$WM
WASTE MANAGEMENT INC

2017 Q3 Form 10-Q Financial Statement

#000119312517236070 Filed on July 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q4
Revenue $3.716B $3.677B $3.460B
YoY Change 4.74% 7.36% 6.59%
Cost Of Revenue $2.005B $2.290B $1.873B
YoY Change -9.52% 7.51% 6.0%
Gross Profit $1.711B $1.387B $1.587B
YoY Change 28.45% 7.1% 7.3%
Gross Profit Margin 46.04% 37.72% 45.87%
Selling, General & Admin $653.0M $353.0M $652.0M
YoY Change 97.88% 3.82% 8.13%
% of Gross Profit 38.16% 25.45% 41.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $350.0M $356.0M $313.0M
YoY Change 4.17% 4.71% 3.99%
% of Gross Profit 20.46% 25.67% 19.72%
Operating Expenses $1.003B $353.0M $965.0M
YoY Change 203.94% 3.82% 6.75%
Operating Profit $708.0M $673.0M $617.0M
YoY Change 26.43% 10.15% 22.91%
Interest Expense -$98.00M -$90.00M -$106.0M
YoY Change 4.26% -3.23% 9.28%
% of Operating Profit -13.84% -13.37% -17.18%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change -80.0%
Pretax Income $603.0M $570.0M $510.0M
YoY Change 31.95% 24.18% 28.46%
Income Tax $215.0M $209.0M $176.0M
% Of Pretax Income 35.66% 36.67% 34.51%
Net Earnings $386.0M $362.0M $335.0M
YoY Change 27.81% 26.13% 22.71%
Net Earnings / Revenue 10.39% 9.84% 9.68%
Basic Earnings Per Share $0.82 $0.76
Diluted Earnings Per Share $875.7K $0.81 $0.75
COMMON SHARES
Basic Shares Outstanding 440.0M shares 441.9M shares 442.0M shares
Diluted Shares Outstanding 444.4M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.00M $32.00M $32.00M
YoY Change 16.67% -17.95% -17.95%
Cash & Equivalents $35.00M $32.00M $32.00M
Short-Term Investments
Other Short-Term Assets $164.0M $121.0M $122.0M
YoY Change 26.15% 0.0% 1.67%
Inventory $99.00M $96.00M $90.00M
Prepaid Expenses
Receivables $1.790B $1.772B $1.700B
Other Receivables $212.0M $305.0M $432.0M
Total Short-Term Assets $2.300B $2.326B $2.376B
YoY Change 0.31% 2.2% 1.32%
LONG-TERM ASSETS
Property, Plant & Equipment $11.14B $11.00B $10.95B
YoY Change 2.71% 1.49% 2.67%
Goodwill $6.248B $6.215B
YoY Change 0.29% 3.86%
Intangibles $573.0M $591.0M
YoY Change -9.34% 23.9%
Long-Term Investments $287.0M $289.0M $173.0M
YoY Change -11.96% -9.97% -6.99%
Other Assets $398.0M $401.0M $407.0M
YoY Change -11.75% -11.28% -24.07%
Total Long-Term Assets $18.65B $18.51B $18.48B
YoY Change 1.01% 0.2% 2.56%
TOTAL ASSETS
Total Short-Term Assets $2.300B $2.326B $2.376B
Total Long-Term Assets $18.65B $18.51B $18.48B
Total Assets $20.95B $20.84B $20.86B
YoY Change 0.93% 0.42% 2.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $789.0M $808.0M $799.0M
YoY Change 14.51% 30.32% 10.82%
Accrued Expenses $1.136B $1.075B $1.085B
YoY Change 6.37% -1.29% 1.97%
Deferred Revenue
YoY Change
Short-Term Debt $502.0M $184.0M $0.00
YoY Change
Long-Term Debt Due $348.0M $206.0M $417.0M
YoY Change -19.44% -66.45% 64.82%
Total Short-Term Liabilities $3.259B $2.770B $2.794B
YoY Change 22.33% -1.28% 11.31%
LONG-TERM LIABILITIES
Long-Term Debt $8.495B $8.667B $8.893B
YoY Change -3.78% -2.79% 2.5%
Other Long-Term Liabilities $2.443B $696.0M $695.0M
YoY Change 217.69% -11.34% -17.16%
Total Long-Term Liabilities $10.94B $696.0M $695.0M
YoY Change 1322.37% -11.34% -17.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.259B $2.770B $2.794B
Total Long-Term Liabilities $10.94B $696.0M $695.0M
Total Liabilities $15.67B $15.33B $15.54B
YoY Change 1.94% -1.24% 3.59%
SHAREHOLDERS EQUITY
Retained Earnings $7.671B $7.388B
YoY Change 7.8% 6.47%
Common Stock $4.834B $4.856B
YoY Change 0.54% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.986B $6.867B
YoY Change 4.78% 9.0%
Treasury Stock Shares 190.6M shares 191.0M shares
Shareholders Equity $5.278B $5.486B $5.297B
YoY Change
Total Liabilities & Shareholders Equity $20.95B $20.84B $20.86B
YoY Change 0.93% 0.42% 2.42%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $386.0M $362.0M $335.0M
YoY Change 27.81% 26.13% 22.71%
Depreciation, Depletion And Amortization $350.0M $356.0M $313.0M
YoY Change 4.17% 4.71% 3.99%
Cash From Operating Activities $854.0M $813.0M $754.0M
YoY Change 12.66% 6.69% 43.35%
INVESTING ACTIVITIES
Capital Expenditures -$350.0M -$299.0M -$377.0M
YoY Change 5.11% -4.17% 2.17%
Acquisitions
YoY Change
Other Investing Activities -$23.00M -$38.00M -$5.000M
YoY Change -25.81% 40.74% -91.38%
Cash From Investing Activities -$373.0M -$337.0M -$382.0M
YoY Change 2.47% -0.59% -10.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -474.0M -474.0M -370.0M
YoY Change 17.91% -3.07% 115.12%
NET CHANGE
Cash From Operating Activities 854.0M 813.0M 754.0M
Cash From Investing Activities -373.0M -337.0M -382.0M
Cash From Financing Activities -474.0M -474.0M -370.0M
Net Change In Cash 7.000M 2.000M 2.000M
YoY Change -187.5% -103.03% -102.74%
FREE CASH FLOW
Cash From Operating Activities $854.0M $813.0M $754.0M
Capital Expenditures -$350.0M -$299.0M -$377.0M
Free Cash Flow $1.204B $1.112B $1.131B
YoY Change 10.36% 3.54% 26.37%

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<div> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>15.</b></font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><b>New Accounting Standards Pending Adoption</b></font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Income Taxes</i> &#x2014; In October 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-16</font> associated with the timing of recognition of income taxes for intra-entity transfers of assets other than inventory. The amended guidance requires the recognition of income taxes when the transfer of the asset occurs, which replaces current GAAP that defers the recognition of income taxes until the transferred asset is sold to a third party or otherwise recovered through use. The amended guidance is effective for the Company on January&#xA0;1, 2018. We are assessing the provisions of this amended guidance; however, we currently do not expect that the adoption of this amended guidance will have a material impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Statement of Cash Flows &#x2014;</i> In August 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-15</font> associated with the classification of certain cash receipts and cash payments in the statement of cash flows. In November 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-18</font> associated with the presentation of restricted cash and cash equivalents in the statement of cash flows. The objective of both amendments was to reduce existing diversity in practice. The amended guidance is effective for the Company on January&#xA0;1, 2018. We are assessing the provisions of this amended guidance; however, we currently do not expect that the adoption of this amended guidance will have a material impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Financial Instrument Credit Losses &#x2014;</i> In June 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-13</font> associated with the measurement of credit losses on financial instruments. The amended guidance replaces the current incurred loss impairment methodology of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates. The amended guidance is effective for the Company on January&#xA0;1, 2020, with early adoption permitted beginning January&#xA0;1, 2019.&#xA0;We are assessing the provisions of this amended guidance and evaluating the impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Leases</i> &#x2014; In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-02</font> associated with lease accounting. The amended guidance requires the recognition of lease assets and lease liabilities on the balance sheet for those leases with terms in excess of 12 months and currently classified as operating leases. The disclosure of key information about leasing arrangements will also be required. The amended guidance is effective for the Company on January&#xA0;1, 2019, with early adoption permitted. We are assessing the provisions of this amended guidance and we have (i)&#xA0;formed an implementation work team; (ii)&#xA0;performed training for the various organizations that will be most affected by the new standard and (iii)&#xA0;evaluated certain software solutions available to manage and account for leases under the new standard. We are still evaluating the impact of this amended guidance on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Financial Instruments</i> &#x2014; In January 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-01</font> associated with the recognition and measurement of financial assets and liabilities. The amended guidance will require certain equity investments that are not consolidated to be measured at fair value with changes in fair value recognized in net income rather than as a component of accumulated other comprehensive income. The amended guidance is effective for the Company on January&#xA0;1, 2018. We are assessing the provisions of this amended guidance; however, we currently do not expect that the adoption of this amended guidance will have a material impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Revenue Recognition</i> &#x2014; In May 2014, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2014-09</font> associated with revenue recognition. The amended guidance requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the amendments will require enhanced qualitative and quantitative disclosures regarding customer contracts. The amended guidance associated with revenue recognition is effective for the Company on January&#xA0;1, 2018. The amended guidance may be applied retrospectively for all periods presented (&#x201C;full retrospective method&#x201D;) or retrospectively with the cumulative effect of initially applying the amended guidance recognized at the date of initial adoption (&#x201C;modified retrospective method&#x201D;).&#xA0;The Company is currently planning to adopt the amended guidance using the modified retrospective method as of January&#xA0;1, 2018.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">To assess the impact of the standard, we utilized internal resources to lead the implementation effort and supplemented them with external resources. Our internal resources read the amended guidance, attended trainings and consulted with other accounting professionals to assist with interpretation of the amended guidance. Surveys were sent to and returned by all operating segments to assess the potential impact of the amended guidance and to tailor specific procedures to evaluate the potential impact. Based on the results of these surveys, we judgmentally selected a sample of contracts based on size and specifically identified contract traits that could be accounted for differently under the amended guidance. We also selected a representative sample of contracts to corroborate the survey results. We have completed our preliminary review and analysis of all contracts selected for testing and we are in the process of performing additional analysis on certain contractual provisions, including provisions that could impact the classification of certain revenue streams and costs that are currently reported on a gross basis.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Based on our work to date, we believe we have identified all material contract types and costs that may be impacted by this amended guidance. We expect to quantify and disclose the expected impact, if any, of adopting this amended guidance in the Quarterly Report on <font style="WHITE-SPACE: nowrap">Form&#xA0;10-Q</font> for the third quarter of 2017. While we are still evaluating the impact of the amended guidance, we currently do not expect it to have a material impact on operating revenues. However, upon adoption of the amended guidance, we anticipate recognizing an asset from the capitalization of sales incentives as contract acquisitions costs. Under the amended guidance, sales incentives will be capitalized and amortized to selling, general and administrative expense over the expected life of the customer relationship.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">As noted above, we are still evaluating the possible impacts on our consolidated financial statements, including (i)&#xA0;potential changes in the classification of certain revenue streams and costs currently reported on a gross basis (e.g., franchise fees paid to municipalities); (ii) the amount of sales incentives that will be capitalized and (iii)&#xA0;additional disclosure requirements.</font></p> </div>
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