EPS of -9c missed estimates of +11c; Revenue of $1.56B beat estimates of $1.53B. EBITDA of $426M beat estimates by 3%. EBITDA margin was 27.3% vs estimates 27.0%. GFL's beat comes on a solid performance after the sale of its Environmental Services unit in March. Revenue was driven by price and volume gains that reflect healthy operating trends despite harsh weather early in the quarter. Adjusted Ebitda margin expanded over 100 bps, due to better-than-expected pricing and moderating labor-cost inflation. Guidance for 2025 was affirmed, but the strong 1Q put the company on track to meet or exceed its full-year targets. Adjusted free cash flow was limited due to a seasonal working-capital pickup. Net leverage fell to 3.1x following the Environmental unit divestiture, as a chunk of the proceeds were devoted to debt repayment. The rest was used primarily for buybacks, mostly sponsor shares, as well as M&A. Things look very solid here.
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