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 Waste Management Announces Fourth Quarter and Full-Year 2015 Earnings
   Thursday, February 18, 2016 7:30:05 AM ET

Waste Management, Inc. (WM ) today announced financial results for its quarter ended December 31, 2015. Revenues for the fourth quarter of 2015 were $3.25 billion compared with $3.44 billion for the same 2014 period. Net income for the quarter was $273 million, or $0.61 per diluted share, compared with net income of $590 million, or $1.28 per diluted share, for the fourth quarter of 2014. On an as-adjusted basis, net income would have been $320 million, or $0.71 per diluted share, in the fourth quarter of 2015 compared with $278 million, or $0.60 per diluted share, in the fourth quarter of 2014.(b)

The Company’s fourth quarter 2015 results have been adjusted to exclude approximately $0.10 per diluted share of net after-tax charges primarily related to the impairment of certain assets as a result of the pronounced decrease in oil and gas prices. The Company’s as-adjusted fourth quarter 2014 results exclude a tax affected $0.68 per diluted share impact primarily from the sale of the Company’s waste-to-energy business and other assets divested in 2014.(b)



For the full year 2015, the Company reported revenues of $13 billion, compared with $14 billion for 2014. Earnings per diluted share were $1.65 for the full year 2015 compared with $2.79 for the full year 2014. On an as-adjusted basis, earnings per diluted share were $2.61 for the full-year 2015 versus $2.30 for the full-year 2014.(b)

David P. Steiner, President and Chief Executive Officer of Waste Management, commented, "In 2015 we maintained our commitment to core price, disciplined growth, and cost controls. The continued improvement in these areas is reflected in our key operating metrics in our fourth quarter and full year results, leading to year-over-year improvements in adjusted operating income and margin and operating EBITDA and margin.(c)

"In the fourth quarter, the trend toward positive volumes continued, with internal revenue growth from volume in our traditional solid waste business improving 60 basis points compared to the fourth quarter of 2014. We saw improving volume trends across our industrial and commercial lines of business. We are encouraged by the positive momentum we are seeing in these volumes and expect them to continue to improve throughout 2016. Our continued focus on core price and costs, combined with improving volumes, position us for strong cash generation in 2016 and beyond."

KEY HIGHLIGHTS FOR THE FOURTH QUARTER 2015 AND THE FULL YEAR 2015

In the fourth quarter, the Company saw a $50 million increase in internal revenue growth from its traditional solid waste business and a $59 million increase in revenues from acquisitions. However, overall revenue declined by 5.6%, or $191 million. That revenue decline stemmed from a $163 million decline from divestitures, $43 million in lower fuel surcharge revenues, $34 million in lower recycling revenues, and $33 million in foreign currency fluctuations. For the full year, the Company saw a $157 million increase in internal revenue growth from its traditional solid waste business and a $174 million increase in revenues from acquisitions. These increases were offset by a $762 million decline from divestitures, $211 million in lower recycling revenues, $171 million in lower fuel surcharge revenues, and $126 million in foreign currency fluctuations. Core price, which consists of price increases and fees, other than the Company’s fuel surcharge, net of rollbacks, was 4.2% for both the fourth quarter and full year of 2015.(d) Internal revenue growth from yield for collection and disposal operations was 1.7% in the quarter and 1.8% for the full year. Traditional solid waste business internal revenue growth from volume was slightly positive in the fourth quarter of 2015, an improvement of 60 basis points versus the fourth quarter of 2014. Total Company internal revenue growth from volume declined 0.9% in the fourth quarter, an improvement from a negative 1.4% in the third quarter of 2015. Total Company volume declined 1.6% for the full year 2015. Average recycling commodity prices were approximately 18.6% lower in the fourth quarter of 2015 compared with the prior year period. Recycling volumes declined 1.6% in the fourth quarter. Despite these declines, earnings per diluted share from the Company’s recycling operations were flat when compared to the prior year period as a result of operational improvements in the Company’s recycling business. For the full year, average recycling commodity prices were approximately 17.5% lower and volumes declined 5.5%, driving a $0.04 decline in the Company’s earnings per diluted share from recycling operations. Operating expenses improved by $143 million in the fourth quarter of 2015 compared to the prior year period. Excluding divestitures, operating expenses improved $50 million.(b) Lower fuel, lower commodity rebates, and continued route optimization drove the improvement. As a percent of revenue, operating expenses were 62.4% in the fourth quarter of 2015, as compared to 63.2% in the fourth quarter of 2014, an improvement of 80 basis points.For the full year, operating expenses improved by $771 million compared to the prior year period. On an adjusted basis, and excluding divestitures, operating expenses improved $328 million.(b) SG&A expenses were 10.6% of revenue and improved by $33 million, or 30 basis points, compared with the fourth quarter of 2014. Excluding divestitures from the fourth quarter of 2014, SG&A expenses improved by $27 million and 70 basis points as a percent of revenue compared with the fourth quarter of 2014.(b) For the full year, SG&A expenses were 10.4% of revenue and improved by $138 million compared with 2014. On an adjusted basis, and excluding divestitures from 2014, SG&A expenses improved by $68 million from the full year of 2014. (b) Net cash provided by operating activities was $526 million in the fourth quarter and $2.5 billion for the full year. Capital expenditures were $369 million in the fourth quarter and $1.23 billion for the full year. Free cash flow was $188 million in the fourth quarter of 2015, which included a prepayment of $150 million for 2016 cash taxes.(b) The Company had $31 million of pre-tax divestiture proceeds in the quarter. Free cash flow for the full year was $1.41 billion, despite the previously mentioned tax prepayment and a reduction in free cash flow of $130 million related to businesses divested in 2014. (b) The Company had $145 million of pre-tax divestiture proceeds in 2015. The Company paid dividends of $172 million to shareholders in the fourth quarter. For the full year, the Company returned almost $1.3 billion to shareholders through $695 million in dividends and $600 million in share repurchases. In the fourth quarter the recorded effective tax rate was approximately 31.2% and the adjusted effective tax rate was approximately 32.4%. For the full year, the recorded effective tax rate was approximately 29.1%, and 32.3% on an adjusted basis.(b)

2016 OUTLOOK

The Company announced the following with regard to its financial outlook for 2016:

Adjusted earnings per diluted share are expected to be between $2.74 and $2.79. (b) Recently completed acquisitions and tuck-in acquisitions expected to close in 2016 are estimated to generate between $50 and $75 million of operating EBITDA, although there will be no material benefit to earnings per diluted share in 2016 as first year non-cash amortization will offset the operating EBITDA contribution. Total operating EBITDA is expected to be approximately $3.6 billion for the full year, a 5% increase from 2015.(b) Free cash flow for 2016 is projected to be between $1.5 and $1.6 billion.(b) Core price is expected to be approximately 4.0% for 2016.(d) Internal revenue growth from yield on the collection and disposal business is expected to be between 1.5% and 2.0%. Internal revenue growth from volume in the Company’s traditional solid waste business is expected to be positive in 2016. However, the Company does not expect a recovery in lower margin recycling or non-solid waste volumes. Consequently, the Company anticipates overall volumes to be about flat; with volumes in the first half of the year being slightly negative, and volumes turning positive in the second half of the year. Recycling operations are expected to have no year-over-year impact on earnings per diluted share in 2016. SG&A expenses are expected to be flat on a dollar basis for the full year. The tax rate is expected to be about 35.0%. Capital expenditures are expected to be in the range of $1.3 to $1.4 billion. The Board of Directors has indicated its intention to increase the dividend by $0.10 to $1.64 per share on an annual basis, for an approximate annual cost of $730 million. The Board must separately declare each dividend. The Company expects to repurchase up to $1 billion of common stock.

Steiner continued, "2015 was a very successful year for Waste Management. We met or exceeded the goals that we established at the beginning of the year, and that led us to exceed our original full year adjusted earnings per share guidance. Free cash flow was also on pace to exceed our original guidance, and as a result, we applied some of that excess toward 2016 cash taxes. Our strong free cash flow allowed us to return almost $1.3 billion to our shareholders. Moreover, in 2015 we spent more than $500 million on acquisitions that we expect to generate significant cash flow in 2016. Based upon the strength in our cash generation, our Board of Directors raised our dividend by more than 6% and authorized $1 billion of share repurchases.

"In 2016 we expect to continue the progress that we made in 2015 by continuing to execute on our pricing, disciplined growth, and cost control strategies, while integrating recently acquired businesses. This should position us to achieve approximately $3.6 billion of operating EBITDA(b), and to produce solid earnings and cash generation. In 2016, we will also continue to return significant cash to our shareholders, and we have already spent $150 million on share repurchases in the first quarter."

Steiner concluded, "We commend our field and corporate staff teams for the great results in 2015. Their focus and execution has positioned our company well for continued growth in 2016 and beyond."

 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(a)      For purposes of this press release, all references to "Net loss"
                            and "Net income" refer to the financial statement line items "Net
                            income (loss) attributable to Waste Management, Inc." and "Net
                            income attributable to Waste Management, Inc.," respectively.
(b)                         This press release contains a discussion of non-GAAP measures, as
                            defined in Regulation G of the Securities Exchange Act of 1934, as
                            amended. The Company reports its financial results in compliance
                            with GAAP, but believes that also discussing non-GAAP measures
                            provides investors with (i) additional, meaningful comparisons of
                            current results to prior periods’ results by excluding items that
                            the Company does not believe reflect its fundamental business
                            performance and are not representative or indicative of its
                            results of operations and (ii) financial measures the Company uses
                            in the management of its business. Accordingly, net income,
                            earnings per diluted share and effective tax rate, and comparisons
                            to 2014 operating expenses and SG&A expenses, have been presented
                            in certain instances excluding items identified in the
                            reconciliations provided.
                             
                            The Company’s projected full year 2016 earnings per diluted share
                            and operating EBITDA are anticipated to be adjusted to exclude the
                            effects of events or circumstances in 2016 that are not
                            representative or indicative of the Company’s results of operations.
                            Projected GAAP earnings per diluted share and operating EBITDA (as
                            defined in note (c) below) for the full year would require inclusion
                            of the projected impact of future excluded items, including items
                            that are not currently determinable, but may be significant, such as
                            asset impairments and one-time items, charges, gains or losses from
                            divestitures or litigation, or other items. Due to the uncertainty
                            of the likelihood, amount and timing of any such items, the Company
                            does not have information available to provide a quantitative
                            reconciliation of adjusted projected full year earnings per diluted
                            share, projected earnings growth, adjusted projected operating
                            EBITDA, or projected operating EBITDA growth to the comparable GAAP
                            measure.
                             
                            The Company also discusses free cash flow and provides projections
                            of free cash flow. Free cash flow is a non-GAAP measure. The company
                            discusses free cash flow because the Company believes that it is
                            indicative of its ability to pay its quarterly dividends, repurchase
                            common stock, fund acquisitions and other investments and, in the
                            absence of refinancings, to repay its debt obligations. Free cash
                            flow is not intended to replace "Net cash provided by operating
                            activities," which is the most comparable U.S. GAAP measure.
                            However, the Company believes free cash flow gives investors useful
                            insight into how the Company views its liquidity. Nevertheless, the
                            use of free cash flow as a liquidity measure has material
                            limitations because it excludes certain expenditures that are
                            required or that the Company has committed to, such as declared
                            dividend payments and debt service requirements. The Company defines
                            free cash flow as:
                             
                            ? Net cash provided by operating activities
                            ? Less, capital expenditures
                            ? Plus, proceeds from divestitures of businesses and other assets
                            (net of cash divested).
                             
                            The Company’s definition of free cash flow may not be comparable to
                            similarly titled measures presented by other companies, and
                            therefore is not subject to comparison.
                             
                            The quantitative reconciliations of non-GAAP measures used herein to
                            the most comparable GAAP measures are included in the accompanying
                            schedules, with the exception of projected earnings per diluted
                            share and projected operating EBITDA. Non-GAAP measures should not
                            be considered a substitute for financial measures presented in
                            accordance with GAAP, and investors are urged to take into account
                            GAAP measures as well as non-GAAP measures in evaluating the Company.
                             
(c)                         The Company defines operating EBITDA as income from operations
                            before depreciation and amortization; this measure may not be
                            comparable to similarly titled measures reported by other
                            companies.
                             
(d)                         Core price is a performance metric used by management to evaluate
                            the effectiveness of our pricing strategies; it is not derived
                            from our financial statements and may not be comparable to
                            measures presented by other companies. Core price is based on
                            certain historical assumptions, which may differ from actual
                            results, to allow for comparability between reporting periods and
                            to reveal trends in results over time.
 

The Company will host a conference call at 10:00 AM (Eastern) today to discuss the fourth quarter and full year 2015 results. Information contained within this press release will be referenced and should be considered in conjunction with the call.

The conference call will be webcast live from the Investor Relations section of Waste Management’s website www.wm.com. To access the conference call by telephone, please dial (877) 710-6139 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States or Canada, please dial (706) 643-7398. Please utilize conference ID number 21854213 when prompted by the conference call operator.

A replay of the conference call will be available on the Company’s website www.wm.com and by telephone from approximately 1:00 PM (Eastern) Thursday, February 18, 2016 through 5:00 PM (Eastern) on Thursday, March 3, 2016. To access the replay telephonically, please dial (855) 859-2056, or from outside of the United States or Canada dial (404) 537-3406, and use the replay conference ID number 21854213.

The Company, from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. This press release contains a number of such forward-looking statements, including but not limited to all statements under the heading "2016 Outlook" and statements regarding 2016 earnings per diluted share and earnings growth / strength; 2016 free cash flow and growth; future operating EBITDA; cash generation capabilities / strength; volume trends and improvement; integration of acquisitions and contributions of such acquisitions to earnings and cash flow; success and execution of pricing, growth and cost control strategies; and future dividend rates and shares repurchases. You should view these statements with caution. They are based on the facts and circumstances known to the Company as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, increased competition; pricing actions; failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets and negotiate attractive terms; failure to consummate or integrate such acquisitions; failure to obtain the results anticipated from acquisitions; environmental and other regulations; commodity price fluctuations; disposal alternatives and waste diversion; declining waste volumes; failure to develop and protect new technology; significant environmental or other incidents resulting in liabilities and brand damage; weakness in economic conditions; failure to obtain and maintain necessary permits; labor disruptions; impairment charges; and negative outcomes of litigation or governmental proceedings. Please also see the Company’s filings with the SEC, including Part I, Item 1A of the Company’s most recently filed Annual Report on Form 10-K, for additional information regarding these and other risks and uncertainties applicable to our business. The Company assumes no obligation to update any forward-looking statement, including financial estimates and forecasts, whether as a result of future events, circumstances or developments or otherwise.

ABOUT WASTE MANAGEMENT

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com or www.thinkgreen.com.

                                                                         
                                                                                                        Waste Management, Inc.
                                                                                            Condensed Consolidated Statements of Operations
                                                                                                (In Millions, Except Per Share Amounts)
                                                                                                              (Unaudited)
                                                                                                                                                                 
                                                                                                                                                                                      
                                                                                                                                                              Quarters Ended December 31,
                                                                                                                ----------------------------------------------------------------------------------------------------------------------
                                                                                                                                      2015                                                                 2014
                                                                                                                ------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                      
Operating revenues                                                                                                                 $ 3,246                                                              $  3,437
                                                                                                                                                                                      
Costs and expenses:
    Operating                                                                                                                        2,027                                                                 2,170
    Selling, general and administrative                                                                                                343                                                                   376
    Depreciation and amortization                                                                                                      301                                                                   307
    Restructuring                                                                                                                        8                                                                    13
    (Income) expense from divestitures, asset impairments and unusual                                                65                            (181 )
    items
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
                                                                                                                  2,744                           2,685  
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
Income from operations                                                                                              502                             752  
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                      
Other income (expense):
    Interest expense, net                                                                                                              (91 )                                                                (114 )
    Loss on early extinguishment of debt                                                                                                (3 )                                                                   -
    Equity in net losses of unconsolidated entities                                                                                     (6 )                                                                 (17 )
    Other, net                                                                                                       (5 )                                              (22 )
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
                                                                                                                   (105 )                                             (153 )
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                      
Income before income taxes                                                                                                             397                                                                   599
Provision for income taxes                                                                                          124                               1  
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
Consolidated net income                                                                                                                273                                                                   598
    Less: Net income attributable to noncontrolling interests                                                         -                               8  
                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
Net income attributable to Waste Management, Inc.                                                                                  $   273                                           $    590  
                                                                                                                ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                      
Basic earnings per common share                                                                                                    $  0.61                                           $   1.29  
                                                                                                                ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                      
Diluted earnings per common share                                                                                                  $  0.61                                           $   1.28  
                                                                                                                ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                      
Basic common shares outstanding                                                                                   447.3                           458.5  
                                                                                                                ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                      
Diluted common shares outstanding                                                                                 450.6                           461.9  
                                                                                                                ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                      
Cash dividends declared per common share                                                                                           $ 0.385                                           $  0.375  
                                                                                                                ==================== ===== ====================                      ==================== ====== ====================
                                                                  
                                                                                 Waste Management, Inc.
                                                                                   Earnings Per Share
                                                                         (In Millions, Except Per Share Amounts)
                                                                                       (Unaudited)
                                                                                                                                     
                                                                                                                                                          
                                                                                                                                    Quarters Ended December 31,
                                                                                                         --------------------------------------------------------------------------------
                                                                                                                    2015                                               2014
                                                                                                         ---------------------------                     --------------------------------
                                                                                                                                                          
EPS Calculation:
                                                                                                                                                          
Net income attributable to Waste Management, Inc.                                                                           $   273                                         $        590
                                                                                                         ==================== =====                      ==================== ==========
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
Number of common shares outstanding at end of period                                                                          447.2                                                458.5
    Effect of using weighted average common shares outstanding                                               0.1                                 -
                                                                                                         -------------------- -----                      -------------------- ----------
Weighted average basic common shares outstanding                                                                              447.3                                                458.5
    Dilutive effect of equity-based compensation awards and
     other contingently issuable shares                                                                      3.3                               3.4
                                                                                                         -------------------- -----                      -------------------- ----------
Weighted average diluted common shares outstanding                                                         450.6                             461.9
                                                                                                         ==================== =====                      ==================== ==========
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
Basic earnings per common share                                                                                             $  0.61                                         $       1.29
                                                                                                         ==================== =====                      ==================== ==========
                                                                                                                                                          
Diluted earnings per common share                                                                                           $  0.61                                         $       1.28
                                                                                                         ==================== =====                      ==================== ==========
                                                                         
                                                                                                        Waste Management, Inc.
                                                                                            Condensed Consolidated Statements of Operations
                                                                                                (In Millions, Except Per Share Amounts)
                                                                                                              (Unaudited)
                                                                                                                                                                  
                                                                                                                                                                                       
                                                                                                                                                           Twelve Months Ended December 31,
                                                                                                                -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                      2015                                                                  2014
                                                                                                                -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                       
Operating revenues                                                                                                                 $ 12,961                                                              $ 13,996
                                                                                                                                                                                       
Costs and expenses:
    Operating                                                                                                                         8,231                                                                 9,002
    Selling, general and administrative                                                                                               1,343                                                                 1,481
    Depreciation and amortization                                                                                                     1,245                                                                 1,292
    Restructuring                                                                                                                        15                                                                    82
    (Income) expense from divestitures, asset impairments and unusual                                                 82                            (160 )
    items
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                  10,916                          11,697  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Income from operations                                                                                             2,045                           2,299  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                       
Other income (expense):
    Interest expense, net                                                                                                              (385 )                                                                (466 )
    Loss on early extinguishment of debt                                                                                               (555 )                                                                   -
    Equity in net losses of unconsolidated entities                                                                                     (38 )                                                                 (53 )
    Other, net                                                                                                        (7 )                                              (29 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                    (985 )                                             (548 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                       
Income before income taxes                                                                                                            1,060                                                                 1,751
Provision for income taxes                                                                                           308                             413  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Consolidated net income                                                                                                                 752                                                                 1,338
    Less: Net income (loss) attributable to noncontrolling interests                                                  (1 )                                               40  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Net income attributable to Waste Management, Inc.                                                                                  $    753                                           $  1,298  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                       
Basic earnings per common share                                                                                                    $   1.66                                           $   2.80  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                       
Diluted earnings per common share                                                                                                  $   1.65                                           $   2.79  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                       
Basic common shares outstanding                                                                                    452.7                           462.6  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                       
Diluted common shares outstanding                                                                                  455.9                           465.6  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                       
Cash dividends declared per common share                                                                                           $   1.54                                           $   1.50  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                  
                                                                                  Waste Management, Inc.
                                                                                    Earnings Per Share
                                                                          (In Millions, Except Per Share Amounts)
                                                                                        (Unaudited)
                                                                                                                                      
                                                                                                                                                           
                                                                                                                                 Twelve Months Ended December 31,
                                                                                                         ---------------------------------------------------------------------------------
                                                                                                                     2015                                               2014
                                                                                                         ----------------------------                     --------------------------------
                                                                                                                                                           
EPS Calculation:
                                                                                                                                                           
Net income attributable to Waste Management, Inc.                                                                           $    753                                         $      1,298
                                                                                                         ==================== ======                      ==================== ==========
                                                                                                                                                           
                                                                                                                                                           
                                                                                                                                                           
Number of common shares outstanding at end of period                                                                           447.2                                                458.5
    Effect of using weighted average common shares outstanding                                                5.5                               4.1
                                                                                                         -------------------- ------                      -------------------- ----------
Weighted average basic common shares outstanding                                                                               452.7                                                462.6
    Dilutive effect of equity-based compensation awards and
     other contingently issuable shares                                                                       3.2                               3.0
                                                                                                         -------------------- ------                      -------------------- ----------
Weighted average diluted common shares outstanding                                                          455.9                             465.6
                                                                                                         ==================== ======                      ==================== ==========
                                                                                                                                                           
                                                                                                                                                           
                                                                                                                                                           
Basic earnings per common share                                                                                             $   1.66                                         $       2.80
                                                                                                         ==================== ======                      ==================== ==========
                                                                                                                                                           
Diluted earnings per common share                                                                                           $   1.65                                         $       2.79
                                                                                                         ==================== ======                      ==================== ==========
                                                   
                                                                           Waste Management, Inc.
                                                                    Condensed Consolidated Balance Sheets
                                                                                (In Millions)
                                                                                                                         
                                                                                                                                              
                                                                                                                                              
                                                                                                   December 31,                                        December 31,
                                                                                                       2015                                                2014
                                                                                          ------------------------------                     --------------------------------
                                                                                                    (Unaudited)
Assets
                                                                                                                                              
Current assets:
    Cash and cash equivalents                                                                                $       39                                         $      1,307
    Receivables, net                                                                                              2,094                                                1,937
    Other                                                                                        212                               282
                                                                                          -------------------- --------                      -------------------- ----------
      Total current assets                                                                                        2,345                                                3,526
                                                                                                                                              
Property and equipment, net                                                                                      10,665                                               10,657
Goodwill                                                                                                          5,984                                                5,740
Other intangible assets, net                                                                                        477                                                  440
Other assets                                                                                     948                               934
                                                                                          -------------------- --------                      -------------------- ----------
      Total assets                                                                                           $   20,419                                         $     21,297
                                                                                          ==================== ========                      ==================== ==========
                                                                                                                                              
                                                                                                                                              
Liabilities and Equity
                                                                                                                                              
Current liabilities:
    Accounts payable, accrued liabilities, and
      deferred revenues                                                                                      $    2,257                                         $      2,395
    Current portion of long-term debt                                                            253                             1,090
                                                                                          -------------------- --------                      -------------------- ----------
      Total current liabilities                                                                                   2,510                                                3,485
                                                                                                                                              
Long-term debt, less current portion                                                                              8,728                                                8,345
Other liabilities                                                                              3,814                             3,578
                                                                                          -------------------- --------                      -------------------- ----------
      Total liabilities                                                                       15,052                            15,408
                                                                                          -------------------- --------                      -------------------- ----------
                                                                                                                                              
Equity:
    Waste Management, Inc. stockholders’ equity                                                                   5,345                                                5,866
    Noncontrolling interests                                                                      22                                23
                                                                                          -------------------- --------                      -------------------- ----------
      Total equity                                                                             5,367                             5,889
                                                                                          -------------------- --------                      -------------------- ----------
      Total liabilities and equity                                                                           $   20,419                                         $     21,297
                                                                                          ==================== ========                      ==================== ==========
                                                                                                                                              
                                                                                                                                              
Note: Prior year information has been reclassified to conform to
2015 presentation.
                                                                                                                            
                                                                                                        Waste Management, Inc.
                                                                                            Condensed Consolidated Statements of Cash Flows
                                                                                                             (In Millions)
                                                                                                              (Unaudited)
                                                                                                                                                                                       
                                                                                                                                                                                       
                                                                                                                                                           Twelve Months Ended December 31,
                                                                                                                -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                      2015                                                                  2014
                                                                                                                -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                       
Cash flows from operating activities:
    Consolidated net income                                                                                                        $    752                                                              $  1,338
    Adjustments to reconcile consolidated net income to net cash
      provided by operating activities:
        Depreciation and amortization                                                                                                 1,245                                                                 1,292
        Loss on early extinguishment of debt                                                                                            555                                                                     -
        Other                                                                                                                           324                                                                   (34 )
        Change in operating assets and liabilities, net of effects of
          acquisitions and divestitures                                                                             (378 )                                             (265 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Net cash provided by operating activities                                                                          2,498                           2,331  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                       
Cash flows from investing activities:
    Acquisitions of businesses, net of cash acquired                                                                                   (554 )                                                                 (35 )
    Capital expenditures                                                                                                             (1,233 )                                                              (1,151 )
    Proceeds from divestitures of businesses
      and other assets (net of cash divested)                                                                                           145                                                                 2,253
    Investments in unconsolidated entities                                                                                              (20 )                                                                 (33 )
    Net receipts from restricted trust and escrow
      accounts, and other                                                                                             54                             (39 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Net cash provided by (used in) investing activities                                                               (1,608 )                                              995  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                       
Cash flows from financing activities:
    New borrowings                                                                                                                    2,337                                                                 2,817
    Debt repayments                                                                                                                  (2,764 )                                                              (3,568 )
    Premiums paid on early extinguishment of debt                                                                                      (555 )                                                                   -
    Common stock repurchases                                                                                                           (600 )                                                                (600 )
    Cash dividends                                                                                                                     (695 )                                                                (693 )
    Exercise of common stock options                                                                                                     77                                                                    93
    Other, net                                                                                                        45                            (121 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Net cash used in financing activities                                                                             (2,155 )                                           (2,072 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                       
Effect of exchange rate changes on cash and cash equivalents                                                          (3 )                                               (5 )
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                       
Increase (decrease) in cash and cash equivalents                                                                                     (1,268 )                                                               1,249
Cash and cash equivalents at beginning of period                                                                   1,307                              58  
                                                                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
Cash and cash equivalents at end of period                                                                                         $     39                                           $  1,307  
                                                                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                   
                                                                                                                                                                       Waste Management, Inc.
                                                                                                                                                                         Summary Data Sheet
                                                                                                                                                                    (Dollar Amounts in Millions)
                                                                                                                                                                             (Unaudited)
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                  Quarters Ended
                                                                                    ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             December 31,                                                                 September 30,                                                        December 31,
                                                                                                                 2015                                                                         2015                                                                 2014
                                                                                    ---------------------------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
Operating Revenues by Lines of Business
-----------------------------------------
                                                                                                                                                                                                                                                                                                                    
    Collection
        Commercial                                                                                     $                  834                                                              $   841                                                              $    838
        Residential                                                                                                       626                                                                  630                                                                   629
        Industrial                                                                                                        567                                                                  594                                                                   555
        Other                                                                                           97                             92                              85  
                                                                                    -------------------- -------------------- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
    Total Collection                                                                                                    2,124                                                                2,157                                                                 2,107
    Landfill                                                                                                              745                                                                  781                                                                   727
    Transfer                                                                                                              348                                                                  359                                                                   336
    Wheelabrator                                                                                                            -                                                                    -                                                                   176
    Recycling                                                                                                             285                                                                  297                                                                   321
    Other                                                                                                                 358                                                                  387                                                                   373
    Intercompany (a)                                                                                  (614 )                                            (621 )                                             (603 )
                                                                                    -------------------- -------------------- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
        Operating revenues                                                                             $                3,246                                           $ 3,360                                           $  3,437  
                                                                                    ==================== ==================== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                     Quarters Ended
                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              December 31, 2015                                                                                                                                 December 31, 2014
                                                                                    ------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                                          
Analysis of Change in Year Over Year                                                                            Amount                                                                      As a % of                                                             Amount                                                               As a % of
Revenues                                                                                                                                                                                  Total Company                                                                                                                              Total Company
-----------------------------------------                                           ------------------------------------------------------------                        ---------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
    Average yield (i)                                                                                  $                  (24 )                                                               -0.7 %                                                            $     24                                                                   0.7 %
    Volume                                                                                             (30 )                                            -0.9 %                                              (29 )                                             -0.8 %
                                                                                    -------------------- -------------------- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
    Internal revenue growth                                                                                               (54 )                                                               -1.6 %                                                                  (5 )                                                                -0.1 %
    Acquisition                                                                                                            59                                                                  1.8 %                                                                   8                                                                   0.2 %
    Divestitures                                                                                                         (163 )                                                                  *                                                                   (48 )                                                                -1.4 %
    Foreign currency translation                                                                       (33 )                                            -1.0 %                                              (18 )                                             -0.5 %
                                                                                    -------------------- -------------------- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                       $                 (191 )                                            -5.6 %                                                            $    (63 )                                             -1.8 %
                                                                                    ==================== ==================== ====================                      ==================== ===== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                    
                                                                                                                Amount                                                                      As a % of                                                             Amount                                                               As a % of
                                                                                                                                                                                             Related                                                                                                                                    Related
                                                                                                                                                                                            Business                                                                                                                                   Business
                                                                                    ------------------------------------------------------------                        ---------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
 (i) Average yield
        Collection and disposal                                                                        $                   48                                                                  1.7 %                                                            $     57                                                                   2.0 %
        Recycling commodities                                                                                             (29 )                                                               -9.4 %                                                                 (21 )                                                                -5.9 %
        Electricity                                                                                                         -                                                                  0.0 %                                                                  (3 )                                                                -4.9 %
        Fuel surcharges and mandated fees                                                              (43 )                                                              -26.7 %                                               (9 )                                                                -5.3 %
                                                                                    -------------------- -------------------- --------------------                                                                                           -------------------- ------ --------------------
    Total                                                                                              $                  (24 )                                                               -0.7 %                                                            $     24                                                0.7 %
                                                                                    ==================== ==================== ====================                                                                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                         Quarters Ended December 31,                                                                                                                    Twelve Months Ended December 31,
                                                                                    ------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------
                                                                                                                 2015                                                                         2014                                                                 2015                                                                  2014
                                                                                    ---------------------------------------------------------------                     ------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Free Cash Flow Analysis (b)
-----------------------------------------
                                                                                                                                                                                                                                                                                                                    
Net cash provided by operating activities                                                              $                  526                                                              $   520                                                              $  2,498                                                              $  2,331
Capital expenditures                                                                                                     (369 )                                                               (370 )                                                              (1,233 )                                                              (1,151 )
Proceeds from divestitures of businesses
  and other assets (net of cash divested)                                                               31                          1,934                             145                           2,253  
                                                                                    -------------------- -------------------- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Free cash flow                                                                                         $                  188                                           $ 2,084                                           $  1,410                                           $  3,433  
                                                                                    ==================== ==================== ====================                      ==================== ===== ====================                      ==================== ====== ====================                      ==================== ====== ====================
     
  *                      Percentage change does not provide a meaningful comparison.
                          
(a)                      Intercompany revenues between lines of business are eliminated
                         within the Condensed Consolidated Financial Statements included
                         herein.
                          
(b)                      The summary of free cash flows has been prepared to highlight and
                         facilitate understanding of the principal cash flow elements. Free
                         cash flow is not a measure of financial performance under
                         generally accepted accounting principles and is not intended to
                         replace the consolidated statement of cash flows that was prepared
                         in accordance with generally accepted accounting principles.
 
                                                                                                                                                                                            Waste Management, Inc.
                                                                                                                                                                                              Summary Data Sheet
                                                                                                                                                                                                    (Dollar
                                                                                                                                                                                             Amounts in Millions)
                                                                                                                                                                                                  (Unaudited)
                                                                                                                                                                                 
                                                                                                                                                                                                                                                              Quarters Ended
                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                               December 31,                                                                                                    September 30,                                                                                                   December 31,
                                                                                                                                                   2015                                                                                                            2015                                                                                                            2014
                                                                                                                             -------------------------------------------------                                                               -------------------------------------------------                                                               -------------------------------------------------
Balance Sheet Data
-------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                              
Cash and cash equivalents                                                                                                                       $     39                                                                                     $    113                                                                                     $  1,307  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Debt-to-total capital ratio:
   Long-term indebtedness, including current
                                                                                                                                                $  8,981                                                                                                        $  9,050                                                                                                        $  9,435
     portion
   Total equity                                                                                                                 5,367                                                                     5,257                                                                     5,889  
                                                                                                                             -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                                                -------------------- ------ --------------------
     Total capital                                                                                                                              $ 14,348                                                                                     $ 14,307                                                                                     $ 15,324  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
   Debt-to-total capital                                                                                                         62.6 %                                                                                       63.3 %                                                                                       61.6 %
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Capitalized interest                                                                                                                            $      4                                                                                     $      4                                                                                     $      5  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Acquisition Summary (a)
-------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                              
   Gross annualized revenue acquired                                                                                                            $     75                                                                                     $     36                                                                                     $      3  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
   Total consideration                                                                                                                          $    128                                                                                     $     56                                                                                     $      4  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
   Cash paid for acquisitions                                                                                                                   $     81                                                                                     $     19                                                                                     $      3  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Other Operational Data
-------------------------------------------------------------
                                          
Internalization of waste, based on disposal costs                                                                                65.7 %                                                                                       65.7 %                                                                                       67.5 %
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Total landfill disposal volumes (tons in millions)                                                                                                  24.7                                                                                                            26.1                                                                                                            24.5
Total waste-to-energy disposal volumes (tons in millions)                                                                           -                                                                         -                                                                       1.6  
                                                                                                                             -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Total disposal volumes (tons in millions)                                                                                     24.7                                                                      26.1                                                                      26.1  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Active landfills                                                                                                                  249                                                                       252                                                                       252  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
Landfills reporting volume                                                                                                        233                                                                       235                                                                       235  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                              
Amortization, Accretion and Other
Expenses for
-------------------------------------------------------------
 Landfills Included in Operating Groups:
-------------------------------------------------------------
                                          
 
Landfill amortization expense -
   Cost basis of landfill assets                                                                                                                $   87.2                                                                                                        $   94.0                                                                                                        $   83.7
   Asset retirement costs                                                                                                         1.2                                                                      24.8                                                                       4.7  
                                                                                                                             -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                                                -------------------- ------ --------------------
     Total landfill amortization expense (b) (c)                                                                                                    88.4                                                                                                           118.8                                                                                                            88.4
Accretion and other related expense                                                                                              19.7                                                                      19.3                                                                      19.4  
                                                                                                                             -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Landfill amortization, accretion and other related expense                                                                                   $  108.1                                                                                     $  138.1                                                                                     $  107.8  
                                                                                                                             ==================== ====== ====================                                                                ==================== ====== ====================                                                                ==================== ====== ====================
     
(a)                      Represents amounts associated with business acquisitions
                         consummated during the indicated periods except for Cash paid for
                         acquisitions, which may include cash payments for business
                         acquisitions consummated in prior quarters.
                          
(b)                      The quarter ended December 31, 2015 as compared to the quarter
                         ended September 30, 2015 reflects a decrease in amortization
                         expense of approximately $30.4 million, primarily due to changes
                         in landfill estimates identified in both quarters and by an
                         increase in volumes primarily
                         due to seasonality.
                          
(c)                      The quarter ended December 31, 2015 as compared to the quarter
                         ended December 31, 2014 amortization expense is flat, the increase
                         due to volume was offset by the decrease due to changes in
                         landfill estimates.
                          
 
                                                                                                                                                                                                                    Waste Management, Inc.
                                                                                                                                                                                                                   Reconciliation of Certain
                                                                                                                                                                                                                       Non-GAAP Measures
                                                                                                                                                                                                            (Dollars In Millions, Except Per Share
                                                                                                                                                                                                                           Amounts)
                                                                                                                                                                                                                          (Unaudited)
                                                                                                                                                                                           
                                                                                                                                                                     Quarter Ended                                                                                                                                                                           Quarter Ended
                                                                                                                                                                   December 31, 2015                                                                                                                                                                       December 31, 2014
                                                                                                                          --------------------------------------------------------------------------------------------                                                                      -------------------------------------------------------------------------------------------------------------------------------------
Adjusted Net Income and Diluted Earnings Per Share                                                                                 After-tax                               (a)                              Per Share                                                                                           After-tax                                         (a)                                         Per Share
                                                                                                                                    Amount                                                                   Amount                                                                                              Amount                                                                                        Amount
                                                                                                                          -------------------------                                                ------------------------                                                                 ---------------------------------------------                                                 ---------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                           
   Net Income and Diluted EPS, as reported                                                                                                   $   273                                                                  $ 0.61                                                                                   $   590                                                                                       $  1.28
                                                                                                                                                                                                                                                                                                                                                                                                                                           
   Adjustments:
      Asset impairments and unusual items (b)                                                                                                     42                      (c)                                                                                                                                      229                                           (d)
      Restructuring                                                                                                                                5                                                                                                                                                                 8
      Gain on sale of waste-to-energy business                                                                                  -                                                                                                                                           (519 )
                                                                                                                          -------------------- -----                                                                                                                                        -------------------- ----- --------------------
                                                                                                                               47                                                 0.10                                                                   (282 )                                                                    (0.61 )
                                                                                                                          -------------------- -----                                               -------------------- ----                                                                -------------------- ----- --------------------                                               -------------------- ----- --------------------
   Adjusted Net Income and Diluted EPS                                                                                                       $   320                                                                  $ 0.71                                                                                   $   308                                                                                       $  0.67
      Earnings from businesses and assets divested in 2014                                                                      -                                                    -                                                                    (30 )                                                                    (0.07 )
                                                                                                                          -------------------- -----                                               -------------------- ----                                                                -------------------- ----- --------------------                                               -------------------- ----- --------------------
   Further Adjusted Net Income and Diluted EPS                                                                                               $   320                                                                  $ 0.71                                                                                   $   278                                                                    $  0.60  
                                                                                                                          ==================== =====                                               ==================== ====                                                                ==================== ===== ====================                                               ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                      Year Ended                                                                                                                                                                              Year Ended
                                                                                                                                                                   December 31, 2015                                                                                                                                                                       December 31, 2014
                                                                                                                          --------------------------------------------------------------------------------------------                                                                      -------------------------------------------------------------------------------------------------------------------------------------
Adjusted Net Income and Diluted Earnings Per Share                                                                                 After-tax                              (a)                               Per Share                                                                                           After-tax                                        (a)                                          Per Share
                                                                                                                                    Amount                                                                   Amount                                                                                              Amount                                                                                        Amount
                                                                                                                          -------------------------                                                ------------------------                                                                 ---------------------------------------------                                                 ---------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                           
   Net Income and Diluted EPS, as reported                                                                                                   $   753                                                                  $ 1.65                                                                                   $ 1,298                                                                                       $  2.79
                                                                                                                                                                                                                                                                                                                                                                                                                                           
   Adjustments:
      Loss on early debt extinguishment                                                                                                          344                                                                                                                                                                 -
      Asset impairments and unusual items (b)                                                                                                     54                                                                                                                                                               247
      Partial withdrawal from multiemployer pension plan                                                                                          32                                                                                                                                                                 2
      Restructuring                                                                                                                                5                                                                                                                                                                52
      Sales of businesses, net                                                                                                                     -                                                                                                                                                              (477 )
      Legal reserves                                                                                                            -                                                                                                                                             29  
                                                                                                                          -------------------- -----                                                                                                                                        -------------------- ----- --------------------
                                                                                                                              435                                                 0.96                                                                   (147 )                                                                    (0.31 )
                                                                                                                          -------------------- -----                                               -------------------- ----                                                                -------------------- ----- --------------------                                               -------------------- ----- --------------------
   Adjusted Net Income and Diluted EPS                                                                                                       $ 1,188                                                                  $ 2.61                                                                                   $ 1,151                                                                                       $  2.48
      Earnings from businesses and assets divested in 2014                                                                      -                                                    -                                                                    (80 )                                                                    (0.18 )
                                                                                                                          -------------------- -----                                               -------------------- ----                                                                -------------------- ----- --------------------                                               -------------------- ----- --------------------
   Further Adjusted Net Income and Diluted EPS                                                                                               $ 1,188                                                                  $ 2.61                                                                                   $ 1,071                                                                    $  2.30  
                                                                                                                          ==================== =====                                               ==================== ====                                                                ==================== ===== ====================                                               ==================== ===== ====================
     
(a)                      Please see the "Adjusted tax expense reconciliation" for the tax
                         expense associated with each of the after-tax adjustments to net
                         income and diluted EPS in the fourth quarter and full year of 2015
                         and 2014.
                          
(b)                      Adjustments in 2015 and 2014 include impairment charges associated
                         with assets in the "Asset impairments and unusual Items" financial
                         caption as well as impairment charges associated with certain of our
                         investments in unconsolidated entities that are included in "Other,
                         net" financial caption. In addition, adjustments in 2014 include
                         impairment charges associated with certain of our investments in
                         unconsolidated entities that are included in "Equity in net losses
                         of unconsolidated entities" financial caption.
                          
(c)                      Adjustments in the fourth quarter of 2015 consist primarily of an
                         after-tax charge of $40 million to impair certain of our oil and gas
                         producing properties resulting from the pronounced decrease in oil
                         and gas prices in the fourth quarter of 2015.
                          
(d)                      Adjustments in the fourth quarter of 2014 consist of after-tax
                         charges of:
                         i) $164 million to impair certain of our oil and gas producing
                         properties primarily as a result of the pronounced decrease in oil
                         and gas prices in the fourth quarter of 2014; and
                         ii) $65 million to: a) write-down waste diversion technology
                         assets and certain other assets and b) write-down equity method
                         and cost method investments in waste diversion technology
                         companies.
 
                                                                                                                                                                                                                       Waste Management, Inc.
                                                                                                                                                                                                                      Reconciliation of Certain
                                                                                                                                                                                                                          Non-GAAP Measures
                                                                                                                                                                                                                        (Dollars In Millions)
                                                                                                                                                                                                                             (Unaudited)
                                                                                                                                                                                                 
                                                                                                                                                                         Quarter Ended                                                                                                                                                                                                  Quarter Ended
                                                                                                                                                                       December 31, 2015                                                                                                                                                                                              December 31, 2014
                                                                                                     -------------------------------------------------------------------------------------------------------------------------------------------                                                                         -----------------------------------------------------------------------------------------------------------------------------------
Adjusted Tax Expense Reconciliation and Effective Tax Rate                                                     Pre-tax                                                               Tax                                                       Effective                                                                                      Pre-tax                                                                                     Tax
                                                                                                               Income                                                              Expense                                                   Tax Rate (a)                                                                                     Income                                                                                    Expense
                                                                                                     -------------------------                                            -----------------------                                            -----------                                                                 ---------------------------------------------                                             ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
As reported amounts                                                                                                     $   397                                                              $ 124                                             31.2 %                                                                                       $   599                                                                                   $      1
                                                                                                                                                                                                                                                                                                                                                                                                                    
Adjustments:
   Asset impairments and unusual items (b)                                                                                   68                                                                 26                                                                                                                                              364                                                                                        135
   Restructuring charges                                                                                                      8                                                                  3                                                                                                                                               13                                                                                          5
   Gain on sale of waste-to-energy business                                                                -                                               -                                                                                                                          (519 )                                                                     -  
                                                                                                     -------------------- -----                                           -------------------- ---                                                                                                                       -------------------- ----- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
As adjusted amounts                                                                                                     $   473                                                              $ 153                                             32.4 %                                                                                       $   457                                                                $    141  
                                                                                                     ==================== =====                                           ==================== ===                                                                                                                       ==================== ===== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                          Year Ended                                                                                                                                                                                                     Year Ended
                                                                                                                                                                       December 31, 2015                                                                                                                                                                                              December 31, 2014
                                                                                                     -------------------------------------------------------------------------------------------------------------------------------------------                                                                         -----------------------------------------------------------------------------------------------------------------------------------
Adjusted Tax Expense Reconciliation and Effective Tax Rate                                                     Pre-tax                                                               Tax                                                       Effective                                                                                      Pre-tax                                                                                     Tax
                                                                                                               Income                                                              Expense                                                   Tax Rate (a)                                                                                     Income                                                                                    Expense
                                                                                                     -------------------------                                            -----------------------                                            -----------                                                                 ---------------------------------------------                                             ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
As reported amounts                                                                                                     $ 1,060                                                              $ 308                                             29.1 %                                                                                       $ 1,751                                                                                   $    413
                                                                                                                                                                                                                                                                                                                                                                                                                    
Adjustments:
   Loss on early debt extinguishment                                                                                        550                                                                206                                                                                                                                                -                                                                                          -
   Asset impairments and unusual items (b)                                                                                   81                                                                 27                                                                                                                                              387                                                                                        140
   Partial withdrawal from multiemployer pension plan                                                                        55                                                                 23                                                                                                                                                3                                                                                          1
   Restructuring                                                                                                              8                                                                  3                                                                                                                                               81                                                                                         29
   Sales of businesses, net                                                                                                   -                                                                  -                                                                                                                                             (515 )                                                                                      (38 )
   Legal reserves                                                                                          -                                               -                                                                                                                            31                                                    2  
                                                                                                     -------------------- -----                                           -------------------- ---                                                                                                                       -------------------- ----- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
As adjusted amounts                                                                                                     $ 1,754                                                              $ 567                                             32.3 %                                                                                       $ 1,738                                                                $    547  
                                                                                                     ==================== =====                                           ==================== ===                                                                                                                       ==================== ===== ====================                                           ==================== ====== ====================
     
(a)                      The Company calculates its effective tax rate based on actual
                         dollars. Rounding differences occurred when the effective tax rate
                         was calculated using Pre-tax Income and Tax Expense amounts included
                         in the table above, as these items have been rounded in millions.
                          
(b)                      Adjustments in 2015 and 2014 include impairment charges associated
                         with assets in the "Asset impairments and unusual Items" financial
                         caption as well as impairment charges associated with certain of our
                         investments in unconsolidated entities that are included in "Other,
                         net" financial caption. In addition, adjustments in 2014 include
                         impairment charges associated with certain of our investments in
                         unconsolidated entities that are included in "Equity in net losses
                         of unconsolidated entities" financial caption.
 
                                                                                                                                  Waste Management, Inc.
                                                                                                                                 Reconciliation of Certain
                                                                                                                                     Non-GAAP Measures
                                                                                                                                   (Dollars In Millions)
                                                                                                                                        (Unaudited)
                                                                                                                       
                                                                                                                                             Year Ended                                                                                                      Year Ended
                                                                                                                                          December 31, 2015                                                                                               December 31, 2014
                                                                                                                          ----------------------------------------------                                                                  ----------------------------------------------
Adjusted Operating Expenses                                                                                                                    Amount                                                                                                          Amount
                                                                                                                          ----------------------------------------------                                                                  ----------------------------------------------
                                                                                                                                                                                                                                           
   Operating Expenses, as reported                                                                                                           $  8,231                                                                                                        $  9,002
                                                                                                                                                                                                                                           
   Adjustment:
      Partial withdrawal from multiemployer pension plan                                                                       (55 )                                                                                         (3 )
                                                                                                                          -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Adjusted Operating Expenses                                                                                                               $  8,176                                                                                                        $  8,999
      Expenses from businesses and assets divested in 2014                                                                       -                                                                      (495 )
                                                                                                                          -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Further Adjusted Operating Expenses (a)                                                                                                   $  8,176                                                                                     $  8,504  
                                                                                                                          ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                           
                                                                                                                                             Year Ended                                                                                                      Year Ended
                                                                                                                                          December 31, 2015                                                                                               December 31, 2014
                                                                                                                          ----------------------------------------------                                                                  ----------------------------------------------
Adjusted SG&A Expenses                                                                                                                         Amount                                                                                                          Amount
                                                                                                                          -------------------------------------------------                                                               -------------------------------------------------
                                                                                                                                                                                                                                           
   SG&A Expenses, as reported                                                                                                                $  1,343                                                                                                        $  1,481
                                                                                                                                                                                                                                           
   Adjustment:
      Legal reserves                                                                                                             -                                                                       (31 )
                                                                                                                          -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Adjusted SG&A Expenses                                                                                                                    $  1,343                                                                                                        $  1,450
      Expenses from businesses and assets divested in 2014                                                                       -                                                                       (39 )
                                                                                                                          -------------------- ------ --------------------                                                                -------------------- ------ --------------------
   Further Adjusted SG&A Expenses (b)                                                                                                        $  1,343                                                                                     $  1,411  
                                                                                                                          ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                           
2016 Projected Free Cash Flow Reconciliation (c)
                                                                                                                                             Scenario 1                                                                                                      Scenario 2
                                                                                                                          -------------------------------------------------                                                               -------------------------------------------------
     Net cash provided by operating activities                                                                                               $  2,750                                                                                                        $  2,900
     Capital expenditures                                                                                                                      (1,300 )                                                                                                        (1,400 )
     Proceeds from divestitures of businesses and
       other assets (net of cash divested)                                                                                      50                                                                       100  
                                                                                                                          -------------------- ------ --------------------                                                                -------------------- ------ --------------------
Free Cash Flow                                                                                                                               $  1,500                                                                                     $  1,600  
                                                                                                                          ==================== ====== ====================                                                                ==================== ====== ====================
     
(a)                      Excluding the operating expenses associated with the items
                         identified in the table, operating expenses in 2015 improved $328
                         million, or 100 basis points, to 63.1% of revenues, as compared with
                         prior year.
                          
(b)                      Excluding the SG&A expenses associated with the items identified in
                         the table, SG&A expenses in 2015 improved $68 million, or 20 basis
                         points, to 10.4% of revenues, as compared with prior year.
                          
(c)                      The reconciliation includes two scenarios that illustrate our
                         projected free cash flow range for 2016. The amounts used in the
                         reconciliation are subject to many variables, some of which are not
                         under our control and, therefore, are not necessarily indicative of
                         actual results.
 
                                                                                                                             Waste Management, Inc.
                                                                                                                            Reconciliation of Certain
                                                                                                                                Non-GAAP Measures
                                                                                                                              (Dollars In Millions)
                                                                                                                                   (Unaudited)
                                                                                                                                         
                                                                                                                                                                            Quarter Ended
                                                                                                                                                                          December 31, 2015
                                                                                                                              -------------------------------------------------------------------------------------------------
Adjusted Income from Operations, Adjusted Operating EBITDA and                                                                                     Amount                                                                     As a % of
each as a percent of Adjusted Revenues                                                                                                                                                                                        Revenues
                                                                                                                              ----------------------------------------------                                                 --------
                                                                                                                                                                                                                                                             
   Operating Revenues, as reported                                                                                                               $  3,246
                                                                                                                                                                                                                                                             
   Income from Operations, as reported                                                                                                           $    502
   Adjustments:
      Asset impairments and unusual items                                                                                                              65
      Restructuring charges                                                                                                                             8
                                                                                                                               
                                                                                                                              -------------------------------------------------
   Adjusted Income from Operations                                                                                                               $    575                                            (a)                     17.7 %                                  (a)
      Depreciation and amortization                                                                                                301  
                                                                                                                              -------------------- ------ --------------------
   Adjusted Operating EBITDA                                                                                                                     $    876                         (b)                     27.0 %                                  (b)
                                                                                                                              ==================== ====== ====================
                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                             
                                                                                                                                                                            Quarter Ended
                                                                                                                                                                          December 31, 2014
                                                                                                                              -------------------------------------------------------------------------------------------------
Adjusted Income from Operations, Adjusted Operating EBITDA and                                                                                     Amount                                                                     As a % of
each as a percent of Adjusted Revenues                                                                                                                                                                                        Revenues
                                                                                                                              ----------------------------------------------                                                 --------
                                                                                                                                                                                                                                                             
   Operating Revenues, as reported                                                                                                               $  3,437
                                                                                                                                                                                                                                                             
   Adjustment:
      Businesses and assets divested in 2014                                                                                      (151 )
                                                                                                                              -------------------- ------ --------------------
   Adjusted Operating Revenues                                                                                                                   $  3,286
                                                                                                                                                                                                                                                             
   Income from Operations, as reported                                                                                                           $    752
   Adjustments:
      Gain on sale of waste-to-energy business                                                                                                       (519 )
      Asset impairments                                                                                                                               338
      Restructuring charges                                                                                                                            13
      Businesses and assets divested in 2014                                                                                       (51 )
                                                                                                                              -------------------- ------ --------------------
   Adjusted Income from Operations                                                                                                               $    533                                            (a)                     16.2 %                                  (a)
      Depreciation and amortization (c)                                                                                            306  
                                                                                                                              -------------------- ------ --------------------
   Adjusted Operating EBITDA                                                                                                                     $    839                         (b)                     25.5 %                                  (b)
                                                                                                                              ==================== ====== ====================
     
(a)                      Adjusted income from operations improved by $42 million, or 150
                         basis points, to 17.7% of revenues, as compared with the prior year
                         period adjusted results, as further adjusted to exclude amounts
                         attributed to businesses and assets divested in 2014.
(b)                      Adjusted operating EBITDA improved by $37 million, or 150 basis
                         points, to 27.0% of revenues, as compared with the prior year period
                         adjusted results, as further adjusted to exclude amounts attributed
                         to businesses and assets divested in 2014.
(c)                      Depreciation and amortization has been adjusted to exclude amounts
                         attributed to businesses and assets divested in 2014. See page 14
                         for a reconciliation.
 
                                                                                                                             Waste Management, Inc.
                                                                                                                            Reconciliation of Certain
                                                                                                                                Non-GAAP Measures
                                                                                                                              (Dollars In Millions)
                                                                                                                                   (Unaudited)
                                                                                                                                         
                                                                                                                                                                             Year Ended
                                                                                                                                                                          December 31, 2015
                                                                                                                              -------------------------------------------------------------------------------------------------
Adjusted Income from Operations, Adjusted Operating EBITDA and                                                                                     Amount                                                                     As a % of
each as a percent of Adjusted Revenues                                                                                                                                                                                        Revenues
                                                                                                                              ----------------------------------------------                                                 --------
                                                                                                                                                                                                                                                             
   Operating Revenues, as reported                                                                                                               $ 12,961
                                                                                                                                                                                                                                                             
   Income from Operations, as reported                                                                                                           $  2,045
   Adjustments:
      Asset impairments and unusual items                                                                                                              77
      Partial withdrawal from multiemployer pension plan                                                                                               55
      Restructuring charges                                                                                                                             8
                                                                                                                               
                                                                                                                              -------------------------------------------------
   Adjusted Income from Operations                                                                                                               $  2,185                                            (a)                     16.9 %                                  (a)
      Depreciation and amortization                                                                                              1,245  
                                                                                                                              -------------------- ------ --------------------
   Adjusted Operating EBITDA                                                                                                                     $  3,430                         (b)                     26.5 %                                  (b)
                                                                                                                              ==================== ====== ====================
                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                             
                                                                                                                                                                             Year Ended
                                                                                                                                                                          December 31, 2014
                                                                                                                              -------------------------------------------------------------------------------------------------
Adjusted Income from Operations, Adjusted Operating EBITDA and                                                                                     Amount                                                                     As a % of
each as a percent of Adjusted Revenues                                                                                                                                                                                        Revenues
                                                                                                                              ----------------------------------------------                                                 --------
                                                                                                                                                                                                                                                             
   Operating Revenues, as reported                                                                                                               $ 13,996
                                                                                                                                                                                                                                                             
   Adjustment:
      Businesses and assets divested in 2014                                                                                      (734 )
                                                                                                                              -------------------- ------ --------------------
   Adjusted Operating Revenues                                                                                                                   $ 13,262
                                                                                                                                                                                                                                                             
   Income from Operations, as reported                                                                                                           $  2,299
   Adjustments:
      Gain on sale of waste-to-energy business                                                                                                       (519 )
      Asset impairments                                                                                                                               357
      Restructuring charges                                                                                                                            81
      Legal reserves                                                                                                                                   31
      Partial withdrawal from multiemployer pension plan                                                                                                3
      Businesses and assets divested in 2014                                                                                      (164 )
                                                                                                                              -------------------- ------ --------------------
   Adjusted Income from Operations                                                                                                               $  2,088                                            (a)                     15.7 %                                  (a)
      Depreciation and amortization (c)                                                                                          1,256  
                                                                                                                              -------------------- ------ --------------------
   Adjusted Operating EBITDA                                                                                                                     $  3,344                         (b)                     25.2 %                                  (b)
                                                                                                                              ==================== ====== ====================
     
(a)                      Adjusted income from operations improved by $97 million, or 4.6%,
                         and our adjusted income from operations margin improved 120 basis
                         points to 16.9% of revenues, as compared with the prior year period
                         adjusted results, as further adjusted to exclude amounts attributed
                         to businesses and assets divested in 2014.
                          
(b)                      Adjusted operating EBITDA improved by $86 million or 2.6%, and our
                         adjusted operating EBITDA margin improved 130 basis points to 26.5%
                         of revenues, as compared with the prior year period adjusted
                         results, as further adjusted to exclude amounts attributed to
                         businesses and assets divested in 2014.
                          
(c)                      Depreciation and amortization has been adjusted to exclude amounts
                         attributed to businesses and assets divested in 2014. See page 15
                         for details.
 
                                                                          Waste Management, Inc.
                                                                        Supplemental Data - Q4 2014
                                                                          Impact of Divestitures
                                                                     (Dollars In Millions, Except Per
                                                                              Share Amounts)
                                                                                (Unaudited)
                                                                             
The following table presents certain financial measures that have
been adjusted to exclude amounts attributed to divestitures during
2014, primarily our waste-to-energy business and other solid waste
assets. These pro-forma 2014 financial measures are non-GAAP
measures and should not be considered a substitute for the
as-reported amounts. We have included this information because the
Company had significant divestitures in 2014; accordingly,
management believes that presenting certain financial measures as
adjusted to exclude amounts attributed to divested operations and
assets will provide investors with a more meaningful comparison to
2015 results.
                                                                                                                                                      
                                                                                                      Quarter ended December 31, 2014
                                                                 ---------------------------------------------------------------------------------------------------------
Selected Financial Information                                       Results                         LESS: Amounts                        Pro-Forma
                                                                                                     Attributed to
                                                                                                     Divestitures
                                                                 ------------                       ------------                       ------------
  Operating Revenues                                                  $  3,437                           $    151                           $  3,286
                                                                                                                                                      
  Operating Expenses                                                  $  2,170                           $     93                           $  2,077          (b)
                                                                                                                                                      
  SG&A Expenses                                                       $    376                           $      6                           $    370          (c)
                                                                                                                                                      
  Depreciation and Amortization                                       $    307                           $      1                           $    306
                                                                                                                                                      
  Income From Operations (a)                                          $    584                           $     51                           $    533
                                                                                                                                                      
  Operating EBITDA (a)                                                $    891                           $     52                           $    839
                                                                                                                                                      
  Net Income (a)                                                      $    308                           $     30                           $    278
                                                                                                                                                      
  Earnings Per Diluted Share (a)                                      $   0.67                           $   0.07                           $   0.60
                                                                                                                                                      
  Net Cash Provided by Operating Activities                           $    520                           $     22                           $    498
                                                                                                                                                      
  Capital Expenditures                                                $    370                           $      1                           $    369
                                                                                                                                                      
  Proceeds from Divestitures                                          $  1,934                           $  1,921                           $     13
                                                                                                                                                      
  Free Cash Flow                                                      $  2,084                           $  1,942                           $    142
     
(a)                      These amounts have been adjusted for items excluded from the
                         Company’s as-adjusted results in the fourth quarter of 2014. For a
                         reconciliation of these adjusted amounts to the most comparable GAAP
                         measure, please see: income from operations and operating EBITDA on
                         page 12 and net income and earnings per diluted share on page 9.
(b)                      As-reported operating expenses for the fourth quarter of 2015 were
                         $2,027 million. As a result, after excluding divestitures from the
                         fourth quarter of 2014, operating expenses improved by $50 million,
                         or 80 basis points, to 62.4% of revenues, as compared with the prior
                         year period.
(c)                      As-reported SG&A expenses for the fourth quarter of 2015 were $343
                         million. As a result, after excluding divestitures from the fourth
                         quarter of 2014, SG&A expenses improved by $27 million, or 70 basis
                         points, to 10.6% of revenues, as compared with the prior year period.
 
                                                                                                                                                                                                Waste Management, Inc.
                                                                                                                                                                                               Supplemental Data - 2014
                                                                                                                                                                                           Impact of Divestitures by Quarter
                                                                                                                                                                                                 (Dollars In Millions,
                                                                                                                                                                                               Except Per Share Amounts)
                                                                                                                                                                                                      (Unaudited)
                                                                                                                                                                                                                                                  
The following table presents certain financial results attributed to
divestitures during 2014, primarily our waste-to-energy business and
other solid waste assets. We have included this information because
the Company had significant divestitures in 2014; accordingly,
management believes that providing this additional detail regarding
prior financial results attributed to divested operations and assets
will help investors understand the Company’s 2015 financial
projections and provide investors with more meaningful comparisons
to 2015 results.
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                        Q1 2014                                                             Q2 2014                                                             Q3 2014                                                              Q4 2014                                                             Year 2014
                                                                                    -----------------------------------------------                     -----------------------------------------------                     -----------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                      
   Gross Operating Revenues                                                                            $  253                                                              $  218                                                              $  204                                                              $   177                                                              $    852
   Intercompany Operating Revenues                                                     (35 )                                            (29 )                                            (28 )                                             (26 )                                             (118 )
                                                                                    -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Net Operating Revenues                                                                                 $  218                                           $  189                                           $  176                                           $   151                                           $    734  
                                                                                    -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                      
Operating Expenses                                                                                     $  155                                                              $  134                                                              $  113                                                              $    93                                                              $    495
                                                                                                                                                                                                                                                                                                                                                                      
SG&A Expenses                                                                                          $   12                                                              $   13                                                              $    8                                                              $     6                                                              $     39
                                                                                                                                                                                                                                                                                                                                                                      
Depreciation and Amortization                                                                          $   15                                                              $   16                                                              $    4                                                              $     1                                                              $     36
                                                                                                                                                                                                                                                                                                                                                                      
Income from Operations                                                                                 $   36                                                              $   26                                                              $   51                                                              $    51                                                              $    164
                                                                                                                                                                                                                                                                                                                                                                      
Operating EBITDA (a)                                                                                   $   51                                                              $   42                                                              $   55                                                              $    52                                                              $    200
                                                                                                                                                                                                                                                                                                                                                                      
Net Income                                                                                             $   16                                                              $    9                                                              $   25                                                              $    30                                                              $     80
                                                                                                                                                                                                                                                                                                                                                                      
Earnings per Diluted Share                                                                             $ 0.04                                                              $ 0.02                                                              $ 0.05                                                              $  0.07                                                              $   0.18
                                                                                                                                                                                                                                                                                                                                                                      
Net Cash Provided by Operating Activities                                                              $   57                                                              $   16                                                              $   45                                                              $    22                                                              $    140
                                                                                                                                                                                                                                                                                                                                                                      
Capital Expenditures                                                                                   $    2                                                              $    3                                                              $    4                                                              $     1                                                              $     10
                                                                                                                                                                                                                                                                                                                                                                      
Proceeds from Divestitures                                                                             $  155                                                              $   65                                                              $   39                                                              $ 1,921                                                              $  2,180
                                                                                                                                                                                                                                                                                                                                                                      
Free Cash Flow (b)                                                                                     $  210                                                              $   78                                                              $   80                                                              $ 1,942                                                              $  2,310
     
(a)                      Management refers to GAAP income from operations, before
                         depreciation and amortization, as operating EBITDA.
(b)                      Please see note (b) to the earnings press release for a definition
                         and additional information regarding our use of this non-GAAP
                         measure.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160218005740r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160218005740/en/

SOURCE: Waste Management, Inc.

Waste Management, Inc. 
Analysts 
Ed Egl, 713-265-1656 
eegl@wm.com 
Media 
Toni Beck, 713-394-5093 
tbeck3@wm.com


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