Waste Management, Inc. · NYSE:WM
Waste Management — Q1 2025 Earnings Presentation
115 slides from Waste Management's earnings presentation, Apr 29, 2025
Slide 1: Slide 1
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks Ed Egl VP, Investor Relations
Slide 3: Today's Agenda
Today’s Agenda 8:30AM 9:50AM 10:15AM Welcome and Opening Remarks 10:25AM Ed Egl | VP Investor Relations Fueling a Long-Term, Powerful Engine for Growth Jim Fish | Chief Executive Officer Driving Operational Excellence through the WM Way John Morris | President and Chief Operating Officer Attaining G
Slide 4: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements & Projections This presentation contains a number of forwardjooking statements and projections, including but not limited to, all statements regarding future results and performance of our business; all statements regarding targets, projections, estim
Slide 5: Fueling a Long-Term, Profitable Engine for Growth
Fueling a Long-Term, Profitable Engine for Growth Jim Fish Chief Executive Officer
Slide 6: Key Messages
Key Messages Fostering a people-first leadership approach built on the strength and experience of a dynamic leadership team Fueling a powerful, long-term growth engine for sustained value creation Leveraging a unique, un-replicable asset network and materials management expertise to drive competitiv
Slide 7: WM Snapshot
WM Snapshot! (NYSE: WM) Houston, TX Headquarters 2024 Adj. Operating EBITDA* 2024 Revenue by Segment* 2% Hl Collection and Disposal @ Recycling ™@ Healthcare Solutions Renewable Energy Vertically-Integrated Asset Network with Unmatched Size and Scale? WM Asset Locations WM Asset Network 506 262 Soli
Slide 8: Clear Track Record of Outperforming Our Goals
Clear Track Record of Outperforming Our Goals Continuing to Exceed 2019 Investor Day Financial Targets 2019 - 2021 2022 - 2024 Actual Actual Collection & Disposal Organic Revenue Growth (reflecting +3% 2020 covin +6% Y impact) 414% 413% Delivering Strong Financial Results as We Continue to Transform
Slide 9: Proven Track Record of Compounding Shareholder Value
Proven Track Record of Compounding Shareholder Value... Total Shareholder Return1 Volatility vs. Market? Beta vs. S&P 500 +476% ———— .60 WM +205% ————_ .98 XLI (Industrial Select Sector SPDR Fund) +137% ——— .93 DJIA January 2015 May 2025 Returns Have Remained Resilient through: Political administrat
Slide 10: Fostering a People-First Leadership Approach
Fostering a People-First Leadership Approach Enabled by Experienced Team Jim Fish John Morris Devina Rankin Tara Hemmer Rafa Carrasco Chief Executive President and Chief EVP and Chief SVP and Chief SVP, Enterprise Strategy and Officer Operating Officer Financial Officer Sustainability Officer Presid
Slide 11: Executing the WM Value Creation Engine
Executing the WM Value Creation Engine Un-Replicable New Growth Ongoing Value Core Business Platforms Cre people-Firg, Sustainability Revenue Growth WM . Healthcare Margin Solutions Improvement FCF a Generation Acceleration via M&A ») + Reinvestment on ce ceeeeecennceeeneeennmeeeeeeeegeemneceeeeeere
Slide 12: Un-Replicable Core Business
Un-Replicable Core Business The Power of Organic Growth in Our Core Business Winning with Customers While Lowering Our Cost to Serve Disciplined Targeted Volume + Effective Cost Price Growth Expansion Management Maximizing Customer Capturing incremental Leveraging automation to Lifetime Value throug
Slide 13: Un-Replicable Core Business: Expanding Our Ability to Compete and Win
Un-Replicable Core Business Expanding Our Ability to Compete and Win Environmental Solutions and Technology Regulatory Leadership Growing Expertise Best-in-Class Asset Network Relentlessly Customer Focused Asset Management and Logistics Expertise Strengthening Differentiation and Deepening Our Compe
Slide 14: Well Positioned in an Increasingly Constrained Disposal Market
Un-Replicable Core Business Well Positioned in an Increasingly Constrained Disposal Market Increasing Municipal Solid Waste (MSW) Generation Projected MSW generation ! 2000 2005 2010 2015 2020 2025 2030 MLandfill © MlWasteto-Energy M™Recycling ‘ll Composting Capacity Offline from Closures (millions
Slide 15: Significant Opportunity for Growth in Large, Resilient Industry
Un-Replicable Core Business Significant Opportunity for Growth in Large, Resilient Industry ~$125 Billion U.S. and Canada Waste and Recycling Industry Total Addressable Market WB wm | $22.18 | Republic Services | $16.0B HB waste Connections | $8.9B Grab sindleominaitel [| SBS Continued Leadership Po
Slide 16: New Growth Platforms | Sustainability
New Growth Platforms | Sustainability Maximizing Growth Opportunities from Sustainability Investments Executed and Ongoing Sustainability Growth Investments 2027 Expected Results Since 20221 1 ~$1.4B Investment in 39 New or Automated Additional 2.8M Tons of Recycling Infrastructure Facilities Annual
Slide 17: New Growth Platforms | WM Healthcare Solutions
New Growth Platforms | WM Healthcare Solutions Capturing Strategic Value and Driving Growth in WM Healthcare Solutions Harnessing Key Differentiators of Combined Company Strategic Update on Positioned to Capture Strong Stericycle Acquisition Secular Tailwinds in Healthcare to Accelerate Growth Captu
Slide 18: Capitalizing on Strong Secular Growth
Capitalizing on Strong Secular Growth Trends to Power the Business Forward Increasing Regulatory Requirements Increasing requirements for Multiple jurisdictions considering or implementing disposal of material containing PFAS EPR legislation to support recycling Declining Landfill Airspace Availabil
Slide 19: Leveraging Technology and Automation to Reduce Labor Dependency
Leveraging Technology and Automation Ramdas SNUUNUTO EEE: ma to Reduce Labor Dependency — STN Addressing Labor Dependency Challenge... Increasing Wage Inflation + Average WM frontline wages up >29% over past 5 years Slowing Population Growth ° U.S. birth rate at historically low levelst Aging Popula
Slide 20: Key Messages Recap
Fostering a people-first leadership approach built on the strength and experience of a dynamic leadership team 20 Fueling a powerful, long-term growth engine for sustained value creation Leveraging unique, un-replicable asset network and materials management expertise to drive competitive differenti
Slide 21: Driving Operational Excellence through the WM Way
Driving Operational Excellence through the WM Way John Morris President and Chief Operating Officer
Slide 22: Key Messages
Key Messages Building on deep core competencies to fuel growth and profitable expansion Partnering with our customers to provide world-class, environmental solutions to advance their business Modernizing our business model through targeted technology investments to elevate labor performance, drive o
Slide 23: Delivered Sustained Operational Improvements and Efficiency Gains
Delivered Sustained Operational Improvements and Efficiency Gains that Have Strengthened Our Margin Profile Our Accomplishments +220 bps Core Business Margin Improvement Operational Excellence Strategic Initiatives Announced in 2019 21 to 2024 Introduced new technology > Technology developments / ac
Slide 24: Leveraging Differentiated Core Competencies
Leveraging Differentiated Core Competencies ( Across the Organization . People-First Management Technology and Automation Optimization 24
Slide 25: Enabling WM Way Across Our Value Chain
Enabling WM Way Across Our Value Chain ial Large Industrial Enterprise Healthcare =am => Residential » Ogg —) Automated Wellhead 2% Cd Satellite Tis Recycling Facility RNG Plant Natural Gas Pipeline CNG Fueling Station wn 25
Slide 26: Collection Operations Value Chain
Collection Operations Value Chain 5S ° o. . WM Software Commercial Connected Truck “Large Industrial LL Enterprise Healthcare as = I. — wa , =: : te f - th Pe ee BS at Bie | cae me -— =. S Cernanave) @ Collection * Differentiated technology enables increased safety, labor efficiency, and improved se
Slide 27: Collection: Leading in Safety and Advancing Through Innovation
Collection Leading in Safety and Advancing Our Business through Innovation Leveraging Technology and Automation to Provide Safer Work Environment Improving Labor Efficiency, Customer Satisfaction, and Profitability All-Time Driver Turnover | | 28% Improvement from 2022 Using Technology to Increase S
Slide 28: Collection: Optimizing Our Fleet Operations
Collection Optimizing Our Fleet Operations Background oe . RESULTS Integrated digital backbone between trucks, repair shops, and technicians . creates enhanced fleet visibility and improves maintenance processes Greater Asset Utilization = Reducing unplanned fleet work orders, driving = . eae fe lay
Slide 29: Collection: Improving Frontline Worker and Customer Experience
Collection Improving Frontline Worker and Customer Experience with Connected Truck Fleet Health Alerting - Critical health alerting and intelligent monitoring to improve asset reliability and availability Daily Driver Performance Feedback —= Daily performance report ranks > each driver as ‘bronze, s
Slide 30: Post-Collection Value Chain
Post-Collection Value Chain Post-Collection * CONNECTED LANDFILL® technology with automated sensing and controls * Intermodal operations to optimize landfill network « Automation technology recycling facilities helps to maximize material recovery Transfer Stations Automated Wellhead =) Recycling Fac
Slide 31: Post-Collection: Maximizing Landfill Asset Value with Innovation
Post-Collection Maximizing Landfill Asset Value with Innovation Modern Landfill Excellence Key Benefits GPS-Enabled Equipment and al 3) v Extends Landfill Site Life Drone-Based Reality Capture Data ‘Automated B age and Profitability — drive optimal airspace utilization wellheads pemotecurtace = with
Slide 32: Optimizing Our Industry-Leading Network of Post-Collection Assets
Post-Collection Optimizing Our Industry-Leading Network of Post-Collection Assets Trends Impacting Maximizing Value of Our Post-Collection Assets Unparalleled Asset Network by: Limited land availability hindering greenfield development Regulatory climate making it more challenging to receive approva
Slide 33: SPOTLIGHT: Intermodal Capabilities
Post-Collection SPOTLIGHT: Intermodal Capabilities Eastern Seaboard Significantly constrained disposal capacity in region* How WM is Solving the Problem 20-year contracts with NYC Dept. of Sanitation, to handle 6,500+ tons of residential waste per day, internalized at WM facilities » ~45% of total U
Slide 34: Utilizing Emerging Technologies to Mitigate Industry's Largest Challenges
Utilizing Emerging Technologies to Mitigate Industry’s Largest Challenges Industry Challenges Aspirational Innovations, Moving Quickly Toward Reality ( z labor Autonomous Vehicles Dependency Phased deployment of autonomous capability for collection and post-collection operations to augment and optim
Slide 35: Key Takeaways
Key Takeaways as ve a a Partnering with our customers to provide world-class, environmental solutions to advance their business 35 Modernizing our business model through targeted technology investments to elevate labor performance, drive operational efficiency, and structurally lower our cost to ser
Slide 36: Attaining Growth through Differentiation
Attaining Growth through Differentiation Mike Watson
Slide 37: Key Messages
Key Messages Solving our customers’ biggest challenges with industry-leading capabilities, enabling us to be the partner of choice Applying a proven, customer-centric playbook to drive scalable growth and differentiated customer experience Accelerating momentum through focused expansion in high-grow
Slide 38: Delivering Scalable Growth through Differentiation
Delivering Scalable Growth through Differentiation Optimizing Enhancing go-to-market Leveraging data Amplifying customer experience effectiveness and analytics WM brand to engage customers, to capitalize on growth to increase retention and to drive increased increase stickiness, and opportunities an
Slide 39: Customer Experience: Modernized, Digital-First
Customer Experience Solving Our Customers Biggest Challenges through a Modernized, Digital-First Customer Experience What Our Customers Need Actions Taken to Enhance & Create a Digital-First Customer Experience... v Increased online self-service applications by 15x! to empower customers Ease of Use
Slide 40: Customer Experience: 2030 Vision
Customer Experience Where We’re Going | Removing Customer Friction Points to Drive Scalable Growth 2030 Vision* Ty a i Ris “J ra Ie ~ = a E Accelerate | customer adoption of self-service by 3X Service Reliability Personalized Proactive Service Al-enabled Agents Connecting assets to Digital Interacti
Slide 41: Go-To-Market Excellence
Go-To-Market Excellence Enhancing Go-to-Market Process Evidence of Success ty =. V8% s) 1 = Lower cost per sale? 1 # x & r& aul —— ~ Optimizing Sales Structure Amplifying eCommerce Lowering cost to serve Capitalizing on digital ~$340M investments Annual revenue growth from service upgrades? 467 Righ
Slide 42: Data Analytics
ail] Data Analytics Where We’re Going | Leveraging Predictive Evidence of Analytics to Extend Customer Lifetime Value Success a i=] Core Price Spread to inflation >300 bps? Enhance Salesforce Optimize Proactive Retention Guided Retention Efficiency Customer Value Campaigns Offers Focusing on at-risk
Slide 43: Brand
Brand Improved ROI by Elevating WM’s Purpose-Driven Brand through Sophisticated Marketing & Analytics Maximizing Brand Recognition and Marketing ROI Brand Awareness Sales Impact > Ae %@ oMerenne elem Pad Significant Increase in +700 BPS evar at oll meata arove Metrics since 2019' . paid media drove
Slide 44: Pursuing Significant Opportunities in Growth Markets
Pursuing Significant Opportunities in Growth Markets 17 } } National Accounts WM Healthcare Solutions Environmental Solutions v Capturing increased v Applying WM‘s suite of Y Deploying refined share of wallet capabilities environmental services v Leveraging analytics and v Leveraging technology, Y C
Slide 45: National Accounts
National Accounts Outsized Growth through National Accounts with Unparalleled Value Proposition National Accounts has Grown from 4B to $2.4B Over Last Five Years 12% case Seamless Customer Onboarding $110M New Business Launches (Annual Average 2020-24) Core Price (avg. 2023 & 2024) bps 6.3% Industry
Slide 46: WM Healthcare Solutions: Targeted Cross-Selling Strategy
WM Healthcare Solutions Targeted Cross-Selling Strategy Designed to Optimize Healthcare Customer Engagement and Maximize Share National and Hospital Customers be Value Proposition ~$1.4B * Integrated WM One Solution consistently scaled across Wallet Share entire customer footprint Opportunity + Inno
Slide 47: Environmental Solutions
Environmental Solutions Continuing to Drive Growth in Environmental Solutions Delivering Innovative Bio-Fuel Solutions for PetroChem Customer Post-Collection Revenue Growth * Pioneered sustainable solutions for +44% Over Past 5 Years processing of new Bio-Fuel waste streams * Expanded WM’s market di
Slide 48: Key Takeaways
Solving our customers’ Applying a proven, Accelerating momentum Executing clear priorities biggest challenges with customer-centric playbook through focused to deliver leading industry-leading to drive scalable growth expansion in high-growth customer service and capabilities, enabling us to and dif
Slide 49: Promoting a High-Performance Culture
Promoting a High-Performance Culture
Slide 50: Today's Panel
Today’s Panel —— Moderator —— Panelists Kim Stith Marcel Dalby Rebecca McMorris Ron Ward SVP and Chief Human VP, Collection Operations Senior Director, Area VP, Capitol Area Resources Officer and Business Optimization Enterprise Digital Services Joined WM: 2001 2005 2022 2020 <0 ww
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Slide 53: Work in Progress note
NOTE: Please refer to the yellow box in the upper right corner for Work in Progress (WIP) notes; slide design subject to change
Slide 54: Key Messages
Key Messages Growing our sustainability business while operating the company with sustainability in mind Continuing strong commitment to ongoing sustainability innovation as we position for long-term secular tailwinds Delivering on sustainability investments in Recycling and RNG to drive significant
Slide 55: Sustainability Embedded in Our DNA
Sustainability Embedded in Our DNA BOLD AMBITIONS FOR A ..EMBEDDED IN SUSTAINABLE TOMORROW... EVERYTHING WE DO TODAY rand = Brand Customer Value Commitment Proposition Who We Are How We Serve Material is REPURPOSED 6 = =) g We're reimagining a circular economy. Energy is RENEWABLE We're innovating f
Slide 56: Partnering with Customers to Develop Opportunities for Tomorrow
Partnering with Customers to Develop Opportunities for Tomorrow While Delivering Solutions for Today i | Developing Capabilities with Customer Needs in Mind Industrial waste and Biosolids, food, and yard lel Hazardous waste at liquids management waste beneficial use LN management CO,,) Carbon captur
Slide 57: Growing Recycling Business Fueled by Long-Term Drivers
Growing Recycling Business Fueled by Long-Term Drivers Regulatory Requirements Generating Growing Customer Interest in Circularity More Inbound Materials Driving Demand for Outbound Materials * 7U,S. states and 9 out of 13 Canadian provinces/territories * More customers looking for fully circular so
Slide 58: Realizing Significant Return on Investments in Recycling
Realizing Significant Return on Investments, Capitalizing on Recycling Opportunities $1.4B Investment? in: Automating and Upgrading Existing Facilities t & ) Expanding into New Markets Driving automation to increase annual capacity 1M tons and reduce labor costs _ increased revenue Enhancing materia
Slide 59: Case Study | Elkridge Automation Project
Case Study | Elkridge Automation Project (Baltimore-D.C. Area) Before Investment of ~$54M in automation equipment, ina newly built facility, with over 1 mile of conveyors and 22 optical sorters Elkridge Background 170k >150 ~45% 60% tons per year — headcount increase in throughput to headcount total
Slide 60: Pursuing Future Recycling Growth
Pursuing Future Recycling Growth Supported by Leading Capabilities NearTerm Opportunity =——————— }9=>=—————- er-Term Opportunity New Customer Products Enter New Expand into Capitalize on Enhance Geographies New Materials Policy Changes Circularity Solutions Enter population dense, high- Adapting cap
Slide 61: Recycling Food Waste is a New Frontier
Recycling Food Waste is a New Frontier Background: California, U.S. . Pala, California Compost Facility California Senate Bill 1383 Background: Quebec, Canada _Beckground: Quebec, Canad : . Ste. Sophie Anaerobic Digestion Facility L Organics Diversion Policy and Plan Community Benefits v Diverts ~52
Slide 62: Poised for Renewable Energy Growth
Poised for Renewable Energy Growth Based on Expansive Size and Scale Vertical Integration © Downstream Optionality () Diverse Expected Benefits Decades of Renewable Energy Expertise am, Gas-to-Electricit izi b& * Developed and built one of the first v PHENTERE TAC LFG-to-electricity plants vain (tel
Slide 63: Progressing on RNG Project Journey
Progressing on RNG Project Journey $1.6B Investment? in 20 New WM-Owned RNG Facilities, Complementing Original 4 Facilities @™ Original 4 Facilities (~3M MMBtus) ™@™ 20 Growth Project MMBtus -& Total Projects 24 24 28M 19 23M 11 11M : el 2024 2025E 2026E 2027E ail $470M - 3-4 $375M - ey $500M Years
Slide 64: Case Study | Fairless RNG Project
Case Study | Fairless RNG Project BACKGROUND Flagship Landfill in the Metro-Philadelphia Area Strategic asset given proximity to major population centers and limited disposal alternatives 6k Acres 3.8M Tons 10 Years Landfill Size Annual Volume Remaining Airspace "Fairless Facility” - ~ hecations: UN
Slide 65: Executing Robust Risk Management Framework
Executing Robust Risk Management Framework to Proactively Mitigate Earnings Volatility Balanced Approach to Price Fixed-Price Sales Target Current Execution? Contracted Pricing Risk Management 9g Current Year 2025 ~$31/MMBtu vA Contracting with stable, high-quality buyers in 70-90% of volume secured
Slide 66: Long-Term Opportunity to Monetize Additional Landfill Gas
Long-Term Opportunity to Monetize Additional Landfill Gas Potential Future Opportunities are Rigorously Scrutinized Based On: ~136M MMBtu Est. Captured* ~45% - 55% potentially viable under criteria Monetizing through: ~65% Beneficial Use New RNG Projects Landfill Gas-to- Available for Electricity Pr
Slide 67: Key Takeaways
Growing our sustainability Continuing strong Delivering on sustainability Building on our execution business while operating commitment to ongoing investments in Recycling track record to the company with sustainability and RNG to drive expand capabilities sustainability in mind innovation as we sig
Slide 68: Delivering on the Promise of WM Healthcare Solutions
Delivering on the Promise of WM Healthcare Solutions Rafa Carrasco SVP, Enterprise Strategy and President, WM Healthcare Solutions
Slide 69: Key Messages
Key Messages Capitalizing on strong secular growth trends through use of most expansive medical waste collection, treatment, and disposal asset network in North America Well-positioned to unlock increased profit potential as we apply WM operational playbook to medical waste platform Successfully ach
Slide 70: WM Healthcare Solutions at a Glance
WM Healthcare Solutions at a Glance North America and UK & Ireland market leader in regulated medical waste and compliance services 2024 Revenue Comprehensive Global Operations and Facility Network Leading and Comprehensive . Asset Base in U.S. By Solution North America i Regulated Medical Waste and
Slide 71: Comprehensive Provider with Full Suite of Solutions
Comprehensive Provider with Full Suite of Solutions Customers —E——_—_—$—$_<$_____> ee) S E WMHS v Regulated Incinerator :] “Aa Maio Trace Pathological Non ' Bae —____ Waste and Chemo RCRAt Compliance Services n * Enterprise So 4 2 § healthcare Mt wits . utoclave * Practice and Sharps Regulated care
Slide 72: Medical Waste Benefiting from Multiple Secular Growth Drivers
Medical Waste Benefiting from Multiple Secular Growth Drivers r 7 5 7 65 7 Aging U.S. Population? Increasing Rising U.S. Hospital Occupancy? # of U.S. population (millions of people) Chronic Conditions? % national hospital occupancy and % breakdown by age group % U.S. population with chronic conditi
Slide 73: Growth Outlook Underpinned by Strengths of Integrated Businesses
Growth Outlook Underpinned by Strengths of Integrated Businesses Growing Industr Market-Leading ae ey Network & Customer Base Total U.S. Medical Waste Management * Size and scope of collection, Services Market Value ($B)1 treatment, and disposal network + Broad set of customers across $3.6 - $3.8 ho
Slide 74: WM Unlocks Stericycle's Full Potential
WM Unlocks Stericycle’s Full Potential Stericycle Positioning Enhanced by WM Capabilities 74 Trusted brands and Powerful customer value . deeply ingrained in proposition with best-in-class Strong demand for data and analytics customers’ locations data and analytics platform supplementing compliance
Slide 75: Significant Opportunity to Drive Growth with Combined Company
Significant Opportunity to Drive Growth with Combined Company Driving Growth through Cross-Sell Opportunities and Providing Benefits to Customers ~$2.5B Wallet Share Opportunity + One source solution managing all complex hospital waste streams * Single partner simplifying experience across customer
Slide 76: Case Study | Driving Revenue Growth through Cross-Selling
through Cross-Selling Opportunities a Yel Ty Large hospital system in North and South Carolina has been a long-time Ww customer of Stericycle Case Study | Driving Revenue Growth = Regulated medical waste Shredding services Consolidated waste stream billing services and Hospital Specialists $3M / yea
Slide 77: Key Opportunities Related to Acquisition
Key Opportunities Related to Acquisition Capitalize on Scale to Drive Operating Leverage WY Optimizing SG&A Eliminated public company cost redundancies Implement leading technologies, including Al and automation Drive back-office efficiencies v Lowering operating costs Leverage WM expertise in logis
Slide 78: Key Takeaways
Key Takeaways Capitalizing on strong Well-positioned to unlock Successfully achieved Significant profitable secular growth trends increased profit early integration growth opportunity for through use of most potential as we apply WM milestones, firming up cross-selling expansive medical waste operat
Slide 79: Achieving Sustainable Long-term Growth
Achieving Sustainable Long-term Growth 42) Devina Rankin
Slide 80: Key Messages
Key Messages Building on exceptional, multi-year track record of value creation as we enter the next era of growth, profitability, and compounding returns Delivering ongoing shareholder value through our people-first strategy, differentiation, unreplicable assets, and ongoing investments in technolo
Slide 81: Proven Track Record of Delivering Strong Financial Performance
Proven Track Record of Delivering Strong Financial Performance Revenue ($M) Adj. Operating EBITDA ($M) | -6% CAGR- and Margin (%)* $22,063 | 9% CAGR > $20,426 $5,899 $6,563 19,698 5 i ; il 2022 2023 2024 2022 2023 2024 Free Cash Flow! ($M) (before sustainability growth investments) $3,267 ga.sa7 $2,
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Slide 83: Strong and Flexible Balance Sheet
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Slide 85: Strategic Approach to Value Creation through M&A
Slide 86: Continuing to Drive Additional Shareholder Value through Dividend Growth and Opportunistic Share Repurchases
Slide 87: Introducing New Long-Term Targets
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Slide 90: Key Takeaways
Slide 91: Closing Remarks
Slide 92: Compelling Long-Term Investment
Slide 93: Q&A
Slide 94: Appendix
Slide 95: Glossary
Slide 96: Glossary
Slide 97: Financial Highlights
Slide 98: Reconciliation of Non-GAAP Measures
Slide 99: Reconciliation of Non-GAAP Measures
Slide 100: Reconciliation of Non-GAAP Measures
Slide 101: Reconciliation of Non-GAAP Measures
Slide 102: Reconciliation of Non-GAAP Measures
Slide 103: Adjusted Income from Operations
Slide 104: Adjusted Provision for Income Tax
Slide 105: Speaker Bios
Slide 106: Jim Fish
Slide 107: John Morris
Slide 108: Devina Rankin
Slide 109: Kim Stith
Slide 110: Mike Watson
Slide 111: Rafa Carrasco
Slide 112: Tara Hemmer
Slide 113: Marcel Dalby
Slide 114: Ron Ward
Slide 115: Rebecca McMorris