The company said revenue tied to yield in its Recycling Processing and Sales segment decreased by $308 million in 2023, and WM Renewable Energy segment revenue decreased by $73 million. The company said the average market price for single-stream recycled commodities fell 40% in 2023.

1. 01

   The company said revenue tied to yield in its Recycling Processing and Sales segment decreased by $308 million in 2023, and WM Renewable Energy segment revenue decreased by $73 million. The company said the average market price for single-stream recycled commodities fell 40% in 2023.

2. 02

   The company cited inflationary pressures in maintenance and repairs and subcontractor costs, along with market wage adjustments for frontline employees, as the main drivers of the increase in operating expenses in 2023 compared with 2022. The company said lower recycling rebates and lower fuel prices partially offset the increase.

3. 03

   The company said it received net proceeds of $1.24 billion from the issuance of 4.625% senior notes due $750 million and $500 million in February 2023, and net proceeds of $1.97 billion from the issuance of 4.875% senior notes due $750 million and $1.25 billion in July. It said it used the proceeds to reduce commercial paper borrowings, to repay $500 million of 2.4% senior notes and to repay $1.0 billion of its Term Loan.

4. 04

   The company said cash provided by operating activities increased by $183 million in 2023 compared with 2022. It said capital expenditures were $2,895 million in 2023, $2,587 million in 2022 and $1,904 million in 2021. The company cited investments in its Recycling Processing and Sales and WM Renewable Energy segments, among other factors, as drivers of the increase in capital spending.

Key figures

Fiscal year ended December 31, 2023

Revenue

$20.4B

Operating income

$3.6B

Net income

$2.3B

EPS

$5.66

Operating cash flow

$4.7B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.