All financial information is in Canadian dollars.

• Revised outlook: GFL has increased its revenue guidance for the full year to $7.4 billion after completing its divestiture strategy, which involved selling assets worth an estimated $255 million in revenue. The company also revised its year-end guidance upward to $2 billion in adjusted earnings before interest, taxes, depreciation and amortization, with a 27% adjusted EBITDA margin. The positive change was made after the Toronto-based company netted an additional $150 million over expectations from its divestitures this year. The total package was worth about $1.65 billion and was completed a quarter ahead of schedule with the announcement of GFL’s deal with Republic Services. It also closed deals with Casella and WM this year.
• Solid waste: Revenue from GFL’s solid waste business grew 13.8% in the second quarter of 2023 compared to Q2 of 2022, thanks largely to 4.8% organic growth driven by core price increases. GFL has raised its guidance for year-end solid waste pricing to just under 9.5% from 8%, reflecting ongoing opportunities for margin expansion. The company also reported a 3.5% decline in solid waste volumes for the quarter, driven to a large extent by contracts cycling out in the residential space. “Residential accounts unwilling to pay for our service we're going to walk away from, and we're happy to do so in this environment,” CFO Luke Pelosi said on the company’s earnings call Thursday.
• Capital expenditures: GFL is moving forward with new projects to double down on business from extended producer responsibility policies, largely in Canada, and the buildout of new RNG assets. In June, GFL and partner Opal Fuels cut the ribbon on a new RNG facility at GFL’s Arbor Hills landfill in Michigan. GFL expects a second RNG asset to come online this year and another in 2024. CEO Patrick Dovigi said RNG projects “represent some of the highest quality near-term investment opportunities” for the company. He expects GFL to spend $200 to $300 million on sustainability-related projects, including facilities to handle EPR programs and RNG.
• M&A: The company has completed 16 mostly smaller acquisitions this year. Dovigi said GFL plans to continue making acquisitions this year in markets where it already has a footprint, which would provide further upside to GFL’s updated guidance, the company said. M&A is expected to contribute 1.7% in revenue growth for the year. 
• Debt: Thanks in part to proceeds from GFL’s divestiture initiative, the company achieved its lowest leverage ever this quarter: 4.18x. The company now expects to bring that figure below 4x by the end of the year, ahead of earlier guidance. Some of the sales’ proceeds went to paying down floating rate debt ahead of schedule, and GFL says 78% of its debt is now fixed rate. The company hopes to achieve an investment grade credit rating in 2025 as its leverage continues to decline.