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Republic Services' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Additionally, the material we discuss today is time-sensitive. If in the future you listen to a rebroadcast or recording of this conference call, you should be sensitive to the date of the original call, which is October 27, 2011.

Please note that this call is the property of Republic Services, Inc. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Republic Services is strictly prohibited.

With that, I would like to turn the call over to Don.

Donald W. Slager

Thanks, Ed. Based on our third quarter performance, Republic Services is on track to achieve the earnings and cash flow guidance provided earlier this year. Financial and operational highlights include: Revenue of approximately $2.1 billion for the quarter; total price growth in the quarter was 3.6%, with core price of a 0.7%; our MSW landfill price was up by 3%, which is an improvement from Q2 levels; Q3 had positive volume growth, this is the ninth consecutive quarter of collection volume improvement; our third quarter adjusted EPS was $0.53 and $1.43 year-to-date; our third quarter adjusted free cash flow was $266 million; we repurchased 6 million shares in the third quarter for $167 million.

During the past 12 months, we have repurchased 16 million shares or 4% of our stock for $470 million. We remain committed to an efficient cash utilization strategy, which includes increasing cash returns to our shareholders through repurchase and dividends. Total cash returned to the shareholders in the quarter was $242 million and $657 million year-to-date.

We continue to be successful in retaining a high percentage of our existing contracts, and have secured a number of new contracts that will improve our performance in 2012. During the third quarter, we started a new contract that privatized a residential collection operations of Toledo, Ohio. Privatization continues to be a source of revenue growth and assist municipalities with allocation of financial resources. Additionally, we will begin servicing a number of new contracts during 2012, including San Jose in Fresno, California and Hernando County in Florida.

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