GFL Environmental Inc. (GFL) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 5, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the GFL Environmental Q1 Earnings Call. My name is Ruby and I will be moderator for today's call. [Operator Instructions]

I will now turn over to your host, Patrick Dovigi, Founder and CEO, to begin.

Patrick Dovigi

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

Luke Pelosi

Thank you, Patrick. Good morning, everyone and thank you for joining. We have filed our earnings press release, which includes important information. The press release is available on our website.

During this call, we will be making some forward-looking statements within the meaning of applicable Canadian and US securities laws, including statements regarding events or developments, that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set out in our filings with the Canadian and US securities regulators. Any forward-looking statement is not a guarantee of future performance and actual results may differ materially from those expressed or implied in the forward-looking statements.

These forward-looking statements speak only as of today's date and we do not assume any obligation to update these statements whether as a result of new information, future events and developments or otherwise. This call will include a discussion of certain non-IFRS measures, a reconciliation of these non-IFRS measures can be found in our filings with the Canadian and US securities regulators.

I will now turn the call back over to Patrick.

Patrick Dovigi

Thank you, Luke. Once again, we started this year with an impressive first quarter results that set us up for another exceptional year. The positive impacts of price, volume, acquisitions and portfolio rationalization are all surpassing our expectations and positioning us to continue to exceed our industry-leading growth objectives.

Organic revenue growth for the quarter was over 11% with double-digit growth in both our Solid Waste and Environmental Services segments. Solid Waste pricing accelerated to the mid-6s, the highest in our history and ahead of our own expectations. Our ability to adjust our pricing strategies to reflect the changing operational landscape in real time is a testament to both the quality of our business model and the capabilities of our team. We continue to see our opportunity for price and surcharges as we optimize our book of business, and we'll be focused on that for the rest of the year.