Dear Fellow Shareholders:
I am pleased to report that 2004 was a very good year for
Republic Services, Inc.  Our team met and exceeded the
important financial and management goals we told you
about here a year ago, and we plan to work just as hard and
accomplish just as much in the coming year.
Republic is strengthening its competitive position among
the leading waste services providers every day.  As always,
we are doing so by offering our customers cost-effective
and safe waste collection, reliable recycling, and
environmentally protective disposal options.
I am proud of our team and what they accomplished.  The
results tell you just how well they did.
Revenue in 2004 grew 7.6 percent to $2.7 billion, a record.  The increases came largely from new
municipal contracts and improved pricing.  At the same time, we benefited from our presence in high-
growth markets, especially those in the rapidly expanding Sunbelt states.  
We met last year’s guidance.  Net income per diluted share rose 15 percent to $1.53.  Our revenue
enhancement and cost reduction efforts produced results.  We generated a record level of free cash
flow - $388 million to be exact.  Republic continues to generate strong and predictable levels of cash
flow.  As in the past year, we will concentrate on free cash flow and use it for acquisitions,
reinvestment, repurchases of our stock and regular quarterly cash dividends.   
As I thought about these achievements, I realized they result from the environment that we work to
create for both our customers and our people.  We care about our customers and the communities we
serve.  About our people.  About the environment.  And, of course, we care about you -- our
shareholders.   Every year we adopt a theme that captures our Company and our values.  Our theme
for 2005 is  “Republic Services…A Company that cares”.  
Our 13,400 dedicated people worked hard last year to create real value.  We improved the way we
deliver our services, increasing our efficiency in routing our collection trucks.  We improved the way
we construct disposal cells at numerous landfills, lowering costs.  We worked with our vendors to
control prices.  And, we communicated to our customers the value of the services we offer. This year
will be no different.  We will continue to concentrate on these fundamentals. 
Republic’s future is bright.  We are mindful of our mission.  We know our business exists to ease the
burden of managing society’s waste.  It’s not a glamorous business, but it is an essential one, and we
take this responsibility very seriously.  
At the end of the year, Republic had 140 collection companies, 58 landfills, 96 transfer stations and 35
recycling facilities in 22 states.  These resources give us many opportunities to listen to our customers,
anticipate their needs and quickly respond to them.  Each customer faces challenges unique to his or
her business and community.  Our goal is to remain flexible and to tailor our services to each
customer.
Our decentralized structure is an advantage. It gives us flexibility and speed in reacting to local
conditions.  Our division leaders are well-positioned to respond immediately to the needs, changes
and developments among their customers.   We in the corporate office set the goals, establish the
discipline, provide financial resources, management and operational support, but it is in our local
divisions where customer relationships are established and the work is done.  Our community-based
focus forges strong local relationships and ensures that, at the customer level, the highest expectations
are exceeded.
Ultimately, all the things we do as a Company are aimed at increasing value for our shareholders.  We
know the importance of strong and predictable cash flow in meeting our shareholders’ expectations.
Over time, our cash flow has proven to be a strong indicator of the quality of our earnings.  Last year’s