| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income (loss) | |||||||||
566,681 | 547,154 | 577,420 | 247,321 | -94,694 | 233,327 | 117,970 | 94,357 | -196,136 | 82,169 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Loss on disposal of assets and impairments | |||||||||
-60,592 | -10,193 | -134,491 | -26,741 | -518,657 | -8,239 | - | - | - | - |
Depreciation | |||||||||
618,396 | 572,708 | 530,187 | 393,600 | 240,357 | 230,944 | 152,728 | 141,192 | 131,088 | 100,559 |
Restricted share expense | |||||||||
- | - | - | - | - | - | 2,004 | 2,034 | 2,107 | 1,977 |
Write-off of deferred financing costs | |||||||||
- | - | - | - | - | - | 1,240 | 11,726 | 0 | 0 |
Write-off of landfill development assets | |||||||||
- | - | - | - | - | - | 0 | 0 | 0 | 290 |
Accretion of landfill closure and post-closure costs | |||||||||
- | - | - | - | - | - | 5,655 | 5,240 | 5,071 | 3,827 |
Goodwill impairment | |||||||||
- | - | - | - | - | - | 0 | 0 | 360,557 | 0 |
Amortization of leases | |||||||||
24,099 | - | - | - | - | - | - | - | - | - |
Amortization of intangibles | |||||||||
125,522 | 107,779 | 102,297 | 70,312 | 29,077 | 27,000 | 62,929 | 53,585 | 49,559 | 34,673 |
Non-cash interest income | |||||||||
- | - | - | - | - | - | 0 | - | - | - |
Net (gain) loss on sale of capital assets | |||||||||
- | - | - | - | - | - | 7,793 | 592 | 3,412 | 414 |
Net (gain) loss on financial instruments | |||||||||
- | - | - | - | - | - | 4,282 | -1,725 | 4,984 | 5,493 |
Re-measurement gain on previously held equity investment | |||||||||
- | - | - | - | - | - | 0 | - | - | - |
Deferred income taxes, net of acquisitions | |||||||||
54,637 | 77,859 | -153,283 | 42,298 | -132,454 | 31,031 | 28,908 | 17,841 | 2,315 | 19,410 |
Amortization of landfill assets | |||||||||
- | - | - | - | - | - | 80,834 | 79,341 | 76,419 | 72,434 |
Amortization of debt issuance costs | |||||||||
5,001 | 4,158 | 4,341 | 4,847 | 3,097 | 3,085 | 3,436 | 5,665 | 6,035 | 4,672 |
Share-based compensation | |||||||||
42,671 | 43,803 | 39,361 | 44,772 | 20,318 | 18,446 | - | - | - | - |
Interest income on restricted investments | |||||||||
- | - | - | - | 428 | 446 | - | - | - | - |
Interest accretion | |||||||||
16,426 | 14,861 | 13,822 | 10,505 | 6,761 | 5,076 | - | - | - | - |
Excess tax benefit associated with equity-based compensation | |||||||||
- | - | - | 5,196 | 2,069 | 7,518 | - | - | - | - |
Payment of contingent consideration recorded in earnings | |||||||||
- | 11 | 10,012 | 493 | - | 1,074 | - | - | - | - |
Adjustments to contingent consideration | |||||||||
1,498 | 349 | 17,754 | -2,623 | -22,180 | -3,450 | - | - | - | - |
Other | |||||||||
2,240 | -943 | -1,611 | 1,598 | - | - | - | - | - | - |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||
Accounts receivable, net | |||||||||
22,933 | 37,724 | 38,934 | 5,252 | -17,348 | 22,168 | - | - | - | - |
Prepaid expenses and other current assets | |||||||||
-9,135 | -39,758 | 51,457 | 21,650 | 2,780 | 3,868 | - | - | - | - |
Accounts payable | |||||||||
71,147 | 16,135 | 50,012 | 54,219 | -16,674 | 10,173 | - | - | - | - |
Deferred revenue | |||||||||
19,156 | 17,916 | 4,205 | 8,016 | 4,377 | 8,571 | - | - | - | - |
Accrued liabilities | |||||||||
-24,039 | 1,314 | -15,002 | -70,041 | 8,217 | 4,985 | - | - | - | - |
Net loss from equity accounted investee | |||||||||
- | - | - | - | - | - | 148 | -41 | -96 | -118 |
Capping, closure and post-closure expenditures | |||||||||
-5,062 | -2,702 | -8,845 | -4,609 | -72 | - | - | - | - | - |
Other long-term liabilities | |||||||||
-20,140 | -3,258 | -10,708 | 4,143 | 141 | 2,724 | - | - | - | - |
Landfill closure and post-closure expenditures | |||||||||
- | - | - | - | - | - | -4,276 | -6,737 | -4,345 | -5,749 |
Changes in non-cash working capital items | |||||||||
- | - | - | - | - | - | -11,530 | 68,657 | 28,664 | 14,612 |
Net cash provided by operating activities | |||||||||
1,540,547 | 1,411,235 | 1,187,260 | 795,312 | 576,999 | 545,077 | 450,735 | 336,761 | 395,706 | 293,861 |
Cash flows from investing activities: | |||||||||
Payments for acquisitions, net of cash acquired | |||||||||
736,610 | 830,091 | 410,695 | 17,131 | 230,517 | 126,181 | 3,273 | 282,313 | 139,857 | 301,084 |
Cash acquired from acquisition | |||||||||
- | - | - | 70,769 | - | - | - | - | - | - |
Purchase of investment | |||||||||
- | - | - | - | - | - | 1,746 | 0 | - | - |
Restricted cash deposits | |||||||||
- | - | - | - | - | - | 22 | 24 | 18 | 52 |
Investment in other receivables | |||||||||
- | - | - | - | - | - | 134 | 148 | 0 | 0 |
Restricted cash withdrawals | |||||||||
- | - | - | - | - | - | - | 0 | 0 | 0 |
Proceeds from other receivables | |||||||||
- | - | - | - | - | - | 556 | 440 | 474 | 554 |
Funded landfill post-closure costs | |||||||||
- | - | - | - | - | - | 1,134 | 404 | 381 | 285 |
Capital expenditures for property and equipment | |||||||||
634,406 | 546,145 | 479,287 | 344,723 | 238,833 | 241,277 | 208,202 | 180,322 | 112,348 | 97,647 |
Capital expenditure for purchase of greenfield landfill site | |||||||||
31,683 | - | - | - | - | - | - | - | - | - |
Investment in noncontrolling interest | |||||||||
25,000 | - | - | - | - | - | - | - | - | - |
Purchase of landfill assets | |||||||||
- | - | - | - | - | - | 65,660 | 66,556 | 58,665 | 44,994 |
Proceeds from disposal of assets | |||||||||
3,566 | 5,385 | 28,432 | 4,604 | 2,883 | 9,421 | 21,183 | 2,761 | 5,925 | 3,001 |
Change in restricted investments, net of interest income | |||||||||
2,183 | - | - | - | 2,225 | 4,475 | - | - | - | - |
Other | |||||||||
-310 | 969 | -636 | 6,100 | 1,842 | 896 | - | - | - | - |
Proceeds from asset divestitures | |||||||||
- | - | - | - | - | - | - | 0 | 0 | 23,753 |
Investment in landfill development assets | |||||||||
- | - | - | - | - | - | 3,334 | 3,968 | 6,428 | 2,929 |
Net cash used in investing activities | |||||||||
-1,426,006 | -1,371,820 | -860,914 | -292,581 | -470,534 | -363,408 | -261,766 | -530,534 | -311,298 | -419,683 |
Cash flows from financing activities: | |||||||||
Proceeds from long-term debt | |||||||||
1,575,795 | 1,022,737 | 973,754 | 3,469,289 | 1,489,500 | 432,500 | 770,139 | 1,924,480 | 380,347 | 1,245,102 |
Payment of deferred financing costs | |||||||||
- | - | - | - | - | - | 4,762 | 17,315 | 4,811 | 16,226 |
Principal payments on notes payable and long-term debt | |||||||||
1,470,711 | 970,773 | 770,106 | 3,714,044 | 1,429,195 | 525,909 | 880,800 | 1,568,323 | 318,086 | 1,048,694 |
Payment of contingent consideration recorded at acquisition date | |||||||||
3,200 | 6,127 | 17,158 | 16,322 | 2,190 | 24,847 | - | - | - | - |
Change in book overdraft | |||||||||
-2,564 | -839 | 8,241 | -1,305 | -89 | -11 | - | - | - | - |
Proceeds from option and warrant exercises | |||||||||
- | - | - | - | 572 | 3,375 | - | - | - | - |
Excess tax benefit associated with equity-based compensation | |||||||||
- | - | - | 5,196 | 2,069 | 7,518 | - | - | - | - |
Proceeds from the exercise of stock options | |||||||||
- | - | - | - | - | - | 112 | 403 | 2,385 | 4,261 |
Payments for repurchase of common shares | |||||||||
- | 58,928 | - | - | 91,165 | 7,317 | 14 | 65,633 | 79,326 | - |
Payments for cash dividends | |||||||||
175,067 | 152,550 | 131,975 | 92,547 | 65,990 | 58,906 | - | - | - | - |
Tax withholdings related to net share settlements of equity-based compensation | |||||||||
17,660 | 15,032 | 13,994 | 11,497 | 6,447 | 6,814 | - | - | - | - |
Distributions to noncontrolling interests | |||||||||
- | - | - | - | - | 371 | - | - | - | - |
Debt issuance costs | |||||||||
5,953 | 8,630 | 3,667 | 13,506 | 6,867 | 125 | - | - | - | - |
Proceeds from sale of common shares held in trust | |||||||||
4,036 | 2,667 | 10,814 | 19,870 | - | - | - | 0 | 0 | -198 |
Other | |||||||||
-570 | -103 | 851 | -3 | -42 | - | - | - | - | - |
Net cash provided by (used in) financing activities | |||||||||
-95,894 | -187,578 | 56,760 | -354,869 | -109,844 | -180,907 | -183,512 | 209,593 | -84,795 | 134,227 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | |||||||||
608 | -1,290 | 1,795 | -598 | - | - | -3,417 | -23 | 1,124 | 10 |
Net increase in cash, cash equivalents and restricted cash | |||||||||
19,255 | -149,453 | 384,901 | 147,264 | -3,379 | 762 | 2,040 | 15,797 | 737 | 8,415 |
Repurchase of common shares | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Purchase of restricted shares | |||||||||
- | - | - | - | - | - | 4,462 | 541 | 4,226 | 1,241 |
Dividends paid to share and participating preferred share holders | |||||||||
- | - | - | - | - | - | 63,725 | 63,478 | 61,078 | 48,777 |
Plus (less): change in cash held for sale | |||||||||
- | -192 | 150 | 42 | - | - | - | - | - | - |
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH TRANSACTIONS: | |||||||||
Cash paid for income taxes | |||||||||
81,049 | 52,464 | 155,532 | 69,589 | 102,279 | 116,239 | 35,429 | 53,531 | 49,509 | 21,226 |
Cash paid for interest | |||||||||
139,694 | 124,338 | 115,645 | 87,654 | 55,674 | 60,224 | 62,336 | 57,109 | 59,289 | 39,426 |
Changes in accrued capital expenditures for property and equipment | |||||||||
-7,528 | 1,825 | 10,447 | 24,871 | 3,648 | 3,255 | - | - | - | - |
Fair value of assets acquired | |||||||||
910,177 | 1,100,880 | 635,361 | 6,018,666 | 433,227 | 172,875 | - | - | - | - |
Cash and restricted cash acquired | |||||||||
- | - | - | 70,769 | - | - | - | - | - | - |
Fair value of operations exchanged | |||||||||
- | - | -81,097 | - | - | - | - | - | - | - |
Payments for acquisitions, net of cash acquired | |||||||||
736,610 | 830,091 | 410,695 | - | - | - | - | - | - | - |
Cash paid and common shares issued for acquisition | |||||||||
- | - | - | -3,520,293 | -230,517 | -126,181 | - | - | - | - |
Working capital settlements receivable | |||||||||
-5,272 | 8,507 | - | - | - | - | - | - | - | - |
Liabilities assumed and notes payable issued to sellers of businesses acquired | |||||||||
168,295 | 279,296 | 143,569 | 2,569,142 | 202,710 | 46,694 | - | - | - | - |
Non-cash consideration received for asset sales | |||||||||
- | - | 12,573 | - | - | - | - | - | - | - |