$WM
WASTE MANAGEMENT INC

2021 Q4 Form 10-Q Financial Statement

#000155837021013486 Filed on October 26, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $4.678B $4.665B $3.861B
YoY Change 15.02% 20.82% -2.67%
Cost Of Revenue $2.542B $2.906B $2.332B
YoY Change 19.23% 24.61% -4.47%
Gross Profit $2.136B $1.759B $1.529B
YoY Change 10.39% 15.04% 0.2%
Gross Profit Margin 45.66% 37.71% 39.6%
Selling, General & Admin $905.0M $469.0M $416.0M
YoY Change 3.08% 12.74% 7.77%
% of Gross Profit 42.37% 26.66% 27.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $510.0M $517.0M $419.0M
YoY Change 16.97% 23.39% 3.71%
% of Gross Profit 23.88% 29.39% 27.4%
Operating Expenses $1.415B $469.0M $416.0M
YoY Change 7.69% 12.74% 7.77%
Operating Profit $721.0M $806.0M $680.0M
YoY Change 16.1% 18.53% -7.36%
Interest Expense -$85.00M -$87.00M -$97.00M
YoY Change -22.02% -10.31% -7.62%
% of Operating Profit -11.79% -10.79% -14.26%
Other Income/Expense, Net $9.000M $1.000M $1.000M
YoY Change 200.0% 0.0% 0.0%
Pretax Income $642.0M $706.0M $516.0M
YoY Change 17.37% 36.82% -16.1%
Income Tax $136.0M $167.0M $126.0M
% Of Pretax Income 21.18% 23.65% 24.42%
Net Earnings $506.0M $538.0M $390.0M
YoY Change 15.53% 37.95% -21.21%
Net Earnings / Revenue 10.82% 11.53% 10.1%
Basic Earnings Per Share $1.28 $0.92
Diluted Earnings Per Share $1.202M $1.28 $0.92
COMMON SHARES
Basic Shares Outstanding 418.3M 419.5M 422.7M
Diluted Shares Outstanding 422.0M 424.6M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.0M $116.0M $703.0M
YoY Change -78.66% -83.5% -75.88%
Cash & Equivalents $118.0M $116.0M $703.0M
Short-Term Investments
Other Short-Term Assets $270.0M $267.0M $320.0M
YoY Change 12.97% -16.56% 25.0%
Inventory $135.0M $132.0M $117.0M
Prepaid Expenses
Receivables $2.278B $2.323B $1.927B
Other Receivables $268.0M $346.0M $290.0M
Total Short-Term Assets $3.069B $3.184B $3.357B
YoY Change -13.31% -5.15% -39.62%
LONG-TERM ASSETS
Property, Plant & Equipment $14.42B $14.08B $12.85B
YoY Change 1.92% 9.63% 0.32%
Goodwill $9.028B $9.006B $6.504B
YoY Change 0.38% 38.47% -0.7%
Intangibles $898.0M $919.0M $450.0M
YoY Change -12.3% 104.22% -17.13%
Long-Term Investments $432.0M $402.0M $425.0M
YoY Change 1.41% -5.41% -13.97%
Other Assets $903.0M $877.0M $821.0M
YoY Change 4.27% 6.82% 0.0%
Total Long-Term Assets $26.03B $25.66B $21.42B
YoY Change 0.86% 19.81% -0.62%
TOTAL ASSETS
Total Short-Term Assets $3.069B $3.184B $3.357B
Total Long-Term Assets $26.03B $25.66B $21.42B
Total Assets $29.10B $28.84B $24.77B
YoY Change -0.85% 16.43% -8.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.375B $1.466B $884.0M
YoY Change 22.66% 65.84% -2.1%
Accrued Expenses $1.428B $1.473B $1.259B
YoY Change 6.41% 17.0% -7.29%
Deferred Revenue $571.0M $562.0M $496.0M
YoY Change 5.94% 13.31% -4.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $708.0M $601.0M $167.0M
YoY Change 28.49% 259.88% -20.85%
Total Short-Term Liabilities $4.082B $4.102B $2.806B
YoY Change 14.89% 46.19% -6.12%
LONG-TERM LIABILITIES
Long-Term Debt $12.70B $12.45B $10.26B
YoY Change -4.24% 21.37% -22.0%
Other Long-Term Liabilities $1.125B $1.066B $1.049B
YoY Change 7.04% 1.62% 11.83%
Total Long-Term Liabilities $1.125B $1.066B $1.049B
YoY Change 7.04% 1.62% 11.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.082B $4.102B $2.806B
Total Long-Term Liabilities $1.125B $1.066B $1.049B
Total Liabilities $21.97B $21.67B $17.62B
YoY Change 0.37% 23.0% -13.32%
SHAREHOLDERS EQUITY
Retained Earnings $12.00B $11.74B $10.95B
YoY Change 7.57% 7.2% 5.67%
Common Stock $5.175B $5.117B $5.110B
YoY Change 0.78% 0.14% 1.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $214.2M $212.0M $207.7M
Shareholders Equity $7.124B $7.172B $7.155B
YoY Change
Total Liabilities & Shareholders Equity $29.10B $28.84B $24.77B
YoY Change -0.85% 16.43% -8.62%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $506.0M $538.0M $390.0M
YoY Change 15.53% 37.95% -21.21%
Depreciation, Depletion And Amortization $510.0M $517.0M $419.0M
YoY Change 16.97% 23.39% 3.71%
Cash From Operating Activities $991.0M $1.184B $1.029B
YoY Change 31.61% 15.06% 8.09%
INVESTING ACTIVITIES
Capital Expenditures -$774.0M -$464.0M -$343.0M
YoY Change 96.45% 35.28% -28.99%
Acquisitions
YoY Change
Other Investing Activities -$14.00M $66.00M $20.00M
YoY Change -99.56% 230.0% -141.67%
Cash From Investing Activities -$788.0M -$398.0M -$323.0M
YoY Change -78.15% 23.22% -39.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -214.0M -876.0M -2.669B
YoY Change -107.97% -67.18% -1134.5%
NET CHANGE
Cash From Operating Activities 991.0M 1.184B 1.029B
Cash From Investing Activities -788.0M -398.0M -323.0M
Cash From Financing Activities -214.0M -876.0M -2.669B
Net Change In Cash -11.00M -90.00M -1.963B
YoY Change -93.45% -95.42% -389.1%
FREE CASH FLOW
Cash From Operating Activities $991.0M $1.184B $1.029B
Capital Expenditures -$774.0M -$464.0M -$343.0M
Free Cash Flow $1.765B $1.648B $1.372B
YoY Change 53.88% 20.12% -4.39%

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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. Our prior year accumulated depreciation and gross property and equipment balances as of December 31, 2020 were overstated and subsequently corrected in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. </p>
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5800000
CY2020Q3 wm Potentially Issuable Shares
PotentiallyIssuableShares
6300000
wm Potentially Issuable Shares
PotentiallyIssuableShares
5800000
wm Potentially Issuable Shares
PotentiallyIssuableShares
6300000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1700000
CY2021Q3 wm Number Of Non Owned Sites Listed On Environmental Protection Agency National Priorities List For Which We Have Been Notified We Are Prp
NumberOfNonOwnedSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
59
CY2021Q3 wm Disclosure Required Under Item One Zero Three Of Secs Regulation Sk
DisclosureRequiredUnderItemOneZeroThreeOfSecsRegulationSk
1000000
wm Multiemployer Plans Collective Bargaining Arrangement Percentage Of Participant
MultiemployerPlansCollectiveBargainingArrangementPercentageOfParticipant
0.20
wm Maximum Number Of Life Expected For Irs Audits To Be Completed
MaximumNumberOfLifeExpectedForIrsAuditsToBeCompleted
P18M
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4665000000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
806000000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3861000000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
680000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13253000000
us-gaap Operating Income Loss
OperatingIncomeLoss
2247000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11151000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1780000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
61000000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4665000000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3861000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13253000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11151000000
wm Gain Loss From Divestitures Asset Impairments And Unusual Items
GainLossFromDivestituresAssetImpairmentsAndUnusualItems
-17000000
CY2021Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
35000000
CY2021Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
8000000
CY2021Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
20000000
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6000000
wm Gain Loss From Divestitures Asset Impairments And Unusual Items
GainLossFromDivestituresAssetImpairmentsAndUnusualItems
68000000
CY2020Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7000000
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
350000000
us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
-809000000

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