Le Lézard
Classified in: Environment, Business
Subjects: EARNINGS, Photo/Multimedia, Dividend, Conference Call, Webcast

Waste Management Announces Fourth Quarter and Full-Year 2018 Earnings


Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2018. Revenues for the fourth quarter of 2018 were $3.84 billion, compared with $3.65 billion for the same 2017 period. Net income for the quarter was $531 million, or $1.24 per diluted share, compared with net income of $903 million, or $2.06 per diluted share, for the fourth quarter of 2017.(a) On an adjusted basis, earnings per diluted share were $1.13 for the fourth quarter of 2018, compared with $0.85 for the fourth quarter of 2017.(b)

For the full year 2018, the Company reported revenues of $14.91 billion, compared with $14.49 billion for 2017. Earnings per diluted share were $4.45 for the full year 2018 compared with $4.41 for the full year 2017. On an adjusted basis, earnings per diluted share were $4.20 for the full year 2018 versus $3.22 for the full year 2017.(b)

Jim Fish, President and Chief Executive Officer of Waste Management, commented, "2018 was a record-setting year for Waste Management, driven by our traditional solid waste performance. We grew operating EBITDA by more than 5%, which led to an increase in net cash provided by operations of more than 12% to $3.57 billion.(c) This growth translated into free cash flow of over $2 billion and the most cash returned to our shareholders in over a decade.(b) Our strong 2018 results validate that our focus on outstanding customer experience and cost management drives solid growth in our business."

KEY HIGHLIGHTS FOR THE FOURTH QUARTER AND THE FULL YEAR 2018

Profitability

Revenue Growth

Recycling

Cost Management

Free Cash Flow & Capital Allocation

Income Taxes

2019 OUTLOOK

The Company announced the following regarding its financial outlook for 2019:

Profitability

Revenue Growth

Free Cash Flow & Capital Allocation

Income Taxes

Fish concluded, "The health of our business is best demonstrated by the strong 2018 operating EBITDA performance generated by our hard-working employees. We expect equally strong operating EBITDA growth again in 2019. We will continue to make investments in our employees, in technology, and in capital equipment this year to further grow our business, improve customer service, and generate strong returns. We are confident that these investments will position us well for 2019 and into the future."

 

      (a)  

For purposes of this press release, all references to "Net income" refer to the financial statement line items "Net income attributable to Waste Management, Inc."

 
(b)

Adjusted earnings per diluted share, adjusted net income, adjusted operating EBITDA, adjusted operating EBITDA margin, adjusted tax rate, and free cash flow are non-GAAP measures. Please see "Non-GAAP Financial Measures" below and the reconciliations in the accompanying schedules for more information.

 
(c)

Management defines operating EBITDA as GAAP income from operations before depreciation and amortization; this measure may not be comparable to similarly-titled measures reported by other companies.

 
(d)

Core price is a performance metric used by management to evaluate the effectiveness of our pricing strategies; it is not derived from our financial statements and may not be comparable to measures presented by other companies. Core price is based on certain historical assumptions, which may differ from actual results, to allow for comparability between reporting periods and to reveal trends in results over time.

 

The Company will host a conference call at 10:00 AM (Eastern) February 14, 2019 to discuss the fourth quarter and full year 2018 results. Information contained within this press release will be referenced and should be considered in conjunction with the call.

The conference call will be webcast live from the "Events & Presentations" section of investors.wm.com. To access the conference call by telephone, please dial (877) 710-6139 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States or Canada, please dial (706) 643-7398. Please utilize conference ID number 6496795 when prompted by the conference call operator.

A replay of the conference call will be available on the Company's website investors.wm.com and by telephone from approximately 1:00 PM (Eastern)February 14, 2019 through 5:00 PM (Eastern) on February 28, 2019. To access the replay telephonically, please dial (855) 859-2056, or from outside of the United States or Canada, dial (404) 537-3406 and use the replay conference ID number 6496795.

ABOUT WASTE MANAGEMENT

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The Company's customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com or www.thinkgreen.com.

FORWARD-LOOKING STATEMENTS

The Company, from time to time, provides estimates 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. This press release contains a number of such forward-looking statements, including but not limited to all statements under the heading "2019 OUTLOOK" and all statements about future business performance, growth, investments and returns. 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, increased competition; pricing actions; failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets and negotiate attractive terms; failure to consummate or integrate such acquisitions; failure to obtain the results anticipated from acquisitions; environmental and other regulations; commodity price fluctuations; international trade restrictions and tariffs; disposal alternatives and waste diversion; declining waste volumes; failure to develop and protect new technology; significant environmental or other incidents resulting in liabilities and brand damage; weakness in economic conditions; failure to obtain and maintain necessary permits; technology failures or cybersecurity incidents; labor disruptions; impairment charges; and negative outcomes of litigation or governmental proceedings. 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, for additional information regarding these and other risks and uncertainties applicable to our 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, in some instances, has presented adjusted earnings per diluted share, adjusted net income, adjusted operating EBITDA, adjusted operating EBITDA margin, adjusted tax rate and free cash flow, and has also provided projections of adjusted earnings per diluted share, adjusted operating EBITDA, adjusted tax rate, and free cash flow; these 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) 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 and (ii) financial measures the Company uses in the management of its business.

The Company's projected full year 2019 adjusted earnings per diluted share, adjusted operating EBITDA and adjusted tax rate are anticipated to exclude the effects of events or circumstances in 2019 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, or 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 adjusted projected full-year earnings per diluted share, operating EBITDA or tax rate to the comparable GAAP measures.

The Company discusses 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. Free cash flow is not intended to replace "Net cash provided by operating activities," which is the most comparable GAAP measure. 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 used herein to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected earnings per diluted share, operating EBITDA and tax rate. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP.

 

WASTE MANAGEMENT, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)

(Unaudited)

               
Three Months Ended Years Ended
December 31, December 31,
2018 2017 2018 2017
Operating revenues $ 3,842   $ 3,652   $ 14,914   $ 14,485  
Costs and expenses:
Operating 2,379 2,263 9,249 9,021
Selling, general and administrative 370 369 1,453 1,468
Depreciation and amortization 370 342 1,477 1,376
Restructuring ? ? 4 ?
Gain from divestitures, asset impairments and unusual items, net   (44 )   (26 )   (58 )   (16 )
  3,075     2,948     12,125     11,849  
Income from operations   767     704     2,789     2,636  
Other income (expense):
Interest expense, net (97 ) (91 ) (374 ) (363 )
Equity in net losses of unconsolidated entities (12 ) (15 ) (41 ) (68 )
Other, net   1     (14 )   2     (14 )
  (108 )   (120 )   (413 )   (445 )
Income before income taxes 659 584 2,376 2,191
Income tax expense (benefit)   128     (319 )   453     242  
Consolidated net income 531 903 1,923 1,949
Less: Net loss attributable to noncontrolling interests   ?     ?     (2 )   ?  
Net income attributable to Waste Management, Inc. $ 531   $ 903   $ 1,925   $ 1,949  
Basic earnings per common share $ 1.25   $ 2.08   $ 4.49   $ 4.44  
Diluted earnings per common share $ 1.24   $ 2.06   $ 4.45   $ 4.41  
Weighted average basic common shares outstanding   425.3     434.4     429.1     438.8  
Weighted average diluted common shares outstanding   428.5     437.7     432.2     441.9  
Cash dividends declared per common share $ 0.465   $ 0.425   $ 1.86   $ 1.70  
       

WASTE MANAGEMENT, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions)

(Unaudited)

 
December 31,
2018 2017
ASSETS
Current assets:
Cash and cash equivalents $ 61 $ 22
Receivables, net 2,275 2,374
Other   309   298
Total current assets 2,645 2,694
Property and equipment, net 11,942 11,559
Goodwill 6,430 6,247
Other intangible assets, net 572 547
Other   1,061   782
Total assets $ 22,650 $ 21,829
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued liabilities and deferred revenues $ 2,676 $ 2,523
Current portion of long-term debt   432   739
Total current liabilities 3,108 3,262
Long-term debt, less current portion 9,594 8,752
Other   3,672   3,773
Total liabilities   16,374   15,787
Equity:
Waste Management, Inc. stockholders' equity 6,275 6,019
Noncontrolling interests   1   23
Total equity   6,276   6,042
Total liabilities and equity $ 22,650 $ 21,829
 

WASTE MANAGEMENT, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

     
Years Ended
December 31,
2018       2017
Cash flows from operating activities:
Consolidated net income $ 1,923 $ 1,949
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization 1,477 1,376
Other 199 53
Change in operating assets and liabilities, net of effects of acquisitions and divestitures   (29 )   (198 )
Net cash provided by operating activities   3,570     3,180  
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired (460 ) (198 )
Capital expenditures (1,694 ) (1,509 )
Proceeds from divestitures of businesses and other assets (net of cash divested) 208 99
Other, net   (223 )   (12 )
Net cash used in investing activities   (2,169 )   (1,620 )
Cash flows from financing activities:
New borrowings 359 1,479
Debt repayments (499 ) (1,907 )
Net commercial paper borrowings 453 513
Common stock repurchase program (1,004 ) (750 )
Cash dividends (802 ) (750 )
Exercise of common stock options 52 95
Tax payments associated with equity-based compensation transactions (29 ) (47 )
Other, net   (38 )   6  
Net cash used in financing activities   (1,508 )   (1,361 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents   (3 )   ?  
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (110 ) 199
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period   293     94  
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 183   $ 293  
 

Prior year information has been revised to reflect the adoption of Accounting Standards Update (ASU) 2016-15 and ASU 2016-18 and conform to our current year presentation.

                       

WASTE MANAGEMENT, INC.

 

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

 

Operating Revenues by Line of Business

Three Months Ended Years Ended
December 31, December 31,
2018 2017 2018 2017
Commercial $ 1,024 $ 950 $ 3,972 $ 3,714
Residential 644 640 2,529 2,528
Industrial 705 653 2,773 2,583
Other   117     109     450     439  
Total collection 2,490 2,352 9,724 9,264
Landfill 914 883 3,560 3,370
Transfer 454 399 1,711 1,591
Recycling 339 310 1,293 1,432
Other 440 433 1,736 1,713
Intercompany (a)   (795 )   (725 )   (3,110 )   (2,885 )
Total $ 3,842   $ 3,652   $ 14,914   $ 14,485  
               

Internal Revenue Growth

  Period-to-Period Change for the
Three Months Ended
December 31, 2018 vs. 2017
Period-to-Period Change for the
Year Ended
December 31, 2018 vs. 2017
As a % of As a % of As a % of As a % of
Related Total Related Total
Amount Business(b) Amount Company(c) Amount Business(b) Amount Company(c)
Collection and disposal $ 73 2.3 % $ 291 2.3 %
Recycling commodities (21 ) (6.7 ) (273 ) (19.1 )
Fuel surcharges and mandated fees   24   17.3   111   21.3
Total average yield (d) $ 76 2.1 % $ 129 0.9 %
Volume   169   4.7     478   3.3  
Internal revenue growth 245 6.8 607 4.2
Acquisitions 57 1.5 199 1.4
Divestitures (43 ) (1.2 ) (133 ) (0.9 )
Foreign currency translation and other   (69 ) (1.9 )   (244 ) (1.7 )
Total $ 190   5.2 % $ 429   3.0 %
             
Period-to-Period Change for the
Three Months Ended December 31, 2018 vs. 2017
Period-to-Period Change for the
Year Ended December 31, 2018 vs. 2017
As a % of Related Business(b) As a % of Related Business(b)
Yield Volume(e) Yield Volume
Commercial 2.3 % 4.0 % 2.9 % 3.2 %
Industrial 4.7 0.9 4.4 2.8
Residential 2.0 0.6 1.9 0.1
Total collection 2.8 2.5 2.9 2.2
MSW 2.4 1.4 2.2 1.9
Transfer 2.2 10.8 1.9 6.9

Total collection and disposal

2.3

 

3.5

 

2.3

 

3.2

 

_____________________________________________

(a)   Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included herein.
(b) Calculated by dividing the increase or decrease for the current year period by the prior year period's related business revenue adjusted to exclude the impacts of divestitures for the current year period.
(c) Calculated by dividing the increase or decrease for the current year period by the prior year period's total Company revenue adjusted to exclude the impacts of divestitures for the current year period.
(d) The amounts reported herein represent the changes in our revenue attributable to average yield for the total Company.
(e) Workday adjusted volume impact.
 

WASTE MANAGEMENT, INC.


SUMMARY DATA SHEET
(In Millions)
(Unaudited)

           
Free Cash Flow Analysis (a)
Three Months Ended Years Ended
December 31, December 31,
2018 2017 2018 2017
Net cash provided by operating activities (b) $ 912 $ 792 $ 3,570 $ 3,180
Capital expenditures (454 ) (528 ) (1,694 ) (1,509 )
Proceeds from divestitures of businesses
and other assets (net of cash divested)   102     80     208     99  
Free cash flow $ 560   $ 344   $ 2,084   $ 1,770  
 
 
Three Months Ended Years Ended
December 31, December 31,
2018 2017 2018 2017
Supplemental Data
 
Internalization of waste, based on disposal costs 66.2 % 65.6 % 66.0 % 65.7 %
 
Landfill amortizable tons (in millions) 29.6 28.8 115.6 111.8
 
Acquisition Summary (c)
 
Gross annualized revenue acquired 73 16 288 74
 
Total consideration 121 116 471 205
 
Cash paid for acquisitions consummated during the period,
net of cash acquired 111 110 455 196
 
Cash paid for acquisitions including contingent consideration
and other items from prior periods, net of cash acquired 118 120 466 200
 
 
Amortization, Accretion and Other Expenses for
Landfills Included in Operating Groups: Three Months Ended Years Ended
December 31, December 31,
2018 2017 2018 2017
Landfill amortization expense
Cost basis of landfill assets $ 112.7 $ 106.4 $ 438.5 $ 405.0
Asset retirement costs   20.6     8.1     100.5     88.1  
Total landfill amortization expense 133.3 114.5 539.0 493.1
Accretion and other related expense   20.5     20.4     80.8     79.2  
Landfill amortization, accretion and other related expense $ 153.8   $ 134.9   $ 619.8   $ 572.3  
 
(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) Prior year information has been revised to reflect the adoption of ASU 2016-18 and conform to our current year presentation.
(c) Represents amounts associated with business acquisitions consummated during the applicable period except where noted.
 

WASTE MANAGEMENT, INC.

 

RECONCILIATION OF CERTAIN NON-GAAP MEASURES
(In Millions, Except Per Share Amounts)
(Unaudited)

         
Three Months Ended

December 31, 2018

Income from
Operations

Pre-tax
Income

Tax Expense

Net
Income (a)

Per Share
Amount

As reported amounts $ 767 $ 659 $ 128 $ 531 $ 1.24
Adjustments:
Gain from divestitures, asset impairments and unusual items, net (44 ) (44 ) (13 ) (31 )
Tax benefits related to adjustment to deferred taxes   -     -     17     (17 )
  (44 )   (44 )   4     (48 )   (0.11 )
As adjusted amounts $ 723   $ 615   $ 132   (b) $ 483   $ 1.13  
 
 
Three Months Ended

December 31, 2017

Income from
Operations

Pre-tax
Income

Tax Expense

Net
Income (a)

Per Share
Amount

As reported amounts $ 704 $ 584 $ (319 ) $ 903 $ 2.06
Adjustments:
Impact of Tax Cuts and Jobs Act - - 529 (529 )
Gain from divestitures, asset impairments and unusual items, net (26 ) (14 ) (10 ) (4 )
Loss on extinguishment of debt   -     6     2     4  
  (26 )   (8 )   521     (529 )   (1.21 )
As adjusted amounts $ 678   $ 576   $ 202   $ 374   $ 0.85  
 
(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) 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 fourth quarter 2018 adjusted effective tax rate was 21.5%.
         

WASTE MANAGEMENT, INC.

 

RECONCILIATION OF CERTAIN NON-GAAP MEASURES
(In Millions, Except Per Share Amounts)
(Unaudited)

 

 
Year Ended

December 31, 2018

Income from
Operations

Pre-tax
Income

Tax Expense

Net
Income (a)

Per Share
Amount

As reported amounts $ 2,789 $ 2,376 $ 453 $ 1,925 $ 4.45
Adjustments:
Gain from divestitures, asset impairments and unusual items, net (55 ) (55 ) (17 ) (38 )
Tax benefits related to income tax audit settlements - - 33 (33 )
Benefit primarily related to favorable adjustments from changes in state tax law and impact of Tax Cuts and Jobs Act - - 27 (27 )
Tax benefits related to adjustment to deferred taxes - - 17 (17 )
Charges related to multiemployer pension plans 3 3 1 2
Restructuring   2     2     1     1  
  (50 )   (50 )   62     (112 )   (0.25 )
As adjusted amounts $ 2,739   $ 2,326   $ 515   (b) $ 1,813   $ 4.20  
 
 
Year Ended

December 31, 2017

Income from
Operations

Pre-tax
Income

Tax Expense

Net
Income (a)

Per Share
Amount

As reported amounts $ 2,636 $ 2,191 $ 242 $ 1,949 $ 4.41
Adjustments:
Impact of Tax Cuts and Jobs Act - - 529 (529 )
Tax benefits related to equity-based compensation - - 32 (32 )
Gain from divestitures, asset impairments and unusual items, net (c) (17 ) 20 (6 ) 26
Charges related to multiemployer pension plans 11 11 4 7
Loss on early extinguishment of debt   -     6     2     4  
  (6 )   37     561     (524 )   (1.19 )
As adjusted amounts $ 2,630   $ 2,228   $ 803   $ 1,425   $ 3.22  
 
(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) 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 full year 2018 adjusted effective tax rate was 22.1%.
(c) Adjustments in 2017 included impairment charges associated with assets in the "Gain from divestitures, asset impairments and unusual items" and "Other, net" financial captions. Additionally, adjustments in 2017 include impairment charges associated with certain of our investments in unconsolidated entities that are included in the "Equity in net loss of unconsolidated entities" financial caption.
                 
WASTE MANAGEMENT, INC.
 
RECONCILIATION OF CERTAIN NON-GAAP MEASURES
(In Millions)
(Unaudited)
 
 
Three Months Ended
December 31, 2018 December 31, 2017
Adjusted Operating EBITDA and Adjusted Operating EBITDA Margin Amount

As a % of
Revenues

  Amount

As a % of
Revenues

 
Operating revenues, as reported $ 3,842 $ 3,652
 
Income from operations, as reported $ 767 $ 704
Depreciation and amortization, as reported   370     342  
Operating EBITDA, as reported $ 1,137 29.6 % $ 1,046 28.6 %
Adjustment:
Gain from divestitures, asset impairments and unusual items, net   (44 )   (26 )
Adjusted operating EBITDA (a) $ 1,093   28.4 % $ 1,020   27.9 %
 
 
Years Ended
December 31, 2018 December 31, 2017
Adjusted Operating EBITDA and Adjusted Operating EBITDA Margin Amount

As a % of
Revenues

  Amount

As a % of
Revenues

 
Operating revenues, as reported $ 14,914 $ 14,485
 
Income from operations, as reported $ 2,789 $ 2,636
Depreciation and amortization, as reported   1,477     1,376  
Operating EBITDA, as reported $ 4,266 28.6 % $ 4,012 27.7 %
Adjustments:
Gain from divestitures, asset impairments and unusual items, net (55 ) (17 )
Charges related to multiemployer pension plans 3 11
Restructuring   2     -  
Adjusted operating EBITDA (b) $ 4,216   28.3 % $ 4,006   27.7 %
 
 
 
2019 Projected Free Cash Flow Reconciliation (c)
 
Scenario 1 Scenario 2
Net cash provided by operating activities $ 3,625 $ 3,725
Capital expenditures (1,650 ) (1,750 )
Proceeds from divestitures of businesses and

other assets (net of cash divested)

  50    

100

 

Free cash flow

$

2,025

 

$

2,075

 
 
(a) Fourth quarter 2018 adjusted operating EBITDA as a percent of revenue improved 50 basis points as compared with fourth quarter 2017 adjusted operating EBITDA as a percent of revenue.
(b) Full year 2018 adjusted operating EBITDA as a percent of revenue improved 60 basis points as compared with 2017 adjusted operating EBITDA as a percent of revenue.
(c) The reconciliation includes two scenarios that illustrate our projected free cash flow range for 2019. 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.


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