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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): July 27, 2021


Waste Management, Inc.

(Exact Name of Registrant as Specified in Charter)


Delaware   1-12154   73-1309529
(State or Other Jurisdiction
of Incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)


800 Capitol Street, Suite 3000, Houston, Texas   77002
(Address of Principal Executive Offices)   (Zip Code)


Registrant’s Telephone number, including area code: (713) 512-6200




(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


¨           Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


¨           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


¨           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


¨           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.01 par value   WM   New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company ¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨








Item 2.02. Results of Operations and Financial Condition.


Waste Management, Inc. (the “Company”) issued a press release this morning announcing its financial results for the second quarter of 2021, a copy of which is attached hereto as Exhibit 99.1. The Company is holding a conference call to discuss these results beginning at 9:00 a.m. Central Time this morning. The call will be webcast live and may be heard by accessing the Investors section of the Company’s website at www.wm.com. The call may also be heard by dialing (877) 710-6139 and entering access code 6965743. A replay of the call will be available on the Company’s website and by telephone until August 11, 2021. To access a replay telephonically, please dial (855) 859-2056 and use the replay conference ID number 6965743.


On the call, management of the Company is expected to discuss certain non-GAAP financial measures. The Company has provided information regarding its use of non-GAAP measures and reconciliations of such measures to their most comparable GAAP measures in the notes and tables that accompany the press release.


Item 9.01. Financial Statements and Exhibits.


(d) Exhibits 


Exhibit Index
Number   Description
99.1   Press Release dated July 27, 2021
104   Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


Date: July 27, 2021 By: /s/ Charles C. Boettcher
    Charles C. Boettcher
    Executive Vice President, Corporate Development and Chief Legal Officer




EX-99.1 2 tm2123060d1_ex99-1.htm EXHIBIT 99.1



For Immediate Release

WM Announces Second Quarter Earnings









Waste Management






Revenue Growth Exceeds Expectations Driven by Accelerated Volume Recovery


Strong Financial Results Position Company to Further Increase 2021 Financial Guidance



Houston — July 27, 2021 — Waste Management, Inc. (NYSE: WM) today announced financial results for the quarter ended June 30, 2021.


  Three Months Ended   Three Months Ended Ed Egl
  June 30, 2021   June 30, 2020 713.265.1656
  (in millions, except per share amounts)   (in millions, except per share amounts) eegl@wm.com
  As Reported As Adjusted(a)   As Reported As Adjusted(a)

Revenue $4,476 $4,476   $3,561 $3,561 Media

Toni Werner

Income from Operations $791 $813   $527 $612


Operating EBITDA(b) $1,291 $1,313   $941 $1,026

Operating EBITDA Margin 28.8% 29.3%   26.4% 28.8%  


Net Income(c)

$351 $538   $307 $372  
Diluted EPS $0.83 $1.27   $0.72 $0.88  

“Our business produced tremendous growth in the second quarter as the economy continued to recover from the pandemic, and we made further progress on our integration of the Advanced Disposal operations,” said Jim Fish, WM’s President and Chief Executive Officer. “The acquisition of Advanced Disposal, the return of volumes from early pandemic levels, and our continued focus on cost control all contributed to financial outcomes that exceeded expectations. In the second quarter, as adjusted operating EBITDA grew 28%, adjusted operating EBITDA margin expanded 50 basis points, and we generated more than $1 billion of cash from operations.(a) We continue to execute on our pricing programs and efficiently manage our costs as volumes return.”


Fish continued, “As a result of our strong performance through the first half of 2021 and our confidence in the continued strength of our business model, we are increasing our full-year revenue, adjusted operating EBITDA, and free cash flow guidance.(a) In addition, due to our robust cash generation, we are increasing our expectations for 2021 share repurchases up to our full authorization of $1.35 billion.”






In the second quarter of 2021, revenue increased $425 million in the Company’s collection and disposal business, when excluding the impact of acquisitions and divestitures, compared to the second quarter of 2020, driven by $307 million in volume increases and $118 million of growth from yield.  

In the second quarter of 2021, acquisitions, net of divestitures, added $305 million of revenue primarily from the acquisition of Advanced Disposal.


Core price for the second quarter of 2021 was 6.2% compared to 1.3% in the second quarter of 2020.(d)

Collection and disposal yield was 3.7% in the second quarter of 2021 compared to 1.6% in the second quarter of 2020.  
Total Company volumes improved 9.6% in the second quarter of 2021 compared to a decline of 10.3% in the second quarter of 2020.  
  Cost Management  
Operating expenses as a percentage of revenue were 61.1% in the second quarter of 2021 compared to 61.2% in the second quarter of 2020, demonstrating discipline on maintaining a lower cost structure. The Company saw strong volume recovery in its highest margin lines of business and more than offset volume-driven cost increases and inflationary cost pressures.  
SG&A expenses were 9.9% of revenue in the second quarter of 2021 compared to 10.6% in the second quarter of 2020. On an adjusted basis, SG&A expenses were 9.6% of revenue in the second quarter of 2021 compared to 9.9% in the second quarter of 2020.(a)  
Operating EBITDA in the Company’s collection and disposal business, adjusted on the same basis as total Company operating EBITDA, was $1.41 billion, or 32.0% of revenue, for the second quarter of 2021, compared to $1.14 billion, or 32.1% of revenue, for the second quarter of 2020.  
Operating EBITDA in the Company’s recycling line of business improved by $56 million compared to the second quarter of 2020. The improvement was driven by an increase in market prices for recycled commodities, investments the Company is making in improved technology and equipment at its materials recovery facilities that are delivering a lower operating cost model and the re-opening of facilities where operations were temporarily suspended during the pandemic.  
Operating EBITDA in the Company’s renewable energy line of business improved by almost $14 million compared to the second quarter of 2020, primarily driven by increases in price.  
In the second quarter of 2021, the Company realized almost $20 million of operating and SG&A cost synergies from the acquisition of Advanced Disposal.  
  Free Cash Flow & Capital Allocation  
In the second quarter of 2021, net cash provided by operating activities was $1,043 million compared to $856 million in the second quarter of 2020. The improvement in net cash provided by operating activities was primarily driven by the increase in operating EBITDA.  

In the second quarter of 2021, capital expenditures were $396 million compared to $436 million in the second quarter of 2020.


In the second quarter of 2021, free cash flow was $649 million compared to $423 million in the second quarter of 2020.(a)






During the second quarter of 2021, $492 million was returned to shareholders, including $242 million of cash dividends and $250 million of share repurchases.





Total Company revenue growth in 2021 is expected to be 15.5% to 16.0%. Combined internal revenue growth from yield and volume in the collection and disposal business is expected to be 5.5% or greater, driven by the Company’s disciplined pricing programs and strong outlook for continued volume recovery.


Adjusted operating EBITDA is expected to be between $5.0 billion and $5.1 billion in 2021.


Free cash flow is projected to be between $2.5 billion and $2.6 billion in 2021.


The Company is on target to capture between $80 million and $85 million in cost synergies in 2021 from the acquisition of Advanced Disposal, which is on track to achieve $150 million in total annual run-rate synergies from cost and capital savings.


The Company expects to repurchase an additional $850 million of its common stock in 2021, exhausting the full $1.35 billion of share repurchases previously authorized.



“Strong performance across all of our businesses — collection and disposal, recycling, and renewable energy — generated outstanding results so far this year,” Fish concluded. “Our focus on disciplined pricing and cost management helped to offset the inflationary cost pressures we have seen, and we expect to continue this focus into the second half of the year to help us deliver on our new, higher outlook. I want to thank each of our team members for their contributions to our success.”  



(a)The information labeled as adjusted in this press release, as well as free cash flow, are non-GAAP measures. Please see "Non-GAAP Financial Measures" below and the reconciliations in the accompanying schedules for more information.  


(b)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.  


(c)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."  


(d)Core price 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. ET today to discuss the second 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 6965743 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 p.m. ET today through 5 p.m. ET on Tuesday, August 11, 2021. 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 6965743.





about wm

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America, providing services throughout the United States and Canada. 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.


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, all statements under the heading “Revised 2021 Outlook” and all statements regarding 2021 financial guidance; future performance or financial results of our business; future share repurchases; recovery from the COVID-19 pandemic; integration of, and synergies from, the acquisition of Advanced Disposal Services, Inc. (“Advanced Disposal”); future strength of our business model and our future cost structure, cost management, pricing and volumes. 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, 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 acquisitions; failure to obtain the results anticipated from acquisitions; failure to successfully integrate the acquisition of Advanced Disposal, realize anticipated synergies or obtain the results anticipated from such acquisition; environmental and other regulations, including developments related to emerging contaminants, gas emissions and renewable fuel; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits; failure to attract, hire and retain key team members and a high quality workforce; labor disruptions and wage-related regulations; significant storms and destructive climate events; public health risk and other impacts of COVID-19 or similar pandemic conditions, including increased costs, social and commercial disruption and service reductions; increased competition; pricing actions; commodity price fluctuations; international trade restrictions; disposal alternatives and waste diversion; declining waste volumes; weakness in general economic conditions and capital markets; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform as expected, including implementation of a new enterprise resource planning system; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings; and decisions or developments that result in impairment charges.  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 for additional information regarding these and other risks and uncertainties applicable to its business. The Company is optimistic about volume recovery and overall economic recovery as states and local jurisdictions continue lifting previous restrictions related to the COVID-19 pandemic, and the Company’s Revised 2021 Outlook incorporates these views. However, uncertainty remains with respect to the pace of economic recovery, as well as the potential for resurgence in transmission of COVID-19 and related business closures due to virus variants or otherwise. Such conditions could have an unanticipated adverse impact on our business. The Company assumes no obligation to update any forward-looking statement, including financial estimates, forecasts, and guidance, 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 income from operations, adjusted SG&A expenses, adjusted operating EBITDA, adjusted operating EBITDA margin, and free cash flow, as well as projections of adjusted operating EBITDA and free cash flow for 2021. All of these items 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.





In addition, the Company’s projected full year 2021 adjusted operating EBITDA is anticipated to exclude the effects of other events or circumstances in 2021 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 projection to the comparable GAAP measure.


The Company discusses free cash flow and provides a projection of 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 to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected adjusted operating EBITDA. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP.











(In Millions, Except per Share Amounts)



   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
Operating revenues  $4,476   $3,561   $8,588   $7,290 
Costs and expenses:                    
Operating   2,736    2,180    5,250    4,509 
Selling, general and administrative   445    377    903    802 
Depreciation and amortization   500    414    972    816 
Restructuring   4    2    5    2 
(Gain) loss from divestitures, asset impairments and unusual items, net       61    17    61 
    3,685    3,034    7,147    6,190 
Income from operations   791    527    1,441    1,100 
Other income (expense):                    
Interest expense, net   (98)   (119)   (195)   (231)
Loss on early extinguishment of debt   (220)       (220)    
Equity in net losses of unconsolidated entities   (11)   (14)   (20)   (40)
Other, net   (6)   1    (5)   1 
    (335)   (132)   (440)   (270)
Income before income taxes   456    395    1,001    830 
Income tax expense   105    88    229    162 
Consolidated net income   351    307    772    668 
Less: Net income (loss) attributable to noncontrolling interests                
Net income attributable to Waste Management, Inc.  $351   $307   $772   $668 
Basic earnings per common share  $0.83   $0.73   $1.83   $1.58 
Diluted earnings per common share  $0.83   $0.72   $1.82   $1.57 
Weighted average basic common shares outstanding   421.6    422.3    422.3    423.2 
Weighted average diluted common shares outstanding   423.6    423.9    424.0    425.1 








(In Millions)



   June 30,   December 31, 
   2021   2020 
Current assets:          
Cash and cash equivalents  $148   $553 
Receivables, net   2,645    2,624 
Other   433    363 
Total current assets   3,226    3,540 
Property and equipment, net   14,110    14,148 
Goodwill   8,992    8,994 
Other intangible assets, net   956    1,024 
Other   1,753    1,639 
Total assets  $29,037   $29,345 
Current liabilities:          
Accounts payable, accrued liabilities and deferred revenues  $3,322   $3,002 
Current portion of long-term debt   361    551 
Total current liabilities   3,683    3,553 
Long-term debt, less current portion   12,883    13,259 
Other   5,117    5,079 
Total liabilities   21,683    21,891 
Waste Management, Inc. stockholders’ equity   7,352    7,452 
Noncontrolling interests   2    2 
Total equity   7,354    7,454 
Total liabilities and equity  $29,037   $29,345 









(In Millions)



   Six Months Ended 
   June 30, 
   2021   2020 
Cash flows from operating activities:          
Consolidated net income  $772   $668 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:          
Depreciation and amortization   972    816 
Loss on early extinguishment of debt   220     
Other   75    167 
Change in operating assets and liabilities, net of effects of acquisitions and divestitures   124    (30)
Net cash provided by operating activities   2,163    1,621 
Cash flows from investing activities:          
Acquisitions of businesses, net of cash acquired   (10)   (1)
Capital expenditures   (666)   (895)
Proceeds from divestitures of businesses and other assets, net of cash divested   17    15 
Other, net   (49)   (37)
Net cash used in investing activities   (708)   (918)
Cash flows from financing activities:          
New borrowings   1,707     
Debt repayments   (2,326)   (705)
Premiums and other paid on early extinguishment of debt   (211)    
Common stock repurchase program   (500)   (402)
Cash dividends   (489)   (466)
Exercise of common stock options   41    42 
Tax payments associated with equity-based compensation transactions   (28)   (34)
Other, net   (4)   (10)
Net cash used in financing activities   (1,810)   (1,575)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents   4    (3)
Decrease in cash, cash equivalents and restricted cash and cash equivalents   (351)   (875)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period   648    3,647 
Cash, cash equivalents and restricted cash and cash equivalents at end of period  $297   $2,772 








(In Millions)



Operating Revenues by Line of Business


   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
Commercial  $1,178   $928   $2,309   $1,991 
Residential   794    657    1,576    1,307 
Industrial   811    625    1,554    1,318 
Other collection   135    115    251    227 
Total collection   2,918    2,325    5,690    4,843 
Landfill   1,075    874    1,990    1,761 
Transfer   532    439    997    880 
Recycling   397    275    739    529 
Other   513    409    990    839 
Intercompany (a)   (959)   (761)   (1,818)   (1,562)
Total  $4,476   $3,561   $8,588   $7,290 


Internal Revenue Growth


    Period-to-Period Change for the Three Months
Ended June 30, 2021 vs. 2020
    Period-to-Period Change for the Six Months
Ended June 30, 2021 vs. 2020
          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   $ 118       3.7 %                   $ 211       3.2 %            
Recycling (d)     84       32.9                       181       37.4              
Fuel surcharges and mandated fees     46       44.3                       37       15.4              
Total average yield (e)                   $ 248       7.0 %                   $ 429   5.9 %
Volume                     341       9.6                       240   3.3  
Internal revenue growth                     589       16.6                       669   9.2  
Acquisitions                     316       8.9                       618   8.5  
Divestitures                     (11 )     (0.3 )                     (21 ) (0.3 )
Foreign currency translation                     21       0.5                       32   0.4  
Total                   $ 915       25.7 %                   $ 1,298   17.8 %


   Period-to-Period Change for the Three Months
Ended June 30, 2021 vs. 2020
   Period-to-Period Change for the Six Months
Ended June 30, 2021 vs. 2020
   As a % of Related Business(b)   As a % of Related Business(b) 
   Yield   Volume   Yield   Volume(f) 
Commercial   4.2%   11.3%   3.6%   3.3%
Industrial   5.8    10.9    4.5    2.7 
Residential   4.7    (1.5)   4.5    (1.6)
Total collection   4.6    7.8    4.0    2.2 
MSW   2.8    12.2    2.7    5.6 
Transfer   2.9    5.8    2.8    (0.4)
Total collection and disposal   3.7%   9.6%   3.2%   3.5%




(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)Includes combined impact of commodity price variability and changes in fees.

(e)The amounts reported herein represent the changes in our revenue attributable to average yield for the total Company.

(f)Workday adjusted volume impact.








(In Millions)



Free Cash Flow (a)                
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
Net cash provided by operating activities  $1,043   $856   $2,163   $1,621 
Capital expenditures   (396)   (436)   (666)   (895)
Proceeds from divestitures of businesses and other assets, net of cash divested   2    3    17    15 
Free cash flow  $649   $423   $1,514   $741 


   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
Supplemental Data                    
Internalization of waste, based on disposal costs   68.7%   68.4%   68.4%   68.3%
Landfill amortizable tons (in millions)   32.1    27.0    59.7    54.2 
Acquisition Summary (b)                    
Gross annualized revenue acquired   2        8    2 
Total consideration, net of cash acquired   2        11    1 
Cash paid for acquisitions consummated during the period, net of cash acquired    2        9    1 
Cash paid for acquisitions including contingent consideration and other items from prior periods, net of cash acquired    2    1    10    3 


Amortization, Accretion and Other Expenses for Landfills:  Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
Landfill amortization expense:                    
Cost basis of landfill assets  $144   $111   $267   $225 
Asset retirement costs   40    37    74    61 
Total landfill amortization expense (c)   184    148    341    286 
Accretion and other related expense   28    25    54    50 
Landfill amortization, accretion and other related expense  $212   $173   $395   $336 

(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.
(c) The increase in landfill amortization was driven by landfill volume increases from the continued economic recovery from the pandemic and our acquisition of Advanced Disposal and changes in landfill estimates.









(In Millions, Except Per Share Amounts)



   Three Months Ended
June 30, 2021
   Income from Operations   Pre-tax Income   Tax Expense   Net Income(a)   Diluted Per Share Amount 
As reported amounts  $791   $456   $105   $351   $0.83 
Loss and other costs associated with extinguishment of debt(b)       226    56    170      
Advanced Disposal integration-related costs   13    13    3    10      
Enterprise resource planning system related costs   9    9    2    7      
    22    248    61    187    0.44 
As adjusted amounts  $813   $704   $166 (c)  $538   $1.27 
Depreciation and amortization   500                     
Adjusted operating EBITDA  $1,313                     


   Three Months Ended
June 30, 2020
   Income from Operations   Pre-tax Income   Tax Expense   Net Income(a)   Diluted Per Share Amount 
As reported amounts  $527   $395   $88   $307   $0.72 
Non-cash impairments of disposal assets   61    61    14    47      
Advanced Disposal acquisition-related costs   17    17    4    13      
Enterprise resource planning system related costs   7    7    2    5      
    85    85    20    65    0.16 
As adjusted amounts  $612   $480   $108 (c)  $372   $0.88 
Depreciation and amortization   414                     
Adjusted operating EBITDA  $1,026                     


(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."
(b) Includes charges of $220 million reflected in the "loss on early extinguishment of debt" financial caption and $6 million reflected in the "interest expense, net" financial caption related to the retirement of $1.3 billion of certain high-coupon senior notes through a cash tender offer in May 2021.
(c) The Company calculates its effective tax rate based on actual dollars. When the effective tax rate is calculated by dividing the Tax Expense amount in the table above by the Pre-tax Income amount, differences occur due to rounding, as these items have been rounded in millions. The second quarter 2021 and 2020 adjusted effective tax rates were 23.5% and 22.5%, respectively.








(In Millions)



   Three Months Ended 
   June 30, 2021   June 30, 2020 
Adjusted SG&A Expenses and Adjusted SG&A Expenses Margin  Amount   As a % of Revenues   Amount   As a % of Revenues 
Operating revenues, as reported  $4,476        $3,561      
SG&A expenses, as reported  $445    9.9%  $377    10.6%
Advanced Disposal integration-related costs   (6)        (17)     
Enterprise resource planning system related costs   (9)        (7)     
Adjusted SG&A expenses  $430    9.6%  $353    9.9%


2021 Projected Free Cash Flow Reconciliation(a)        
   Scenario 1   Scenario 2 
Net cash provided by operating activities  $4,230   $4,380 
Capital expenditures   (1,780)   (1,880)
Proceeds from divestitures of businesses and other assets, net of cash divested   50    100 
Free cash flow  $2,500   $2,600 


(a) The reconciliation includes two scenarios that illustrate our projected free cash flow range for 2021. 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.





Supplemental Information Provided For Illustrative Purposes Only


Diversity in the structure of recycling contracts results in different accounting treatment for commodity rebates. In accordance with revenue recognition guidance, our Company records gross recycling revenue and records rebates paid to customers as cost of goods sold. Other contract structures allow for netting of rebates against revenue.


Additionally, there are differences in whether companies adjust for accretion expense in their calculation of EBITDA. Our Company does not adjust for landfill accretion expenses when calculating operating EBITDA, while other companies do adjust it for the calculation of their EBITDA measure.   


The table below illustrates the impact that differing contract structures and treatment of accretion expense has on the Company’s adjusted operating EBITDA margin results. This information has been provided to enhance comparability and is not intended to replace or adjust GAAP reported results.


   Three Months Ended 
   June 30, 2021   June 30, 2020 
   Amount   As a % of
   Amount   As a % of
Recycling commodity rebates   179    1.3%   115    1.0%
Accretion expense   27    0.6%   25    0.7%


   Six Months Ended 
   June 30, 2021   June 30, 2020 
   Amount   As a % of
   Amount   As a % of
Recycling commodity rebates   331    1.2%   199    0.8%
Accretion expense   53    0.6%   49    0.6%




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