Clean Harbors Inc (CLH) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Clean Harbors second quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael McDonald, General Counsel for Clean Harbors.

您好，歡迎參加 Clean Harbors 2025 年第二季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹主持人、清潔港口總法律顧問 Michael McDonald。

Mr. McDonald, please go ahead.

麥克唐納先生，請繼續。

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

謝謝你，克里斯汀，大家早安。參加今天電話會議的還有我們的聯合執行長 Eric Gerstenberg、Mike Battles、我們的執行副總裁兼財務長 Eric Dugas 以及我們的投資者關係資深副總裁 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 meaning of the Private Securities Litigation Reform Act of 1995.

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。

Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions all as of today, July 30, 2025. Information on potential factors and risks that could affect our results is included in our SEC filings.

提醒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 7 月 30 日的觀點。有關可能影響我們業績的潛在因素和風險的資訊包含在我們向美國證券交易委員會提交的文件中。

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.

除透過有關本報告期間提交的文件外，本公司不承擔修改或公開發布今天所作聲明的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. Reconciliation of these measures to the most directly comparable GAAP measures are available in today's news release, on our IR website and in the appendix of today's presentation.

今天的討論涉及非公認會計準則衡量指標。Clean Harbors 認為，此類資訊為其績效提供了額外的衡量標準和一致的歷史比較。這些指標與最直接可比較的 GAAP 指標的對帳可在今天的新聞稿、我們的 IR 網站以及今天簡報的附錄中找到。

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

讓我先把電話轉給 Eric Gerstenberg。艾瑞克？

Thanks, Michael. Good morning, everyone, and thank you for joining us. As always, let me start with our safety results. We achieved our lowest ever quarterly TRIR of 0.40 in Q2, setting a new company benchmark for safety performance. Year-to-date, our TRIR stands at 0.45 reflecting our ongoing commitment to operational excellence and a culture of continuous improvement.

謝謝，麥可。大家早安，感謝大家的收看。像往常一樣，讓我先從我們的安全結果開始。我們在第二季度實現了有史以來最低的季度 TRIR 0.40，為公司安全績效樹立了新的標竿。年初至今，我們的 TRIR 為 0.45，體現了我們對卓越營運和持續改善文化的持續承諾。

This approach delivers significant benefits, including measurable advantages to costs and fewer loss workdays. There are also intangibles like a stronger reputation with our customers, the ability to attract the best people, and most importantly, making sure everyone knows they're protected and valued at work.

這種方法帶來了顯著的好處，包括可衡量的成本優勢和更少的損失工作日。還有一些無形的東西，例如在客戶中享有更高的聲譽、吸引最優秀人才的能力，最重要的是確保每個人都知道他們在工作中受到保護和重視。

Turning to our financial performance on Slide 3. Our results in Q2 highlighted the sustained profitable growth of environmental services and the stabilization of Safety-Kleen sustainable solutions as both segments came in ahead of our expectations. Consolidated adjusted EBITDA margin increased by 60 basis points to 21.7%, driven by strong demand of our disposal and recycling assets and lower SG&A costs.

轉向幻燈片 3 上的財務表現。我們第二季的業績凸顯了環境服務的持續獲利成長和 Safety-Kleen 永續解決方案的穩定性，這兩個部門的表現都超出了我們的預期。受處分和回收資產需求強勁以及銷售、一般及行政費用 (SG&A) 成本下降的推動，合併調整後 EBITDA 利潤率上升 60 個基點至 21.7%。

Mike will cover SKS shortly, but it's clear our waste oil collection strategies in that segment are delivering results. Corporate segment costs were lower year-over-year due to cost-cutting actions and nonrecurring items that were included in Q2 of 2024, partly offset by higher insurance, severance costs and technology investments. Overall, our results reflect continued business momentum from late Q1. Turning to our segment reviews, beginning with ES on Slide 4. Segment adjusted EBITDA margin grew year-over-year for the 13th consecutive quarter.

Mike 很快就會介紹 SKS，但很明顯，我們在該領域的廢油收集策略正在取得成果。由於成本削減措施和 2024 年第二季納入的非經常性項目，企業部門成本比去年同期下降，但保險、遣散費和技術投資增加部分抵消了這一影響。總體而言，我們的業績反映了第一季末以來業務持續成長的勢頭。前往我們的分段回顧，從投影片 4 上的 ES 開始。分部調整後 EBITDA 利潤率連續第 13 季年增。

The primary drivers were increased volumes combined with pricing and efficiency gains. Segment top line growth was all organic as increases in disposal revenue, waste projects and pricing programs more than offset the fewer large emergency response events in Q2 this year.

主要驅動因素是產量增加以及價格和效率提高。由於處置收入、廢棄物項目和定價計畫的成長足以抵銷今年第二季大型緊急應變事件減少的影響，因此各部門的營收成長均為有機成長。

Looking at revenues by segment components. Safety-Kleen Environmental led the growth at 9%, driven by pricing gains and growth in core service offerings. The number of parts wash services was down slightly from a year ago due to actions we are taking on the waste oil collection side as well as the more advanced parts wash models we are introducing that generate higher revenue per stock. In addition, the SK branches continue to drive substantial volumes of containerized waste into our permitted facilities.

按分部組成部分查看收入。Safety-Kleen Environmental 以 9% 的成長率領先，這得益於價格上漲和核心服務產品的成長。由於我們在廢油收集方面採取的措施以及我們推出的更先進的零件清洗模型可以產生更高的每件庫存收入，零件清洗服務的數量與一年前相比略有下降。此外，SK 分店繼續將大量貨櫃廢棄物運送到我們許可的設施中。

In Technical Services, higher incineration and landfill volumes supported by pricing programs drove a 4% revenue increase. Incineration price rose 7% on a mix-adjusted basis. Incineration utilization was 89% versus 88% a year ago. For comparison purposes, this quarter's utilization number excludes the new

在技​​術服務方面，定價計畫支援的焚燒和垃圾掩埋量的增加推動了4%的收入成長。焚燒價格按混合調整後上漲了7%。焚燒利用率為 89%，而一年前為 88%。為了進行比較，本季的使用率數字不包括新的

Kelman Kimball as we ramp up. With the inclusion of Kimball, our utilization rate would still be strong at 86%.We are successfully completing our shape down process of the new unit, which processed more than 10,000 tons in the quarter. We are also seeing more network efficiency in terms of waste and transportation as Kimball processes greater volumes and waste types.

隨著我們不斷進步，凱爾曼金博爾 (Kelman Kimball) 也加入進來。加上 Kimball，我們的利用率仍將維持在 86% 左右。我們我們正在成功完成新裝置的成型過程，本季加工量超過 10,000 噸。隨著 Kimball 處理的廢棄物量和類型越來越多，我們也看到廢棄物和運輸方面的網路效率越來越高。

Even with the tariff uncertainty hitting some of our customers in early April, Incineration demand remained high throughout Q2 and continues to show no signs of slowdown with reshoring and manufacturing expansion top of mind for many of our key customers across multiple verticals. At the same time, we still see the potential for captive closures as we continue to have good discussions with several operators. We're looking to cut costs by partnering with a vendor that has the capacity and network redundancy to safely handle and dispose of their incineration waste streams. Field Services revenue was down from a year ago due to fewer large events. However, the team performed very well in Q2, generating strong margins on its base business.

儘管 4 月初關稅不確定性對我們的一些客戶造成了影響，但整個第二季度焚燒需求仍然保持高位，並且沒有顯示出放緩的跡象，對於我們多個垂直行業的許多主要客戶來說，回流和製造業擴張是首要考慮因素。同時，我們仍然看到了關閉自營商的可能性，因為我們繼續與幾家營運商進行良好的討論。我們希望透過與擁有能力和網路冗餘來安全處理和處置焚燒廢物流的供應商合作來削減成本。由於大型活動減少，現場服務收入較上年同期下降。然而，該團隊在第二季度表現非常出色，其基礎業務創造了強勁的利潤率。

Within Industrial Services, revenue was up slightly year-over-year, reflecting a larger number of turnarounds that carried a lower average spend. Due to these market conditions, we have been enhancing workforce and equipment utilization while taking out costs. We are seeing the benefits of those efforts as margins improved from a year ago, despite what has been a challenging environment for customer spending. We remain cautiously optimistic that the worst of the maintenance deferrals from IS customers is now behind us.

在工業服務領域，收入較去年同期略有成長，反映出更多的周轉而帶來較低的平均支出。由於這些市場狀況，我們一直在提高勞動力和設備的利用率，同時降低成本。儘管客戶支出環境充滿挑戰，但我們看到這些努力的成果，因為利潤率較一年前有所提高。我們仍然謹慎樂觀地認為，IS 客戶最嚴重的維護延期已經過去。

Lastly, I wanted to touch on PFAS given investor interest in this top. The threat of litigation is creating a sense of urgency at the local, state and federal loans to address contamination, either in water supplies or at site locations. Based on our discussions with the federal EPA and supported by their public statements, this administration remains committed to addressing the public health threat from PFOS. In addition, many studies are attempting to mitigate rent but forever chemicals as more than 350 PFAS-related have been bills have been introduced across 39 states. PFOS remediation is rapidly becoming a national priority, and we are the only company positioned to offer an end-to-end solution that includes permanent scalable destruction

最後，鑑於投資者對此頂部的興趣，我想談談 PFAS。訴訟威脅使得地方、州和聯邦貸款機構對解決水源或場地污染問題產生了緊迫感。根據我們與聯邦環保署的討論以及他們的公開聲明的支持，本屆政府仍致力於解決 PFOS 對公眾健康的威脅。此外，許多研究正試圖減輕租金負擔，但永久性化學品的使用已在 39 個州提出 350 多項與 PFAS 相關的法案。PFOS 治理正迅速成為國家重點關注的問題，我們是唯一一家能夠提供端到端解決方案的公司，包括永久性可擴展銷毀

With new EPA guidance pending at state level action accelerating, we are prepared to lead in what many expect to be a multibillion-dollar opportunity. We believe that our record permitted high-temperature incinerators with rigorous pollution controls remain the most viable and commercially scalable option for customers.

隨著新的 EPA 指導方針在州一級的行動加速推進，我們已準備好引領許多人所期望的價值數十億美元的商機。我們相信，我們記錄的具有嚴格污染控制的高溫焚化爐仍然是客戶最可行和最具商業可擴展性的選擇。

The data from our last PFOS incineration site which was performed in conjunction with the EPA, demonstrated that our incinerator achieved 6 9s of destruction of the key TFOS compounds and with emissions 8 to 10x lower than the most restrictive state or federal standards. Very compelling data for any customers or government entities that may have been unsure about the safety or effectiveness of PFOS incineration. At the same time, our PFAS total solution offering continues to gain traction in the marketplace.

我們與美國環保署聯合進行的上一個 PFOS 焚燒場的數據表明，我們的焚燒爐在 6 個 9 秒內銷毀了主要的 TFOS 化合物，排放量比最嚴格的州或聯邦標準低 8 到 10 倍。對於那些可能不確定 PFOS 焚燒的安全性或有效性的客戶或政府實體來說，這是非常有說服力的數據。同時，我們提供的 PFAS 整體解決方案在市場上繼續受到青睞。

With that, let me turn things over to Mike to discuss SKSS and capital allocation. Mike?

說完這些，讓我把話題交給 Mike 討論 SKSS 和資本配置。麥克風？

Thank you, Eric, and good morning.

謝謝你，艾瑞克，早安。

Turning to our SKSS results on slide 5, for the past several quarters, the team has done a terrific job shifting our customers to higher charge for oil or CFO, which helped drive our better than anticipated results in this segment. Our revenue decreases year over year as expected, reflecting lower market pricing and reduced volume sold.

回顧投影片 5 上的 SKSS 結果，在過去的幾個季度中，團隊在幫助客戶提高石油或 CFO 收費方面做得非常出色，這有助於推動我們在該領域取得好於預期的業績。我們的收入按年下降，正如預期，反映出市場價格下降和銷售量減少。

The 38 million we delivered in Q2 exceeded our expectations and reflects meaningful progress the team has made across a range of initiatives. We continue to aggressively manage our re refining spread while lowering our cost structure and improving the efficiency of our operations.

我們在第二季度交付的 3800 萬超出了我們的預期，並反映了團隊在一系列舉措中取得的重大進展。我們持續積極管理再精煉價差，同時降低成本結構並提高營運效率。

The shift to a CFO position that began in November continued 2-2.

從 11 月開始的財務長 (CFO) 職位變動持續進行。

In the quarter, we gathered 64 million gallons of waste oil, which is up 11% sequentially. We believe we are achieving a healthy balance between charging appropriately for the used oil collection services we provide against the value of waste oil in the market and the quantities we need to optimally run our plans.

本季度，我們收集了 6,400 萬加侖廢油，季增 11%。我們相信，我們在提供的廢油收集服務的適當收費、市場上廢油的價值以及我們最佳運行計劃所需的數量之間實現了健康的平衡。

We made progress and kept several key initiatives in Q2. We modestly increased our direct blended sales in the quarter. These sales provide greater stability to our business as pricing tends to be less volatile, and they represent our highest margin gallons. During the quarter, we also advanced our partnership with BP Castro as we support their more circular offering for corporate fleets.

我們在第二季度取得了進展並保留了幾項關鍵措施。本季度，我們略微增加了直接混合銷量。這些銷售為我們的業務提供了更大的穩定性，因為價格波動較小，而且它們代表了我們利潤最高的加侖。本季度，我們也加強了與 BP Castro 的合作夥伴關係，支持他們為企業車隊提供更循環的產品。

This lower carbon footprint solution is attracting more interest in the market, with several fleets signed up and more evaluating the offering.

這種低碳足跡解決方案正在吸引越來越多的市場興趣，已有多家車隊簽約，並且有更多車隊正在評估該產品。

We continue to grow our Group 3 gallons and are on track to add several million gallons of Group 3 this year versus last year. We should support greater stability in this sector.

我們繼續增加第 3 組加侖產量，預計今年第 3 組加侖產量將比去年增加數百萬加侖。我們應該支持該領域實現更大的穩定。

Turn to slide 6, we continue to evaluate opportunities to execute on various elements of our capital allocation strategy with the goal of generating the best long-term returns.

翻到投影片 6，我們繼續評估執行資本配置策略各要素的機會，以期獲得最佳的長期報酬。

In 2, strong cash flows resulted in higher cash balances and our leverage improved.

2.強勁的現金流帶來更高的現金餘額，我們的槓桿率也得到改善。

As a result, our strong balance sheet only got stronger, putting us in ideal in the ideal position to grow both internally and externally. On the M&A front, we remain active in evaluating both both on transactions and larger transactions that would provide us with more per permanent facilities, leverageable assets with high synergy potential, or ones that support our market position.

因此，我們強勁的資產負債表只會變得更加強勁，使我們處於理想的位置，可以實現內部和外部的成長。在併購方面，我們仍然積極評估交易和更大規模的交易，這些交易將為我們提供更多的永久設施、具有高協同潛力的可利用資產或支持我們市場地位的資產。

Given our expansive network of assets, we believe that the right acquisition affords us the ability to unlock considerable long-term value, but we remain selected as always.

鑑於我們廣泛的資產網絡，我們相信正確的收購將使我們能夠釋放可觀的長期價值，但我們仍將一如既往地被選中。

Internally, we are evaluating additional organic investment to drive shareholder returns.

在內部，我們正在評估額外的有機投資以推動股東回報。

With Kimble now on the path to success, we're looking at ways to increase incineration throughput at other locations in the years ahead.

隨著金布爾 (Kimble) 逐漸走向成功，我們正在尋找未來幾年在其他地點增加焚燒處理量的方法。

In Q2, we purchased our new Phoenix site where we replicate the hub concept we're executing in Baltimore. We have other reasons to apply the same playbook going forward, as well as adding more processing or recycling capabilities like e-waste to other locations.

在第二季度，我們購買了新的鳳凰城站點，在那裡我們複製了我們在巴爾的摩實施的中心概念。我們還有其他理由繼續採用同樣的策略，並在其他地方增加更多的處理或回收電子垃圾的能力。

We're also addressing the potential to further for further processing of our re refining byproducts as we believe there's value to be harvested there.

我們也正在探討進一步加工精煉副產品的潛力，因為我們相信那裡有可收穫的價值。

With $700 million in cash, low leverage, a strong free cash flow, and free cash flow expected in the second half of 2025, we're in an ideal position to accelerate our growth and scale through both organic investments and strategic M&A.

憑藉 7 億美元的現金、低槓桿率、強勁的自由現金流以及預計 2025 年下半年的自由現金流，我們處於理想的位置，可以透過有機投資和策略併購來加速我們的成長和規模。

The pipeline is strong, and we fully expect to deploy significant capital in the quarters ahead in ways that enhance growth and long-term markets.

通路非常強大，我們完全有信心在未來幾季部署大量資本，以促進成長和長期市場。

As we're entering the back half of 2025 with strong momentum and a high level of confidence in our ability to deliver outstanding results, with the ongoing restoring trend and substantial planned industrial investments in the US, our optimism is supported by promising by promising economic outlook.

隨著我們進入 2025 年下半年，勢頭強勁，我們對實現卓越成果的能力充滿信心，隨著美國經濟持續復甦趨勢和大量計劃中的工業投資，我們的樂觀情緒得到了經濟前景的支持。

Reshoring is no longer a headline, it is becoming a funded reality. Our customers are breaking ground, expanding production, and creating more demand for our services. Although near term trade trade trade headwinds persist, we expect that the tangible benefits of the recent tax bill and incentive to invest in America manufacturing will drive greater customer activity.

回流不再只是頭條新聞，而是有資金支持的現實。我們的客戶正在開拓新領域、擴大生產，並為我們的服務創造更多需求。儘管短期內貿易逆風依然存在，但我們預計近期稅收法案和投資美國製造業的激勵措施帶來的實際利益將推動更多的客戶活動。

We see no indication that a healthy customer demand for our services will slow down anytime soon.

我們沒有看到任何跡象表明客戶對我們服務的健康需求會在短期內放緩。

We have multiple customers who plans to move ahead with the mediation projects in the coming quarters, all of which would further support our recycling disposal assets, including Kimble.

我們有多個客戶計劃在未來幾季推進調解項目，所有這些項目都將進一步支持我們的回收處置資產，包括金布爾。

In SKSS, we remain focused on driving increased returns throughout its value trade through discipline collection pricing, optimized re refining operations, and the expansion of programs like our our blended direct sales and cash flow more circuit in partnership.

在 SKSS，我們仍然專注於透過嚴格的收集定價、優化的再精煉操作以及合作擴展混合直銷和現金流等計劃來推動其整個價值交易的回報增加。

Our favorable is underpinned by a powerful combination of macro and company specific catalysts. We remain focused on executing our pricing strategies, cost mitigation efforts, and operational efficiencies to drive further margin improvement.

我們的優勢受到宏觀和公司特定催化劑的強大組合支撐。我們將繼續專注於執行定價策略、降低成本的努力和提高營運效率，以進一步提高利潤率。

We anticipate leveraging the strength of both our operating segments to achieve record top line and bottom line results in 2025.

我們期望利用兩個營運部門的優勢，在 2025 年實現創紀錄的營收和利潤績效。

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

現在，讓我將話題交給我們的財務長 Eric。

Thank you, Mike. Good morning, everyone. Turning to the income statement on Slide 8. Our Q2 results came in slightly ahead of the guidance we provided on our Q1 earnings call. Within Environmental Services, we grew revenue and expanded EBITDA margins in that segment despite a challenging comp with prior year, and SKSS performed better than we expected.

謝謝你，麥克。大家早安。轉到投影片 8 上的損益表。我們第二季的業績略高於我們在第一季財報電話會議上給出的預期。在環境服務領域，儘管與去年同期相比面臨挑戰，但我們仍實現了營收成長並擴大了 EBITDA 利潤率，而且 SKSS 的表現好於我們的預期。

Total company revenue was essentially flat with Q2 of 2024 as the growth in ES offset the decline in SKSS. . Q2 adjusted EBITDA of $336 million was driven by higher earnings in our ES segment and improvement in corporate costs versus prior year, which more than offset the lower SKSS EBITDA contribution. As Eric mentioned, one of the areas we are especially proud of is our margin performance. Our Q2 adjusted EBITDA margin of 21.7% was up an impressive 60 basis points from a year ago.

由於 ES 的成長抵消了 SKSS 的下降，公司總收入與 2024 年第二季基本持平。.第二季調整後的 EBITDA 為 3.36 億美元，這得益於 ES 部門收益的增加以及公司成本較上年同期的改善，這足以抵消 SKSS EBITDA 貢獻的下降。正如 Eric 所提到的，我們特別自豪的領域之一是我們的利潤率表現。我們第二季調整後的 EBITDA 利潤率為 21.7%，比去年同期高出 60 個基點。

The team delivered a better-than-expected margin in Q2 through pricing, greater overall volumes within our disposal and recycling assets, strong labor management and disciplined SG&A cost reductions.

該團隊透過定價、更大的處置和回收資產總量、強大的勞動力管理和嚴格的銷售、一般和行政成本削減，在第二季度實現了好於預期的利潤率。

SG&A expense as a percentage of revenue, decreased 70 basis points from a year ago to 12%. For full year 2025, we anticipate SG&A expense as a percentage of revenue will be in the low to mid-12% range. Depreciation and amortization in Q2 came in as expected at $116 million, up primarily due to Kimball and increased landfill amortization due to higher landfill volumes. For 2025, we continue to expect depreciation and amortization in the range of $440 million to $450 million. Income from operations in Q2 was $210.3 million, down slightly from the same period last year primarily due to higher depreciation and amortization that I just mentioned.

銷售、一般及行政費用佔收入的百分比較去年同期下降 70 個基點至 12%。對於 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在 12% 的低點至中位數範圍內。第二季的折舊和攤銷達到預期的 1.16 億美元，主要因為 Kimball 和垃圾掩埋量增加導致的垃圾掩埋攤銷增加。到 2025 年，我們預計折舊和攤提仍將在 4.4 億至 4.5 億美元之間。第二季的營業收入為 2.103 億美元，較去年同期略有下降，主要原因是我剛才提到的折舊和攤提費用增加。

As expected, Q2 net income also declined modestly year-over-year with earnings per share of $2.36.

正如預期的那樣，第二季淨收入也同比小幅下降，每股收益為 2.36 美元。

Turning to the balance sheet on Slide 9. Cash and short-term marketable securities at quarter end was nearly $700 million. Our strong balance sheet remains a competitive advantage for us and gives us the flexibility to execute the capital allocation strategy that might cover. Our net debt-to-EBITDA ratio at quarter end was down to approximately 2x with no material debt amounts due until 2027. Our overall interest rate at quarter end remained at 5.3%.

翻到投影片 9 上的資產負債表。季度末的現金和短期有價證券接近 7 億美元。我們強勁的資產負債表仍然是我們的競爭優勢，並使我們能夠靈活地執行可能涵蓋的資本配置策略。我們季度末的淨債務與 EBITDA 比率降至約 2 倍，且到 2027 年沒有重大債務到期。本季末我們的整體利率仍為 5.3%。

As I highlighted on our Q1 call, following a Moody's upgrade earlier this year, our overall debt rating is just 1 notch below investment grade and our secured debt is at an investment grade rate.

正如我在第一季電話會議上所強調的那樣，繼今年稍早穆迪上調我們的評級之後，我們的整體債務評級僅比投資等級低 1 個等級，而我們的擔保債務則處於投資級評級。

Turning to cash flows on Slide 10. Net cash from operating activities in Q2 was $208 million. Adjusted free cash flow was a Q2 record of $133 million, up nearly $50 million, which is approximately 60% greater than the prior year.

轉向幻燈片 10 上的現金流。第二季經營活動產生的淨現金為 2.08 億美元。調整後的自由現金流達到第二季創紀錄的 1.33 億美元，成長近 5,000 萬美元，比上年增長約 60%。

Net of disposals, was $87 million, down substantially from the prior year when our Kimball construction was still in full swing. In Q2 of this year, we purchased the Phoenix property and spent the bulk of the $15 million that we allocated for that project this year.

扣除處置淨額後，為 8700 萬美元，與去年我們的 Kimball 建設仍在全面展開時相比大幅下降。今年第二季度，我們購買了鳳凰城的房產，並花費了今年為該項目分配的 1500 萬美元中的大部分。

We will be renovating and building out this location to create our next strategic hub facility.

我們將翻新和擴建該地點，以創建我們的下一個戰略樞紐設施。

For 2025, we continue to expect our net CapEx, excluding the Phoenix growth project to be in the range of $345 million to $375 million. During Q2, we bought back approximately 62,000 shares of stock for a total spend of $12 million. We currently have $430 million remaining under our share repurchase program authorization. Turning to our guidance on Slide 11. Based on our year-to-date results, along with current market conditions for both of our operating segments, we are reiterating the midpoint of our 2025 adjusted EBITDA guidance of $1.18 billion, based on a range of $1.16 billion to $1.2 billion.

到 2025 年，我們仍然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。在第二季度，我們回購了約 62,000 股股票，總支出為 1,200 萬美元。目前，我們的股票回購計畫授權剩餘金額為 4.3 億美元。轉到投影片 11 上的指示。根據我們今年迄今的業績以及我們兩個營運部門的當前市場狀況，我們重申 2025 年調整後 EBITDA 指引的中點為 11.8 億美元，基於 11.6 億美元至 12 億美元的範圍。

That midpoint represents year-over-year growth of 6% in adjusted EBITDA.

此中點代表調整後的 EBITDA 年成長 6%。

Looking at our annual guidance from a quarterly perspective. We currently expect adjusted EBITDA for Q3 to grow 9% to 12% compared with the prior year, by a 10% to 14% growth in the ES segment. For full year 2025, adjusted EBITDA guidance will translate to our reporting segments as follows: In Environmental Services, we expect adjusted EBITDA in 2025 at the midpoint of our guidance to increase 6% to 8% in 2024.

從季度角度來看我們的年度指引。我們目前預計第三季調整後的 EBITDA 將比上年成長 9% 至 12%，其中 ES 部門將成長 10% 至 14%。對於 2025 年全年，調整後的 EBITDA 指引將轉化為我們的報告分部，如下所示：在環境服務方面，我們預計 2025 年調整後的 EBITDA 將按指引的中點在 2024 年增長 6% 至 8%。

As highlighted earlier, overall project pipeline is encouraging and should see good volumes into our facilities network. PFAS and restoring continue to represent good upside potential for us in the back half of the year and certainly, over the longer term. For SKSS, we continue to expect full year 2025 adjusted EBITDA at the midpoint of our guidance to be $140 million. We exceeded our expectations in each of the first 2 quarters due to the terrific work by the SKSS team in improving our collection rates while controlling costs. We anticipate growth and profitability in this segment in both the third and fourth quarters.

正如之前所強調的那樣，整體項目管道令人鼓舞，我們的設施網絡應該會看到大量項目湧入。PFAS 和恢復對於我們來說在今年下半年以及更長遠的時期內仍然具有良好的上行潛力。對於 SKSS，我們繼續預計 2025 年全年調整後 EBITDA 將達到指引中位數的 1.4 億美元。由於 SKSS 團隊在控製成本的同時提高了我們的收款率，我們在前兩個季度都超出了預期。我們預計該部門在第三季和第四季都將實現成長和獲利。

Within corporate at the midpoint of our guide, we expect negative adjusted EBITDA to now be up 5% to 7% compared to 2024. The year-over-year increase relates to the company's expected growth, higher wages and benefits technology investments and rising insurance costs, partly offset by our many cost savings initiatives. For adjusted free cash flow, full year guidance remains in the range of $430 million to $490 million or a midpoint of $460 million, which represents nearly a 30% increase from 2024.

在我們指南的中點，我們預期企業內部的負調整後 EBITDA 將比 2024 年成長 5% 至 7%。同比成長與公司預期的成長、更高的薪資和福利技術投資以及不斷上漲的保險成本有關，但部分被我們的多項成本節約措施所抵消。對於調整後的自由現金流，全年指引仍在 4.3 億美元至 4.9 億美元之間，或中間值為 4.6 億美元，比 2024 年增長近 30%。

In summary, growth in Q2 was a continuation of the momentum we experienced in late Q1. The demand environment has held up well for us. Even in the face of tariff uncertainty, that has impacted some of our customers. I share the enthusiasm of our entire executive team about our growth prospects for the second half of 2025 and beyond. One of the hallmarks of Clean Harbors is our consistency and resiliency as evidenced by our financial performance.

總而言之，第二季的成長延續了第一季末的勢頭。需求環境對我們而言一直保持良好。即使面臨關稅不確定性，這也對我們的一些客戶產生了影響。我和我們整個執行團隊一樣，對 2025 年下半年及以後的成長前景充滿熱情。清潔港口的標誌之一是我們的一致性和彈性，這可以從我們的財務表現中看出。

We see no material changes in our markets today that would prevent us from continuing on our current path of profitable growth. We look forward to the remainder of this year as we execute against our longer-term goals.

目前，我們沒有發現任何重大變化會阻礙我們繼續保持目前的獲利成長路徑。我們期待在今年剩餘時間內實現我們的長期目標。

And with that, Christine, please open the call for questions.

克里斯汀，請開始提問。

(Operator Instructions)

（操作員指示）

Tyler Brown with Raymond James.

泰勒布朗和雷蒙德詹姆斯。

Hey, good morning, guys.

嘿，大家早安。

Hey, good morning, Charlie.

嘿，早上好，查理。

Hey, I just wanted to get your all kind of broad view on the macro. It sounded like yesterday, a competitor was maybe a touch more downbeat on their call. But you guys seem pretty optimistic. I think you used the word enthusiasm. You noted healthy demand, you've got a good pipeline, maybe some reshoring activity.

嘿，我只是想了解一下你對宏觀的廣泛看法。聽起來就像昨天一樣，競爭對手可能對他們的電話感到更加悲觀。但你們看起來相當樂觀。我認為你使用了熱情這個詞。您注意到了健康的需求，您擁有良好的管道，也許還有一些回流活動。

But just any thoughts broadly, do you feel like you're taking share. Or maybe you can help us just appreciate how your diverse portfolio really positions you to win despite what looks like a pretty slow industrial macro?

但就任何廣泛的想法而言，您是否覺得自己正在分享。或者也許您可以幫助我們了解，儘管工業宏觀經濟看起來相當緩慢，但您的多元化投資組合如何真正使您成功？

Yeah, Tyler, this is Eric. I'll begin, and I'm sure these guys will add on. First of all, our volumes into our network continue to be at all-time high. Our drum receipts into our processing plants, our incinerators, our TSDS, very, very strong. Our overall pipeline from our sales team in all regions, is up year-over-year, so very strong.

是的，泰勒，這是艾瑞克。我會開始，而且我相信這些人會繼續補充。首先，我們的網路流量持續處於歷史最高水準。我們的桶裝垃圾進入了我們的加工廠、焚化爐和 TSDS，非常非常強大。我們各地區的銷售團隊的整體銷售管道都比去年同期有所成長，因此非常強勁。

The verticals that we're servicing, very strong waste from our verticals as well as our project demand.

我們所服務的垂直產業，以及我們的專案需求都存在著非常嚴重的浪費。

Our project pipeline that we're seeing going into the Q3, as Eric mentioned in his script, very, very solid, driving volumes into our landfills, our incinerators, some into our wastewater treatment plants. So all of our indicators for disposal and recycling assets, as we've talked about, have been very good and continue whether or not we're taking share, we think so, we absolutely do think that our footprint enables us to leverage better relationships with our customers, servicing their national footprint, and that's where we've really seen some strong growth.

正如 Eric 在他的腳本中提到的那樣，我們看到進入第三季度的專案管道非常非常穩固，將大量廢物輸送到我們的垃圾掩埋場、焚化爐，還有一些輸送到我們的廢水處理廠。因此，正如我們所討論的，我們所有的處置和回收資產指標都非常好，並且無論我們是否佔據份額，我們都認為這種情況會持續下去，我們絕對認為我們的足跡使我們能夠與客戶建立更好的關係，為他們的全國足跡提供服務，這就是我們真正看到強勁增長的地方。

We also have done a great job of growing with new customers and have had a number of different plans in place with a variety of different types of sales roles, hunters to go get new business to drive into our networks. On the service side of our businesses, our branch offerings, field services, mentioning that, we -- year-to-date, we have opened 13 more field service branches.

我們在開發新客戶方面也做得非常出色，並且制定了多項計劃，涵蓋各種不同類型的銷售角色，獵人頭將新業務引入我們的網路。在我們業務的服務方面，我們提供的分公司、現場服務，今年迄今為止，我們又開設了 13 個現場服務分公司。

And what that allows us to do is service more emergency response events. Our goal is to make sure that we are the first call on all of our emergency response events. So field service team, industrial service team, even with, as mentioned in our script, we talk about that and how the refinery business seems to be stabilizing a little bit.

這使我們能夠為更多的緊急應變事件提供服務。我們的目標是確保在所有緊急應變事件中我們都是第一個被呼叫的。因此，現場服務團隊、工業服務團隊，即使如我們的腳本中提到的那樣，我們也討論了這一點，以及煉油業務似乎逐漸穩定下來。

Our count of turnarounds is in excess of 15% more than last year, although the revenue was a little bit hampered because they're controlling our costs. But our industrial team has been doing a good job trying to expand our base of facilities we service with our top-tier accounts. So very strong in a number of different areas as we enter into Q3. No signs of letting up.

我們的周轉次數比去年增加了 15% 以上，儘管由於他們控制了我們的成本，收入受到了一點影響。但我們的工業團隊一直在努力擴大我們為頂級客戶提供服務的設施基礎，做得很好。進入第三季度，我們在許多不同領域表現都非常強勁。沒有放鬆的跡象。

The only thing I would add to that, Todd, Eric said, well, is around the pipeline. The sales pipeline that we see is very robust across all different regions and across many verticals. One of the things that may differentiate us is we are not tied to any one -- one end market. Our verticals are very broad, as you know, Tyler. And so if there's been slowdowns in certain parts of our business, we've been making it up in other parts of our business because because of our very diverse end market approach.

艾瑞克說，托德，我唯一要補充的是有關管道的問題。我們看到，各個地區和許多垂直領域的銷售管道都非常強勁。我們的一個不同之處在於我們不受任何一個終端市場的束縛。如你所知，泰勒，我們的垂直領域非常廣泛。因此，如果我們業務的某些部分出現放緩，我們會在其他業務部分進行彌補，因為我們的終端市場方法非常多樣化。

So -- and that's been a competitive advantage of ours.

所以——這就是我們的競爭優勢。

Yeah, excellent. That is excellent color. So I want -- I do want to come back, though, because I get this question a lot from investors around the refinery turnarounds. So it sounds like that's maybe showing some signs of life, but how how much of the back half ES guidance is really predicated on a ramp in those refinery turnarounds?

是的，非常好。那是極好的顏色。所以我想——我確實想回來，因為我經常從煉油廠轉型相關的投資者那裡聽到這個問題。因此，這聽起來似乎顯示出一些生命跡象，但後半部分 ES 指導中有多少真正取決於煉油廠週轉率的增長？

And how much of a risk is that if it doesn't materialize?

如果沒有實現，風險有多大？

Yeah, Tyler, just to begin, the back half doesn't have a significant ramp at all, isn't dependent on IES turnaround. So overall, for the year, continue to say that the count the turnarounds we're servicing is up 15% year-over-year. But our back-end guidance really is not dependent on a significant ramp of IS turnarounds. What we're really focusing on IS is making sure we're servicing the best customers with the best margins and efficiently managing our labor and how we service those turnarounds in just the base industrial holistically.

是的，泰勒，首先，後半部根本沒有明顯的坡道，不依賴 IES 轉機。因此，總體而言，今年我們服務的周轉次數同比增長了 15％。但我們的後端指導其實並不依賴 IS 週轉的顯著增加。我們真正關注的是確保我們以最佳的利潤率服務於最好的客戶，並有效地管理我們的勞動力，以及我們如何在整體上為基礎工業中的這些週轉提供服務。

We've been making sure that we implement a new service platform for that, which really enhances our margin improvement. But just to come back around to your full question, we don't anticipate a major ramp up. Our back half guidance is not dependent on a significant IES ramp-up.

我們一直確保為此實施一個新的服務平台，這確實提高了我們的利潤率。但回到你的完整問題，我們預計不會大幅成長。我們的後半部指導並不依賴 IES 的大幅提升。

Okay. That's extremely helpful. My last one, Eric Dugas, can you shape the benefit from bonus depreciation here in '25? And this is maybe just big picture, but do those changes possibly make some other, let's say, larger investments organically more attractive in the coming years?

好的。這非常有幫助。我的最後一個問題，埃里克·杜加斯，您能具體描述一下​​ 25 年獎金折舊帶來的好處嗎？這也許只是總體情況，但這些變化是否可能使未來幾年其他一些更大的投資更具吸引力？

Yeah, Tyler, great question. When you look at the enactment of the most recent map there, we do believe that here in 2025, we'll see some incremental cash tax savings from that. We've estimated that at somewhere between $10 million and $15 million of incremental cash this year and some more in 2026 still refining those estimates, but that's what we're looking at it. But I think you touched on something that's probably even more important and we're more excited about as it relates to the actives.

是的，泰勒，這個問題問得好。當您查看那裡最新地圖的頒佈時，我們確實相信，到 2025 年，我們將看到一些增量現金稅收節省。我們估計，今年的增量現金將在 1,000 萬至 1,500 萬美元之間，2026 年還會有更多，我們仍在完善這些估計，但這就是我們正在考慮的事情。但我認為您觸及了一些可能更為重要的事情，並且我們對此更為興奮，因為它與活性物質有關。

I think it's just another step to drive companies and further investment in the US which is certainly a good thing for Clean Harbors on balance. So I think we're even starting to see with some of the discussion we're seeing with customers today around some movement and some activity and incremental investment in build-out which has come through a lot of different factors, but I think the recent tax law changes are driving that as well.

我認為這只是推動公司在美國進一步投資的又一步，總的來說，這對清潔港口來說無疑是一件好事。因此，我認為我們甚至開始看到今天與客戶進行的一些討論，這些討論涉及一些動向、一些活動以及建設方面的增量投資，這些動向、活動和增量投資來自許多不同的因素，但我認為最近的稅法變化也在推動這一點。

So we're really excited about manufacturing in the US and we think it's a continued tailwind for us. Tyler, to your point, though, I don't think that, that changes our view on capital deployment.

因此，我們對在美國進行製造業感到非常興奮，我們認為這對我們來說是一個持續的順風。泰勒，就你的觀點而言，我認為這不會改變我們對資本配置的看法。

We have been very aggressive in capital deployment for CapEx, and we will continue to do that. We do it based on return on invested capital and the cash flows on that change doesn't really impact that as much.

我們一直非常積極地進行資本支出的資本配置，我們將繼續這樣做。我們根據投資資本的回報率來做這件事，而這種變化的現金流實際上對此影響不大。

Okay, yes.

好的，是的。

No, that's very helpful. Thanks guys.

不，這非常有幫助。謝謝大家。

Hey, doc.

嘿，醫生。

Thanks.

謝謝。

David Manthey from Robert W. Baird & Co.

Robert W. Baird & Co. 的 David Manthey

Hi guys, good morning. First off, you've reported just under half of your full year guidance in SKSS through the first half of the year. And given that the fourth quarter sometimes has negative seasonality, what gives you confidence in seeing an uptick in the third quarter from the second quarter in SKSS EBITDA? And then related -- you made a comment about improvement in the third and fourth quarter. Could you clarify and say did you mean that EBIT -- EBITDA margin or EBITDA dollars would be better in 3Q and 4Q in SKSS?

大家好，早安。首先，您報告稱，今年上半年 SKSS 的業績僅完成了全年預期的一半。鑑於第四季度有時具有負面季節性，為什麼您有信心看到 SKSS EBITDA 在第三季較第二季有所上升？然後相關——您對第三季和第四季的改善發表了評論。您能否澄清一下，您的意思是 SKSS 的 EBIT - EBITDA 利潤率或 EBITDA 美元在第三季和第四季會更好嗎？

Hey Dave, this is Mike. I'll take it. The -- when you think about SKSS, we are seeing -- if you remember, last year was a kind of tough comp for SKSS ahead a pretty bad pretty bad Q3, if you recall. So the comps on that get a lot better here in Q3 of 2025. And so we are seeing kind of -- we are forecasting positive EBITDA growth kind of year-on-year in Q3 versus Q3 -- versus Q3 last year.

嘿，戴夫，我是麥克。我要買它。當您想到 SKSS 時，我們會看到 - 如果您還記得的話，去年對於 SKSS 來說是一個艱難的比賽，第三季度的表現相當糟糕，如果您還記得的話。因此，到 2025 年第三季度，情況將會好很多。因此，我們看到——我們預測第三季的 EBITDA 將與去年同期相比出現同比增長。

And the 2 busiest quarters are Q2 and Q3 for the oil business. And so we see a good kind of positive momentum in that business.

石油業務最繁忙的兩個季度是第二季和第三季。因此，我們看到該業務呈現良好的積極勢頭。

Really, Dave, it comes down to the shift we made really Q3 last year in early Q4, where we moved away from our paper for oil to a charge oil and focused on the pricing we are charging to pick up the oil versus feeding our plants. And as you know, we closed the plant in Q3 and Q4 last year. And so those costs are there. So it should help from a profitability standpoint year-on-year. And so really, that's what's driving the -- how we get to the 140 through the first half of the year.

真的，戴夫，這歸結於我們去年第三季和第四季初所做的轉變，我們將石油紙張轉換為收費石油，並專注於收取石油的費用，而不是為我們的工廠提供石油。如您所知，我們去年第三季和第四季關閉了該工廠。所以這些成本是存在的。因此，從盈利能力的角度來看，它應該會有所幫助。所以，這實際上是推動我們如何在上半年達到 140 的目標的因素。

And so really, we feel very confident -- and as you sit here today, better than ever from a reset perspective as far as how we feel about our ability to charge for use more oil and our ability to leverage that in the marketplace. And that would be the driver of profitability versus feeding our plans.

因此，我們真的感到非常有信心——今天，當你們坐在這裡時，從重新調整的角度來看，我們對收取更多石油使用費的能力以及在市場上利用這種能力的能力的感覺比以往任何時候都要好。這將成為盈利能力的驅動力，而不是滿足我們計劃的需求。

Okay. And I'm also interested in your outlook for turnaround activity and major projects in the back half. You said that turnarounds are up 15% in the second quarter. And you also said that you have confidence that the maintenance deferrals are behind us. If I put those two together, even though that's not in your guidance.

好的。我也對您對下半年扭虧為盈活動和重大專案的展望很感興趣。您說第二季的周轉率上升了 15%。您也表示，您有信心我們已經完成了維護延期。如果我把這兩者放在一起，即使這不在你的指導範圍內。

If that level of activity continued, would it represent an acceleration in the back half of the year? Or is that potential upside? I'm not trying to bake it in, but it sounds like if I put those two things together, the outlook is pretty good and you're saying it's not in your current outlook.

如果這種活動水準持續下去，是否代表下半年會出現加速？或者說這是潛在的好處？我並不是想把它融入進去，但聽起來如果我把這兩件事放在一起，前景是相當不錯的，而你說它不在你目前的觀點中。

Hey Dave, Eric Duga is here. I think you got it right. As Eric said, when we look at the back half for Industrial Services, our guidance does not necessarily depend upon a great comeback there. We are cautiously optimistic that we'll see a better back half with the turnaround schedule we have here. and we do feel like we're starting to come out of the maintenance deferrals.

嘿，戴夫，埃里克·杜加 (Eric Duga) 在這裡。我認為你說得對。正如艾瑞克所說，當我們展望工業服務的後半部分時，我們的指導並不一定取決於那裡的強勁復甦。我們謹慎樂觀地認為，按照我們目前的周轉計劃，後半段的情況會更好。而且我們確實感覺我們正在開始擺脫維護延期的困境。

So I think any kind of significant upside in the back half would be upside to our current guidance as well.

因此，我認為下半年的任何顯著上漲也將對我們目前的指導有利。

Got it. Thanks so much guys. Dave, just to clarify one key point, the overall turnaround count that we're servicing in 2025, that's up about 15% compared to 2024 and the average spend -- the average revenue that we're invoicing on the turnaround is down roughly about 10%, 15%. So the turnarounds have obviously been compacted a little.

知道了。非常感謝大家。戴夫，我只想澄清一個關鍵點，我們在 2025 年服務的總體週轉數量與 2024 年相比增長了約 15%，而平均支出 - 我們在周轉中開具的平均收入下降了約 10% 至 15%。因此，週轉顯然已經稍微緊湊了。

They're not they're not doing as much specialty services. However, we really see that we are turning the corner as mentioned here. There's not a lot of our guidance around it, but the team is doing a great job servicing the turnarounds ahead of us.

他們沒有提供那麼多專業服務。然而，正如這裡提到的，我們確實看到我們正在扭轉局面。我們對此沒有提供太多指導，但團隊在為我們未來的轉變提供服務方面做得很好。

Okay. Thanks for that clarification. Eric.

好的。感謝您的澄清。埃里克。

Larry Solow with CJS Securities.

CJS 證券公司的 Larry Solow。

Good morning, guys. I guess just in that same vein, you talked about the tariff uncertainty starting probably in April. Has that persisted, has that changed at all? And is that kind of tied into some of these delays on the remediation projects you spoke about? I guess that's a separate kind of subject from the industrial turnarounds, right?

大家早安。我想，您談到的關稅不確定性可能從四月開始，也是同樣的道理。這種情況持續了嗎？有沒有什麼改變？這是否與您提到的一些補救項目的延遲有關？我想這是一個與產業轉型不同的主題，對嗎？

Yeah, Larry, I wouldn't correlate our growth in projects and remediation and stuff to anything going on with tariffs. I think that we've just been with a solid job of looking out and servicing our customers and making sure that we're ahead of any of their remedial projects. They -- the spending is clear. The pipeline is up. We have some that have already begun into the Q3.

是的，拉里，我不會將我們的項目、補救措施和其他方面的成長與關稅的任何事情聯繫起來。我認為我們一直在認真地照顧和服務我們的客戶，並確保我們領先於他們的任何補救項目。他們——支出情況很清楚。管道已通。我們有一些已經開始進入第三季。

So we -- there's a lot of activity across the board. But we've also been doing a good job of getting ahead of those projects and those events. And now we see them starting to take hold and have a real, real solid project pipeline here.

因此，我們——各方面都進行了許多活動。但我們在推進這些項目和活動方面也做得很好。現在我們看到他們開始站穩腳跟，並在這裡擁有真正、真正穩固的專案管道。

Yeah, when you look at the project work that's feeding our landfills, Larry, this is work that started it's there. It's so it's not some of it is certainly there said the pipeline's very strong. We feel good about the back half of the year, but that's work that hasn't been executed yet. This work is either signed, sealed, delivered, or started already.

是的，拉里，當你看到為我們的垃圾掩埋場提供垃圾的專案工作時，這就是從那裡開始的工作。確實如此，但其中的一些肯定不是說管道非常堅固。我們對下半年的業績感到滿意，但仍有一些工作尚未完成。這項工作要么已經簽署、蓋章、交付，要么已經開始。

Got you. Okay. And then just switching gears on to PFAS. I appreciate some of the update and looks like getting a little more push from the state side. Just any update, I know you guys were, I think, presenting or had this incineration study, DoD and EPA, I think we're that was going to be presented soon.

明白了。好的。然後就轉向 PFAS。我很欣賞這些更新，並且看起來得到了來自國家方面的更多推動。只是任何更新，我知道你們正在展示或進行這項焚燒研究，國防部和環境保護署，我想我們很快就會展示。

Any update there and just thoughts on when we might get some guidelines from the EPA or more guidelines and maybe I know that's important. But I guess maybe with the states pushing harder, maybe other paths to get customers to drive not just orders but revenue?

有任何更新嗎？只是想問我們什麼時候可以從 EPA 獲得一些指導方針或更多指導方針，也許我知道這很重要。但我想，也許隨著各州加強推動，也許還有其他方法可以讓客戶不僅推動訂單，還能推動收入？

Larry, Sure. So as mentioned earlier, we completed our TFOS study at our incinerator at Utah and the results of those, that study was excellent. Just a real strong performance across the board, proving that high-temperature thermal incineration is the preferred method for destruction of PFAS compounds. That being said, the EPA participated actively with us. And we've been working with them on obviously pushing to get their announcement out and backing that.

拉里，當然可以。如同前面所提到的，我們在猶他州的焚化爐完成了 TFOS 研究，研究結果非常出色。各方面表現都非常強勁，證明高溫熱焚燒是銷毀 PFAS 化合物的首選方法。話雖如此，環保署還是積極與我們合作。我們一直在與他們合作，顯然是為了推動他們發布聲明並支持他們。

But with what's been going on with the EPA, it's been a little bit delayed.

但由於環保署的情況，這一進程被稍微推遲了。

We expect that and anticipate that hopefully here in the third quarter but the evidence is clear. That being said, also, the market is acting as if regulations are in place. And that's evidence of how our pipeline is growing and some of the projects that we're doing. The amount of business that we're servicing on the PFAS side into our network has been growing. So there's indications -- I mean, we all know it's a bad material and it affects human health and the environment.

我們預計這一點，並希望在第三季實現這一點，但證據是明確的。話雖如此，市場表現得好像已經受到監管一樣。這證明了我們的管道正在不斷增長，以及我們正在進行的一些項目。我們在 PFAS 方面為網路提供服務的業務量一直在增長。所以有跡象表明——我的意思是，我們都知道它是一種有害物質，它會影響人類健康和環境。

And even without those changes, the administration is clear, and they've said that they continue to want to act on it, and we are. We're seeing that discipline from our customers.

即使沒有這些變化，政府的態度也很明確，他們表示將繼續採取行動，我們也會這麼做。我們從客戶身上看到了這種紀律。

Got it. Thanks, Eric.

知道了。謝謝，埃里克。

Thanks.

謝謝。

James Ricchiuti with Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti）與尼達姆公司（Needham & Company）。

Thanks, good morning. Just a couple of questions. I think in the -- you had talked about your expectations for Kimball, I think, in previous quarters and, I don't know, you may have given some some broad guidance on it in the call this morning, and I may have missed it, but I'm just wondering how we should think about the scale-up in the back half and then looking out to next year in terms of how we might think about the EBITDA contribution?

謝謝，早安。僅有幾個問題。我認為在 - 您已經談到了對 Kimball 的期望，我想，在前幾個季度，我不知道，您可能在今天早上的電話會議上給出了一些廣泛的指導，我可能錯過了，但我只是想知道我們應該如何考慮下半年的擴大規模，然後展望明年，我們如何看待 EBITDA 貢獻？

Yeah, James, I'll begin, and then Eric will add on the scale up from a tonnage standpoint, we're ahead of track. We had talked about pushing 28,000 tons through that unit through 2025, and we're meeting that objective. Also, the benefit that we looked at from an EBITDA perspective to our network overall. We talked about the $10 million number in the past. We continue to ramp up.

是的，詹姆斯，我先開始，然後埃里克將從噸位的角度來補充規模，我們已經領先了。我們曾談到 2025 年透過該裝置生產 28,000 噸產品，我們正在實現這一目標。此外，我們從 EBITDA 角度來看其對我們整個網路的益處。我們過去討論過 1000 萬美元這個數字。我們將繼續加大力度。

We see strong volumes and into -- and through the next 3 to 4 years, ramping up to more full-scale production.

我們看到了強勁的產量，在未來 3 到 4 年內，產量將逐步增加到更全面的規模。

Yeah, The only thing I would add to that, Jim, as well as Eric said, still confident around the incremental EBITDA from bringing this unit online across the network. But also point in mind kind of as we move throughout the year, with more production, more EBITDA coming through that unit. Right now, it is a little bit of a drag to our margins. So the incremental margin that we produced in yes, this quarter, there was a little drag from the startup, you have a full allocation of costs, but not a plant running at its full capacity yet.

是的，我唯一要補充的是，吉姆和埃里克都表示，他們仍然對透過網路將該部門上線所帶來的增量 EBITDA 充滿信心。但也要記住，隨著我們全年的推進，產量增加，該部門的 EBITDA 也會增加。目前，這對我們的利潤率造成了一點拖累。因此，我們在本季度產生的增量利潤，是的，受到了啟動的一些拖累，雖然成本已經完全分配，但工廠還沒有滿載運作。

So that is kind of some upside that we'll continue to see, as Eric mentioned, going forward over the coming quarters and years as the plan rolls up. But I think to reiterate Eric's point, really happy with production so far and the volumes that we're getting through there.

正如埃里克提到的那樣，隨著計劃的實施，我們將在未來幾個季度和幾年繼續看到這種好處。但我想重申埃里克的觀點，我們對迄今為止的生產情況以及我們在那裡獲得的數量感到非常滿意。

Yeah, nothing has changed in our view of the long-term view.

是的，從我們的長期觀點來看，沒有任何改變。

Good, thanks. The follow-up question I have is a little bit more longer term. And I'm just going back to the analyst event that you guys held back in March, I guess, 2023. And obviously, there's been a lot of changes certainly in the political environment. But I'm wondering if your view of the M&A opportunities out there has changed. I almost get the sense that you're looking at more organic investment opportunities.

很好，謝謝。我的後續問題有點長期。我只是想回顧一下你們在 2023 年 3 月舉辦的分析師活動。顯然，政治環境已經發生了許多變化。但我想知道您對併購機會的看法是否改變了。我幾乎感覺到您正在尋找更多有機投資機會。

So maybe you could talk a little bit about the way you're thinking about the business longer term.

所以也許您可以談談您對長期業務的看法。

Hey Jim, this is Mike. I appreciate the question. When we think about M&A, the pipeline is very full of op, Some small, some medium, but we are focused on on making sure we get a good return for our shareholders. And we are very disciplined around that.

嘿，吉姆，我是麥克。我很感謝你提出這個問題。當我們考慮併購時，通路充滿了各種操作，有些是小型的，有些是中型的，但我們專注於確保為股東獲得良好的回報。我們對此非常嚴謹。

It's got to make kind of cultural fit, financial sense. We got to see a path to synergy in the past the value we're trying to kind of improve -- get our ROIC up and get that business kind of contributing at the rate that we think is important to us.

它必須具有一定的文化適應性和經濟意義。我們看到了一條實現協同效應的道路，我們正在努力提高價值——提高我們的投資回報率，讓這項業務以我們認為對我們重要的速度做出貢獻。

At the same time, to your point, there are a lot of internal investments that are out there, whether they be the Phoenix hub we talked about, the Baltimore hub, the investment in Kimball, there's more out there. And those are triggering investments as well. They take longer to execute on, but frankly, they don't come with a lot of goodwill, if you will. So I think that's really -- I think we are measuring all those things. We think that those are all great uses of our capital.

同時，正如您所說，有很多內部投資，無論是我們談論的菲尼克斯中心、巴爾的摩中心，還是對金博爾的投資，還有更多。這些也正在引發投資。它們需要更長的時間來執行，但坦白說，如果你願意的話，它們並沒有帶來太多的善意。所以我認為這確實——我認為我們正在衡量所有這些事情。我們認為這些都是我們資本的絕佳用途。

We look at share that it's all based on returns. And so whether that's M&A, that's in our swim lane or capital projects that drive long-term value, there's -- I think there's -- as you can see from the balance sheet and the cash flow generation, there going to be plenty of opportunity to all of that going forward.

我們看待份額完全取決於回報。因此，無論是我們的泳道內的併購，還是推動長期價值的資本項目，我認為，正如您從資產負債表和現金流生成中看到的那樣，未來都將有大量機會。

Got it.

知道了。

Thank you.

謝謝。

Noah Kaye with Oppenheimer.

諾亞凱 (Noah Kaye) 與奧本海默 (Oppenheimer) 在一起。

Hey guys, thanks for taking questions. Can we talk about Environmental Services margins? Because you entered the quarter with a very tough comp from last year. you didn't have as much ER revenue. You had the drag from Kimball and you still expanded 30 bps year-over-year. So can we first unpack the puts and takes of getting that expansion?

嘿夥計們，感謝你們回答問題。我們可以談談環境服務利潤嗎？因為您進入本季時，與去年同期相比情況非常嚴峻，急診收入沒有那麼多。儘管受到金博爾的拖累，但您的業績仍比去年同期增長了 30 個基點。那我們可以先分析一下實現這擴張的利弊嗎？

And then can you share with us quantitatively possible how we should think about margin trends in US for the balance of the year.

然後，您能否從數量上與我們分享我們應該如何看待今年美國餘額的利潤趨勢。

Yeah, So Noah, just to begin, yes, we've talked about or our goal is to get the overall environmental services business to close to that 30% EBITDA margins. And as you know, over the past few years, we've really been executing on that plan. In the second quarter, we saw strong margin improvement from all the service businesses. Our Safety-Kleen Environmental branch business, very strong margin improvement on the lines of business that drive waste into our plants, but also parts washers, back material as well, driving that into our facilities.

是的，諾亞，首先，是的，我們已經討論過，或者我們的目標是讓整體環境服務業務的 EBITDA 利潤率接近 30%。如你所知，過去幾年我們一直在執行這個計劃。在第二季度，我們看到所有服務業務的利潤率都大幅提高。我們的 Safety-Kleen Environmental 分支業務，在將廢物送入我們工廠的業務線上實現了非常強勁的利潤率提升，同時零件清洗機、後備材料也將其送入我們的設施。

We saw margin expansion. On the field services side, as pointed out, yes, we were down on large emergency response events.

我們看到了利潤率的擴大。在現場服務方面，正如指出的那樣，是的，我們在大型緊急應變事件中表現不佳。

Last year, we did about $24 million this year, up $10 million. But our base business and how we drive driven efficiencies in the business, the number of overall ERs, we've had a lot of base business ERs and base business from our customers and our team has done a great job managing labor and efficiencies and how we dispatch our crews. So there was margin improvement in field services, which is great to see. Industrial Services as well. We talked about that our Industrial Services margins.

去年我們的收入約為 2400 萬美元，今年增加了 1000 萬美元。但是我們的基礎業務以及我們如何推動業務效率、整體 ER 的數量，我們已經從客戶那裡獲得了大量基礎業務 ER 和基礎業務，我們的團隊在管理勞動力和效率以及如何調度我們的工作人員方面做得很好。因此，現場服務的利潤率有所提高，這是令人高興的。工業服務也是如此。我們討論了我們的工業服務利潤。

We saw an improvement even with the flat line we've seen in overall revenue or just slightly ahead of last year. we've driven margin improvement through managing labor tightly of our crews on how we respond to base business customers.

儘管我們的總收入持平或略高於去年，但我們還是看到了改善。我們透過嚴格管理員工對基礎商業客戶的回應來提高利潤率。

And of course, our technical services price growth, volume growth driving that material more volume of waste to our facilities. We saw margin group. So really pleased overall with how each of the different business units have driven cost efficiencies in our business, we've been driving price, how we've been driving volume, managing our labor properly. All those things really came to fruition here in the second quarter as we continue down that path of driving towards that 30%. So good stuff.

當然，我們的技術服務價格上漲、數量成長導致更多的廢棄物進入我們的設施。我們看到了邊緣群體。因此，總體而言，我們對各個業務部門如何提高業務成本效率、如何提高價格、如何提高產量以及如何妥善管理勞動力感到非常滿意。隨著我們繼續朝著 30% 的目標努力，所有這些事情都在第二季真正取得了成果。非常好的東西。

Appreciate it and the second part of the question around how to think about margins for the second half of the year.

感謝您對這個問題的第二部分，關於如何考慮下半年的利潤率。

Yeah, I know, I think all the progress that Eric just articulated around pricing, labor management, cost efficiencies, transportation and those continue -- as you know, the comp in Q3 gets a lot easier because there's not -- not that large network that Eric mentioned earlier. So I think that the margin progression that we're going to see for Q3 and Q4, our 13 consecutive quarters, I think, is going to expand based on kind of how we're looking at our own internal models. And so I'm of the view that we're going to have -- this trend continues, especially around all the things we're talking about when we talk about pipeline and the view we see around our sales pipeline and our ability to execute against that. So I'm very bullish on the back half of the year margin expansion in Environmental Services.

是的，我知道，我認為 Eric 剛才闡述的有關定價、勞動力管理、成本效率、運輸等方面的所有進展都在繼續——如你所知，第三季度的比較會變得容易得多，因為沒有——沒有 Eric 之前提到的那麼大的網絡。因此，我認為，根據我們對自身內部模型的觀察，我們將看到的第三季和第四季（連續 13 季）的利潤率成長將會擴大。因此，我認為我們將擁有 - 這種趨勢將會持續下去，特別是圍繞我們在談論管道時所討論的所有事情以及我們對銷售管道的看法以及我們的執行能力。因此，我非常看好今年下半年環境服務利潤率的擴張。

And in 2026, 1 of these -- I don't think anything there on these. I think they are clearly long-term structural changes we're making in the organization to drive profitable growth.

到 2026 年，其中 1 個——我認為這些上面什麼都沒有。我認為這些顯然是我們為推動獲利成長而在組織內進行的長期結構性變革。

Right. I think the comps do get easier in the back half as well. So it's fair to think about expansion probably at a higher rate, right, in the back half? I mean that seems to be implying.

正確的。我認為後半部分的比賽也會變得更容易。因此，可以合理地認為下半年的擴張速度可能會更高，對嗎？我的意思是這似乎是在暗示。

Very much so. But you're right. We are with a few -- we came into the quarter with a view that perhaps Q2 would be a margin contraction given all the event work we had last year. But as Eric said, every 1 of our business did very well from a margin expansion standpoint.

非常如此。但你是對的。我們與少數人一樣——進入本季度時，我們認為，考慮到我們去年開展的所有活動工作，第二季度的利潤率可能會出現收縮。但正如艾瑞克所說，從利潤率擴張的角度來看，我們的每一項業務都做得很好。

Thanks, Mike. I just want to pick up on the M&A question and maybe try to put a little bit of meat on the bone here as net leverage continues to trend down. Anything you can share on LOIs size of targets. I mean you're talking about a very full pipeline here. Just help us understand a little bit more what you're looking at.

謝謝，麥克。我只是想談談併購問題，並且隨著淨槓桿率持續下降，嘗試在這裡添加一些實質內容。您可以分享有關目標 LOI 大小的任何資訊。我的意思是你在這裡談論的是一個非常完整的管道。只需幫助我們進一步了解您所看到的內容。

Really tough to get very specific as to the target because we want to make sure we're disciplined. We get -- we sometimes go very late in the process and don't go further. So it's really hard to say what's going to close, when they're going to close, and we get questions like that all the time, like what's your view over the next 12 to 18 months? It's very difficult to give that answer. I'd rather talk about our process, which I think is incredibly disciplined -- incredibly robust.

確實很難明確地確定目標，因為我們想確保我們遵守紀律。我們明白──我們有時會在流程的最後階段才開始採取進一步的行動。因此，很難說要關閉什麼，什麼時候關閉，我們經常會收到這樣的問題，例如您對未來 12 到 18 個月的看法是什麼？這個問題很難回答。我更願意談論我們的流程，我認為我們的流程非常嚴謹，非常穩健。

We have a team of people who've done over 75 acquisitions in our history. And I do think that we have incredible talented team of people who can execute on not just on the side, but on the integration synergy capture side, or we really -- especially businesses that we bought last year like Kepico, we are seeing terrific returns on that and Eric articulated in the.

我們擁有一支團隊，歷史上曾完成 75 多次收購。我確實認為，我們擁有一支才華橫溢的團隊，他們不僅能夠在業務方面有所作為，而且能夠在整合協同效應方面有所作為，或者說，特別是我們去年收購的 Kepico 等企業，我們看到了豐厚的回報，Eric 也表達了同樣的觀點。

Around field service internalizing those those emergency response callouts has been a huge win for us. So I think that the engine is very strong and we're getting a lot of a good pipeline of of things to look at both large and medium and some small and medium, some large, and so we'll be very, we'll continue to be very active with with our strong balance sheet.

圍繞現場服務，將這些緊急響應呼叫內部化對我們來說是一個巨大的勝利。所以我認為引擎非常強勁，我們正在獲得大量值得關注的事物，包括大型和中型，以及一些中小型，一些大型，因此我們將非常，我們將繼續非常積極地利用我們強大的資產負債表。

All right, well stay tuned. Thank you.

好的，請繼續關注。謝謝。

Thanks John. Thanks.

謝謝約翰。謝謝。

James Shyam from TD Cowen.

TD Cowen 的 James Shyam。

Hey, good morning guys. So on the SKSS guidance, you guys sound very confident in the 140 this year. But if we just look at the numbers, I know you were asked this before, but if you just look at the first half, and then 3Q is supposed to be up year-over-year, but that could be $42 million. It's still -- I don't think that gives investors a ton of confidence like because 4Q could be weak. So I just wanted to ask, is there something else wanted to -- it is FIFO accounting, right?

嘿，大家早安。因此，根據 SKSS 的指導，你們對今年的 140 非常有信心。但如果我們只看數字，我知道你之前被問過這個問題，但如果你只看上半年，那麼第三季度應該會同比增長，但可能是 4200 萬美元。但我認為這不會給投資者帶來太大的信心，因為第四季的表現可能會比較疲軟。所以我只是想問一下，還有其他事情要注意嗎——它是先進先出會計，對嗎？

So if your pricing has been going up, are we working through the backlog of pricing from 6 months ago that was lower than -- so maybe you have something in hand that we can't see that we're not aware of. But maybe you could just talk to the charge for oil pricing that maybe has gone up. And so 3Q could look a lot stronger than 2Q based on what you already have in the system. Any help you could give there would be great.

因此，如果您的價格一直在上漲，我們是否會處理 6 個月前積壓的、低於的價格——所以也許您手頭上有一些我們看不到、也不知道的事情。但也許您可以談談可能已經上漲的石油定價費用。因此，根據系統中已有的情況，第三季可能看起來比第二季強勁得多。您能提供的任何幫助都將非常有幫助。

Sure, Jim, this is Eric Dugas. So I'll take that. I think a lot of what you said there is right on. But just to talk about the second half and the growth prospects there that Mike touched on, Certainly, we see sequential growth in SKSS from Q2 to Q3. And 1 of the primary drivers of that is, in fact, the lower cost inventory that is now in the system.

當然，吉姆，我是艾瑞克‧杜加斯。所以我會接受。我認為您所說的很多內容都是正確的。但僅就 Mike 提到的下半年和成長前景而言，我們確實看到 SKSS 從第二季到第三季連續成長。事實上，其中一個主要驅動因素是目前系統中的低成本庫存。

So we sold through under a FIFO basis. We sold through that higher cost inventory from last year, that's all gone now. That gives us comfort into Q3 and Q4 here that we're going to expand the profitability of the business.

因此，我們按照先進先出 (FIFO) 的原則進行銷售。我們已經賣掉了去年那些成本較高的庫存，現在這些庫存已經全部賣完了。這讓我們對第三季和第四季充滿信心，我們將擴大業務的獲利能力。

We will -- we do expect to continue to see kind of the seasonality -- typical seasonality from Q3 to Q4, but probably not as deep as last year. So like we said in I think in our prepared comments, we've been very happy with the first half of the year. Each Q1 and Q2, we've exceeded expectations in this business a little bit. We're almost 50% to our full year goal, and we anticipate greater profitability in the back half here. So very, very good.

我們確實預計會繼續看到季節性——從第三季到第四季的典型季節性，但可能不會像去年那麼嚴重。所以就像我們在準備好的評論中所說的那樣，我們對今年上半年的表現感到非常滿意。每個第一季和第二季度，我們的業務表現都略微超出預期。我們已經完成了全年目標的近 50%，我們預計下半年的獲利能力會更高。非常非常好。

Again, I would just emphasize that the team has done a phenomenal job here. transforming the economics and changing to a charge for oil position and I think the market has followed. And that's been great. And that's probably the single biggest driver of the change here and our comfort in our guidance this year.

再次，我只想強調，團隊在這裡做了出色的工作。轉變經濟模式並轉變為對石油收費，我認為市場已經跟進了。這真是太棒了。這可能是這裡發生的變化的最大驅動力，也是我們今年指導方針的信心所在。

Okay. Great, Eric. And then I just wanted to ask in Environmental Services, can you talk about like your pricing and contract structures how they vary. Do you have -- how many of your contracts are long-term contracts? And then if you could just like specifically address like are there long-term price agreements for your incinerator volumes?

好的。太好了，埃里克。然後我只想問一下環境服務部門，您能談談你們的定價和合約結構是如何變化的嗎？您有多少合約是長期合約？然後，如果您可以具體說明一下，您的焚化爐產量是否有長期價格協議？

Yeah, James, this is Eric here. I'll start with that. Most of our contracts with our larger customers are in the 1 to 3 area -- 1- to 3-year area, where we have a very, very disciplined price improvement plan with our contracts with our customers. Every time they get reviewed our cadence is such that we're reviewing prices across the board. And do that on a cadence a couple of times a month, go through every single different business unit, the whole breadth of customers, see what contracts are getting renewed.

是的，詹姆斯，我是艾瑞克。我先從那裡開始。我們與大客戶簽訂的合約大多期限為 1 至 3 年，在此期間，我們與客戶簽訂的合約都有非常嚴格的價格改進計劃。每次審查時，我們都會全面審查價格。每月進行幾次這樣的檢查，走遍每一個不同的業務部門、所有的客戶，看看哪些合約正在續約。

So we continue to have opportunity there. We all know that our price improvement has continued to outpace inflation. And so overall, we continue to have opportunity to drive price improvement. We're doing it. We're outpacing inflation, and we see more opportunity.

因此我們仍然有機會。我們都知道，我們的價格改善速度持續超過通貨膨脹。因此總體而言，我們仍然有機會推動價格改善。我們正在做這件事。我們正在超越通貨膨脹，並且看到更多的機會。

Okay. And then just on the incinerator part, is that -- is that what you're referring to, typically a 1- to 3-year agreement there? Is that the same throughout ES?

好的。那麼就焚化爐部分而言，您指的是通常為期 1 至 3 年的協議嗎？整個 ES 都是一樣嗎？

Yeah, It's really our top tier customers across the board. It's not related just specifically to incineration. It's really all the waste streams, all the services, whether it's labor, equipment, materials, disposal pricing, that is -- that's across the board in the ES side.

是的，他們確實是我們所有的頂級客戶。這不僅與焚燒有關。事實上，所有廢物流、所有服務，無論是勞動力、設備、材料或處置定價，都是 ES 方面的全面內容。

Okay, got it.

好的，明白了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Tobey Sommer with Truist.

Tobey Sommer 與 Truist 合作。

I wanted to start out and see if you could provide us some additional color on the strategic and financial advantages of the hub concept that you talked about in your prepared remarks that you're sort of proliferating throughout the system?

首先，我想看看您是否可以為我們提供一些關於樞紐概念的戰略和財務優勢的額外信息，您在準備好的發言中談到了您在整個系統中推廣的樞紐概念？

Yeah, Toby, I'll begin. So when we think about and how we talk about Phoenix and Baltimore and some of other major houses, Chicago, as an example, that's where we're getting leverage across the different business units. We combine multiple types of businesses that we have within the organization at 1 location.

是的，托比，我先開始。因此，當我們思考以及談論鳳凰城、巴爾的摩和其他一些主要城市（以芝加哥為例）時，這就是我們在不同業務部門之間獲得槓桿作用的地方。我們將組織內的多種類型的業務集中在一個地點。

They're working off the same customers, they're cross-selling they're sharing people, assets, the costs that we feed of supplies and transportation through our network gets leveraged. So it's really a -- it's -- it's an entire mix of driving efficiencies, driving cross-sell, working together as a team, collaborating on how we better serve our customers.

他們為相同的客戶提供服務，進行交叉銷售，共享人員和資產，我們透過網路提供的供應和運輸成本得到了槓桿作用。所以這實際上是一種——它是——一種提高效率、推動交叉銷售、團隊合作、協作以更好地服務客戶的綜合體。

and really meeting those needs across all the different businesses. So it's that hub concept. And also, I can't fail to mention from a distribution side, we're selling a lot of products as well, whether it be oil, whether it be materials and supplies, how we get back calls in our transportation through those hubs and a spoke network, very important for us. So we really look at that as an opportunity. We also consolidate real estate costs as well.

並真正滿足所有不同企業的需求。這就是中心概念。而且，我不能不提一下，從分銷方面來說，我們也銷售很多產品，無論是石油，還是材料和供應品，我們如何透過這些樞紐和輻射網絡在運輸中獲得回電，這對我們來說非常重要。所以我們確實將其視為一個機會。我們也整合了房地產成本。

When we find a good hub. -- get out of all of the smaller branches, get everybody in a big location, we get leverage off of that.

當我們找到一個好的中心時——擺脫所有較小的分支機構，將每個人都聚集在一個大的地方，我們就能從中獲得優勢。

Yes, so the real dollar location -- dollar savings that Eric has articulated around cross-selling, around logistics, around maintenance, kind of all those these larger hubs I think just as important, it provides an opportunity for our employees to develop and grow without having them to have to move.

是的，所以真正的美元位置——埃里克所闡述的美元節省圍繞交叉銷售、物流、維護等所有這些更大的中心，我認為同樣重要的是，它為我們的員工提供了一個發展和成長的機會，而他們不必搬遷。

And so when you have a larger hub let down, you get a smart young person, he or she can move around in the site, do different things, whether it's different -- part of the business, whether it's distribution or maintenance is the articulated, this oil re-refining and all those types of services that we provide in these hubs gives people an opportunity to grow and develop without having to leave the company or move.

因此，當你擁有一個更大的樞紐時，你就會得到一個聰明的年輕人，他或她可以在站點內移動，做不同的事情，無論是不同的部分 - 業務的一部分，無論是分銷還是維護都是清晰的，這種石油再精煉以及我們在這些樞紐提供的所有這些類型的服務都為人們提供了成長和發展的機會，而不必離開公司或搬家。

And so really, that I think from a turnover standpoint and our turnover is very, very low. But our turnover standpoint, we've been able to keep good people in the company because they can grow and develop in the sight this much larger site.

所以，我認為從營業額的角度來看，我們的營業額非常非常低。但從我們的營業額角度來看，我們能夠將優秀人才留在公司，因為他們可以在這個更大的場地上成長和發展。

Thank you for that. From a competitive behavior perspective within ES, what does it look like from a pricing vantage point? Are you seeing any players out in the market nip at business at prices that don't generate the kind of returns that you want and therefore, you're kind of foregoing some business because of that?

謝謝你。從 ES 內部的競爭行為角度來看，從定價角度來看它是什麼樣的？您是否看到市場上有任何參與者以無法產生您想要的回報的價格搶佔業務，因此，您放棄了一些業務？

Toby, I would say more now than ever what there is very disciplined competitors in our space, and that's improved substantially over the past couple of years. So it's I think most -- for the most part, when we're getting our margin improvements, we're really -- we are driving price, but we're also driving efficiencies across the board. And there's a disciplined environment out there. Now -- we -- as we know what we do and the waste streams that we handle, it's difficult, and we should get paid accordingly for those services. And I think the investments that different companies have made into the ES base shows that discipline and higher multiples are being paid.

托比，我現在比任何時候都更想說的是，我們這個領域的競爭對手都非常自律，而且在過去幾年裡，這種情況有了很大的改善。所以我認為，在大多數情況下，當我們提高利潤率時，我們實際上是在推動價格上漲，但我們也在全面提高效率。那裡有一個紀律嚴明的環境。現在——我們——我們知道我們在做什麼以及我們處理的廢物流，這很困難，我們應該為這些服務獲得相應的報酬。我認為不同公司對 ES 基礎的投資表明他們正在獲得紀律性並獲得更高的回報。

So there is -- there has to be price discipline there

所以——那裡必須有價格紀律

Thank you very much.

非常感謝。

Thank you, Toby.

謝謝你，托比。

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.

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

Thanks, Christine, and thanks everyone for joining us today. Our next investor event will be at the Raymond James Virtual Industrial Showcase in mid-August, followed by more IR activity in the September time frame. Have a great safe day and enjoy the rest of your summer.

謝謝，克里斯汀，也謝謝大家今天的參加。我們的下一次投資者活動將於 8 月中旬在 Raymond James 虛擬工業展覽會上舉行，隨後在 9 月將舉辦更多 IR 活動。祝您度過平安的一天並享受剩餘的夏天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與並祝您有美好的一天。