Appendix

Progressive Waste Solutions Ltd - Days

Receivable
Account
Reven
2013 Ending Date
Receivable
ue
Days
Q1
31-03-14
247.96 486.56
Q2
30-06-13
247.96 516.81
Q3
30-09-13
240.55 520.66
Q4
31-12-13
229.55 502.01
AVG
Account
Reven
2014 Ending Date
Receivable
ue
Days
Q1
31-03-14
205.92 469.77
Q2
30-06-13
235.89
513.5
Q3
30-09-13
219.62 521.16
Q4
31-12-13
216.2 504.57
AVG

90
91
92
92

Days Receivable
45.86566919
43.66084248
42.50489763
42.06808629
43.5248739

90
91
92
92

Days Receivable
39.45079507
41.80329114
38.76936066
39.42049666
39.86098588

90
91
92
92

Days Receivable
37.01140799
39.90868608
39.50636928
38.26495447
38.67285445

90
91
92
92

Days Receivable
37.83362218
40.86501059
39.49058554
38.4670142
39.16405813

90
91
92
92

Days Receivable
43.99275378
48.65644935
44.90024112
44.31004178
45.46487151

90
91
92
92

Days Receivable
44.46380723
45.36943426
42.90022871
43.64036453
44.09345868

Republic Services
2013 Ending Date
Q1
31-03-14
Q2
30-06-13
Q3
30-09-13
Q4
31-12-13

Account
Reven
Receivable
ue
Days
821.9 1998.6
876.5 2111.7
906.8 2165.4
890.7 2141.5
AVG

2014 Ending Date

Q1
31-03-14
Q2
30-06-13
Q3
30-09-13
Q4
31-12-13

Account
Reven
Receivable
ue
Days
873.2 2077.2
932.8 2225.3
955.2 2264.1
930.4 2225.2
AVG

Waste Connections
Inc.
Account
Reven
2013 Ending Date
Receivable
ue
Days
Q1
31-03-14
219.91 449.89
Q2
30-06-13
240.55 489.38
Q3
30-09-13
238.84 503.64
Q4
31-12-13
234.01 485.87
AVG
Account
Reven
2014 Ending Date
Receivable
ue
Days
Q1
31-03-14
259.97 526.21
Q2
30-06-13
262.35
546.55
Q3
30-09-13
254.86
524.69
Q4
31-12-13
228.5
481.71
AVG

Pr
og
re
ss
Appendix iv
e
W
as
te
So
lut
io
ns
Lt
dLi
qu
idi
ty
P
e
r
i
o
d
e
n
d
i
n
g
C
a
s
h
R
a
t
i
o
C
u
r
r
e
n
t
R
a
t
i
o
Q
u

Repu
blic
Servi
ces
Inc Liqui
dity
Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

13-03-31

13-06-30

13-09-30

13-12-31

14-03-31

14-06-30

14-09-30

14-12-31

0.08
0.73
0.57

0.06
0.72
0.56

0.05
0.73
0.57

0.12
0.83
0.64

0.10
0.77
0.62

0.03
0.72
0.58

0.07
0.79
0.62

0.04
0.76
0.55

Long-Term Debt/Equity
Long-Term Debt/Capital
Long-Term Debt/Total
Assets

90.61
47.45

90.93
47.57

90.75
47.53

88.57
46.92

89.56
47.23

89.65
47.24

88.51
46.92

91.00
47.61

35.68

35.47

35.43

35.10

35.32

35.43

35.12

35.09

Total Debt/Equity
Total Debt/Capital
Total Debt/Total Assets

90.93
47.62
35.81

91.12
47.68
35.54

90.95
47.63
35.50

88.77
47.02
35.18

89.63
47.27
35.34

89.77
47.31
35.48

88.64
46.99
35.18

91.14
47.68
35.14

Period ending
Cash Ratio
Current Ratio
Quick Ratio

Wast
e
Conn
ectio
ns
Inc Liqui
dity
Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

13-03-31

13-06-30

13-09-30

13-12-31

14-03-31

14-06-30

14-09-30

14-12-31

0.04
0.75
0.58

0.04
0.75
0.58

0.05
0.89
0.70

0.04
0.95
0.72

0.05
0.91
0.72

0.06
0.93
0.74

0.03
0.93
0.71

0.04
1.02
0.76

Long-Term Debt/Equity
Long-Term Debt/Capital
Long-Term Debt/Total
Assets

111.08
51.39

104.73
49.61

102.16
49.91

102.15
49.95

97.38
48.76

91.35
47.18

87.21
46.04

90.63
47.12

42.62

40.87

41.06

41.32

40.27

38.63

37.57

38.56

Total Debt/Equity
Total Debt/Capital
Total Debt/Total Assets

116.14
53.73
44.56

111.11
52.63
43.36

104.67
51.14
42.07

104.53
51.11
42.28

99.73
49.93
41.24

93.63
48.35
39.59

89.41
47.20
38.52

92.32
48.00
39.28

Period ending
Cash Ratio
Current Ratio
Quick Ratio

Waste Solutions Ltd (BIN CN) - Liquidity

Appendix

Progressive Waste Solutions Ltd - By Geography

876.89

43.28

Canada
U.S.
Northeast

769.08

37.96

Q1
2014
201403-31
469.7
7
221.8
5
167.3
6

380.07

18.76

80.56

17.15

91.80

EBITDA

521.61

111.51

100.0

130.25

Annual
Period ending
Revenue
U.S. South

Canada

2013
2026.04

Q2
2014
201406-30

100.0

513.50

47.23

229.25

35.63

192.44

270.51

51.86

56.08

43.62

65.10

U.S. South
U.S.
Northeast

236.00

45.24

59.58

46.35

61.50

76.26

12.90

10.03

18.87

Corporate
Property/Plant
/Equipment

-61.16

14.62
11.72

U.S. South
Canada
U.S.
Northeast
Corporate
Goodwill
U.S. South
Canada
U.S.
Northeast
Assets
U.S. South
Canada
U.S.
Northeast

4673.57
2131.52

45.61

1711.30

36.62

800.66

17.13

30.08

0.64

446.71

41.23

396.15

11.53

102.07

42.93

394.84
13670.2
2

10.80

98.71

5846.79

42.77

--

4964.20

36.31

--

98.71
3399.0
2
1472.6
2
1244.7
0

2681.22

19.61

--

642.33

0.00

--

39.38

U.S. South

123.60

U.S. South

47.24

1568.98

296.49

SG&A

949.74

46.27

Corporate
Depreciation
and Amort.

Corporate

100.0

1691.06

3654.89

100.0

916.11

46.94

423.39

42.12

394.02

10.95

--

199.13
90.21
137.07
70.71
58.29
19.10

100.
0
44.4
8
38.2
1
17.3
1
100.
0
47.7
5
39.3
6
12.8
9

375.56

100.
0
47.7
8
40.4
1

109.78

11.81

937.25
444.14

72.07

41.69

31.27

47.00

31.86

109.02

36.77

22.32

33.56

25.76

60.47

20.40

12.94

19.45

14.09

3.40

1.15

0.68
100.0

62.03

21.55

44.89

22.31

504.57
231.25
186.87
86.46
129.97
69.35
61.16
20.17
-20.71
1864.6
5
917.32
512.87
429.34

905.35
423.16
383.47
98.71
3392.5
7
1476.4
6
1218.1
2
657.14

100.
0
44.4
3
35.9
2
19.6
5

100.
0
45.8
3
37.0
3
17.1
3
100.
0
46.0
3
40.5
9
13.3
9
100.
0
49.3
3
27.5
8
23.0
9

937.29
491.93
362.60
82.76
3376.4
4
1602.1
3
1106.34
630.36

Annual

72.26
32.05
26.84
12.92

60.49
23.31

2014
2009.0
0
914.17

45.50

745.80

37.12

349.03

17.37

508.80
261.25

51.35

240.53

47.27

71.03

13.96
12.58

-64.01
4678.6
9
2242.6
2
1663.7
3

47.93
35.56

747.25

15.97

25.10
3660.5
6
1761.7
5
1519.9
2

0.54

100.
0
52.4
8
38.6
9
8.83
100.
0
47.9
8
33.1
4
18.8
8

378.89
10168.
0
4551.2
1
3569.1
6
1929.8
2

37.61

48.13
41.52
10.35

44.76
35.10
18.98
0.00

-100.
0
44.6
3
37.3
8
17.9
9

0.45
100.
0
47.6
7

5.13
100.
0
46.7
4
42.3
6
10.9
0
100.
0
44.0
5
36.3
4
19.6
1

--

0.35

63.71

Q4
2014
201412-31

7.77
100.
0
46.2
2
43.0
1
10.7
7
100.
0
43.8
3
37.0
5
19.1
2

40.84

100.0

33.97

231.82

-11.03
100.
0
47.2
7
41.9
2
10.8
0

--

67.21

86.69

521.16

4.82

--

255.17

100.
0
44.6
5
37.4
8
17.8
8
100.
0
44.7
5
42.2
8
12.9
7

Q3
2014
201409-30

-15.22

7.38
901.8
1
423.2
7
379.8
3

Corporate

Canada
U.S.
Northeast

-17.05
927.0
5
434.4
5
379.1
5
106.0
7

74.07
30.64
28.81
14.19

100.
0
41.6
1
39.1
3
19.2
7

0.43
100.
0
47.1
2

66.45
22.14

100.
0
48.4
2

285.61
125.81

44.05

103.74

36.32

54.13

18.95

1.92

0.67

252.67
89.31

35.35

Corporate
Canada
U.S.
Northeast

61.16

23.97

15.70

15.22

71.46

28.00

17.16

35.75

16.53

35.87

14.06

9.30

19.36

7.96

11.03
35.3
2
17.0
1

16.91
9.24

20.71
34.1
9
18.6
8

15.92
7.67

34.8
1
16.7
8

62.66

24.80

66.53

26.33

34.17

13.52

Appendix

Progressive Waste Solutions Ltd - Revenue by Service Type

Commercial
Industrial
Residential
Transfer and disposal
Recycling
Other
Gross Revenues
Intercompany
Revenues

Canada
Canada %
U.S.
U.S. %
338,465
41.1%
397,643
31.5%
159,652
19.4%
217,790
17.2%
144,778
17.6%
324,956
25.7%
265,882
32.3%
450,333
35.7%
32,187
3.9%
34,510
2.7%
23,425
2.8%
20,846
1.7%
964,389
117.0%
1,446,078
114.5%
-140,468
-17.0%
-182,881
-14.5%
823,921
100.0%
1,263,197
100.0%

Appendix

Progressive Waste Solutions - Account Payable

Period ending
Accounts Payable
Turnover
Days Payables
Outstanding

Annual
2013

Annual
2014

Q1 2014

Q2 2014

Q3 2014

Q4 2014

2014-03-31

2014-06-30

2014-09-30

2014-12-31

11.30

13.54

12.54

13.97

13.32

13.34

32.35

26.96

29.10

26.13

27.40

27.39

Appendix

Progressive Waste Solutions - Net Foreign Exchange

Gain
Total

2014
-$ 150.00

2013
-$1,061.00

Appendix

Progressive Waste Solutions - Net Loss (Gain) on

Change
$ 911.00

Financial Instruments
2014
Total

$ 24,214.00

2013
-$ 4,282.00

Change
$ 28,496.00

Appendix

Progressive Waste Solutions - Loss on Extinguishment of

Debt
2014
$-

Total
Appendix

2013
$ 1,240.00

Change
-$ 1,240.00

Progressive Waste Solutions Ltd -Allowance for Doubtful

Accounts
Allowance for Doubtful Accounts
Gross Account Receivables
Allowance as percentage of Receivables %
Change in Allowance

2014
2013
6,362
6,857
216,201
229,548
2.94
2.99
-7.22%

Republic Services -Allowance for Doubtful Accounts

2014
38,900
930,400
4.18%

Allowance for Doubtful Accounts

Gross Account Receivables
Allowance as percentage of Receivables %

Waste Connections -Allowance for Doubtful Accounts

2014
9,175
259,969
3.53%

Allowance for Doubtful Accounts

Gross Account Receivables
Allowance as percentage of Receivables %
Appendix-

Progressive Waste Solutions Ltd - Operating Lease Capitalization

4%
Year
2015

Annual
Payment
Under Lease
14743

Discount
1.04

Opening
Balance
14176

Interest on
outstanding debt
Discount

Closing
Balance

2016
2017
2018
2019
2020
2021
2022
Total

12896
8348
6562
4572
3441
3441
3441
57443

1.0816
1.1249
1.1699
1.2167
1.2653
1.3159
1.3686

11923
7421
5609
3758
2719
2615
2514
50735

1.04
1.0816
1.1249
1.1699
1.2167
1.2653
1.3159

12400
8027
6310
4396
3308
3308
3308
41058

Appendix

Progressive Waste Solutions Ltd - Balance Sheet Adjustments

Capital Lease Obligation

Short Term

12400

To be added to short term liabilities

Capital Lease Obligation

Long Term

28658

To be added to long term liabilities

Progressive Waste Solutions Ltd - Income Statement Adjustments

Depreciation
Interest
Remove operating lease expense

6341.9
2029.4
-14743

To be added to depreciation expense

To be added to interest expense
To be added to operating lease

Notes & Assumptions:

1) Interest rate used is 4%, which is the weighted average interest rate for outstanding debt for
Progressive Waste Solution
2) Progressive identified items that are leased, including Buildings and Equipments. Based on these
items, we are assuming a depreciation period of 8 years
3) The "Thereafter" was spread equally over years 2020 to 2022.

Appendix