$WM
WASTE MANAGEMENT INC

2020 Q2 Form 10-Q Financial Statement

#000155837020008751 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $3.561B $3.846B $3.946B
YoY Change -9.76% 0.1% 5.54%
Cost Of Revenue $2.180B $1.971B $2.443B
YoY Change -10.77% -4.23% 5.62%
Gross Profit $1.381B $1.875B $1.503B
YoY Change -8.12% 5.1% 5.4%
Gross Profit Margin 38.78% 48.75% 38.09%
Selling, General & Admin $377.0M $788.0M $391.0M
YoY Change -3.58% 14.04% 7.12%
% of Gross Profit 27.3% 42.03% 26.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $414.0M $395.0M $409.0M
YoY Change 1.22% 6.76% 6.51%
% of Gross Profit 29.98% 21.07% 27.21%
Operating Expenses $377.0M $1.183B $391.0M
YoY Change -3.58% 11.5% 7.12%
Operating Profit $527.0M $655.0M $696.0M
YoY Change -24.28% -14.6% -2.66%
Interest Expense -$119.0M -$126.0M -$100.0M
YoY Change 19.0% 15.6% 7.53%
% of Operating Profit -22.58% -19.24% -14.37%
Other Income/Expense, Net $1.000M $2.000M $1.000M
YoY Change 0.0% 100.0%
Pretax Income $395.0M $531.0M $497.0M
YoY Change -20.52% -19.42% -18.39%
Income Tax $88.00M $84.00M $115.0M
% Of Pretax Income 22.28% 15.82% 23.14%
Net Earnings $307.0M $447.0M $381.0M
YoY Change -19.42% -15.82% -23.65%
Net Earnings / Revenue 8.62% 11.62% 9.66%
Basic Earnings Per Share $0.73 $1.05 $0.90
Diluted Earnings Per Share $0.72 $1.05 $0.89
COMMON SHARES
Basic Shares Outstanding 422.3M 424.2M 424.8M
Diluted Shares Outstanding 423.9M 427.5M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.663B $3.561B $2.250B
YoY Change 18.36% 5737.7% 4687.23%
Cash & Equivalents $2.663B $3.561B $2.250B
Short-Term Investments
Other Short-Term Assets $218.0M $223.0M $222.0M
YoY Change -1.8% 7.73% 64.44%
Inventory $118.0M $106.0M $104.0M
Prepaid Expenses
Receivables $1.888B $1.949B $2.017B
Other Receivables $219.0M $370.0M $243.0M
Total Short-Term Assets $5.106B $6.209B $4.836B
YoY Change 5.58% 134.74% 95.71%
LONG-TERM ASSETS
Property, Plant & Equipment $12.92B $12.89B $12.67B
YoY Change 1.99% 7.96% 8.95%
Goodwill $6.512B $6.532B $6.512B
YoY Change 0.0% 1.59%
Intangibles $472.0M $521.0M $547.0M
YoY Change -13.71% -8.92%
Long-Term Investments $439.0M $483.0M $333.0M
YoY Change 31.83% 18.97% 31.1%
Other Assets $791.0M $792.0M $739.0M
YoY Change 7.04% 120.61% -3.4%
Total Long-Term Assets $21.51B $21.53B $21.15B
YoY Change 1.72% 7.64% 8.22%
TOTAL ASSETS
Total Short-Term Assets $5.106B $6.209B $4.836B
Total Long-Term Assets $21.51B $21.53B $21.15B
Total Assets $26.62B $27.74B $25.99B
YoY Change 2.44% 22.49% 18.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $904.0M $1.065B $908.0M
YoY Change -0.44% 2.7% 9.53%
Accrued Expenses $1.184B $1.327B $1.296B
YoY Change -8.64% 18.8% 14.59%
Deferred Revenue $494.0M $534.0M $526.0M
YoY Change -6.08% 2.3%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $3.190B $218.0M $116.0M
YoY Change 2650.0% 26.74% -65.48%
Total Short-Term Liabilities $5.772B $3.144B $2.846B
YoY Change 102.81% 1.16% -13.89%
LONG-TERM LIABILITIES
Long-Term Debt $9.598B $13.28B $12.62B
YoY Change -23.96% 38.42% 40.76%
Other Long-Term Liabilities $959.0M $912.0M $861.0M
YoY Change 11.38% 64.92% -64.64%
Total Long-Term Liabilities $959.0M $912.0M $861.0M
YoY Change 11.38% 64.92% -92.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.772B $3.144B $2.846B
Total Long-Term Liabilities $959.0M $912.0M $861.0M
Total Liabilities $19.73B $20.67B $19.52B
YoY Change 1.06% 26.26% 22.3%
SHAREHOLDERS EQUITY
Retained Earnings $10.80B $10.59B $10.09B
YoY Change 7.01% 8.11%
Common Stock $5.046B $5.055B $4.968B
YoY Change 1.57% 1.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $208.1M $206.0M $206.5M
Shareholders Equity $6.891B $7.068B $6.466B
YoY Change
Total Liabilities & Shareholders Equity $26.62B $27.74B $25.99B
YoY Change 2.44% 22.49% 18.04%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income $307.0M $447.0M $381.0M
YoY Change -19.42% -15.82% -23.65%
Depreciation, Depletion And Amortization $414.0M $395.0M $409.0M
YoY Change 1.22% 6.76% 6.51%
Cash From Operating Activities $856.0M $1.022B $1.010B
YoY Change -15.25% 12.06% 3.59%
INVESTING ACTIVITIES
Capital Expenditures -$436.0M -$286.0M -$578.0M
YoY Change -24.57% -37.0% 32.57%
Acquisitions
YoY Change
Other Investing Activities $21.00M $6.000M -$187.0M
YoY Change -111.23% -102.87% -396.83%
Cash From Investing Activities -$415.0M -$280.0M -$765.0M
YoY Change -45.75% -57.77% 105.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -907.0M -116.0M 1.780B
YoY Change -150.96% -76.47% -392.28%
NET CHANGE
Cash From Operating Activities 856.0M 1.022B 1.010B
Cash From Investing Activities -415.0M -280.0M -765.0M
Cash From Financing Activities -907.0M -116.0M 1.780B
Net Change In Cash -466.0M 626.0M 2.025B
YoY Change -123.01% -356.56% -29028.57%
FREE CASH FLOW
Cash From Operating Activities $856.0M $1.022B $1.010B
Capital Expenditures -$436.0M -$286.0M -$578.0M
Free Cash Flow $1.292B $1.308B $1.588B
YoY Change -18.64% -4.25% 12.54%

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<p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 7.2pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within our restricted trust and escrow accounts, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 7.2pt;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.</p>
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CY2020Q2 wm Accrued Capping And Environmental Costs
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CY2020Q2 us-gaap Debt And Capital Lease Obligations
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CY2020Q2 wm Debt And Financing Leases Maturing Or Subject To Remarketing Within Next Twelve Months
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CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q1 wm Investment Without Readily Determinable Fair Value Other Than Temporary Impairment
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CY2019Q2 us-gaap Common Stock Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 wm Potentially Issuable Shares
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CY2019Q2 wm Potentially Issuable Shares
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wm Potentially Issuable Shares
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6500000
CY2020Q2 wm Number Of Landfills Adjacent To Or Near Homeowners Properties With Agreements Guaranteeing Market Value
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18
CY2020Q2 wm Environmental Remediation Reasonably Possible Additional Losses High Estimate
EnvironmentalRemediationReasonablyPossibleAdditionalLossesHighEstimate
145000000
CY2020Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
242000000
CY2020Q2 wm Number Of Sites Listed On Environmental Protection Agency National Priorities List For Which We Have Been Notified We Are Prp
NumberOfSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
75
CY2020Q2 wm Number Of Sites Listed On Environmental Protection Agency National Priorities List For Which We Have Been Notified We Are Prp
NumberOfSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
75
CY2020Q2 wm Number Of Owned Sites Listed On Environmental Protection Agency National Priorities List For Which We Have Been Notified We Are Prp
NumberOfOwnedSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
15
CY2020Q2 wm Number Of Non Owned Sites Listed On Environmental Protection Agency National Priorities List For Which We Have Been Notified We Are Prp
NumberOfNonOwnedSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
60
CY2020Q2 wm Disclosure Required Under Item One Zero Three Of Secs Regulation Sk
DisclosureRequiredUnderItemOneZeroThreeOfSecsRegulationSk
100000
CY2020Q2 us-gaap Multiemployer Plans Collective Bargaining Arrangement Percentage Of Participants
MultiemployerPlansCollectiveBargainingArrangementPercentageOfParticipants
0.20
wm Maximum Number Of Life Expected For Irs Audits To Be Completed
MaximumNumberOfLifeExpectedForIrsAuditsToBeCompleted
P21M
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3561000000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
527000000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3946000000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
696000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7290000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1100000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7642000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1317000000
CY2020Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
61000000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3561000000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3946000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7290000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7642000000
CY2020Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
61000000
CY2019Q1 wm Investment Without Readily Determinable Fair Value Other Than Temporary Impairment
InvestmentWithoutReadilyDeterminableFairValueOtherThanTemporaryImpairment
52000000
CY2019Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.7698
CY2020Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.7366
CY2020Q2 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
0
CY2020Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
918000000

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