Waste Management, Inc. (NYSE:WM) Q4 2014 Earnings Conference Call - Final Transcript

Feb 17, 2015 • 10:00 am ET


Waste Management, Inc. (NYSE:WM) Q4 2014 Earnings Conference Call - Final Transcript


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Good morning. My name is Janisha, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Full Year 2014 Earnings Release Conference Call. [Operator Instructions] I will now turn the call over to Mr. Ed Egl, Director of Investor Relations. Thank you. Mr. Egl, you may begin your conference.

Ed Egl

Thank you, Janisha. Good morning, everyone, and thank you for joining us for our Fourth Quarter 2014 Earnings Conference Call. With me this morning are David Steiner, President and Chief Executive Officer, Jim Fish, Executive Vice President and Chief Financial Officer and Jim Trevathan, Executive Vice President and Chief Operating Officer.

Before we get started, please note that we have filed a Form 8-K this morning that includes the earnings press release and is available on our website at www.wm.com. The Form 8-K, the press release and the schedules to the press release include important information. During the call, you will hear forward-looking statements, which are based on current expectations, projections or opinions about future periods. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties are discussed in today's press release and in our filings with the SEC, including our most recent Form 10-K.

David and Jim will discuss our results in the areas of yield and volume, which unless otherwise stated, are more specifically references to internal revenue growth or IRG from yield or volume. Additionally, any comparisons unless otherwise stated, will be with the fourth quarter of 2013. During the call, David and Jim will discuss our earnings per diluted share, which they may refer to as EPS or earnings per share. David and Jim will also address operating EBITDA and operating EBITDA margin as defined in the earnings press release and Form 8-K filed today.

EPS, effective tax rate, income from operations, income from operations margin, operating EBITDA, operating EBITDA margin, SG&A and SG&A as a percent revenue results discussed in the call have been adjusted, and EPS projections are anticipated to be adjusted to include items that management believe do not reflect our fundamental business performance or not indicative of our results of operations. These measures, in addition to free cash flow, are non-GAAP measures. Please refer to our earnings press release footnote and schedules to the Form 8-K filed today, which can be found on the company's website at www.wm.com for reconciliations to the most comparable GAAP measures and additional information about our use of non-GAAP measures.

This call is being recorded and will be available 24 hours a day beginning approximately 1:00 P.M. Eastern Time today until 5:00 P.M. Eastern Time on March 3. To hear a replay of the call over the Internet, access the Waste Management website at www.wm.com. To hear a telephonic replay of the call, dial 855-859-2056 and enter reservation code 64356817. Time-sensitive information provided during today's call, which is occurring on February 17, 2015, may no