Waste Management, Inc. (NYSE:WM) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 10:00 am ET

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Waste Management, Inc. (NYSE:WM) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Waste Management Fourth Quarter Full Year 2019 Earnings Release Conference Call. At this time all participants are in a listen-only mode. After the speakers' remarks, we will be opening lines for Q&A. [Operator Instructions]

It is now my pleasure to turn today's program over to Mr. Ed Egl, Director of Investor Relations. Sir, please go ahead.

Executive
Ed Egl

Thank you, Jay. Good morning everyone and thank you for joining us for our fourth quarter 2019 earnings conference call. With me this morning are Jim Fish, President and Chief Executive Officer; John Morris, Executive Vice President and Chief Operating Officer and Devina Rankin, Senior Vice President and Chief Financial Officer. You'll hear prepared comments from each of them today. Jim will cover high-level financials and provide a strategic update, John will cover an operating overview and Devina will cover the details of the financials.

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 of 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. We will also be providing our outlook for 2020. This outlook does not include the impact of our planned acquisition of Advanced Disposal Services Incorporated, which we may also refer to ADS. Once we complete this acquisition, we plan to provide an updated outlook. All 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. Jim and John 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.

In addition, beginning in the fourth quarter of 2019 we updated our calculation of core price. With advancements in technology we collect additional transactional customer level data, which provides us improved clarity of the impact of our pricing activities. While this does not change the year-over-year core price performance result, the new measure reflects a more precise calculation in the evaluation of our revenue change. Please refer to the press release tables, where we have provided two years of quarterly core price data using the new methodology.

During the call, Jim and Devina will discuss our earnings per diluted share, which they may refer to as EPS or earnings per share and they will also address operating EBITDA, which is income from operations before depreciation and amortization. Any comparisons unless otherwise stated will be with the fourth quarter of 2018.

Net income, EPS, operating EBITDA and margin, operating expense and SG&A expense results have been adjusted and projected 2020 measures are anticipated to be adjusted