Clean Harbors Inc (CLH) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Clean Harbors fourth-quarter and full-year 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Clean Harbors 2024 年第四季和全年財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Michael McDonald, General Counsel for Clean Harbors. Thank you, sir. You may begin.

現在我很高興介紹您的主持人，清潔港口總法律顧問 Michael McDonald。謝謝您，先生。你可以開始了。

Thank you, Christine, and good morning, everyone.

謝謝你，克里斯汀，大家早安。

With me on today's call are our Co-Chief Executive Officers, Eric Gerstenberg; and Mike Battles; our EVP and Chief Financial Officer, Eric Dugas and SVP of Investor Relations, Jim Buckley. Slides for today's call are posted on our Investor Relations website, and we invite you to follow along.

與我一起參加今天電話會議的還有我們的聯合執行長 Eric Gerstenberg；和邁克·巴特爾斯；我們的執行副總裁兼財務長 Eric Dugas 和投資者關係資深副總裁 Jim Buckley。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。

Matters we are discussing today that are not historical facts are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions only as of today, February 19, 2025. Information on potential factors and risks that could take effect 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.

我們今天討論的非歷史事實事項被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。敬請參與者不要過度依賴這些聲明，這些聲明僅反映管理階層截至 2025 年 2 月 19 日的意見。可能影響我們績效的潛在因素和風險的資訊均包含在我們的美國證券交易委員會 (SEC) 文件中。除透過有關本報告期間的文件提交外，本公司不承擔修改今天所作聲明或公開發布任何修改結果的義務。

Today's discussion includes references to non-GAAP measures. 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.

今天的討論包括對非公認會計準則指標的引用。Clean Harbors 認為，此類資訊可以提供額外的衡量標準以及對其績效的一致的歷史比較。這些指標與最直接可比較的 GAAP 指標的對帳表可在我們網站上今天的新聞稿中以及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 Eric Gerstenberg 來開始。埃里克？

Thanks, Michael. Good morning, everyone, and thank you for joining us.

謝謝，麥可。大家早安，感謝大家的收看。

We continue to execute on our strategic priorities in Q4, delivering strong consolidated results and beating street expectations. The quarter was highlighted by sustained momentum in our Environmental Services segment and concluded 2024 as another strong year with consolidated EBITDA growth of 10%.

我們持續執行第四季的策略重點，取得強勁的綜合業績並超越華爾街的預期。本季的亮點是我們環境服務部門持續的強勁發展勢頭，並以 10% 的綜合 EBITDA 成長率結束了 2024 年，成為另一個強勁發展的一年。

Before we get into the results, let me spotlight our team's outstanding safety performance. We remain laser-focused on safety and continuous improvement in the quarter, which contributed to a total recordable incident rate that enabled us to surpass our 2024 goal. While we're proud of this achievement, we recognize that Safety is an ongoing journey.

在我們了解結果之前，讓我先重點介紹一下我們團隊出色的安全表現。本季度，我們仍然高度關注安全和持續改進，這有助於降低總可記錄事故率，使我們能夠超越 2024 年的目標。雖然我們為這項成就感到自豪，但我們認識到安全是一個持續的過程。

Turning to our financial performance on slide 3. Our results were in line with our expectations as our ES segment capped a record year with solid fourth quarter. Steady demand for our ES services allowed us to conclude 2024 with strong waste collection volumes, particularly containerized waste and a healthy flow of project work, resulting in full-year revenue growth of 11% and adjusted EBITDA margins exceeding 25%.

在幻燈片 3 上我們談到了我們的財務表現。我們的業績符合預期，因為我們的 ES 部門以強勁的第四季度創下了歷史新高。對我們 ES 服務的穩定需求使我們在 2024 年底實現了強勁的廢棄物收集量，特別是貨櫃廢棄物和健康的專案工作流程，從而實現全年收入成長 11%，調整後的 EBITDA 利潤率超過 25%。

SKSS, as expected, based a challenging commodity pricing environment with market conditions for base oil and lubricants further deteriorating toward year-end. As announced in November, our team took very aggressive actions in our used oil collection pricing to offset the lubricant pricing deteriorate. Reflecting the strength of the year overall, we delivered record revenue, adjusted EBITDA and adjusted free cash flow in 2024.

正如預期的那樣，SKSS 面臨著充滿挑戰的大宗商品定價環境，基礎油和潤滑油的市場狀況在年底進一步惡化。正如11月份宣布的那樣，我們的團隊在廢油收集定價方面採取了非常積極的措施，以抵消潤滑油價格的下跌。反映全年整體表現的強勁，我們在 2024 年實現了創紀錄的收入、調整後 EBITDA 和調整後自由現金流。

Operationally, we also achieved a number of milestones, including the completion and commercial launch of our Kimball, Nebraska incinerator. The acquisition and integration of HEPACO and Noble Oil. Growth in our workforce and improved retention as we lowered turnover by 250 basis points. The launch of our total PFAS solution, initial expansion of our Baltimore hub, our partnership with Castrol for its more circular offering and more than 20,000 emergency response events.

在營運方面，我們也實現了許多里程碑，包括內布拉斯加州金博爾焚化爐的完工和商業投入使用。HEPACO 和 Noble Oil 的收購和整合。隨著我們的員工流動率降低 250 個基點，我們的員工隊伍不斷擴大，員工留任率也隨之提高。我們推出了全面的 PFAS 解決方案，初步擴建了巴爾的摩中心，與嘉實多合作提供更循環的產品，並舉辦了 20,000 多場緊急應變活動。

Turning to our segment's reviews, beginning with ES on slide 4. Adjusted EBITDA increased 11% with a 9% increase in revenue, translating to a 50 basis point margin improvement. HEPACO accounted for half of the segment's $103 million revenue increase with the remainder from organic growth, driven by a combination of volume and price. Q4 marked the 11th consecutive quarter of year-over-year improvement in the ES segment adjusted EBITDA margin which has increased by more than 500 basis points when compared with Q4 of 2021.

前往我們部分的評論，從投影片 4 上的 ES 開始。調整後 EBITDA 成長 11%，營收成長 9%，意味著利潤率提高 50 個基點。該部門 1.03 億美元營收成長有一半來自 HEPACO，其餘部分則來自有機成長，而有機成長的推動力主要來自銷售和價格的共同作用。第四季標誌著 ES 部門調整後 EBITDA 利潤率連續第 11 季同比增長，與 2021 年第四季相比增加了 500 多個基點。

Looking at segment components. Field Services revenue grew 47%, driven primarily by HEPACO and organic growth. In Technical Services, higher network volumes and pricing drove an 8% revenue increase. Average pricing in the incinerators rose 4%, while achieving 94% incineration utilization in the quarter. Demand was robust and our plants ran very efficiently.

查看片段組件。現場服務收入成長 47%，主要得益於 HEPACO 和有機成長。在技​​術服務方面，更高的網路容量和定價推動收入成長 8%。焚化爐的平均價格上漲了 4%，同時本季實現了 94% 的焚化利用率。需求強勁，我們的工廠運作非常有效率。

We are beginning to realize the benefits from investments and process improvements, we have made in our network in the recent years. Safety-Kleen Environmental Services completed another year of steady revenue growth within the segment generating 6% in Q4. We performed 246,000 parts wash services in the quarter, up from a year ago. Other core branch offerings also performed well, particularly containerized waste services. Our Industrial Services team did a great job driving price improvements and managing their cost structure during the slower fall turnaround season.

我們開始認識到近年來我們在網路方面的投資和流程改進帶來的好處。Safety-Kleen 環境服務公司在該領域又取得了一年的穩定營收成長，第四季營收成長了 6%。本季度，我們進行了 246,000 次零件清洗服務，比去年同期有所增加。其他核心分支產品也表現良好，尤其是貨櫃廢棄物服務。在秋季銷售淡季，我們的工業服務團隊在推動價格改善和管理成本結構方面做得非常出色。

Turning to slide 5. After completing final inspections and incurring some start-up-related costs, our new incinerator in Kimball, Nebraska launched commercial operations in December. We are proud to have us successfully completed this multiyear project ahead of our original time line. Our engineering team did an outstanding job hitting every milestone of this complex project. Kimball's design mirrors the Arkansas incinerator we opened in 2017. The initial shakedown phase for Kimball is underway, and we expect the incinerator to ramp up gradually as we optimize its operations over the next 12 to 18 months.

翻到幻燈片 5。在完成最終檢查並承擔一些啟動相關成本後，我們位於內布拉斯加州金博爾的新焚化爐於 12 月開始商業運作。我們很榮幸能夠提前成功完成這個多年的專案。我們的工程團隊出色地完成了這個複雜專案的每一個里程碑。金博爾的設計與我們在 2017 年啟用的阿肯色州焚化爐相似。Kimball 的初步調試階段正在進行中，我們預計，隨著我們在未來 12 到 18 個月內優化其運營，焚化爐的產能將逐步提高。

The opening of the incinerator comes at an opportune time for our customers, Kimball's ability to handle more complex waste streams aligns well with the demand environment, which is highlighted by reshoring infrastructure spending, efforts to regulate PFAS and the current administration's pro-growth agenda. Kimball increases our overall North American capacity by 12%, presenting solutions for captive incineration customers. We have a proven playbook that we continue to share with our captive customers to evaluate their strategic options, including closure.

焚化爐的啟用對我們的客戶來說是一個恰當的時機，金博爾處理更複雜廢物流的能力與需求環境非常吻合，這體現在基礎設施支出回流、PFAS 監管力度以及現任政府的促增長議程上。Kimball 將我們在北美的整體產能提高了 12%，為專用焚化爐客戶提供解決方案。我們擁有經過驗證的劇本，並將繼續與我們的忠實客戶分享，以評估他們的策略選擇，包括關閉。

Before turning the call over to Mike, I want to touch on PFAS, which is a topic we often get asked about. We shared on our Q3 call that we were planning to conduct our next round of testing to meet the EPA's more stringent emission standards for PFAS generation. That testing took place in November at our Utah facility with both the EPA and DoD on-site during testing. These tests involve considerable data collection to scientifically prove that PFAS elimination in our incinerators occurs up to [six-nines] of destruction with no emissions concerns. We expect the results of the testing to be available in Q2, and we are confident that the data will continue to support our previous testing results, clearly demonstrating that PFAS can be safely eliminated using our high-temperature record permitted incinerators.

在將電話轉給麥克之前，我想談談 PFAS，這是我們經常被問到的話題。我們在第三季電話會議上表示，我們計劃進行下一輪測試，以滿足美國環保署對 PFAS 產生的更嚴格的排放標準。該測試於 11 月在我們位於猶他州的工廠進行，美國環保署和國防部都在測試現場。這些測試涉及大量資料收集，以科學地證明我們的焚化爐中 PFAS 的消除率高達 [6 個 9]，且不會產生任何排放問題。我們預計測試結果將在第二季度公佈，我們相信數據將繼續支持我們先前的測試結果，清楚地表明使用我們獲得高溫記錄許可的焚化爐可以安全地消除 PFAS。

We appreciate the government's active participation in our latest study. The consensus is building around the need to address these forever chemicals and eliminate their threat to human health. Many industry analysts believe that PFAS remediation and disruption carries the potential of creating a multibillion-dollar marketplace. And we are seeing an ever-increasing pipeline to support that belief. We expect PFAS to remain a priority for the current administration and state regulators. We look forward to keeping you updated on the results of our study once they are finalized.

我們感謝政府積極參與我們的最新研究。人們正在形成共識，認為必須解決這些永久性化學物質問題並消除對人類健康的威脅。許多產業分析師認為，PFAS 修復和破壞有可能創造一個價值數十億美元的市場。我們看到有越來越多的管道支持這一信念。我們預計 PFAS 仍將是現任政府和國家監管機構的首要任務。我們期待在研究結束後及時向您通報研究結果。

With that, let me turn things over to Mike. Mike?

說完這些，讓我把事情交給麥克。麥克風？

Thank you, Eric, and good morning, everyone. Turning to our SKSS segment results on slide 6. Revenue and EBITDA decreased year over year in Q4, reflecting soft demand and lower pricing during what is already a seasonally weak quarter. These results reflect the ongoing challenges in the base oil and lubricants market. In response to that market softness, we took action on several fronts.

謝謝你，艾瑞克，大家早安。前往投影片 6 上的 SKSS 部分結果。第四季營收和 EBITDA 年減，反映出在季節性疲軟的季度中，需求疲軟和價格下跌。這些結果反映了基礎油和潤滑油市場持續面臨的挑戰。為了應對市場疲軟，我們從多個方面採取了行動。

In mid-November, we shifted to a charge for oil position. We also idled our California re-refinery in Q4 to address our inventory buildup and support our CFO initiative. We believe these actions, along with comprehensive cost-cutting initiatives will support this business in 2025.

11月中旬，我們轉到了負責石油的職位。我們還在第四季度停產了加州的再精煉廠，以解決庫存積壓問題並支持我們的財務長計畫。我們相信，這些行動以及全面的削減成本舉措將在 2025 年為該業務提供支援。

In the quarter, we gathered 63 million gallons of waste oil, higher than the prior year, reflecting the addition of Noble Oil. Due to a November shift in our collection approach, Q4 collection costs were at a CFO average versus a PFO average in Q3. We expect to continue to increase our price to collect used motor oil in 2025. Our goal is always to balance the feedstock levels our refinery -- re-refinery need with collecting oil at the best possible price.

本季度，我們收集了 6300 萬加侖廢油，高於上年，這反映了 Noble Oil 的增加。由於我們 11 月改變了收款方式，第四季度的收款成本為 CFO 平均值，而第三季為 PFO 平均值。我們預計在 2025 年將繼續提高廢機油的收集價格。我們的目標始終是平衡煉油廠和再煉油廠所需的原料水準和以最優惠的價格收集石油。

In addition to aggressively moving to CFO and reducing oil collection costs in light of base oil pricing, our strategy to minimize volatility in this business include selling more blended gallons, producing Group III and capitalizing on our partnerships that leverage our low carbon footprint products like we have with BP Capital. Our blended volumes in the quarter came in as expected at 20% of total volume sold. Our Group III program has moved forward, and we expect to increase Group III production this year. Our Castrol partnership generated its first major fleet customer for their more circular offering toward year-end. Their sales and marketing rollout continues, and we're excited to see the potential of this partnership to get realigned with more large fleets.

除了積極轉向 CFO 和根據基礎油價格降低石油收集成本之外，我們為盡量減少該業務的波動而採取的策略還包括銷售更多的混合加侖石油、生產 III 類石油以及利用我們的合作夥伴關係（例如我們與 BP Capital 建立的合作夥伴關係）來利用我們的低碳足跡產品。本季我們的混合銷售量達到預期，佔總銷售量的 20%。我們的 III 類專案已經取得進展，我們預計今年 III 類產量將會增加。我們與嘉實多的合作夥伴關係在年底為其更具循環性的產品帶來了第一位主要車隊客戶。他們的銷售和行銷活動仍在繼續，我們很高興看到這種合作關係有潛力與更多大型車隊重新結盟。

Turning to capital allocation on slide 7. We ended the year with a healthy cash balance and low leverage that will enable us to execute the overall Clean Harbors growth strategy. We continue to look for opportunities, whether those are internal or external, to generate the best returns on our shareholders' capital. Internally, we continue to see opportunity to invest within multiple parts of the company. Eric detailed our success with launching Kimball, which is a $200 million-plus project that will pay an attractive return for decades.

轉向第 7 張投影片上的資本配置。我們以健康的現金餘額和低槓桿率結束了這一財年，這將使我們能夠執行清潔港口的整體成長策略。我們不斷尋找機會，無論是內部還是外部，以為股東資本帶來最佳回報。在內部，我們繼續看到在公司多個領域進行投資的機會。Eric 詳細介紹了我們推出 Kimball 所取得的成功，這是一個價值 2 億多美元的項目，將在未來幾十年帶來豐厚的回報。

We have smaller lucrative opportunities as well. In 2024, we allocated approximately $20 million of capital to the expansion of our Baltimore location. In 2025, we intend to replicate that success through another similar growth project by expanding our presence in Phoenix in response to rapid market growth in the Southwest region, particularly in the semiconductor market. We are purchasing and upgrading a site that allows comprehensive hazardous waste collection and service capabilities and estimated cost of $15 million.

我們也有較小的賺錢機會。2024 年，我們撥款約 2,000 萬美元資金用於擴建巴爾的摩工廠。2025年，我們打算透過另一個類似的成長項目複製這一成功，擴大我們在鳳凰城的業務，以應對西南地區特別是半導體市場的快速成長。我們正在購買和升級一個具有全面危險廢物收集和服務能力的場地，預計成本為 1500 萬美元。

We remain very active in the M&A front, evaluating potential acquisition candidates that will support our growth plans while enabling us to capture synergies and to drive additional volumes into our network. The pipeline is as active as ever. We intend to execute our share buyback plan to at least maintain a flat share count and be opportunistic with large purchases when conditions are ideal, just as we have for the past decade.

我們在併購方面仍然非常活躍，評估潛在的收購對象，以支持我們的成長計劃，同時使我們能夠獲得協同效應，並為我們的網路帶來額外的流量。該管道仍像以往一樣活躍。我們打算執行我們的股票回購計劃，至少保持股票數量平穩，並在條件理想時趁機進行大量購買，就像我們過去十年所做的那樣。

In conclusion, we entered the first quarter of 2025 in great shape. We expect another year of consistent profitable growth led by our ES segment. We are bullish about our prospects this year as demand for our services remain strong with multiple tailwinds supporting us from restoring to infrastructure investments to PFAS, to potential captive closures. We continue to have a healthy waste backlog and a robust pipeline of remediation and waste projects. The commercial ramp-up of our Kimball incinerator is underway.

總而言之，我們以良好的狀態進入了 2025 年第一季。我們預計，在 ES 部門的帶領下，我們將在未來一年繼續實現持續的獲利成長。我們對今年的前景充滿信心，因為對我們服務的需求仍然強勁，從恢復基礎設施投資到 PFAS，再到潛在的自備工廠關閉，多重有利因素都在支持著我們。我們的廢物積壓量仍然很大，並且有一系列強有力的修復和廢物處理項目。我們的 Kimball 焚化爐的商業化擴張正在進行中。

The outlook for Field Services is positive given the early returns on HEPACO and the growing need of our skilled workforce and ER capabilities. We anticipate a recovery in industrial services this year after a challenging 2024 and fully expect our SK Environmental Services to continue to achieve record waste collection to support our network.

鑑於 HEPACO 的早期回報以及對熟練勞動力和 ER 能力日益增長的需求，現場服務的前景是樂觀的。我們預計，在經歷了充滿挑戰的 2024 年後，今年的工業服務將出現復甦，並完全相信我們的 SK 環境服務將繼續實現創紀錄的廢物收集量，以支持我們的網路。

In 2025, Clean Harbor celebrates its 45th anniversary. Our commitment to our core values have never been stronger. We believe that we have the ideal growth strategies in place to deliver an outstanding financial performance in 2025, including record adjusted EBITDA and cash flows. In addition, we anticipate continued margin improvement based on our pricing, cost mitigation plans and productivity initiatives.

2025年，清潔港將迎來成立45週年。我們對核心價值的承諾從未如此堅定。我們相信，我們已經制定了理想的成長策略，將在 2025 年實現出色的財務業績，包括創紀錄的調整後 EBITDA 和現金流。此外，我們預計根據我們的定價、成本緩解計劃和生產力舉措，利潤率將持續提高。

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

現在，讓我將話題轉交給我們的財務長 Eric Dugas。

Thank you, Mike, and good morning, everyone.

謝謝你，麥克，大家早安。

Turning to the income statement on slide 9. Our Q4 results exceeded the guidance provided on our last earnings call led by profitable growth in ES, with continued margin expansion in that segment. Demand across our core lines of business remain robust as we concluded the year. Overall, we grew total company revenues in the quarter by more than $90 million or 7% and by over $480 million or 9% for the year.

轉到第 9 頁的損益表。我們的第四季業績超出了上次收益電話會議上提供的預期，這主要得益於 ES 的盈利增長，以及該部門的利潤率持續擴大。截至今年年底，我們核心業務線的需求依然強勁。總體而言，本季我們公司總營收成長了 9,000 多萬美元，增幅為 7%，全年成長了 4.8 億美元，增幅為 9%。

The ES segment led the way with 15% adjusted EBITDA growth for the year with the associated margin exceeding 25%. Fourth-quarter adjusted EBITDA of $257 million was driven by great results in the ES segment, offset by a decline in SKSS and higher corporate costs. This total reflects a $4 million adjustment related to start-up costs for Kimball incinerator that were incurred leading up to the launch of its commercial operations in December.

ES 部門處於領先地位，全年調整後 EBITDA 成長率為 15%，相關利潤率超過 25%。第四季調整後的 EBITDA 為 2.57 億美元，主要得益於 ES 部門的出色業績，但被 SKSS 的下滑和企業成本的上升所抵消。這一總額反映了與金博爾焚化爐啟動成本相關的 400 萬美元調整，該成本是在 12 月啟動商業運營之前產生的。

Our adjusted EBITDA margin of 18% in Q4 was down year over year, but up 30 basis points for the full year to 19%. This annual improvement speaks to the strength of our ES business where margins improved 90 basis points for the year by leveraging our overall facilities network in part from a record level of drum waste collected and the significant growth of field services.

我們第四季的調整後 EBITDA 利潤率為 18%，年減，但全年上漲 30 個基點，達到 19%。這項年度改進體現了我們 ES 業務的實力，透過利用我們的整體設施網絡，部分得益於創紀錄的桶廢棄物收集量和現場服務的顯著增長，今年的利潤率提高了 90 個基點。

SG&A expense as a percentage of revenue was 12.7% in Q4, similar to the full-year percentage of 12.6%. These levels were in line with our expectations as the primary factors behind the dollar increase from prior periods were related to M&A activity, increased labor and benefit-related costs in insurance. For full year 2025, we anticipate our SG&A expense as a percentage of revenue to remain in the mid-12% range.

第四季銷售、一般及行政開支佔收入的百分比為 12.7%，與全年的 12.6% 相似。這些水準符合我們的預期，因為前期美元成長的主要因素與併購活動、勞動力增加以及保險福利相關成本有關。到 2025 年全年，我們預計銷售、一般及行政費用佔收入的百分比將維持在 12% 左右。

Depreciation and amortization in Q4, payment is expected at $105 million and $401 million for the year, up from 2023 due to acquisitions. For 2025, we expect depreciation and amortization in the range of $440 million to $450 million.

第四季的折舊和攤銷，由於收購，預計支付額為 1.05 億美元，全年支付額為 4.01 億美元，高於 2023 年。到 2025 年，我們預計折舊和攤提將在 4.4 億美元至 4.5 億美元之間。

Income from operations in Q4 was $137 million, and $670 million for the full year, representing a 9% increase from the full year of 2023. Q4 net income was down versus the same period a year ago, while increasing for the full year as we delivered EPS of $7.42 in fiscal 2024.

第四季營業收入為 1.37 億美元，全年營業收入為 6.7 億美元，較 2023 年全年成長 9%。第四季淨收入較去年同期有所下降，但全年淨收入有所增長，2024 財年的每股收益為 7.42 美元。

Turning to slide 10 and the balance sheet. Cash and short-term marketable securities at year-end were $790 million, up $195 million from the end of Q3 and approximately $240 million over the course of 2024. We saw a meaningful decrease in our receivables balance of $127 million in Q4 as we focused on collections related to HEPACO billings that were slowed by a previous system changeover. On our Q3 earnings call, we have lowered our free cash flow estimate for the year in recognition of these challenges. However, cash collections in this area exceeded our expectations down the stretch resulting in a strong Q4 free cash flow.

前往第 10 張投影片和資產負債表。年末現金和短期有價證券為 7.9 億美元，較第三季末增加 1.95 億美元，2024 年全年增加約 2.4 億美元。由於我們專注於因先前的系統轉換而放緩的 HEPACO 帳單相關的收款，第四季度我們的應收帳款餘額大幅減少了 1.27 億美元。在我們的第三季財報電話會議上，我們認識到了這些挑戰，並下調了今年的自由現金流預期。然而，該領域的現金回款超出了我們的預期，從而帶來了強勁的第四季度自由現金流。

I want to thank the team for their great effort in finishing the year strong. Our balance sheet continues to be a source of strength for us, our net debt -- our net debt-to-EBITDA ratio at year-end was just under 2 times with no material debt amounts coming due until 2027. We continue to be opportunistic in addressing our interest rates as we did in October, when we repriced our term loan to generate approximately $2 million in annual interest savings. Our overall interest rate at year-end was 5.38%.

我要感謝團隊為今年的圓滿結束所做的巨大努力。我們的資產負債表繼續成為我們的力量源泉，我們的淨債務——年底的淨債務與 EBITDA 比率略低於 2 倍，並且直到 2027 年都沒有重大債務到期。我們繼續抓住機會解決利率問題，就像我們在 10 月所做的那樣，當時我們重新定價了定期貸款，從而每年節省了約 200 萬美元的利息。我們的年末整體利率為5.38%。

Turning to cash flows on slide 11. Net cash from operating activities in Q4 was $304 million, up $25 million from prior year. CapEx net for disposals, was $60 million, down considerably from prior year and in line with our expectations as we are ramping up our Kimball spend. As Eric mentioned, the Kimball incinerator was commercially launched in December with total spend on the project of approximately $210 million, including the $75 million that was spent in 2024. For the quarter, adjusted free cash flow was $248 million, finishing the year at $358 million.

轉向第 11 張投影片上的現金流量。第四季經營活動產生的淨現金為 3.04 億美元，較上年增加 2,500 萬美元。處置的淨資本支出為 6,000 萬美元，較上年大幅下降，且符合我們的預期，因為我們正在增加對 Kimball 的支出。正如 Eric 所說，金博爾焚化爐於 12 月投入商業運營，項目總投資約為 2.1 億美元，其中包括 2024 年投資的 7,500 萬美元。本季調整後的自由現金流為 2.48 億美元，年底調整後自由現金流為 3.58 億美元。

These results exceeded expectations based on the working capital improvements I spoke to a moment ago. For 2025, we expect our net CapEx, excluding the Phoenix growth project, to be in the range of $345 million to $375 million. During Q4, we bought back more than 101,000 shares of stock for a total of $25 million bringing our year-to-date total to $55 million.

根據我剛才談到的營運資本改善，這些結果超出了預期。到 2025 年，我們預計我們的淨資本支出（不包括鳳凰城成長項目）將在 3.45 億美元至 3.75 億美元之間。在第四季度，我們回購了超過 101,000 股股票，總額達 2,500 萬美元，使年初至今的總額達到 5,500 萬美元。

Moving to guidance on slide 12. Based on our Q4 and 2024 results, along with current market conditions for both of our operating segments, we expect 2025 adjusted EBITDA in the range of $1.15 billion to $1.21 billion, with a midpoint of $1.18 billion. Looking at our annual guidance from a quarterly perspective, we expect adjusted EBITDA for Q1 to grow 4% to 6% year over year in our ES segment and be flat on a consolidated basis.

轉到投影片 12 上的指示。根據我們第四季和 2024 年的業績，以及我們兩個營運部門的當前市場狀況，我們預計 2025 年調整後的 EBITDA 在 11.5 億美元至 12.1 億美元之間，中間值為 11.8 億美元。從季度角度來看我們的年度指引，我們預計第一季調整後的 EBITDA 將年增 4% 至 6%，在合併基礎上持平。

For full year 2025, adjusted EBITDA guidance will translate to our reporting segment as follows: Environmental Services, we expect adjusted EBITDA in 2025 at the midpoint of our guidance to increase 5% to 8% in 2024. Overall demand for our core ES services remain strong and will drive continued growth in 2025. With Kimball ramping up and offering additional capacity, along with macro tailwinds, we expect to introduce more volumes into our facilities network, along with continued expansion in the SK branch and Field Services businesses and a return to growth in Industrial Services.

對於 2025 年全年，調整後的 EBITDA 指引將轉化為我們的報告部門，如下所示：環境服務，我們預計 2025 年調整後的 EBITDA 將處於指引的中點，到 2024 年將成長 5% 至 8%。我們核心 ES 服務的整體需求依然強勁，並將推動 2025 年的持續成長。隨著 Kimball 不斷擴大規模並提供額外產能，加上宏觀因素的推動，我們預計將向我們的設施網路引入更多產能，同時 SK 分公司和現場服務業務將繼續擴張，工業服務也將恢復成長。

For SKSS, we expect full-year 2025 adjusted EBITDA at the midpoint of our guidance to be $140 million. Environment remains challenging as we begin the new year, and we remain cautious in our oil pricing assumptions. Within corporate, at the midpoint of our guide, we now expect negative adjusted EBITDA to be up 3% to 7% compared to 2024. The year-over-year increase primarily relates to pricing expenses in areas such as wages and benefits insurance and growth in the business, partly offset by our cost savings initiatives. For adjusted cash flow, current expectation for 2025 for a range of $430 million to $490 million or a midpoint of $460 million.

對於 SKSS，我們預計 2025 年全年調整後 EBITDA (按照我們的指引中位數) 為 1.4 億美元。新的一年伊始，環境依然充滿挑戰，我們對石油價格假設仍持謹慎態度。在企業內部，在我們的指導中點，我們現在預計負調整後的 EBITDA 將比 2024 年成長 3% 至 7%。年比成長主要與工資和福利保險以及業務成長等領域的定價費用有關，但部分被我們的成本節約措施所抵銷。對於調整後的現金流，目前預計 2025 年的範圍為 4.3 億美元至 4.9 億美元，或中間值為 4.6 億美元。

As Mike mentioned, we are planning to invest $50 million in a growth project in Phoenix this year, we are going to exclude spend from this long-term growth project from adjusted free cash flow going forward. We believe this will create a more accurate picture of our free cash flow generation as a company.

正如麥克所提到的，我們計劃今年在鳳凰城的一個成長項目上投資 5000 萬美元，我們將從未來的調整後自由現金流中排除這個長期成長項目的支出。我們相信，這將更準確地反映我們作為一家公司的自由現金流的產生。

In summary, our growing ES segment delivered an exceptional performance in 2024, capped by a strong fourth quarter. The favorable market dynamics propelling this business position it for greater earnings potential, particularly as we anticipate a high-growth US economy in the coming years. The ramp-up of our Kimball incinerator is underway with our remaining network operating at a high capacity. Moreover, the potential for increased volumes related to PFAS destruction are on the horizon as we move into 2025, presenting exciting growth opportunities.

總而言之，我們不斷成長的 ES 部門在 2024 年取得了卓越的表現，其中第四季表現強勁。有利的市場動態推動了該業務的發展，使其具有更大的獲利潛力，特別是我們預計未來幾年美國經濟將高速成長。我們的金博爾焚化爐的產能提升正在進行中，我們剩餘的網路正以高容量運作。此外，隨著我們進入 2025 年，與 PFAS 銷毀相關的數量增加的可能性即將出現，這帶來了令人興奮的成長機會。

The integration of HEPACO has progressed nicely, and we're confident in another solid year for Field Services. Our SK branch operations continued to deliver profitable growth quarter after quarter, showcasing our operational excellence, and we're optimistic that Industrial Services will grow 2025. Overall, we remain encouraged by the trajectory of our company and the market conditions to support and potentially accelerate that profitable growth this year.

HEPACO 的整合進展順利，我們有信心現場服務部門將再創輝煌一年。我們的 SK 分公司業務持續實現季度復一季的獲利成長，展現了我們卓越的營運能力，我們對 2025 年工業服務業務的成長充滿信心。總體而言，我們仍然對公司的發展軌跡和市場條件感到鼓舞，以支持並可能加速今年的獲利成長。

With that, Christine, we'll open up the call for questions.

克里斯汀，下面我們就開始提問吧。

(Operator Instructions) Tyler Brown, Raymond James.

（操作員指示）泰勒布朗、雷蒙德詹姆斯。

Sorry, I'm a little under the weather here, but there have been a number of articles about the California wildfires, maybe a sizable has wave cleanup effort. I'm just curious if you guys are seeing any incremental opportunities. Is there anything kind of baked into the guidance there?

抱歉，我身體有點不舒服，但已經有很多關於加州野火的文章，也許有相當大的浪潮清理工作。我只是好奇你們是否看到了任何增量機會。該指導方針中含有什麼內容嗎？

Yes, Tyler, this is Eric answering. We're participating actively in helping with the cleanup and the remediation. I'd say, though, that while the wildfires were underway, they did have some typical disruption to our branch collections. We were pleased, however, that none of our operating branches had any effect. And thankfully, our people did not have any effect of their homes by and large.

是的，泰勒，這是艾瑞克的回答。我們正在積極參與協助清理和補救工作。不過，我想說的是，在野火發生的同時，它們確實對我們分支機構的收藏造成了一些典型的破壞。然而，我們很高興看到，我們所有的營運分公司均未受到任何影響。而且值得慶幸的是，我們的人民的家園基本上沒有受到任何影響。

And so after that conclusion of getting the fire under control, our teams have done an awesome job in helping with the environmental hazardous waste cleanup of that fire. It progresses today. How long that's going to go on is really unknown at this point, but we continue to support the efforts there.

在控制火勢後，我們的團隊在協助清理火災的環境有害廢物方面做得非常出色。今天它又有了進展。目前還不清楚這種情況會持續多久，但我們會繼續支持那裡的努力。

I guess, just in terms of the guidance, to address your guidance question, Tyler, for Q1, maybe some modest benefits from the work that Eric talked about, but largely kind of a net neutral event, I think, because of the slowdown in that region due to the fires as well. So that's how we kind of see Q1. But as Eric said, time will tell the scope of that work.

我想，僅就指導而言，為了回答你對第一季度的指導問題，泰勒，也許埃里克談到的工作會帶來一些適度的好處，但我認為，很大程度上是一種淨中性事件，因為該地區的經濟放緩也因火災而導致。這就是我們對第一季的看法。但正如埃里克所說，時間將證明這項工作的範圍。

Okay. And then if I come back on bird flu, I know I've asked about this before, but the coin numbers are really high, particularly in December and into January. I think you participated back in 2015, but are you guys mustering any resources in that effort as well? Or could that be an opportunity at least to help?

好的。如果我再次談論禽流感，我知道我之前問過這個問題，但硬幣數量確實很高，特別是在 12 月和 1 月。我認為你們早在 2015 年就參與了，但你們是否也為此投入了資源？或者這至少是一個提供幫助的機會？

It could be, Tyler. At this point, we've actively participated in helping to provide assistance. There hasn't been anything that's sizable at this point that we would speak of.

有可能，泰勒。目前，我們已經積極參與幫助提供援助。目前我們還未談論任何重大的事情。

Nothing material, Tyler.

沒什麼實質的，泰勒。

Okay. And then Eric, you mentioned this captive solution now that you've added 12% more capacity to the fleet. So I'm just curious now that Kimball is online. Are you getting any inbounds about possibly filling those burn slots with captive closures? Is there anything material to talk about there?

好的。然後 Eric，您提到了這個專屬解決方案，現在您已經為船隊增加了 12% 的運力。所以我現在很好奇 Kimball 在線上嗎。您是否收到任何關於可能用封閉式封堵來填補這些燒毀槽的消息？那裡有啥實質的事情可談嗎？

Yes. Certainly, Tyler, we've talked about a number of times in the past. As you know, all those captive incinerators continue to be our customers. And we have some outstanding relationships there. And as things -- as things have evolved, we continue to work actively with some of those captives on helping to evaluate their next steps as things progress with Kimball coming online, but also as they really evaluate their cost structure and what could change in the regulations to affect their air emissions controls.

是的。當然，泰勒，我們過去已經談論過很多次了。如您所知，所有這些自備焚化爐仍然是我們的客戶。我們在那裡建立了一些良好的關係。隨著事態的發展，我們繼續與其中一些自營公司積極合作，幫助他們評估下一步行動，因為 Kimball 上線後事情會取得進展，同時他們也會真正評估他們的成本結構以及法規中可能出現哪些變化會影響他們的空氣排放控制。

All those types of things are in play in a challenging environment. And so they -- yes, we work with them and continue to get closer with a few of them that opportunity exists there.

所有這些事情都在充滿挑戰的環境中發生。所以他們——是的，我們與他們合作，並繼續與他們中的一些人保持密切聯繫，知道那裡存在機會。

Okay. My last one, just real quick. That's helpful on M&A. So there have been a number of deals in, let's call it, the specialty waste space, I think, by both financial and strategic buyers. It seems that multiples have maybe moved up.

好的。這是我的最後一個，非常快。這對併購很有幫助。我認為，在特種廢棄物處理領域，金融買家和策略買家都進行了大量交易。看起來倍數可能已經上升了。

Just curious if you think you guys will get some M&A across the line this year? Are things a little rich? It sounds like the pipeline is good. But just any more color on that would be helpful.

我只是好奇，你們是否認為您今年會完成一些併購？是不是豐富了一些呢？聽起來管道不錯。但只要對此有更多的了解就會有所幫助。

Yes Tyler, this is Mike. We remain very active in the market. As you noted, there's a lot of deals out there. We've been very active in participation and looking at those deals and we remain active. Pipeline is, as I said in my prepared remarks, as busy as ever, and we're trying to find the right deal that makes sense financially and strategically and we're going to continue to be active in that market but prices have gone up, but we think there's real value there, and we'll be an active participant in 2025.

是的，泰勒，我是麥克。我們在市場上仍然非常活躍。正如你所提到的，有很多交易。我們一直非常積極地參與和關注這些交易，並且我們將繼續保持活躍。正如我在準備好的演講中所說，管道業務一如既往地繁忙，我們正在努力尋找在財務和戰略上合理的交易，我們將繼續活躍於該市場，雖然價格已經上漲，但我們認為那裡有真正的價值，我們將在 2025 年成為積極的參與者。

Noah Kaye, Oppenheimer.

諾亞凱、奧本海默。

Would just like to start by getting a sense of some of the moving parts for the 1Q guide. Specifically, I think what drives a bit softer ES segment growth versus the full-year average. I mean some of the moving pieces I would think about would be you get a couple of months of rollover HEPACO contribution. I don't think price was too strong tech last year, utilization was too high. So is there anything kind of onetime or kind of a net headwind to ES to call out that we should be thinking about that maybe improve throughout the year?

首先我想了解一下 1Q 指南的一些活動部分。具體來說，我認為導致 ES 部門成長與全年平均值相比略顯疲軟的因素是什麼。我的意思是，我會考慮的一些變動是您獲得幾個月的 HEPACO 展期供款。我認為去年技術價格不是太強，利用率太高。那麼，是否存在某種一次性的或對 ES 造成淨不利影響的因素需要我們考慮，也許全年都會有所改善？

No, it's Eric. I'll take this one. Just in looking at kind of our guide for Q1 as I said in my remarks, in the ES segment is still kind of guiding to about a 5.5% growth rate here in Q1. You're right, some big pieces just in there, another quarter HEPACO with some synergies so that will be nice. But we are seeing again, the team has done a great job getting some pricing in here as the calendar terms, particularly in the SK branch business.

不，是艾瑞克。我要這個。正如我在發言中所說，從我們對第一季的預期來看，ES 部門仍預期第一季的成長率約為 5.5%。你說得對，裡面有一些大件物品，另一個季度的 HEPACO 有一些協同作用，所以這會很好。但我們再次看到，團隊在根據日曆條款確定定價方面做得非常出色，特別是在 SK 分行業務中。

Our volumes remain strong. So we're still seeing those things and guiding that way in Q1. There was a little bit of slowdown, obviously, from weather and the California fires that Eric alluded to a moment ago, but still seeing core growth in those core lines of business.

我們的業務量依然強勁。因此，我們仍然會關注這些情況，並在第一季以此為指導。顯然，由於天氣和艾瑞克剛才提到的加州大火，業務成長有所放緩，但核心業務仍然實現成長。

I'd say on the IS side of things, maybe a little bit of headwind in Q1 here from some -- a large project that we had in IS last year in Q1. So that's driving that, like I said, 5.5% growth rate. And yes, SKSS obviously, pricing headwinds are offsetting that to arrive at kind of a flat guide for Q1. As I project out for the rest of 2025, I think the biggest item there leading to kind of the midpoint of our ES guide of 7% is the introduction of Kimball. That will begin to ramp up through the year. We are being a little modest there, full-year growth, but we -- 10 million-ish in that range for the year, but that's the big one.

我想說，就 IS 方面而言，也許第一季會遇到一些阻力——去年第一季我們在 IS 中有一個大型專案。所以就像我說的，這就推動了 5.5% 的成長率。是的，SKSS 顯然受到定價阻力的影響，從而得出了第一季的平穩指引。根據我對 2025 年剩餘時間的預測，我認為導致 ES 指南中點達到 7% 的最大因素是 Kimball 的引入。這一數字將在全年內開始上升。我們對全年成長的預期比較謙虛，但全年成長幅度大概在 1,000 萬左右，這是比較大的數目。

And then I'd say the other item that we could see an upside to the guide would be just the level of ER responses. 2024 was a great year in terms of ERs, particularly in FS and if we can continue to see the high-level DRs there that would be upside.

然後我想說，我們可以看到該指南的另一個優點是急診室反應的程度。 2024 年是 ER 豐收的一年，尤其是在 FS 方面，如果我們能夠繼續看到高水準的 DR，那將是一個上升趨勢。

Very helpful detail. Just on the subject of Kimball, I guess the ramp-up of a new facility introduces some unique elements to utilization and price mix. So maybe help us understand kind of how you're thinking about the fleet average and whether or not you're going to sort of break out Kimball separately from kind of typical metrics you report around the utilization and price mix?

非常有用的細節。就金博爾 (Kimball) 而言，我認為新工廠的擴張會為利用率和價格組合引入一些獨特的元素。所以也許可以幫助我們了解您對車隊平均值的看法，以及您是否要將 Kimball 與您報告的使用率和價格組合方面的典型指標分開？

Yes, Kimball, Eric G. here, just wrapping through some of that. On Kimball, we expect to incinerate over 28,000 incremental tons throughout the course of this year. And as we started out the gates here in January, we began with some really rough weather which impeded our ability to get the tonnage throughput that we expected in January. That being said, the team has done an awesome job of helping to get over some start-up issues, and we're really having a great stretch of how we're performing and burning currently and expect to meet our goal of tonnage throughput here in the first quarter so that's great.

是的，Kimball，Eric G. 在這裡，我來概括一下其中的一些內容。在金博爾，我們預計今年將焚燒超過 28,000 噸的增量垃圾。當我們在一月開始啟航時，就遇到了非常惡劣的天氣，這阻礙了我們實現一月份預期的噸位吞吐量。話雖如此，團隊在幫助克服一些啟動問題方面做得非常出色，而且我們目前的運行和燃燒情況確實有很大改善，預計第一季將實現噸位吞吐量的目標，所以這很好。

Overall, for the course of the year, as we've mentioned in the past, we expect incremental $8 million to $12 million of EBITDA contribution through that incinerator of 28,000 tons. And so excited with how we're progressing right now through the quarter. Over the next few years, we'll continue to ramp up and contributing $25 million to $35 million to $45 million of EBITDA over the next three to four years.

總體而言，正如我們過去提到的那樣，我們預計今年該 28,000 噸焚化爐將帶來 800 萬至 1200 萬美元的增量 EBITDA 貢獻。我對本季目前的進展感到非常興奮。在接下來的幾年裡，我們將繼續加大投入，並在未來三到四年內貢獻 2,500 萬到 3,500 萬到 4,500 萬美元的 EBITDA。

And Noah, just as a point, as you look at it from a quarterly standpoint in Kimball, this is not perfect, but it's not much of a contribution in Q1, then it goes -- if you say the midpoint is 10, it's $2 million in Q2, $3 million in Q3, and $5 million in Q4 as we ramp up the year as depending on -- obviously, depending on weather and plant production, there's a lot of variables in that number, but that's kind of directionally as we thought about. The guide for the year and the breakout by quarter for Kimball.

諾亞，就金博爾 (Kimball) 的季度角度來看，這並不完美，但對第一季度的貢獻並不大，那麼 - 如果你說中點是 10，那麼第二季度為 200 萬美元，第三季度為 300 萬美元，第四季度為 500 萬美元，隨著我們全年的增加，顯然取決於天氣和工廠生產，這個數字中有很多變量，正如我們所想的那樣，這一點Kimball 的年度指南和按季度細分的數據。

And also, I want to just reiterate, I've said it many times, that Kimball's part of a network and there's another incinerate right on site. So it's very -- sometimes hard to break that out specifically as to the profitability of each individual plant, but that's kind of how we've done it from a guidance standpoint.

而且，我想重申，我已經說過很多次了，金博爾是一個網路的一部分，並且在現場還有另一個焚化爐。因此，有時很難具體說明每個工廠的獲利能力，但從指導的角度來看，我們就是這樣做的。

Very good. Maybe just one last one, and I'll stick on incineration. I guess, what are you all hearing on the update to the [MAC] standards maybe frame for us a little bit potential timing? Where you think the regulations might go? And to what extent could this be a tailwind or an opportunity?

非常好。也許只剩下最後一個了，我會堅持焚燒。我想，大家聽到的關於 [MAC] 標準的更新可能會為我們帶來一些潛在的時機嗎？您認為這些規定可能會走向何處？這在多大程度上可以成為順風或機會？

Yes. No, Eric here again. Certainly, it continues to evolve. We know that the EPA is actively engaged and doing our review of performance of current incinerators, both captive and commercial and that review will continue on for a while. Obviously, there's some change of administration that affects some of the timing of that.

是的。不，艾瑞克又來了。當然，它還在繼續發展。我們知道，環保署正在積極參與並對現有焚化爐（包括自備焚化爐和商用焚化爐）的性能進行審查，並且審查將持續一段時間。顯然，政府的一些變化對時間安排有所影響。

But we know that that's long overdue and we do expect that, that will have an impact on particularly maybe on captive area, evaluating some of those consideration in units. We -- with new standards are going to come capital investment. And we know confidently that our units performed exceptionally well. And we also know that some of the captive units are old and tired and will need some sort of upgrade.

但我們知道這早就該做了，我們確實預計，這將對特別是可能對俘虜區產生影響，評估單位中的一些考慮因素。我們－新的標準將會帶來資本投資。我們確信我們的部隊表現非常出色。我們也知道，有些被俘部隊已經老舊、疲憊不堪，需要進行某種升級。

So for that, we think that pertains to opportunity for us in future years. I think it really is going to play itself out over the next three to five years, implementation, whatever upgrades, captives or commercials will need to do there'll be an implementation schedule that will take over the next three to five years.

因此，我們認為這對我們未來幾年來說是一個機會。我認為它確實會在未來三到五年內逐漸顯現出來，無論升級、自保還是商業都需要做什麼，都會有一個實施時間表，這個時間表將在未來三到五年內完成。

Noah, the only thing I'd add to that is that these MAC standards are air quality standards and the credit administration is repeated many times clean air, clean water. And so this is -- I think nothing changes. Nothing slows here, I think, with the change of administration because clearly, what we're talking about here is air quality standards.

諾亞，我唯一要補充的是，這些 MAC 標準是空氣品質標準，並且信用管理多次重複清潔空氣、清潔水。所以這是——我認為沒有什麼改變。我認為，隨著政府的更迭，這裡的一切都沒有放緩，因為顯然我們在這裡討論的是空氣品質標準。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

First question just on the Environmental Services, I know you don't guide to margin. You spoke about margin expansion averaging, it looks like a little over 100 bps for the last four years. It sounds like a bunch of moving parts in 2025, a little bit of, I guess, a tailwind still from HEPACO, price to maybe a little bit of a benefit. And then there's obviously the ramp of came a little bit of a negative impact.

第一個問題只是關於環境服務，我知道您沒有指導保證金。您談到了利潤率擴張平均值，過去四年看起來略高於 100 個基點。這聽起來像是 2025 年的一大堆活動部件，我猜，來自 HEPACO 的一點順風，價格也許會有一點好處。然後顯然出現了一些負面影響。

So how should we think -- sort of what are you incorporating? Is that a little of a slowdown in margin expansion this year? You did mention overall margin expansion. So just trying to dissect by segment.

那我們該如何思考—您要融入什麼？今年利潤率擴張是不是有所放緩？您確實提到了整體利潤率的擴大。因此只是嘗試逐個片段進行剖析。

Sure. Sure, Larry. Eric Dugas here. I'll take that one. And certainly, I mean, I think margin expansion in our Environmental Services segment is just been a highlight in the last few years.

當然。當然，拉里。這裡是 Eric Dugas。我要那個。當然，我的意思是，我認為我們環境服務部門的利潤率擴大是過去幾年的一大亮點。

I mean 90 basis points is delivered in 2024, more than 100 basis points in 2023. So it's been a great story. Kind of implicit in our guide for 2025 we do continue to have margin expansion, but at a slightly lower level, given the midpoint of our guide. I think the puts and takes that you mentioned a moment ago, Larry, if you're on to the right things, I do think we have a couple of headwinds built into the guide relative to our growing field services business and really just not being able to perhaps forecast some of the same level of large yard responses that we saw this year and perhaps a little degradation in margin there.

我的意思是 2024 年會實現 90 個基點，2023 年會實現 100 多個基點。這是一個很棒的故事。在我們的 2025 年指南中隱含著，我們的利潤率確實會繼續擴大，但考慮到我們指南的中點，利潤率會略低一些。拉里，我認為您剛才提到的利弊，如果您對事情的看法正確的話，我確實認為我們在指南中考慮到了與我們不斷增長的現場服務業務相關的一些不利因素，並且實際上可能無法預測今年我們看到的相同水平的大型堆場反應，也許利潤率會略有下降。

And then also, obviously, we're very excited about Kimball. But as that plant ramps up, it won't be as contributory to margins just because of the ramp up. So those are a couple of headwinds. If you kind of adjust for those, you're in that high kind of 60 to 90 basis points of improvement in the rest of the business. So again, a great story.

而且顯然，我們對金博爾感到非常興奮。但隨著工廠產能擴大，其對利潤的貢獻不會因為產能擴大而減少。所以，這些都是一些不利因素。如果您對這些進行調整，其餘業務將獲得 60 到 90 個基點的高改善。再說一遍，這是一個精彩的故事。

We're going to continue to do all the things around pricing, getting leverage from the network, cost cutting, all those things to continue to drive margins and ES.

我們將繼續做好圍繞定價、利用網路、削減成本等所有方面的工作，以繼續提高利潤率和 ES。

Got you. And just on Kimball, you mentioned start-up costs. You're taking it a little bit slower this time around. I remember if you go back in El Dorado, I think it was 2017. There were a little bit more hiccups than expected. But it feels like lessons learned, I think this is a similar blueprint, but any color there would be great.

明白了。就在金博爾 (Kimball) 上，您提到了啟動成本。這次你要慢一點。我記得如果你回到埃爾多拉多，我想那是 2017 年。比預期出現了一些小問題。但感覺像是吸取了教訓，我認為這是一個類似的藍圖，但任何顏色都會很棒。

Yes. Sure, Larry. As I mentioned in my script, the unit that we just completed and are starting up in Kimball is really a replica of what we built in El Dorado with design improvements. So that is contributing to a smoother startup here of this unit than what we experienced in the El Dorado unit. And the team is really doing a solid job of getting the unit online.

是的。當然，拉里。正如我在腳本中提到的那樣，我們剛剛完成並在金博爾啟動的單位實際上是我們在埃爾多拉多建造的單位的複製品，經過了設計改進。因此，這有助於裝置的啟動比我們在 El Dorado 裝置中經歷的更順利。團隊確實出色地完成了設備上線的任務。

It's performing well, as I mentioned earlier, as we go through February here. So really excited about hitting our goals that we've laid out for that unit.

正如我之前提到的，二月它表現良好。我們對實現該部門所製定的目標感到非常興奮。

Great. And just last one. Just follow-up on Noah's question just on the PFAS. So obviously, sounds like a significant and growing multiyear opportunity. And I know you've spoken about bookings growing sequentially double digit, I think, quarter over quarter for the last several years.

偉大的。只剩最後一個了。只是想跟進一下 Noah 關於 PFAS 的問題。因此顯然，這聽起來像是一個重大的、並且不斷增長的多年機會。我知道您談過，過去幾年的預訂量逐季呈現兩位數成長。

Do you build in significant actual growth in revenue this year? Are we still kind of in a somewhat of a holding pattern until we get more guidance from the EPA and whatnot?

今年的營收是否能實現顯著的實際成長？在獲得環保署等更多指導之前，我們是否仍處於等待狀態？

Yes, Larry, I would say this that we did not build out -- build in a significant revenue growth associated with PFAS year over year. We continue -- we do continue to see an active pipeline, a growing pipeline. Our pipeline has been increasing about 20% quarter over quarter.

是的，拉里，我想說的是，我們並沒有實現與 PFAS 相關的逐年顯著的收入成長。我們繼續——我們確實繼續看到一條活躍的管道，一條不斷增長的管道。我們的管道每季增加約 20%。

So -- and we have really had an active market there. In fact, we -- we just had a nice opportunity of really the first state in the country, securing AFFF collection. So we're seeing activity across the board and the prospects that we have are solid. But we did not really include anything very material in our guidance.

所以——我們在那裡確實有一個活躍的市場。事實上，我們剛剛獲得了一個很好的機會，成為全國第一個確保 AFFF 收集的州。因此，我們看到各方面的活動都很活躍，而且我們的前景十分光明。但我們的指導中其實並未包含任何非常重要的內容。

Normal growth rates Larry in the model from what we've seen in the past few years. And we've made investments, as Eric said, in that business with both PFAS solution, as well as some sales investments.

從過去幾年的情況來看，拉里模型中的成長率正常。正如 Eric 所說，我們在該業務上進行了投資，包括 PFAS 解決方案以及一些銷售投資。

David Manthey, Baird.

大衛曼蒂，貝爾德。

First question is on SKSS. With the addition of Noble and the mothballing of Newark California in 2024. What is the current nameplate base oil re-refining input and output capacity of your system today?

第一個問題是關於 SKSS 的。隨著 Noble 的加入和加州紐瓦克於 2024 年的封存。目前，您系統的銘牌基礎油再精煉輸入和輸出能力是多少？

260 I think the number is. What it was last year as we kind of subtracting that one.

我認為這個數字是260。當我們減去那個時，去年的情況是怎麼樣的。

And in the fourth quarter of '23, what would be the comparable number there?

那麼在 23 年第四季度，那裡的可比較數字是多少？

There's been -- between the acquisition of Noble and the offset in Newark, it's about very comparable, David.

大衛，對 Noble 的收購和在紐瓦克的抵消之間有很大的可比性。

Okay. All right. And based on the guidance that you provided here by segment, first off, is $80 million? Does that seem in the ballpark for corporate items in the first quarter?

好的。好的。首先，根據您按細分市場提供的指導，金額是 8000 萬美元嗎？這看起來是否符合第一季公司專案的大致情況？

Yeah, you're not probably lower than that, David.

是的，你可能不會比這更低，大衛。

Yes. Okay. All right. But regardless, when we look at the segments here, there's a pretty significant jump in EBITDA to get from the first quarter to get to some sort of run rate that gets you to the full-year EBITDA guidance in SKSS, specifically. And I'm wondering if you could talk through the factors that are impacting the first quarter that either go away or get better in some way from 1Q to 2Q that gets you up to that sort of run rate, so you can hit that $140 million for the year.

是的。好的。好的。但無論如何，當我們看一下這裡的各個部分時，EBITDA 從第一季開始有了相當大的成長，達到了某種運行率，具體來說是達到 SKSS 的全年 EBITDA 指導。我想知道您是否可以談談影響第一季的因素，這些因素要么從第一季到第二季消失，要么以某種方式好轉，從而使您的營業額達到這樣的水平，從而實現全年 1.4 億美元的目標。

Sure, Dave. It's Eric. I'll answer the question here. When you look at Q1, obviously, in our guidance implied down from Q1 last year, pricing is certainly down that's how we see it in Q1. But the other thing, too, is we still have some of that higher cost inventory rolling through the numbers here in Q1.

當然，戴夫。是埃里克。我就在這裡回答這個問題。當您查看第一季時，顯然，我們的指導暗示比去年第一季有所下降，價格肯定下降了，這就是我們在第一季看到的情況。但另一件事是，我們在第一季仍有一些成本較高的庫存。

Mike emphasized in his comments, a great job that the team has done, changing to a higher charge for oil here. We'll begin seeing a lot of those benefits kind of late in the quarter and then on to Q2 and 3. When hopefully, pricing improves a little bit, still lower than last year. But certainly, the run rate in SKSS in Q2 and Q3 improved because of that better inventory costs.

麥克在評論中強調，團隊做得很好，改變了這裡的石油收費標準。我們將在本季末開始看到很多這些好處，然後延續到第二季​​和第三季。希望價格能有所改善，仍低於去年。但可以肯定的是，由於庫存成本的改善，SKSS 第二季和第三季的運行率有所提高。

Yes, we're going to see better CFO pricing, kind of summer driving season and kind of some -- as Eric said on the higher pricing. It's kind of out of the network as we roll out through Q1.

是的，我們將看到更好的 CFO 定價，有點像夏季駕駛季節，以及一些——正如 Eric 所說的更高的定價。當我們在第一季推出時，它有點超出了網路範圍。

Okay. And then finally, ex HEPACO if we're looking just at organic growth in field and emergency response, what was the growth there? And then to round that out, other than the softness you saw in 2024, why is it you expect growth in Industrial Services in 2025?

好的。最後，除了 HEPACO，如果我們只看現場和緊急應變的有機成長，那麼那裡的成長是多少？最後，除了您在 2024 年看到的疲軟之外，為什麼您預計 2025 年工業服務會成長？

Dave, Eric here answering. And when you think about Industrial Services, we talked about in Q3 of last year that the refinery world, in particular, ratcheted down their spend, the refinery turnaround number still hold in place, but what the extent and size of their turnarounds was really constrained and that affected us. What we're seeing so far this year is that our number of turnarounds that we already have booked for 2025 is up substantially. Hard to quantify total spend on that, but the count is a significant change.

戴夫，埃里克在這裡回答。當您想到工業服務時，我們在去年第三季度討論過，特別是煉油廠，削減了支出，煉油廠的周轉數量仍然保持不變，但周轉的程度和規模確實受到限制，這對我們產生了影響。今年到目前為止我們看到的是，我們已經預訂的 2025 年周轉次數大幅增加。很難量化這方面的總支出，但數量變化很大。

So what we're seeing is that -- so things that most likely that were pushed from 2024 have to get done in 2025. So the team has a pretty bullish outlook on what we have in the book so far and how that business will be better and perform well. There is certainly some specialty things that go along with those turnarounds that we expect to have happen as well. So good early look at how 2024 is going to enhance -- help a better position for Industrial Services in 2025.

因此，我們看到的是 —— 最有可能從 2024 年推遲的事情必須在 2025 年完成。因此，團隊對我們目前的業績以及業務如何變得更好、表現更佳持非常樂觀的展望。我們預計，伴隨這些轉變的當然還有一些特殊的事情會發生。因此，我們可以很好地提前了解 2024 年將如何提升——幫助工業服務在 2025 年獲得更好的地位。

And Dave, you asked about field service ex HEPACO, I think organically for the year, it's up high single digits, 7% to 8%. On a consolidated basis, organically, Environmental Services closer to 5%. So that was definitely a driver of that 7% or 8%. A lot of it was larger projects we talked about. And we had a great year in project work. Fairmont worked that year and we're forecasting that continuing into 2025.

戴夫，您問到 HEPACO 現場服務的情況，我認為今年的有機增長幅度高達個位數，為 7% 至 8%。從合併基礎來看，環境服務的有機成長率接近 5%。所以這肯定是 7% 或 8% 成長的一個驅動因素。我們討論的很多都是較大的項目。我們在專案工作上度過了非常愉快的一年。費爾蒙特在那一年發揮了作用，我們預測這種情況將持續到 2025 年。

Brian Butler, Stifel.

布萊恩‧巴特勒 (Brian Butler)，Stifel。

Just on the SKSS. When you think about the oil that you're collecting, how much are you over collecting versus what the capacity is now? I think you just -- I mean you just told us where that is, but how much are you over collecting? And what's the safety margin on what you'd like to collect, let's put it that way.

就在 SKSS 上。當您考慮所收集的石油時，相對於當前的容量而言，您收集了多少石油？我想你只是——我的意思是你剛剛告訴我們那是在哪裡，但是你多收集了多少？那麼，讓我們這樣說吧，您想要收集的安全邊際是多少。

Brian, this is Mike. I'll start and one of the Ericsons here can chime in if they want. We're not over collecting, we went aggressively, as we talked about in the call, we went aggressively on CFO pricing, and we're losing some gallon through that, and that led to the closure of the California re-refinery. So I think that's what's happening.

布萊恩，這是麥克。我先開始，如果 Ericson 願意的話，他可以加入。我們並沒有過度收集，而是積極地進行收集，正如我們在電話會議中談到的那樣，我們積極地進行 CFO 定價，因此我們損失了一些加侖，這導致了加州再煉油廠的關閉。所以我認為這就是正在發生的事情。

We've drawn a line. We've been really very adamant about driving CFO pricing. And to some extent, we've lost something else and that's okay. And so we are certainly beyond the overcollecting world. We're a little under collecting, and we may have to be aggressive in that area around plants.

我們畫了一條線。我們一直非常堅持推動 CFO 定價。從某種程度上來說，我們失去了其他一些東西，這沒關係。因此，我們肯定已經超越了過度收藏的世界。我們的收集量有點不足，我們可能不得不在植物周圍的區域採取更積極的措施。

Yes. Brian, just to build on that, one of the key things when we -- as we push so hard in the past, we were taking some gallons from some of our partners, I'll call it, into our refineries that were also collectors in the used motor oil market. Those are the first ones to go. As we raise our prices there, we're not taking those gallons nearly to the extent that we passed from those competitors or collectors that are on the market as well. So the direct customers are the ones that we're really managing collectively as a team to drive that right CFO rate.

是的。布萊恩，在此基礎上，我們過去努力推進的關鍵事項之一就是，我們從一些合作夥伴那裡，也就是我所說的，把一些加侖的機油送到我們的煉油廠，這些煉油廠也是二手機油市場的收集者。這些是第一批被去掉的。儘管我們提高了價格，但我們銷售的石油量遠不及市場上競爭對手或收藏家的銷售量。因此，我們實際上是作為一個團隊共同管理直接客戶，以推動正確的 CFO 利率。

We're holding the line on those prices. We have no intent to change that.

我們維持這些價格不變。我們無意改變這一點。

Okay. Great. And then on the captive incinerator opportunity, can you maybe just refresh everybody on the size of that potential market? And what's the reality of some of those converting in the next couple of years. Obviously, you're working with all of them.

好的。偉大的。然後關於自備焚化爐的機會，您能否向大家簡單介紹一下這個潛在市場的規模？那麼未來幾年內其中一些轉變的現實又如何呢？顯然，你正在和他們所有人合作。

But again, let's just try to size that and understand how big because that's not built into any of your -- is that -- it's not built in your '25, but is it part of your Vision 2027 as well?

但是，讓我們再次嘗試確定其規模並了解其大小，因為這並沒有融入到你們的任何一個計劃中——這——這並沒有融入你們的'25計劃中，但它也是你們的2027願景的一部分嗎？

It's Brian, just to give you a recap. It's really not part of our Vision 2027. It's all opportunity. To size it today, there is 41 active captive incinerators out there. All those captive incinerators continue to be our customers.

我是布萊恩，我來給你回顧。這實際上不是我們 2027 願景的一部分。這都是機會。以今天的規模來看，目前有 41 座正在運作的自備焚化爐。所有這些專用焚化爐繼續是我們的客戶。

We handle waste streams and support their shutdowns when they occur. About 20 of those have a probability that something may change with them, whether it's due to the changes in air regulations or them evaluating their utilization and their cost structure are all of the above. And the change in products that they might be making that effect the waste streams that go in, all of those types of things are in play.

我們處理廢物流並在其發生時支持其關閉。其中約 20% 可能會發生變化，無論是由於空氣法規的變化，還是他們評估其利用率和成本結構，都是上述所述。他們生產的產品的變化可能會影響進入的廢物流，所有這些因素都在起作用。

And it seems clear that there is an active opportunity with opportunities with a few of them over the next three to five years. None of that is built into our thought process. We just like we did with 3M, we went through strategic reviews with them as partners to help evaluate what is the best path but we do see opportunities with them and to help them lower their cost structure. And we anticipate that continuing to be a trend, especially in light of that we have such redundancy in our incineration units to be able to handle anything that they need us to handle in our footprint.

很明顯，在未來三到五年內，其中一些領域將存在積極的機會。這些都沒有融入我們的思考過程。就像我們對待 3M 一樣，我們作為合作夥伴與他們進行了策略評估，以幫助評估最佳路徑，但我們確實看到了與他們合作的機會並幫助他們降低成本結構。我們預計這將繼續成為一種趨勢，特別是考慮到我們的焚燒裝置具有足夠的冗餘度，能夠處理他們需要我們在我們的佔地面積內處理的任何事物。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇（Jerry Revich）。

Hi this is Adam on for Jerry today. Over the last five years, you folks have had a really strong focus on pricing for appropriate returns in Industrial and Field Services. Can you just update us on how customer retention metrics are tracking in those businesses? Have you seen any change over the last 12 months?

大家好，我是亞當，今天為傑瑞主持節目。在過去的五年裡，你們一直非常關注工業和現場服務的適當回報定價。您能否向我們介紹一下這些企業的客戶保留指標是如何追蹤的？在過去的 12 個月裡，您看到任何變化了嗎？

Adam, yes, Eric here to begin. I'm sure my partners will add in. We -- as you mentioned, we've continued to price aggressively in the market with our field services and industrial to make sure that the returns that we're getting in those businesses is commensurate with the hazards associated with those services. And we've seen strong, solid results with the teams implementing that. We've obviously stayed ahead of inflation as well.

亞當，是的，艾瑞克首先來到這裡。我確信我的合作夥伴也會加入。正如您所說，我們一直積極地在市場上為我們的現場服務和工業定價，以確保我們在這些業務中獲得的回報與這些服務相關的風險相稱。而我們已經看到實施該方案的團隊取得了強勁、可靠的成果。我們顯然也領先通貨膨脹。

When we look at the overall market basket of customers, I could name on one hand that of those customers that we've decided proactively to walk away with that weren't willing to accept what we were doing and help with us. And so small attrition of customers overall.

當我們審視整個市場的客戶群時，我可以列舉那些我們主動決定放棄的客戶，他們不願意接受我們所做的事情並且不願意幫助我們。因此整體而言顧客流失率較低。

No real change in customer return based on price increases. That's the punchline.

價格上漲並未為客戶回報帶來任何實際變化。這就是笑點。

Understood. And then in SKSS, I understand that the CFO will take some time to flow through the financials. But are you fully caught up on your base oil market pricing? Or are there any other front-end actions that can be taken or are we fully caught up at this point?

明白了。然後在 SKSS，我了解到 CFO 將花費一些時間來審查財務狀況。但您是否完全了解基礎油市場的定價？或者有其他可以採取的前端操作嗎，或者我們此時是否已經完全趕上進度了？

Yes, this is Mike. I'll answer the question. If base oil pricing has come down through the year-end and even here early in January, we're a price taker in that marketplace. And it's really hard for us to predict kind of what's going to happen to base oil price. Now as we think about our guidance, we don't assume that pricing comes back, assume it stays kind of relatively flat, little uptick driver season a little downtick in the back half of the year. But really, we've seen kind of kind of where we are today, it's the best we can do.

是的，這是麥克。我來回答這個問題。如果基礎油價格在年底前下降，甚至在 1 月初下降，我們就是該市場的價格接受者。我們真的很難預測基礎油價格會發生什麼變化。現在，當我們考慮我們的指導時，我們不會假設價格會回升，而是假設它會保持相對平穩，在駕駛季節會略有上漲，在下半年會略有下降。但實際上，我們已經看到了我們今天所處的位置，這是我們能做的最好的事情。

And if, Adam, you're kind of referring to our pricing relative to used motor oil collection and if we're caught up there, that is something that will be dynamic and flexible on based upon the base oil pricing that Mike just alluded to. So if we continue to see deterioration in base oil, we'll counteract that through our used motor oil collection pricing.

亞當，如果您指的是我們相對於廢機油收集的定價，如果我們陷入困境，那麼這將是基於麥克剛才提到的基礎油定價的動態和靈活。因此，如果我們繼續看到基礎油的惡化，我們將透過廢機油收集定價來抵消這種影響。

Good point.

很好的觀點。

That's in the variable there.

那就在那裡的變數裡。

(Operator Instructions) Tobey Sommer, Truist.

（操作員指示） Tobey Sommer，Truist。

This is Tyler Barishaw on for Tobey. Could you just explain the impact of the Trump administration tariff policy on your business? Does it pose potential incremental risk to refining margins or environmental services demand?

泰勒·巴里肖 (Tyler Barishaw) 代替托比 (Tobey) 出場。您能解釋一下川普政府關稅政策對貴公司業務的影響嗎？它是否會對煉油利潤或環境服務需求帶來潛在的增量風險？

Tyler, Eric Gerstenberg responding on that one. The -- we do not think that there is going to be any material effect on regulations that really are the foundation of the business. They go back for such a long time and there isn't any anticipation that we would see or even think about rollbacks and regulations that would affect our business.

泰勒 (Tyler)，艾瑞克‧格斯滕伯格 (Eric Gerstenberg) 對此作出回應。我們認為，這不會對真正作為業務基礎的法規產生任何實質影響。他們回溯了這麼長時間，我們沒有預料到甚至想到會影響我們業務的回溯和監管。

In fact, as the Trump administration has changed, new EPA leader. He's been talking about how he wants to help solve their issues and grow by onshoring and helping with permits on manufacturing and really supporting the business and hopefully taking care of getting more regulations in place around PFAS. So the -- we don't see any step award on any of the regulatory environment parameters that affect our business.

事實上，隨著川普政府的更迭，EPA 也迎來了新領導人。他一直在談論如何透過在岸外包、協助辦理製造許可和實際支持業務來幫助他們解決問題並實現成長，並希望能夠制定更多有關 PFAS 的法規。因此，我們沒有看到任何影響我們業務的監管環境參數的進步。

Got it. And maybe just a little more broadly. Can you talk about demand trends by customer vertical, whether it's refineries or global chemical companies?

知道了。或許更廣泛一點。您能否談談客戶垂直領域的需求趨勢，無論是煉油廠還是全球化學公司？

Sure, Tyler. We still see very strong demand across the board. The refinery business, what's going on there, as we've mentioned in the past, has affected the latter half of 2024 with turnarounds. As we mentioned earlier in the call here, we are seeing a stronger count of number of turnarounds that we expect that we have refinery business but that continues to be in flux a little. The rest of the markets that we're servicing, particularly around chemical, retail, manufacturing, we still see strong growth.

當然，泰勒。我們仍然看到各方面的需求都非常強勁。正如我們過去提到的那樣，煉油業務的情況已經影響了 2024 年下半年的轉機。正如我們早些時候在電話會議中提到的那樣，我們看到了預計煉油業務的周轉次數有所增加，但這種情況仍然有些不穩定。我們服務的其他市場，特別是化學、零售、製造業，仍然看到強勁的成長。

Our collection volumes of containerized waste as we begin 2025. Our head single digit -- high single digits ahead of last year so that's positive. The team is doing a great job of making sure that we're staying tight with our customers, servicing them well, making sure we're staying in contact with them and we see that in the early stages here our drum collections. And as Eric alluded to earlier that there are some normal effects in Q1 weather that affects certain areas. But overall, the verticals that we're servicing, and it's obviously a broad range of verticals, we're seeing some solid trends though.

2025 年初我們收集的貨櫃廢棄物量。我們的領先個位數 - 比去年高出個位數，所以這是積極的。團隊正在出色地完成工作，確保我們與客戶保持緊密聯繫，為他們提供良好的服務，確保我們與他們保持聯繫，我們在早期階段就看到了我們的鼓收藏。正如埃里克之前提到的，第一季的天氣會對某些地區產生一些正常影響。但總體而言，我們所服務的垂直行業，顯然是廣泛的垂直行業，我們看到了一些穩固的趨勢。

Jim Ricchiuti, Needham.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，尼德姆。

This is Chris Grenga on for Jim. You had mentioned that you signed the first fleet customer for the oil at the end of the year. Is there collection arrangement in conjunction with that? And could you talk a little bit about the funnel for similar types of fleet opportunities as you enter the new year?

克里斯·格雷加 (Chris Grenga) 代表吉姆發言。您曾提到，您在年底簽下了第一位石油船隊客戶。是否有與之相關的收集安排？您能否談談新年伊始類似類型的機隊機會管道？

Yes. Chris, this is Mike. I'll answer that. The -- so yes, that's exactly what happens. So we have -- as far as the more circular offering, we collect used motor oil at Castro customer site and sell them base oil at a little bit of a premium versus the market rate because it's a low carbon footprint offering.

是的。克里斯，這是麥克。我來回答這個問題。是的，事實確實如此。因此，就更循環的產品而言，我們在卡斯特羅客戶現場收集廢機油，然後以略高於市場價格的價格向他們出售基礎油，因為這是一種低碳足跡產品。

And so that is how the more circular offering works. The cap team has put a fair amount of sales and marketing effort behind it, and they've been investing a lot different in different avenues to try to grow that. We do think that there's plenty of opportunities to see a lot of -- a lot of lines in the water. The pipeline is very strong in the progress that they're making to sell the more circular operating. As I said in my prepared remarks, they did sign up one very large customer.

這就是更循環的供奉的運作方式。資本團隊已經投入了大量的銷售和行銷努力，並且他們在不同的管道上投入了大量資金來嘗試成長。我們確實認為有很多機會看到水中的許多線條。他們在銷售更具循環性的營運產品方面取得了非常大的進展。正如我在準備好的演講中所說，他們確實簽下了一位非常大的客戶。

I think they have another one very close to being completed, and there's more in the pipeline. So stay tuned. We work very actively with them as far as we go to market together and sell our services and sell our great base oil. And so I think that has been a good partnership so far. And as you know, Chris, the lead time on large fleet chance is long.

我認為他們還有另一個項目即將完工，而且還有更多項目正在籌備中。敬請關注。我們與他們積極合作，共同進入市場，銷售我們的服務以及我們優質的基礎油。所以我認為到目前為止我們的合作關係是好的。正如克里斯您所知，大型艦隊的準備時間很長。

And so that's part of the challenge here. But I think the progress has been terrific.

這就是這裡面臨的挑戰的一部分。但我認為進展已經非常顯著。

Got it. And you mentioned the expansion of Phoenix related to the semiconductor vertical. I'm just curious, are you evaluating other potential geographic nodes where there are semiconductor fabs underway?

知道了。您提到了菲尼克斯在半導體垂直領域的擴張。我只是好奇，您是否正在評估其他正在建造中的半導體晶圓廠的潛在地理節點？

Yes. We certainly are, Chris. The expansion that with our customer base out in the Phoenix area has been really strong so far. We fully anticipate that's going to continue. And then a couple of other select geographies.

是的。我們當然是的，克里斯。到目前為止，我們在鳳凰城地區客戶群的擴張非常強勁。我們完全預期這種情況將會持續下去。然後是其他幾個選定的地理位置。

We have strong opportunities as well for our own relationships with customers there. So it's been an area that we see growth.

我們也擁有與那裡的客戶建立良好關係的強大機會。因此，這是我們看到成長的一個領域。

Thank you. Mr. Gerstenberg, we have no further questions at this time. I'd like to turn the floor back over to you for closing comments.

謝謝。格斯滕伯格先生，我們目前沒有其他問題。我想把發言權交還給您，請您發表最後評論。

Thank you, Christine. I want to thank the Clean Harbors team for their great work in 2024 at 25,000 strong, their focus on safety, sustainability and exceeding customer expectations, led to another year of great results and positions us well for continued growth. We hope to see you all in our investor conferences in the coming weeks. Have a good rest of your week, and most of all, please stay safe.

謝謝你，克里斯汀。我要感謝清潔港口團隊在 2024 年的出色工作，他們的員工人數達到 25,000 人，他們注重安全、可持續性並超越客戶期望，這讓我們又取得了豐碩的成果，並為我們繼續增長做好了準備。我們希望在接下來的幾週的投資者會議上見到大家。祝您本週剩餘時間過得愉快，最重要的是，請注意安全。

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

女士們、先生們，今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與，祝您有美好的一天。