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Waste Management Management Discusses Q2 2012 Results - Earnings Call Transcript

Before we get started, let me remind you that in addition to our earnings press release and the press release announcing our restructuring that were issued this morning, we have filed a Form 8-K that includes the earnings press release as Exhibit 99.1 and is available on our website at www.wm.com. The Form 8-K, the press releases and the schedule to the earnings press release include important information that you should refer to.

During the call, you'll hear certain forward-looking statements based on current expectations, projections, estimates, opinions or beliefs about future periods. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties are detailed in today's press releases and our filings with the Securities and Exchange Commission, including our most recent Form 10-K. Additionally, during the call, David and Steve will discuss our earnings per diluted share, which they may refer to as EPS or earnings per share, on an "as adjusted" basis. Our EPS and net income, as well as measures of operating expenses, SG&A expenses and expenses as a percent of revenue, have been adjusted to exclude items detailed in our earnings press release that management believes do not reflect our fundamental business performance or are not indicative of our results of operations. These measures, in addition to free cash flow are non-GAAP measures. Please refer to the earnings press release footnote and schedule attached thereto, together with item 2.02 of the Form 8-K filed today, both of which can be found on the company's website at www.wm.com, for a reconciliation to the most comparable GAAP measures and additional information about the use of non-GAAP measures.

David and Steve will also discuss our results in the areas of internal revenue growth from yield and internal revenue growth from volume. Unless otherwise stated, please note that any references to yield or volume results or more specifically referring to internal revenue growth from yield and volume.

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