Actionable news
0
All posts from Actionable news
Actionable news in BIN: PROGRESSIVE WASTE SOLUTIONS Ltd.,

Progressive Waste Solutions Ltd. – September 30, 2015 - 1 Progressive Waste Solutions Ltd.

The following excerpt is from the company's SEC filing.

Exhibit 99.1

MD&A for the three and nine months ended September 30, 2015

Disclaimer

This Management Discussion and Analysis (“MD&A”) contains forward-looking statements and forward-looking information. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events. These statements can generally be identified by the use of forward-looking words or phrases such as

“anticipate,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goals,” “intend,” “intent,” “belief, ” “may,” “plan,” “foresee,” “likely,” “potential,” “project,” “seek,” “strategy,” “synergies,” “targets,” “will,” “should,” “would,” or variations of such words and other similar words. Forward‑looking statements include, but are not limited to, statements relating to future financial and operating results and our plans, objectives, prospects, expectations and intentions. These statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Numerous factors could cause our actual results to differ materially from those expressed or implied in these forward‑looking statements

. We cannot assure you that any of our expectations, estimates or projections will be achieved.

Numerous important factors could cause our actual results, performance or achievements to differ materially from those expressed in or implied by these forward-looking statements, including, without limitation, those factors outlined in the Risks and Uncertainties section of this MD&A. We caution readers that the list of factors is illustrative and by no means exhaustive.

All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements in this MD&A are qualified by these cautionary statements. The forward-looking statements in this MD&A are made as of the date of this MD&A and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Industry Overview

The North American non-hazardous solid waste management industry is fragmented and competitive, requiring operational expertise, labour, capital resources and assets. Industry participants compete for collection accounts based on quality of service and price and compete for transfer station and landfill volumes based on tipping fees, geographic location and environmental practices.

The North American non-hazardous solid waste management industry has undergone significant consolidation and integration in both Canada and the United Stat

es (“U.S.”), which we believe will continue.

The industry comprises the collection, transportation and transfer of non-hazardous solid waste (“waste”) to disposal facilities which include landfills, incinerators and composting or recycling facilities. Non-hazardous solid waste includes commercial, industrial and residential waste, including household and yard waste. Non-hazardous solid waste is not comprised of substances considered hazardous materials under any federal, provincial, state and/or local legislation or regulation applicable to the collection, transfer, disposal and/or recycling of this waste. The principal services offered in our industry are summarized below.

Collection

. Waste is collected from commercial, industrial and residential customers. Commercial collection typically involves the use of front and rear-end load trucks to collect waste stored in steel bins that are usually supplied by the waste collection service provider. Industrial waste collection typically involves the use of roll-off trucks to collect waste stored in large roll-off containers placed at manufacturing businesses or construction and demolition (“C&D”) sites. Residential waste collection involves the curbside collection of residential waste using rear, side and automated front-load trucks. Residential waste collection services are provided by municipalities, or companies that contract either with municipalities or directly with individual homeowners, homeowners’ associations, apartment building owners or similar groups. Once collected, waste or recyclable material is transported to a transfer station or directly to a disposal or recycling facility.

Transfer Stations

. Transfer stations are facilities typically located near commercial, industrial and residential collection routes that are a distance from the ultimate disposal site. Waste is received at the transfer station from collection trucks, sometimes sorted, and then transferred in large volumes to landfills or other waste disposal or recycling facilities. This consolidation reduces the costs associated with transportation and may allow transfer station operator’s to obtain volume discounts on disposal rates at landfills and other disposal facilities. Transfer stations also facilitate the efficient use of collection personnel and equipment by allowing them to focus on collection operations and spend less time traveling to disposal sites. Transfer

Progressive Waste Solutions Ltd. – September 30, 2015 - 2

stations can handle waste received from commercial and residential collection operations and most industrial waste. Some transfer stations are constructed to only receive specialized waste, such as C&D debris.

Landfills

. Landfills are the primary waste disposal facility for waste. Landfills must be designed, permitted, operated and closed in accordance with comprehensive federal, provincial, state and/or local regulations. These regulations also dictate the type of waste that may be received by the landfill. Landfill operations include excavation of earth, spreading and compacting of waste and covering waste with earth or other inert material.

Other Disposal Facilities.

Other alternative disposal facilities include composting facilities, digestion, incineration or thermal processing. Digestion involves the processing of organic waste in an oxygen starved environment into residues and recoverable methane gas which is typically used as a fuel to produce power. Composting involves processing certain types of organic materials (leaf and yard wastes, food wastes and other organic matter, including paper, wood and organic sludges) into reusable and non-putrescible soil conditioners and other products. Incineration facilities generally accept non-hazardous solid waste and are typically designed to incinerate the waste, often to generate electricity or steam. Thermal processing involves the conversion of wastes into gasses, sometimes referred to as syngases, which are often used to produce power, synthetic fuels or natural gas.

Recycling

. Recovery and recycling involve operations in which certain types of waste material, including wood, paper, cardboard, plastic, glass, aluminum and other metals, are sorted, processed and resold as recycled material. After processing and sorting, purchasers of this material generally pay a fluctuating spot market price for recycled materials. Waste for which there is no market is shipped to a disposal facility, which is typically a landfill.

Corporate Overview

As one of North America’s largest full-service waste management companies, we provide waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 14 U.S. states, and the District of Columbia, and in six Canadian provinces. We serve our customers using a vertically integrated suite of collection and disposal assets.

Our West and East segments, collectively our U.S. segments, operate principally under the Progressive Waste Solutions, IESI and WSI brands and provide vertically integrated waste collection, recycling and disposal services in two geographic regions: the West, consisting of various service areas in Texas, Louisiana, Oklahoma, Arkansas, Mississippi, Missouri and Illinois, and the East, consisting of various service areas in Florida, New York, New Jersey, Pennsylvania, Maryland, Virginia, South Carolina and the District of Columbia.

Our North segment, representing our Canadian business, operates principally under the Progressive Waste Solutions and WSI brands. We provide vertically integrated waste collection, recycling and disposal services in the provinces of British Columbia, Alberta, Manitoba, Ontario, and Quebec and we also provide disposal services in the province of Saskatchewan. We believe we are one of Canada’s two largest waste management companies.

Our operating philosophy is to develop strong integrated collection and disposal operations and market share. We believe that collection density provides us with the flexibility to pursue various strategies that drive revenue growth, margin expansion and free cash flow

. Our collection operations are supported by our transfer stations, landfills and material recovery facilities (“MRFs”), collectively our post collection service lines. The integration of our collection, transfer and disposal operations enhances the operating leverage in our business model. Our ability to internalize a significant portion of the waste we collect strengthens our margin profile and our local operations position in the markets we serve. We focus on markets where we can implement our operating philosophy to optimize our return on assets and invested capital and drive additional growth and profitability.

We benefit from our longstanding relationships with many of our commercial, industrial and residential customers, which provide a high degree of stability for our business. The majority of revenue derived from our commercial and many of our industrial customers is contractual having typical terms of three-to-five years in length. These contracts provide us with predictable, recurring revenue and typically provide us with the ability to make annual indexed fee adjustments. Our contracts often provide us with the ability to pass through fuel, disposal, transportation and other surcharges to cover increasing costs. Many of our commercial and industrial contracts automatically renew on expiry of their original term.

We are focused on optimizing our return on the assets we employ. We believe that improving asset utilization drives growth and profitability.

Progressive Waste Solutions Ltd. – September 30, 2015 - 3

Introduction

The following is a discussion of our consolidated financial condition and results of operations for the three and nine months ended September 30, 2015, which has been prepared with all available information up to and including October 29, 2015. All amounts are reported in U.S. dollars, unless otherwise stated, and prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). This discussion should be read in conjunction with our three and nine months ended September 30, 2014 interim condensed consolidated financial statements (“financial statements”), including notes thereto, our MD&A and our consolidated financial statements for the years ended December 31, 2014 and December 31, 2013, each of which can be found at

www.sedar.com

and www.sec.gov. Readers can also find Progressive Waste Solutions Ltd.’s (the “Company”) annual information form for the year ended December 31, 2014 posted on these sites as well.

Reorganization and other changes

In connection with our reorganization announced April 30, 2015, and as further outlined in footnote (D), we changed our segments to align with the reorganized structure of our regional management group. In addition, we also reclassified certain facility costs incurred by our operating locations from selling, general and administration (“SG&A”) expense to operating expense, as outlined in footnote (C). The reclassification aligns our classification of these costs with our peers. Finally, we elected to include working capital adjustments for capital and landfill expenditures in the determination of free cash flow

to better reflect the way we manage our capital and landfill asset spending in a given period or year. All previous period amounts have been reclassified to conform to the current period presentation.

Foreign Currency Exchange (“FX”) Rates

(all amounts are in thousands of U.S. dollars, unless otherwise stated)

We have elected to report our financial results in accordance with U.S. GAAP and in U.S. dollars to improve the comparability of our financial results with our peers. Reporting our financial results in U.S. dollars also reduces the impact of foreign currency fluctuation in our reported amounts because our complement of assets and operations are larger in the U.S. than they are in Canada. However, we remain a legally domiciled Canadian entity and our functional currency is the Canadian dollar. As a result, our financial position, results of operations, cash flows and equity are initially translated to, and consolidated in, Canadian dollars (“C$”) using the current rate method of accounting. The resulting translation adjustments are included in other comprehensive income or loss. Our consolidated Canadian dollar balance sheet is further translated from Canadian to U.S. dollars applying the foreign currency exchange rate in effect at the balance sheet date, while our consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars applying the average foreign currency exchange rate in effect during the reporting period. Translating the financial position, results of operations and cash flows of our U.S. business into Canadian dollars, our functional currency, and re-translating these amounts to U.S. dollars, our reporting currency, has no translation impact on our financial statements. Accordingly, our U.S. results retain their original values when expressed in our reporting currency.

Translation adjustments are only included in the determination of net income or loss when we realize a reduction in the investment we hold in operations outside of Canada.

Our consolidated financial position and operating results have been translated to U.S. dollars applying FX rates outlined in the table below. FX rates are expressed as the amount of U.S. dollars required to purchase one Canadian dollar and reflect noon rates according to the Bank of Canada.

Consolidated

Balance

Consolidated

Statement of Operations and

Comprehensive Income or Loss

Current

Average

Cumulative Average

0.8620

0.9052

March 31

0.7885

0.8057

0.9047

0.9062

June 30

0.8017

0.8134

0.8095

0.9367

0.9170

0.9116

0.7466

0.7637

0.7937

0.8922

0.9180

0.9137

Progressive Waste Solutions Ltd. – September 30, 2015 - 4

FX Impact on Consolidated Results

The following tables have been prepared to

assist readers in assessing the FX impact on select results for the three and nine months ended September 30, 2015.

Three months ended

September 30, 2014

September 30, 2015

(as reported)

(C)(E)

(organic, acquisition and other non-operating changes)

(holding FX constant with the comparative period)

(FX impact)

Condensed Consolidated Statement of Operations

Revenues

521,157

522,598

(34,070)

488,528

Operating expenses

332,410

(4,820)

327,590

(19,368)

308,222

Selling, general and administration

51,679

58,435

(4,061)

54,374

Restructuring expenses

Amortization

72,256

71,266

(4,227)

67,039

Net gain on sale of capital and landfill assets

(1,855)

(2,528)

(2,249)

Operating income

65,485

66,504

(6,636)

59,868

Interest on long-term debt

15,655

15,898

(2,810)

13,088

Net foreign exchange loss

Net (gain) loss on financial instruments

(2,689)

22,818

20,129

(2,524)

17,605

Income before net income tax expense

52,504

(22,246)

30,258

(1,283)

28,975

Net income tax expense

11,690

(5,306)

40,814

(16,940)

23,874

22,906

Adjusted EBITDA

139,842

(1,833)

138,009

(10,815)

127,194

Adjusted EBITA

81,241

(4,049)

77,192

(7,005)

70,187

Adjusted operating

income or adjusted

operating EBIT

68,259

69,271

(6,867)

62,404

Adjusted net income

41,230

40,726

(3,006)

37,720

Free cash flow

47,281

13,480

60,761

(2,093)

58,668

Progressive Waste Solutions Ltd. – September 30, 2015 - 5

Nine months ended

September 30, 2014

1,504,428

13,251

1,517,679

(75,981)

1,441,698

964,744

969,487

(43,876)

925,611

160,857

15,187

176,044

(9,457)

166,587

211,532

(1,454)

210,078

(9,587)

200,491

(17,599)

(12,267)

(11,946)

184,894

(14,451)

170,443

(13,170)

157,273

46,434

50,841

(6,736)

44,105

Net foreign exchange gain

Net loss on financial instruments

10,865

18,660

(2,513)

16,147

Loss on extinguishment of debt

Re-measurement gain on previously held

equity investment

(5,156)

Income before net income tax expense and

net loss from equity accounted investee

135,990

(37,834)

98,156

(3,614)

94,542

28,323

(11,056)

17,267

16,385

Net loss from equity accounted investee

107,585

(26,696)

80,889

(2,732)

78,157

384,587

(7,231)

377,356

(23,014)

354,342

214,507

(14,056)

200,451

(14,481)

185,970

190,654

(11,110)

179,544

(13,747)

165,797

113,219

(9,946)

103,273

(5,252)

98,021

152,921

(35,902)

117,019

(5,173)

111,846

Progressive Waste Solutions Ltd. – September 30, 2015 - 6

Review of Operations -

For the three and nine months ended September 30, 2015

(all amounts are in thousands of U.S. dollars, unless otherwise stated)

Change

Total

(32,629)

(62,730)

169,839

199,128

(29,289)

502,335

558,933

(56,598)

171,576

154,316

17,260

495,582

449,267

46,315

147,113

167,713

(20,600)

443,781

496,228

(52,447)

Gross revenue by geography and service type

Three months ended September 30, 2015

Three months ended September 30, 2014

Canada - stated in thousands of C$

Canada - percent-age of revenues

U.S. - percent-age of revenues

88,064

98,225

85,816

99,241

40,861

58,211

43,391

56,501

37,528

81,951

37,183

82,246

Transfer and

disposal

71,747

110,940

75,050

117,802

11,908

Gross revenues

258,987

362,078

254,667

369,425

Intercompany

(36,788)

(16.6)

(43,389)

(13.6)

(37,663)

(17.2)

(47,396)

(14.6)

222,199

318,689

217,004

322,029

Nine months ended September 30, 2015

Nine months ended September 30, 2014

260,053

295,438

252,831

296,810

118,167

168,162

119,040

164,059

109,454

245,287

107,844

242,911

199,209

317,677

199,256

338,333

23,616

19,344

24,713

26,417

27,437

18,281

14,943

15,383

737,936

1,064,189

718,627

1,083,913

(105,013)

(124,826)

(13.3)

(106,918)

(17.4)

(138,418)

(14.7)

632,923

939,363

611,709

945,495

Progressive Waste Solutions Ltd. – September 30, 2015 - 7

Revenue growth or decline components by geography and consolidated – expressed in percentages and excluding FX

Price

Fuel surcharges

Recycling and other

Total price growth (decline)

Volume

Total organic revenue growth

Net acquisitions

Total revenue growth (decline)

Three months ended

On a consolidated basis, revenues declined approximately $32,600, which includes the negative impact of FX of approximately $34,100. At FX parity, revenues grew approximately $1,900 with approximately C$5,200 of this growth attributable to our North segment, partially offset by an approximately $3,300 decline in our combined East and West segments (collectively the “U.S. segments”). On a consolidated basis, better pricing across all service lines accounted for approximately $9,000 of the improvement. Commercial pricing was up about 3.7% over the same period last year, and accounted for approximately $6,800 of the consolidated improvement to revenues. Each of our segments recorded price improvements, but our North and East segments were the primary contributors to this growth. Industrial and residential collection pricing was also up on a consolidated basis, and while not as strong as commercial pricing, the improvement was approximately 0.6% and 0.7%, respectively. Landfill pricing was also up between periods, most notably in our West and North segments. The growth in revenue from better pricing was offset by lower revenues from fuel surcharges and lower commodity pricing, each of which was a drag on revenues by approximately $6,600 and $1,900, respectively. Lower fuel surcharges reflect the lower cost of diesel fuel, coupled with our conversion of some fuel surcharges to price, while lower commodity pricing reflects both economic and the supply/demand appetite of offshore processors. Consolidated volumes grew approximately 2.1% and contributed approximately $11,300 to the improvement in revenues. Volume growth in our North segment contributed approximately C$3,500 to this improvement, while our U.S. segments delivered volume improvements of approximately $3,400 in the East and about $4,400 in the West. On a consolidated basis, our collection and post-collection service lines improved revenues from higher volumes, most notably in our commercial collection, transfer station and other service lines. Commercial collection volumes improved approximately 1.1% and contributed approximately $1,900 to the improvement in revenues quarter-to-quarter. Of this growth, approximately $1,800 was from improvements in our West segment, with additional revenues of C$1,300 coming from the North. Strong organic volume growth in our Texas operations was the primary reason for the commercial volume improvement in the West, and stronger volumes in our North region from operations in the western portion of this segment drove its improvement quarter-over-quarter. Transfer station volumes improved approximately $2,200 largely due to revenue growth in our East segment of approximately $3,500 from improvements in our New York City operations. Finally, our natural gas plant at Lachenaie, which commenced operations late in 2014, generated approximately C$7,200 of the $7,200 improvement in other revenues period-over-period. Net acquisitions, representing contributions from recently acquired companies net of divestitures, was a negative to revenues by approximately $10,000. The impact to revenue from the divestiture of our Long Island, New York operations in February 2015,

Progressive Waste Solutions Ltd. – September 30, 2015 - 8

exceeded revenue growth from acquisitions completed late in the fourth quarter of 2014 and through the first nine months of 2015.

Excluding the impact of FX, revenues in our North segment grew approximately C$5,200 period-over-period. Higher pricing across all service lines contributed about C$4,500 to the comparative growth in revenues. We continued to see stronger commercial and industrial pricing, which were up approximately C$3,600 and C$400, respectively, over the third quarter last year. Lower fuel surcharges on lower diesel fuel prices, coupled with our conversion of some fuel surcharges to price, was a drag on revenues by approximately C$3,800. Revenues from higher commodity prices improved revenues by approximately C$1,000 when compared to the same period last year. Volumes in our North segment delivered an improvement to revenues of about C$3,500 period-over-period. As outlined above, the operation of our Lachenaie gas plant was the principal driver of improved revenues from volumes. These improvements were partially offset by declines in both transfer station and industrial volumes, down approximately C$3,500 from the prior year period due to economic softness in the central and eastern portions of this segment.

Revenues in our West segment improved approximately $17,300 compared to the same period last year. Acquisitions were the primary reason for this increase and represented approximately $12,600 of the improvement. Volume improvements contributed approximately $4,400 to this growth with approximately $3,400 coming from our collection service lines, with the balance attributable to higher post collection volumes. The increase in third quarter 2015 revenues from higher commercial and industrial collection volumes was attributable to organic growth in our Texas based operations. The improvement in revenues from post collection volumes reflects higher municipal solid waste (“MSW”) and C&D volumes received at our Champ landfill. Price improvements delivered additional revenues of about $1,600 over the same period last year and were strongest in our residential, commercial and landfill service lines which combined for approximately $1,800 of the improvement. Stronger landfill pricing resulting from the mix of materials received was most prominent at our Champ landfill, while lower industrial pricing partially offset this improvement. Commodity pricing was lower on a comparative basis while lower diesel fuel costs resulted in a reduction of fuel surcharge revenues of approximately $1,100.

Revenues in our East segment were down about $20,600 period-over-period. The sale of certain assets in Long Island, New York in February this year was the largest contributor to the decline in revenues and reflects our strategy to monetize unproductive or unprofitable assets and increase our return on invested capital. This sale contributed approximately $22,700 to the decline in revenues. Notwithstanding, both volume and price improvements contributed to higher revenues of approximately $3,400 and $3,000, respectively. Improved transfer station and MRF volumes were the primary contributors to this segment’s volume growth, approximately $3,500 and $1,500, respectively. The improvement to transfer station volumes was largely on account of higher New York Department of Sanitation volumes received by our New York City operations, while MRF volumes increased on new contract wins in our Florida operations. The decline in revenues from our commercial service line was approximately $1,200 period-to-period. Revenues from landfill volumes were also lower quarter-to-quarter on lower volumes received at our Bethlehem landfill due to airspace management at this site, coupled with lower special waste volumes delivered to our JED landfill. On the pricing front, commercial pricing increased 4.7% over the same period last year and contributed additional revenues of approximately $2,700. With the exception of slightly lower landfill pricing, principally due to the mix of materials received, all other service lines delivered higher revenues on improved price. Lower fuel surcharges and commodity pricing combined for lower period-over-period revenues of approximately $4,300, of which approximately $2,600 was attributable to commodities.

Nine months ended

On a consolidated basis, revenues declined approximately $62,700, which includes the negative impact of FX of approximately $76,000. At FX parity, consolidated revenues increased approximately $15,100. Approximately C$21,200 of this improvement was generated by our North segment, which was partially offset by the decline in performance of our U.S. segments, approximately $6,100. Stronger pricing across every service line improved revenues by approximately $28,000, led by our North segment which contributed approximately C$14,600 to the improvement. Pricing improvements in our West and East segments were positive to revenues by approximately $4,200 and $9,200, respectively. At approximately $18,800, consolidated pricing improvements in our commercial collection service line was strongest, up about 3.4% over the same year-to-date period last year. This pricing strength was most pronounced in our North and East segments, which saw improved pricing of approximately C$10,100 and $7,700, respectively. The improvement to revenues from stronger industrial pricing was about 1.2% or $3,500 and landfill pricing was up 1.1% which improved consolidated revenues by approximately $1,700. At C$2,700 industrial pricing was strongest in our North segment, while landfill pricing was strongest at our West segment sites. Consolidated revenues increased on improved volumes as well, up approximately $31,600 between year-to-date periods. Much of this improvement is a direct reflection of our volume performance in the second and third quarters this year. Each of our commercial, residential, transfer station and other service offerings increased revenues from improved

Progressive Waste Solutions Ltd. – September 30, 2015 - 9

volumes by better than $4,000. Commercial volume strength was most pronounced in our North segment, delivering a year-to-date improvement to revenues of approximately C$3,100 due largely to a stronger volume performance in western Canada. Residential contract wins benefited all segments, while improvements in transfer station revenues reflects higher volumes received by our New York City operations. Other revenue improvements reflect revenues derived from the operation of our Lachenaie natural gas plant. Finally, higher landfill volumes also improved revenues in our North and East segments. Higher C&D and special waste volumes received at our Ottawa landfill drove North segment revenues higher, and the improvement to East segment revenues is attributable to higher volumes received at our Seneca and JED landfills. These improvements to revenues from volume growth were partially offset by lower volumes in our East segment due to first quarter 2014 revenue contributions earned from Super Storm Sandy (“Sandy”), coupled with our strategic elimination of less profitable business in 2014. And while we saw a rebound in landfill volumes received by our North segment landfills, harsh weather conditions in the first quarter this year was a negative to revenues in that quarter. The net impact of acquisitions, net of divestitures, was a drag on comparative revenues by approximately $16,800, as were lower revenues from fuel surcharges and commodity prices, down approximately $18,200 and $9,600, respectively. The impact to revenues from the divestiture of our operations in Long Island, New York in February 2015 outpaced revenue growth from acquisitions. The lower cost for diesel fuel and the conversion of some fuel surcharges to price, contributed to the decline in revenues from fuel surcharges. Lower commodity pricing reflects both the economic and supply/demand appetite of offshore processors.

On a segment basis, revenues in our North segment, excluding FX, grew approximately C$21,200. As outlined above, our North segment enjoyed improved revenues from price of approximately C$14,600 on improved pricing across all service lines. Commercial collection revenues improved by approximately C$10,100 or 4.0% over the same year-to-date period last year and stronger industrial pricing generated additional revenues of about C$2,700 representing an improvement of 2.3%. Volumes were also improved over the prior year-to-date period, up approximately C$15,400 or 2.6%. The revenue improvement from volumes is largely a reflection of the operation of our Lachenaie natural gas plant, coupled with an improvement to landfill volumes from higher C&D and special waste volumes received at our Ottawa landfill and higher commercial and residential collection volumes received in western Canada. Commodity pricing in this segment was down on a comparative basis by approximately C$900 compared to same year-to-date period last year. Fuel surcharges were also off the prior year-to-date mark by approximately C$7,900.

Revenues in our West segment grew by approximately $46,300, largely on account of contributions to revenues from acquisitions, approximately $37,500. We also recognized revenue growth from volume improvements of approximately $10,600, due principally from improvements in our collection services lines. In total, our collection service lines delivered revenue growth on improved volumes of approximately $10,800 or 2.8%, led by our commercial collection service line which grew 4.2% and improved revenues by approximately $5,200. Organic revenue growth in our Texas and Louisiana operations was the primary contributor to the improvement in commercial and industrial volumes. New residential contract wins in these states also drove the improvement to residential collection revenues. Partially offsetting these improvements were lower third quarter 2015 revenues from MRF volumes due to clean-up volumes received at certain Louisiana based transfer stations in the comparative period last year. Landfill volumes improved revenues by approximately $2,200 on stronger MSW and C&D volumes received at our Champ landfill. On a year-to-date basis, pricing in our West segment was higher than the mark established in the same period last year by approximately $4,200 and with the exception of industrial pricing, all service lines enjoyed higher revenues from improved pricing. Residential pricing increased revenues approximately $2,000 or 1.1% and landfill pricing increased 4.4% contributing additional revenues of approximately $1,900 due to the mix of materials received. Commodity pricing was lower on a comparative basis and represented a drag to revenues of approximately $1,400 and lower diesel fuel costs resulted in lower fuel surcharge revenues of approximately $4,700.

Revenues in our East segment were down about $52,400 over the same year-to-date period last year. The sale of certain assets in Long Island, New York in February this year contributed to the decline in revenues, coupled with the sale of a transfer station in the second quarter last year. These asset sales reflect our strategy to monetize unproductive or unprofitable assets and increase our return on invested capital and together contributed approximately $54,400 to the decline in revenues between periods. This segment’s comparative revenue performance was also impacted by lower commercial and industrial volumes due to a measured and strategic effort to eliminate less profitable business that commenced late in 2013 and continued through most of 2014. Executing this strategy was the primary reason for the decline of approximately $6,700 in revenues from the combination of volumes across our commercial and industrial collection service lines. Notwithstanding, higher transfer station volumes received in our New York City operations and contract wins in our Florida operations, which increased MRF revenues, fully offset lower commercial and industrial revenues by approximately $5,500. Landfill volumes were flat comparatively. From a pricing perspective, the improvement in our collection service lines carried the improvement to revenues which were up about $9,400 compared to the same year-to-date period last year. Improved pricing in our commercial service line of 4.5% or approximately $7,700 was the single largest contributor to the increase. Lower fuel

Progressive Waste Solutions Ltd. – September 30, 2015 - 10

surcharges and commodity pricing combined for a between period decline in revenues of approximately $12,800, with approximately $7,300 attributable to lower commodity pricing.

Please refer to the Outlook section of this MD&A for additional discussion of the economic trends affecting revenues, our strategy and our operations.

(C)(D)

(24,188)

(39,133)

95,639

115,157

(19,518)

290,072

327,890

(37,818)

115,343

101,188

14,155

333,341

289,364

43,977

97,240

116,065

(18,825)

302,198

347,490

(45,292)

Three months ended

On a consolidated and as reported basis, operating expenses declined by approximately $24,200, or approximately $4,800 when FX is excluded. A decline in disposal costs, transportation, and vehicle operating costs, were partially offset by higher labour and repairs and maintenance (“R&M”) costs.

The decline in disposal costs of approximately $2,600 is due in part to an approximately $6,600 decrease in costs borne by our East segment. The divestiture of certain operations in the East, coupled with stronger internalized waste volumes and a successful amendment to a waste contract in our Florida operations are the primary reasons for this decline. Partially offsetting this decline were higher disposal costs recorded in our West segment totaling approximately $3,500 due to acquisitions and organic growth. Our North region represented the balance of the change, which recorded a modest increase in disposal costs quarter-over-quarter. Transportation costs declined approximately $6,700 and approximately $5,800 of this decline was attributable to our East segment. The current year divestiture of our Long Island, New York operations accounted for approximately $5,300 of the decrease. Transportation costs in our West segment were little changed period-to-period, while our North segment recognized lower transportation costs on lower transfer station volumes primarily in its central and western operations. Vehicle operating costs were off of the mark set in the same period last year by approximately $7,700. Each of our segments realized a decline on lower fuel prices and in the case of our East segment, the divestiture of certain operations. The decline in our East segment was approximately $3,100, while our West and North segments saw declines of approximately $2,700 and $1,900, respectively. Acquisitions and unfavourable fuel hedges partially offset the benefit of lower diesel fuel costs and divestitures, while the conversion of certain collection vehicles to compressed natural gas (“CNG”) from diesel fuel was also a contributor to the decline in vehicle operating costs between periods. Labour costs increased approximately $5,200. Our West segment saw the most pronounced increase, up approximately $6,800 or 20.3% over the same period last year. This increase is a reflection of the two acquisitions we completed in the fourth quarter last year, which accounted for approximately $3,300 of this increase, while organic growth, wage increases, higher employee training costs and onboarding expenses and higher overtime hours due to a shortage of vehicle operators and equipment downtime were also contributors to the increase. Labour costs in our East segment declined approximately $3,300, reflecting the current year disposal of our Long Island, New York operations, partially offset by new contract wins, wage increases and a higher complement of operations personnel in our Florida business. In addition, much of our focus in late 2013 and most of 2014 was centered on the elimination of unprofitable business, which also resulted in a corresponding decline in labour costs for this segment. Labour in our North segment saw a $1,700 increase period-to-period on wage increases and higher overtime hours. R&M costs were up approximately $5,400 over the same period last year and approximately $5,000 of this increase was attributable to the performance in our West segment. Acquisitions contributed approximately $1,700 to the increase in the West, while costs incurred to bring our equipment to our Company’s operational and safety standards, coupled with unexpected equipment failures in the quarter, were contributing factors to the increase as well. The balance of the increase reflects a landfill equipment repair charge recorded in our North segment, while R&M costs in our East segment were unchanged.

On a consolidated basis, operating margins improved between periods by approximately 70 basis points. The improvement to margins reflects lower disposal, transportation and vehicle operating costs, partially offset by higher labour and R&M costs, as outlined above. The divestiture of our Long Island, New York operations contributed to this improvement. Lower fuel surcharges and lower fuel costs was also a positive influence on operating margins.

Progressive Waste Solutions Ltd. – September 30, 2015 - 11

On a reported basis, operating margins in our North segment were 43.7% compared to 42.2% in the same quarter last year. The margin improvement reflects lower costs of disposal, transportation and lower fuel costs, partially offset by higher labour and R&M costs. The reasons for each of these changes are outlined in the discussion above.

On a reported basis, operating margins in our West segment were 32.8% compared to 34.4% in the same quarter a year ago. The margin decline is, as noted above, the result of acquisitions, organic growth and equipment and labour related issues, which outpaced lower transportation and fuel costs.

On a reported basis, operating margins in our East segment were 33.9% versus 30.8% in the third quarter last year. The current year divestiture of our Long Island, New York operations, a favourable contract amendment in our Florida operations, organic growth and other strategic initiatives were the primary contributors to this improvement. Each of these changes are addressed in greater detail above and the overall change reflects our strategy to improve margins and returns on invested capital.

On a consolidated and as reported basis, operating expenses declined by approximately $39,100. When FX is excluded, operating expenses increased by approximately $4,700. On a year-to-date basis, we experienced increases in disposal costs, franchise and royalty fees, labour, R&M and safety and insurance costs. These cost increases were partially offset by lower vehicle operating and transportation costs.

Disposal costs increased approximately $5,500, with increases in the West and North, approximately $11,000 and $6,700, respectively, outpacing the decline in the East, approximately $12,200. The increase in the West reflects acquisitions, organic growth and the second quarter floods in Texas this year. Waste volumes originating from our North segment and internalized into our East segment in 2014 were directed to third-party sites in 2015 and was the primary reason for higher disposal costs in this segment. The East segment decline reflects divestitures and a favourable contract amendment to a Florida based collection contract, partially offset by organic growth in our Florida operations. Franchise and royalty fees increased approximately $2,000 between periods, reflecting higher franchise fees borne by our East segment and acquisitions and higher royalty fees from modestly higher landfill volumes in our West segment. Labour costs were up approximately $12,900 over the same year-to-date period last year. Labour costs in our West segment increased approximately $18,700, while labour costs in our North segment increased approximately $3,900. Labour costs in the East declined approximately $9,700. Higher labour costs in the West were attributable to acquisitions and organic growth, principally in our Texas based operations, coupled with revenue growth in our industrial service line as well. Weather was also a contributing factor to higher labour costs as a result of the second quarter Texas floods and wage increases, higher employee training costs and onboarding expenses and higher overtime hours due to a shortage of vehicle operators and equipment downtime were also contributors to the increase. Higher labour costs in the North reflects organic growth, wage increases and higher overtime hours. As outlined above in our third quarter discussion, our strategic direction for our operations in our East segment was the primary reason for the decline in labour costs, partially offset by organic growth in our Florida operations. R&M costs increased approximately $13,700 with approximately $12,600 of this increase attributable to our operations in the West. Acquisitions, organic growth, revenue mix and the impact of flooding in the state of Texas, coupled with costs incurred to bring our equipment to our Company’s operational and safety standards and unexpected equipment failures in the third quarter this year, were contributing factors to the increase. Safety and insurance costs increased approximately $6,500 and approximately $4,800 of the increase is attributable to our West segment. Higher payouts for prior period claims, current year claims costs, acquisitions and safety training initiatives all contributed to this increase. Higher claims costs incurred in our East segment, partially offset by the divestiture of certain operations in this segment, contributed approximately $1,600 to the year-to-date increase. Vehicle operating costs were lower by approximately $21,900 and were lower across each of our segments on lower fuel prices and in the case of our East segment, the divestiture of certain operations. Similar to our third quarter results and discussion, transportation costs fell between year-to-date periods. Lower transportation costs totaled about $16,200 of which approximately $14,100 of the decline is attributable to our East segment. Lower transportation costs in the East are largely the result of divested operations. Our North segment posted a decline in transportation costs of approximately $2,700 due to the direction of waste volumes originating out of our North segment to third-party facilities rather than to our Seneca Meadows landfill.

On a consolidated basis, operating margins declined between year-to-date periods by approximately 10 basis points. Similar to our third quarter results and discussion, adjusted margins in the North improved by approximately 90 basis points on lower costs for transportation and lower fuel costs, partially offset by higher disposal and R&M costs. Operating margins in our West segment were 32.7% compared to 35.6% in the same year-to-date period a year ago. This margin decline reflects acquisition and organic growth, the impact of the Texas floods, costs incurred to bring our equipment to the Company operating and safety standards and labour shortages, overtime and equipment downtime. Operating margins in our East segment were

Progressive Waste Solutions Ltd. – September 30, 2015 - 12

31.9% versus 30.0% in the same year-to-date period a year ago. Lower disposal and transportation costs and lower fuel costs, were partially offset by higher R&M, safety and insurance and franchise and royalty fees. Each of these changes is addressed in greater detail above.

11,805

13,260

(1,455)

39,351

39,148

16,276

13,196

45,674

38,650

13,642

14,194

43,894

39,757

12,651

11,029

37,668

43,302

(5,634)

Three and nine months ended

On a consolidated basis, SG&A expense increased approximately $2,700 quarter-over-quarter. Adjusting SG&A expense for transaction and related costs (recoveries), fair value movements in stock options, restricted share expense and non-operating or non-recurring expenses (“adjusted SG&A”), SG&A expense increased approximately $4,200. Additional details for each of these adjustments can be found in footnote (A) to the definition of EBITDA

Fair value movements in stock options were lower in the current quarter compared to the same period last year by approximately $800, reflecting an increase in our Company’s share price that was higher in the prior year quarter than the same period this year. Non-operating or non-recurring costs, representing the cost of severance for a former executive and losses associated with the operation of a transfer station over the held for sale period, was higher in the third quarter last year by approximately $1,000. Higher transaction costs incurred on acquisitions completed in the third quarter this year was the primary reason for the balance of the change between SG&A on an as reported versus adjusted basis.

When the impact of FX is also removed, approximately $4,100, SG&A expense increased approximately $8,300. Higher salaries contributed approximately $6,900 to this increase. Our corporate office saw its cost of salaries increase approximately $4,300 between quarters, while our West region recognized higher salaries totaling approximately $1,800. The increase in corporate office salaries is due in large part to higher prior quarter recoveries of performance based compensation, reflecting our financial performance in the prior year period, coupled with the timing of recognition. The increase in our West segment reflects acquisitions we completed in the fourth quarter of 2014, coupled with an increase in sales managers and reps in the region. Higher salaries in the North segment accounts for the balance of the change, as salaries in our East segment were unchanged. Other SG&A expenses increased approximately $1,700, of which approximately $1,300 is attributable to our West segment. Acquisitions, an unfavourable labour judgement and higher bad debt expense, all contributed to the increase.

Adjusted SG&A expense was 9.4% in the third quarter last year compared to 10.9% in the same period this year, when expressed as a percentage of revenue. The most significant contribution to this change was lower performance based compensation recoveries, coupled with lower current quarter revenues from lower fuel surcharges and lower commodity revenues. The balance of the change is attributable to acquisitions and bad debt expense.

On a consolidated basis, SG&A expense increased approximately $5,700 between year-to-date periods. Adjusting for transaction and related costs (recoveries), fair value movements in stock options, restricted share expense and non-operating or non-recurring expenses, SG&A expense increased approximately $6,600.

In the current year-to-date period, we recognized an approximately $300 expense on account of fair value movements in stock options compared to an approximately $3,300 expense in the same period a year ago. Removing this impact from both periods resulted in adjusted SG&A expense increasing in the current year-to-date period by approximately $3,000. This increase was partially offset by higher transaction and related costs compared to the recovery we recognized in the same year-to-date period last year. The prior period recovery was the result of an acquisition not meeting a performance condition included in the purchase and sale agreement. Transaction and related costs increased in the current period from acquisitions completed in the first nine months of this year which include certain costs attributable to an acquisition completed on the last day of the prior year. The impact to adjusted SG&A expense resulted in lower current year-to-date spending versus the same period a year ago by approximately $1,400. The balance of the change is due to higher current year-to-date non-operating and non-recurring expenses and slightly higher restricted share expense compared to the same period last year.

Progressive Waste Solutions Ltd. – September 30, 2015 - 13

The FX impact on adjusted SG&A expense was approximately $9,100, such that the FX adjusted change in adjusted SG&A expense was approximately $15,700. Higher salaries contributed approximately $8,300 to the increase over last year. Acquisitions, wage increases and the hiring of more sales personnel in our West segment is the primary reason for the increase in salary costs of approximately $4,700 between periods. Salaries in our North segment increased approximately $2,200, due in large part to the classification of certain North segment SG&A salaries to this segment that were previously recorded in the Corporate segment last year. The balance of the salary increase is attributable to our Corporate segment which recorded higher compensation recoveries in the prior year-to-date period, coupled with general wage increases net of terminations attributable to our restructuring plan. Other SG&A expenses increased approximately $5,800. Acquisitions, system implementation costs and higher bad debt expense were the primary reasons for this increase.

Adjusted SG&A expense as a percentage of revenues was 11.2% in the 2015 year-to-date period compared to 10.3% in the same period a year ago. When the impact of lower revenues resulting from falling commodity pricing and lower fuel surcharge revenues is negated, adjusted SG&A expense for 2015 would have been 11.0 %. The remaining increase between periods is largely a function of higher bad debt expense, acquisitions, higher salaries, lower compensation reversals, and higher system implementation costs.

In the current quarter and year-to-date periods, we incurred restructuring costs to reorganize our management structure. These costs are principally for our

exit of certain building and office leases, employee severance and employee relocation.

(5,217)

(11,041)

20,834

26,838

(6,004)

62,825

74,923

(12,098)

22,616

19,689

67,495

57,924

23,270

25,277

(2,007)

68,973

77,197

(8,224)

On a consolidated basis, amortization expense declined by approximately $5,200 when compared to the third quarter last year. When FX is excluded amortization expense declined by approximately $1,000. Net of FX, amortization expense attributable to capital and landfill assets increased approximately $1,100 and $1,100, respectively. These increases were partially offset by lower intangible amortization which, net of FX, declined approximately $3,200. Our West segment delivered the single largest contribution to the combined increase in capital and landfill asset amortization expense totaling approximately $2,500. Acquisitions were the primary reason for this increase. This increase was partially offset by lower combined amortization expense of approximately $300 in our East segment resulting largely from divestitures.

The decline in intangible amortization expense is largely attributable to lower expense recorded in our East segment, approximately $1,700 and is on account of divesting our Long Island, New York operations. Higher intangible amortization expense attributable to acquisitions, and recorded in our West segment, was fully offset by a reduction in intangible asset amortization expense recorded in our North segment due to certain intangibles being fully amortized, approximately $1,900.

Progressive Waste Solutions Ltd. – September 30, 2015 - 14

As a percentage of reported revenues, amortization expense was 13.7% in the current quarter, compared to 13.9% in the same period last year. Higher amortization expense attributable to capital and landfill assets was fully offset by lower intangible amortization expense.

On a year-to-date basis, consolidated amortization expense declined approximately $11,000 when compared to the same year-to-date period a year ago. When FX is excluded, the period-over-period decline shrinks to approximately $1,500. Net of FX, amortization expense attributable to capital and landfill assets increased approximately $2,600 and $4,200, respectively, while intangible asset amortization expense declined approximately $8,300. The reasons for the change in amortization expense for the year-to-date period are consistent with those outlined above in the third quarter discussion. Acquisitions, divestitures and fully amortized intangibles all contributed to the year-to-date change in amortization expense.

As a percentage of reported revenues, amortization expense declined to 13.9% in the year-to-date period, compared to 14.1% in the same period last year. Lower amortization expense attributable to intangibles between year-to-date periods, was partially offset by higher capital and landfill asset amortization expense attributable to acquisitions, net of divestitures.

Net gain on sale of capital and landfill assets

(1,576)

(1,784)

(1,555)

(2,119)

(13,695)

11,576

(9,827)

(3,904)

(5,923)

In the third quarter this year, we recognized gains on the disposal of capital and landfill assets totaling approximately $2,200. Included in this amount is an approximately $1,900 gain we recognized in our North segment for the receipt of proceeds due to us on a non-interest bearing note receivable. The note was established in 2014 on the sale of certain Calgary landfill buffer lands and the current period gain reflects payment for a portion of the note receivable that was received in advance of our expected date of receipt.

On a year-to-date basis, we recognized a first quarter gain on the disposal of our Long Island, New York operations totaling approximately $9,200. As outlined above in the third quarter discussion, we also recognized a gain on the early payment of a note receivable attributable to the sale of certain Calgary landfill buffer lands. In the prior year-to-date period, we recorded a gain on the sale of Calgary landfill buffer lands which was partially offset by a loss recorded on the termination of an operating contract we had for the Tensas Parish landfill in Louisiana. We recorded a net loss of approximately $3,700 when we ceased operating this landfill.

The remainder of the quarter and year-to-date changes reflect the disposal of redundant operating assets in Canada and the U.S., including containers and vehicles, and the disposal of these assets are neither significant individually nor in aggregate.

(2,567)

(2,329)

As reported, interest expense declined approximately $2,600 in the third quarter this year compared to the same period a year ago. Excluding the impact of FX, interest expense increased approximately $200 on higher average long-term debt borrowings, coupled with a slightly higher LIBOR borrowing rate. These increases to interest expense were partially offset by lower spreads on long-term debt drawings.

Progressive Waste Solutions Ltd. – September 30, 2015 - 15

For the year-to-date period, and expressed net of FX, interest expense increased approximately $4,400. Higher interest expense reflects a series of interest rate swaps entered into between March and July 2014 on notional borrowings of approximately $290,000. We fixed the variable rate of interest on these notionally borrowed amounts which accounts for approximately $1,400 of the year-to-date increase in interest expense. A higher average long-term debt balance is the primary reason for the remainder of the increase, coupled with a slightly higher LIBOR borrowing rate, partially offset by a lower spread on long-term debt drawings.

Please refer to the Liquidity and Capital Resources section of this MD&A for additional details regarding our debt facilities.

Net foreign exchange loss (gain)

Three and nine months ended

Foreign exchange gains or losses are typically incurred on the settlement of transactions conducted in a currency that is other than our Canadian and U.S. businesses functional currency. Gains and losses recorded in the third quarter and year-to-date periods this year and last are not attributable to one significant transaction or series of transactions in any period.

Net loss (gain) on financial instruments

20,294

Higher current quarter losses are due in large part to the estimated fair value change in interest rate swaps. In the third quarter last year, we recorded a gain on these swaps of approximately $4,400, which compares to a current quarter loss of approximately $16,700. This change represents about $21,100 of the approximately $20,300 change in financial instrument gains and losses between periods and these losses were the result of lower longer-term interest rates. Fair value changes in fuel hedges partially offset the increase in losses between periods. In the third quarter last year, we recognized a loss on fuel hedges totaling approximately $1,700 compared to a third quarter loss this year of approximately $900. Current period movements in WTI crude pricing, and the diesel fuel index, have resulted in our fuel hedges having a higher estimated fair value than the value we estimated at the end of each respective prior year period. Fair value changes in foreign currency exchange agreements and gains or losses recognized on funded landfill post-closure costs had little impact on net gains or losses between periods.

On a year-to-date basis, the current period loss of approximately $16,100 compares to a prior period loss of approximately $7,800. Higher losses recorded on our fair value estimate for interest rate swaps was the primary contributor to the year-to-date change. Losses recorded on these swaps last year totaled approximately $6,200, compared to losses of approximately $17,100 recorded in the same period this year. The reasons for the increase in recorded losses are consistent with those outlined above in the third quarter discussion. The fair value change in fuel hedges partially offset the increase in losses from interest rate swaps. Last year we recorded a loss of approximately $2,400 which compares to a year-to-date gain of approximately $900 this year. Movements in the underlying have resulted in our fuel hedges having a higher estimated fair value than the value we estimated at December 31, 2014. The balance of the change reflects gains recognized in the prior year period recorded on the reversal of an embedded financial instrument that was not repeated in the current year.

Progressive Waste Solutions Ltd. – September 30, 2015 - 16

Loss on extinguishment of debt

On June 30, 2015, we amended and restated our consolidated credit facility. The term B portion of the facility was repaid in full and replaced with a term A facility. Extinguishment of the term B facility required that we write-off all deferred financing and debt discount costs associated with it. No extinguishments were recognized in any other current or comparative periods.

Re-measurement gain on previously held equity investment

On January 31, 2014, we purchased the remaining fifty percent interest in our equity accounted investee. Accordingly, we re-measured our original investment in this investee at the acquisition date fair value and recorded a non-cash gain of approximately $5,200.

(5,621)

(11,938)

On a consolidated basis, income before income tax expense and net loss from equity accounted investee, collectively income before tax, was approximately $23,500 lower in the third quarter this year compared to the same period last year. Approximately $20,300 of this decline reflects higher net losses on financial instruments which are largely on account of the fair value change in interest rate swaps. This change was also the primary reason for the approximately $4,600 increase in deferred tax recoveries recorded in our North segment this period compared to last. The balance of the change reflects lower income before tax recorded by our U.S. segments due to divestitures and a weaker overall performance in our West segment that outpaced acquisitions and organic growth. Current taxes in both our North and U.S. segments were little changed period-over-period.

For the third quarter this year, we reported an effective tax rate of approximately 20.9%. Income tax at the combined basic rate was approximately 37.2% in the third quarter this year. Our long-term financing structure reduced income tax at the combined basic rate by approximately 20.4%. State taxes partially offset this decline by approximately 3.3%, and together these two differences account for the bulk of the divide between income tax at the combined basic rate and income tax at our effective tax rate.

In the year-to-date period, income before tax was approximately $41,400 lower in the current period versus the same period last year. Approximately $27,800 of this decline is attributable to our North segment, with the balance, approximately $13,600 due to our U.S. segments. Our U.S. segments recorded a decline in reported EBITDA

which was partially offset by higher gains on the disposal of capital and landfill assets, stemming principally from the sale of our Long Island, New York operations. EBITDA

declines in our U.S. segments occurred on a year-to-date basis for the same reasons outlined above in the quarterly discussion. The decline in our North segment is the result of higher recorded losses on financial instruments, as outlined above, coupled with lower gains on the disposal of capital and landfill assets, namely the sale of buffer lands adjacent to our Calgary landfill. These reductions to income before tax were partially offset by higher recorded EBITDA

period-over-period. Accordingly, both current and deferred taxes were lower in our North segment by a combined approximately $7,000. Current

Progressive Waste Solutions Ltd. – September 30, 2015 - 17

taxes in our U.S. segments were up slightly, while deferred taxes lower than the same period last year by approximately $5,300.

On a year-to-date basis, we reported an effective tax rate of approximately 17.3%. Income tax at the combined basic rate was approximately 34.8% through the first three quarters this year. Our long-term financing structure reduced income tax at the combined basic rate by approximately 18.6%. State taxes partially offset this decline by approximately 1.9%, and together account for the bulk of the difference between income tax at the combined basic rate and income tax at our effective tax rate. The balance of the change reflects tax recoveries resulting from financial instrument losses recorded for accounting that had no effect on tax, partially offset by tax on non-deductible expenses, withholding taxes on foreign dividends and interest and revisions to certain tax values.

Please refer to the Outlook section of this MD&A for additional discussion about our income taxes.

Net loss from equity accounted investee

On January 31, 2014 we acquired the remaining fifty percent interest in our equity accounted investee. In the period preceding acquisition, we recognized a net loss from our equity accounted investee representing our pro rata share of the investee’s post-acquisition earnings, computed applying the consolidation method.

Please refer to the Related Party Transactions section of this MD&A for additional details regarding our previously held investment in our equity accounted investee.

Progressive Waste Solutions Ltd. – September 30, 2015 - 18

Other Performance Measures -

For the three and nine months ended September 30, 2015

Free cash flow

Purpose and objective

The purpose of presenting this non-GAAP measure is to provide readers with an additional measure of our value and liquidity. We use this non-GAAP measure to assess our performance relative to our peers and to assess the availability of funds for growth investment, share repurchases, debt repayment and dividend increases.

- cash flow approach

Cash generated from

operating activities

141,003

96,221

44,782

315,236

283,209

32,027

Operating and investing

Stock option

(2,965)

expense

LTIP portion of restricted

share expense

(1,741)

(1,025)

Acquisition and related

costs (recoveries)

Non-operating or non-

recurring expenses

(1,041)

Restructuring expenses

Changes in non-cash working

capital items

(34,556)

19,969

(54,525)

(26,198)

32,733

(58,931)

Capital and landfill asset

purchases

(65,673)

(57,923)

(7,750)

(202,310)

(175,103)

(27,207)

change in non-cash working

15,423

(14,979)

30,402

17,239

(14,444)

31,683

Proceeds from the sale of

capital and landfill assets

25,061

(22,285)

Financing

Purchase of restricted

shares

(2,095)

Net realized foreign

exchange loss (gain)

11,387

(41,075)

Amounts exclude LTIP compensation.

Progressive Waste Solutions Ltd. – September 30, 2015 - 19

– adjusted EBITDA

approach

We typically calculate free cash flow

using an operations approach because it best reflects how we manage the business and our free cash flow

(12,648)

(30,245)

capital

Landfill closure and post-

closure expenditures

(1,205)

(1,290)

(3,518)

(3,403)

closure cost accretion

(13,088)

(15,655)

(44,105)

(46,434)

Non-cash interest expense, net

Current income tax expense

(6,872)

(6,715)

(19,203)

(22,305)

Three and nine months ended

On a reported basis, free cash flow

was approximately $11,400 higher this quarter than the same period last year. The negative impact of FX on free cash flow

period-over-period was approximately $2,100. The primary reason for the increase was due to an approximately $22,700 decline in capital and landfill asset purchases, net of working capital changes, partially offset by an approximately $12,600 decline in adjusted EBITDA

. In the third quarter this year, our capital purchases, in particular, were lower than the same period last year and the reasons for this decline are outlined in greater detail in the Other Performance Measures, Capital and landfill asset purchases section below. The primary reason for the decline in adjusted EBITDA

performance was due to FX, approximately $10,800. The reasons for the remainder of the decline in adjusted EBITDA

can be found in the Review of Operations section of this MD&A.

For the year-to-date period, the decline of approximately $41,100 is attributable to many of the same factors outlined above in the third quarter discussion. Adjusted EBITDA

is off of the prior year mark by approximately $30,200, of which approximately $23,000 is attributable to FX. The remaining decline in adjusted EBITDA

reflects divestitures, net of acquisitions, organic growth, and higher operating costs in our West segment due to flooding and higher labour and R&M costs. Proceeds from the sale of capital and landfill assets fell short of the prior year-to-date mark by approximately $22,300. The primary reason for the decline is due to a reduction in proceeds recognized on the sale

buffer lands adjacent to our Calgary landfill and the sale of a transfer station in our East segment. No such sales were executed in the current year-to-date period. These declines to free cash flow

were partially offset by lower overall spending for capital and landfill assets, net of the change in non-cash working capital, lower current income tax expense and lower interest expense. Lower current income tax and interest expense are addressed in detail in the Review of Operations section of this MD&A, while lower year-to-date spending for capital and landfill assets is outlined in the Other Performance Measures section of this MD&A.

Progressive Waste Solutions Ltd. – September 30, 2015 - 20

Capital and landfill purchases, net of changes in non-cash working capital

Capital and landfill purchases characterized as replacement and growth expenditures are as follows:

Replacement

21,083

34,007

(12,924)

111,813

107,597

Growth

29,167

38,895

(9,728)

73,258

81,950

(8,692)

50,250

72,902

(22,652)

185,071

189,547

(4,476)

Capital and landfill purchases - replacement

Capital and landfill purchases characterized as “replacement” represent cash outlays to sustain current cash flows and are funded from free cash flow

. Replacement expenditures include the replacement of existing capital assets and all construction spending at our landfills.

On a reported basis, replacement spending was approximately $12,900 lower in the third quarter this year compared to the same period last year. Replacement spending in our U.S. segments declined approximately $8,400, while replacement expenditures in the North declined approximately $4,500.

The timing of replacement spend in 2015 is consistent with our plan to front load replacement spending to obtain the benefits of replacement expenditures earlier in the year of purchase. In the current quarter, approximately $9,100 of total replacement spending was on account of landfill site and cell development, of which approximately $5,700 was attributable to spending at our Seneca Meadows landfill with an additional approximately $1,500 spent on cell development at our Champ landfill. The balance of replacement spending in the current quarter traversed vehicles, equipment, containers and buildings. In the prior year quarter, approximately $15,600 of total replacement spending was on account of landfill spending, with approximately $11,600 attributable to cell and site development at our Seneca site. As noted, the timing of replacement spending reflects our strategy to front load spending and is the primary reason for the reduction in vehicle, equipment and container spending between periods.

Replacement spending in our North segment was lower this quarter compared to the same period last year by approximately $4,500. Approximately $4,000 of this decline was due to lower spending on landfill site and cell development. The bulk of spending in the current year quarter was centered at our Coronation landfill, while landfill replacement spending last year was heavier at our Coronation, Lachenaie and Ridge landfills. The balance of the decline quarter-to-quarter is consistent with the discussion outlined above for our U.S. segments, whereby lower vehicle, equipment and container spending was front loaded in the year leading to a lower comparative third quarter spend this year.

On a year-to-date basis, consolidated replacement spending increased approximately $4,200, comprising an approximately $19,700 increase in U.S. segment spending and an approximately $15,500 decline in spending in our North segment.

Replacement spending in our U.S. segments reflects our strategy to get more vehicles on the street earlier in the year with the goal of reducing vehicle operating costs, transitioning our fleet from rear load to automated front or side load vehicles and to convert our fleet from diesel powered vehicles to CNG. Our Florida, Louisiana and Texas operations have been the primary beneficiaries of higher replacement spending between year-to-date periods. Building and improvement expenditures in our Brooklyn operations also contributed to the increase in replacement spending over the same period last year.

On a year-to-date basis, replacement spending in our North segment was lower in the current period by approximately $15,500. This decline is largely attributable to the roll out of vehicles in the prior year to service certain residential collection contracts in the eastern portion of this segment. In addition, the replacement of an operating facility in the prior year-to-date period was also not repeated and together with the decline in vehicle and equipment spending are the primary reasons for the North segment decline.

Capital and landfill purchases - growth

Capital and landfill purchases characterized as “growth” represent cash outlays to generate new or future cash flows and are generally funded from free cash flow

. Growth expenditures include capital assets, including facilities (new or expansion), to support new contract wins and organic business growth.

Progressive Waste Solutions Ltd. – September 30, 2015 - 21

On a consolidated basis, growth expenditures declined quarter-over-quarter by approximately $9,700, comprised of an approximately $21,800 decline in U.S. segment spending which was partially offset by an approximately $12,100 increase in the North.

The primary reason for spending growth in our North segment reflects vehicle and equipment spending incurred in advance of a residential contract win that we commence servicing in January 2016.

The decline in third quarter growth spending for our U.S. segments reflects lower growth expenditures for CNG vehicles, equipment and containers on account of prior year contract wins in our Florida and Texas operations.

For the year-to-date period, growth spending in our North segment increased by approximately $5,900. This increase reflects higher vehicle and equipment spending in advance of a residential contract win we’ll commence servicing in January 2016, partially offset by the investment we made in our natural gas plant at our Lachenaie landfill in the year-to-date period last year. The natural gas plant commenced operations in the latter half of 2014 and accordingly growth spending between periods declined.

On a year-to-date basis, U.S. segment growth expenditures declined by approximately $14,600 due to higher vehicle and container spending last year. New contract wins in 2014 in Florida, Texas and Louisiana were the principal reasons for higher growth spending last year compared to the same period this year.

Readers are reminded that revenue, adjusted EBITDA

, and cash flow contributions realized from growth and internal infrastructure expenditures will materialize over future periods.

Dividends

(all amounts are in Canadian dollars)

Our actual and expected dividend record and payment dates, and payment amounts per share, are as follows:

Actual or expected quarterly dividends

Actual or expected record date

Actual or expected payment date

Actual or expected dividend amounts per share - stated in C$

March 31, 2015

April 15, 2015

July 15, 2015

October 15, 2015

December 31, 2015

January 15, 2016

Our dividend record and payment dates, and payment amounts per share, were as follows:

Actual quarterly dividends

Actual record date

Actual payment date

Actual dividend amounts per share - stated in C$

March 31, 2014

April 15, 2014

June 30, 2014

July 15, 2014

October 15, 2014

January 15, 2015

We expect to fund all 2015 dividend payments from excess free cash flow

generated by our Canadian business. Funding all dividends from Canadian cash flows eliminates foreign currency exchange exposure because our dividends are denominated in Canadian dollars. Dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada).

Progressive Waste Solutions Ltd. – September 30, 2015 - 22

Summary of Quarterly Results

(all amounts are in thousands of U.S. dollars, except per share amounts)

North

178,615

153,881

West

165,614

158,392

East

148,736

147,932

Total revenues

492,965

460,205

37,130

18,121

Net income per weighted average share, basic

Net income per weighted average share, diluted

32,059

28,242

per weighted average share, basic

per weighted average share, diluted

186,867

192,444

167,361

745,800

153,112

151,180

143,771

602,379

164,590

169,877

158,638

660,818

504,569

513,501

469,770

2,008,997

18,931

40,852

25,919

126,516

39,857

47,237

24,752

153,076

192,075

199,053

198,855

179,094

769,077

143,576

146,611

144,750

136,323

571,260

166,356

175,001

173,202

171,143

685,702

502,007

520,665

516,807

486,560

2,026,039

36,242

20,094

32,293

29,341

117,970

33,417

31,348

35,290

27,097

127,152

Seasonality

Revenues are generally higher in the spring, summer and autumn months due to higher collected and received waste volumes. Operating expenses generally follow the rise and fall of revenues.

Progressive Waste Solutions Ltd. – September 30, 2015 - 23

North segment revenues expressed in thousands of C$

Year-to-date period total

219,735

190,989

212,212

210,027

184,678

823,921

201,651

206,561

203,353

180,689

590,603

792,254

2015 less 2014 revenues

21,214

2014 less 2013 revenues

10,561

10,443

21,106

31,667

2015-2014

Excluding the impact of FX, first quarter revenues in our North segment grew period-over-period. Higher pricing across all service lines contributed to the growth in revenues on a comparative basis. Stronger commercial and industrial pricing were the key contributors, coupled with stronger landfill pricing at one of our landfills in the western portion of this segment. Lower fuel surcharges on lower diesel fuel prices and lower commodity pricing partially offset the improvement to revenues from price. Volume improvements in our North segment were also strong this quarter with every service line in the North delivering volume growth, with the only exception being our landfill service line. Strong special waste volumes received at our Calgary site last year, weren’t repeated in the current year period. Our Lachenaie site is also off to a slower start this year compared to last on lower special waste volumes. Weather was a contributing factor to this result and weather was a negative to comparative volumes received at our Ridge landfill as well. Our Ottawa site on the other hand realized improved revenues on higher special waste tonnes. Revenues from our Lachenaie natural gas plant, which opened late in 2014, also contributed to the improvement in revenues from volumes.

Revenues in our North segment increased in the second quarter, net of FX. Higher pricing across all service lines contributed to the comparative growth in revenues and we continued to see stronger commercial and industrial pricing compared to the second quarter last year. Lower fuel surcharges on lower diesel fuel prices, coupled with our conversion of some fuel surcharges to price, was a drag on revenues. Revenues were also down when compared to the same period last year on lower commodity prices, but volumes were strong comparatively. Volumes received at our Ottawa landfill and the operation of our Lachenaie gas plant were the principal drivers of revenue growth from improved volumes. These improvements were partially offset by softness in both transfer station and MRF volumes, which collectively were off the prior period mark. Operations in the western portion of our North segment were the primary reasons for the decline in these volumes.

North segment third quarter revenues grew period-over-period when FX is excluded. Higher pricing across all service lines contributed to the comparative growth in revenues on stronger commercial and industrial pricing over the third quarter last year. Lower fuel surcharges on lower diesel fuel prices, coupled with our conversion of some fuel surcharges to price, was a drag on revenues, while revenues from higher commodity prices improved revenues when compared to the same period last year. Volumes in our North segment delivered an improvement to revenues period-over-period and the operation of our Lachenaie gas plant was the principal driver of the revenue growth improvement from volumes. These improvements were partially offset by softness in both transfer station and industrial volumes, which collectively were off the prior period mark in the central and eastern portions of our North segment.

2014-2013

Excluding the impact of FX, first quarter revenues in the North grew period-over-period. Higher pricing across all service lines and stronger commodity pricing on a comparative basis were the primary contributors to revenue growth. Volumes in our North segment were higher in our collection operations, but lower in our landfill and disposal operations. The Calgary closure contributed to lower landfill revenues period-over-period, however, the volume of waste materials once directly destined for our Calgary landfill were largely received at the transfer station facility we opened in mid-2013. Our Lachenaie landfill was hit hardest by weather in the first quarter of 2014 and volumes were down comparatively as a result. Replacing volumes lost at our Lachenaie landfill due to the acquisition one of its largest customers by a competitor in 2013 also impacted revenues attributable to volumes. Acquisition contributions weren’t significant between periods and the change in fuel surcharges was basically flat period-over-period.

In the second quarter, revenues in the North grew, net of FX, period-over-period. Higher pricing across all service lines and stronger commodity pricing on a comparative basis were the primary contributors to this growth. Volumes in the North segment were flat in total. The Calgary closure contributed to lower landfill revenues on lower volumes period-over-period. However, the volume of waste materials once destined for our Calgary landfill were largely received at the transfer station

Progressive Waste Solutions Ltd. – September 30, 2015 - 24

facility we opened in mid-2013. The receipt of these volumes was a large contributor to the increase in transfer station revenues period-to-period. Commercial and industrial volumes were both positive comparatively, but were offset by a decline in volumes from two lost residential collection contracts in the eastern portion of this segment. Acquisition contributions, although not significant, did advance revenues period-over-period and fuel surcharges were slightly behind the mark set in the same period last year.

Third quarter revenues in the North grew period-over-period, net of FX. Higher pricing across all service lines contributed to the growth in revenues. Stronger commercial and industrial pricing were the primary contributors, coupled with stronger landfill pricing at one of our landfills in the western portion of this segment. Volumes in our North segment were also strong this quarter. Our Lachenaie landfill had a strong volume quarter, with higher MSW and soil volumes received at the site. The improvement was due in part to lower third quarter volumes received in 2013 caused by the redirection of certain volumes to another site due to the acquisition of a significant regional competitor by the largest waste service provider in North America. Transfer station volumes in the western portion of our North segment were significantly higher compared to the same period last year, partly because the transfer station opened late in the second quarter of 2013 and partly due to the Alberta flood, which permitted our Calgary landfill to remain open to flood debris during the third quarter of 2013. Offsetting post-collection volume improvements was lower residential volumes in both the central and eastern portions of this segment, partially offset by a new contract win in British Columbia. This segment also saw its industrial volumes rise comparatively, and the increase was realized across all areas of the segment. Revenues from commodity pricing dropped between periods, while contributions from an acquisition completed earlier in 2014 more than offset the slight decline in fuel surcharges that resulted from lower comparative fuel prices.

In the fourth quarter, revenues in the North increased, net of FX. Higher pricing across all service lines contributed to the increase with stronger commercial and industrial pricing accounting for most of the improvement. Stronger landfill pricing at one of our landfills in the western portion of this segment also contributed to higher revenues from price. Revenues also improved on stronger volumes. Natural gas revenues from the start-up of a new gas plant at our Lachenaie landfill and higher transfer station volumes were the primary contributors to this improvement. Revenues from landfill volumes were lower than prior period levels due in large part to lower soil volumes received at our Lachenaie site. Acquisitions contributed to the improvement in revenues, reflecting the purchase of the remaining fifty percent interest in our equity accounted investee in the first quarter of 2014. Fuel surcharges were relatively flat period-over-period and lower commodity pricing was a negative to revenues.

While we have made comparative improvements in every quarter, we caution readers that the economic climate continues to be fragile, which can impact certain services we offer and the revenues we generate from them. Economic disruptions can have a significant impact on our ability to realize revenue growth in future periods and these disruptions apply to all of our segments.

427,684

14,434

14,621

21,583

31,119

Revenues in our West segment improved over the first quarter last year. Acquisitions were the primary reason for this increase. Volume improvements also contributed to the growth of revenues. Growth in this segment’s collection service lines delivered higher revenues from volumes and landfills delivered the most pronounced volume growth in our post collection service lines. Landfill volumes were up and reflect higher volumes in many of our Texas and Missouri based landfills. Collection volumes in this segment improved due to net residential contract wins coupled with an improvement in commercial collection volumes period-over-period. Price improvement, while not as strong as volume growth, was up over the same period last year. Pricing was strongest in our commercial, residential and landfill service lines and was either up or slightly down in this segment’s industrial collection line. Commodity pricing was lower on a comparative basis and represented a drag to revenues. Lower diesel fuel costs resulted in a retraction of fuel surcharge revenues as well.

Progressive Waste Solutions Ltd. – September 30, 2015 - 25

Second quarter revenues in our West segment improved compared to the same period last year. Acquisitions were the primary reason for this increase, with volume improvements contributing to revenue growth as well. Revenue growth from volumes in this segment’s collection service lines increased, while combined transfer station and MRF volumes fell short of the prior period mark. The decline in second quarter 2015 revenues from transfer station and MRF volumes was the result of clean-up volumes received at certain Louisiana based transfer stations in the second quarter last year. Landfill volumes were essentially unchanged comparatively. Price improvement delivered additional revenues over the same period last year and was strongest in our residential and landfill service lines. Stronger landfill pricing from the mix of materials received was most prominent in our Louisiana based sites. Commodity pricing was lower on a comparative basis and lower diesel fuel costs resulted in a retraction of fuel surcharge revenues.

Revenues in our West segment improved compared to the third quarter last year. Acquisitions were the primary reason for this increase. Volume improvements also contributed to revenue growth with the collection service lines delivering the largest improvement, while post collection volumes improved revenues as well. The increase in third quarter 2015 revenues from higher commercial and industrial collection volumes was attributable to organic growth in our Texas based operations. The improvement in revenues from post collection volumes reflects higher MSW and C&D volumes received at our Champ landfill. Price improvements delivered additional revenues over the same period last year and were strongest in our residential, commercial and landfill service lines. Stronger landfill pricing resulting from the mix of materials received was most prominent at our Champ landfill, while lower industrial pricing partially offset this improvement. Commodity pricing was lower on a comparative basis while lower diesel fuel costs resulted in a reduction of fuel surcharge revenues.

The performance of our West segment was solid in the first quarter of 2014. Improved revenue from higher volumes was the primary contributor to this segment’s revenue growth, comprising higher commercial and residential collection volumes and higher landfill volumes. Collection volumes were improved on the strength of commercial volume growth in our Texas based operations, coupled with residential revenue improvements from wins in Texas and Louisiana. On the landfill front, opening the Jefferson Parish landfill in 2013 contributed to higher comparative landfill revenues and landfills in our Texas operations received higher construction and demolition volumes as well. On the pricing front, all service lines improved. Commodity pricing was also higher period-over-period, but this improvement was fully offset by lower fuel surcharges.

In the second quarter, our West segment turned in another solid revenue performance. Volume improvements were the primary contributor to revenue growth in this segment. Revenues from collection volumes increased on higher commercial and residential volumes. Commercial collection volumes were most improved in Texas, while residential contract wins in Texas and Louisiana drove residential revenues higher period-over-period. Higher volumes received at our Jefferson Parish and Turkey Creek landfills were the primary reason for improved landfill revenues. Improvements to price were strongest in our commercial and industrial service lines, but every service line realized improvement between periods. Commodity pricing was also higher on a comparative basis and improvements to revenues from fuel surcharges and acquisitions were little changed period-over-period.

Our West segment improved third quarter revenues on a comparative basis. Volume improvements contributed to the growth of revenues. Collection volumes were up, as were volumes received at our landfills. Improved collection volumes were largely attributable to residential contract wins in Texas and Louisiana. Higher volumes received at many of our Texas based landfills contributed to higher revenues from improved landfill volumes. Price improvements, while not as robust as volume growth, were improved over the comparative period across every service line. This improvement was strongest in our commercial and industrial service lines. Commodity pricing was slightly higher on a comparative basis, while contributions to revenues from fuel surcharges and acquisitions were little changed period-over-period.

Our West segment delivered strong revenue growth in the fourth quarter. Stronger volumes in this segment contributed to the overall improvement, most of which was attributable to our collection service lines. Residential contract wins in Texas and Louisiana were the most significant contributors to the improvement. Industrial volumes were also robust quarter-over-quarter. Stronger economic conditions in our Texas operations are the primary reason for the industrial volume improvement and higher volumes in our commercial collection service line contributed to the revenue improvement as well. Volume improvements in our disposal service lines also improved revenues. Landfill volumes were improved and reflect higher volumes at many of our Texas based landfills. Improved pricing grew revenues over the comparative period and was strongest in our commercial and residential service lines. Price was up across the remainder of our service lines as well. We acquired a collection operation late in the fourth quarter of 2014, and this acquisition also contributed to the improvement in revenues between periods. Commodity pricing and fuel surcharges were lower than the prior year period, reflecting the lower cost of fuel and changes in supply/demand conditions for commodities.

Progressive Waste Solutions Ltd. – September 30, 2015 - 26

519,346

(21,141)

(10,706)

(1,766)

(7,288)

(3,325)

(12,505)

(23,118)

(24,884)

East segment revenues were lower in the first quarter this year compared to last. The sale of certain assets in Long Island, New York in February this year contributed to the decline in revenues period-over-period, coupled with the sale of a transfer station in the second quarter of last year. These asset sales reflect our strategy to monetize unproductive or unprofitable assets and increase our return on invested capital and together are the primary reasons for the decline in revenues period-over-period. This segment’s comparative revenue performance was also impacted by lower commercial and industrial volumes due to a measured and strategic effort to eliminate less profitable business commencing late in 2013 and continuing throughout most of 2014. Landfill volumes into our Seneca Meadows landfill were also lower period-over-period, partially offset by higher comparative volumes received in our Florida based landfills. Lower landfill volumes received at our East segment sites was due in large part to lower transportation revenues attributable to volumes received from the New York City Department of Sanitation. Continued competition for a constrained volume stream and weather impacted revenues from our landfill operations in the East as well. Pricing however was strong in our East segment across all service lines with stronger commercial pricing leading the improvement to revenues from price. Lower fuel surcharges and commodity pricing combined to lower revenues between periods.

Revenues in our East segment were lower in the second quarter compared to the same period a year ago. The sale of certain assets in Long Island, New York this year contributed to the decline in revenues period-over-period, coupled with the sale of a transfer station in the second quarter of last year. These asset sales reflect our strategy to monetize unproductive or unprofitable assets and increase our return on invested capital. Both volume and price improvements contributed to higher revenues. Improved transfer station, MRF and landfill volumes were the primary contributors to this segment’s volume growth. The improvement to transfer station volumes was largely centered in our New York City operations on higher New York Department of Sanitation volumes, while MRF volumes increased on new contract wins in our Florida operations. Project volumes received at our JED landfill was the primary contributor to the improvement in revenues from landfill volumes in the quarter. Partially offsetting these improvements were lower commercial and industrial volumes due to a measured and strategic effort to eliminate less profitable business that we commenced late in 2013 and continued throughout most of 2014...


More