Will Grippin

Will Grippin asked about the trajectory of GFL's leverage ratio over the next several quarters, considering increased share buybacks, a strong M&A pipeline, and the reiterated low to mid-three times target, specifically inquiring about potential quarter-to-quarter variability in capital deployment.

Answer

Patrick Dovigi (CEO and Founder, GFL) reiterated the commitment to keep leverage between low and mid-threes, reinvesting free cash flow based on these targets. Luke Pelosi (CFO, GFL) added that while there's a seasonal cadence (Q4 typically has higher free cash flow) and M&A/buybacks can augment it, the leverage trajectory won't be a perfectly straight line. However, GFL is committed to living within these ranges over four-quarter periods, allowing for temporary pauses if M&A is high.

Will Grippin asked about the expected trajectory of GFL's leverage ratio over the next several quarters, given the potential for increased share buybacks and a strong M&A pipeline, and how this aligns with the reiterated low to mid-three times target, acknowledging potential quarter-to-quarter variability.

Answer

Patrick Dovigi, CEO and Founder, and Luke Pelosi, CFO of GFL, reiterated their commitment to maintaining leverage in the low to mid-threes. They acknowledged that while there might be quarter-to-quarter variability due to the seasonal cadence of free cash flow and the timing of M&A or buybacks, the company is absolutely committed to operating within these ranges over four-quarter periods.

Will Grippin asked for updates on Veralto's recent investment in Emerald Technology Ventures and how early discussions or opportunities presented through this partnership are progressing.

Answer

Jennifer Honeycutt (President and CEO) reiterated excitement about the partnership with Emerald Technology Ventures, confirming they are actively vetting technologies related to treatment, monitoring, and emerging contaminants. She stated that the process is ongoing, and updates will be provided when there is something to report.

Will Grippin of Barclays inquired about any updates on Veralto's recent investment in Emerald Ventures, specifically asking about the progress of early discussions and opportunities being presented through this partnership.

Answer

Jennifer Honeycutt, President and CEO, reiterated excitement about the Emerald partnership, confirming that they are actively vetting technologies related to water treatment, monitoring, and emerging contaminants. She noted that the process is steady and updates would be provided when available.