$WM
WASTE MANAGEMENT INC

2023 Q3 Form 10-Q Financial Statement

#000155837023012266 Filed on July 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $5.198B $5.119B
YoY Change 2.42% 1.83%
Cost Of Revenue $3.188B $2.682B
YoY Change 1.01% -14.64%
Gross Profit $2.010B $2.437B
YoY Change 4.74% 29.28%
Gross Profit Margin 38.67% 47.61%
Selling, General & Admin $470.0M $971.0M
YoY Change -0.63% 99.38%
% of Gross Profit 23.38% 39.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $519.0M $521.0M
YoY Change 3.18% 2.56%
% of Gross Profit 25.82% 21.38%
Operating Expenses $470.0M $1.492B
YoY Change -0.63% 206.37%
Operating Profit $1.021B $945.0M
YoY Change 8.39% 6.18%
Interest Expense -$127.0M -$137.0M
YoY Change 39.56% 47.31%
% of Operating Profit -12.44% -14.5%
Other Income/Expense, Net -$4.000M $2.000M
YoY Change -33.33% -150.0%
Pretax Income $872.0M $809.0M
YoY Change 5.31% 4.25%
Income Tax $210.0M $196.0M
% Of Pretax Income 24.08% 24.23%
Net Earnings $663.0M $615.0M
YoY Change 3.76% 4.77%
Net Earnings / Revenue 12.75% 12.01%
Basic Earnings Per Share $1.64 $1.52
Diluted Earnings Per Share $1.63 $1.51
COMMON SHARES
Basic Shares Outstanding 405.1M 406.8M
Diluted Shares Outstanding 405.9M 407.7M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.0M $144.0M
YoY Change 9.49% -83.89%
Cash & Equivalents $150.0M $144.0M
Short-Term Investments
Other Short-Term Assets $320.0M $320.0M
YoY Change 9.59% 18.96%
Inventory $175.0M $170.0M
Prepaid Expenses
Receivables $2.646B $2.576B
Other Receivables $271.0M $270.0M
Total Short-Term Assets $3.562B $3.480B
YoY Change 9.13% -12.72%
LONG-TERM ASSETS
Property, Plant & Equipment $16.23B $15.92B
YoY Change 10.09% 10.67%
Goodwill $9.398B $9.399B
YoY Change 3.37% 4.18%
Intangibles $779.0M $809.0M
YoY Change -8.03% -3.0%
Long-Term Investments $542.0M $564.0M
YoY Change -8.6% -7.08%
Other Assets $1.001B $1.445B
YoY Change 7.75% 60.73%
Total Long-Term Assets $28.37B $28.13B
YoY Change 6.76% 7.62%
TOTAL ASSETS
Total Short-Term Assets $3.562B $3.480B
Total Long-Term Assets $28.37B $28.13B
Total Assets $31.94B $31.61B
YoY Change 7.02% 4.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.738B $1.626B
YoY Change 16.72% 17.66%
Accrued Expenses $1.596B $1.544B
YoY Change 6.68% 3.42%
Deferred Revenue $587.0M $568.0M
YoY Change -0.68% -7.79%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $297.0M $513.0M
YoY Change 15.12% 122.08%
Total Short-Term Liabilities $4.218B $4.251B
YoY Change 10.02% 14.21%
LONG-TERM LIABILITIES
Long-Term Debt $15.13B $14.86B
YoY Change 9.62% 5.76%
Other Long-Term Liabilities $1.080B $3.802B
YoY Change -4.0% 242.52%
Total Long-Term Liabilities $1.080B $18.66B
YoY Change -4.0% 1580.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.218B $4.251B
Total Long-Term Liabilities $1.080B $18.66B
Total Liabilities $24.97B $24.71B
YoY Change 9.37% 7.71%
SHAREHOLDERS EQUITY
Retained Earnings $14.12B $13.74B
YoY Change 9.21% 9.4%
Common Stock $5.391B $5.347B
YoY Change 1.62% 1.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.950B $6.909B
YoY Change
Total Liabilities & Shareholders Equity $31.94B $31.61B
YoY Change 7.02% 4.93%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $663.0M $615.0M
YoY Change 3.76% 4.77%
Depreciation, Depletion And Amortization $519.0M $521.0M
YoY Change 3.18% 2.56%
Cash From Operating Activities $1.263B $1.030B
YoY Change 6.85% -1.62%
INVESTING ACTIVITIES
Capital Expenditures $673.0M $520.0M
YoY Change -188.9% -194.55%
Acquisitions
YoY Change
Other Investing Activities $5.000M -$41.00M
YoY Change -102.79% -286.36%
Cash From Investing Activities -$668.0M -$561.0M
YoY Change -28.63% 6.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -606.0M -600.0M
YoY Change -38.41% -363.16%
NET CHANGE
Cash From Operating Activities 1.263B 1.030B
Cash From Investing Activities -668.0M -561.0M
Cash From Financing Activities -606.0M -600.0M
Net Change In Cash -11.00M -131.0M
YoY Change -98.51% -117.54%
FREE CASH FLOW
Cash From Operating Activities $1.263B $1.030B
Capital Expenditures $673.0M $520.0M
Free Cash Flow $590.0M $510.0M
YoY Change -69.57% -68.07%

Facts In Submission

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Waste Management, Inc
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;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 restricted funds, 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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CY2023Q2 wm Number Of Landfills Adjacent To Or Near Homeowners Properties With Agreements Guaranteeing Market Value
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NumberOfSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
73
CY2023Q2 wm Number Of Owned Sites Listed On Environmental Protection Agency National Priorities List For Which We Have Been Notified We Are Prp
NumberOfOwnedSitesListedOnEnvironmentalProtectionAgencyNationalPrioritiesListForWhichWeHaveBeenNotifiedWeArePrp
14
CY2023Q2 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
CY2023Q2 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
P21M
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5119000000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5119000000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
944000000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5027000000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5027000000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
890000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10011000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10011000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1769000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9688000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9688000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1658000000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5119000000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5027000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10011000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9688000000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
7000000
CY2022Q1 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
17000000
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
878000000

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