Waste Management 2013 Annual Report Download - page 107

Item 1A. Risk Factors.
In an effort to keep our stockholders and the public informed about our business, we may make “forward-
looking statements.” Forward-looking statements usually relate to future events and anticipated revenues,
earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often
identified by the words, “will,” “may,” “should,” “continue,” “anticipate,” “believe,” “expect,” “plan,”
“forecast,” “project,” “estimate,” “intend” and words of similar nature and generally include statements
containing:
‰projections about accounting and finances;
‰plans and objectives for the future;
‰projections or estimates about assumptions relating to our performance; or
‰our opinions, views or beliefs about the effects of current or future events, circumstances or performance.
You should view these statements with caution. These statements are not guarantees of future performance,
circumstances or events. They are based on facts and circumstances known to us as of the date the statements are
made. All aspects of our business are subject to uncertainties, risks and other influences, many of which we do
not control. Any of these factors, either alone or taken together, could have a material adverse effect on us and
could change whether any forward-looking statement ultimately turns out to be true. Additionally, we assume no
obligation to update any forward-looking statement as a result of future events, circumstances or developments.
The following discussion should be read together with the Consolidated Financial Statements and the notes
thereto. Outlined below are some of the risks that we believe could affect our business and financial statements
for 2014 and beyond and that could cause actual results to be materially different from those that may be set forth
in forward-looking statements made by the Company.
The waste industry is highly competitive, and if we cannot successfully compete in the marketplace, our
business, financial condition and operating results may be materially adversely affected.
We encounter intense competition from governmental, quasi-governmental and private sources in all aspects
of our operations. In North America, the industry consists primarily of two national waste management
companies and regional and local companies of varying sizes and financial resources, including companies that
specialize in certain discrete areas of waste management, operators of alternative disposal facilities and
companies that seek to use parts of the waste stream as feedstock for renewable energy and other by-products.
Some of our regional competitors can be significant competitors in local markets and are pursuing aggressive
regional growth strategies. We compete with these companies as well as with counties and municipalities that
maintain their own waste collection and disposal operations. These counties and municipalities may have
financial competitive advantages because tax revenues are available to them and tax-exempt financing is more
readily available to them. Also, such governmental units may attempt to impose flow control or other restrictions
that would give them a competitive advantage. In addition, some of our competitors may have lower financial
expectations, allowing them to reduce their prices to expand sales volume or to win competitively-bid contracts,
including large national accounts and exclusive franchise arrangements with municipalities. When this happens,
we may lose customers and be unable to execute our pricing strategy, resulting in a negative impact to our
revenue growth from yield on base business.
If we fail to implement our business strategy, our financial performance and our growth could be materially
and adversely affected.
Our future financial performance and success are dependent in large part upon our ability to implement our
business strategy successfully. Implementation of our strategy will require effective management of our
operational, financial and human resources and will place significant demands on those resources. See Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview for more
information on our business strategy.
17