Waste Management, Inc. (NYSE: WMI) today announced financial
results for the quarter ended March 31, 2009. Net income(a) for the
quarter was $155 million, or $0.31 per diluted share, compared with
$241 million, or $0.48 per diluted share, for the first quarter of
2008. Revenues for the first quarter of 2009 were $2.81 billion
compared with $3.27 billion for the same 2008 period. Of the $456
million decrease in revenue, only $132 million, or 4.7% of revenue,
comes from operational impacts to the solid waste collection and
disposal business. The balance of the decline is due to commodity
impacts related to recycling materials, fuel and energy, and
non-operational items including foreign currency translation and
one fewer work day during the first quarter of 2009.
The Company noted certain items that impacted results in the
2009 and 2008 first quarters. Excluding these items, net income
would have been $0.42 per diluted share in the first quarter of
2009 compared with $0.47 per diluted share in the first quarter of
2008.(b)
Results in the first quarter of 2009 included a decrease of
$0.11 per diluted share from:
- A $23 million reduction in net
income due to charges related to the restructuring announced in
February 2009; and
- A $30 million reduction in net
income related to the abandonment of SAP software.
Results in the first quarter of 2008 included a net $0.01 per
diluted share benefit due to $6 million of net income from income
tax audit settlements.
David P. Steiner, Chief Executive Officer of Waste Management,
commented, �I am pleased with the way we are performing during this
challenging economic environment. We increased our income from
operations margin on an as-adjusted basis by 70 basis points
compared to the prior year period, and we generated strong cash
flow.(b) The majority of our business relates to commercial and
residential sources and is generally recession resistant. Internal
revenue growth from volume in our commercial and residential
collection lines in the first quarter was consistent with our
experience during 2008, at about negative 4% each. The fourth
quarter volume declines that we saw in our more economically
sensitive industrial collection, landfill, transfer & recycling
businesses continued into 2009. We expect volumes in these
economically sensitive lines of business to remain soft in 2009
and, as a result, we continue to focus on cost and pricing
discipline and driving continued efficiency throughout our
organization.
�As we anticipated, we saw a negative impact of $0.09 per
diluted share in the first quarter of 2009, compared with the prior
year period, as a result of the deterioration of the recycling
commodities markets. Conditions have stabilized and prices have
been trending upward from the lows reached in January. We continue
to expect a negative year-over-year impact from recycling
operations of $0.15 to $0.20 per diluted share for the full year
2009, most of which is expected to be in the first half of the
year.�
Steiner concluded, �At the beginning of February we restructured
the Company to prepare ourselves for a slower economy, and these
actions succeeded, saving us approximately $10 million per month in
February and March. Consequently, we expect to exceed $120 million
in annualized savings from our restructuring. The recession
resistant qualities and strong cash flows of our solid waste
business, combined with the proactive steps we are taking to
strengthen our pricing programs and reduce our costs, give us
confidence that we will continue to generate strong cash returns
for our shareholders and emerge from this economic downturn even
stronger than before. We remain confident that we will meet the
2009 goals that we announced earlier in the year.�
Key Highlights for the First Quarter 2009
- Internal revenue growth from
yield on our collection and disposal business was 3.1% when
calculated using revenue only from these lines of business.
- Internal revenue growth from
volume was negative 8.1%. Adjusting for the effect of one less work
day during the first quarter of 2009 compared to the prior year
quarter, internal revenue growth from volume was negative
7.4%.
- Operating expenses declined by
$367 million, or approximately 17.5%, to $1.73 billion in the first
quarter of 2009. As a percentage of revenue, first quarter 2009
operating expenses decreased to 61.4%, which is a 270 basis point
improvement compared with the same quarter in 2008, and is a strong
performance given the revenue decline.
- Cost savings totaling
approximately $20 million were realized for the months of February
and March related to the restructuring we announced in February and
annualized savings are expected to exceed $120 million. A charge of
$38 million was incurred for this restructuring and up to $15
million of additional charges are expected to be incurred in the
second and third quarters of 2009.
- A $5 million benefit to net
income resulted from the accounting impact of an increase in the
10-year risk free interest rate, which is used to calculate the
present value of our remediation liabilities.
- Net cash provided by operating
activities was $519 million in the quarter.
- Capital expenditures were $325
million in the quarter, a $112 million increase from the prior year
period. This is primarily the result of paying in 2009 expenditures
incurred in 2008. We still expect full year capital expenditures to
be in the range of $1.1 billion to $1.2 billion.
- $143 million was returned to
shareholders through dividend payments in the quarter.
- The effective tax rate in the
quarter was approximately 37.2%, which reflects the impact of the
implementation of an accounting change.
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(a) As a result of the Company�s adoption of Statement of
Financial Accounting Standard No. 160 , Noncontrolling Interests in
Consolidated Financial Statements � an amendment of ARB No. 51, the
financial statement line item that had been entitled �Net income�
is now entitled �Net income attributable to Waste Management, Inc.�
For purposes of this press release, all references to �Net income�
refers to �Net income attributable to Waste Management, Inc.�
(b) This earnings release contains a discussion of non-GAAP
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) 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 (ii) financial measures the
Company uses in the management of its business. GAAP measures that
have been adjusted to exclude the impact of certain unusual,
non-recurring or otherwise non-operational items include:
- Net Income;
- Earnings per diluted share;
and
- Income from operations as a
percentage of revenue.
The quantitative reconciliations of each of the non-GAAP
measures presented herein to the most comparable GAAP measures are
included in the accompanying schedules. Investors are urged to take
into account GAAP measures as well as non-GAAP measures in
evaluating the Company.
The Company has scheduled an investor and analyst conference
call for later this morning to discuss the results of today�s
earnings announcement. The information in this press release should
be read in conjunction with the information on the conference call.
The call will begin at 10:00 a.m. Eastern time and is open to the
public. To listen to the conference call, which will be broadcast
live over the Internet, go to the Waste Management Website at
http://www.wm.com, and select �Earnings Webcast.� You may also
listen to the analyst conference call by telephone by contacting
the conference call operator 5 to 10 minutes prior to the scheduled
start time and asking for the �Waste Management Conference Call �
Call ID 90934084.� US/Canada Dial-In Number: (877) 710-6139.
Int'l/Local Dial-In Number: (706) 643-7398. For those unable to
listen to the live call, a replay will be available 24 hours a day
beginning at approximately 1:00 p.m. Eastern time on April 29th
through 5:00 p.m. Eastern time on May 13th. To hear a replay of the
call over the Internet, access the Waste Management Website at
http://www.wm.com. To hear a
telephonic replay of the call, dial (800) 642-1687 or (706)
645-9291 and enter reservation code 90934084.
Waste Management, Inc., based in Houston, Texas, is the leading
provider of comprehensive waste management services in North
America. Through its subsidiaries, the Company provides collection,
transfer, recycling and resource recovery, and disposal services.
It is also a leading developer, operator and owner of
waste-to-energy and landfill gas-to-energy facilities in the United
States. The Company�s customers include residential, commercial,
industrial, and municipal customers throughout North America.
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. Statements relating to future events and performance
are �forward-looking statements.� The forward-looking statements
that the Company makes are the Company�s expectations, opinion,
view or belief at the point in time of issuance but may change at
some future point in time. By issuing estimates or making
statements based on current expectations, opinions, views or
beliefs, the Company has no obligation, and is not undertaking any
obligation, to update such estimates or statements or to provide
any other information relating to such estimates or statements.
Outlined below are some of the risks that the Company faces and
that could affect our financial statements for 2009 and beyond and
that could cause actual results to be materially different from
those that may be set forth in forward-looking statements made by
the Company. We caution you not to place undue reliance on any
forward-looking statements, which speak only as of their dates. The
following are some of the risks that we face:
- continued volatility and further
deterioration in the credit markets, inflation, higher interest
rates and other general and local economic conditions may
negatively affect the volumes of waste generated, our liquidity,
our financing costs and other expenses;
- economic conditions may
negatively affect parties with whom we do business, which could
result in late payments or the uncollectability of receivables as
well as the non-performance of certain agreements, including
expected funding under our credit agreement, which could negatively
impact our liquidity and results of operations;
- competition may negatively
affect our profitability or cash flows, our price increases may
have negative effects on volumes, and price roll-backs and lower
than average pricing to retain and attract customers may negatively
affect our average yield on collection and disposal business;
- we may be unable to maintain or
expand margins if we are unable to control costs or raise
prices;
- we may not be able to
successfully execute or continue our operational or other margin
improvement plans and programs, including: pricing increases;
passing on increased costs to our customers; reducing costs; and
divesting under-performing assets and purchasing accretive
businesses, any failures of which could negatively affect our
revenues and margins;
- weather conditions cause our
quarter-to-quarter results to fluctuate, and harsh weather or
natural disasters may cause us to temporarily shut down
operations;
- possible changes in our
estimates of costs for site remediation requirements, final
capping, closure and post-closure obligations, compliance and
regulatory developments may increase our expenses;
- regulations may negatively
impact our business by, among other things, restricting our
operations, increasing costs of operations or requiring additional
capital expenditures;
- climate change legislation,
including possible limits on carbon emissions, may negatively
impact our results of operations by increasing expenses related to
tracking, measuring and reporting our greenhouse gas emissions and
increasing operating costs and capital expenditures that may be
required to comply with any such legislation;
- if we are unable to obtain and
maintain permits needed to open, operate, and/or expand our
facilities, our results of operations will be negatively
impacted;
- limitations or bans on disposal
or transportation of out-of-state, cross-border, or certain
categories of waste, as well as mandates on the disposal of waste,
can increase our expenses and reduce our revenue;
- fuel price increases or fuel
supply shortages may increase our expenses or restrict our ability
to operate;
- increased costs or the inability
to obtain financial assurance or the inadequacy of our insurance
coverages could negatively impact our liquidity and increase our
liabilities;
- possible charges as a result of
shut-down operations, uncompleted development or expansion projects
or other events may negatively affect earnings;
- fluctuations in commodity prices
may have negative effects on our operating results;
- trends requiring recycling,
waste reduction at the source and prohibiting the disposal of
certain types of waste could have negative effects on volumes of
waste going to landfills and waste-to-energy facilities;
- efforts by labor unions to
organize our employees may increase operating expenses and we may
be unable to negotiate acceptable collective bargaining agreements
with those who have chosen to be represented by unions, which could
lead to labor disruptions, including strikes and lock-outs, which
could adversely affect our results of operations and cash
flows;
- negative outcomes of litigation
or threatened litigation or governmental proceedings may increase
our costs, limit our ability to conduct or expand our operations,
or limit our ability to execute our business plans and
strategies;
- problems with the operation of
our current information technology or the development and
deployment of new information systems could decrease our
efficiencies and increase our costs;
- the adoption of new accounting
standards or interpretations may cause fluctuations in reported
quarterly results of operations or adversely impact our reported
results of operations; and
- we may reduce or permanently
eliminate our dividend or share repurchase program, reduce capital
spending or cease acquisitions if cash flows are less than we
expect and we are not able to obtain capital needed to refinance
our debt obligations, including near-term maturities, on acceptable
terms.
Additional information regarding these and/or other factors that
could materially affect results and the accuracy of the
forward-looking statements contained herein may be found in Part I,
Item 1 of the Company�s Annual Report on Form 10-K for the year
ended December 31, 2008.
�
Waste Management, Inc. Condensed Consolidated
Statements of Operations (In Millions, Except Per Share
Amounts) (Unaudited) � � � � � �
Quarters Ended March
31, 2009 2008 � Operating revenues $ 2,810 $
3,266 � Costs and expenses: Operating 1,725 2,092 Selling, general
and administrative 337 368 Depreciation and amortization 289 297
Restructuring 38 - (Income) expense from divestitures, asset
impairments and unusual items � 49 � � (2 ) � 2,438 � � 2,755 �
Income from operations � 372 � � 511 � � Other income (expense):
Interest expense (105 ) (122 ) Interest income 4 5 Other, net � - �
� (2 ) � (101 ) � (119 ) � Income before income taxes 271 392
Provision for income taxes � 101 � � 144 � Consolidated net income
170 248 Less - Net income attributable to noncontrolling interests
(15 ) (7 ) � � Net income attributable to Waste Management, Inc. $
155 � $ 241 � � Basic earnings per common share $ 0.31 � $ 0.49 � �
Diluted earnings per common share $ 0.31 � $ 0.48 � � Basic common
shares outstanding � 491.8 � � 496.0 � � Diluted common shares
outstanding � 493.0 � � 498.3 � � Cash dividends declared per
common share $ 0.29 � $ 0.27 � � Note: Prior year information has
been reclassified to conform to 2009 presentation. �
Waste
Management, Inc. Earnings Per Share (In Millions,
Except Per Share Amounts) (Unaudited) � � �
Quarters
Ended March 31, 2009 2008 �
EPS
Calculation: � Net income attributable to Waste Management,
Inc. $ 155 � $ 241 � � � Number of common shares outstanding at end
of period 491.9 492.4 Effect of using weighted average common
shares outstanding � (0.1 ) � 3.6 Weighted average basic common
shares outstanding 491.8 496.0
Dilutive effect of equity-based
compensation awards and other contingently issuable shares
� 1.2 � � 2.3 Weighted average diluted common shares outstanding �
493.0 � � 498.3 � � � Basic earnings per common share $ 0.31 � $
0.49 � Diluted earnings per common share $ 0.31 � $ 0.48 �
Waste
Management, Inc. Condensed Consolidated Balance Sheets
(In Millions) � � � � � �
March 31, December
31, 2009 2008 (Unaudited) Assets �
Current assets: Cash and cash equivalents $ 947 $ 480 Receivables,
net 1,468 1,610 Other � 289 � 245 Total current assets 2,704 2,335
� Property and equipment, net 11,206 11,402 Goodwill 5,471 5,462
Other intangible assets, net 162 158 Other assets � 857 � 870 Total
assets $ 20,400 $ 20,227 � �
Liabilities and Equity �
Current liabilities:
Accounts payable, accrued
liabilities, and deferred revenues
$ 1,893 $ 2,201 Current portion of long-term debt � 693 � 835 Total
current liabilities 2,586 3,036 � Long-term debt, less current
portion 8,096 7,491 Other liabilities � 3,525 � 3,515 Total
liabilities 14,207 14,042 � Equity: Waste Management, Inc.
stockholders' equity 5,903 5,902 Noncontrolling interests � 290 �
283 Total equity � 6,193 � 6,185 Total liabilities and equity $
20,400 $ 20,227 � Note: Prior year information has been
reclassified to conform to 2009 presentation. �
Waste
Management, Inc. Condensed Consolidated Statements of Cash
Flows (In Millions) (Unaudited) � � � � �
Quarters Ended March 31, 2009 2008 � Cash
flows from operating activities: Consolidated net income $ 170 $
248
Adjustments to reconcile
consolidated net income to net cash provided by operating
activities:
Depreciation and amortization 289 297 Other 73 55
Change in operating assets and
liabilities, net of effects of acquisitions and divestitures
� (13 ) � (39 ) Net cash provided by operating activities � 519 � �
561 � � Cash flows from investing activities: Acquisitions of
businesses, net of cash acquired (22 ) (69 ) Capital expenditures
(325 ) (213 )
Proceeds from divestitures of
businesses (net of cash divested) and other sales of assets
5 14
Net receipts from restricted trust
and escrow accounts, and other
� 46 � � 68 � Net cash used in investing activities � (296 ) � (200
) � Cash flows from financing activities: New borrowings 895 803
Debt repayments (452 ) (544 ) Common stock repurchases - (281 )
Cash dividends (143 ) (133 ) Exercise of common stock options 4 10
Other, net � (59 ) � (98 ) Net cash provided by (used in) financing
activities � 245 � � (243 ) � Effect of exchange rate changes on
cash and cash equivalents � (1 ) � - � � Increase in cash and cash
equivalents 467 118 Cash and cash equivalents at beginning of
period � 480 � � 348 � Cash and cash equivalents at end of period $
947 � $ 466 � � � Note: Prior year information has been
reclassified to conform to 2009 presentation.
Waste Management,
Inc. Summary Data Sheet (Dollar Amounts in
Millions) (Unaudited) � � � � �
Quarters Ended
March 31, December 31, March 31, 2009
2008 2008
Operating Revenues by Lines of
Business
� Collection $ 1,952 $ 2,071 $ 2,138 Landfill 600 697 685 Transfer
321 368 380 Wheelabrator 201 229 213 Recycling 143 192 320 Other 47
51 45 Intercompany
(a) � (454 ) � (500 ) � (515 ) Operating
revenues $ 2,810 � $ 3,108 � $ 3,266 � �
Analysis of Change in Year Over Year
Revenue
Amount As a % of change � Recycling
(b) $ (193
) Electricity (9 ) Fuel surcharge (64 ) Foreign currency
translation (35 ) Volume workday difference � (23 ) Decline from
commodity and non-operational items (324 ) 71.1 % � Collection,
landfill, and transfer yield 84 Volumes, exclusive of workday
difference (227 ) Acquisition, net of divestitures � 11 �
Collection and disposal (132 ) 28.9 % � � $ (456 ) � 100.0 % �
Acquisition Summary (c)
� Gross annualized revenue acquired $ 23 � $ 33 � $ 71 � � Total
consideration $ 22 � $ 53 � $ 104 � � Cash paid for acquisitions $
21 � $ 46 � $ 70 � � �
Quarters Ended March 31, 2009
2008
Free Cash Flow Analysis (d)
� Net cash provided by operating activities $ 519 $ 561 Capital
expenditures (325 ) (213 )
Proceeds from divestitures of
businesses (net of cash divested) and other sales of assets
� 5 � � 14 � Free cash flow $ 199 � $ 362 � �
(a)
Intercompany revenues between
lines of business are eliminated within the Condensed Consolidated
Financial Statements included herein.
�
(b)
Includes volume related decline of
$15 million.
�
(c)
Represents amounts associated with
business acquisitions consummated during the indicated periods.
�
(d)
The summary of free cash flows 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.
�
Waste Management, Inc. Summary Data Sheet
(Dollar Amounts in Millions) (Unaudited) � � � � � �
Quarters Ended March 31, December 31, March
31, 2009 2008 2008
Balance Sheet Data
�
Cash, cash equivalents and
short-term investments available for use (a)
$ 947 � $ 480 � $ 466 � � Debt-to-total capital ratio:
�
Long-term indebtedness, including
current portion
$ 8,789 $ 8,326 $ 8,719 Total equity (b) � 6,193 � � 6,185 � �
5,918 � Total capital $ 14,982 � $ 14,511 � $ 14,637 � �
Debt-to-total capital � 58.7 % � 57.4 % � 59.6 % � Capitalized
interest $ 3 � $ 4 � $ 4 � � �
Other Operational Data
� Internalization of waste, based on disposal costs � 70.0 % � 68.4
% � 67.7 % � Total landfill disposal volumes (tons in millions)
21.6 25.0 25.1 Total waste-to-energy disposal volumes (tons in
millions) � 1.7 � � 1.8 � � 1.7 � Total disposal volumes (tons in
millions) � 23.3 � � 26.8 � � 26.8 � � Active landfills � 274 � �
273 � � 280 � � Landfills reporting volume � 260 � � 260 � � 260 �
� �
Amortization and SFAS No. 143 Expenses for
Landfills Included in Operating Groups
Non - SFAS No. 143 amortization expense $ 77.0 $ 88.1 $ 86.1
Amortization expense related to SFAS No. 143 obligations � 10.6 � �
4.6 � � 7.7 � Total amortization expense (c) (d) 87.6 92.7 93.8
Accretion and other related expense � 16.1 � � 16.8 � � 15.7 �
Landfill amortization, accretion and other related expense $ 103.7
� $ 109.5 � $ 109.5 � � �
(a)
The quarters presented include
less than $0.1 million of short-term investments available for
use.
�
(b)
As a result of the company's
adoption of SFAS No. 160, Noncontrolling Interests in Consolidated
Financial Statements- an amendment of ARB No. 51, noncontrolling
interests in a subsidiary are now reported in Total equity. Prior
year information has been reclassified to conform to 2009
presentation.
�
(c)
The quarter ended March 31, 2009
as compared with the quarter ended December 31, 2008 reflects a
decrease in amortization expense of $5.1 million of which $16.5
million is due to the seasonal reduction in landfill volumes and
volume declines resulting from the weakened economy. This decrease
was partially offset by an increase of $9.0 million attributable to
year-end adjustments of the SFAS No. 143 landfill final capping
construction and closure/post closure obligations as identified in
our Q4 annual landfill reviews. Additionally, there was a one-time
unfavorable adjustment of $900k in Q1 2009 for revisions in
estimates of final capping costs.
�
(d)
The quarter ended March 31, 2009,
as compared with the quarter ended March 31, 2008 reflects a
reduction in amortization expense of $6.2 million, of which $11.5
million is primarily due to lower landfill volumes resulting from
the weakened economy. This reduction was partially offset by $5.1
million of expense reversals primarily as a result of one-time
adjustments taken in Q1 2008 of $3.2 million for revisions in
estimates of final capping and closure/post-closure costs.
�
Waste Management, Inc. Reconciliation of Certain
Non-GAAP Measures (Dollars In Millions, Except Per Share
Amounts) (Unaudited) � � � �
Quarter Ended
March 31, 2009
Quarter Ended
March 31, 2008
Adjusted Net income attributable to WMI and Diluted Earnings Per
Share After-tax Amount Per Share Amount
After-tax Amount Per Share Amount �
Net income
attributable to WMI and Diluted EPS, as reported $
155 $ 0.31 $ 241 $
0.48 �
Adjustments to Net income attributable to WMI and
Diluted EPS: Restructuring 23 0.05 - - SAP abandonment 30 0.06
- - Income tax audit settlements - - (6 ) (0.01 ) � � � �
Net
income attributable to WMI and Diluted EPS, as adjusted
$ 208 �
$ 0.42 �
$ 235 �
$ 0.47 � � � �
Quarter Ended
March 31,
Adjusted Income from Operations as a percent of Revenues
2009 2008 �
As reported: Operating revenues $
2,810 $ 3,266 Income from operations $ 372 $ 511 �
Income from
Operations as a percent of Revenues 13.2 %
15.6 % �
Adjustments to Income from
Operations:
Restructuring
$ 38 $ - Expense from divestitures, asset impairments and unusual
items $ 49 $ - �
As adjusted: Operating revenues $ 2,810 $
3,266 Income from operations $ 459 $ 511 �
Adjusted Income from
Operations as a percent of Revenues (a) 16.3 %
15.6 % � � �
(a) Increase in Income from
Operations as a percent of revenues, as adjusted, of 70 basis
points.
�
Waste Management, Inc. Internal Growth of Operating
Revenues from Comparable Prior Periods (Dollar Amounts in
Millions) � � � � � � � � �
This exhibit provides details
associated with the period-to-period change in revenues and
includes internal revenue growth as a percent of revenues on a
total company basis as well as a percent of revenues on related
business. We believe providing this information will help our
investors better understand the Company's Internal Revenue Growth
information.
�
To explain how the following
percent changes are calculated, provided below are the calculations
for "Collection, Landfill and Transfer" as a percentage of Related
Business and as a percentage of Total Company:
�
(i) "Collection, Landfill and
Transfer" as a percentage of Related Business revenues of 3.3% is
calculated by dividing the $84 million average yield by the
denominator of $2,582 million. The denominator includes prior year
"Collection, Landfill and Transfer" revenues ($2,594 million) less
the impact of divestitures related to "Collection, Landfill and
Transfer" ($12 million).
�
(ii) "Collection, Landfill and
Transfer" as a percentage of Total Company revenues of 2.6% is
calculated by dividing the $84 million average yield by the
denominator of $3,254 million. The denominator includes prior year
Total Company revenues ($3,266 million) less the impact of
divestitures ($12 million).
�
Quarters Ended March 31, 2009 December 31,
2008 March 31, 2008 Amount
As a % ofRelatedBusiness (a)
As a % ofTotalCompany (b)
Amount
As a % ofRelatedBusiness (a)
As a % ofTotalCompany (b)
Amount
As a % ofRelatedBusiness (a)
As a % ofTotalCompany (b)
Average yield: Collection, landfill and transfer $ 84
3.3 % 2.6 % $ 70 2.6 % 2.1 % $ 96 3.7 % 3.1 %
Waste-to-energy
disposal � - � 0.0 % � 0.0 % � (1 ) -0.9 % 0.0 % � - � 0.0 %
0.0 %
Collection and disposal 84 3.1 % 2.6 % 69 2.5 % 2.1 %
96 3.6 % 3.1 %
Recycling commodity (178 ) -53.0 % -5.5 % (97
) -29.8 % -2.9 % 71 27.3 % 2.3 %
Electricity (9 ) -10.8 %
-0.3 % 3 3.5 % 0.0 % 4 4.9 % 0.1 %
Fuel surcharges and mandated
fees � (64 ) -42.1 % � -2.0 % � (4 ) -2.7 % -0.1 % � 41 � 37.3
% 1.2 %
Total (167 ) -5.2 % -5.2 % (29 ) -0.9 % -0.9 % 212
6.7 % 6.7 %
Volume � (265 ) � -8.1 % � (198 ) -5.9 % � (123
) -3.9 %
Internal revenue growth (432 ) -13.3 % (227 ) -6.8
% 89 2.8 %
Acquisition 23 0.7 % 32 1.0 % 25 0.8 %
Divestitures (12 ) -0.3 % (20 ) -0.6 % (61 ) -2.0 %
Foreign currency translation � (35 ) � -1.1 % � (38 ) -1.1 %
� 25 � 0.8 % $ (456 ) � -14.0 % $ (253 ) -7.5 % $ 78 � 2.4 % � �
Note: The revenue information
below represents the denominator used to calculate the percentages
of related business and is defined as prior year revenue less the
impact of divestitures.
�
Denominator for the Quarters Ended Mar. 31, 2009
Dec. 31, 2008 Mar. 31, 2008 Related business
revenues: Collection, landfill and transfer $ 2,582 $ 2,678 $ 2,573
Waste-to-energy disposal � 101 � � 107 � � 103 � Collection and
disposal 2,683 2,785 2,676 Recycling commodity 336 325 260
Electricity 83 85 81 Fuel surcharges and mandated fees � 152 � �
146 � � 110 � Total Company $ 3,254 � $ 3,341 � $ 3,127 � �
(a) These percentages are
calculated using the Related Business revenue as the
denominator.
�
(b) These percentages are
calculated using the total Company revenue as the denominator.
�
Note: For the quarter ended
March 31, 2009, we have made the following changes to our Internal
Revenue Growth table:
�
Average yield from "Collection and
Disposal" excludes any electricity related revenues. These
electricity revenues are now included within Average Yield in the
"Electricity" caption. Note that the "Waste to Energy" component of
"Collection and Disposal" is primarily disposal related revenues.
We have reclassified prior periods to conform to the 2009
presentation.
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