On this page of StockholderLetter.com we present the latest annual shareholder letter from Waste Connections, Inc. — ticker symbol WCN. Reading current and past WCN letters to shareholders can bring important insights into the investment thesis.
2024 AN N UAL REPO RT Excellence with Humility
AT A GLANCE Waste Connections Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial, and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. 2024 BY THE NUMBERS $8.920B Revenue 2.67x Year-End Leverage (Debt-to-EBITDA3) $617.6M Net Income1 $2.199B In Acquisition Outlays $2.902B Adjusted EBITDA 2 15% Improvement in Safety Scores +100 Adjusted EBITDA 2 Margin Expansion 26% Improvement in Employee Retention Basis Points 10.5% 1 2 3 4 Increase in Quarterly Per Share Dividend +15.7% Total Shareholder Return4 All references to Net income refer to the financial statement line item Net income attributable to Waste Connections. Non-GAAP measure. See Non-GAAP Measures on pages 75-77 of our Annual Report on Form 10-K for the year ended December 31, 2024. Leverage Ratio (total debt to EBITDA), a non-GAAP ratio, is used supplementally for the purpose of calculating financial covenants under our revolving credit agreement. Total Shareholder Return ( TSR ) defined as profit generated from all share appreciation and dividends. Source FactSet financial data and analytics and historical dividends. This 2024 Annual Report should be read together with our Annual Report on Form 10-K for the year ended December 31, 2024, including Item 1A Risk Factors.
$160 $140 $120 TO OUR SHAREHOLDERS $100 $80 $60 $40 $20 The0strength and consistency of operational 24,000 employees, who#"!"#$ make a difference every day. 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21#"#"#$ 22 23 execution resulting from continuous improvement in Waste Connections enters 2025 well-positioned for employee retention and safety metrics drove outsized another year of above-average growth, with ongoing financial results and positioned us for the successful momentum from continued execution on a solid 2024 was an extraordinary year at Waste Connections by any number of measures, including safety performance, employee engagement and retention, acquisition activity, financial results and, ultimately, value creation. completion and integration of record levels of private waste-focused playbook that has served to set us company acquisition activity. apart. We strive to replicate the superior results we have enjoyed while acknowledging the benefits from Coming into 2024, we emphasized the importance innovation and new ideas to ensure that we are even and interconnectivity of Relationships and Results, better positioned as we grow to $10 billion in revenue and we attribute our accomplishments to that and beyond. In 2025, we are focused on delivering renewed emphasis on human capital. We re proud Excellence with Humility. of these results and the leaders behind them who embody Waste Connections enduring operating values and who have driven an industry-leading track record of value creation over the past 27 years. We 2003 2008 For WCN shareholders, 2024 marked another year of positive returns, our 20th annual increase over the appreciate the dedication and commitment of our 1998 WCN Performance: Total Shareholder Return 2013 2018 2023 Historical Outperformance Since IPO WCN TSR4 VS. S&P 500 +7,665% TSR4 Since IPO in May 1998 WCN S&P 500 +765% 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Looking at Total Shareholder Returns, our long-term outperformance of sector and market indices has delivered returns of 7,665% since going public in May 1998. These results reflect our human capital focus and decentralized operating model, both of which continue to be core to our strategy to deliver differentiated results as we grow to $10 billion in revenue and beyond. 2024 ANNUAL REPORT 1
past 21 years, and we maintained our ten-year double- During the year, we increased our regular quarterly cash cash flow per share. The strength of our operating consecutive double-digit annual increase since digit compounded annual growth rate in adjusted free 2 performance and free cash flow generation continue to provide the flexibility for growth and return of capital to our shareholders. dividend by 10.5% to $0.315 per share, our fourteenth initiating our dividend. We also maintained optionality for opportunistic share repurchases through the renewal of our normal course issuer bid providing for the repurchase of up to 5% of our outstanding shares. Most notably, we deployed approximately $2.2 billion for acquisitions to expand our business, Looking at 2024 and maintaining flexibility in capital allocation. In 2024, we delivered double-digit growth in both two provinces in Canada, including: an E&P waste expansion from price-led organic solid waste growth, and collection acquisitions to expand our presence commodities and renewable natural gas generation dozen commercial franchise zones; a new market year to $8.92 billion and drove adjusted EBITDA 2 Northwest; and two additional West coast collection adjusted EBITDA 2 margins of 32.5% of revenue reflect while preserving the strength of our balance sheet We completed 24 acquisitions in 14 states and revenue and adjusted EBITDA, with outsized margin platform in Western Canada; solid waste transfer along with contributions from acquisitions, recycled in New York City, where we were awarded over a at our landfills. Revenue grew by 11.2% from the prior entry in Indiana; two recycling facilities in the Pacific up by 15.0% to $2.90 billion. Industry-leading franchises and tuck-ins across our footprint, which an increase of 100 basis points year over year. further solidified our market-leading positions. With acquisitions of approximately $750 million in In spite of record acquisition activity, our leverage levels of seller dialogue, 2025 is set up for continued ratio3, as defined in our revolving credit agreement, remained securely within our targeted range, ending 2024 at 2.67x. In 2024, we opportunistically accessed the Canadian debt capital markets with a $500 million inaugural Canadian dollar-denominated debt offering annualized revenue closed in 2024 and continued high above average acquisition contribution. Most importantly, we demonstrated improvements in safety, employee retention and engagement, all of which will continue to pay dividends in 2025 and beyond. to further diversify our funding sources. With year-end Relationships and Results: Our Renewed Focus on for continued execution of our growth strategy along us apart is our people and their accountability in liquidity of over $825 million, we remain well positioned Human Capital. We maintain that what truly sets with increased return of capital to our shareholders. a decentralized operating structure and servant FINANCIAL HIGHLIGHTS Revenue Adjusted EBITDA2 ($ in billions) $8.92 $7.21 $2.52 +11.2% $2.20 2 24 30.8% 31.5% +15.0% year-over-year 23 32.5% $2.90 $8.02 22 Adjusted EBITDA2 Margin ($ in billions) +100 basis points year-over-year year-over-year 22 23 24 22 23 24 WASTE CONNECTIONS
leadership culture. Following a renewed focus beginning on high-quality revenue growth from continued key areas: voluntary turnover and safety performance. acquisition contribution of approximately $300 million in 2023, we have seen continuous progress in the two Voluntary turnover declined by another 26% in 2024, bringing multi-year declines to 45%. As a result of this improvement, we have decreased the number of open headcount positions by over 50% from a high of over 7% in 2022 to our targeted level of approximately 3%. The benefits of optimizing headcount impact all areas of the business, from price retention and new volumes to employee morale and well-being, as we reduce reliance on overtime impacting people and equipment. To further our efforts, in 2024 we opened two commercial driver schools to train existing employees in other roles and expand the pipeline for new employees. We also partnered with a diesel solid waste price-led organic growth plus rollover already in place. This provides visibility for adjusted EBITDA 2 margin expansion of 50 - 80 basis points and underlying free cash flow conversion in line with recent levels. Further moderation in inflationary pressures, faster recovery in recycled commodity or renewable fuels values, and contribution from additional volume growth or acquisitions would provide upside. Excellence with Humility. At Waste Connections, we believe in core values that have been integral to our success and a key differentiator driving long-term, industry-leading shareholder value creation. In 2025, we're focused on delivering excellence with humility. technician academy to accelerate hiring in this We're sticking to a model that has served us well for employee dependents for training. acknowledging the benefits of innovation and new Highly correlated to turnover is Safety, our Number for the future. As we approach revenue of $10 billion area, including through the sponsorship of qualifying One Operating Value and the primary consideration in day-to-day decision making. Our application of technology relies on a behavioral approach to coaching and development driven by our local leaders. As such, along with the improvement in employee retention, we have seen a multi-year reduction of over 20% in safety incident rates, including a decrease of 15% in 2024, during which time approximately 65% of our locations showed year-over-year improvement or over 27 years and which guides us as we grow, while ideas to ensure that the company is well-positioned and beyond, we re humbled by the trust of many stakeholders, from the communities we have the privilege to serve to the private sellers entrusting us with their legacy. And we're most grateful for the dedication of our 24,000 employees who embody the enduring values of Waste Connections and whose efforts truly set us apart. As always, we thank you for your continuing support. recorded zero incidents. In fact, in late 2024, monthly incidents were down over 35% from 2022 levels in spite of a 13% increase in employees during that period. We are already seeing the benefits of increased retention in reduced overtime and reduced hours of service; in addition, we are seeing improvement in risk metrics as turnover declines. Looking Ahead to 2025 We are already positioned for outsized growth in 2025, along with continued momentum from our renewed focus on human capital and additional building blocks from acquisitions closed or anticipated to close by early 2025. Our framework for 2025 is built 2024 ANNUAL REPORT Ronald J. Mittelstaedt President and Chief Executive Officer Mary Anne Whitney Executive Vice President and Chief Financial Officer 3
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/6/2023 WCN Stockholder Letter
 • stockholder letter icon 4/4/2024 WCN Stockholder Letter
 • stockholder letter icon More "Waste Management" Category Stockholder Letters
 • Benford's Law Stocks icon WCN Benford's Law Stock Score = 78


WCN Shareholder/Stockholder Letter Transcript:

2024 AN N UAL REPO RT
Excellence with
Humility

AT A GLANCE
Waste Connections
Waste Connections is an integrated solid waste services company that provides non-hazardous
waste collection, transfer and disposal services, including by rail, along with resource recovery
primarily through recycling and renewable fuels generation. The Company serves approximately
nine million residential, commercial, and industrial customers in mostly exclusive and secondary
markets across 46 states in the U.S. and six provinces in Canada.
Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal
services in several basins across the U.S. and Canada, as well as intermodal services for the
movement of cargo and solid waste containers in the Pacific Northwest.
2024 BY THE NUMBERS
$8.920B
Revenue
2.67x
Year-End Leverage
(Debt-to-EBITDA3)
$617.6M
Net Income1
$2.199B
In Acquisition
Outlays
$2.902B
Adjusted EBITDA 2
15%
Improvement in
Safety Scores
+100
Adjusted
EBITDA 2 Margin
Expansion
26%
Improvement in
Employee Retention
Basis
Points
10.5%
1
2
3
4
Increase in
Quarterly Per
Share Dividend
+15.7%
Total Shareholder
Return4
All references to    Net income    refer to the financial statement line item    Net income attributable to Waste Connections.   
Non-GAAP measure. See Non-GAAP Measures on pages 75-77 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Leverage Ratio (total debt to EBITDA), a non-GAAP ratio, is used supplementally for the purpose of calculating financial covenants under our revolving credit agreement.
Total Shareholder Return (   TSR   ) defined as profit generated from all share appreciation and dividends. Source   FactSet financial data and analytics and historical dividends.
This 2024 Annual Report should be read together with our Annual Report on Form 10-K for the year ended December 31, 2024, including Item 1A   Risk Factors.





$160

$140

$120
TO OUR SHAREHOLDERS
$100

$80

$60
$40

$20
The0strength and consistency of operational
24,000 employees, who#"!"#$
make a difference every day.
   98    99    00    01    02    03    04    05    06    07    08    09    10    11    12    13    14    15    16    17    18    19    20    21#"#"#$
   22    23
execution resulting from continuous improvement in
Waste Connections enters 2025 well-positioned for
employee retention and safety metrics drove outsized
another year of above-average growth, with ongoing
financial results and positioned us for the successful
momentum from continued execution on a solid

2024 was an extraordinary year at Waste Connections by any number of
measures, including safety performance, employee engagement and retention,
acquisition activity, financial results and, ultimately, value creation.
completion and integration of record levels of private
waste-focused playbook that has served to set us
company acquisition activity.
apart. We strive to replicate the superior results we
have enjoyed while acknowledging the benefits from
Coming into 2024, we emphasized the importance
innovation and new ideas to ensure that we are even
and interconnectivity of Relationships and Results,
better positioned as we grow to $10 billion in revenue
and we attribute our accomplishments to that
and beyond. In 2025, we are focused on delivering
renewed emphasis on human capital. We   re proud
Excellence with Humility.
of these results and the leaders behind them who
embody Waste Connections    enduring operating
values and who have driven an industry-leading track
record of value creation over the past 27 years. We
2003
2008
For WCN shareholders, 2024 marked another year of
positive returns, our 20th annual increase over the
appreciate the dedication and commitment of our
1998
WCN Performance: Total Shareholder Return
2013
2018
2023
Historical Outperformance Since IPO
WCN TSR4 VS. S&P 500
+7,665%
TSR4 Since IPO
in May 1998
WCN
S&P 500
+765%
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
Looking at Total Shareholder Returns, our long-term outperformance of sector and market
indices has delivered returns of 7,665% since going public in May 1998. These results reflect our
human capital focus and decentralized operating model, both of which continue to be core to
our strategy to deliver differentiated results as we grow to $10 billion in revenue and beyond.
2024 ANNUAL REPORT
1

past 21 years, and we maintained our ten-year double-
During the year, we increased our regular quarterly cash
cash flow per share. The strength of our operating
consecutive double-digit annual increase since
digit compounded annual growth rate in adjusted free
2
performance and free cash flow generation continue
to provide the flexibility for growth and return of capital
to our shareholders.
dividend by 10.5% to $0.315 per share, our fourteenth
initiating our dividend. We also maintained optionality
for opportunistic share repurchases through the
renewal of our normal course issuer bid providing for the
repurchase of up to 5% of our outstanding shares.
Most notably, we deployed approximately $2.2
billion for acquisitions to expand our business,
Looking at 2024
and maintaining flexibility in capital allocation.
In 2024, we delivered double-digit growth in both
two provinces in Canada, including: an E&P waste
expansion from price-led organic solid waste growth,
and collection acquisitions to expand our presence
commodities and renewable natural gas generation
dozen commercial franchise zones; a new market
year to $8.92 billion and drove adjusted EBITDA 2
Northwest; and two additional West coast collection
adjusted EBITDA 2 margins of 32.5% of revenue reflect
while preserving the strength of our balance sheet
We completed 24 acquisitions in 14 states and
revenue and adjusted EBITDA, with outsized margin
platform in Western Canada; solid waste transfer
along with contributions from acquisitions, recycled
in New York City, where we were awarded over a
at our landfills. Revenue grew by 11.2% from the prior
entry in Indiana; two recycling facilities in the Pacific
up by 15.0% to $2.90 billion. Industry-leading
franchises and tuck-ins across our footprint, which
an increase of 100 basis points year over year.
further solidified our market-leading positions.
With acquisitions of approximately $750 million in
In spite of record acquisition activity, our leverage
levels of seller dialogue, 2025 is set up for continued
ratio3, as defined in our revolving credit agreement,
remained securely within our targeted range, ending
2024 at 2.67x. In 2024, we opportunistically accessed
the Canadian debt capital markets with a $500 million
inaugural Canadian dollar-denominated debt offering
annualized revenue closed in 2024 and continued high
above average acquisition contribution. Most
importantly, we demonstrated improvements in safety,
employee retention and engagement, all of which will
continue to pay dividends in 2025 and beyond.
to further diversify our funding sources. With year-end
Relationships and Results: Our Renewed Focus on
for continued execution of our growth strategy along
us apart is our people and their accountability in
liquidity of over $825 million, we remain well positioned
Human Capital. We maintain that what truly sets
with increased return of capital to our shareholders.
a decentralized operating structure and servant
FINANCIAL HIGHLIGHTS
Revenue
Adjusted EBITDA2
($ in billions)
$8.92
$7.21
$2.52
+11.2%
$2.20
2
   24
30.8%
31.5%
+15.0%
year-over-year
   23
32.5%
$2.90
$8.02
   22
Adjusted EBITDA2 Margin
($ in billions)
+100
basis
points
year-over-year
year-over-year
   22
   23
   24
   22
   23
   24
WASTE CONNECTIONS

leadership culture. Following a renewed focus beginning
on high-quality revenue growth from continued
key areas: voluntary turnover and safety performance.
acquisition contribution of approximately $300 million
in 2023, we have seen continuous progress in the two
Voluntary turnover declined by another 26% in 2024,
bringing multi-year declines to 45%. As a result of this
improvement, we have decreased the number of
open headcount positions by over 50% from a high of
over 7% in 2022 to our targeted level of approximately
3%. The benefits of optimizing headcount impact all
areas of the business, from price retention and new
volumes to employee morale and well-being, as we
reduce reliance on overtime impacting people and
equipment. To further our efforts, in 2024 we opened
two commercial driver schools to train existing
employees in other roles and expand the pipeline
for new employees. We also partnered with a diesel
solid waste price-led organic growth plus rollover
already in place. This provides visibility for adjusted
EBITDA 2 margin expansion of 50 - 80 basis points and
underlying free cash flow conversion in line with recent
levels. Further moderation in inflationary pressures,
faster recovery in recycled commodity or renewable
fuels values, and contribution from additional volume
growth or acquisitions would provide upside.
Excellence with Humility. At Waste Connections, we
believe in core values that have been integral to our
success and a key differentiator driving long-term,
industry-leading shareholder value creation. In 2025,
we're focused on delivering excellence with humility.
technician academy to accelerate hiring in this
We're sticking to a model that has served us well for
employee dependents for training.
acknowledging the benefits of innovation and new
Highly correlated to turnover is Safety, our Number
for the future. As we approach revenue of $10 billion
area, including through the sponsorship of qualifying
One Operating Value and the primary consideration
in day-to-day decision making. Our application
of technology relies on a behavioral approach to
coaching and development driven by our local leaders.
As such, along with the improvement in employee
retention, we have seen a multi-year reduction of over
20% in safety incident rates, including a decrease of
15% in 2024, during which time approximately 65% of
our locations showed year-over-year improvement or
over 27 years and which guides us as we grow, while
ideas to ensure that the company is well-positioned
and beyond, we   re humbled by the trust of many
stakeholders, from the communities we have the
privilege to serve to the private sellers entrusting
us with their legacy. And we're most grateful for the
dedication of our 24,000 employees who embody the
enduring values of Waste Connections and whose
efforts truly set us apart.
As always, we thank you for your continuing support.
recorded zero incidents. In fact, in late 2024, monthly
incidents were down over 35% from 2022 levels in spite
of a 13% increase in employees during that period. We
are already seeing the benefits of increased retention
in reduced overtime and reduced hours of service; in
addition, we are seeing improvement in risk metrics as
turnover declines.
Looking Ahead to 2025
We are already positioned for outsized growth in 2025,
along with continued momentum from our renewed
focus on human capital and additional building
blocks from acquisitions closed or anticipated to
close by early 2025. Our framework for 2025 is built
2024 ANNUAL REPORT
Ronald J. Mittelstaedt
President and
Chief Executive Officer
Mary Anne Whitney
Executive Vice President and
Chief Financial Officer
3



shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 

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