income CAD 27.40 64.30 -183.50 -220.00
Diluted Weighted CAD 366.55 368.71 368.63 369.12

Published: 24 Mar 2023 Page 13

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GFL Environmental Inc

Average Shares
Diluted EPS Excluding
CAD 00.37 00.22 -00.50 -00.60
ExtraOrd Items
DPS - Common Stock
CAD 00.02 00.02 00.02 00.02
Primary Issue

Balance Sheet
Cash CAD 189.30 230.60 237.40 82.10
Cash and Short Term
CAD 189.30 230.60 237.40 82.10
Investments
Accounts Receivable -
CAD 844.60 1093.60 1211.50 1118.10
Trade, Net
Total Receivables, Net CAD 844.60 1093.60 1211.50 1118.10
Prepaid Expenses CAD 152.60 194.80 189.00 182.90
Other Current Assets,
CAD 572.30 00.00 00.00 00.00
Total
Property/ Plant/
Equipment, Total - CAD 7659.50 8339.40 9184.00 9405.40
Gross
Accumulated
CAD -2003.30 -2292.30 -2645.20 -2865.10
Depreciation, Total
Property/ Plant/
CAD 5656.20 6047.10 6538.80 6540.30
Equipment, Total - Net
Goodwill, Net CAD 7295.90 7814.10 8184.90 8182.40
Intangibles, Net CAD 3174.40 3395.30 3290.60 3245.00
Long Term Investments CAD 21.30 298.00 321.60 326.60
Other Long Term
CAD 35.90 38.50 40.60 90.20
Assets, Total
Payable/ Accrued CAD 1119.00 1371.90 1496.00 1557.70
Notes Payable/ Short
CAD 00.00 00.00 00.00 00.00
Term Debt
Current Port. of LT
CAD 63.90 66.80 69.50 69.40
Debt/ Capital Leases
Other Current liabilities,
CAD 1260.10 962.80 981.10 1065.00
Total
Long Term Debt CAD 8000.10 8773.00 9358.50 9248.90
Capital Lease
CAD 285.40 288.30 337.10 327.30
Obligations
Total Long Term Debt CAD 8285.50 9061.30 9695.60 9576.20
Total Debt CAD 8349.40 9128.10 9765.10 9645.60
Deferred Income Tax CAD 653.40 646.80 593.30 582.60
Minority Interest CAD 00.00 00.00 06.00 06.90
Other Liabilities, Total CAD 862.10 858.20 857.30 872.60
Common Stock, Total CAD 8463.20 8621.20 8638.80 8640.30

Published: 24 Mar 2023 Page 14

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GFL Environmental Inc

Additional Paid-In
CAD 90.60 99.70 96.00 109.60
Capital
Retained Earnings
CAD -2487.80 -2428.50 -2617.40 -2843.00
(Accumulated Deficit)
Other Equity, Total CAD -367.50 -148.20 198.20 130.30
Total Liabilities &
CAD 17942.50 19112.00 20014.40 19767.60
Shareholders' Equity
Total Preferred Shares
CAD 36.77 36.77 36.77 36.77
Outstanding

Cash Flow
Net Income/ Starting
CAD 27.40 91.70 91.70 -311.10
Line
Depreciation/ Depletion CAD 229.30 468.00 468.00 1000.90
Amortization CAD 125.70 259.10 259.10 516.80
Deferred Taxes CAD -30.60 -82.50 -82.50 -175.60
Non-Cash Items CAD -06.00 43.60 43.60 617.90
Changes in Working
CAD -169.80 -372.70 -372.70 -552.60
Capital
Capital Expenditures CAD -203.20 -332.20 -332.20 -780.10
Other Investing Cash
CAD 12.60 -663.00 -663.00 -954.10
Flow Items, Total
Financing Cash Flow
CAD -10.30 -12.10 -12.10 -21.20
Items
Total Cash Dividends
CAD -04.70 -09.70 -09.70 -20.70
Paid
Issuance (Retirement) of
CAD 00.00 00.00 00.00 00.00
Stock, Net
Issuance (Retirement) of
CAD 34.60 673.60 673.60 610.90
Debt, Net
Foreign Exchange
CAD -06.10 -23.60 -23.60 -39.40
Effects
Cash Interest Paid CAD 97.00 186.90 186.90 417.90
Cash Taxes Paid CAD 00.40 19.50 19.50 24.40

Interim Ratios

GFL Environmental Inc, Interim Ratios

June
March September December
Key Ratios Unit/Currency - Ratio Type
- 2022 - 2022 - 2022
2022
EPS (Earnings Equity
CAD 00.37 00.22 -00.50 -00.60
per Share) Ratios
Dividend per CAD 00.02 00.02 00.02 00.02 Equity

Published: 24 Mar 2023 Page 15

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GFL Environmental Inc

Share Ratios
Book Value per Equity
CAD 16.84 17.92 18.39 17.58
Share Ratios
Profitability
Gross Margin % 09.69 13.21 13.07 10.82
Ratios
Profitability
Operating Margin % -01.46 02.23 02.56 00.03
Ratios
Profitability
Net Profit Margin % 01.96 03.77 -10.02 -12.08
Ratios
Profitability
Profit Markup % 10.73 15.22 15.03 12.13
Ratios
PBT Margin
Profitability
(Profit Before % 08.22 02.03 -14.17 -13.71
Ratios
Tax)
Operating Costs
% 101.46 97.78 97.44 99.97 Cost Ratios
(% of Sales)
Administration
Costs (% of % 11.05 10.02 09.85 10.71 Cost Ratios
Sales)
Liquidity
Current Ratio Absolute 00.72 00.63 00.64 00.51
Ratios
Liquidity
Quick Ratio Absolute 00.72 00.63 00.64 00.51
Ratios
Debt to Equity Leverage
Absolute 01.47 01.49 01.55 01.60
Ratio Ratios
Net Debt to Leverage
Absolute 01.50 01.52 01.58 01.61
Equity Ratios
Debt to Capital Leverage
Absolute 00.54 00.55 00.56 00.57
Ratio Ratios
Source : GlobalData Research analysis / © GlobalData Research

Annual Ratios

GFL Environmental Inc, Annual Ratios

Ratio Type Key Ratios Unit/Currency 2022 2021 2020 2019 2018
Growth
Sales Growth % 22.37 31.68 25.38 80.66 38.97
Ratios
Operating
Growth -
Income % -27.08 118.82 37.07 -731.05
Ratios 285.25
Growth
Growth EBITDA
% 10.90 86.62 13.00 210.61 -19.31
Ratios Growth
Growth Net Income -
% 48.62 44.96 06.56 -378.64
Ratios Growth 144.08
Growth EPS Growth % 80.70 30.07 - 19.75 -357.99

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GFL Environmental Inc

Ratios 180.49
Working
Growth - -
Capital % 4802.62 -83.83 -100.37
Ratios 129.74 246846.67
Growth
Equity EPS (Earnings
CAD -00.35 -01.79 -02.56 -00.91 -01.14
Ratios per Share)
Equity Dividend per
CAD 00.07 00.06 00.05 00.00 00.00
Ratios Share
Equity Dividend
Absolute -05.31 -32.20 -50.27 00.00 00.00
Ratios Cover
Equity Book Value
CAD 17.58 17.07 17.40 08.48 09.78
Ratios per Share
Equity Cash Value per
CAD 00.24 00.56 00.08 01.76 00.02
Ratios Share
Profitability
Gross Margin % 11.80 09.55 04.53 09.27 09.22
Ratios
Profitability Operating
% 00.96 01.61 -11.27 -03.67 -10.53
Ratios Margin
Profitability Net Profit
% -04.61 -10.98 -26.27 -13.49 -26.09
Ratios Margin
Profitability
Profit Markup % 13.37 10.56 04.75 10.21 10.16
Ratios
PBT Margin
Profitability
(Profit Before % -05.31 -12.90 -32.31 -18.20 -33.70
Ratios
Tax)
Profitability Return on
% -05.16 -10.51 -19.41 -16.32 -15.14
Ratios Equity
Return on
Profitability
Capital % 00.38 00.53 -03.25 -01.07 -01.88
Ratios
Employed
Profitability Return on
% -01.63 -03.56 -07.86 -03.86 -06.66
Ratios Assets
Profitability Return on
% 01.03 01.61 -11.93 -04.64 -11.32
Ratios Fixed Assets
Return on
Profitability -
Working % -04.96 286.43 -22.11 86694.67
Ratios 333.33
Capital
Operating
Cost Ratios Costs (% of % 99.04 98.39 111.27 103.67 110.53
Sales)
Administration
Cost Ratios Costs (% of % 10.37 10.17 11.51 09.20 10.18
Sales)
Liquidity
Current Ratio Absolute 00.51 00.98 00.86 01.64 01.00
Ratios
Liquidity Quick Ratio Absolute 00.48 00.93 00.81 01.58 00.94

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GFL Environmental Inc

Ratios
Liquidity
Cash Ratio Absolute 00.03 00.13 00.02 00.66 00.01
Ratios
Leverage Debt to Equity
Absolute 01.60 01.43 01.12 02.82 01.97
Ratios Ratio
Leverage Net Debt to
Absolute 01.58 01.40 01.11 02.62 01.97
Ratios Equity
Leverage Debt to Capital
Absolute 00.62 00.59 00.53 00.74 00.66
Ratios Ratio
Efficiency Asset
Absolute 00.35 00.32 00.30 00.29 00.26
Ratios Turnover
Efficiency Fixed Asset
Absolute 01.08 01.00 01.06 01.27 01.08
Ratios Turnover
Efficiency Inventory
Absolute 71.77 71.71 74.25 65.38 50.71
Ratios Turnover
Efficiency Current Asset
Absolute 04.70 04.38 03.43 03.19 03.43
Ratios Turnover
Capital
Efficiency
Employed Absolute 00.40 00.33 00.29 00.29 00.18
Ratios
Turnover
Working
Efficiency -
Capital Absolute -05.17 -25.42 06.03 -8233.74
Ratios 206.95
Turnover
Efficiency Revenue per
CAD 375627.78 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency Net Income
CAD -17322.22 00.00 00.00 00.00 00.00
Ratios per Employee
Efficiency
Capex to Sales % 11.54 11.71 10.21 13.68 11.47
Ratios
Efficiency
R&D to Sales % 00.00 00.00 00.00 00.00 00.00
Ratios
Source : GlobalData Research analysis / © GlobalData Research

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Published: 24 Mar 2023 Page 18

Extracted: 31 Mar 2023
GFL Environmental Inc

primary and secondary sources, whose accuracy we are not always in a position to
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Published: 24 Mar 2023 Page 19

Extracted: 31 Mar 2023