Waste Connections Inc
For the period ended May 17, 2024. Filed Apr 4, 2024.
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May 17, 2024 · Filed Apr 4, 2024
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Contents
CD&A Appendix
CD&A Appendix —Calculation of Actual Results for 2021 PSU Financial Performance Measures
As discussed above, the 2021 PSUs were subject to a three year performance period that ended December 31, 2023, with calculations made annually and prorated for the purpose of determining target achievement. The financial performance measures for the 2021 PSUs included: (i) adjusted free cash flow per share growth, and (ii) absolute improvement in ROIC. The calculation of our results for 2020 and 2023 for the adjusted free cash flow measure and the ROIC improvement measure are listed below.
ADJUSTED FREE CASH FLOW PER SHARE MEASURE (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
| · · · · 2020 · · · 2023 · | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Adjusted Free Cash Flow* | | | | $841.9 | | | | | $1,224.1 | | | ||
| | Diluted shares outstanding as of year-end | | | | | 263.7 | | | | | | 258.1 | | |
| | Adjusted free cash flow per share(1) | | | | $3.19 | | | | | $4.74 | | | ||
RETURN ON INVESTED CAPITAL MEASURE (IN MILLIONS, EXCEPT PERCENTAGES)
| · · · · 2020 · · · 2023 · | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Adjusted EBITDA* | | | | $1,662.0 | | | | | $2,523.0 | | | ||
| | Less: depreciation | | | | | (621.1) | | | | | | (845.6) | | |
| | Less: taxes(2) | | | | | (205.1) | | | | | | (375.7) | | |
| | Tax-effected EBITA | | | | | 835.8 | | | | | | 1,301.6 | | |
| | Average total capital(3) | | | | $10,867.7 | | | | | $14,047.1 | | | ||
| | Return on Invested capital(4) | | | 7.69% | | | 9.27% | | ||||||
Non-GAAP measures, as reconciled in our Annual Reports on Form 10-K for the fiscal years ended December 31, 2020, and 2023.
(1)
Adjusted free cash flow per share measure defined as compound annual growth rate of adjusted free cash flow divided by total diluted shares outstanding during the three-year period ended December 31, 2023, as adjusted.
(2)
Reflects effective tax rates for the full years 2020 and 2023, respectively.
(3)
Average total capital defined during each period as the average outstanding debt less cash plus equity, adjusted to reflect the timing of incremental debt associated with acquisitions late in the year. Outstanding debt includes long-term debt and current year debt, and cash includes restricted cash.
(4)
ROIC measure defined as absolute increase in ROIC during the three-year period ended December 31, 2023, as adjusted.
2024 Proxy • Waste Connections, Inc.53
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