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All financial information is in Canadian dollars.

• Quarterly overview: GFL outperformed expectations on several key metrics during the second quarter despite slightly lower fuel surcharge revenues and worse commodity prices than initially expected. During Thursday’s earnings call, executives touted improving margins and strong pricing growth that is ahead of expectations, as well as positive impacts from GFL’s M&A activity. 
• Leveraged buyout: CEO Patrick Dovigi confirmed reports from earlier this month indicating that GFL's board had convened a special committee to weigh offers from private capital to take the company private. He said the interest “completely vindicated” executives’ growth strategy for GFL, adding: "Some of the smartest and largest institutions in the world that have the biggest pockets of capital believe this company is undervalued." 
• Future plans: Dovigi said options remain on the table, and executives still are weighing the relative benefits a leveraged buyout would have for current shareholders. He still believes he can double the size of GFL in the next five to 10 years with the right capital support. "The real question is, privately, can you just do things faster that you couldn't necessarily do in the public markets as quickly?" Dovigi was also asked about his long-term plans as the company weighs offers. He said he planned to roll his equity into any deal and has no plans to step away from the company, saying he would stay “as long as I continue to see opportunity, or if people tell me to leave.” 
• Secure Waste update: GFL is still targeting Oct. 1 as the closing date for its acquisition of Secure Waste Infrastructure. The deal partners are still waiting for approval from Canada’s Competition Bureau. Secure posted its second quarter results on Wednesday; the company logged revenue up 19% year over year and adjusted EBITDA up 20% year over year.
• Volume and pricing: Core price was 6.1%, ahead of expectations. Although volumes were down 0.6% year over year, that’s still better than expected, Dovigi said. Extended producer responsibility benefits and work delayed by winter weather contributed to the upside. External special waste and C&D volumes were down 10% year over year, CFO Luke Pelosi said on the call.   
• Debt updates: The company’s net leverage was up to 3.9x, incorporating the exchange rate. That’s higher than the previous quarter due in part to foreign currency translation and the effects of M&A, Pelosi said. He expects that number to be similar in the third quarter and to return to the “mid-threes” by year end. The company continues to pursue an investment-grade credit rating, which would unlock a lower cost of capital. GFL recently closed a bond at an interest rate above its investment-grade peer companies, but Pelosi said the company is getting closer to achieving those lower interest rates. ”The debt markets are effectively already viewing us basically as an investment-grade credit, and we'll continue to march towards that direction,” he said.
• Cash and capex: GFL has been spending elevated amounts of cash on capital expenditures this year as it builds out renewable natural gas facilities and infrastructure for its extended producer responsibility contracts in Canada. Capex attributed to growth initiatives is expected to reach $200 million by year end, Pelosi said. That total is expected to halve next year, as spending tapers and RNG projects continue to advance, opening up free cash flow. Secure Waste has also been spending on growth initiatives this year, which is something Pelosi said GFL would take a look at after the acquisition closes.
• Updated guidance: GFL adjusted up its full-year guidance for the second time this year. Revenue is projected to be between $7.51 million and $7.53 million, and adjusted EBITDA is projected to be about $2.29 million.