WM — Jan 29, 2025 release

  RECONCILIATION OF CERTAIN NON-GAAP MEASURES (In Millions) (Unaudited)   2025 Projected Free Cash Flow Reconciliation (a)   Scenario 1     Scenario 2   Net cash provided by operating activities   $ 5,750     $ 5,900   Capital expenditures to support the business     (2,575 )     (2,625 ) Proceeds from divestitures of businesses and other assets, net of cash divested     100       150   Free cash flow before sustainability growth investments   $ 3,275     $ 3,425   Capital expenditures - sustainability growth investments     (600 )     (650 ) Free cash flow   $ 2,675     $ 2,775       (a) 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.         WASTE MANAGEMENT, INC.   SUPPLEMENTAL INFORMATION PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY (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 f