Net Cash Provided by Operating Activities Grows
Nearly 9%, Driven by Strong Organic Revenue Growth in the
Collection and Disposal Business
Waste Management Named a Sector Leader on the
2019 North America and World Dow Jones Sustainability Indices
Waste Management, Inc. (NYSE: WM) today announced financial
results for its quarter ended September 30, 2019. Revenues for the
third quarter of 2019 were $3.97 billion compared with $3.82
billion for the same 2018 period. Net income for the quarter was
$495 million, or $1.16 per diluted share, compared with $499
million, also $1.16 per diluted share, for the third quarter of
2018.(a) On an adjusted basis net income was $502 million, or $1.19
per diluted share, in the third quarter of 2019, compared with $496
million, or $1.15 per diluted share, in the third quarter of
2018.(b)
This press release features multimedia. View
the full release here:
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2019 Q3 Earnings Overview (Graphic:
Business Wire)
The Company’s adjusted third quarter 2019 results exclude a
$0.03 per diluted share negative impact from costs incurred in
connection with the pending acquisition of Advanced Disposal
Services, Inc. and our related reduction of common stock
repurchases from planned levels.
“In the third quarter we continued to see our collection and
disposal lines of business deliver strong revenue and earnings
growth, particularly in the segments of our business that reflect
the resilience of the consumer,” said Jim Fish, President and Chief
Executive Officer of Waste Management. “This strong operational
performance led to growth in cash from operations of almost 9%.
“Another accomplishment in the quarter that we are particularly
proud of is our recognition as sector leader on the 2019 North
America and World Dow Jones Sustainability Indices for the second
year in a row,” Fish continued. “This distinction is a reflection
of our leadership in sustainability and recognizes the continued
strides we are making in this area.”
KEY HIGHLIGHTS FOR THE THIRD
QUARTER OF 2019
Profitability
- Total Company operating EBITDA was $1.14 billion for the third
quarter of 2019, an increase of $60 million from the third quarter
of 2018.(c) On an adjusted basis, total Company operating EBITDA
was $1.14 billion for the third quarter of 2019, an increase of
more than $30 million from the third quarter of 2018.(b)
- Operating EBITDA in the Company’s collection and disposal
business, adjusted on the same basis as total Company operating
EBITDA, increased $94 million, or 7.8%, in the third quarter of
2019 when compared to the third quarter of 2018. As a percentage of
revenue, operating EBITDA in the Company’s collection and disposal
business increased 50 basis points.
Revenue
Growth
- In the third quarter of 2019, organic revenue growth was driven
by strong yield and volume growth in the Company’s collection and
disposal business, which contributed $198 million of incremental
revenue.
- Core price for the third quarter of 2019 was 5.3%, compared to
5.4% in the third quarter of 2018.(d)
- Internal revenue growth from yield for the collection and
disposal business was 2.6% for the third quarter of 2019 versus
2.5% in the third quarter of 2018.
- Collection and disposal business internal revenue growth from
volume was 3.3%, or 2.7% on a workday adjusted basis, in the third
quarter of 2019. Total Company internal revenue growth from volume,
which includes our recycling and other ancillary businesses, was
2.6%, or 1.9% on a workday adjusted basis, in the third
quarter.
Commodity-Based
Businesses
- The continued decline in market values for recycled
commodities, which were down 40% year-over-year in the third
quarter, drove a revenue decline of $86 million and presented a
more significant headwind in the quarter than anticipated. As a
result of continued efforts to advance a fee-for-service business
model, the operating EBITDA in the Company’s recycling line of
business declined by only $7 million when compared to the third
quarter of 2018.
- For the full year, the Company expects the recycling line of
business to be a $0.01 to $0.02 per diluted share headwind.
- Operating EBITDA from the sale of renewable natural gas credits
declined approximately $8 million from the third quarter of 2018
due to lower market values.
- For the full year, the Company expects the sale of its
renewable natural gas credits to be a $0.03 to $0.04 per diluted
share headwind.
Cost
Management
- As a percentage of revenue, total Company operating expenses
were 61.5% in the third quarter of 2019, compared to 62.1% in the
third quarter of 2018.
- As a percentage of revenue, SG&A expenses were 9.7% in the
third quarter of 2019, compared to 9.0% in the third quarter of
2018. The increase in SG&A expenses as a percentage of revenue
was driven by the Company’s planned investments in people and
technology.
Free Cash Flow &
Capital Allocation
- Net cash provided by operating activities was $952 million in
the third quarter of 2019, an increase of $78 million, or 8.9%,
when compared to the third quarter of 2018.
- Capital expenditures were $483 million in the third quarter of
2019, a $79 million increase from the third quarter of 2018, due to
an intentional focus on accelerating certain fleet and landfill
spending to support the Company’s strong collection and disposal
growth.
- Free cash flow was $478 million in the third quarter of 2019
compared to $480 million in the third quarter of 2018.(b)
- The Company paid $218 million of dividends to shareholders in
the third quarter of 2019.
- The Company spent $76 million on acquisitions of traditional
solid waste businesses during the third quarter of 2019.
Taxes
- The Company’s effective tax rate for the third quarter of 2019
was approximately 19.4%.
Fish concluded, “We are pleased with the performance of our
collection and disposal business through the first three quarters
of the year, which positions us to achieve our full-year goals. Our
original 2019 guidance anticipated significantly higher
contributions from our commodity-sensitive businesses than we have
seen. The strong results from the collection and disposal business
have overcome this impact, and we expect to achieve full-year 2019
results within our guidance range of adjusted operating EBITDA of
$4.40 to $4.45 billion, free cash flow of $2.025 to $2.075 billion,
and adjusted earnings per diluted share of $4.28 to $4.38.”(b)
--------------------------------------------------------------------------------------------------------------
(a)
For purposes of this press
release, all references to “Net income” refer to the financial
statement line item “Net income attributable to Waste Management,
Inc.”
(b)
Adjusted earnings per diluted
share, adjusted net income, adjusted operating EBITDA, and free
cash flow are non-GAAP measures. Please see “Non-GAAP Financial
Measures” below and the reconciliations in the accompanying
schedules for more information.
(c)
Management defines operating
EBITDA as GAAP income from operations before depreciation and
amortization; this measure may not be comparable to
similarly-titled measures reported by other companies.
(d)
Core price consists of price
increases net of rollbacks and fees, excluding the Company’s fuel
surcharge. It is a performance metric used by management to
evaluate the effectiveness of our pricing strategies; it is not
derived from our financial statements and may not be comparable to
measures presented by other companies. Core price is based on
certain historical assumptions, which may differ from actual
results, to allow for comparability between reporting periods and
to reveal trends in results over time.
The Company will host a conference call at 10 a.m. (Eastern)
today to discuss the third quarter results. Information contained
within this press release will be referenced and should be
considered in conjunction with the call.
The conference call will be webcast live from the Investors
section of Waste Management’s website www.wm.com. To access the
conference call by telephone, please dial (877) 710-6139
approximately 10 minutes prior to the scheduled start of the call.
If you are calling from outside of the United States or Canada,
please dial (706) 643-7398. Please utilize conference ID number
2572365 when prompted by the conference call operator.
A replay of the conference call will be available on the
Company’s website www.wm.com and by telephone from approximately
1:00 PM (Eastern) today through 5:00 PM (Eastern) on Thursday,
November 6, 2019. To access the replay telephonically, please dial
(855) 859-2056, or from outside of the United States or Canada dial
(404) 537-3406 and use the replay conference ID number 2572365.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management environmental services
in North America. Through its subsidiaries, the Company provides
collection, transfer, disposal services, and recycling and resource
recovery. It is also a leading developer, operator and owner of
landfill gas-to-energy facilities in the United States. The
Company’s customers include residential, commercial, industrial,
and municipal customers throughout North America. To learn more
information about Waste Management, visit www.wm.com or
www.thinkgreen.com.
FORWARD-LOOKING STATEMENTS
The Company, from time to time, provides estimates of financial
and other data, comments on expectations relating to future periods
and makes statements of opinion, view or belief about current and
future events. This press release contains a number of such
forward-looking statements, including but not limited to statements
regarding 2019 earnings per diluted share; 2019 operating EBITDA;
2019 free cash flow; and all statements regarding future
performance of our collection and disposal business, recycling
business, renewable energy business or otherwise. You should view
these statements with caution. They are based on the facts and
circumstances known to the Company as of the date the statements
are made. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to be materially
different from those set forth in such forward-looking statements,
including but not limited to, increased competition; pricing
actions; failure to implement our optimization, growth, and cost
savings initiatives and overall business strategy; failure to
identify acquisition targets and negotiate attractive terms;
failure to consummate or integrate the acquisition of Advanced
Disposal Services, Inc. or other acquisitions; failure to obtain
the results anticipated from the acquisition of Advanced Disposal
Services, Inc. or other acquisitions; environmental and other
regulations; commodity price fluctuations; international trade
restrictions; disposal alternatives and waste diversion; declining
waste volumes; failure to develop and protect new technology;
failure of technology to perform as expected; preventing, detecting
and addressing cybersecurity incidents; significant environmental
or other incidents resulting in liabilities and brand damage;
weakness in economic conditions; failure to obtain and maintain
necessary permits; labor disruptions; impairment charges; and
negative outcomes of litigation or governmental proceedings. Please
also see the Company’s filings with the SEC, including Part I, Item
1A of the Company’s most recently filed Annual Report on Form 10-K
as updated by our subsequent quarterly reports on Form 10-Q, for
additional information regarding these and other risks and
uncertainties applicable to its business. The Company assumes no
obligation to update any forward-looking statement, including
financial estimates and forecasts, whether as a result of future
events, circumstances or developments or otherwise.
NON-GAAP FINANCIAL MEASURES
To supplement its financial information, the Company has
presented, and/or may discuss on the conference call, adjusted
earnings per diluted share, adjusted net income, adjusted operating
EBITDA, adjusted SG&A expenses and free cash flow, as well as
projections of adjusted earnings per diluted share, adjusted
operating EBITDA, adjusted SG&A expenses as a percentage of
revenue, adjusted tax rate, and free cash flow; these are non-GAAP
financial measures, as defined in Regulation G of the Securities
Exchange Act of 1934, as amended. The Company reports its financial
results in compliance with GAAP but believes that also discussing
non-GAAP measures provides investors with (i) financial measures
the Company uses in the management of its business and (ii)
additional, meaningful comparisons of current results to prior
periods’ results by excluding items that the Company does not
believe reflect its fundamental business performance and are not
representative or indicative of its results of operations.
The Company’s non-GAAP results and projections exclude the
impact of costs incurred in connection with the pending acquisition
of Advanced Disposal Services, Inc. and our related reduction of
common stock repurchases from planned levels. In addition, the
Company’s projected full year 2019 earnings per diluted share,
SG&A expenses as a percentage of revenue, operating EBITDA and
tax rate are anticipated to exclude the effects of other events or
circumstances in 2019 that are not representative or indicative of
the Company’s results of operations. Such excluded items are not
currently determinable, but may be significant, such as asset
impairments and one-time items, charges, gains or losses from
divestitures or litigation, and other items. Due to the uncertainty
of the likelihood, amount and timing of any such items, the Company
does not have information available to provide a quantitative
reconciliation of such projections to the comparable GAAP
measures.
The Company discusses free cash flow because the Company
believes that it is indicative of its ability to pay its quarterly
dividends, repurchase common stock, fund acquisitions and other
investments and, in the absence of refinancings, to repay its debt
obligations. Free cash flow is not intended to replace “Net cash
provided by operating activities,” which is the most comparable
GAAP measure. The Company believes free cash flow gives investors
useful insight into how the Company views its liquidity, but the
use of free cash flow as a liquidity measure has material
limitations because it excludes certain expenditures that are
required or that the Company has committed to, such as declared
dividend payments and debt service requirements. The Company
defines free cash flow as net cash provided by operating
activities, less capital expenditures, plus proceeds from
divestitures of businesses and other assets (net of cash divested);
this definition may not be comparable to similarly-titled measures
reported by other companies.
The quantitative reconciliations of non-GAAP measures used
herein to the most comparable GAAP measures are included in the
accompanying schedules, with the exception of projected earnings
per diluted share, projected SG&A expenses, projected operating
EBITDA, and projected tax rate. Non-GAAP measures should not be
considered a substitute for financial measures presented in
accordance with GAAP.
WASTE MANAGEMENT, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In Millions, Except per Share Amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Operating revenues
$
3,967
$
3,822
$
11,609
$
11,072
Costs and expenses:
Operating
2,441
2,373
7,182
6,870
Selling, general and administrative
386
345
1,186
1,083
Depreciation and amortization
404
376
1,179
1,107
Restructuring
1
1
3
4
(Gain) loss from divestitures, asset
impairments and unusual items, net
1
28
8
(14)
3,233
3,123
9,558
9,050
Income from operations
734
699
2,051
2,022
Other income (expense):
Interest expense, net
(105)
(93)
(301)
(277)
Loss on early extinguishment of debt
(1)
—
(85)
—
Equity in net losses of unconsolidated
entities
(14)
(9)
(39)
(29)
Other, net
1
—
(52)
1
(119)
(102)
(477)
(305)
Income before income taxes
615
597
1,574
1,717
Income tax expense
120
99
350
325
Consolidated net income
495
498
1,224
1,392
Less: Net income (loss) attributable to
noncontrolling interests
—
(1)
1
(2)
Net income attributable to Waste
Management, Inc.
$
495
$
499
$
1,223
$
1,394
Basic earnings per common share
$
1.17
$
1.16
$
2.88
$
3.24
Diluted earnings per common share
$
1.16
$
1.16
$
2.86
$
3.22
Weighted average basic common shares
outstanding
424.5
427.9
424.6
430.3
Weighted average diluted common shares
outstanding
427.4
430.8
427.4
433.2
WASTE MANAGEMENT, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (In Millions) (Unaudited)
September 30,
December 31,
2019
2018
ASSETS
Current assets:
Cash and cash equivalents
$
2,915
$
61
Receivables, net
2,280
2,275
Other
365
309
Total current assets
5,560
2,645
Property and equipment, net
12,805
11,942
Goodwill
6,550
6,430
Other intangible assets, net
543
572
Other
1,651
1,061
Total assets
$
27,109
$
22,650
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued liabilities and
deferred revenues
$
2,778
$
2,676
Current portion of long-term debt
211
432
Total current liabilities
2,989
3,108
Long-term debt, less current portion
13,147
9,594
Other
4,186
3,672
Total liabilities
20,322
16,374
Equity:
Waste Management, Inc. stockholders’
equity
6,785
6,275
Noncontrolling interests
2
1
Total equity
6,787
6,276
Total liabilities and equity
$
27,109
$
22,650
WASTE MANAGEMENT, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In Millions) (Unaudited)
Nine Months Ended
September 30,
2019
2018
Cash flows from operating activities:
Consolidated net income
$
1,224
$
1,392
Adjustments to reconcile consolidated net
income to net cash provided by operating activities:
Depreciation and amortization
1,179
1,107
Loss on early extinguishment of debt
85
—
Other
289
131
Change in operating assets and
liabilities, net of effects of acquisitions and divestitures
75
28
Net cash provided by operating
activities
2,852
2,658
Cash flows from investing activities:
Acquisitions of businesses, net of cash
acquired
(513)
(342)
Capital expenditures
(1,532)
(1,240)
Proceeds from divestitures of businesses
and other assets (net of cash divested)
29
106
Other, net
(80)
(30)
Net cash used in investing activities
(2,096)
(1,506)
Cash flows from financing activities:
New borrowings
4,558
174
Debt repayments
(502)
(338)
Premiums paid on early extinguishment of
debt
(84)
—
Net commercial paper borrowings
(repayments)
(1,001)
523
Common stock repurchase program
(248)
(750)
Cash dividends
(658)
(605)
Exercise of common stock options
60
45
Tax payments associated with equity-based
compensation transactions
(32)
(28)
Other, net
(13)
(36)
Net cash provided by (used in) financing
activities
2,080
(1,015)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash and cash equivalents
1
—
Increase (decrease) in cash, cash
equivalents and restricted cash and cash equivalents
2,837
137
Cash, cash equivalents and restricted cash
and cash equivalents at beginning of period
183
293
Cash, cash equivalents and restricted cash
and cash equivalents at end of period
$
3,020
$
430
WASTE MANAGEMENT, INC.
SUMMARY DATA SHEET
(In Millions)
(Unaudited)
Operating Revenues by Line of
Business
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Commercial
$
1,069
$
1,007
$
3,147
$
2,948
Residential
661
639
1,956
1,885
Industrial
766
723
2,190
2,068
Other
130
117
361
333
Total collection
2,626
2,486
7,654
7,234
Landfill
993
926
2,880
2,646
Transfer
471
445
1,357
1,257
Recycling
245
337
800
954
Other
469
430
1,345
1,296
Intercompany (a)
(837)
(802)
(2,427)
(2,315)
Total
$
3,967
$
3,822
$
11,609
$
11,072
Internal Revenue Growth
Period-to-Period Change for
the Three Months
Ended September 30, 2019 vs.
2018
Period-to-Period Change for
the Nine Months
Ended September 30, 2019 vs.
2018
As a % of
As a % of
As a % of
As a % of
Related
Total
Related
Total
Amount
Business(b)
Amount
Company(c)
Amount
Business(b)
Amount
Company(c)
Collection and disposal
$
87
2.6
%
$
256
2.7
%
Recycling commodities
(73)
(22.6)
(139)
(15.3)
Fuel surcharges and mandated fees
(10)
(6.3)
(3)
(0.7)
Total average yield (d)
$
4
0.1
%
$
114
1.0
%
Volume
98
2.6
361
3.3
Internal revenue growth
102
2.7
475
4.3
Acquisitions
57
1.5
173
1.6
Divestitures
(12)
(0.3)
(94)
(0.9)
Foreign currency translation
(2)
(0.1)
(17)
(0.1)
Total
$
145
3.8
%
$
537
4.9
%
Period-to-Period Change for
the Three Months Ended September 30, 2019 vs. 2018
Period-to-Period Change for
the Nine Months Ended September 30, 2019 vs. 2018
As a % of Related
Business(b)
As a % of Related
Business(b)
Yield
Volume(e)
Yield
Volume
Commercial
2.5
%
3.2
%
2.4
%
2.8
%
Industrial
3.8
1.2
4.0
1.8
Residential
3.2
(0.5)
3.4
(0.5)
Total collection
2.9
2.0
3.0
2.0
MSW
3.7
1.9
3.6
4.6
Transfer
3.3
2.5
3.1
5.6
Total collection and disposal
2.6
%
2.7
%
2.7
%
3.8
%
__________________________________
(a)
Intercompany revenues between
lines of business are eliminated in the Condensed Consolidated
Financial Statements included herein.
(b)
Calculated by dividing the
increase or decrease for the current year period by the prior year
period’s related business revenue adjusted to exclude the impacts
of divestitures for the current year period.
(c)
Calculated by dividing the
increase or decrease for the current year period by the prior year
period’s total Company revenue adjusted to exclude the impacts of
divestitures for the current year period.
(d)
The amounts reported herein
represent the changes in our revenue attributable to average yield
for the total Company.
(e)
Workday adjusted volume
impact.
WASTE MANAGEMENT, INC. SUMMARY DATA SHEET
(In Millions) (Unaudited) Free Cash Flow
(a)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Net cash provided by operating activities
$
952
$
874
$
2,852
$
2,658
Capital expenditures
(483
)
(404
)
(1,532
)
(1,240
)
Proceeds from divestitures of businesses and other assets (net of
cash divested)
9
10
29
106
Free cash flow
$
478
$
480
$
1,349
$
1,524
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Supplemental Data Internalization of waste, based on
disposal costs
66.4
%
66.2
%
66.4
%
65.9
%
Landfill amortizable tons (in millions)
31.2
30.1
91.6
86.0
Acquisition Summary (b) Gross annualized
revenue acquired
51
47
170
215
Total consideration, net of cash acquired
78
84
513
350
Cash paid for acquisitions consummated during the period,
net of cash acquired
71
73
504
336
Cash paid for acquisitions including contingent
consideration and other items from prior periods, net of cash
acquired
76
79
518
348
Amortization, Accretion and Other Expenses for
Landfills:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Landfill amortization expense: Cost basis of landfill assets
$
129
$
114
$
372
$
327
Asset retirement costs
23
29
68
82
Total landfill amortization expense
152
143
440
409
Accretion and other related expense
26
25
76
74
Landfill amortization, accretion and other related expense
$
178
$
168
$
516
$
483
(a)
The summary of free cash flow has
been prepared to highlight and facilitate understanding of the
principal cash flow elements. Free cash flow is not a measure of
financial performance under generally accepted accounting
principles and is not intended to replace the consolidated
statement of cash flows that was prepared in accordance with
generally accepted accounting principles.
(b)
Represents amounts associated
with business acquisitions consummated during the applicable period
except where noted.
WASTE MANAGEMENT, INC. RECONCILIATION OF CERTAIN
NON-GAAP MEASURES (In Millions, Except Per Share
Amounts) (Unaudited)
Three Months Ended September
30, 2019
Income from Operations
Pre-tax Income
Tax Expense
Net Income (a)
Weighted Average Common Shares
Outstanding
Diluted Per Share
Amount
As reported amounts
$
734
$
615
$
120
$
495
427.4
$
1.16
Adjustments in connection with pending acquisition of Advanced
Disposal Services, Inc. ("ADS"): Acquisition-related costs
3
8
1
7
-
0.02
Impact of reduced common stock repurchases from planned levels
-
-
-
-
(5.2
)
0.01
As adjusted amounts
$
737
$
623
$
121
$
502
422.2
$
1.19
Depreciation and amortization
404
Adjusted operating EBITDA
$
1,141
Three Months Ended September
30, 2018
Income from Operations
Pre-tax Income
Tax Expense
Net Income (a)
Diluted Per Share
Amount
As reported amounts
$
699
$
597
$
99
$
499
$
1.16
Adjustments: Benefit primarily related to favorable
adjustments from tax reform and changes in state tax laws
-
-
27
(27
)
(0.06
)
Impairment of a disposal asset and multiemployer pension plan
accrual
32
32
8
24
0.05
As adjusted amounts
$
731
$
629
$
134
$
496
$
1.15
Depreciation and amortization
376
Adjusted operating EBITDA
$
1,107
(a)
For purposes of this press
release table, all references to "Net income" refer to the
financial statement line item "Net income attributable to Waste
Management, Inc."
WASTE MANAGEMENT, INC. RECONCILIATION OF CERTAIN
NON-GAAP MEASURES (In Millions, Except Per Share
Amounts) (Unaudited)
Three Months Ended
September 30, 2019
September 30, 2018
Adjusted Operating Expenses and Adjusted Operating Expenses
Margin
Amount
As a % of Revenues
Amount
As a % of Revenues
Operating revenues, as reported
$
3,967
$
3,822
Operating expenses, as reported
$
2,441
61.5
%
$
2,373
62.1
%
Adjustment: Charges related to multiemployer pension plans
3
Adjusted operating expenses
$
2,370
62.0
%
Nine Months Ended
September 30, 2019
Adjusted Selling, General & Administrative (SG&A)
Expenses and Adjusted SG&A Margin Amount As a %
ofRevenues Operating revenues, as reported
$
11,609
SG&A expenses, as reported
$
1,186
10.2
%
Adjustment: ADS acquisition-related costs
9
Adjusted SG&A expenses
$
1,177
10.1
%
2019 Projected Free Cash Flow Reconciliation
(a) Scenario 1 Scenario 2 Net cash provided by
operating activities (b)
$
3,750
$
3,850
Capital expenditures (c)
(1,775
)
(1,825
)
Proceeds from divestitures of businesses and other assets (net of
cash divested)
50
50
Free cash flow
$
2,025
$
2,075
(a)
The reconciliation includes two
scenarios that illustrate our projected free cash flow range for
2019. The amounts used in the reconciliation are subject to many
variables, some of which are not under our control and, therefore,
are not necessarily indicative of actual results.
(b)
Excludes approximately $25
million of cash interest associated with financing the ADS
acquisition, which is expected to be paid in the fourth quarter of
2019.
(c)
Excludes approximately $35 - $40
million of capital investment in renewable natural gas plants for
the full year of 2019.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191023005396/en/
Waste Management
Web site www.wm.com
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Andy Izquierdo 832.710.5287 aizquierdo@wm.com
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