Item 2.02. Results of Operations and Financial Condition.
Waste Management, Inc. (the "Company") issued a press release this morning, announcing its earnings for the quarter ended March 31, 2009, a copy of which is attached hereto as exhibit 99.1.
The Company is holding a conference call, open to the public, to discuss these results, from 9:00 a.m. to 10:00 a.m. Central time this morning. The call will be webcast live, and may be heard by accessing the Company's website at www.wm.com. The call may also be listened to by calling (877) 710-6139 and entering the access code 90934084.
On the conference call, management of the Company is expected to discuss results of operations using certain non-GAAP financial measures that are included in the Company's press release. The Company has provided information regarding its use of these non-GAAP measures and reconciliations of them to their most comparable GAAP measures in the press release that is attached to this Form 8-K as exhibit 99.1 and the schedules thereto.
Management also is expected to discuss operating expenses as a percentage of revenue as adjusted for the negative impact of the costs to withdraw from an underfunded multi-employer pension plan. Management believes that a discussion of this non-GAAP measure provides investors with information to enable them to evaluate the Company's ability to manage its normal operating costs as revenues have declined. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP.
The reconciliation of operating expenses as a percentage of revenue to the adjusted measure is shown below (dollars in millions, except per share amounts):

Quarters Ended June 30, 2009 2008 As reported: Revenues $ 2,952 $ 3,489 Operating Expenses $ 1,786 $ 2,181 Operating Expenses as a percent of Revenues 60.5 % 62.5 % Adjustments - Impact of multi-employer pension withdrawal costs Revenues $ - $ - Operating Expenses $ (9 ) $ - As adjusted: Revenues $ 2,952 $ 3,489 Operating Expenses $ 1,777 $ 2,181 Adjusted Operating Expenses as a percent of Revenues (a) 60.2 % 62.5 %

(a) Decrease in Operating Expenses as a percent of Revenues, as adjusted, of 230 basis points.

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Item 9.01. Financial Statements and Exhibits.
(c) Exhibits Exhibit 99.1: Press Release dated July 30, 2009

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