Gfl Environmental Stock Price, News & Analysis

GFL Environmental Inc. Subordinate Voting Shares (NYSE: GFL, TSX: GFL) represent ownership in GFL Environmental Inc., a diversified environmental services company. According to company disclosures, GFL is the fourth largest diversified environmental services company in North America, with operations across Canada and in 18 U.S. states. The company is headquartered in Vaughan, Ontario and focuses on solid waste management and related environmental services.

Based on available information, GFL’s core activities are in non-hazardous solid waste management and broader environmental services. The company states that its offerings include non-hazardous solid waste management, infrastructure, soil remediation and liquid waste management services. Its solid waste management business line, which the company indicates generates the majority of its revenue, consists of the collection, transportation, transfer, recycling and disposal of non-hazardous solid waste. GFL’s environmental services business line includes liquid waste and soil remediation.

GFL reports that it operates through a platform of facilities throughout Canada and in 18 U.S. states. Public information indicates that the company organizes its activities geographically between Canada and the United States and that it derives a majority of its revenue from the United States. Across its organization, GFL has disclosed a workforce of more than 15,000 employees, supporting its network of solid waste management and environmental services operations.

The company’s public communications emphasize its role as a diversified environmental services provider. Within solid waste management, GFL’s activities include collection, transportation, transfer, recycling and disposal of non-hazardous solid waste. Within its environmental services business, the company highlights liquid waste management and soil remediation. This mix of business lines positions GFL within the broader administrative and support and waste management and remediation services sector, with a specific industry focus on solid waste and landfill-related services.

GFL’s shares are listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol GFL. The company has disclosed that it pays cash dividends on its subordinate voting shares and multiple voting shares, and that it has undertaken share repurchase activity under a normal course issuer bid. In addition, GFL has used debt capital markets, including private offerings of senior notes, as part of its capital structure.

GFL has also reported involvement in infrastructure-related activities through its investment in Green Infrastructure Partners (GIP), described in company news as a vertically integrated infrastructure company. GFL has discussed using proceeds from transactions related to GIP for general corporate purposes, including balance sheet deleveraging, growth strategies and share repurchases, while retaining a meaningful equity interest in GIP.

According to its filings as a foreign private issuer, GFL reports to the U.S. Securities and Exchange Commission on Form 40-F and furnishes current reports on Form 6-K. The company has also noted that it completed a vertical short-form amalgamation with certain wholly owned subsidiaries under the Business Corporations Act (Ontario) to simplify its corporate structure, with no change to its share capital and no impact on its business or operations.

Business model and operations

Public information indicates that GFL’s business model is centered on providing environmental services through two main lines of business: solid waste management and environmental services. In solid waste management, the company states that it focuses on non-hazardous solid waste and performs collection, transportation, transfer, recycling and disposal. In environmental services, GFL highlights liquid waste management and soil remediation.

The company’s geographic footprint spans Canada and 18 U.S. states, and it reports that a majority of its revenue is generated in the United States. This cross-border presence is supported by a workforce of more than 15,000 employees and a platform of facilities that enable the company to deliver its services across multiple jurisdictions.

Capital markets profile

GFL’s subordinate voting shares trade on the NYSE and TSX under the ticker GFL. The company has announced cash dividends on its subordinate voting and multiple voting shares and has designated these dividends as eligible dividends for Canadian tax purposes. GFL has also disclosed share repurchases representing a portion of its issued and outstanding subordinate voting shares.

On the debt side, GFL has announced private offerings of senior notes issued by a U.S. wholly owned subsidiary and guaranteed by GFL and certain other subsidiaries. The company has indicated that proceeds from such offerings are intended for repayment of amounts drawn on its revolving credit facility and for general corporate purposes, with an objective of maintaining leverage in a specified range.

Regulatory reporting

As a foreign private issuer, GFL files annual reports on Form 40-F and furnishes interim and event-driven information on Form 6-K with the U.S. Securities and Exchange Commission. The company’s 6-K filings have included press releases related to earnings results, guidance, dividends, capital markets transactions, and corporate structure changes, as well as unaudited interim condensed consolidated financial statements and management’s discussion and analysis.

Position in the environmental services sector

Within the administrative and support and waste management and remediation services sector, GFL identifies itself as a diversified environmental services company with a focus on solid waste management and environmental services. The company’s description as the fourth largest diversified environmental services company in North America, together with its presence across Canada and multiple U.S. states, underscores its scale within this sector. Its activities in non-hazardous solid waste management, liquid waste management and soil remediation place it within the solid waste landfill and related environmental services industry.

FAQs about GFL Environmental Inc. (GFL)

• What does GFL Environmental Inc. do?
  GFL Environmental Inc. describes itself as a diversified environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation and liquid waste management services. The company’s solid waste management business includes the collection, transportation, transfer, recycling and disposal of non-hazardous solid waste, while its environmental services business includes liquid waste and soil remediation.
• Where is GFL Environmental Inc. headquartered?
  GFL states that it is headquartered in Vaughan, Ontario. The company also notes that it operates through a platform of facilities throughout Canada and in 18 U.S. states.
• On which exchanges does GFL trade and under what symbol?
  GFL Environmental Inc.’s subordinate voting shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol GFL.
• What are GFL’s main business lines?
  According to company disclosures, GFL’s main business lines are solid waste management and environmental services. The solid waste management business line focuses on non-hazardous solid waste and includes collection, transportation, transfer, recycling and disposal. The environmental services business line includes liquid waste management and soil remediation.
• In which regions does GFL operate?
  GFL reports that it provides solid waste management services through a platform of facilities throughout Canada and in 18 U.S. states. The company also indicates that its geographical segments are Canada and the United States and that it derives the majority of its revenue from the United States.
• How many employees does GFL have?
  GFL has disclosed that it has a workforce of more than 15,000 employees across its organization, supporting its environmental services operations in Canada and the United States.
• Does GFL pay dividends on its shares?
  Yes. GFL has announced cash dividends on its outstanding subordinate voting shares and multiple voting shares. The company has designated these dividends as eligible dividends within the meaning of the Income Tax Act (Canada).
• What types of debt or financing has GFL used?
  Public announcements indicate that GFL has used private offerings of senior notes issued by a U.S. wholly owned subsidiary and guaranteed by GFL and certain other subsidiaries. The company has stated that it intends to use proceeds from such offerings to repay amounts drawn on its revolving credit facility and for general corporate purposes.
• How does GFL describe its position in the environmental services market?
  GFL describes itself as the fourth largest diversified environmental services company in North America. It highlights its comprehensive line of solid waste management services and its platform of facilities throughout Canada and in 18 U.S. states.
• What is GFL’s relationship with Green Infrastructure Partners (GIP)?
  GFL has reported that Green Infrastructure Partners is a vertically integrated infrastructure company established by GFL, funds managed by HPS Investment Partners and Patrick Dovigi. GFL has disclosed that it holds a minority equity interest in GIP and that it has received proceeds from a recapitalization transaction involving GIP, which it intends to use for general corporate purposes.