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Time running out for Goldeyes
Time running out for Goldeyes

Winnipeg Free Press

timea day ago

  • Sport
  • Winnipeg Free Press

Time running out for Goldeyes

Max Murphy rounded third base thinking he was 90 feet away from forcing extra innings. The Winnipeg Goldeyes outfielder was standing on first when second baseman Keshawn Lynch ripped a line drive down the left baseline with two outs in the bottom of the ninth. Unfortunately for the Fish, Fargo-Moorhead RedHawks shortstop Aidan Byrne played the role of the cutoff man perfectly as he fired a strike to catcher Parker Stroh, who tagged Murphy in front of home plate. The play preserved a 5-4 victory for the visiting RedHawks in front of 3,365 fans at Blue Cross Park on Monday night. JOHN WOODS / FREE PRESS Goldeyes starter Luke Boyd gave up five runs in 6.1 innings Monday night against the Fargo-Moorhead RedHawks. 'Right off first, I was hauling… (The third base coach) was sending me the whole way, so I thought 'I got this', and then I could see the catcher getting ready to catch it and I was like 'Ah, unless he clanks it, I'm out,'' said Murphy post-game. 'We've been playing a lot of bad baseball games lately, and today we played really well. And I mean, we had a chance there at the end, and if that relay goes a little different for them, if the throw is a little bit off, we tie the game up there and you never know what happens after that.' To say the Goldeyes have been playing bad ball lately has been putting it mildly. They are now 2-12 in their last 14 outings which has put them in a 27-41 hole. The Goldeyes are 10 games back of their Red River rival for the fourth and final playoff spot in the American Association's West Division. The bottom half of the hourglass is beginning to fill as they have 32 games left to somehow climb in front of the 38-32 RedHawks. The two sides kicked off a three-game series on Monday and will also meet for one last trio of tilts against each other Aug. 26-28 in Fargo. The Fish are 2-5 against the RedHawks in 2025. 'I think kind of playing like we've got nothing to lose will probably do us some good,' said Goldeyes centre-fielder Jacob Robson. 'I think we've been getting a little too tense in those big moments and kind of afraid to fail and that's not a good recipe for success at all, take it from me, I've done it a lot. I've been afraid to fail, and it hasn't worked out. So, yeah, we got to play like we got nothing to lose and sometimes it takes getting in the hole to get that mentality about you, so maybe that's what we need, and I think that could work for us.' The Goldeyes have now lost a league-leading 20 games by one run. Their longest winning streak this season is three games and that came in May. 'It's been crazy. I don't know if I've ever dealt with that many close losses in my career, and I've been on a lot of good teams and a lot of bad teams,' said Robson, a 10-year vet from London, Ont. 'Baseball is a strange game, no matter how long you play, new things seem to happen for you in your career. It's a strange thing because you feel like you're so close, but at the end of the day it's still a loss. It's been really tough, honestly. We're doing our best to keep our spirits up and move forward.' Fargo took command in the sixth when first baseman Brendon Dadson blasted a three-run homer to give the away dugout a 4-1 lead. Outfielder Alec Olund made it 5-1 in the seventh with an RBI single. Winnipeg got back into it in the bottom of the seventh thanks to Robson drilling a three-run homer to right-centre to cut the deficit to 5-4. RedHawks starter Orlando Rodriguez left in the first inning with an injury, but his bullpen managed to save the day with a strong showing. Angelo Cabral (1-0) earned the win for Fargo by striking out five in 4.1 innings of work with one earned run on two hits. Fish starter Luke Boyd (2-8) took the loss after surrendering five earned runs on seven hits in 6.1 innings. Outside of their two all-star hitters — Murphy and first baseman Matthew Warkentin — hitting has been an issue all summer as the Goldeyes rank 11th in the 12-team loop in runs scored (299) and hits (544). Thursdays Keep up to date on sports with Mike McIntyre's weekly newsletter. Winnipeg had eight hits Monday — three off of Murphy's bat — but left 10 runners on base, including three in the opening frame. 'We've just got to come in and be positive,' said Murphy. 'As hard as that can be when we're losing, being negative doesn't lead to wins. So, we have to come in every day and just try and play solid baseball and see what happens.' The Goldeyes host the RedHawks again tonight at 6:30 p.m. Taylor AllenReporter Taylor Allen is a sports reporter for the Winnipeg Free Press. Taylor was the Vince Leah intern in the Free Press newsroom twice while earning his joint communications degree/diploma at the University of Winnipeg and Red River College Polytechnic. He signed on full-time in 2019 and mainly covers the Blue Bombers, curling, and basketball. Read more about Taylor. Every piece of reporting Taylor produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.

WM Announces Second Quarter 2025 Earnings
WM Announces Second Quarter 2025 Earnings

Business Wire

time2 days ago

  • Business
  • Business Wire

WM Announces Second Quarter 2025 Earnings

HOUSTON--(BUSINESS WIRE)--WM (NYSE: WM) today announced financial results for the quarter ended June 30, 2025. 'As we described at our recent Investor Day, WM is building distinctive platforms to drive competitive differentiation and fuel a powerful, long-term growth engine to create shareholder value. Our second quarter results are a strong demonstration of our progress on all fronts,' said Jim Fish, WM's CEO. 'Our Collection and Disposal business produced robust organic revenue growth and margin expansion, achieving the Company's best-ever operating expense margin. We also grew operating EBITDA by double digits in both our Recycling Processing and Sales and WM Renewable Energy segments, as the earnings contributions from investments we have made in our sustainability businesses accelerate. Additionally, we continue to integrate our newest segment, WM Healthcare Solutions, and benefit from the impact of WM's culture and operational excellence on customer relationships, cost efficiency, and financial results.' Fish continued, 'We released our 2025 Sustainability Report, We're Driving Sustainability, earlier this month, highlighting our progress toward our sustainability ambitions, including an impressive 22% reduction in greenhouse gas emissions since 2021. We're proud of the work our team is doing to advance a more sustainable future for our communities and the environment.' KEY HIGHLIGHTS FOR THE SECOND QUARTER OF 2025 Adjusted operating EBITDA for the WM Legacy Business grew 12.1% and margin was 31.3%. (a) The Company's Collection and Disposal business led the way with an adjusted margin of 37.9% driven by organic revenue growth, continued cost discipline, and optimized business mix. (a) The Company's Recycling Processing and Sales and WM Renewable Energy businesses together contributed $36 million to adjusted operating EBITDA growth, primarily due to sustainability growth projects. (a)(f) WM Healthcare Solutions contributed $110 million of adjusted operating EBITDA, in line with expectations. (a) The Company is on track to achieve the upper end of its targeted synergies of $80 to $100 million in 2025. Expand Revenue growth of 7.1% in the WM Legacy Business was driven by core price of 6.4% and Collection and Disposal yield of 4.1% as the Company continues its focus on customer lifetime value. (e) Volumes in the Collection and Disposal business grew 1.6% as compared to the second quarter of 2024, with robust growth in landfill volumes more than offsetting the Company's loss of a relatively large residential contract. Expand Adjusted operating expenses as a percentage of revenue for the WM Legacy Business improved 150 basis points, reflecting the margin benefits of additional landfill volumes as well as the Company's disciplined cost focus, demonstrated by improved driver turnover and safety performance, routing technology benefits, the strategic exit from low-margin residential collection business, and the benefit of capital investments made in the fleet. (a) Expand Adjusted SG&A results in the WM Legacy Business demonstrate the Company's commitment to cost discipline. The slight increase in SG&A margin compared to the prior year quarter is primarily related to intentional spending to support technology and optimization initiatives. SG&A as a percentage of revenue for WM Healthcare Solutions improved 200 basis points sequentially, or 270 basis points on an adjusted basis, reflecting the contribution of synergies from the Company's efforts to integrate and streamline its sales and back-office processes. (a) Expand Cash Flow and Investments Through the first six months of the year, the Company generated $2.75 billion of net cash provided by operating activities, driven by strong operating EBITDA growth partially offset by higher cash interest related primarily to the funding of the Stericycle acquisition. Free cash flow in the first half of the year was $1.29 billion, driven by robust operating EBITDA growth partially offset by a planned increase in capital expenditures. (a) Expand Sustainability and WM Healthcare Solutions Update The Company continues to progress its strategic investments in recycling and renewable natural gas facilities that drive economic and environmental value. During the quarter, three growth projects commenced operations, including a new renewable natural gas facility in Illinois, a recycling automation project in Pennsylvania and a new market recycling facility in Oregon. These additions bring total renewable natural gas projects completed to eight out of 20 planned facilities and total recycling automation and new market projects completed to 29 out of 39 planned. Integration of WM Healthcare Solutions continues to advance, and as announced during the June Investor Day, the Company has identified $50 million of operating EBITDA opportunities from cross-selling solid waste and medical waste solutions to existing customers, with $11 million of annualized operating EBITDA already secured. Including the cross-selling opportunities, anticipated run-rate synergies are expected to total $300 million of operating EBITDA by 2027. Expand 2025 Outlook With two quarters of the year complete, the Company is confident in its ability to deliver upon its full-year outlook for adjusted operating EBITDA and is positioned to deliver free cash flow in excess of its initial target. The Company delivered adjusted operating EBITDA in the first six months of the year in line with its expectations and initial guidance. The Company is affirming its adjusted operating EBITDA guidance midpoint of $7.550 billion and narrowing its range slightly to $7.475 and $7.625 billion. (a) Free cash flow is now projected to be between $2.8 and $2.9 billion, an increase of $125 million from the Company's initial guidance. (a) The increase in the free cash flow outlook is driven by recently enacted tax policy that restores bonus depreciation to 100%. Total Company revenue is now expected to be between $25.275 and $25.475 billion. The decrease from prior expectations is primarily related to the recent decline in recycled commodity prices which has an outsized impact on the Company's low-margin recycling brokerage business, as well as the impacts of a decline in certain Collection and Disposal volumes in the first quarter of 2025 due to the particularly harsh winter weather. (g) Adjusted operating EBITDA margin is now expected to be between 29.6% and 29.9%, an increase from the prior guidance of between 29.2% and 29.7%. (a) Fish concluded, 'We set a high bar in 2025, and through the first half of the year we have met those high expectations. Our team is focused on serving our customers, optimizing our costs, and innovating to support differentiation and growth. Executing on these priorities is expected to drive strong results in the back half of 2025 and position us to deliver on our guidance, achieve attractive returns on investments and grow shareholder value.' The Company will host a conference call at 10 a.m. ET on July 29, 2025, to discuss the Second Quarter 2025 results. Information contained within this press release will be referenced and should be considered in conjunction with the call. Listeners can access a live audio webcast of the conference call by visiting and selecting 'Events & Presentations' from the website menu. A replay of the audio webcast will be available at the same location following the conclusion of the call. Conference call participants should register to obtain their dial in and passcode details. This streamlined process improves security and eliminates wait times when joining the call. ABOUT WM WM ( is North America's leading provider of comprehensive environmental solutions. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial, medical and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them pursue their sustainability goals. In North America, WM has the largest disposal network and collection fleet, is the largest recycler and is a leader in beneficial use of landfill gas, with a growing network of renewable natural gas plants and the most landfill gas-to-electricity plants, as well as the largest heavy-duty natural gas truck fleet in the industry. WM Healthcare Solutions provides collection and disposal services of regulated medical waste and secure information destruction services in the U.S., Canada and Western Europe. To learn more about WM and the company's sustainability progress and solutions, visit FORWARD-LOOKING STATEMENTS The Company, from time to time, provides estimates or projections 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, circumstances or performance. This press release contains a number of such forward-looking statements, including all statements under the heading '2025 Outlook' and all statements regarding future performance and results of our business; achievement of targets, financial guidance or outlook; growth and optimization of our business; integration of the Stericycle business (which is reported as the WM Healthcare Solutions segment) and related contributions, results and benefits, including amount and timing of synergies; amount and timing of sustainability investments, upgrades and project completions and related returns, contributions, and benefits; future capital allocation and acquisition spending; drivers of performance, including pricing programs and volume; and assumptions regarding commodity prices, natural gas production, tax credits and renewable fuel programs. 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, failure to implement our optimization, automation, growth, and cost savings initiatives and overall business strategy; failure to obtain the results anticipated from strategic initiatives, investments, acquisitions, or new lines of business; failure to identify acquisition targets, consummate and integrate acquisitions, including our ability to integrate the acquisition of Stericycle and achieve the anticipated benefits therefrom, including synergies; legal, regulatory and other matters that may affect the costs and timing of our ability to integrate and deliver all of the expected benefits of the Stericycle acquisition; failure to maintain an effective system of internal control over financial reporting; existing or new environmental and other regulations, including developments related to emerging contaminants, gas emissions, renewable energy, extended producer responsibility and our natural gas fleet; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits due to land scarcity, public opposition or otherwise; diminishing landfill capacity, resulting in increased costs and the need for disposal alternatives; exposure to different regulatory, legal, financial and economic conditions in international jurisdictions; failure to attract, hire and retain key team members and a high quality workforce; increases in labor costs due to union organizing activities or changes in wage- and labor-related regulations; disruption and costs resulting from severe weather and destructive climate events; failure to achieve our sustainability goals or execute on our sustainability-related strategy and initiatives, including within planned timelines or anticipated budgets due to disruptions, delays, cost increases or changes in environmental or tax regulations and incentives; focus on, and regulation of, environmental and sustainability-related disclosures, which could lead to increased costs, risk of non-compliance, brand damage and litigation risk related to our sustainability efforts; macroeconomic conditions, geopolitical conflict and large-scale market disruption resulting in labor, supply chain and transportation constraints, inflationary cost pressures and fluctuations in commodity prices, fuel and other energy costs; increased competition; pricing actions; impacts from international trade restrictions and tariffs; competitive disposal alternatives, diversion of waste from landfills and declining waste volumes; changing conditions in the healthcare industry; weakness in general economic conditions and capital markets; instability of financial institutions; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform as expected; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; inability to adapt and manage the benefits and risks of artificial intelligence; negative outcomes of litigation or governmental proceedings, including those acquired through transactions; and operational or management decisions or developments that result in impairment charges. 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, as updated by subsequent Quarterly Reports on Form 10-Q, for additional information regarding these and other risks and uncertainties applicable to its 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. NON-GAAP FINANCIAL MEASURES To supplement its financial information, the Company has presented, and/or may discuss on the conference call, adjusted measures including adjusted earnings per diluted share, adjusted net income, adjusted income from operations and margin, adjusted operating EBITDA and margin, adjusted operating expense and margin, and adjusted SG&A expenses and margin. All adjusted measures and free cash flow are non-GAAP financial 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) financial measures the Company uses in the management of its business and (ii) 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. In addition, the Company's projected adjusted operating EBITDA is anticipated to be adjusted to exclude the effects of other events or circumstances that are not representative or indicative of the Company's results of operations. Such excluded items are not currently determinable, but may be significant, such as asset impairments and one-time items, charges, gains or losses from divestitures or litigation, and 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 such projection to the comparable GAAP measure. The Company discusses free cash flow and provides a projection of 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. The Company believes free cash flow gives investors useful insight into how the Company views its liquidity, but 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); this definition may not be comparable to similarly-titled measures reported by other companies. The quantitative reconciliations of non-GAAP measures to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected adjusted operating EBITDA. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP. WASTE MANAGEMENT, INC. (In Millions) (Unaudited) June 30, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 440 $ 414 Receivables, net 3,931 3,687 Other 613 673 Total current assets 4,984 4,774 Property and equipment, net 19,963 19,340 Goodwill 13,886 13,438 Other intangible assets, net 3,964 4,188 Other 2,925 2,827 Total assets $ 45,722 $ 44,567 LIABILITIES AND EQUITY Current liabilities: Accounts payable, accrued liabilities and deferred revenues $ 4,852 $ 4,899 Current portion of long-term debt 964 1,359 Total current liabilities 5,816 6,258 Long-term debt, less current portion 23,056 22,541 Other 7,648 7,514 Total liabilities 36,520 36,313 Equity: Waste Management, Inc. stockholders' equity 9,201 8,252 Noncontrolling interests 1 2 Total equity 9,202 8,254 Total liabilities and equity $ 45,722 $ 44,567 Expand WASTE MANAGEMENT, INC. (In Millions) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Consolidated net income $ 1,364 $ 1,387 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation, depletion and amortization 1,364 1,057 Other 292 166 Change in operating assets and liabilities, net of effects of acquisitions and divestitures (267 ) (89 ) Net cash provided by operating activities 2,753 2,521 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired (366 ) (243 ) Capital expenditures (1,563 ) (1,335 ) Proceeds from divestitures of businesses and other assets, net of cash divested 103 58 Other, net (89 ) (839 ) Net cash used in investing activities (1,915 ) (2,359 ) Cash flows from financing activities: New borrowings 9,135 9,180 Debt repayments (9,234 ) (8,752 ) Common stock repurchase program — (262 ) Cash dividends (669 ) (608 ) Exercise of common stock options 50 36 Tax payments associated with equity-based compensation transactions (49 ) (48 ) Other, net (14 ) (10 ) Net cash used in financing activities (781 ) (464 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 8 (4 ) Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 65 (306 ) Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 487 552 Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 552 $ 246 Expand WASTE MANAGEMENT, INC. SUMMARY DATA SHEET (In Millions) (Unaudited) Three Months Ended June 30, 2025 2024 Gross Intercompany Net Gross Intercompany Net Operating Operating Operating Operating Operating Operating Revenues Revenues Revenues Revenues (a) Revenues (a) Revenues Commercial $ 1,618 $ (220 ) $ 1,398 $ 1,526 $ (196 ) $ 1,330 Industrial 1,013 (223 ) 790 978 (199 ) 779 Residential 894 (22 ) 872 886 (23 ) 863 Other collection 864 (68 ) 796 781 (52 ) 729 Total collection 4,389 (533 ) 3,856 4,171 (470 ) 3,701 Landfill (a) 1,446 (410 ) 1,036 1,262 (389 ) 873 Transfer 681 (292 ) 389 618 (270 ) 348 Total Collection and Disposal $ 6,516 $ (1,235 ) $ 5,281 $ 6,051 $ (1,129 ) $ 4,922 Recycling Processing and Sales 482 (101 ) 381 475 (70 ) 405 WM Renewable Energy 115 — 115 70 (1 ) 69 WM Healthcare Solutions 647 (1 ) 646 — — — Corporate and Other (a) 15 (8 ) 7 14 (8 ) 6 Total $ 7,775 $ (1,345 ) $ 6,430 $ 6,610 $ (1,208 ) $ 5,402 Six Months Ended June 30, 2025 2024 Gross Intercompany Net Gross Intercompany Net Operating Operating Operating Operating Operating Operating Revenues Revenues Revenues Revenues (a) Revenues (a) Revenues Commercial $ 3,212 $ (434 ) $ 2,778 $ 3,027 $ (381 ) $ 2,646 Industrial 1,953 (422 ) 1,531 1,912 (386 ) 1,526 Residential 1,788 (44 ) 1,744 1,762 (45 ) 1,717 Other collection 1,689 (140 ) 1,549 1,532 (105 ) 1,427 Total collection 8,642 (1,040 ) 7,602 8,233 (917 ) 7,316 Landfill (a) 2,639 (763 ) 1,876 2,414 (749 ) 1,665 Transfer 1,273 (548 ) 725 1,178 (521 ) 657 Total Collection and Disposal $ 12,554 $ (2,351 ) $ 10,203 $ 11,825 $ (2,187 ) $ 9,638 Recycling Processing and Sales 947 (182 ) 765 911 (138 ) 773 WM Renewable Energy 207 (1 ) 206 140 (2 ) 138 WM Healthcare Solutions 1,274 (9 ) 1,265 — — — Corporate and Other (a) 25 (16 ) 9 25 (13 ) 12 Total $ 15,007 $ (2,559 ) $ 12,448 $ 12,901 $ (2,340 ) $ 10,561 Expand (a) In the fourth quarter of 2024, the Company adjusted gross and intercompany operating revenues to reflect the 15% royalty paid by WM Renewable Energy to Collection and Disposal and Corporate and Other businesses for the purchase of landfill gas. There was no change to net operating revenues. The three months and six months ended June 30, 2024 were recast to conform to the current presentation. Expand WASTE MANAGEMENT, INC. SUMMARY DATA SHEET (In Millions) (Unaudited) Internal Revenue Growth Period-to-Period Change for the Period-to-Period Change for the Three Months Ended Six Months Ended June 30, 2025 vs. 2024 June 30, 2025 vs. 2024 As a % of As a % of As a % of As a % of Amount Business (a) Amount Company (b) Amount Business (a) Amount Company (b) Collection and Disposal $ 191 4.1 % $ 370 4.0 % Recycling Processing and Sales and WM Renewable Energy (c) (25 ) (5.3 ) (25 ) (2.7 ) Energy surcharge and mandated fees 9 4.2 7 1.7 Total average yield (d) $ 175 3.3 % $ 352 3.4 % Volume (e) 115 2.1 119 1.1 Internal revenue growth 290 5.4 471 4.5 Acquisitions 746 13.7 1,440 13.6 Divestitures (6 ) (0.1 ) (10 ) (0.1 ) Foreign currency translation (2 ) — (14 ) (0.1 ) Total $ 1,028 19.0 % $ 1,887 17.9 % Expand Period-to-Period Change for the Period-to-Period Change for the Three Months Ended Six Months Ended June 30, 2025 vs. 2024 June 30, 2025 vs. 2024 As a % of Related Business (a) As a % of Related Business (a) Yield Volume Yield Volume (f) Commercial 5.3 % (0.1 ) % 5.5 % — % Industrial 3.8 (1.2 ) 3.5 (1.3 ) Residential 5.7 (5.7 ) 5.4 (4.6 ) Total collection 4.7 (1.7 ) 4.7 (1.4 ) MSW 7.0 4.5 5.6 4.1 Transfer 4.0 (3.0 ) 4.8 (3.5 ) Total Collection and Disposal 4.1 % 1.6 % 4.0 % 0.8 % Expand (a) Calculated by dividing the increase or decrease for the current year period by the prior year period's related business revenues adjusted to exclude the impacts of divestitures for the current year period. (b) Calculated by dividing the increase or decrease for the current year period by the prior year period's total Company revenues adjusted to exclude the impacts of divestitures for the current year period. (c) Includes combined impact of commodity price variability in both our Recycling Processing and Sales and WM Renewable Energy segments, as well as changes in certain recycling fees charged by our collection and disposal operations. (d) The amounts reported herein represent the changes in our revenue attributable to average yield for the total Company. (e) Includes activities from our Corporate and Other businesses. (f) Workday adjusted volume impact. Expand WASTE MANAGEMENT, INC. SUMMARY DATA SHEET (In Millions) (Unaudited) Free Cash Flow (a) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 1,545 $ 1,154 $ 2,753 $ 2,521 Capital expenditures to support the business (572 ) (445 ) (1,275 ) (947 ) Proceeds from divestitures of businesses and other assets, net of cash divested 5 43 103 58 Free cash flow without sustainability growth investments 978 752 1,581 1,632 Capital expenditures - sustainability growth investments (160 ) (222 ) (288 ) (388 ) Free cash flow $ 818 $ 530 $ 1,293 $ 1,244 Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Supplemental Data Internalization of waste, based on disposal costs 71.9 % 69.5 % 71.3 % 68.9 % Landfill depletable tons (in millions) 34.7 32.0 64.0 61.0 Acquisition Summary (b) Gross annualized revenue acquired $ 131 $ 77 $ 142 $ 78 Total consideration, net of cash acquired 404 237 411 240 Cash paid for acquisitions consummated during the period, net of cash acquired 363 231 370 233 Cash paid for acquisitions including contingent consideration and other items from prior periods, net of cash acquired 365 232 378 250 Landfill Depletion and Accretion Expenses: Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Landfill depletion expense: Cost basis of landfill assets (c) $ 182 $ 162 $ 332 $ 308 Asset retirement costs 38 39 71 69 Total landfill depletion expense (c) 220 201 403 377 Accretion expense 36 33 71 66 Landfill depletion and accretion expense $ 256 $ 234 $ 474 $ 443 Expand (a) The summary of free cash flow 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. (b) Represents amounts associated with business acquisitions consummated during the applicable period except where noted. (c) For both the second quarter of 2025 and the six months ended June 30, 2025, the increase in landfill depletion expense was driven by higher volumes, particularly at sites within our West Tier. Expand (a) For purposes of this press release table, all references to 'Net income' refer to the financial statement line item 'Net income attributable to Waste Management, Inc.' (b) Includes acquisition and integration-related costs, severance and retention costs, and WM Healthcare Solutions Enterprise Resource Planning (ERP) system costs. (c) The three months ended June 30, 2025 includes net charges primarily related to a business engaged in oil recovery and sludge processing services. The three months ended June 30, 2024 includes net charges primarily related to an investment in a waste diversion technology business. (d) The Company calculates its effective tax rate based on actual dollars. When the effective tax rate is calculated by dividing the Tax Expense amount in the table above by the Pre-tax Income amount, differences occur due to rounding, as these items have been rounded in millions. The second quarter 2025 and 2024 adjusted effective tax rates were 21.8% and 23.9%, respectively. Expand WASTE MANAGEMENT, INC. (In Millions) (Unaudited) Three Months Ended June 30, 2025 Gross operating revenues, as reported $ 6,516 $ 482 $ 115 $ 15 $ 7,128 $ 647 $ 7,775 Intercompany operating revenues (1,235 ) (101 ) — (8 ) (1,344 ) (1 ) (1,345 ) Net operating revenues, as reported $ 5,281 $ 381 $ 115 $ 7 $ 5,784 $ 646 $ 6,430 Income from operations, as reported $ 1,461 $ 24 $ 38 $ (349 ) $ 1,174 $ (23 ) $ 1,151 Depreciation, depletion and amortization 517 45 15 26 603 105 708 Operating EBITDA, as reported $ 1,978 $ 69 $ 53 $ (323 ) $ 1,777 $ 82 $ 1,859 Adjustments: Stericycle acquisition and integration-related costs (c) — — — 9 9 28 37 Loss from asset impairments, unusual items and other, net (d) 25 1 — 1 27 — 27 25 1 — 10 36 28 64 Adjusted operating EBITDA $ 2,003 $ 70 $ 53 $ (313 ) $ 1,813 $ 110 $ 1,923 Operating EBITDA margin, as reported 37.5 % 18.1 % 46.1 % N/A 30.7 % 12.7 % 28.9 % Adjusted operating EBITDA margin 37.9 % 18.4 % 46.1 % N/A 31.3 % 17.0 % 29.9 % Three Months Ended June 30, 2024 Collection Processing Renewable Corporate Adjusted Operating EBITDA and Adjusted Operating EBITDA Margin Gross operating revenues, as reported $ 6,051 $ 475 $ 70 $ 14 $ 6,610 Intercompany operating revenues (1,129 ) (70 ) (1 ) (8 ) (1,208 ) Net operating revenues, as reported $ 4,922 $ 405 $ 69 $ 6 $ 5,402 Income from operations, as reported $ 1,359 $ 29 $ 18 $ (397 ) $ 1,009 Depreciation, depletion and amortization 475 31 9 28 543 Operating EBITDA, as reported $ 1,834 $ 60 $ 27 $ (369 ) $ 1,552 Adjustments: Stericycle transaction costs — — — 7 7 Collective bargaining agreement costs 1 — — — 1 Loss from asset impairments, unusual items and other, net (d) 3 — — 55 58 4 — — 62 66 Adjusted operating EBITDA $ 1,838 $ 60 $ 27 $ (307 ) $ 1,618 Operating EBITDA margin, as reported 37.3 % 14.8 % 39.1 % N/A 28.7 % Adjusted operating EBITDA margin 37.3 % 14.8 % 39.1 % N/A 30.0 % Expand (a) Certain fees related to the processing of recycled material we collect are included within our Collection and Disposal businesses. The amounts in Income from Operations for the three months ended June 30, 2025 and 2024 are $20 million and $26 million, respectively. (b) WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal and Corporate and Other businesses for landfill gas. The total amount of royalties in Income from Operations for the three months ended June 30, 2025 and 2024, are $17 million and $11 million, respectively. (c) Includes acquisition and integration-related costs, severance and retention costs, and WM Healthcare Solutions Enterprise Resource Planning (ERP) system costs. (d) The three months ended June 30, 2025 includes net charges primarily related to a business engaged in oil recovery and sludge processing services. The three months ended June 30, 2024 includes net charges primarily related to an investment in a waste diversion technology business. Expand WASTE MANAGEMENT, INC. (In Millions) (Unaudited) Three Months Ended Three Months Ended June 30, 2025 June 30, 2024 WM WM Legacy Healthcare Business Solutions Total WM Total WM Gross operating revenues, as reported $ 7,128 $ 647 $ 7,775 $ 6,610 Intercompany operating revenues (1,344 ) (1 ) (1,345 ) (1,208 ) Operating revenues, as reported $ 5,784 $ 646 $ 6,430 $ 5,402 Operating expenses, as reported $ 3,433 $ 406 $ 3,839 $ 3,291 As a % of net revenues 59.4 % 62.8 % 59.7 % 60.9 % Adjustments: Stericycle acquisition and integration-related costs — (4 ) (4 ) — Collective bargaining agreement costs — — — (1 ) Operating expenses, as adjusted $ 3,433 $ 402 $ 3,835 $ 3,290 As a % of net revenues 59.4 % 62.2 % 59.6 % 60.9 % Three Months Ended Three Months Ended Three Months Ended June 30, 2025 June 30, 2024 March 31, 2025 (a) WM WM WM Intercompany operating revenues (1,344 ) (1 ) (1,345 ) (1,208 ) (8 ) Operating revenues, as reported $ 5,784 $ 646 $ 6,430 $ 5,402 $ 619 SG&A expenses, as reported $ 546 $ 150 $ 696 $ 501 $ 156 As a % of net revenues 9.4 % 23.2 % 10.8 % 9.3 % 25.2 % Adjustment: Stericycle acquisition and integration-related costs (9 ) (15 ) (24 ) (7 ) (10 ) SG&A expenses, as adjusted $ 537 $ 135 $ 672 $ 494 $ 146 As a % of net revenues 9.3 % 20.9 % 10.5 % 9.1 % 23.6 % 2025 Projected Free Cash Flow Reconciliation (b) Scenario 1 Scenario 2 Net cash provided by operating activities $ 5,860 $ 6,025 Capital expenditures to support the business (2,575 ) (2,625 ) Proceeds from divestitures of businesses and other assets, net of cash divested 115 150 Free cash flow without sustainability growth investments $ 3,400 $ 3,550 Capital expenditures - sustainability growth investments (600 ) (650 ) Free cash flow $ 2,800 $ 2,900 Expand (a) WM Healthcare Solutions Q1 2025 results are included to provide a reconciliation for the sequential improvement in adjusted SG&A as a percentage of revenue. (b) The reconciliation includes two scenarios that illustrate our projected free cash flow range for 2025. 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. Expand WASTE MANAGEMENT, INC. (In Millions) (Unaudited) Diversity in the structure of recycling contracts results in different accounting treatment for commodity rebates. In accordance with revenue recognition guidance, our Company records gross recycling revenue and records rebates paid to customers as cost of goods sold. Other contract structures allow for netting of rebates against revenue. Additionally, there are differences in whether companies adjust for accretion expense in their calculation of EBITDA. Our Company does not adjust for landfill accretion expenses when calculating operating EBITDA, while other companies do adjust it for the calculation of their EBITDA measure. The table below illustrates the impact that differing contract structures and treatment of accretion expense has on the Company's adjusted operating EBITDA margin results. This information has been provided to enhance comparability and is not intended to replace or adjust GAAP reported results. Expand

Marlins beat Padres, Alcantara delivers best start of the season
Marlins beat Padres, Alcantara delivers best start of the season

Miami Herald

time7 days ago

  • Sport
  • Miami Herald

Marlins beat Padres, Alcantara delivers best start of the season

It seems the All-Star break was exactly what the Miami Marlins needed. The Fish closed out their two-series homestand on Wednesday afternoon with a bang, edging the San Diego Padres 3-2 in the third and final game. Now, they sit 6.5 games back of a playoff spot—an outcome that would've seemed unbelievable at the season's start. On the mound, Sandy Alcantara delivered his most impressive outing yet, pitching through the seventh inning for the first time this year. He retired every batter through the first three innings, tallying four strikeouts in that stretch. With Wednesday marking the Marlins' final home game before the July 31 trade deadline, it could have also been Alcantara's last appearance in a Miami uniform at home—especially after a performance that may have boosted his trade value. 'The resiliency has shown through, his competitiveness - that was a terrific outing,' McCullough said postgame. Alcantara entered the day with a 7.22 ERA, his career worst, as he continues to recover from Tommy John surgery in 2023. But that version of Alcantara was nowhere to be found on Wednesday. Alcantara reached 1,000 career innings pitched on Wednesday. It was also his first outing of the season completing the seventh inning. '[I had] a lot of confidence, going seven short innings out there [and giving] my team the chance to win. That was tremendous,' Alcantara said. 'Sinker was great, changer was good, [my] slider and curve [ball], everything was working today.' He added that he's been especially focused on refining his slider pitch this season and finally found his rhythm with it, not tallying a single walk on the mound Wednesday. Defensively, the only hiccup came in the fourth inning when a throwing error by catcher Nick Fortes allowed the Padres' Luis Arraez to advance to second. An RBI single from Miami-native Manny Machado tied the game 1-1, but a double play by the Marlins defense quickly stopped the Padres' momentum. Miami got off to a quick start in the bottom of the first, capitalizing on two walks and an RBI single from Agustin Ramirez that sent Xavier Edwards home and put the Marlins up 1-0. 'Having guys like Gus [Ramirez] makes [my job] much easier,' General Manager Clayton McCullough said. Ramirez now leads all National League rookies with 45 RBIs this season. In the fifth, the Fish struck again. After a Padres fielding error let Javier Sanoja reach first, Jesús Sánchez launched a 377-foot, two-run homer to give the Marlins a 3-1 lead. Since Connor Norby's wrist injury sidelined him for 6-8 weeks, Sanoja and Graham Pauley have stepped up. Though both are primarily infielders - particularly at third base - Sanoja's versatility has allowed Miami to deploy him in the outfield as well. 'I like Sanoja everywhere,' McCullough said before Wednesday's game, in which Sanoja started in center field before shifting to third base mid-game. 'He's just continually done things to help us out on both sides of the ball… I can always trust him to be ready for whatever he's asked.' Despite a run from the Padres in the eighth that cut the lead to 3-2, the Marlins held on to secure the win, bringing them one step closer to the .500 mark as they head to Milwaukee to face the red-hot Brewers. THIS AND THAT ▪ Since June 13, the Marlins lead the Majors with 107 two-out hits. 'I hope it continues,' McCullough said. 'What the magic formula is, I don't know… but it does give you a little bit of wind in your sails as a group.' ▪ Jesús Sánchez hit his ninth home run of the season with Wednesday's 377-foot blast to right field. 'Sánchez's at-bat quality has been very solid for the entire season,' McCullough said. ▪ In the eighth inning, All-Star Kyle Stowers was hit on the elbow by a pitch. Though it was wrapped in ice postgame, McCullough downplayed any concern: '[He] got his funny bone [which is a] tough spot to get hit, but we anticipate that he'll be fine. There's no real level of concern.'

New Mom's Lesson About Giving Birth in US Stuns: 'Too European for This'
New Mom's Lesson About Giving Birth in US Stuns: 'Too European for This'

Newsweek

time21-07-2025

  • Business
  • Newsweek

New Mom's Lesson About Giving Birth in US Stuns: 'Too European for This'

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A mother of newborn twins has sparked a viral conversation after sharing her theory on why fertility rates in the United States are reaching historic lows. Emily Fish, 36, from Ohio, posted a TikTok video (@_e_fish_) on July 17 reflecting on her recent birth experience and the bills that followed. Her clip, which has racked up over 831,000 views, offers a personal lens on the broader national trend of declining childbirth. The Centers for Disease Control and Prevention (CDC) says that the general fertility rate in the U.S. declined by 3 percent in 2023, hitting an all-time low. Fish says that the reason people are having fewer children might not lie in personal lifestyle choices, but in something more tangible. "Maybe it's because the cost of having a baby in America is over six figures, and that's just to get through the hospital and back home," Fish said in the video. Fish can be speaking to the camera while holding one of her babies. Fish can be speaking to the camera while holding one of her babies. TikTok/@_e_fish_ 'They've Already Been Billed More Than My Student Loans' The financial platform Credit Karma says that raising a child is now more expensive than ever. A 2017 study by the U.S. Department of Agriculture estimated the cost of raising one child to age 17 at $233,610 for a middle-income family. Adjusted for inflation, that figure jumps to $318,949 for a baby born in February 2025. Fish gave birth to twin daughters five weeks ago via a scheduled C-section at 37 weeks, after a pregnancy that required intensive monitoring due to fetal growth concerns. Starting at 22 weeks, she had twice-weekly appointments, leading up to her delivery and four-day hospital stay. Fish's insurance was billed a total of $120,527.51, though she personally paid $2,788.70 out of pocket. "I am very fortunate; I have great insurance, and I have a low deductible," she said. Each of Fish's newborns was also billed separately—Baby A at $15,124.55, and Baby B at $14,872.55. "So I guess there was some sort of sibling discount," Fish said. "They're not even able to blink yet, and they've already been billed more than the total cost of my student loans," she added. One of the most-surprising charges came when she experienced a headache at seven months pregnant. Although Fish's blood pressure was only slightly elevated, she said the hospital tested for preeclampsia, monitored the babies' heart rates, gave her two extra-strength Tylenol pills, and performed blood work. The bill? $9,115. Delivery and postpartum care alone came to $65,665.50. "I'm very grateful for the experience that I had and great insurance, but I know, for a lot of people that live in America, that is simply not possible," Fish said. "I probably would have had to file bankruptcy," she added. Americans Rethink Parenthood Indeed, money is on many Americans' minds when considering starting a family. A Pew Research Center survey of 770 adults aged 18 to 49 found that not having children made it easier to afford the things they want, pursue hobbies, save for the future, and even advance in their careers or maintain a social life. The survey also found that the most-common reason for not having children was simply not wanting them. Sixty-four percent of women under 50 cited that reason, compared to 50 percent of men. TikTok Reacts So far, the video has garnered over 180,000 likes and more than 6,100 comments—many from shocked viewers outside the United States who expressed disbelief at the high costs. "In the UK you pay for parking and that's it," said one user. "That's wild. So having children is only for the rich in the U. S.?" asked another. "The world is so over populated too like. it's O.K. if some people don't want kids," said a third commenter. Fish replied, "I agree—people can choose without judgment. But raising a family should be financially accessible for those who want that life." One comment read: "I'm too European for this." Newsweek is waiting for @_e_fish_ to provide a comment.

‘Stay Realistic,' Says Piper Sandler About SoundHound AI Stock
‘Stay Realistic,' Says Piper Sandler About SoundHound AI Stock

Business Insider

time20-07-2025

  • Business
  • Business Insider

‘Stay Realistic,' Says Piper Sandler About SoundHound AI Stock

SoundHound AI (NASDAQ:SOUN) stock has benefited from growing excitement around voice-enabled AI, surging 156% over the past year. However, that momentum may have outpaced the company's ability to deliver in the near term. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. While the long-term thesis remains intact, Piper Sandler analyst James Fish has recently stepped back from his bullish stance. His concerns now center on execution timing, the pressure to achieve profitability, and the challenge of balancing growth investments with delivering near-term performance. These concerns carry more weight given where SoundHound is headed. The company is in the midst of a shift from one-time auto and royalty revenues to a more stable, subscription-driven model. It's a promising direction, but one that also raises the stakes. Subscription businesses depend on consistent execution, efficient sales strategies, and upfront investment, and any missteps can quickly slow momentum. That's why Fish, while optimistic about SoundHound's tech – particularly its integration of automatic speech recognition (ASR) with natural language understanding (NLU) – argues that the company needs to step up its go-to-market efforts. Without stronger investment in sales and distribution, the transition to a recurring revenue model could fall short of its potential. That caution has deepened in recent months, as several key risks have come into focus. For one, the company's 2H25 outlook already assumes solid execution across all three pillars, but delays are becoming more likely. Deals expected to close this year may now slip into 2026. Meanwhile, SoundHound is trying to balance the pursuit of profitability with continued investment in Amelia's growth, an increasingly difficult juggling act. Even if Amelia performs well, it could trigger higher earn-outs and lead to increased dilution. Combined with a valuation above 20x 2026 estimates, which already bakes in strong performance, these dynamics significantly raise the stakes for hitting second-half targets. Supporting these concerns, Fish's 1H25 CIO Survey found strong interest in Voice AI, but only 17% of respondents indicated plans to engage with standalone vendors like Amelia – a signal that broader adoption may be slower than anticipated. Moreover, recent checks in both the CX and Amelia segments revealed limited traction, growing competitive pressure, and a lack of major customer wins. Compounding that, SoundHound's automotive growth depends on a robust 2H ramp-up, yet macroeconomic headwinds may limit sales and production across the sector. 'We remain constructive on the long-term opportunities, and 2H25 execution could create a squeeze on shares, but fundamentally, we see a balanced risk-reward here,' Fish summed up. As a result, Fish downgraded SoundHound shares from Overweight (i.e., Buy) to Neutral, while maintaining a $12 price target, implying a ~6% downside from current levels. (To watch Fish's track record, click here) That's one cautious take – but what does the broader Street think? 3 other analysts join Fish on the sidelines, and with an additional 3 Buy ratings, SOUN carries a Moderate Buy consensus. However, the $11.50 average price target implies a potential 10% downside over the next 12 months. (See SOUN stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.

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