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    Patrick Tyler Brown

    Managing Director and Senior Equity Analyst at Raymond James

    Patrick Tyler Brown is a Managing Director and Senior Equity Analyst at Raymond James specializing in the U.S. industrials, environmental services, and transportation sectors. He provides actionable coverage of companies such as Clean Harbors, Waste Connections, Republic Services, GFL Environmental, and Forward Air, holding a consistent 'Outperform' or 'Strong Buy' stance with a success rate exceeding 70% and average returns above 18% according to TipRanks. Brown began his career as an equity analyst in the early 2000s and has built his profile exclusively at Raymond James, now overseeing coverage for more than 35 industrial stocks. He maintains full FINRA registration and is licensed for key securities, consistently recognized by investors for his high conviction calls and top-tier buy-side performance.

    Patrick Tyler Brown's questions to GFL Environmental (GFL) leadership

    Patrick Tyler Brown's questions to GFL Environmental (GFL) leadership • Q2 2025

    Question

    Patrick Tyler Brown of Raymond James sought clarification on the contribution of EPR and RNG investments to the reported volume growth and whether the full-year volume guidance includes these factors. He also asked about the expected cash flow impact of U.S. bonus depreciation in 2025.

    Answer

    Executive VP & CFO Luke Pelosi clarified that while EPR provides a tailwind to volume, the guidance increase is driven by broad-based outperformance, and RNG has a de minimis impact on revenue. He noted that bonus depreciation is a $25-30 million tailwind this year, which will materially slow the ramp in cash taxes and improve free cash flow conversion faster than previously expected.

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