GFL Environmental, North America's fourth-largest diversified waste management firm, reported financial results for the nine months ended September 30, 2019, in an amendment filed with the SEC on Wednesday. The company removed the terms of its IPO, but had originally planned to raise $1.9 billion at a $6.9 billion market cap before postponing in November 2019.
For the nine months ended September 30, 2019, revenue jumped 98% to $1.9 billion. Gross margin increased nearly 170 bps to 32%. Adjusted EBITDA more than doubled to $474 million and adjusted EBITDA margin increased more than 290 bps to 25%. Operating cash flow swung positive from -$88 million to $91 million.
In its latest filing, the company also removed all 15 underwriters except BC Partners Securities; added three members to its board of directors; and disclosed a tangible equity units offering that will occur concurrently with its IPO.
GFL Environmental was founded in 2007 and booked $2.4 billion in revenue for the 12 months ended September 30, 2019. The Vaughan, Canada-based company plans to list on both the NYSE and the TSX under the symbol GFL. BC Partners Securities is the sole bookrunner on the deal.
