economic impact

2015 was a very successful year for Waste Management that saw us continue our focus on core pricing, disciplined growth and controlling costs. That same focus has continued through 2016, as has our commitment to sustainable business practices balancing economic, social and environmental priorities.

Jim Fish, President and CEO

(in millions)

Revenues decreased in 2015 primarily from the sale of Wheelabrator Technologies.

Adjusted Income From Operations1
(in millions)

Income from operations grew nearly $100 million in 2015.

Adjusted Operating Margin1

Adjusted operating margin increased 120 basis points from 2014 to 2015.

Adjusted Operating EBITDA1
(in millions)

Operating EBITDA improved
in 2015.

Adjusted Operating EBITDA Margin

Adjusted 2015 operating EBITDA margin increased 130 basis points in 2015.

Free Cash Flow1
(in millions)

2014 free cash flow includes proceeds from the sale of Wheelabrator Technologies. Free cash flow has increased every year since 2012.

Adjusted EPS1

In 2015, diluted earnings per common share increased to $2.61, from $2.30 in 2014.

Share Repurchases

In 2015, we returned $1.295 million to our shareholders through dividends and
share repurchases.


Cash dividends declared and paid were $695 million, or $1.54 per common share
in 2015.

Total Debt
(in millions)

Total debt has been reduced though a focus on strengthening our balance sheet and the use of proceeds from divestitures.

1 Adjusted Income from Operations, Adjusted Operating EBITDA, Adjusted Margins, Adjusted EPS and Free Cash Flow are non-GAAP measures. Please also note that 2014 Revenue, Adjusted Income from Operations, Adjusted Operating EBTIDA, Adjusted Margins and Adjusted EPS exclude amounts attributed to business and assets divested in 2014, primarily Wheelabrator Technologies, in order to provide a more meaningful comparison to 2015 results. Please see Company Appendix for additional information and a link to reconciliations of these measures.