Clean Harbors Inc (CLH) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Clean Harbors second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference being recorded.

女士們先生們，美好的一天，歡迎參加 Clean Harbors 2024 年第二季財報電話會議。（操作員說明）謹此提醒，本次會議正在錄製中。

It is now my pleasure to turn the floor over to your host, Michael McDonald, General Counsel for Clean Harbors. Sir, the floor is yours.

現在我很高興將發言權交給東道主邁克爾·麥克唐納（Michael McDonald），他是清潔港口組織的總法律顧問。先生，地板是你的了。

Thank you, Latagnya, and good morning, everyone. With me on today's call are our Co-Chief Executive Officers, Eric Gerstenberg; and Mike Battles; and our EVP and Chief Financial Officer; Eric Dugas, and SVP of Investor Relations, Jim Buckley.

謝謝拉塔尼亞，大家早安。與我一起參加今天電話會議的是我們的聯合執行長 Eric Gerstenberg；和麥克·巴特斯；以及我們的執行副總裁兼財務長；艾瑞克杜加斯 (Eric Dugas) 和投資者關係高級副總裁吉姆巴克利 (Jim Buckley)。

Slides for today's call are posted on our Investor Relations website, and we invite you to follow along. Matters we are discussing today that are not historical facts are considered forward-looking statements within the Private Securities Litigation Reform Act of 1995. Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions all these of today, July 31, 2024.

今天電話會議的幻燈片已發佈在我們的投資者關係網站上，我們邀請您關注。我們今天討論的非歷史事實的事項被視為 1995 年《私人證券訴訟改革法案》中的前瞻性陳述。請參與者不要過度依賴這些聲明，這些聲明反映了管理階層截至 2024 年 7 月 31 日的所有觀點。

Information on potential factors and risks that could affect our results is included in our SEC filings. The company undertakes no obligation to revise or publicly release the results of any revision to the statements made today other than through filings made concerning this reporting period. Today's discussion includes references to non-GAAP measures.

有關可能影響我們結果的潛在因素和風險的資訊包含在我們向 SEC 提交的文件中。除了透過與本報告期間相關的文件提交之外，本公司沒有義務修改或公開發布對今天所做的聲明的任何修改結果。今天的討論涉及非公認會計原則措施。

Clean Harbors believes that such information provides an additional measurement and consistent historical comparison of its performance. Reconciliations of these measures to the most directly comparable GAAP measures are available in today's news release, on our website and in the appendix of today's presentation.

Clean Harbors 認為，此類資訊提供了對其績效的額外衡量和一致的歷史比較。這些指標與最直接可比較的公認會計準則指標的調節可在今天的新聞稿、我們的網站和今天簡報的附錄中找到。

Let me turn the call over to Eric Gerstenberg to start. Eric?

讓我把電話轉給埃里克·格斯坦伯格開始。艾瑞克？

Thanks, Michael. Good morning, everyone, and thank you for joining us. Because safety is the foundation of our core values at Clean Harbors. I will start by highlighting our total recordable incident rate, which on a year-to-date basis is 0.70, which is consistent with where we were a year ago at this time.

謝謝，麥可。大家早安，感謝您加入我們。因為安全是 Clean Harbors 核心價值的基礎。首先，我將強調我們的總可記錄事故率，今年迄今為 0.70，這與一年前此時的情況一致。

The recent impact on some of our employees by Hurricane Beryl in the Gulf as well as both the Alberta and California wildfires is a reminder of how critical is to be prepared for any kind of crisis situation. Thankfully, all of our employees in these regions are safe.

最近海灣地區的颶風貝裡爾以及阿爾伯塔省和加州的野火對我們的一些員工造成了影響，這提醒我們為任何類型的危機情況做好準備是多麼重要。值得慶幸的是，我們在這些地區的所有員工都很安全。

Turning to our Q2 performance on slide 3, we delivered exceptional results that surpassed our guidance, driven by record volumes of containerized waste and sustained pricing momentum. Revenue and adjusted EBITDA were the highest in our history, with adjusted EBITDA margin improving 50 basis points year over year.

轉向幻燈片 3 上我們第二季度的業績，在創紀錄的貨櫃廢棄物量和持續的定價勢頭的推動下，我們取得了超越我們指導的卓越業績。收入和調整後 EBITDA 均為我們歷史最高水平，調整後 EBITDA 利潤率年增 50 個基點。

Environmental Services continues to outperform. ES results are attributable in part to a robust demand for our facilities network, several service businesses, especially field services. This benefit -- this business benefited from its first full quarter of HEPACO, which we acquired in March.

環境服務持續表現優異。ES 的業績部分歸因於對我們的設施網路、多項服務業務（尤其是現場服務）的強勁需求。這個好處——這項業務受益於我們在 3 月收購的 HEPACO 的第一個完整季度。

Our SKSS segment posted a substantial sequential increase from Q1, fueled by the start of the summer driving season and improved lubricant pricing. Corporate costs were higher in the quarter due to incremental headcount from acquisitions, greater incentive compensation, and a handful of discrete expenses related to legal and environmental liability matters.

在夏季駕駛季節開始和潤滑油價格改善的推動下，我們的 SKSS 部門較第一季大幅較上成長。由於收購帶來的員工人數增加、激勵薪酬增加以及與法律和環境責任事務相關的一些離散費用，本季的企業成本較高。

Turning to slide 4, Environmental Services enjoyed another fantastic quarter by turning the increased revenue into even larger profit growth. HEPACO accounted for more than half of the segment's 12% revenue increase with the remainder coming from organic gains attributed to volume and price.

轉向幻燈片 4，環境服務公司將增加的收入轉化為更大的利潤成長，從而享受了另一個出色的季度。HEPACO 佔該部門 12% 收入成長的一半以上，其餘部分來自銷售和價格帶來的有機收益。

This top-line growth drove an 18% increase in segment adjusted EBITDA translating to 140 basis points of margin expansion. Adjusted EBITDA in Environmental Services has now increased year-over-year for 11 consecutive quarters.

這項營收成長推動了部門調整後 EBITDA 成長 18%，轉化為利潤率擴張 140 個基點。環境服務業調整後 EBITDA 現已連續 11 季年增。

Our Technical Services business was a key contributor to the segment's performance, with a revenue increase of 14%. We again collected record levels of drum volumes through the network, which is reflected in continued increase in deferred revenue on our balance sheet.

我們的技術服務業務是該部門業績的關鍵貢獻者，營收成長了 14%。我們再次透過網路收集了創紀錄水準的鼓量，這反映在我們資產負債表上的遞延收入持續增加。

Even with completing a major turnaround at our Deer Park facility early in the quarter, our incinerators achieved utilization of 88%. Average incineration pricing rose 3% in the quarter, and we continue to expect our incinerators with deliver utilization in the mid to high 80% range for the full year.

即使在本季度初完成了鹿園工廠的重大改造，我們的焚化爐的利用率仍達到 88%。本季平均焚化價格上漲 3%，我們繼續預計全年焚化爐的利用率將達到 80% 的中高水準。

We also remain on track to open our new state-of-the-art incinerator in Kimball Nebraska in Q4. The team has done an outstanding job keeping that construction on schedule in the plants is coming together nicely. Landfills also had a strong performance in Q2 with both volume and average price up as we saw healthy drum volumes of base business supported by project work. We continue to expect landfills to deliver a very good 2024 with a broad mix of waste streams of project opportunities.

我們也將繼續按計畫於第四季在內布拉斯加州金博爾開設最先進的新焚化廠。團隊做得非常出色，使工廠的建設按計劃進行，進展順利。垃圾掩埋場在第二季度也表現強勁，數量和平均價格均有所上漲，因為我們看到專案工作支持了健康的基礎業務量。我們繼續預計垃圾掩埋場將在 2024 年實現非常好的業績，並提供廣泛的廢物流專案機會。

Field Services generated the largest increase in the quarter, up 64%. While this was primarily driven by HEPACO, our legacy business posted low teens percentage growth. The acquisition has been a great fit with our existing field service operations.

現場服務在本季度實現了最大增幅，成長了 64%。雖然這主要是由 HEPACO 推動的，但我們的傳統業務的成長率較低。此次收購非常適合我們現有的現場服務業務。

During the quarter, we responded to several larger emergency response events, where both teams work side-by-side. These large events in total accounted for roughly $24 million of revenue in Q2. We expect field services to continue to perform well as we fully integrate and internalize HEPACO's national call center operations and collaborate on future emergency response events.

在本季度，我們回應了幾起較大的緊急應變事件，兩個團隊並肩工作。這些大型活動總共為第二季帶來了約 2,400 萬美元的收入。隨著我們充分整合和內部化 HEPACO 的全國呼叫中心運作並就未來的緊急應變事件進行協作，我們預計現場服務將繼續表現良好。

In Q2, Safety-Kleen Environmental Services extended its multiyear momentum with revenue growth of 11% as its core offerings, particularly containerized waste remain at high demand. Industrial Services revenue declined 10% due to reduced turnaround activity compared to last year. We anticipate a strong turnaround schedule this fall, and we expect to see a return to IS revenue growth in Q3.

第二季度，Safety-Kleen Environmental Services 延續了多年來的勢頭，收入成長了 11%，因為其核心產品（特別是貨櫃廢棄物）仍然受到很高的需求。與去年相比，由於週轉活動減少，工業服務收入下降了 10%。我們預計今年秋季將出現強勁的周轉計劃，並且預計第三季 IS 收入將恢復成長。

Overall, just another great quarter for our ES segment. With that, let me turn things over to Mike. Mike?

總體而言，對於我們的 ES 細分市場來說，這又是一個偉大的季度。那麼，讓我把事情交給麥克。麥克風？

Thanks, Eric and good morning. Turning to slide 5. SKSS rebounded from a challenging Q1 by achieving more than $51 million in adjusted EBITDA up nearly $22 million sequentially. Our plants ran smoothly in the quarter, resulting in a 3% increase in base oil and lubricant volumes sold from a year ago, which along with the acquisition of Noble Oil, drove an 8% increase in revenue.

謝謝，埃里克，早安。轉到投影片 5。SKSS 從充滿挑戰的第一季反彈，調整後 EBITDA 實現超過 5,100 萬美元，比上一季成長近 2,200 萬美元。我們的工廠本季運作順利，基礎油和潤滑油銷量較上年同期成長了 3%，再加上收購 Noble Oil，營收成長了 8%。

Although the quarter opened several announced posted base oil price increases, the market never fully incorporated those changes. Overall demand led to a weaker spot market for non-contracted volumes and resulted in a small year-over-year decline in segment profitability.

儘管本季開始多次宣布基礎油價格上漲，但市場從未完全吸收這些變化。整體需求導致非合約量現貨市場疲軟，並導致分部獲利能力較去年同期小幅下降。

With the addition of Noble, our waste oil collections achieved a record level at 57 million gallons in Q2, up 5% from a year ago. Average collection cost was at a small pay per oil level in the quarter. When you exclude Noble, our legacy collections averaged by charge-for-oil. We're continuing to procure the feedstock we need for our nine new refineries at the best possible price.

隨著 Noble 的加入，我們第二季的廢油收集量達到了創紀錄的 5,700 萬加侖，比去年同期成長了 5%。本季的平均收集成本為每油位少量支付。當您排除 Noble 時，我們的傳統系列按石油費用進行平均。我們將繼續以最優惠的價格購買九家新煉油廠所需的原料。

Part of our strategy to minimize the volatility in SKSS is to intensify our focus on value-added products. Q2 blended volumes were up from the prior year, representing 19% of total gallons sold. Our Group III initiative is also part of the stabilization strategy. We dedicated one of our re-refineries to full time Group III production and it ran well in Q2. We are encouraged about our ability to produce more Group III. We will be running a pilot at another re-refinery to expand this program in the quarters ahead.

我們減少 SKSS 波動性的策略之一是加強對加值產品的關注。第二季混合銷量較前一年增加，佔加侖總銷量的 19%。我們的第三組措施也是穩定策略的一部分。我們將其中一個再精煉廠專門用於全職 III 組生產，並且在第二季度運作良好。我們對生產更多第三組產品的能力感到鼓舞。我們將在另一家再煉油廠進行試點，以在未來幾季擴大該計劃。

Last quarter we discussed our multi-year partnership with Castrol and it's more circular program. Castrol officially launched the program in late May at a key transportation industry trade show. They have been employing considerable marketing efforts since the program was announced with two dozen media [placements] in key publications.

上個季度，我們討論了與嘉實多的多年合作夥伴關係及其更加循環的計劃。嘉實多於五月下旬在一次重要的運輸業貿易展上正式啟動了該計劃。自從該計劃宣布以來，他們一直在進行大量的行銷工作，在主要出版物上有兩打媒體[展示位置]。

While we can't share specifics about their sales progress, we can confirm that they have been building a pipeline of interest across many large fleet operators. Our multiyear view with Castrol as a sustainability partner is a strong validation of our high-quality re-refined base oil. Purchases of base oil by Castrol have been strong, and we're excited about the long-term potential of this partnership. While we don't expect any significant gains from this program due to its long sales cycle, we remain optimistic about its future impact.

雖然我們無法分享他們的銷售進度的具體訊息，但我們可以確認他們一直在與許多大型車隊營運商建立感興趣的管道。我們與嘉實多作為永續發展合作夥伴的多年合作是對我們高品質再精煉基礎油的有力驗證。嘉實多對基礎油的購買量一直很強勁，我們對這種合作關係的長期潛力感到興奮。雖然由於銷售週期長，我們預計該計劃不會帶來任何重大收益，但我們對其未來的影響仍持樂觀態度。

Turning to capital allocation and slide 6. Given our strong cash flow expectations in the second half, our current cash balance and low leverage, we are in excellent position today to execute the capital allocation strategy we outlined as part of Vision 2027.

轉向資本配置和幻燈片 6。鑑於我們對下半年強勁的現金流預期、當前的現金餘額和較低的槓桿率，我們今天處於有利位置，可以執行我們在 2027 年願景中概述的資本配置策略。

Half-way through 2024, we have demonstrated the key elements of our plan. Continuing to grow the core business through investments like the Kimball incinerator and our expansion plan in Baltimore and making smart acquisitions where we can extract considerable value such as HEPACO and Noble.

2024 年已過半，我們已經展示了計劃的關鍵要素。透過金博爾焚燒爐等投資和巴爾的摩的擴張計劃繼續發展核心業務，並進行明智的收購，以獲取可觀的價值，例如 HEPACO 和 Noble。

Looking ahead, we will continue to pursue similar opportunities, both internal and external that enable us to capture economies of scale, improve margins, increase cash flow conversion, and ultimately generate the best returns for our shareholders. We continue to see a healthy pipeline of potential M&A as well as additional opportunity to invest internally.

展望未來，我們將繼續尋求類似的內部和外部機會，使我們能夠實現規模經濟，提高利潤率，增加現金流轉換，並最終為股東帶來最佳回報。我們繼續看到健康的潛在併購管道以及額外的內部投資機會。

Coming off a strong Q2 into the back half of the year with good momentum. Within ES, our bullish outlook is supported by our record backlog, a growing project pipeline and demand for our broad suite of services.

進入下半年，第二季表現強勁，勢頭良好。在 ES 內部，我們的樂觀前景得到了創紀錄的積壓、不斷增長的項目管道以及對我們廣泛的服務的需求的支持。

We are also excited about the prospects of our legacy field service business combined with HEPACO to further bolster our ER capabilities while providing numerous synergy opportunities. Within SKSS, we expect to see a stable performance in the quarters ahead despite the current market and the demand environment for base oil. We will continue to capitalize on initiatives like Group III blended sales in our Castrol partnership.

我們也對我們的傳統現場服務業務與 HEPACO 結合的前景感到興奮，這將進一步增強我們的 ER 能力，同時提供大量協同機會。儘管當前市場和基礎油的需求環境不佳，但我們預計 SKSS 在未來幾季將表現穩定。我們將繼續利用嘉實多合作夥伴關係中的第三組混合銷售等措施。

Overall, our outlook for the balance of 2024 remains favorable. We expect to deliver an outstanding financial performance this year and remain on track to achieve our Vision 2027 goals.

總體而言，我們對 2024 年的前景仍然樂觀。我們預計今年將實現出色的財務業績，並繼續實現我們的 2027 年願景目標。

With that, let me turn it over to our CFO, Eric Dugas.

接下來，讓我將其交給我們的財務長 Eric Dugas。

Thank you, Mike, and good morning, everyone. Turning to the income statement on slide 8, we delivered strong results this quarter, achieving record levels of revenue and adjusted EBITDA along with continued margin expansion.

謝謝你，麥克，大家早安。轉向幻燈片 8 上的損益表，我們本季取得了強勁的業績，實現了創紀錄的收入水平和調整後的 EBITDA，同時利潤率持續擴張。

Throughout the first half of 2024, our ES segment has showcased its ability to grow profitably by leveraging our extensive disposal and recycling network, coupled with our service businesses. We're also encouraged to see SKSS have a nice bounce back in Q2 after an uneven start to the year.

2024 年上半年，我們的 ES 部門展示了利用我們廣泛的處置和回收網絡以及我們的服務業務實現盈利增長的能力。我們也很高興看到 SKSS 在經歷了今年開局不平衡的情況後在第二季度實現了良好的反彈。

On the top line, as Eric highlighted, we delivered a good mix of organic and acquisition related growth as we grew total revenues by more than $150 million year over year.

正如 Eric 所強調的那樣，在營收方面，我們實現了有機成長和收購相關成長的良好組合，總收入年增超過 1.5 億美元。

Adjusted EBITDA of $328 million came in above our expectations and was up over $40 million from a year ago. Our adjusted EBITDA margin in the quarter was 21.1%, up 50 basis points year on year and driven by strength in the ES segment.

調整後 EBITDA 為 3.28 億美元，超出我們的預期，比一年前增加超過 4,000 萬美元。本季調整後的 EBITDA 利潤率為 21.1%，較去年同期成長 50 個基點，這主要得益於 ES 領域的強勁表現。

Gross margin in the quarter was an impressive 33.3%, a 110 basis points increase from a year ago. This improvement speaks to the demand for our services and incremental volumes, resulting in productivity gains and realized operational efficiencies across the network.

該季度毛利率高達 33.3%，較去年同期成長 110 個基點，令人印象深刻。這項改進反映了對我們服務和增量的需求，從而提高了生產力並提高了整個網路的營運效率。

SG&A expense as a percentage of revenue was 12.7% in Q2, higher than the prior year period. The primary drivers were increased costs from the acquired businesses non-recurring expenses related to legal and environmental liabilities and incentive compensation, given the strong financial results we are seeing.

第二季 SG&A 費用佔營收的百分比為 12.7%，高於去年同期。鑑於我們看到的強勁財務業績，主要驅動因素是與法律和環境責任以及激勵補償相關的被收購業務的非經常性費用增加。

For the full year 2024, we now anticipate our SG&A expense as a percentage of revenue in the mid to high 12% range, slightly ahead of last year, but decreasing longer term. Consistent with our expectations, depreciation and amortization in Q2 came in at just over $100 million.

對於 2024 年全年，我們現在預計 SG&A 費用佔收入的百分比在 12% 的中高範圍內，略高於去年，但長期來看會下降。與我們的預期一致，第二季的折舊和攤提略高於 1 億美元。

This is up from a year ago, primarily due to acquisitions. For 2024, we now expect depreciation and amortization in the range of $395 million to $405 million. Income from operations in Q2 was $215.5 million, up 14% from prior year. Due to net income was $133.3 million, resulting in earnings per share of $2.46. All figures, up 15% from prior year.

這比一年前有所增加，主要是由於收購。目前，我們預計 2024 年的折舊和攤提將在 3.95 億美元至 4.05 億美元之間。第二季營運收入為 2.155 億美元，比去年同期成長 14%。由於淨利潤為 1.333 億美元，每股收益為 2.46 美元。所有數字均較上年增長 15%。

Turning to slide 9 and balance sheet. Cash and short-term marketable securities at quarter end were $493 million, up about $50 million at the end of Q1. Our increased receivables balance at Q2 is largely driven by acquisitions, and we expect to collect that cash in the coming months.

轉向投影片 9 和資產負債表。季末現金和短期有價證券為 4.93 億美元，比第一季末增加約 5,000 萬美元。我們第二季應收帳款餘額的增加主要是由收購推動的，我們預計在未來幾個月內收回現金。

We ended the quarter with just under $2.8 billion in debt, which reflects the $500 million incremental term loan that we issued to finance the HEPACO and Noble transactions in Q1 of this year. Our balance sheet remains in terrific shape. Our net debt to EBITDA ratio was 2.3 times at quarter end, with no significant debt amounts coming due until 2027. Our overall interest rate at quarter end was 5.7%.

本季結束時，我們的債務略低於 28 億美元，這反映了我們為今年第一季的 HEPACO 和 Noble 交易提供資金而發放的 5 億美元增量定期貸款。我們的資產負債表仍然保持良好狀態。截至季末，我們的淨債務與 EBITDA 比率為 2.3 倍，到 2027 年為止沒有大量債務到期。季度末我們的整體利率為 5.7%。

Turning to cash flows on slide 10. Cash provided from operations in Q2 was $216 million, up from prior year CapEx net of disposals was $132 million, which is down from Q1, but up more than $10 million from prior year due to investments in our network, including $20 million in Q2 spend on the new Kimball incinerator for our total life to date spend now sits at $175 million.

轉向幻燈片 10 上的現金流量。第二季營運提供的現金為2.16 億美元，高於上年同期淨處置資本支出為1.32 億美元，低於第一季度，但由於對我們網路的投資（包括第二季度支出的2,000 萬美元） ，較上年增長超過1000 萬美元迄今為止，我們在新金博爾焚化爐上的總支出為 1.75 億美元。

For the quarter adjusted free cash flow was $84 million, which was slightly below prior year.

本季調整後自由現金流為 8,400 萬美元，略低於去年同期。

For 2024, we expect our net CapEx to be in the range of $400 million to $430 million. This range includes $65 million related to Kimball and $20 million for the purchase and expansion of the Baltimore facility this year.

2024 年，我們預計淨資本支出將在 4 億至 4.3 億美元之間。該範圍包括與金博爾相關的 6500 萬美元和今年用於購買和擴建巴爾的摩工廠的 2000 萬美元。

During Q2, we bought back 23,000 shares of stock at an average price of $214 a share. As of June 30, we had approximately $545 million remaining under our authorized repurchase program.

第二季度，我們以每股 214 美元的平均價格回購了 23,000 股股票。截至 6 月 30 日，我們的授權回購計畫剩餘資金約為 5.45 億美元。

Moving to slide 11. Based on our Q2 results and market conditions, we are raising our 2024 adjusted EBITDA guidance to a range of $1.125 billion to $1.165 billion with a midpoint of $1.145 billion and representing a 13% increase from 2023 at this midpoint. This guidance assumes a $35 million contribution from HEPACO this year and approximately $5 million from Noble oil.

轉到投影片 11。根據我們第二季的業績和市場狀況，我們將 2024 年調整後 EBITDA 指引上調至 11.25 億美元至 11.65 億美元之間，中點為 11.45 億美元，比 2023 年的中點成長 13%。本指南假設今年 HEPACO 捐款 3,500 萬美元，來寶石油捐款約 500 萬美元。

Looking at our annual guidance from a quarterly perspective, we are expecting Q3 adjusted EBITDA growth of 20% to 24% versus prior year. We now expect our higher full year 2024 adjusted EBITDA guidance to translate to our segments as follows.

從季度角度來看我們的年度指引，我們預計第三季調整後 EBITDA 較上年增長 20% 至 24%。我們現在預計 2024 年全年更高的調整後 EBITDA 指引將轉化為我們的細分市場，如下所示。

In Environmental Services, we expect adjusted EBITDA in 2024 at the midpoint of our guidance to increase 13% to 16% from 2023. With a very strong first half performance already complete, we are anticipating a similar performance in the second half.

在環境服務領域，我們預計 2024 年調整後的 EBITDA 將比 2023 年成長 13% 至 16%（以我們指引的中點計算）。上半場的表現已經非常強勁，我們預計下半場也會有類似的表現。

We expect to generate continued year-over-year volume growth in our core lines of business, while also continuing to capture synergies that benefit from the addition of HEPACO. For SKSS, based on the current base oil and lubricant market conditions. We expect full year 2024 adjusted EBITDA at the midpoint of our guidance to increase 3% to 5% in 2023.

我們預計我們的核心業務將實現持續的同比銷售成長，同時繼續獲得因 HEPACO 的加入而受益的協同效應。對於SKSS，基於當前基礎油和潤滑油市場狀況。我們預計 2024 年全年調整後 EBITDA 將在 2023 年指導中點成長 3% 至 5%。

In our corporate segment, at the midpoint of our guide, we expect negative adjusted EBITDA results to be up 14% to 15% compared to 2023. The increase here relates to costs from our acquisitions, including some one-time severance and integration expenses. Higher incentive compensation given our strong results this year and the expenses related to discrete, legal, and environmental liabilities, which were incurred in Q2.

在我們的企業部門，在我們指南的中點，我們預計負調整後的 EBITDA 結果將比 2023 年增加 14% 至 15%。這裡的成長與我們的收購成本有關，包括一些一次性遣散費和整合費用。鑑於我們今年的強勁業績以及第二季產生的與離散、法律和環境責任相關的費用，更高的激勵性薪酬。

As it relates to the acquisition related increases, some of these are synergy opportunities that we will realize in future periods. Percentage of revenue basis, we expect the corporate segment results to be essentially flat with the prior year. For 2024, we currently expect adjusted free cash flow to be in the range of $350 million to $390 million with a midpoint of $379 million.

由於它與收購相關的成長有關，其中一些是我們將在未來時期實現的協同機會。以營收百分比為基礎，我們預期企業部門業績將與上年基本持平。目前，我們預計 2024 年調整後自由現金流將在 3.5 億美元至 3.9 億美元之間，中位數為 3.79 億美元。

As I pointed out previously, if you take that midpoint and add back the Kimball and Baltimore spend, you'll arrive at adjusted free cash flow of $455 million, which translates to approximately 40% of our adjusted EBITDA midpoint expectation.

正如我之前指出的，如果您採用該中點並加上金博爾和巴爾的摩的支出，您將得到4.55 億美元的調整後自由現金流，這相當於我們調整後EBITDA 中點預期的約40% 。

In closing, Q2 was a continuation of the favorable business trends we experienced in Q1. We see positive signs and believe this momentum will carry through the remainder of the year. And I share Eric and Mike's enthusiasm about our growth prospects for 2024 and beyond.

最後，第二季是我們在第一季經歷的有利業務趨勢的延續。我們看到了積極的跡象，並相信這種勢頭將持續到今年剩餘時間。我與 Eric 和 Mike 一樣對我們 2024 年及以後的成長前景充滿熱情。

For the ES segment, we are excited about our backlog of waste and project opportunities, completing the full integration of HEPACO and bringing Kimball online. For SKSS we believe the business has stabilized in terms of collection, production, and volumes and we're excited about the initiatives we have underway. Overall, a great years in store for us in 2024 both for the company and our shareholders.

對於 ES 領域，我們對積壓的廢棄物和專案機會感到興奮，完成了 HEPACO 的全面整合並使 Kimball 上線。對於 SKSS，我們相信業務在收集、生產和數量方面已經穩定，我們對我們正在進行的舉措感到興奮。整體而言，對公司和股東來說，2024 年都是美好的一年。

And with that Latanya, please open the call for question.

拉塔尼亞，請開始提問。

(Operator Instructions)

（操作員說明）

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

So obviously, this quarter was great, very solid growth along with record backlogs. But as we watch the industrial production, the story in the industrial economy doesn't seem all together that great.

顯然，本季成長非常強勁，積壓訂單創歷史新高。但當我們觀察工業生產時，工業經濟的情況似乎沒那麼好。

So I was hoping you guys could kind of bridge that gap. Is it just that there is a lot of tightness in the hazardous waste markets, maybe back in '21, '22. And you're still feeling some of the reverberations of that? Has there been a steady stream of deferred cleanup work. Are you guys just winning market share. Just what do you think is driving the solid momentum? Is there really any reason to believe that enrollment momentum can continue into '25?

所以我希望你們能夠彌補這一差距。難道只是因為危險廢棄物市場非常緊張，也許早在 21 年、22 年就是如此。您仍然感受到其中的一些影響嗎？是否有源源不絕的延期清理工作？你們只是贏得市場佔有率嗎？您認為是什麼推動了這股強勁勢頭？真的有理由相信入學勢頭可以持續到 25 年嗎？

Yes, Tyler, this is Eric, I'll begin here so long. I think you made a lot of great points right there, and they're all in line with how our business has been doing. There continues to be tightness across the whole hazardous waste industry tightness incineration.

是的，泰勒，我是艾瑞克，我就從這裡開始吧。我認為您在那裡提出了很多很好的觀點，它們都符合我們業務的一貫做法。整個危廢業焚燒持續緊張。

Our team though, has just done an awesome job on executing on many different strategies, though, that we've had to grow all of our lines of business with our customers get more penetrated into those customers. So when you think about our drum growth, as an example, we've seen drum growth and growing our market share in the environmental business, the technical service area, the Safety-Kleen Environmental.

不過，我們的團隊剛剛在執行許多不同的策略方面做得非常出色，但我們必須隨著客戶的需求而發展我們所有的業務線，以便更多地滲透到這些客戶中。因此，當您考慮我們的滾筒成長時，舉個例子，我們已經看到滾筒的成長以及我們在環境業務、技術服務領域、安全-克萊恩環境領域的市場份額的成長。

We've also seen strong project growth across the board. We continue to see all of our facilities really handle a tremendous amount of volumes through them from incineration, wastewater treatment, to landfill to our TSDFs. They've all done a great job handling this volume.

我們也看到項目全面強勁成長。我們不斷看到我們所有的設施確實透過焚燒、廢水處理、垃圾掩埋和 TSDF 處理大量的垃圾。他們在處理這本書上都做得很好。

So all in all, yes, all of those factors that you just mentioned have played into how we've done as a company and really growing our volumes and leveraging our facilities network that is really unparalleled. So great job to the team.

總而言之，是的，您剛才提到的所有這些因素都影響了我們作為一家公司的表現，真正增加了我們的產量，並利用了我們無與倫比的設施網絡。團隊的工作非常出色。

Yes. And Eric so I know that the segments have moved around a bit over the years, but isn't 27.5% of record margin in the ES? And I get that Q2 is typically your seasonally strongest margin quarter. But if you look at margins, they're up over 300 basis points on a three year stack. I know that 30% is an aspirational goal in the ES, but maybe how aspirational really is it at this point? Is it something that could be achievable by '27, particularly as Kimball ramps up?

是的。艾瑞克，我知道這些年來這些細分市場發生了一些變化，但創紀錄的利潤率不是 ES 的 27.5% 嗎？我知道第二季通常是季節性利潤率最高的季度。但如果你看一下利潤率，三年來它們就上漲了 300 個基點以上。我知道 30% 是 ES 中的一個理想目標，但也許在這一點上它到底有多理想呢？這在 27 年之前是可以實現的嗎，尤其是在 Kimball 不斷進步的情況下？

Yeah, we certainly think that's achievable, Tyler. It's -- you look at that growth, it is to your point a record Q2 for margin, even with the Industrial Services having less turnarounds year over year. The team did a great, great job of leveraging the network and leveraging our fixed costs and taking out and managing efficiencies throughout the network.

是的，我們當然認為這是可以實現的，泰勒。你看看這種成長，在你看來，第二季的利潤率創歷史新高，儘管工業服務業的周轉率逐年減少。團隊在利用網路、利用我們的固定成本以及提高和管理整個網路的效率方面做得非常非常出色。

So a lot of great work that we put into getting to where we are today. And yes, we do believe that we will continue to be able to have margin expansion in the environmental business and to for that 30% goal to that 2027.

我們付出了很多努力才取得了今天的成就。是的，我們確實相信我們將能夠繼續擴大環保業務的利潤率，並實現 2027 年 30% 的目標。

Thing I'd add on that, Tyler, that's been happening for the past few years. I mean if you look back to 2018 and '19, up over 500 basis points from that. So I think that trend kind of continues for all the reasons that Eric is just articulated.

我想補充一點，泰勒，過去幾年一直在發生這種情況。我的意思是，如果你回顧 2018 年和 19 年，漲幅超過 500 個基點。因此，我認為由於埃里克剛才闡述的所有原因，這種趨勢仍在繼續。

Yes, absolutely. And then just a little bit more color on the $24 million of large-scale ER. What exactly was that and does that revenue linger into the second half?

是的，絕對是。然後，為耗資 2400 萬美元的大型急診室增添一點色彩。那到底是什麼？

Yes, I would say there was a couple of large events that we had one in the Midwest and one in the Pacific Northwest we had a couple of other sizable events as well that all went into that $24 million that we point out. Some of that's going to continue to carry over into Q3. But for the most part, they're starting to wind down.

是的，我想說，我們舉辦了幾場大型活動，一場在中西部，一場在太平洋西北地區，我們還舉辦了幾場其他大型活動，所有這些活動都投入了我們指出的2400 萬美元。其中一些將繼續延續到第三季。但在大多數情況下，它們已經開始減弱。

We just wanted to call them out, Tyler, because they were so large. It did -- Field Service had a great quarter and in an emergency response business, that's core. So it’s not surprising. They just were some very large ones that really drove kind of the beat in Q2.

我們只是想把它們叫出來，泰勒，因為它們太大了。確實如此——現場服務部門的季度業績表現出色，而在緊急應變業務中，這是核心。所以這並不奇怪。他們只是一些非常大的公司，確實推動了第二季的發展。

And just to add to it, our as we pointed out in our script, our teams between HEPACO acquisition and our field service teams, I think they did a really solid job of responding to the needs of those ERs, supporting them together, taking care of them quickly and in managing and minimizing the effect of the environment. So great job to the team there.

除此之外，正如我們在腳本中指出的那樣，我們的 HEPACO 收購團隊和我們的現場服務團隊，我認為他們在響應這些急診室的需求、共同支持他們、照顧他們方面做得非常紮實。管理和最大限度地減少環境影響。那裡的團隊幹得很棒。

Perfect. And just my last one to squeeze it in here. Obviously, cash flow is solid, likely to get better into '25. Balance sheet's in good shape. Mike, you talked a little bit about the M&A pipeline, but can you give us a little book more color there? There's a lot of interest and has ways non traditional solid waste assets out there to see a little more color on the pipeline, either smaller tuck-ins or possibly even something larger. Can you just talk about the prospects maybe this year and into next? Thanks, guys.

完美的。這只是我最後一次把它擠在這裡。顯然，現金流是穩定的，可能會在 25 年變得更好。資產負債表狀況良好。麥克，您談了一些關於併購管道的內容，但是您能給我們一本小書，讓我們對此有更多的了解嗎？人們對非傳統固體廢物資產很感興趣，並且有很多方法可以在管道上看到更多的色彩，要么是更小的折邊，甚至可能是更大的東西。您能談談今年和明年的前景嗎？謝謝，夥計們。

Sure, Tyler. So I'd say that as you've noticed the multiples are going up. I mean, the multiples for environmental type service businesses.

當然，泰勒。所以我想說，正如您所注意到的，倍數正在上升。我的意思是，環境類型服務企業的倍數。

I'd say have been drifting up even though you think they'd be drifting down given the interest rates. But I think that given recent transactions in the marketplace, you can see in public company transactions, you can see the multiples that are being paid by others.

我想說的是，儘管你認為考慮到利率，它們會下降，但它們一直在上升。但我認為，鑑於市場上最近的交易，您可以在上市公司交易中看到，您可以看到其他人支付的倍數。

And so we're going to have to pay up. We think there's value there. But as I've always said, we want to be disciplined in our process and want to make sure that to make strategic sense and financial sense. And we walked away from some things that although we have been strategically don't fit financially, so we're going to compete, you need to be very disciplined.

所以我們必須還錢。我們認為那裡有價值。但正如我一直說的，我們希望在流程中遵守紀律，並希望確保其具有戰略意義和財務意義。我們放棄了一些事情，儘管我們在策略上一直在財務上不適合，所以我們要競爭，你需要非常自律。

I think that the pipeline is pretty strong on both sides, both on the environmental service business in the oil business. And it's all based on returns. I mean, it's not the new year data, but the pipeline is strong. We're very active I would say is there had been HEPACO, Turner & Noble who are trying to be creative.

我認為雙方的管道都相當強大，無論是在石油業務的環境服務業務上。而這一切都是基於回報。我的意思是，這不是新年數據，但管道很強大。我們非常活躍，我想說的是，HEPACO、Turner & Noble 都在努力發揮創意。

We already see the benefits of them already after three or four months. So I think that there's kind of more and more to come here. And you look at the cash flow generation and the leverage we have on the balance sheet, we're kind of in a great space to do it because I think the deleverage is actually going to continue to tick down here in Q3 without M&A and get below two by the end of the year, given kind of the forecast the guide we've given today.

三、四個月後我們已經看到了它們的好處。所以我認為會有越來越多的人來到這裡。你看看我們在資產負債表上的現金流量和槓桿率，我們有一個很大的空間來做到這一點，因為我認為，如果沒有併購，去槓桿化實際上會在第三季度繼續下降，並且得到根據我們今天給出的預測，到今年年底將低於 2。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

And this is Adam on for Jerry today. Good morning.

今天是亞當替傑瑞發言。早安.

I think incinerator pricing was 3% in the quarter. Just wondering how that breaks down between core price and mix and then can you talk to us about your pipeline for your hazardous waste landfill and incinerator business? How do you expect product mix to trend in the back half of the year versus last year? Thanks.

我認為本季焚化廠定價為 3%。只是想知道核心價格和組合之間是如何分解的，然後您能與我們談談您的危險廢物掩埋場和焚燒爐業務的管道嗎？與去年相比，您預計今年下半年的產品組合趨勢如何？謝謝。

Yes, Jerry, so for the second quarter, as we've talked about before, we had a really large shutdown in our Deer Park incinerator. That unit is one of the largest consumers of our direct burn bulk waste streams. So that certainly had an effect in the mix of that overall incineration pricing.

是的，傑瑞，所以在第二季度，正如我們之前討論過的，我們的鹿園焚燒廠進行了一次大規模的關閉。該裝置是我們直接燃燒散裝廢物流的最大消耗者之一。因此，這肯定會對整體焚燒定價產生影響。

Year to date, we're on a 5% to 6%, a little bit down last year, but as things change a little bit, but some overall just again, continued strong and performance will continue to outpace inflation on the incineration pricing size. And we are we have always to continue to work on that.

今年迄今為止，我們的利率為 5% 至 6%，比去年略有下降，但隨著情況發生了一些變化，但整體上又出現了一些變化，持續強勁，焚燒定價規模的表現將繼續超過通膨。我們始終要繼續為此努力。

On the landfill and incineration pipeline area. They're strong as we showed data from our second quarter performance and year to date open projects and base business and drum volumes into our landfill. All those pipelines are up into those units and a great job to on some of the fairly large projects that we've been able to leverage into those sites.

對垃圾掩埋場和焚燒管道區域。它們很強勁，因為我們展示了第二季度業績和年初至今的開放項目以及基礎業務和垃圾掩埋場裝運量的數據。所有這些管道都進入了這些單元，並且對於我們能夠利用到這些站點的一些相當大的項目來說，這是一項出色的工作。

On the incineration side, when we just met recently on our quarterly operating review, not just in incineration, but across the business. All the pipelines were really growing. And we look at how we segment our business, look at lines of business, the different business units, real solid pipeline growth quarter-over-quarter, and year over year and second quarter.

在焚燒方面，當我們最近剛進行季度營運審查時，不僅是焚燒方面，而是整個業務。所有的管道都在真正成長。我們將研究如何細分我們的業務，研究業務線、不同的業務部門、季度環比、同比和第二季度真正穩定的管道成長。

So they're solid. And you can see also from our deferred revenue or deferred revenue ticked up to $108 million. So up we're really excited to really leverage that Kimball incinerator that we're bringing online in Q4. So some solid momentum there.

所以它們是堅固的。您還可以從我們的遞延收入或遞延收入中看到高達 1.08 億美元。因此，我們非常高興能夠真正利用我們在第四季度上線的 Kimball 焚燒爐。所以有一些堅實的勢頭。

And then was wondering if you could just talk about how you see the recent Chevron rolling affecting the PFAS opportunity, if at all, when more broadly hazardous waste regulations set by the EPA?

然後想知道您是否可以談談您如何看待最近雪佛龍的滾動影響 PFAS 機會（如果有的話），當 EPA 制定更廣泛的危險廢物法規時？

Yes, our interpretation, Adam of Chevron is that it is not going to have really any effect on the regulatory environment for us and for to and particularly PFAS. The regulations that are in play today.

是的，雪佛龍的 Adam，我們的解釋是，它不會對我們、特別是 PFAS 的監管環境產生任何真正的影響。今天正在實施的規定。

When you think about record waste codes around how we still manage to the right disposal option. Those aren't going to be changed. They've been in place for a long time. They're very, very rigid foundation of record regulations. We don't think Chevron at all affects that.

當您考慮記錄廢棄物代碼時，我們仍然可以找到正確的處置選項。這些不會改變。他們已經就位很久了。它們是非常非常嚴格的記錄法規基礎。我們認為雪佛龍根本不會影響這一點。

And on a PFAS side, there's so much data, so much analytical over the years of how PFAS has really affected the environment, hard to ever think that a Chevron rolling is going to affect how those regulations are going to continue to play out for the industry.

在 PFAS 方面，多年來有如此多的數據、如此多的分析來說明 PFAS 如何真正影響環境，很難想像雪佛龍的滾動會影響這些法規將如何繼續發揮作用。

David Manthey, Baird.

大衛曼蒂，貝爾德。

Yes, first question on the Kimball. So it adds, I think, approximately 18% to your incineration capacity. And assuming you can take on and the higher value waste streams, it could be even more than that as it relates to the dollars.

是的，第一個問題是關於金博爾的。因此，我認為，它可以增加大約 18% 的焚燒能力。假設你可以承擔更高價值的廢物流，那麼它可能比這更多，因為它與美元有關。

But I'm trying to circle in here on the tech services subsegment, revenue contribution from Kimball. And I think in the past back in many years ago, you gave us a breakdown of tech services between incineration, skilled labor, transportation, landfills, wastewater, TSDFs, all kinds of things.

但我想在這裡談談技術服務細分市場，即 Kimball 的收入貢獻。我想在很多年前，您向我們提供了焚燒、熟練勞動力、運輸、垃圾掩埋場、廢水、TSDF 等各種技術服務的詳細資訊。

When we think about that incremental capacity, does it just impact that incineration piece, which is maybe a third of tech services sub-segment work? And do you assume that it's going to require some of those other services? So I'm just you've given us the EBITDA run rate you think you can get to I'm just trying to get a finer point on revenues, if you could.

當我們考慮增量容量時，它是否只會影響焚燒部分，這可能佔技術服務子細分市場工作的三分之一？您認為它會需要一些其他服務嗎？因此，我只是向我們提供了您認為可以達到的 EBITDA 運行率，如果可以的話，我只是想更詳細地了解收入情況。

Sure, Dave, I'll begin, and I'm sure these guys will also add in when you think about Kimball bringing it online, the 18%, we've talked about 70,000 tons of capacity that will add and down next year, we're really looking to exceed 30,000 tons through that unit.

當然，戴夫，我會開始，我相信當你想到金博爾將其上線時，這些人也會添加進來，18%，我們已經討論了明年將增加和減少的 70,000 噸產能，我們確實希望通過該裝置產量能夠超過30,000 噸。

When you look at the revenue at a higher level and the collection from our customers, we don't just collect incineration waste when we're out there collecting waste streams from our customers. There's a broad range, which we're able to leverage our network of incineration and landfill and wastewater treatment and recycling.

當你從更高的層面來看收入和從客戶收集的垃圾時，我們不僅收集焚燒廢物，而且還收集客戶的廢物流。我們能夠利用我們的焚燒、垃圾掩埋以及廢水處理和回收網路的範圍廣泛。

So we're servicing customers based on all of their waste stream needs. Obviously, the network. The industry has been backed up on incineration. We're excited to get that capacity online. But to your question about revenue, it's a compilation of all those different waste streams that will benefit the technical services network.

因此，我們根據客戶的所有廢物流需求為他們提供服務。顯然是網路。該行業一直以焚燒為後盾。我們很高興能夠在線獲得這種能力。但對於你關於收入的問題，它是所有這些不同廢物流的匯總，這些廢物流將有利於技術服務網絡。

One thing I'd add to that is that so when you think about the new incinerator, David, 12%, not 18%. So it is a lot more capacity, but not the 18%.

我要補充的一件事是，當你想到新的焚化爐時，大衛，12%，而不是 18%。所以容量要大得多，但不是 18%。

I'd also say when you look at when you look at the tech service and you look at our financials, as Eric said, it's not the incineration. We have 32 TSDFs. We have wastewater treatment facility, the installer segment facilities. It really is over a 100 permanent facilities across North America. And so all of those all of those facilities, we handle waste, different types of waste streams.

我還想說，當你看看技術服務和我們的財務狀況時，正如艾瑞克所說，這不是焚燒。我們有 32 個 TSDF。我們有廢水處理設施、安裝部門設施。它確實在北美擁有 100 多個永久性設施。因此，所有這些設施，我們處理廢物，不同類型的廢物流。

So it's really are you kind of do we give we talk about incineration because it's the biggest part of it. I get that in landfills are a big part of it, but it's a it's a very big business, yes is a very technical services, a very large business and so I think that's really important to think about it broadly.

所以我們確實是在討論焚燒，因為它是其中最重要的部分。我知道垃圾掩埋場佔了很大一部分，但這是一項非常大的業務，是的，這是一項非常技術性的服務，一項非常大的業務，所以我認為廣泛地考慮它非常重要。

And so it's really hard for us to kind of pin down like how much came from the facility versus trans and disposal. The answer is that those businesses go July and you see it in the tech services results in Q2. Tech services is up 14% year over year which is a lot of that is, I think that by two-thirds volume and one-third price.

因此，我們真的很難確定有多少來自該設施，還有多少來自轉運和處置。答案是這些業務將在 7 月進行，您可以在第二季的技術服務業績中看到這一點。技術服務年增 14%，我認為其中增加了三分之二的數量和三分之一的價格。

And I think that's really a testament to what Eric just said around all of the volumes we're getting in not just incineration, which manpower in the quarter, which is great. We're all over the Internet.

我認為這確實證明了埃里克剛才所說的關於我們收到的所有數量，而不僅僅是焚燒，本季度的人力，這很棒。我們都在網路上。

Got it. That's helpful. Thank you very much. And then secondly, just trying to scale the ER work that you referenced here this quarter, $24 million. It's not the highest you've seen, but nothing either. I'm just trying to understand. Is that because of the addition of HEPACO and that's a normal rate you'd expect to see going forward and related, is that something that you'll continue to report going forward? Given that that's such a large portion of HEPACO business indeed.

知道了。這很有幫助。非常感謝。其次，只是想擴大您本季在這裡提到的 ER 工作規模，2400 萬美元。這不是你見過的最高的，但也沒什麼。我只是想理解。這是因為添加了 HEPACO，這是您預計未來會看到的正常比率，並且相關，您以後會繼續報告這一情況嗎？鑑於這確實佔 HEPACO 業務的很大一部分。

Hey, Dave. So this is -- Mike I guess we thought it was important because there were a fair amount of really large items and you've followed us for many, many years when we've had these large events, we've called them out.

嘿，戴夫。所以這就是——麥克，我想我們認為這很重要，因為有相當多的大型項目，而且你已經關注我們很多很多年了，當我們舉辦這些大型活動時，我們已經把它們叫出來了。

And I don't think they're -- going to last for quarterly multiple, probably done kind of early Q3. And so these are just we just felt it was important given that the really strong growth and field service business in the quarter, just so that you get from comparison to next year.

我認為它們不會持續季度倍數，可能在第三季初就完成了。因此，考慮到本季真正強勁的成長和現場服務業務，我們認為這很重要，以便您可以與明年進行比較。

Frankly, we're going to say, look, there are some large events that we were the beneficiary of at pretty good margins. Just as we think about that with digit, again, we have some cutoffs. There's reason pretty large events.

坦白說，我們要說，看，我們是一些大型活動的受益者，並獲得了相當可觀的利潤。正如我們思考數字一樣，我們也有一些界線。舉辦大型活動是有原因的。

I'm not sure -- you tell me if there's any arguments the back half of the year was tough for us to tell. I do know, we've done quarters without. So we'll as we see fit, given the size and scale of that we'll call it out.

我不確定——你告訴我今年下半年是否有任何爭論對我們來說很難說。我知道，我們已經在沒有的情況下度過了幾個季度。因此，我們將根據我們認為合適的情況，考慮到其規模和規模，我們將宣布它。

But it was really more of a from a comparison standpoint, given the great results from the beak we had in the quarter to kind of we thought was appropriate to call out these material.

但這實際上更多的是從比較的角度來看，考慮到我們在本季度取得的出色成果，我們認為適合調用這些材料。

Hey that Dave, just one other point was about these events warrant also just due to HEPACO, It was really the network. It was really a mix across all of our field service business.

嘿，戴夫，還有一點是關於這些事件的保證，這也只是由於 HEPACO，這實際上是網路。這實際上是我們所有現場服務業務的混合。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

And maybe just a follow up to what you're just discussing of I think your you had been targeting what about $30 million of EBITDA from HEPACO and that's now $35 million. Is it -- can you talk about what's driving the higher expectations for that business? You only acquired, it was March, so it seems to be tracking ahead of expectations. And I wonder if you could talk a little bit about that.

也許只是您剛才討論的內容的後續，我認為您的目標是從 HEPACO 獲得約 3000 萬美元的 EBITDA，現在是 3500 萬美元。您能談談是什麼推動了對該業務的更高期望嗎？你剛剛收購了，那是三月份，所以它的追蹤似乎超出了預期。我想知道你能否談談這一點。

Sure, James. Eric Dugas here. I’ll start with that one. And you're absolutely correct. We did our expectations from HEPACO for the full year did increase $5 million, partially due to some of the larger ER jobs that we have been talking about for the last few minutes. But also I think the integration of HEPACO is probably a little ahead of schedule from what we projected three months back.

當然，詹姆斯。埃里克·杜加斯在這裡。我將從那個開始。你是完全正確的。我們對 HEPACO 全年的預期確實增加了 500 萬美元，部分原因是我們過去幾分鐘一直在討論的一些較大的急診室工作。但我也認為 HEPACO 的整合可能比我們三個月前的預期提早了一些。

The team has done a great job of integrating the HEPACO field services office into the legacy Clean Harbors network, sharing resources, sharing labor. And one of the bright spots to the acquisition we talked about was the emergency response line that HEPACO had. Our ability to integrate our field services folks into that business.

該團隊在將 HEPACO 現場服務辦公室整合到遺留的 Clean Harbors 網路、共享資源、共享勞動力方面做得非常出色。我們談到的此次收購的亮點之一是 HEPACO 擁有的緊急應變線路。我們將現場服務人員整合到該業務中的能力。

So what we have done here at Clean Harbors is really put a full court press on hiring some additional heads. We have been successful with that in field services and it's been allowed us to internalize more of that work and drive more EBITDA into this year. So, as we said a few times now, really excited about that acquisition. And like I said, a little bit ahead of schedule probably in terms of synergies and a little bit better on the business front as well. And those are all the reasons we increased that number.

因此，我們在 Clean Harbours 所做的確實是全力以赴僱用一些額外的負責人。我們在現場服務方面取得了成功，這使我們能夠將更多的工作內部化，並在今年推動更多的 EBITDA。因此，正如我們多次說過的那樣，我們對此次收購感到非常興奮。就像我說的，在協同效應方面可能比計劃提前了一點，在業務方面也好一點。這些都是我們增加這個數字的原因。

Yes. The only other thing I'd add, since Eric Dugar brought it up our voluntary turnover actually has gone down quite a bit louder and that allowed us to kind of keep people longer and really good growth, good growth. We drove it down 200 basis points year over year and amazingly over 600 basis points since over two years ago.

是的。我唯一要補充的另一件事是，自從埃里克·杜加爾（Eric Dugar）提出以來，我們的自願離職率實際上已經下降了很多，這使我們能夠留住員工更長的時間，並且實現了真正的良好成長，良好的成長。我們將其同比下降了 200 個基點，令人驚訝的是，自兩年多前以來，已經下降了 600 個基點。

So the team has done a really good job of retaining and training, good employees and that's really helped us have a variety of fronts, not just on field service but across the organization. And it gives us a good safety and kind of better March.

因此，團隊在留住和培訓優秀員工方面做得非常出色，這確實幫助我們在各個方面都有了幫助，不僅是在現場服務方面，而且在整個組織範圍內。它為我們帶來了良好的安全性和更好的行軍。

And you guys talked a little bit about Group III and plans for expanding that. I wonder if you could maybe elaborate on what you're seeing and how you're expecting that business to perhaps scale over the next one to two years?

你們談到了第三組以及擴大該組的計劃。我想知道您是否可以詳細說明您所看到的情況以及您預計該業務在未來一到兩年內如何擴大規模？

Yes, Jim, we had a we ran a refinery now full time on Group III actually ran well in the quarter. We've been using that Group III into our blended gallons. I think it's been I think it's a success. And I think about the pilot we're running now in for this for another plant to get that running.

是的，吉姆，我們現在全職經營煉油廠，第三組實際上在本季運作良好。我們一直在我們的混合加侖中使用第三組。我認為這是成功的。我想到了我們現在正在為另一家工廠運行的試點。

It just different taste, different type of oil re-refining process. So we're going to test that out, but there's good growth in this business. We think there's over 20 million gallons, 25 million gallons of incremental V out there, and we can dedicate two or three plants to run and use and that we'll be able to have good cost save and ability to drive more planned gallons into our network at higher price points.

只是口味不同，油的再精煉工藝不同而已。所以我們要對此進行測試，但這項業務有良好的成長。我們認為有超過 2000 萬加侖，2500 萬加侖的增量 V 在那裡，我們可以專門運行和使用兩到三個工廠，我們將能夠節省大量成本，並能夠將更多計劃的加侖投入我們的工廠。網路價格較高。

And last question, just on PFAS, I wonder the conversations you're having with customers in this area. How are things potentially changing versus earlier in the year? Just give us a sense. Is that how you're seeing that business evolve for you?

最後一個問題，關於 PFAS，我想知道您與該領域客戶的對話。與今年早些時候相比，情況可能會發生怎樣的變化？只是給我們一個感覺。這就是您所看到的業務發展的方式嗎？

Yes, James, Eric here. So when we talked about the PFAS, as from the past, we've really looked at providing total solutions from performing analytical to remedial event to incineration landfill capabilities and really managing projects from drinking water and industrial water. And to be honest with you, we've really seen growth in all of those areas.

是的，詹姆斯、艾瑞克在這裡。因此，當我們談論 PFAS 時，與過去一樣，我們真正著眼於提供從執行分析到補救事件再到焚燒垃圾掩埋能力的整體解決方案，並真正管理飲用水和工業用水項目。老實說，我們確實看到了所有這些領域的成長。

Our water treatment that we've seen for PFAS has increased industrial and drinking. Our project business of remediation of contaminated soils has been increasing as well as some of our analytical that we've started on the front end.

我們所看到的 PFAS 水處理增加了工業和飲用水。我們的污染土壤修復專案業務以及我們在前端開始的一些分析一直在增加。

So we're really seeing it from all areas. The other key areas is AFFF change-ups. So there has been some discussion, and we've seen it in certain projects where we've had to go in and remove AFFF. And one of the last complement to that is the one today have an emergency response or somebody has an event at their facility and their foam dumps, that foam is no longer being really discharged on site. It really has to be removed from site. And so we're seeing those types of activities as well.

所以我們確實從各個方面都看到了這一點。其他關鍵領域是水成膜泡沫的變化。因此，出現了一些討論，我們在某些​​項目中看到了這種情況，我們不得不介入並刪除 AFFF。最後的補充之一是，今天有緊急響應，或者有人在他們的設施和泡沫傾倒場發生了事件，泡沫不再真正在現場排放。它確實必須從網站上刪除。所以我們也看到了這些類型的活動。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

I will a follow up on that last question, how do you see the potential for a new presidential administration to potentially change or diminish the PFAS opportunity through a different sort of blends as far as environmental rules and regulations?

我將繼續回答最後一個問題，您如何看待新總統政府透過環境規則和法規的不同類型的混合來改變或減少 PFAS 機會的潛力？

Yeah. So we were -- we really don't think that the change in administration would have any effect on what is happening with record regulations or PFAS regulations at all. Will be continue to we think it's going to continue to be business as usual.

是的。所以我們確實認為管理的變更根本不會對記錄法規或 PFAS 法規產生任何影響。將繼續我們認為它將繼續一切如常。

The company has been growing for 40 years, Tobey, 45 years next year and some Democrats Republicans, Conservatives, Liberals, I mean, the company and we're talking about hazardous waste here, right? So it's important that I don't think that really changes the overall kind of view based on the administration.

該公司已經發展了 40 年，托比，明年還有 45 年，還有一些民主黨、共和黨、保守黨、自由黨，我的意思是，該公司和我們在這裡談論危險廢物，對吧？因此，重要的是我認為這不會真正改變政府的整體觀點。

News reports out in recent months about potentially large ES M&A opportunities in the market. How would you describe your appetite for transformational deals?

近幾個月的新聞報導稱，市場上存在潛在的大型 ES 併購機會。您如何描述您對轉型交易的興趣？

We are open to those --we are open to those types. They got to meet our strategic sense and meet our strategic hurdles in our financial, but we're certainly open to those. We talked about Vision 2027 of spending a lot of capital to grow that business, double the size of the business for the five years.

我們對這些人持開放態度——我們對這些類型持開放態度。他們必須滿足我們的策略意識並解決我們在財務方面的策略障礙，但我們當然對此持開放態度。我們談到了 2027 年願景，花費大量資金來發展業務，在五年內將業務規模擴大一倍。

We're on that track. We're I think we're right on track. And what we said, back in 2013, and I'm excited about those opportunities big and small. It's like sometimes the hard the small deals that are the hardest ones to do because they take so much work to kind of get done. And so we're open to those things kind of makes sense.

我們正走在這條軌道上。我認為我們走上了正軌。正如我們在 2013 年所說的那樣，我對這些大大小小的機會感到興奮。就像有時最難做的小交易是最難做的，因為它們需要做很多工作才能完成。所以我們對這些事情持開放態度是有道理的。

And then if I could ask you to elaborate a little bit on the incinerator capacity and utilization topic as the new capacity ramps historically, has there been an influence or a change in the pricing trend in the quarters where that capacity is entering the market?

然後，如果我可以請您詳細說明隨著歷史上新產能的增加，焚燒爐產能和利用率主題，該產能進入市場的季度的定價趨勢是否受到影響或變化？

No, there hasn't, Tobey. We really do not anticipate any pricing change. In fact, we're going to continue to drive price improvement across the network. So that capacity will ramp up. As we talked about earlier, we look to do about 30,000 tons next year and grow sequentially. After that, we don't -- and the backlog again of drums and how our team has been doing and collecting drum volumes from all of our different customers will continue to fuel that EBITDA growth.

不，沒有，托比。我們確實預計價格不會有任何變化。事實上，我們將繼續推動整個網路的價格改善。因此，容量將會增加。正如我們之前談到的，我們預計明年產量約為 30,000 噸，並持續成長。在那之後，我們不會——而且桶的再次積壓以及我們團隊的工作方式和從所有不同客戶那裡收集桶的數量將繼續推動 EBITDA 的成長。

Brian Butler, Stifel.

布萊恩巴特勒，斯蒂菲爾。

First one, just on the SKSS business. Maybe a little bit more color on how the spot price and the charge for oil is kind of trending into the back half and maybe what's built into the 2024 guidance of that 3% to 5% improvement?

第一個是關於 SKSS 業務。也許對下半年現貨價格和石油費用的趨勢有更多的了解，也許 2024 年 3% 至 5% 的改善指導中有什麼內容？

Well, the good thing, Brian, is we have gotten into 45 minutes into this call. We first (inaudible) there you go, good for you. The -- I think if you think about the back half of the year, it’s only 12% of the business, but I am happy to answer your questions on it. The back half of the year, when you think about our oil pricing, we have actually put very conservative view on our pricing trend as you think about when you get to the midpoint of the guide we gave this morning, we feel like we are making good traction on Group III.

好吧，布萊恩，好的事情是我們這通電話已經進行了 45 分鐘。我們先（聽不清楚）就這樣，對你有好處。我想，如果你考慮今年下半年，它只佔業務的 12%，但我很高興回答你的問題。今年下半年，當你考慮我們的石油定價時，我們實際上對我們的定價趨勢持非常保守的看法，當你想到我們今天早上給出的指南的中點時，我們覺得我們正在製定第三組的牽引力良好。

We are making good traction on capital, making good traction on blended volumes. And so I think all of those are going to help us stabilize that business and continue to grow it. And so when you look at that kind of the growth rates we have for the year, as you see, 3% to 5%, pretty modest and -- but we don’t really have aggressive pricing in the back half of the year to kind of achieve those numbers.

我們在資本方面取得了良好的進展，在混合交易量方面取得了良好的進展。因此，我認為所有這些都將幫助我們穩定該業務並繼續發展它。因此，當你看看我們今年的成長率時，如你所見，3% 到 5%，相當溫和，但我們在今年下半年並沒有真正的激進定價達到這些數字。

So we would probably just build on it, Brian, that the team continues to execute on our blended sales strategy year to date, our blended sales volume is up year over year, so good job and how we're trying to stabilize that. And as Mike talked about earlier in the call, our Group III efforts are beginning to pay off. So there's some nice things going on there.

因此，布萊恩，我們可能會在此基礎上繼續執行我們的混合銷售策略，我們的混合銷售量逐年上升，幹得好，我們正在努力穩定這一點。正如麥克早些時候在電話會議中談到的那樣，我們第三組的努力正在開始得到回報。所以那裡正在發生一些美好的事情。

Okay. Great. That was my one question for SKSS assets and I'll go to ES now. I want -- just start maybe some high level thoughts on as capacity is getting added to the incineration market with you Veolia adding maybe we could talk about how do you view the potential for captive incinerators, maybe coming back and looking at commercial as an option as more capacity kind of manifest in the commercial side?

好的。偉大的。這是我對 SKSS 資產的一個問題，我現在將轉到 ES。我想——隨著容量不斷增加到焚燒市場，威立雅補充說，也許我們可以談談您如何看待自備焚燒爐的潛力，也許會回來考慮商業作為一種選擇更多的容量體現在商業方面？

Yes, Brian, first, as we've mentioned in the past, all of the captive units out there, those couple of those companies are our customers. We continue to work as partners with them to help them manage their variety of waste streams. And again, when you think about taking a captive commercial and a sizable scale, it is really difficult there is individual state and EPA regulations you have to go through.

是的，布萊恩，首先，正如我們過去提到的，所有的專屬單位，其中的那幾家公司都是我們的客戶。我們將繼續與他們合作，幫助他們管理各種廢物流。再說一次，當你考慮進行一個規模化的自營商業活動時，你必須遵守各州和環保署的規定，這確實很困難。

So it's hard to imagine that any type of captive, knowing that we know them all and we work with them all is going to really have any material type of change in market conditions and what's going on.

因此，很難想像任何類型的自保公司，因為我們了解他們所有人並且我們與他們所有人一起工作，所以市場狀況和正在發生的事情真的會發生任何實質性的變化。

On more likely scenario, Brian would be that they would probably given that given the process and the cost and the regulations in that and compliance, that creates more opportunity for us in the network.

在更可能的情況下，布萊恩認為，考慮到流程、成本、法規以及合規性，他們可能會考慮到，這為我們在網路中創造了更多機會。

Yes, I guess that was the focus of the question was what's that potential of them closing as more capacity gets added?

是的，我想問題的焦點是隨著更多產能的增加，它們關閉的潛力是什麼？

We continue to believe that there's a few that are prime targets. Their utilization is down over the past few years, so that Tom and also the products that they're making have changed. And that means that the waste streams that those captives have been consuming effective utilization of those units. We also believe that time, well, we know that EPA is out there and it's going to be looking to change MAC guidelines again, which is they're required to do by the statute.

我們仍然相信有一些是主要目標。在過去的幾年裡，它們的利用率有所下降，因此湯姆和他們生產的產品都發生了變化。這意味著這些俘虜所消耗的廢物流可以有效利用這些單位。我們也相信，到那時，我們知道 EPA 會在那裡，它將再次尋求改變 MAC 指導方針，這是法規要求他們這樣做的。

And so they're going down that path to evaluate that. So those that if capital has to be invested by those companies to upgrade those units that are having lower utilization. All those types of things are catalysts, which could affect a captive coming offline.

因此，他們正在沿著這條路進行評估。因此，那些公司必須投資資金來升級那些利用率較低的設備。所有這些類型的事情都是催化劑，可能會影響俘虜下線。

Okay. And then one last on PFAS real quick, can you maybe give an update on the PFAS destruction from an incineration and the OTM 50 testing, has that progressed? And is there maybe an update there?

好的。最後一個關於 PFAS 的問題，您能否介紹一下焚燒過程中 PFAS 破壞情況和 OTM 50 測試的最新情況，有進展嗎？那裡可能有更新嗎？

Yes, we are. It's progressing well. We'll be doing that OTM 50 testing this fall, working jointly with the EPA on achieving improving outlets. Again, that the record high temperature thermal destruction is really the preferred method. And so we're proceeding very well on that.

是的，我們是。進展順利。我們將於今年秋天進行 OTM 50 測試，與 EPA 合作改善分店。再次強調，創紀錄的高溫熱破壞確實是首選方法。我們在這方面進展順利。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

It's an election adjacent question really about the fund flow under IIJA. I think you even just looking at superfund, right, we've got [$2.5 billion out of the $3.5 billion], I'm already obligated, but most of that has not been spent yet. I guess how are we actually seeing some of that spending impact your P&L this year. Is that more of a tailwind for '25, '26? Anything you can do to help quantify that is helpful. And then do you think there's a possibility for any increase in awarding activity as we can I get into the election season?

這是一個與選舉相鄰的問題，實際上是關於 IIJA 下的資金流動。我想你甚至只看超級基金，對吧，我們已經[35億美元中的25億美元]，我已經有義務了，但其中大部分還沒花完。我想我們實際上如何看待其中一些支出對您今年的損益的影響。這對 25 年、26 年來說更像是順風嗎？您可以採取的任何措施來幫助量化這一點都是有幫助的。然後，您認為隨著我們進入選舉季節，獎勵活動是否有可能增加？

So no, it is very difficult for us to this, Mike. It's very difficult for us to Penwest directly correlate here, the investment that they're making in infrastructure spend or in the SIPs act and then how that affects our financial statements and kind of how it all rolls down.

所以不，麥克，我們很難做到這一點。我們很難將 Penwest 在這裡直接關聯起來，他們在基礎設施支出或 SIP 法案中進行的投資，以及這如何影響我們的財務報表以及這一切如何滾動。

But I will tell you from a project level standpoint, Q2, one of the best quarters in the company's history from the level of project work so it's almost like I can't draw that came from the government spend X amount that drove the type of investment by the company and drove the contractor to go drive this up and they came to us.

但我會從專案層面的角度告訴你，第二季是公司歷史上專案工作層面最好的季度之一，所以我幾乎無法得出來自政府支出X金額的數字，這推動了公司的投資並促使承包商去推動這個項目，他們來找我們。

But I will tell you that you that seems to be a very strong pipeline of work and that pipeline looks really good into 2025 so that it can I give you like, Well, here's how much has been spent. Here's how much it impacts us.

但我會告訴你，這似乎是一個非常強大的工作流程，而且到 2025 年這個流程看起來非常好，所以我可以給你這樣的資訊：嗯，這就是已經花了多少錢。這是它對我們的影響有多大。

No, I cannot. But what I can tell you is that we are seeing a very strong pipeline of work. Q2 was terrific, and there are no signs that we see from our pipeline work. And from talking to the leadership team and the sales organization that would change that view.

不，我不能。但我可以告訴你的是，我們看到了非常強大的工作管道。第二季非常棒，我們從管道工作中沒有看到任何跡象。透過與領導團隊和銷售組織的交談，這將改變這種觀點。

So I love the view that all the spend that you're talking about continues on into 2025. We're cleaning up some nasty messes and superfund and other areas, and it's a great way to invest in it.

因此，我喜歡這樣的觀點：您所談論的所有支出都會持續到 2025 年。我們正在清理一些令人討厭的混亂和超級基金以及其他領域，這是一個很好的投資方式。

You mentioned earlier you're on track for Vision 2027, I will say by the way, as far as M&A transformational M&A goes or any kind of M&A, if you pay the multiples that you're getting on this first year HEPACO that will be just fine with investors.

您之前提到您正朝著 2027 年願景邁進，順便說一句，就併購轉型併購或任何類型的併購而言，如果您支付第一年 HEPACO 的倍數，這將是對投資者來說很好。

But what do you feel like you're on track -- for the M&A plus organic version of those targets and Vision 2027, the $600 million EBITDA, $200 million free cash flow incremental with HEPACO and Noble, right? You're you're probably around 50 to 60 correct my math, there's a fair way to go. What is what is the what is the view on whether you're tracking towards those targets?

但是，對於這些目標的併購加上有機版本以及 2027 年願景、6 億美元的 EBITDA、HEPACO 和 Noble 帶來的 2 億美元的自由現金流增量，您覺得自己已經步入正軌了嗎？你可能在 50 到 60 左右糾正我的數學，還有很長的路要走。您對是否正在實現這些目標有何看法？

Yes. No, it's not a straight line. It never was. And the fact we showed it as kind of as a direct line was just because we had to take something. But the path to success is never that easy. And so I wouldn't say that we spent $0.5 billion in the first half of the year, nearly close to three months ago. And now you're asking when.

是的。不，這不是一條直線。從來都不是。事實上，我們將其顯示為直線只是因為我們必須採取一些措施。但成功之路從來就不是那麼容易。所以我不會說我們在今年上半年花了 5 億美元，大約三個月前。現在你問的是何時。

We are going to do more. The answer is that we're going to integrate these strong businesses. We continue to look for opportunities and we're going to be smart about it and make sure that we're not waiting waiting shareholder capital to do it. And so and that doesn't necessarily mean the M&A will I mean, we did I think that the Baltimore project and the Kimball project will be unbelievable returns to our shareholders.

我們將做得更多。答案是我們要整合這些強大的業務。我們將繼續尋找機會，我們將對此保持聰明態度，並確保我們不會等待股東資本來這樣做。因此，這並不一定意味著併購，我的意思是，我們做到了，我認為巴爾的摩項目和金博爾項目將為我們的股東帶來令人難以置信的回報。

I think there's more of them like that out there that we, as a leadership team are continuing to evaluate that is going to cost, you know, big, big bucks that are going to drive our way to get to the answer. So it's not necessarily like buy your way into it. What we won't do is waste your capital to do it. We're going to have things that make sense to us. It fit in our strategic strategic portfolio as well as our financial portfolio and we're going to get there and I think we're on track.

我認為還有更多類似的問題，作為領導團隊，我們正在繼續評估這將花費大量資金，這將推動我們找到答案。因此，這並不一定是透過購買方式進入的。我們不會做的是浪費您的資金去做這件事。我們將擁有對我們有意義的事。它適合我們的策略投資組合以及我們的財務投資組合，我們將實現這一目標，我認為我們正在走上正軌。

(Operator Instructions)

（操作員說明）

Jon Windham, UBS.

喬恩溫德姆，瑞銀集團。

Thanks for taking all the questions and obviously great result on the quarter. Maybe I wanted to step back a little bit from the quarter. I'd be interested to hear your thoughts on your exposure to growth in the electricity system in the United States.

感謝您提出所有問題，並且本季度取得了明顯的出色成績。也許我想從這個季度退一步。我很想聽聽您對美國電力系統成長的看法。

One of the bigger trends going on right now is the resumption of electricity growth, which means more natural gas, more infrastructure investments in transmission. I was just wondering if you could talk about some parts of the Environmental Services business that may have exposure to that. Appreciate it. Thanks.

目前最大的趨勢之一是電力恢復成長，這意味著更多的天然氣、更多的輸電基礎設施投資。我只是想知道您是否可以談談環境服務業務中可能涉及的一些部分。欣賞它。謝謝。

Yes, John, this is Eric here. So we -- through our field service business, we really support some of the nation's largest utilities from helping to maintain those units and as they see growth what's going on, we'll continue to support their growth.

是的，約翰，這是艾瑞克。因此，我們透過我們的現場服務業務，真正支持美國一些最大的公用事業公司來幫助維護這些單位，當他們看到正在發生的成長時，我們將繼續支持他們的成長。

Our service with those utilities, we've gotten a number of different accolades on how we're doing with them. We work really in conjunction with them as partners and so as the utility infrastructure is growing, we're going to continue to grow with those clients. So good opportunity for us, particularly around field services.

我們與這些公用事業公司的服務，因我們與他們的合作方式而獲得了許多不同的讚譽。我們作為合作夥伴與他們真正合作，因此隨著公用事業基礎設施的發展，我們將繼續與這些客戶一起成長。這對我們來說是一個很好的機會，特別是在現場服務方面。

There are no further questions at this time, I would like to turn the floor back over to Mr. Gerstenberg for closing comments.

目前沒有其他問題了，我想將發言權交還給格斯坦伯格先生以供結束評論。

Thank you, and thanks for joining us today. We hope everyone listening enjoys the remainder of their summer. So we will be seeing some of you as we get back out in the road in the coming months. Please stay safe out there.

謝謝您，也謝謝您今天加入我們。我們希望每位聆聽者都能享受餘下的夏天。因此，當我們在未來幾個月重新上路時，我們將會見你們中的一些人。請在外面保持安全。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。