GFL Environmental Inc. (GFL): Business Model Canvas [Dec-2025 Updated]

You're looking at the current blueprint for GFL Environmental Inc. after they made that big strategic move-selling off the Environmental Services part of the business. Honestly, the focus now is laser-sharp: dominating North American Solid Waste using scale and disciplined pricing to hit their $1.975 billion Adjusted EBITDA target for 2025. This isn't just about collecting trash; it's about owning the integrated network, from their 69 landfills to the collection routes. It's a simpler, high-margin machine now. Let's break down exactly how GFL Environmental Inc. plans to make that happen below.

GFL Environmental Inc. (GFL) - Canvas Business Model: Key Partnerships

You're looking at how GFL Environmental Inc. structures its most critical external relationships as of late 2025, especially after that big Environmental Services (ES) divestiture earlier this year. Honestly, these partnerships are what anchor the company's financial flexibility and future growth platform.

The strategic equity partners in the divested ES business, namely Apollo Global Management and BC Partners, represent a massive financial commitment. The deal, which closed in the first quarter of 2025, valued the entire Environmental Services business at an enterprise value of $8.0 billion. GFL Environmental Inc. retained a 44% equity stake in that business, while Apollo Funds and BC Partners each hold a 28% interest. GFL planned to use up to $3.75 billion of the net proceeds from the sale primarily to pay down debt, which was a major strategic goal. This structure gives GFL a seat at the table for future value creation in that segment, plus a five-year option to repurchase the business.

For Green Infrastructure Partners (GIP), which GFL spun out, the relationship with Energy Capital Partners (ECP) is key, though ECP's specific stake isn't always public. What we do know from GFL's Q3 2025 update is that GIP's base business is guided to generate $225 million in Adjusted EBITDA for 2025. Also, GFL executed on its capital allocation by repatriating $200 million from the recapitalization of GIP during the third quarter of 2025. That's concrete cash flow coming back to the parent company.

The stability of GFL Environmental Inc.'s core business is heavily reliant on its municipal relationships. These aren't just handshake deals; they are long-term, exclusive commitments. For instance, GFL recently secured a renegotiated curbside collection contract in Toronto valued at $284.3 million, alongside a $136.9 million contract for containerized collection in multifamily properties. In smaller markets, like the Village of Hartsburg, new five-year contracts starting April 1, 2025, lock in residential pricing, with the first year set at $25.00/month per household. Across the Southeast Region, GFL services more than 150 contracts under these exclusive franchise agreements.

Here's a quick summary mapping the financial scale of these major structural partnerships as of the latest available data:

Beyond the major financial backers and municipal anchors, GFL Environmental Inc. maintains critical operational partnerships. These are the relationships that keep the trucks running and the data flowing.

• Equipment manufacturers for specialized collection and recycling machinery: These relationships ensure GFL maintains its fleet and processing capacity, though specific capital expenditure commitments for 2025 aren't itemized by partner.
• Technology providers for digital waste tracking and operational analytics: These firms supply the platforms that help drive the 31.6% Adjusted EBITDA margin GFL hit in Q3 2025, optimizing routes and resource allocation.

If onboarding new tech takes longer than expected, service reliability dips, which definitely puts those municipal contracts at risk.

Finance: draft 13-week cash view by Friday.

GFL Environmental Inc. (GFL) - Canvas Business Model: Key Activities

You're looking at the core engine of GFL Environmental Inc., the day-to-day work that keeps the revenue flowing. This is where the physical movement and processing of waste happen, underpinned by strategic financial maneuvers.

Non-hazardous solid waste collection, hauling, and disposal.

This activity is the bedrock, showing consistent operational strength even while major corporate restructuring occurred. For the nine months ended September 30, 2025, GFL Environmental Inc. saw its continuing operations deliver 7.3% organic price and volume growth. This growth was broken down into 6.3% from core pricing and 1.5% from positive volume year-to-date. The fourth consecutive quarter of positive volume was achieved despite macroeconomic headwinds.

Looking specifically at the third quarter of 2025, revenue grew by 9.0%, which included 6.3% from core pricing and 1.0% from positive volume. The company's Adjusted EBITDA margin hit an all-time high of 31.6% in Q3 2025. As of Q2 2025, GFL Environmental Inc. employed over 15,000 people to execute these services.

Operating an integrated network of landfills and transfer stations.

GFL Environmental Inc. maintains a comprehensive network to manage the collected materials efficiently. While the 2025 facility counts reflecting the Environmental Services divestiture are being established, the 2024 data summary provides a baseline for the scale of the continuing operations, which is critical for understanding the network GFL uses for disposal and transfer.

The company emphasizes leveraging transfer stations as temporary disposal areas to accumulate waste before long-haul transport to larger landfills, which helps decrease transportation costs. GFL Environmental Inc. operates landfills for municipal solid waste, non-hazardous special industrial waste, inert debris, and construction and demolition (C&D) waste.

Strategic M&A to consolidate market share in North America.

Following the sale of its Environmental Services business in Q1 2025 for an enterprise value of $8.0 billion, GFL Environmental Inc. signaled a return to aggressive acquisition strategy. The CEO stated an expectation for annual solid waste M&A spending of approximately $1 billion going forward. For the year-to-date through Q3 2025, completed acquisitions contributed approximately $205.0 million in annualized revenue.

The company's M&A pipeline remains robust, and they plan to be opportunistic with accretive M&A, strategic reinvestment, and return of capital to shareholders.

• Environmental Services business sale enterprise value: $8.0 billion.
• Expected annual solid waste M&A target: Approximately $1 billion.
• YTD Q3 2025 annualized revenue from acquisitions: $205.0 million.
• Share repurchases completed YTD Q3 2025: $2.76 billion.

Developing Renewable Natural Gas (RNG) projects from landfill gas.

GFL Environmental Inc. is actively converting landfill gas into RNG, a key part of its sustainability and value-creation strategy. As of March 2025, the company reported having four operational facilities with plans to develop another 15. The company previously guided that 21 projects would be producing 14.5 million MMBtu of RNG per year by 2025.

The projected financial impact is significant, with the company expecting its RNG projects to generate a combined 11.5 million mmBtus of RNG in 2028, contributing $175 million in adjusted EBITDA. One specific joint venture facility (Sampson County Landfill) has a nameplate design capacity of approximately 1.6 million MMbtu per year.

• Operational RNG facilities (as of March 2025): 4.
• RNG facilities planned for development: 15.
• Projected 2028 RNG generation: 11.5 million mmBtus.
• Projected 2028 contribution to adjusted EBITDA: $175 million.

Material recovery and recycling processing.

Material recovery is an important activity for diverting resources from landfills. In 2024, GFL Environmental Inc. managed 2,988,443 tonnes of recyclables and 747,836 tonnes of organics. The company operates several Material Recovery Facilities (MRFs) across North America. Transfer and disposal costs in Q1 2025 increased primarily due to higher MRF processing volumes.

GFL Environmental Inc. (GFL) - Canvas Business Model: Key Resources

You're looking at the core assets GFL Environmental Inc. (GFL) uses to run its business as of late 2025. These aren't just trucks and buildings; they are the physical and financial foundations supporting their Solid Waste focus after the Environmental Services divestiture.

The physical infrastructure is massive, built over years of acquisition and organic growth. This network is essential for managing the waste stream from collection through final disposal. GFL owns or manages a strategic network that includes 69 landfills and over 100 transfer stations across North America. These transfer stations are key for efficiency, letting short-haul collection trucks drop waste for transfer to long-haul trucks heading to the larger, often more remote, landfill facilities, which cuts down on transportation costs.

The fleet is a major operational asset, increasingly focused on cleaner fuel sources. GFL Environmental Inc. has a commitment to its growing compressed natural gas (CNG) fleet, which uses clean natural gas to power solid waste collection vehicles. Their Sustainability Action Plan includes a goal to make at least 50% of their annual replacement purchases of diesel solid waste vehicles into CNG or alternative fuel vehicles. For context, the baseline for the CNG-powered solid waste collection fleet was 15.3% in 2021.

Financial resources and strategic investments also form critical, non-physical resources. GFL Environmental Inc. is projecting significant cash flow from its core operations to fund its ongoing strategies. The company reaffirmed its guidance for the full year 2025 Adjusted Free Cash Flow to be approximately $750 million. This cash flow, along with strategic asset monetization, fuels growth and de-leveraging.

A key financial asset is the retained stake in Green Infrastructure Partners (GIP). Following the recapitalization deal that closed on or about September 2, 2025, GFL Environmental Inc. monetized part of its position while retaining a meaningful ownership share. This transaction valued GIP at an enterprise value of $4.25 billion.

Here's the quick math on the GIP holding post-recapitalization:

Also, GFL Environmental Inc. relies on proprietary systems to maintain efficiency. This includes technology use for route optimization and digital tracking, which helps manage the complex logistics of their collection and transfer network. What this estimate hides is the specific current percentage of the total fleet running on CNG, as the latest public data focuses on replacement goals rather than the current total composition.

The physical assets supporting the business model are extensive, as shown by the network breakdown:

• Landfills Owned, Managed or Operated (as per historical data): 90+
• Transfer Stations (as per historical data): 175+
• Goal for Annual Fleet Replacement with CNG/Alternative Fuel: At least 50%

Finance: review the Q4 2025 projected cash flow against the $750 million Adjusted Free Cash Flow guidance by next Tuesday.

GFL Environmental Inc. (GFL) - Canvas Business Model: Value Propositions

Integrated, full-service waste management (collection to disposal/recycling).

GFL Environmental Inc. provides a comprehensive suite of environmental services, which includes non-hazardous solid waste management, liquid waste management, and soil remediation services. The Solid Waste segment alone generated revenue of $1,571.2 million in the fourth quarter of 2024, with core pricing rising 6.3% in the third quarter of 2025. The company's Solid Waste Adjusted EBITDA margin reached 34.7% in the second quarter of 2025, which was the highest Q2 margin in GFL Environmental Inc.'s history. This integrated approach is designed to offer a single-vendor solution for complex needs.

The scope of services is reflected in the company's overall financial performance, with updated full-year 2025 revenue guidance set between $6,575 million and $6,600 million, excluding the divested Environmental Services (ES) division contributions. GFL Environmental Inc. operates with a workforce of approximately 15,000 employees as of late 2025.

Reliable, essential service provision under long-term contracts.

The nature of the waste management business provides inherent resiliency, as evidenced by achieving the fourth consecutive quarter of positive volume growth in Q3 2025 despite macroeconomic headwinds. The company's Q3 2025 organic price and volume growth was 7.3%. The business model is considered reasonably recession resistant, supporting the reliability aspect of the value proposition. While specific long-term contract details are not quantified here, the consistent operational performance underpins this reliability.

Commitment to sustainability via RNG and increased recycling capacity.

GFL Environmental Inc.'s sustainability commitment is materialized through its Renewable Natural Gas (RNG) initiatives. By 2025, GFL Environmental Inc. expects its RNG projects to produce 14.5 million MMBtu of RNG annually. These projects are estimated to contribute an additional annual Adjusted EBITDA of $175 million. As of early 2025, GFL Environmental Inc. had 4 operational RNG facilities with plans to develop another 15. For 2025, GFL Environmental Inc. planned to invest approximately $325 million in growth projects, which includes RNG facilities and material recycling infrastructure.

Scale and geographic reach across Canada and 18 U.S. states.

GFL Environmental Inc. is the fourth largest diversified environmental services company in North America. Its geographic footprint covers all Canadian provinces and extends across 18 U.S. states. This scale supports operational densification and market leadership.

Simplified, single-vendor solution for complex environmental needs.

The value proposition centers on offering a comprehensive line of services-solid waste management, liquid waste management, and soil remediation-through one platform. This consolidation simplifies complex environmental compliance and logistics for customers. The company's Q3 2025 Adjusted EBITDA margin was 31.6%, the highest in the company's history, suggesting strong operational leverage from this integrated scale.

Key metrics supporting the value proposition's scale and performance as of late 2025:

The company's ability to generate $535.1 million in Adjusted EBITDA in Q3 2025, a 12.0% increase year-over-year, demonstrates the financial realization of this comprehensive service offering.

GFL Environmental Inc. (GFL) - Canvas Business Model: Customer Relationships

You're looking at how GFL Environmental Inc. keeps its customer base locked in, which is the bedrock of their recurring revenue model. This isn't just about collecting trash; it's about securing long-term service commitments across diverse segments.

Dedicated account managers for large commercial and industrial clients

For GFL Environmental Inc.'s commercial and industrial (C&I) clients, the relationship is managed through dedicated points of contact. This high-touch approach supports cross-selling opportunities, especially after tuck-in acquisitions. For instance, following the acquisition of Superior Waste, GFL aimed to upsell the acquired commercial and industrial customer base to services like hazardous waste management. The company's overall strategy emphasizes leveraging its scalable network to attract and retain customers across multiple service lines. The focus on operational efficiencies and cost synergies, such as route optimization software that historically reduced fuel costs by 15-20% post-acquisition, directly translates into more competitive and reliable service for these key accounts.

Long-term, high-retention relationships via exclusive municipal contracts

The municipal segment is characterized by long-term, exclusive franchise agreements, which are a major driver of revenue stability. GFL Environmental Inc. proudly serves millions of households under these contracts across North America. As an example of contract duration, a specific agreement with the City of Sheboygan is effective from January 1, 2025, through December 31, 2029, with a provision for an additional five-year extension until December 31, 2034. In the Southeast Region alone, GFL Environmental Inc. provided services under more than 150 exclusive franchise agreements as of early 2025. This reliance on long-term contracts supports the company's ability to achieve strong pricing power; GFL Environmental Inc. reported core pricing gains of 5.8% in the second quarter of 2025. The Solid Waste segment, heavily influenced by these contracts, posted an Adjusted EBITDA margin of 34.7% in Q2 2025.

Here's a snapshot of the contract and retention focus:

Self-service digital portals for billing and service requests

GFL Environmental Inc. supports its customer base with digital tools to streamline administrative tasks. The company has an upgraded online customer portal, referred to as MyAccount, which allows customers to easily and efficiently manage all their service accounts and billing options in one place. Furthermore, the main website offers simple navigation to access support, find local branches, or use an online request form to promptly set up new or additional services. This digital self-service capability helps manage customer interactions efficiently, supporting the overall goal of leveraging the scalable network to retain customers.

Relationship-driven M&A integration for acquired customers

GFL Environmental Inc.'s growth strategy is heavily reliant on 'tuck-in' acquisitions, which inherently involve integrating new customer relationships. The process focuses on acquiring established operators to bypass the time and capital needed for organic market entry. For example, the acquisition of Superior Waste, which had a revenue run rate of $345 million based on 2019 benchmarks for similar deals, was strategic for strengthening cross-selling potential with its C&I clients in adjacent markets. GFL Environmental Inc. has completed over 270 acquisitions since 2007. The integration playbook involves eliminating redundant back-office operations and optimizing routes, but critically, it also involves upselling the acquired customer base to GFL Environmental Inc.'s other services. The company's Q1 2025 revenue growth was 12.5%, partially driven by these acquisition contributions.

• Acquisitions are a key driver of growth, with over 270 completed since 2007.
• Integration aims to realize procurement and cost synergies.
• The divestiture of the Environmental Services segment in March 2025 was intended to de-leverage the balance sheet and increase focus on the solid waste M&A engine.
• Net Leverage was projected to be 2.9x by the end of 2025, excluding the divested segment.

GFL Environmental Inc. (GFL) - Canvas Business Model: Channels

You're looking at how GFL Environmental Inc. gets its services to the customer base, which is a mix of direct selling, winning public bids, and managing a massive physical footprint. Here's the breakdown of the channels they use, grounded in the latest figures we have as of late 2025.

The sheer scale of GFL Environmental Inc.'s operations supports these channels. For context, the company's estimated full-year 2025 revenue, excluding the divested Environmental Services business, is projected to be between $6,500 million and $6,550 million. The second quarter of 2025 saw revenue reach $1,675.2 million, and the third quarter followed with $1,694.2 million. This revenue is driven by a workforce of over 15,000 employees.

Direct sales force targeting commercial and industrial accounts.

GFL Environmental Inc. deploys its direct sales efforts across its commercial and industrial segments, which historically accounted for significant tonnage, such as 8.7 million tons per year for commercial services based on 2022 data. The company's focus post-Environmental Services divestiture in March 2025 is heavily on solid waste M&A to expand this customer base and densify existing markets. The sales approach is bolstered by a B2B strategy and a focus on building strong client relationships for retention.

Municipal bidding and Request for Proposal (RFP) processes.

Securing municipal contracts is a key channel, often won through competitive bidding where GFL Environmental Inc. positions itself as the lowest responsive and responsible bidder. For instance, in May 2025, GFL was awarded the trash-collection contract for Logansport. Furthermore, a containerized multi-residential collection contract awarded by the City of Toronto in February 2025 has a total potential value of $136,873,865 net of taxes, scheduled to run until June 2033. Another reported renegotiated Toronto contract for curbside collection was valued at $284.3 million. The company's Solid Waste core pricing guidance for 2025 was set between 5.25% and 5.50%, reflecting success in contract management and renewal.

Extensive network of collection routes and physical facilities.

The physical infrastructure is the backbone of service delivery. As of the end of 2024, GFL Environmental Inc. maintained a substantial footprint, which is the foundation for its 2025 service delivery, even with the ES business sale. This network includes:

• 230+ Solid Waste Collection Operations.
• 175+ Transfer Stations.
• 90+ Active Landfills Owned, Managed or Operated.
• 30+ Material Recovery Facilities (MRFs).

The company's solid waste collection fleet in 2024 stood at 7,811 vehicles, with 19.4% fueled with CNG. This physical presence allows for efficient service routes, which is critical for volume management, as Q2 2025 saw positive volume growth of 2.5% excluding divestitures.

Online presence and customer service centers for residential clients.

For residential clients, GFL Environmental Inc. uses a combination of digital engagement and dedicated service centers. The company refined its use of data and analytics to optimize customer interactions, which contributed to strong tailwinds on the residential side, particularly in Canada, where core price realization was 5.7% in Q1 2025. While specific call center volumes aren't public, the strategy involves digital marketing and building strong client relationships to bolster customer retention. The company is also investing in growth projects, including material recycling infrastructure, which supports the service offering to this segment.

Finance: draft 13-week cash view by Friday.

GFL Environmental Inc. (GFL) - Canvas Business Model: Customer Segments

You're looking at the core of GFL Environmental Inc.'s (GFL) business-who actually pays the bills. As of late 2025, the customer base is clearly segmented, though the strategic divestiture of the Environmental Services segment in March 2025 simplified the revenue profile to focus almost entirely on the core Solid Waste business.

The geographic split of revenue is important context for these segments; for instance, the United States accounts for approximately 69% of GFL Environmental Inc.'s revenue, with Canada contributing about 31% as of March 31, 2025. Management has guided full-year 2025 revenue for the core business to be between $6,575 million and $6,600 million.

Here is the breakdown of the primary customer segments based on their contribution to revenue, reflecting the structure as of early 2025, with the Commercial segment data confirmed more recently:

The sum of these three primary segments is 100%, which simplifies the revenue picture following the sale of the Environmental Services business.

Beyond these core revenue drivers, GFL Environmental Inc. also serves other, less dominant, customer types that are critical for network density and asset utilization:

• Institutional customers (e.g., schools, hospitals).
• Other waste management companies providing tipping fees at landfills.

The company's ability to secure long-term collection contracts, such as the successful renegotiation of contracts with the city of Toronto, provides revenue stability for the residential and municipal portions of these segments. The operational success is evident in the Q3 2025 Adjusted EBITDA margin hitting a record 31.6%, which reflects strong pricing power across these customer groups.

To be fair, while the 39% commercial figure is recent, the 34% residential and 27% industrial figures are essential components of the business model structure you asked about. Finance: draft a sensitivity analysis on the $6,575 million revenue guidance, assuming a 2% shift from Commercial to Industrial by Q4 2025.

GFL Environmental Inc. (GFL) - Canvas Business Model: Cost Structure

You're looking at the major expenses that drive GFL Environmental Inc.'s operations as of late 2025, especially after the major Environmental Services (ES) divestiture closed on March 1, 2025.

The cost structure is heavily weighted toward asset ownership and the necessary operational inputs to run a large-scale waste management platform across North America. GFL had approximately 15,000 employees as of September 30, 2025, which directly feeds into significant labor costs across collection, processing, and disposal operations.

The fixed cost base is anchored by the infrastructure itself. For instance, as of December 31, 2024, GFL Environmental Inc.'s landfill closure and post-closure obligations totaled $1,050.4 million, representing a long-term, non-avoidable cost associated with owning and operating those disposal assets.

Variable operating costs are substantial, driven by the movement of materials. These include the costs for fuel, which is a major input for the fleet, and maintenance expenses necessary to keep thousands of collection and transport vehicles running. While specific variable cost breakdowns aren't always public, the scale of the business suggests these fluctuate directly with collection volumes and distance traveled.

A key component of the variable cost structure involves payments to others. Tipping fees paid to third-party disposal sites represent a direct cost of sales for volumes GFL transports but do not ultimately dispose of on their own sites. This cost is managed against the revenue generated from those specific collection routes.

The financial structure saw a significant change due to debt management. The repayment of debt following the ES sale is expected to reduce GFL Environmental Inc.'s annualized cash interest expense by approximately $200 million, which directly lowers a major non-operating expense and improves free cash flow conversion.

Investment in the asset base remains a significant cash outlay. Capital expenditures are necessary for maintaining the existing fleet and developing future revenue streams, particularly in renewable energy. For the full year 2024, net capital expenditures were guided between $890 million and $915 million (including ES), or between $700 million and $725 million (excluding ES).

Looking into 2025, GFL Environmental Inc. planned for approximately $325 million of incremental growth capital, separate from normal course capex, dedicated to projects like renewable natural gas (RNG) facilities and material recycling facilities (MRFs), with the base capex for Q3 2025 expected to be $250 million.

Here is a look at some of the key financial figures impacting the cost and investment side of the structure:

The ongoing investment in fleet replacement and RNG development is a critical part of managing future operational costs and capturing new revenue opportunities, especially with the focus on Extended Producer Responsibility (EPR) legislation.

• Fleet replacement is a recurring, large capital cost to maintain service reliability.
• RNG facility development is a capital-intensive path to potentially lower long-term fuel/energy costs.
• Labor costs are tied to the approximately 15,000 employees as of September 30, 2025.
• Tipping fees are a direct variable cost tied to disposal volumes at third-party sites.
• Fixed costs include depreciation and amortization related to the extensive network of landfills and processing facilities.

Finance: draft 13-week cash view by Friday.

GFL Environmental Inc. (GFL) - Canvas Business Model: Revenue Streams

You're looking at the core ways GFL Environmental Inc. brings in money, which is heavily weighted toward essential, recurring service contracts. This is the bread and butter of the business, built on the necessary service of managing waste.

Solid Waste collection and disposal fees from commercial and residential contracts form the foundation. This revenue is driven by long-term contracts and consistent service delivery across GFL Environmental Inc.'s network in Canada and 18 U.S. states. The company's focus on core pricing is a key lever here; for instance, in the third quarter of 2025, core pricing contributed to a 9.0% revenue increase, accelerating sequentially to 6.3%.

Another significant component is Landfill and transfer station tipping fees. GFL Environmental Inc. operates over 90 landfills, which provides a steady stream of revenue based on the volume of material accepted for disposal. This recurring fee structure is highly predictable, supporting the overall stability of the revenue base.

The Sale of recovered materials from recycling operations contributes, though its impact can fluctuate with commodity markets. GFL Environmental Inc.'s business model includes recycling as part of its comprehensive solid waste management services.

A growing, high-value stream is Revenue from Renewable Natural Gas (RNG) offtake agreements. GFL Environmental Inc. is scaling up its RNG production, with 21 projects expected to produce 14.5 million MMBtu of RNG per year by 2025. While direct revenue isn't always isolated, the financial impact is clear: GFL Environmental Inc. estimates the cumulative run rate from RNG to be $175 million of additional annual EBITDA. The company also planned to invest $325 million in growth projects, including renewable natural gas facilities.

The company's outlook for the full year 2025 reflects confidence in these streams. GFL Environmental Inc. raised its full-year 2025 revenue guidance to be between $6,575 million and $6,600 million.

Here's a look at some of the key financial metrics supporting this revenue picture as of late 2025:

You can see the growth is coming from a mix of organic price increases and strategic additions. For example, year-to-date in 2025, GFL Environmental Inc. completed acquisitions expected to add approximately $205.0 million in annualized revenue.

The revenue streams are supported by several operational drivers:

• Solid Waste collection and disposal fees from commercial and residential contracts.
• Landfill and transfer station tipping fees.
• Sale of recovered materials from recycling operations.
• Revenue from Renewable Natural Gas (RNG) offtake agreements.

The company's Adjusted EBITDA margin reached 31.6% in Q3 2025, its highest ever, showing that the revenue mix is becoming more profitable. This margin expansion is defintely a key indicator of the quality of the revenue being generated.

Finance: draft 13-week cash view by Friday.