Clean Harbors Inc (CLH) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Clean Harbors third quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Clean Harbors 2025 年第三季財務業績電話會議。（操作說明）提醒各位，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，我很高興向大家介紹主持人邁克爾麥克唐納，他是 Clean Harbors 的總法律顧問。謝謝您，先生。你可以開始了。

Thank you, Christine, and good morning, everyone. 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 our 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.

謝謝你，克里斯汀，大家早安。今天與我一起參加電話會議的有我們的聯合首席執行官埃里克·格斯滕伯格和邁克·巴特爾斯；我們的執行副總裁兼首席財務官埃里克·杜加斯；以及我們的投資者關係高級副總裁吉姆·巴克利。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，歡迎您關注。

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, October 29, 2025. Information on potential factors and risks that could affect our results is included in our SEC filings.

我們今天討論的並非歷史事實的事項，根據 1995 年《私人證券訴訟改革法案》的定義，屬於前瞻性陳述。參與者請注意，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 10 月 29 日的意見。有關可能影響我們業績的潛在因素和風險的資訊已包含在我們提交給美國證券交易委員會的文件中。

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. Today's discussion includes references to non-GAAP measures. Clean Harbors believes that such information provides an additional measurement and consistent historical comparison of performance. Reconciliations 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.

除透過與本報告期間相關的備案文件外，本公司不承擔任何義務對今天作出的聲明進行修訂或公開披露修訂結果。今天的討論將涉及非GAAP指標。Clean Harbors 認為，此類資訊可提供額外的衡量標準和一致的歷史績效比較。這些指標與最直接可比較的 GAAP 指標的調整表可在我們投資者關係網站上今天的新聞稿以及今天簡報的附錄中找到。

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

讓我把電話交給艾瑞克‧格斯滕伯格先來。艾瑞克？

Thanks, Michael. Good morning, everyone, and thank you for joining us. As always, let me start with our safety results. Through September 30, we were at a TRIR of 0.49, putting us on a track record for another record year. We are extremely proud of that performance.

謝謝你，麥可。各位早安，感謝各位的參與。像往常一樣，首先讓我來看看我們的安全結果。截至 9 月 30 日，我們的 TRIR 為 0.49，這將使我們有望再創紀錄的一年。我們為那次演出感到無比自豪。

The only way you achieve this level of excellence is with constant operational focus from the whole team to protect themselves and each other. Safety performance delivers measurable benefits across multiple dimensions from enhanced operational efficiency and productivity to stronger employee retention and company reputation. For any team members listening, congratulations on these great safety results, and let's finish strong in Q4.

要達到這種卓越水平，唯一的辦法就是整個團隊持續專注於運營，保護自己和彼此。安全績效在多個方面帶來可衡量的效益，從提高營運效率和生產力到增強員工留任率和公司聲譽。各位團隊成員，恭喜你們取得如此出色的安全成績，讓我們在第四季再創佳績。

Turning to a summary of results on slide 3. Our Q3 performance reflected year-on-year growth from an increase in overall waste volumes into our network. Pricing gains and increased productivity even in an environment where softer conditions resulting from macroeconomic factors have impacted some customers. Our ES segment grew on strength in Technical Services and SK branch. Our Safety-Kleen Sustainable Solutions segment performed in line with expectations, mainly due to our charge for oil program and product mix.

接下來請看投影片 3 的結果總結。第三季業績反映了由於進入我們網路的廢棄物總量增加而實現的同比增長。即使在宏觀經濟因素導致市場環境趨於疲軟，部分客戶受到影響的情況下，我們依然實現了價格上漲和生產力提升。我們的ES業務部門在技術服務和SK分公司實力的增強下實現了成長。我們的 Safety-Kleen 永續解決方案部門表現符合預期，這主要歸功於我們的石油產品收費計劃和產品組合。

Driving margin growth continued to be a focus for us as we are -- we were pleased to see our consolidated adjusted EBITDA margin increased by 100 basis points from a year ago to 20.7%, demonstrating the effectiveness of our pricing, the leverage in our network of permitted facilities and cost-saving strategies. Within all of the underlying ES businesses, we drove pricing gains and improved productivity while lowering costs, driving better margin contributions.

推動利潤成長一直是我們的重點——我們很高興地看到，我們合併調整後的 EBITDA 利潤率比去年同期成長了 100 個基點，達到 20.7%，這表明我們的定價策略、獲準設施網路的槓桿作用以及成本節約策略的有效性。在所有基礎ES業務中，我們提高了價格，提高了生產效率，同時降低了成本，從而提高了利潤貢獻。

Corporate segment costs were up from a year ago, primarily due to higher insurance expenses and health care increases, offsetting partially by cost-cutting actions. Overall, Q3 results fell slightly short of our expectations due primarily to slowness in field services and industrial services, combined with some higher-than-anticipated employee health care costs.

企業部門成本較上年同期上升，主要原因是保險費用和醫療保健支出增加，但部分被成本削減措施所抵銷。整體而言，第三季業績略低於預期，主要原因是現場服務和工業服務進展緩慢，員工醫療成本高於預期。

We remain optimistic with the continued growth and momentum in our waste collection and disposal assets. We believe that the productivity and margin enhancement initiatives undertaken throughout 2025 and across our businesses put us in a position to benefit as some macroeconomic conditions improve.

我們對廢棄物收集和處置資產的持續成長和發展勢頭保持樂觀。我們相信，2025 年全年以及我們各項業務中實施的生產力和利潤率提升舉措，將使我們處於有利地位，因為一些宏觀經濟狀況將會改善。

Turning to our segments, beginning with ES on slide 4. Segment adjusted EBITDA margin grew year-over-year for the 14th consecutive quarter, with revenue up 3% and adjusted EBITDA up 7%. Our waste volumes, PFAS work, remediation projects and pricing drove our revenue increase as that more than offset the slowdown in Industrial and Field Services. Looking at revenue by the segment components. Technical Services led this quarter with 12% growth as demand was steady.

接下來進入我們的分鏡環節，首先是投影片 4 中的 ES 部分。分部調整後 EBITDA 利潤率連續第 14 季年增，營收成長 3%，調整後 EBITDA 成長 7%。我們的廢棄物量、PFAS 處理工作、修復項目和定價推動了收入成長，這足以抵消工業和現場服務業務的放緩。按業務板塊劃分收入。由於需求穩定，技術服務部門本季成長12%，領先該部門。

Incineration utilization remained high, and our landfill volumes were up 40% from a year ago. Incineration utilization was 92% versus 89% in the same period of 2024. For comparison purposes, our utilization excludes the new unit in Kimball as we continue to ramp up. With Kimball included, our utilization rate was still high at 88%. As we've seen in the past several quarters, incineration demand has remained high due to the diversity of our end markets as well as projects underpinning our growth.

焚燒利用率仍然很高，而我們的垃圾掩埋量比一年前增加了 40%。焚燒利用率為 92%，而 2024 年同期為 89%。為了方便比較，我們的利用率不包括金博爾的新裝置，因為我們將繼續擴大規模。即使算上 Kimball，我們的利用率仍然高達 88%。正如我們在過去幾個季度所看到的，由於終端市場的多元化以及支撐我們成長的項目，焚化需求一直居高不下。

Our sales teams have done an excellent job winning volumes in an environment where some of our customers have been impacted by current economic conditions. That sales effort includes our SK branches who have consistently driven significant containerized waste volumes into our network.

在部分客戶受到當前經濟狀況影響的情況下，我們的銷售團隊出色地完成了銷售目標。這項銷售工作包括我們的 SK 分公司，他們一直以來都為我們的網路輸送了大量的貨櫃式廢棄物。

In Q3, Safety-Kleen Environmental Services rose 8% through a combination of pricing gains and growth in our core service offerings. The number of parts washer services was 249,000 in the quarter with a larger average service ticket per stop. The consistency of that business has been a key element to our profitable growth over the past five years.

第三季度，Safety-Kleen Environmental Services 的業績成長了 8%，這得益於價格上漲和核心服務產品的成長。本季零件清洗服務次數為 249,000 次，每次服務的平均服務單金額較大。過去五年，該業務的穩定性一直是公司獲利成長的關鍵因素。

Field Services revenue declined a 11% from a year ago, more than we anticipated in our guidance. This shortfall reflects the absence of medium to large response projects. While we responded to more than 5,900 ER events, demonstrating consistent baseline demand, the revenue impact came from having no substantial projects. Within Industrial Services, we continue to see customers in both the chemical and refining verticals limit their spending on turnarounds as they remain under significant cost pressure. As a result, revenue was down 4% from a year ago.

現場服務收入較去年同期下降 11%，低於我們先前的預期。這一缺口反映出缺乏中大型應急項目。雖然我們回應了超過 5,900 起緊急事件，顯示基本需求穩定，但收入受到影響是因為沒有實質項目。在工業服務領域，我們繼續看到化學和煉油行業的客戶在檢修方面限制支出，因為他們仍然面臨巨大的成本壓力。因此，營收比去年同期下降了4%。

In light of these market conditions, we focused on cost management, including workforce and equipment utilization. While we are hopeful that maintenance deferrals from IS customers we've seen for the past few years improves, we do not expect any meaningful recovery in revenue opportunities for chemical and refining customers before the spring turnaround season. Based on our service platform and extensive lines of business we provide, we are focused on growing our wallet share with these customers.

鑑於這些市場狀況，我們專注於成本管理，包括勞動力和設備利用率。雖然我們希望過去幾年IS客戶的維護延期情況能夠有所改善，但我們預計在春季檢修季之前，化學和煉油客戶的收入機會不會有任何實質性的恢復。基於我們的服務平台和廣泛的業務範圍，我們致力於提高我們在這些客戶中的市場份額。

Turning to slide 5. We want to highlight our recent successful PFAS incineration study done in partnership with the EPA as well as the DoD. This study, which we completed in late 2024 in our Utah facility was a milestone achievement for the company. The study published by the EPA in September provided the type of scientific data sought by customers and regulators. The study was conducted using the EPA's most recent and rigorous emission standards.

翻到第5張投影片。我們想重點介紹我們最近與美國環保署和美國國防部合作進行的 PFAS 焚燒研究的成功案例。這項研究於 2024 年底在我們位於猶他州的工廠完成，是該公司的里程碑式成就。美國環保署9月發布的研究報告提供了消費者和監管機構所尋求的科學數據。該研究採用美國環保署最新、最嚴格的排放標準進行。

The study confirmed what we already know. Our RCRA-permitted high-temperature incinerators cannot only safely destroy these forever chemicals in various forms but can do so at a cost-effective commercial scale.

這項研究證實了我們已知的事實。我們獲得 RCRA 許可的高溫焚燒爐不僅可以安全地銷毀各種形式的這些永久性化學物質，而且還能以經濟高效的商業規模進行銷毀。

In addition, our total PFAS solution has continued to gain traction in the marketplace with offerings ranging from lab analytics to water filtration to site remediation to disposal. We are in active discussions with customers on projects across many of these fronts and expect PFAS to generate $100 million to $120 million of revenue this year, up 20% to 25% from a year ago.

此外，我們的全套 PFAS 解決方案在市場上持續獲得認可，其服務範圍涵蓋實驗室分析、水過濾、場地修復和處置等。我們正與客戶就上述許多領域的專案進行積極討論，預計 PFAS 今年將產生 1 億至 1.2 億美元的收入，比去年增長 20% 至 25%。

Moreover, based on our pipeline and our momentum in the marketplace, we expect PFAS-related sales to further accelerate in the years ahead. With that, let me turn things over to Mike to discuss SKSS and capital allocation. Mike?

此外，根據我們的產品線和市場發展勢頭，我們預計未來幾年 PFAS 相關產品的銷售額將進一步加速成長。接下來，我將把發言權交給 Mike，讓他來討論 SKSS 和資本配置。麥克風？

Thank you, Eric, and good morning, everyone. Turning to SKSS on slide 6. This segment delivered results in the third quarter that were in line with our expectations. Despite pricing headwinds in the base oil market all year, we effectively managed our re-refining spread and drove value from other initiatives. During the quarter, we dramatically lowered our waste oil collection costs versus a year ago as we advanced our CFO program.

謝謝你，艾瑞克，大家早安。轉到投影片 6 中的 SKSS。該業務板塊第三季業績符合預期。儘管基礎油市場全年都面臨價格逆風，但我們有效地控制了再煉油價差，並透過其他措施創造了價值。本季度，隨著我們推動 CFO 計劃，廢油收集成本與去年同期相比大幅降低。

It is clear that our used oil customers understand that we are collecting a waste from them and providing value and reliable services. The team continues to manage costs while still collecting the volumes we need to run our plants. In Q3, we gathered 64 million gallons of waste oil, which is consistent with the second quarter.

很明顯，我們的廢油客戶明白，我們正在收集他們的廢棄物，並提供有價值、可靠的服務。團隊在控製成本的同時，仍然能夠收集到我們工廠運作所需的物料量。第三季度，我們收集了 6,400 萬加侖廢油，與第二季度的情況一致。

On the top line, our revenue decreased as expected. In terms of profitability, our adjusted EBITDA was essentially unchanged. The result was a 100-basis point margin improvement, largely stemming from the CFO increase, cost reduction initiatives, and efficiency gains. We also increased our direct lubricant sales, which are among our highest margin gallons to 9% of our total volumes, which also contributed to that margin improvement.

從營收方面來看，我們的收入如預期般下降。就獲利能力而言，我們調整後的 EBITDA 基本上保持不變。最終利潤率提高了 100 個基點，這主要得益於財務長的增加、成本削減措施和效率提升。我們也增加了潤滑油的直接銷售額，潤滑油是我們利潤最高的產品之一，佔總銷售量的 9%，這也促進了利潤率的提高。

During the quarter, we continued our partnership with BP Castrol to support their more circular offering for corporate fleets. Additionally, we are growing our Group III production as those gallons carry a premium to our traditional Group II volumes, and we remain on track to add several million gallons of Group III this year.

本季度，我們繼續與 BP 嘉實多合作，支持他們為企業車隊提供更循環的解決方案。此外，我們正在擴大 III 類產品的產量，因為這些產品的售價高於我們傳統的 II 類產品，而且我們今年仍有望增加數百萬加侖的 III 類產品產量。

Turning to slide 7. Today, we announced plans to construct a state-of-the-art processing plant that we refer to internally as the SDA Unit. By using an industry-proven Solvent De-Asphalting process and combining it with our existing hydrotreating capabilities, we can unlock incremental value from an everyday product, VTAE generated today in our re-refineries.

翻到第7張投影片。今天，我們宣布了建造一座最先進的加工廠的計劃，我們內部稱之為 SDA 工廠。透過使用業界認可的溶劑脫瀝青工藝，並將其與我們現有的加氫處理能力相結合，我們可以從我們煉油廠目前生產的日常產品 VTAE 中釋放出增量價值。

This new plant will upgrade VTAE into a high-value 600N base oil. 600 neutral is a high-purity base oil that is typically used in heavy-duty industrial applications due to its durability and high-performance characteristics.

這座新廠將把VTAE升級為高價值的600N基礎油。 600中性基礎油是一種高純度基礎油，因其耐久性和高性能特性，通常用於重載工業應用。

Total spend on the SDA Unit is expected to be $210 million to $220 million with commercial launch anticipated in 2028. We spent approximately $12 million on this project year-to-date with a total of approximately $30 million expected in 2025. As a result of the project, we expect to generate annual EBITDA in the range of $30 million to $40 million, a six- or seven-year payback on the investment once completed. Such return will rival what we've seen from similar sized incineration projects and represents an additional growth opportunity for SKSS.

SDA 部門的總支出預計為 2.1 億美元至 2.2 億美元，預計將於 2028 年進行商業發布。今年迄今為止，我們在這個項目上花費了大約 1200 萬美元，預計到 2025 年總花費將達到約 3000 萬美元。工程完成後，我們預計每年可產生 3,000 萬至 4,000 萬美元的 EBITDA，投資回報期為六至七年。這樣的回報將與類似規模的焚燒項目所取得的回報相媲美，並為 SKSS 帶來了額外的成長機會。

Turning to capital allocation on slide 8. We remain active in seeking opportunities to generate strong returns for shareholders. We also remain well positioned to execute our strategy with record cash flows in Q3, low leverage and a terrific balance sheet.

接下來，我們來看第 8 張投影片中的資本配置部分。我們將繼續積極尋求機會，為股東創造豐厚的回報。此外，憑藉第三季創紀錄的現金流、低槓桿率和出色的資產負債表，我們仍然處於執行策略的有利位置。

On the M&A front, we're evaluating both bolt-on transactions and larger acquisitions that would provide leverageable assets with high synergy potential that support our market position in a particular business or geography. We believe that in our space, it is best to be patient and prudent in pursuing the right transactions.

在併購方面，我們正在評估補充性交易和更大規模的收購，這些交易將提供具有高協同效應潛力的可槓桿資產，以支持我們在特定業務或地區的市場地位。我們認為，在這個領域，最好是保持耐心和謹慎，尋求合適的交易。

We've also been evaluating a series of internal investments, including today's announcement of the SDA Unit. Including that facility, we currently see a path to potentially investing over $500 million in internal projects over the next several years, ranging from greater processing capabilities within our network, additional hub locations, fleet expansions and additional incineration capacity.

我們也一直在評估一系列內部投資，包括今天宣布成立的 SDA 部門。包括該設施在內，我們目前預計在未來幾年內，我們可能會在內部專案上投資超過 5 億美元，包括提高我們網路內的處理能力、增加樞紐位置、擴大車隊規模以及增加焚燒能力。

We look forward to sharing more of these plans with you in the coming quarters as plants for individual projects get finalized. We also view share repurchases as an attractive capital allocation opportunity to generate strong shareholder returns as demonstrated by our $50 million in repurchases in Q3.

隨著各個專案的具體方案最終確定，我們期待在接下來的幾個季度與您分享更多此類計劃。我們也認為股票回購是一個有吸引力的資本配置機會，可以產生強勁的股東回報，正如我們在第三季回購的 5,000 萬美元所證明的那樣。

Looking ahead, while we believe that the challenges we faced in Q3 are temporary and market-driven with year-over-year growth illustrating our resiliency, we expect our incinerators to run strong through year-end and waste projects to continue to feed our entire disposal and recycling network.

展望未來，雖然我們認為第三季度面臨的挑戰是暫時的，並且是由市場驅動的，但同比增長表明了我們的韌性，我們預計我們的焚燒爐將在年底前保持強勁運轉，廢物處理項目將繼續為我們的整個處置和回收網絡提供原料。

Tariff-related uncertainty and other macro factors in North American economy have ripple effects through some of our customers over the past two quarters, but we believe the overall economic outlook remains promising.

過去兩個季度，關稅相關的不確定性以及北美經濟的其他宏觀因素對我們的一些客戶產生了連鎖反應，但我們相信整體經濟前景仍然樂觀。

Based on conversations with customers, we anticipate incentives to reshore and the benefits of the recent US tax bill will drive meaningful lift in American manufacturing and continue to support remediation and waste projects. We expect that spending constraints related to Industrial Services and Field Services in our key verticals, including chemicals and refineries will loosen in the coming quarters as economic conditions improve.

根據與客戶的交流，我們預計，鼓勵製造業回流的措施以及美國最近的稅收法案帶來的好處將顯著促進美國製造業的發展，並繼續支持修復和廢物處理項目。我們預計，隨著經濟狀況的改善，未來幾個季度，我們主要垂直行業（包括化學和煉油廠）的工業服務和現場服務相關的支出限制將會放鬆。

Overall, our project pipeline remains substantial with growing PFAS opportunities expected to contribute meaningfully to future activity. We also remain excited about the steady ramp-up in production and mix in our new Kimball incinerator as it works towards full capacity.

總體而言，我們的專案儲備仍然十分充足，預計 PFAS 領域的成長機會將對未來的活動做出重大貢獻。我們對新建的 Kimball 焚燒爐的產量和混合比例穩步提升，並逐步達到滿載運轉感到興奮。

For SKSS, we believe we've stabilized this business with our efforts around CFO, partnerships and Group III production and are looking forward to the new SDA Unit. We expect to achieve our profitability targets for this business in 2025. And with that, let me turn it over to our CFO, Eric Dugas.

對於 SKSS 而言，我們相信，透過我們在財務長、合作夥伴關係和第三組生產方面的努力，我們已經穩定了這項業務，並期待新的 SDA 部門。我們預計該業務將在 2025 年實現獲利目標。接下來，我將把發言權交給我們的財務長埃里克·杜加斯。

Thank you, Mike, and good morning, everyone. Turning to our Q3 results and the income statement on slide 10. While our quarterly performance came in below our expectations due to the factors Eric outlined, primarily a shortfall in Industrial and Field Services plus elevated health care costs, I want to highlight the underlying strength in our business.

謝謝你，麥克，大家早安。接下來請看第 10 頁的第三季業績和損益表。儘管由於埃里克概述的因素（主要是工業和現場服務方面的不足以及醫療保健成本上升），我們的季度業績低於預期，但我仍想強調我們業務的潛在優勢。

Total revenue increased to $1.55 billion in the quarter, with Environmental Services growth stemming from our wide range of service offerings and diversified customer base. Adjusted EBITDA increased 6% to $320 million, demonstrating our ability to drive profitable growth through a steadfast commitment to margin expansion.

本季總收入成長至 15.5 億美元，環境服務業務的成長源自於我們廣泛的服務產品和多元化的客戶群。調整後 EBITDA 成長 6% 至 3.2 億美元，這表明我們有能力透過堅定不移地致力於提高利潤率來推動獲利成長。

Our consolidated Q3 adjusted EBITDA margin expanded to 20.7%, led by a 120-basis points improvement in Environmental Services. This margin expansion reflects our strategic focus on pricing initiatives, cost reduction efforts and productivity gains as we see evidence of margin improvement across each of our business units within the ES segment.

我們第三季綜合調整後 EBITDA 利潤率擴大至 20.7%，其中環境服務業務成長了 120 個基點。這項利潤率的提升反映了我們對定價策略、成本削減措施和生產力提升的策略重點，因為我們在ES業務部門的各個業務單位中都看到了利潤率改善的跡象。

Within Environmental Services, demand in our disposal network and collection businesses remained solid, driving revenue growth despite macro headwinds in some verticals like chemical. SKSS delivered more than $40 million in EBITDA, its strongest quarter in the year demonstrating operational resilience in a soft base oil market. SG&A expense as a percentage of revenue increased from a year ago to 12.2%, reflecting higher health care costs, professional fees, and compensation.

在環境服務領域，儘管化學工業等一些垂直行業面臨宏觀不利因素，但我們的處置網絡和收集業務的需求依然強勁，推動了收入成長。SKSS 實現了超過 4000 萬美元的 EBITDA，這是該公司今年表現最好的季度，表明其在疲軟的基礎油市場中具有營運韌性。銷售、一般及行政費用佔收入的百分比較上年同期增長至 12.2%，反映出醫療保健成本、專業費用和薪酬的增加。

We are maintaining our full year SG&A guidance as a percentage of revenue in the low to mid-12% range. Depreciation and amortization was approximately $115 million, reflecting our continued capital deployment, including Kimball operations and increased landfill amortization related to greater disposal volumes. We've raised our full year depreciation and amortization guidance to $445 million to $455 million, primarily due to the strong landfill performance.

我們維持全年銷售、管理及行政費用佔收入百分比的預期在 12% 左右。折舊和攤銷約為 1.15 億美元，反映了我們持續的資本投入，包括 Kimball 的營運以及與更大處置量相關的垃圾掩埋場攤提增加。我們已將全年折舊和攤提預期上調至 4.45 億美元至 4.55 億美元，主要原因是垃圾掩埋場的強勁表現。

Income from operations in Q3 was $193 million, flat versus the prior year as our 6% adjusted EBITDA growth was offset by higher depreciation and amortization, as I just mentioned. Net income grew modestly year-over-year, delivering earnings per share of $2.21.

第三季營業收入為 1.93 億美元，與去年同期持平，因為我們 6% 的調整後 EBITDA 成長被更高的折舊和攤提所抵消，正如我剛才提到的。淨利潤年增幅度不大，每股收益為 2.21 美元。

Turning to the balance sheet on slide 11. With continued focus on cash flow generation and a record level of free cash flows in the quarter, we ended Q3 with cash and short-term marketable securities of $850 million, providing substantial flexibility for our capital allocation strategy that Mike just outlined.

請看第 11 頁的資產負債表。由於持續專注於現金流的產生，而本季自由現金流創下歷史新高，我們在第三季末持有現金和短期有價證券 8.5 億美元，這為我們剛才 Mike 概述的資本配置策略提供了相當大的靈活性。

Our recent refinancing was executed at favorable terms as we replaced our 2027 senior notes with 2033 senior notes and replaced our term loan at a more favorable rate of SOFR plus 150 basis points. This refinancing provides us with more surety, extends the maturity of the debt, increases our flexibility, and demonstrates market confidence in our credit profile.

我們最近進行的再融資以優惠的條款完成，我們將 2027 年到期的高級票據替換為 2033 年到期的高級票據，並將定期貸款以更優惠的利率（SOFR 加 150 個基點）替換。這次再融資為我們提供了更多保障，延長了債務期限，提高了我們的靈活性，並展現了市場對我們信用狀況的信心。

With net debt-to-EBITDA below 2 times and a blended interest rate of 5.3%, we maintain a conservative capital structure. Our credit profile remains strong, just one notch below investment grade on our overall debt rating, while our secured debt carries an investment-grade rating, reflecting the quality of our asset base, cash flow stability, and overall capital policies.

淨債務與 EBITDA 比率低於 2 倍，綜合利率為 5.3%，我們維持保守的資本結構。我們的信用狀況依然強勁，整體債務評級僅比投資等級低一級，而我們的擔保債務則獲得了投資等級評級，這反映了我們資產基礎的品質、現金流的穩定性以及整體資本政策。

Turning to cash flows on slide 12. Our Q3 cash flow performance was exceptional. Operating cash flow of $302 million and a Q3 record adjusted free cash flow of $231 million, which was up $86 million year-on-year, underscores the generative nature of our -- the cash-generative nature of our business model.

接下來請看第 12 頁的現金流量部分。我們第三季的現金流表現非常出色。3.02 億美元的經營現金流和創紀錄的第三季調整後自由現金流 2.31 億美元（年增 8,600 萬美元），凸顯了我們業務模式的現金產生能力。

CapEx net of disposals of $83 million was down from the prior year, reflecting disciplined capital allocation. As previously highlighted, we began construction of our high-return re-refinery project, investing more than $10 million in Q3 to launch this exciting initiative that we expect to deliver excellent shareholder value. We also continued advancing our strategic hub facility in Phoenix, further strengthening our network capabilities.

扣除處分所得 8,300 萬美元後，資本支出淨額較上年下降，反映出資本配置的嚴格性。正如之前所強調的那樣，我們已開始建造高回報的再煉油廠項目，並在第三季度投資超過 1000 萬美元啟動了這項激動人心的計劃，我們預計該計劃將為股東帶來卓越的價值。我們也繼續推動位於鳳凰城的戰略樞紐設施建設，進一步增強了我們的網路能力。

For 2025, excluding the SDA Unit and Phoenix Hub project, we now expect our net CapEx to be in the range of $340 million to $370 million. This is slightly down from our previous range as we expect asset sales to be closer to $15 million this year instead of the $10 million previously thought. We bought back more than 208,000 shares of stock for a total spend of $50 million in Q3. We currently have roughly $380 million remaining under our authorization. We continue to view our shares as attractively valued at current levels.

2025 年，不包括 SDA 部門和鳳凰城中心項目，我們預計淨資本支出將在 3.4 億美元至 3.7 億美元之間。這比我們之前的預期略有下調，因為我們預計今年的資產出售額將接近 1500 萬美元，而不是之前認為的 1000 萬美元。第三季度，我們回購了超過 208,000 股股票，總支出達 5,000 萬美元。我們目前在授權範圍內還剩下約 3.8 億美元。我們仍然認為，以目前的股價來看，我們的股票估值很有吸引力。

Turning to our guidance on slide 13. Based on Q3 results and current market conditions for both of our operating segments, we are revising our 2025 adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion or a midpoint of $1.165 billion. This adjustment reflects the Q3 EBITDA results factored into our annual guide.

請參考第 13 頁投影片上的指導說明。根據第三季業績和我們兩個營運部門的當前市場狀況，我們將 2025 年調整後 EBITDA 預期修訂為 11.55 億美元至 11.75 億美元，中間值為 11.65 億美元。此次調整反映了第三季 EBITDA 業績已計入我們的年度業績指引。

Importantly, we anticipate any Q4 carryover effects in the Field Services or Industrial Services will be offset by our facilities performance, project pipeline, and PFAS opportunities. The long-term trends of PFAS, remediation and reshoring create substantial upside potential with recent developments like our EPA incineration study further validating our strategic positioning.

重要的是，我們預計現場服務或工業服務方面任何第四季度的延續影響都將透過我們的設施績效、專案儲備和 PFAS 機會來抵消。PFAS、修復和回流的長期趨勢帶來了巨大的上漲潛力，而我們最近的EPA焚燒研究等進展進一步驗證了我們的策略定位。

For the full year 2025, our revised adjusted EBITDA guidance will translate to our reporting segments as follows, at our guidance midpoint, we now expect 2025 adjusted EBITDA in Environmental Services to increase by more than 5% from 2024. While recent economic turbulence has impacted some aspects of our business, we're optimistic about our future and ability to navigate the current landscape.

對於 2025 年全年，我們修訂後的調整後 EBITDA 指引將按以下方式轉化為我們的報告分部：按指引中點計算，我們現在預計 2025 年環境服務調整後 EBITDA 將比 2024 年增長超過 5%。雖然近期的經濟動盪對我們業務的某些方面造成了影響，但我們對未來以及應對當前情況的能力充滿信心。

SKSS is stabilizing effectively, we continue to expect full year 2025 adjusted EBITDA at the midpoint of our guidance to be $140 million. The combination of our operational improvements, CFO strategy, and initiatives that Mike outlined have established a stable foundation for this business. Within corporate, at the midpoint of our guide, we expect negative adjusted EBITDA to now be up 3% to 5% compared to 2024, driven by growth-related expenses, higher wages and benefits and rising insurance costs. We continue implementing multiple cost savings initiatives to partially offset these increases.

SKSS 目前營運狀況穩定，我們繼續預期 2025 年全年調整後 EBITDA 將達到預期中位數的 1.4 億美元。我們採取的營運改善措施、財務長策略以及麥克概述的各項舉措，為這項業務奠定了穩定的基礎。在企業方面，根據我們的指導方針中點，我們預計負調整 EBITDA 將比 2024 年增長 3% 至 5%，主要原因是增長相關支出、工資和福利增加以及保險成本上升。我們將持續實施多項成本節約措施，以部分抵銷這些成長。

We are raising our full year adjusted free cash flow guidance to a midpoint of $475 million based on year-to-date performance and favorable provisions passed in the US Tax Act this summer. This represents more than 30% growth from 2024, underscoring our focus and ability to convert earnings into substantial free cash flow returns.

根據年初至今的表現以及今年夏天美國稅法中通過的有利條款，我們將全年調整後自由現金流預期中位數上調至 4.75 億美元。這比 2024 年成長超過 30%，凸顯了我們專注於將收益轉化為可觀自由現金流回報的能力。

While Q3 presented near-term challenges, our highest margin businesses continue to grow and demonstrate competitive strength. Our incinerators, landfills and other permanent locations drove our profitable growth and supported our margin improvement. The slowdown in Industrial Services reflects deferred maintenance and projects that will return to market, positioning us well for recovery.

儘管第三季面臨一些短期挑戰，但我們利潤率最高的業務仍在持續成長，並展現出強大的競爭力。我們的焚化爐、垃圾掩埋場和其他永久性場所推動了我們的獲利成長，並支持了我們的利潤率提高。工業服務業的放緩反映了延期維護和即將重返市場的項目，這使我們能夠更好地實現復甦。

Within Field Services, we remain confident in our prospects despite the absence of medium and large event work in the third quarter. SKSS appears to have leveled off, and we expect this segment to deliver greater consistency moving forward.

儘管第三季沒有中大型活動的工作，但我們對現場服務部門的前景仍然充滿信心。SKSS 似乎已經趨於穩定，我們預計該部分未來將保持更高的穩定性。

We look to finish the year strong and carry that momentum into 2026 and are excited about the many growth and margin increasing initiatives undertaken this year, which place us in a solid position for profitable growth as macro conditions improve and we execute on longer-term goals. With that, Christine, please open the call for questions.

我們希望以強勁的勢頭結束今年，並將這種勢頭延續到 2026 年。我們對今年採取的眾多成長和提高利潤率的舉措感到興奮，這些舉措使我們處於有利地位，隨著宏觀環境的改善和我們執行長期目標，我們將實現盈利增長。接下來，克莉絲汀，請開始提問環節。

(Operator Instructions)

（操作說明）

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

So it feels like there's a lot of puts and takes out there. The industrial malaise, I guess, continues to march on a bit. But Eric Dugas, just it looks like you brought the midpoint down, call it, $15 million. But if you had to bucket the culprits, would you say it was really the field and industrial shortfall?

所以感覺現在有很多買賣交易。我想，工業低迷的局面還會繼續惡化。但是艾瑞克杜加斯，看起來你已經把中間價拉低了，就叫它 1500 萬美元吧。但如果要找出罪魁禍首，你會說真的是田間和工業的不足嗎？

And then how big was the health care issue? You brought it up a few times. Was that onetime? Or is that a go-forward step-up in cost?

那麼，醫療保健問題究竟有多嚴重？你之前提過幾次。那隻是一次嗎？或者說，這是成本上調的必然結果？

Sure, Tyler. So in terms of the total takedown, the $15 million, a lot of that is reflected in our Q3 results. Industrial Services being the most predominant piece of that, we estimate maybe $7 million. Field Services, really just the lack of those medium and large projects that we've seen a good chunk of in earlier quarters, probably about $4 million. And then the healthcare in the Environmental Services segment is about $4 million and probably about $6 million overall to the entire company. So I think you're absolutely right in terms of a lot of puts and takes.

當然可以，泰勒。因此，就總共追回的 1500 萬美元而言，其中很大一部分反映在我們的第三季業績中。其中工業服務是最主要的組成部分，我們估計可能達到 700 萬美元。現場服務方面，確實缺少了我們在前幾個季度看到的大量中大型項目，大概有 400 萬美元。然後，環境服務部門的醫療保健支出約為 400 萬美元，整個公司的醫療保健支出可能約為 600 萬美元。所以我覺得你說的很多買賣點都完全正確。

We still see really strong momentum and good volumes in more of our waste disposal-related businesses of tech services and SKE and think those will perform quite strong kind of here into Q4 and into 2026. I guess the last point on healthcare, Tyler, it is a trend I think a lot of companies are combating. We have built in the increases into our Q4 guidance, and we're in the process of doing some things to make sure that we can offset some of the increases we're seeing there. But probably not entirely unusual, but certainly higher cost than we would have liked here in Q3.

我們仍然看到，在技術服務和 SKE 等與廢棄物處理相關的業務中，我們更多的業務保持著強勁的成長勢頭和良好的業務量，我們認為這些業務在第四季度和 2026 年將保持相當強勁的成長勢頭。關於醫療保健的最後一點，泰勒，我認為很多公司都在努力應對這一趨勢。我們已將這些成長納入第四季業績預期，目前正在採取一些措施，以確保能夠抵銷部分成長。但這可能並非完全不尋常，但肯定比我們預期的第三季成本要高。

Tyler, this is Mike. The one thing I'd add to what Eric said, we did have a fair amount of high-cost claims. That's much higher than, let's say, averages for the past two or three years. Hard for me to say if that's the new normal. It doesn't feel that way.

泰勒，這是麥克。我還要補充一點，艾瑞克所說的，我們的確有不少高額索賠。這比過去兩三年的平均值要高得多。我很難說這是否就是新的常態。感覺並非如此。

But as Eric said, we're trying to make sure we're changing some of our plans to make sure we cover off on that in 2026.

但正如艾瑞克所說，我們正在努力改變一些計劃，以確保我們在 2026 年能夠實現這一目標。

Okay. Okay. That's helpful. And then I appreciate that you guys aren't giving '26 guidance. But conceptually speaking, I mean, should we think about EBITDA on a more consolidated basis kind of flattening out year-over-year just into maybe the first part of '26.

好的。好的。那很有幫助。而且我很感激你們沒有給 2026 年的指導。但從概念上講，我的意思是，我們是否應該考慮在更合併的基礎上，EBITDA 在 2026 年上半年可能出現同比趨於平穩的情況？

It sounds like maybe, Eric Gerstenberg, you're not looking for an industrial pickup really until the spring turnaround season? Or are there enough internal levers to kind of drive the EBITDA growth even in the first half without a whole lot of economic help?

聽起來，埃里克·格斯滕伯格，你可能要等到春季換季時節才會考慮購買工業皮卡？或者說，即使沒有太多經濟方面的幫助，公司內部是否也有足夠的槓桿來推動上半年 EBITDA 的成長？

Yes, Tyler, I'll start. And certainly not expecting a real rebound of an industrial turnarounds until the spring. However, we're going to continue to grow our EBITDA across our waste collection businesses and our service businesses as well. So we're looking at next year, preliminary. We're still of a budget process to go through.

好的，泰勒，我先來。而且，至少在春季之前，預計工業復甦不會出現真正的反彈。但是，我們將繼續提高垃圾收集業務和服務業務的 EBITDA。所以我們現在展望的是明年，初步計劃。我們仍在進行預算流程。

But 5% EBITDA growth, I mean, we're really still targeting that. We think we can do that based on the demonstration of cost-cutting initiatives and volume and pricing growth in those waste businesses.

但 5% 的 EBITDA 成長，我的意思是，我們仍然以此為目標。我們認為，透過展示降低成本的措施以及這些廢棄物處理業務的銷售和價格成長，我們可以做到這一點。

Okay. That's extremely helpful. And then I do just want to come back to capital allocation, Mike, and Eric, just obviously, you guys announced a very sizable organic growth project. I'm sure someone will go over all of that. There was another decent buyback in the quarter.

好的。這非常有幫助。然後，我想再回到資本配置的話題上來，Mike 和 Eric，很顯然，你們宣布了一個規模非常大的有機成長項目。我相信會有人詳細解釋這些內容。本季還有一次不錯的股票回購。

But just realistically, what should we be expecting on the M&A front? I mean, how does that pipeline look? Are you looking at bigger deals? Are you looking at smaller deals? Do you think you can get something across the line this year? Or is that something maybe more into '26?

但現實一點說，在併購方面我們該期待些什麼呢？我的意思是，那條管道看起來怎麼樣？你們在尋找更大的交易嗎？您是在考慮小額交易嗎？你覺得今年你能有什麼成果嗎？或者，那可能跟 26 年有關？

Yes, Tyler, the answer to that question is yes. So we are looking at larger deals. We're looking at smaller deals. I think that we obviously, we talk about the SDA and happy to go into that and maybe other projects we're thinking about. But in the interim, we want to remain prudent.

是的，泰勒，這個問題的答案是肯定的。所以我們正在考慮更大規模的交易。我們正在考慮規模較小的交易。我認為我們顯然會談到 SDA，也很樂意深入探討 SDA，以及我們正在考慮的其他項目。但在此期間，我們希望保持謹慎。

We want to remain disciplined, like we have for the company's history, frankly. But certainly in the past couple of years, we certainly try to be very thoughtful about it and make sure we're getting a good return on our shareholders' investment. And I think there's plenty of things out there, both large sizes, publicly available and smaller things that are out there. And so we remain very active.

坦白說，我們希望保持自律，就像公司歷史上一直保持的那樣。但可以肯定的是，在過去的幾年裡，我們一直非常認真地考慮這個問題，並確保股東的投資獲得良好的回報。我認為市面上有很多東西，既有大型的、公開出售的，也有小型的。因此，我們依然非常活躍。

In the interim, we did buy back some shares. I don't think that's a change in trends. That's more like we saw opportunities there to take advantage of some market dislocation, and we took advantage of that, and we bought back over $115 million worth this year. And so I think that's a good return on our shareholders' investment. So we'll continue down that path.

在此期間，我們確實回購了一些股票。我不認為這是趨勢的改變。更像是我們看到了利用市場錯置的機會，我們抓住了這個機會，今年回購了價值超過 1.15 億美元的股票。所以我認為這對股東的投資來說是一筆不錯的回報。所以我們會繼續沿著這條路走下去。

I don't think that's a change in strategy. But we see ourselves as a growth company. We see ourselves as M&A company, and we'll continue to do things like that.

我不認為這是策略的改變。但我們把自己視為一家成長型公司。我們把自己定位為一家併購公司，我們將繼續從事這類業務。

Okay. Perfect.

好的。完美的。

And one follow-up, too, Tyler, when you think about the 5% that Eric mentioned, obviously, budget processes is in that area code. It's probably -- most of that's going to be in ES with a little bit in SK and a little bad guy in corporate, I think as I think about the piece parts of that.

泰勒，還有一個後續問題，當你想到艾瑞克提到的 5% 時，很明顯，預算流程就屬於這個範疇。我覺得，大部分可能都在 ES 裡，SK 裡有一點，公司裡還有一點壞人，我仔細想想這其中的各個部分。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Let's kind of continue along the capital allocation theme. Made some really nice progress this year on free cash flow conversion and free cash flow generation, as you talked about, Eric, with Kimball rolling off and the underlying growth. Mike, when you talked about potentially up to $500 million of organic investments and obviously, this SDA investment might be part of that.

讓我們繼續探討資本配置這個主題。正如你所說，Eric，隨著 Kimball 的退出和潛在的增長，今年在自由現金流轉化和自由現金流生成方面取得了非常好的進展。麥克，你之前提到可能有高達 5 億美元的有機投資，顯然，這筆 SDA 投資可能是其中的一部分。

Can you give us some guardrails around where you want to convert free cash flow to EBITDA within the business broadly over the next couple of years? Is there a baseline we should think about? And I know it's a little bit path dependent on what kind of M&A you do. But just kind of try to give us a baseline level that we should be underwriting here?

您能否大致說明一下，在未來幾年內，您希望公司內部將自由現金流轉化為 EBITDA 的目標範圍？我們是否應該考慮一個基準線？我知道這在某種程度上取決於你進行的併購類型。但您能否提供我們一個我們應該承保的基本水準？

Sure, Noah. So this is Eric Dugas. And I think you're absolutely right. The free cash flow generation has been fabulous this year, a lot of initiatives on that front. As we look out into the future, I think we're going to continue to target kind of that 40% free cash flow generation, 40% of EBITDA.

當然可以，諾亞。這位是埃里克·杜加斯。我認為你的說法完全正確。今年的自由現金流表現非常出色，這方面也採取了許多措施。展望未來，我認為我們將繼續以 40% 的自由現金流和 40% 的 EBITDA 為目標。

I think there'll be pluses and minuses to that along the way for the minuses would be these accretive capital investments that we mentioned that will be adjusted out of that, and we'll call that out and explain those clearly. But those are really growth projects that we see, and that will be a detriment to the 40%. But normal baseline guardrails, I'd say 40% conversion and each year trying to grow up from that.

我認為這樣做有利有弊，弊端在於我們提到的這些增值性資本投資，這些投資將被調整，我們將明確指出並解釋這些投資。但我們看到的都是真正的成長項目，這對那 40% 的人來說將是不利的。但正常的基準線是，我認為轉換率應該達到 40%，並且每年都努力在此基礎上成長。

I think the team under Eric's leadership has done a great job with cash collection. The organization has done a great job with cash collections, managing our spend, and you really see it in the margin improvement, and that's really been helpful trying to get to that 40% and hopefully beat that over the next few years.

我認為在艾瑞克的領導下，球隊在現金催收方面做得非常出色。組織在現金回收和支出管理方面做得非常出色，這一點在利潤率的提高上體現得非常明顯，這對我們努力達到 40% 的目標非常有幫助，希望在未來幾年內能夠超越這個目標。

Okay. And just so we're clear, you do intend to formally adjust this SDA investment out of free cash flow because that was not the case with Kimball, right? So is that kind of the practice going forward that these extraordinary organic investments would be excluded?

好的。為了確保我們理解一致，您確實打算正式調整這筆 SDA 投資，使其不再計入自由現金流，因為 Kimball 的情況並非如此，對嗎？那麼，今後是否會一直沿用這種做法，將這些非凡的有機投資排除在外呢？

Yes, you got it Noah.

是的，你答對了，諾亞。

Okay. And then I guess to double-click on this specific investment, I think just help us understand some of the key assumptions you made in underwriting this. I mean you talked about the six- to seven-year payback. Obviously, we've seen the value of base oils fluctuate a lot over the company's history. What is it sort of dependent on to hit those target returns from a commodity value, if at all?

好的。然後，我想再詳細說說這項特定的投資，我想請您幫我們了解您在承銷這項投資時所做的一些關鍵假設。我的意思是，你之前說過需要六到七年才能收回成本。顯然，在公司的發展歷程中，我們已經看到基礎油的價值波動很大。要從商品價值中獲得預期回報，究竟取決於哪些因素（如果有的話）？

Yes. Noah, this is Eric. I'll start. It's really a great investment for us. It's a bolt-on technology out at our East Chicago refinery, and it's upgrading a product that we already produce called VTAE, Vacuum Tower Asphalt Extender, and it's moving it up the value chain by implementing this technology and taking over 30 million gallons of what we already generate and sell and creating it at a better market value.

是的。諾亞，這是埃里克。我先來。這對我們來說真是一筆很棒的投資。這項技術是我們東芝加哥煉油廠的附加技術，它升級了我們已經生產的一種名為 VTAE（真空塔瀝青增量劑）的產品，並透過實施這項技術將其提升到價值鏈的更高層級，將我們已經生產和銷售的 3000 多萬加侖產品以更高的市場價值創造出來。

There is some -- certainly some fluctuations in the price of that 600N product. It's not as -- it doesn't fluctuate as much as base oil. It's used in heavy-duty applications. So it's a more stable price look at when we sell that product. So we're excited about that.

600N產品的價格確實存在一些波動。它不像基礎油那樣波動劇烈。它用於重型應用。因此，當我們銷售該產品時，價格會更加穩定。我們對此感到很興奮。

Overall, though, it's just a straight baseline upgrade of those 30 million gallons into a new arena, bringing that up the value chain, proven technology with a hydrotreater back down the back end. And so we're excited about that incremental $30 million to $40 million of EBITDA once we start up in 2028.

但總的來說，這只是將這 3000 萬加侖的水量直接升級到一個新的領域，將其提升到價值鏈的上游，採用成熟的技術，並在後端配備加氫處理裝置。因此，我們對2028年投產後新增的3,000萬至4,000萬美元的EBITDA感到非常興奮。

And Noah, one thing I'd add to that is that, as Eric said, we're using kind of our -- the byproduct of the re-refining process, VTAE, as Eric mentioned, and using that in this process to make a higher-value product. But there's also that -- we're not -- this won't fill -- that 30 million gallons won't fill the new product. We'll have an opportunity to grow from there. We're not assuming we get any other VTAE from any other third parties, which that would be upside to the model.

諾亞，我還要補充一點，正如埃里克所說，我們正在利用我們——再提煉過程的副產品VTAE，正如埃里克提到的，並在此過程中利用它來製造更高價值的產品。但還有一點——我們並不是——這無法滿足——3000萬加侖的水量無法滿足新產品的需求。我們將有機會以此為起點發展壯大。我們並沒有假設能從任何其他第三方獲得任何其他 VTAE，這對該模型來說是一個優勢。

The reason why I bring that up is just as an example is that I think that as we built this model up, it came up with the $30 million -- $30 million to $40 million that we spoke of in the live call, I think there's plenty of upside to that model. I think that we -- I thought Eric and I went through the analysis with the team, we're very reasonable in our assumptions as far as how we build it, how we think about the price of VTAE, how we think about the price of 600N, how we think about the cost of building the plant, how we think about the time line of building.

我之所以提出這個例子，是因為我認為，在我們建造這個模型的過程中，它得出了我們在電話會議中提到的 3000 萬美元到 4000 萬美元的估值，我認為這個模型還有很大的上漲空間。我認為我們——我和埃里克與團隊一起進行了分析，我們在建造方式、VTAE 的價格、600N 的價格、工廠建設成本以及建設時間表等方面的假設都非常合理。

I mean we thought through that. We've had many, many meetings on this with the team and with the Board to ensure that we're doing this in a thoughtful way. So we continue to do, what we've done with every large project on time, on budget, hit the numbers we say we're going to hit, simple as that.

我的意思是，我們已經考慮過了。我們已經就此事與團隊和董事會開了很多很多次會議，以確保我們以深思熟慮的方式處理此事。所以，我們繼續像以往一樣，按時、按預算完成每一個大型項目，達到我們承諾的目標，就這麼簡單。

If I could sneak one more in. I think you're clear now on sort of the delta versus expectations in Industrial and Field Services. I guess just from a forecasting perspective, I know usually, IS tends to gather steam into September and then October is kind of the big month. So with that particular line of business, was it just the case that these deferrals really started to manifest late in the quarter and kind of continued through October here, and that's what we're seeing?

如果我能再偷偷加一個就好了。我想你現在應該清楚工業和現場服務領域實際結果與預期結果之間的差距了。從預測的角度來看，我知道通常情況下，IS（網路服務）會在9月開始加速成長，然後10月份會是高峰期。那麼，就該特定業務線而言，這些延期付款是否只是在本季末開始顯現，並一直持續到 10 月份，而這正是我們所看到的？

And is there some way to think about normal seasonality in the future perhaps being different at all than what we've seen in the past?

未來正常的季節性變化是否有可能與我們過去所見的有所不同？

Yes. No, I'll begin. This is Eric. When you look at kind of what occurred in the quarter, our turnarounds have been -- the number of count of turnarounds has been pretty stable. There's been some pushes. But overall, when we get into working for the turnarounds at our customer sites, the scope of the turnaround ends up being a little bit less than what we originally quoted or scoped with that customer. They really wanted to get the units cleaned and back online as quickly as possible.

是的。不，我先開始。這是埃里克。從本季的情況來看，我們的扭虧為盈案例數量一直相當穩定。已經有一些推動措施了。但總的來說，當我們開始為客戶現場進行檢修工作時，檢修的範圍最終會比我們最初向客戶報價或確定的範圍略小。他們非常希望盡快完成設備的清潔和重新上線。

As we proceed into the fourth quarter, we took that into our guidance for the fourth quarter. We're still having turnarounds here, as you mentioned, as we flow into October here, and that's solid. But we're -- we really didn't -- we pared back a little bit of what we expected based on the third quarter results. And we truly expect as things continue to stabilize that as we get into 2026, we're not losing turnarounds to any competition. We're performing all the turnarounds.

進入第四季度，我們將這一點納入了我們對第四季度的業績預期。正如你所提到的，隨著十月的到來，我們這裡仍然出現了轉機，這很不錯。但是，我們——實際上並沒有——根據第三季的業績，我們稍微削減了預期。我們真心相信，隨著情況持續穩定，到了 2026 年，我們不會在任何競爭中失去扭虧為盈的機會。我們正在執行所有檢修工作。

And we're going to -- we expect it to have a little bit better growth path as the economy recovers a little bit, particularly in the chemical and refinery sector.

我們預計，隨著經濟的逐步復甦，特別是化工和煉油業的復甦，其成長前景會略有改善。

Yes, I think just to add one thing to what Eric said and one thing that we can see in our P&Ls and here around the business is the business is -- we're setting ourselves up really well for when things loosen up and come back. And when I look at even the Industrial Services P&L, Noah, I can see much better labor management. So I can see labor as a percentage of revenue in a better spot. I can see overtime coming down as a percentage of revenue. I can see us using less subcontractors and internalizing more work.

是的，我想補充一點艾瑞克剛才說的，還有一點我們可以從我們的損益表和公司內部的情況中看到——我們正在為情況好轉和復甦做好充分的準備。諾亞，即使我看一下工業服務部門的損益表，也能看出勞動力管理方面有了很大的改進。因此，我認為勞動成本佔收入的比例更加合理了。我預計加班費佔收入的比例會下降。我認為我們可以減少分包商的使用，並將更多工作內部化。

So despite the financial results here in Q3 and what we believe into Q4, which is really impacted by the cost pressures, particularly in chemical and refinery, as we said, that those customers are seeing, we set ourselves up really well for when things change in the future because I do think those investments, particularly on the labor front and other areas, we should reap benefits of that hopefully next year, but definitely in coming years.

因此，儘管第三季度的財務業績以及我們對第四季度的預期都受到了成本壓力的影響，正如我們所說，尤其是在化工和煉油領域，這些客戶也面臨著成本壓力，但我們已經為未來情況的變化做好了充分的準備，因為我認為這些投資，尤其是在勞動力和其他領域，我們應該會在未來幾年，甚至在未來幾年回報。

Jim Schumm, TD Cowen.

吉姆·舒姆，TD Cowen。

So maybe just help me understand, I'm sure other people don't know the 600N base oil market very well. Can you just help us with like what is the market pricing right now? What is like peak to trough pricing for this market? What's the total demand? Just how should we think about this?

所以，或許您可以幫我理解一下，我相信其他人對 600N 基礎油市場也不太了解。請問您能幫我們估算一下目前的市場價格嗎？這個市場的峰谷價格走勢如何？總需求量是多少？我們該如何看待這個問題？

Like what's the total demand this year? What was it five years ago? Is demand expected to grow? Why? What's the end market? Just help us understand this is a fairly big investment for you guys. So I just want to understand this market a little better?

今年的總需求量是多少？五年前是什麼情況？需求預計會成長嗎？為什麼？最終市場是什麼？請你們理解，這對你們來說是一筆相當大的投資。所以，我只是想更了解這個市場？

Yes, Jim. So we have an hour on the call, we're not going to take an hour trying to explain that 600N base oil market. But I will tell you, I will tell you that it is used primarily in industrial applications, which tend to be a little more resilient and gear oils, heavy-duty diesel engines, hydraulic oils is not as sensitive to electrification as passenger car engine oils would have. We've had a lot of customers express interest in this high value buying this high 600N oil, and we've kind of worked out. We've kind of given them samples of what we provided, and they seem like there's a very good receptivity in the marketplace for this base oil.

是的，吉姆。所以我們有一個小時的電話會議時間，我們不會花一個小時解釋 600N 基礎油市場。但我要告訴你，它主要用於工業應用，這些應用往往更具韌性，齒輪油、重型柴油引擎、液壓油對電氣化的敏感度不如乘用車引擎油。許多客戶都對購買這種高價值的 600N 潤滑油表示出了興趣，我們也設法滿足了他們的需求。我們已經為他們提供了一些我們提供的產品樣品，他們似乎對這種基礎油在市場上反應很好。

When you think about that the market, we'd be a very, very small player in a very large market. It tends to trend a little bit with Group II base oil, which has been down over the past couple of three years, but it's at a much higher premium. And it's been a consistent dollar premium to what we're thinking in the Group II base oil. And most of the country has to import 600N today, including from Korea and from other places. And so it's hard to kind of put a finger on, what's it going to be three years from now.

仔細想想，在這個市場中，我們只是一個非常非常小的參與者。它的價格走勢與 II 類基礎油略有相關，II 類基礎油的價格在過去兩三年裡有所下降，但它的溢價要高得多。而且，它的價格一直比我們預期的第二類基礎油價格高出一美元。目前該國大部分地區都需要進口 600N，包括從韓國和其他地方進口。所以很難準確預測三年後會是什麼樣子。

We're assuming that the trend we see of some decrease -- we're assuming decreases over the modeling period. We're not expecting this plan to get turned on until 2028. So we do have some time there. But I do think that we've cut this way -- we've cut these seven different ways. So let's assume that base oil -- the Group II 600N pricing is down.

我們假設我們看到的下降趨勢——我們假設在建模期間會持續下降。我們預計該計劃要到 2028 年才會啟動。所以我們在那裡還有一些時間。但我認為我們已經用這七種不同的方式進行了切割。假設基礎油－II類600N的價格下跌。

I think there's other levers out there, including taking additional VTAE from other customers to help offset that. I think the model that we put forth, I think, is a very balanced model. Hard to predict what happens to base oil, hard to predict what happens to 600N oil, but we think we have enough levers in the actual model that even if that comes up a little softer than we expect, there's other levers we can pull to help offset that to kind of get to where we need to get to.

我認為還有其他辦法，包括從其他客戶收取額外的 VTAE 費用來彌補這部分損失。我認為我們提出的模型是一個非常平衡的模型。基礎油會發生什麼變化很難預測，600N 油會發生什麼變化也很難預測，但我們認為實際模型中有足夠的控製手段，即使結果比我們預期的要軟一些，我們也可以採取其他措施來抵消這種影響，從而達到我們想要達到的目標。

Again, we've consistently put together a large-scale construction projects that are on time and on budget that hit or exceed the EBITDA numbers that we have quoted. I believe this is no different.

我們再次證明，我們一直以來都能按時按預算完成大型建設項目，並且都能達到或超過我們承諾的 EBITDA 目標。我認為這並無不同。

Mike I just wanted to clarify, it sounded like you -- were you saying the consumption, you're expecting the consumption to decrease over the next couple of years of this oil? I did I.

麥克，我只是想確認一下，聽起來像是你在說——你是說石油的消費量，你預計未來幾年這種石油的消費量會下降嗎？我確實這麼做了。

No, no, no. It is more about -- we have assumed pricing goes down a little bit in the modeling period not the demand per se. And the point I think that maybe I misspoke is that when we produce this 600N oil, we still be a very small player in a very big 600N market, I guess what I'm trying to say.

不，不，不。更確切地說，我們假設在建模期間價格會略有下降，而不是需求本身會下降。我覺得我可能說錯了一點，那就是，當我們生產這種 600N 原油時，我們仍然是一個非常大的 600N 市場中的小參與者，我想表達的就是這個意思。

Okay. Okay. All right. Maybe switching over to the SKSS guidance. I kind of -- my recollection was just that it was sort of the $140 million was the number. You guys just referenced a midpoint. What is -- just so everybody is clear, like what is the range for SKSS this year? So -- and then what's the confidence level in hitting that $140 million midpoint?

好的。好的。好的。或許應該轉而採用 SKSS 指南。我大概記得──我的記憶就是，那個數字好像是 1.4 億美元。你們剛才提到的是中點。為了讓大家都清楚，今年 SKSS 的範圍是多少？那麼——達到 1.4 億美元中點目標的信心有多大？

Jim, Eric here. I'd say that as we sit here today, we're very confident in that $140 million mark. To range bound that, I hesitate to do so. You might have to force me into a range, maybe it's a few million on either side. But the way the business is performing right now, particularly around our initiatives of CFO and our ability to continue to drive CFO pricing due to market conditions.

吉姆，我是艾瑞克。我認為，就目前而言，我們對實現 1.4 億美元的目標非常有信心。要限定這個範圍，我猶豫要不要這樣做。你可能得給我設定一個範圍，也許上下浮動幾百萬。但就目前業務表現而言，尤其是在我們的 CFO 計劃以及由於市場狀況而繼續推動 CFO 定價的能力方面。

The catalyst of that is obviously the high level of service we continue to provide and the fact that we haven't lost customers. I mean that really is the area that the team has done excellent on this year, and that gives us the confidence that we'll be able to meet that $140 million of EBITDA. So hopefully, that answers your question. Range bound, we haven't really looked at it that way, but high confidence in that number right now.

顯然，促成這結果的因素是我們持續提供高水準的服務，以及我們沒有失去客戶。我的意思是，這確實是團隊今年做得非常出色的領域，這讓我們有信心實現 1.4 億美元的 EBITDA 目標。希望這能解答你的疑問。區間震盪？我們之前並沒有那樣考慮過，但目前對這個數字很有信心。

We feel the $140 million is the new low watermark, we grow from there.

我們認為 1.4 億美元是新的最低點，我們將以此為基礎成長。

David Manthey, Baird.

David Manthey，Baird。

My first question is on incinerator pricing. I didn't see a number in the slide deck. Could you talk about what that was? And then somewhat related, I know you gave the data specifically in the 10-Q later today, but could you talk about specific growth rates for Industrial Services, Field Services, SKE and tech services?

我的第一個問題是關於焚燒爐的定價。我在幻燈片裡沒看到數字。你能說說那是什麼嗎？另外，我知道您今天稍後會在 10-Q 表格中提供具體數據，但您能否談談工業服務、現場服務、SKE 和技術服務的具體增長率？

Sure. Dave, it's Eric. I'll take that, and I'm sure the guys will add on. In terms of incineration pricing, there's pockets, but over the entire population, we're looking at mid-single digits again, I think pretty consistent with prior quarters. In terms of the different sub-business lines or business units underneath ES, you'll find our tech services business, really great revenue growth there, some nice volumes, good pricing, but some of our -- as we alluded to in the prepared comments, kind of waste remediation projects, those types of things really saw a really strong quarter.

當然。戴夫，我是艾瑞克。我接受這個，我相信其他人還會補充的。就焚燒價格而言，雖然存在一些局部地區，但總體而言，我們看到的價格漲幅再次達到個位數中段，我認為這與前幾季的情況相當一致。就 ES 旗下不同的子業務線或業務部門而言，你會發現我們的技術服務業務，其收入增長非常強勁，銷量不錯，定價也很好，但我們的一些——正如我們在準備好的評論中提到的，廢物處理項目，這些類型的項目在本季度也取得了非常強勁的業績。

So you're looking at double-digit growth there. Safety-Kleen branch continues to do really well. Again, some nice initiatives around our back services and pricing, mostly leading to about an 8% growth. And then we mentioned Field Services, not overly concerned here. You'll see, I believe, about a 9% drop in revenue there, maybe a little bit higher, maybe 11% now that I'm thinking it through. But really, it's those projects that didn't come through kind of medium, large-scale projects.

所以，那裡的成長速度將達到兩位數。Safety-Kleen分公司業績持續表現良好。再次強調，我們在後台服務和定價方面採取了一些不錯的舉措，大多帶來了約 8% 的成長。然後我們提到了現場服務，但我們並不太關注這方面。我認為，那裡的收入會下降大約 9%，也許還會更高一些，現在我仔細想想，也許會下降 11%。但實際上，那些未能通過中型、大型專案考驗的專案才是真正的問題所在。

We're not overly concerned about that right now. These things can be a little episodic. But when you look at that business over the longer term over the last few years, you're going to see some nice organic growth there. So not concerned with that. And then Industrial Services, as Eric mentioned earlier, about, I think, a 3% or 4% decline kind of year-on-year there, largely related to the turnaround services.

我們目前並不太擔心這個問題。這些事情可能有點零星發生。但如果你從更長遠的角度來看過去幾年，你會發現這家企業實現了不錯的內生成長。所以，我並不擔心這個問題。還有工業服務，正如艾瑞克之前提到的，我認為同比下降了大約 3% 或 4%，這主要與週轉服務有關。

That's great. And I know we've talked a lot about capital allocation here this morning. But does the investment you're making in this SDA Unit say anything about your M&A outlook? And I was also wondering that since you put out these Vision 2027 goals, we're a little bit past half time here. I think HydroChem was already in that 2022 starting point, and you've added Thompson and HEPACO basically.

那太棒了。我知道今天早上我們已經討論了很多關於資本配置的問題。但你對這家 SDA 部門的投資是否能說明你的併購前景？我還想知道，既然你們發布了這些「2027願景」目標，現在距離目標達成已經過了一半。我認為 HydroChem 本來就已經在 2022 年的起點上了，而你基本上又加入了 Thompson 和 HEPACO。

But could you maybe talk about how things have played out since that update and kind of how you're thinking about the market in general?

但您能否談談自上次更新以來事情的發展情況，以及您對整個市場的看法？

Yes, Dave, this is Mike, and I'm sure Eric and Eric have some thoughts on this as well. But the SDA Unit has no reflection on our M&A appetite. That was -- that's been an investment that we've talked about internally for a few years, frankly. And so this is more like, hey, we got the Board approval. We're starting to spend money on it.

是的，戴夫，我是麥克，我相信艾瑞克和艾瑞克對此也有一些想法。但SDA部門並不反映我們的併購意願。坦白說，那是一項我們內部討論了好幾年的投資。所以這更像是，嘿，我們獲得了董事會的批准。我們開始在這方面投入資金了。

We should talk about it. It's a material asset that we need to make sure that our investors understand and we track against that. So that's really the driver of the discussion of the SDA. The other items that are out there, the $500 million, those are other things we're thinking about. As we think about where we go next with this, things like adding more hubs or making some investments in other incineration capacity.

我們應該談談這件事。這是一項重要的資產，我們需要確保我們的投資者理解這一點，並且我們會據此進行追蹤。所以，這才是引發關於基督復臨安息日會討論的真正原因。至於其他項目，例如那 5 億美元，也是我們正在考慮的事情。當我們思考下一步該如何發展時，例如增加更多樞紐或對其他焚燒能力進行一些投資。

These are not new topics that we've talked about many times before. So it's more like just trying to say, look, that's another good use of capital that has great awesome returns, as you saw from the math that we're doing on this. So that's just a good use of capital.

這些都不是什麼新話題，我們以前已經討論過很多次了。所以，這更像是想說，看，這是另一種很好的資本利用方式，可以帶來非常可觀的回報，正如你從我們在這方面進行的數學計算中看到的那樣。所以這才是資金的合理運用。

We're going to have $1 billion in cash by the end of the year. We're going to generate another high $400s million of cash flows in 2026. I mean those are -- we're going to have plenty of cash to do a variety of different things, including good M&A. As Eric mentioned in his Eric Dugas in his remarks, the leverage market is very -- our leverage is very low. Our appetite for debt -- from our debt investors is very strong.

到年底，我們將擁有10億美元的現金。我們將在 2026 年再產生高達 4 億美元的現金流。我的意思是，我們將擁有充足的現金來做各種不同的事情，包括進行良好的併購。正如埃里克·杜加斯在他的演講中提到的那樣，槓桿市場非常——我們的槓桿非常低。我們對債務投資者的借貸需求非常強勁。

It was way oversubscribed. We got the rates. Eric and the team did a great job of pushing that debt out for a number of years, and it shows the appetite that the marketplace has for our high-quality debt because it's a high-quality asset. So it doesn't change one little bit.

報名人數遠超過預期。我們已經拿到價格了。埃里克和他的團隊在過去幾年裡出色地完成了債務的延期償還工作，這表明市場對我們高品質債務的需求，因為它是一項高品質資產。所以一點都沒變。

When thinking about Vision 2027, that was always a vision, just what it was. It was a vision of where we want to take the company, but we want to be disciplined about capital, and we've been thoughtful about M&A, and we'll continue to be thoughtful. And there are opportunities out there that are big and small, and we'll continue to capitalize on that.

談到“2027願景”，它始終只是一個願景，僅此而已。這是我們對公司未來發展方向的願景，但我們希望在資本方面保持謹慎，我們一直對併購深思熟慮，並將繼續保持這種謹慎態度。外面有很多機會，無論大小，我們都會繼續抓住這些機會。

So I'm of the view that nothing has really changed with that announcement with the SDA announcement. I just want to make sure that you understand that this is more of kind of a timing issue that we've been talking about for a number of years that we want to share with the investing public because it's going to be a material number.

所以我認為，SDA的公告並沒有真正改變任何事情。我只是想確保你們明白，這更多的是一個時機問題，我們已經討論過好幾年了，我們想與廣大投資者分享這個問題，因為這將是一個重要的數字。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

I guess first question, just on the guidance again, not to beat a dead horse, but the miss in the quarter, you guys clearly outlined that, a little bit of industrial, a little bit of Field Services. But it sounds like you kind of -- you've bucketed that miss out in the quarter and it skew cards out for the year. But do we -- so do we bounce back? Were you assuming a little bit of a better Q3 than you are going forward already? I'm just kind of curious if turnarounds seem to be a little bit less even than expected.

我想問的第一個問題，就是關於業績指引，我不想老生常談，但是本季業績未達標，你們已經明確指出，一部分原因是工業方面的，一部分原因是現場服務方面的。但聽起來你好像——你已經把這個季度的損失歸咎於此，這會影響到全年的業績。但我們真的能——我們真的能重新振作起來嗎？你之前對第三季業績的預期是否比現在好一些？我只是有點好奇，週轉時間是否比預期的不太均勻一些。

So do we -- what gives you the confidence that we kind of get back to where you thought we were going to be in Q4, not to kind of get the details, but if you get where I'm going with that question.

所以我們也是一樣——是什麼讓你相信我們能在第四季恢復到你預期的狀態？我不想問細節，但如果你明白我的意思的話。

Certainly, Larry. And as we digested kind of our Q3 results and then projected our thoughts on kind of Q4 and the guide there, I think one thing that gives us -- makes it -- allows us to feel really good about Q4 is, I mentioned a moment ago, and I think in response to Dave's question, kind of the growth that we're seeing in Technical Services that 12% revenue growth, more projects coming our way, continued good waste volumes.

當然，拉里。當我們消化了第三季度業績，並展望了第四季度以及相關指引後，我認為讓我們對第四季度充滿信心的一點是，正如我剛才提到的，而且我認為，為了回​​答戴夫的問題，技術服務部門的增長是12%，更多的項目正在向我們推進，廢物處理量也持續保持良好水平。

So we're continuing to see because of our diverse customer base, although there's softness in certain verticals that we mentioned around chemical and refinery, we continue to increase volumes by collecting from other customers and bringing into the network. So that part of the business, we see a lot of strength.

因此，由於我們的客戶群多元化，儘管我們之前提到的化學工業和煉油等某些垂直行業存在疲軟態勢，但我們仍然透過從其他客戶收集產品並將其引入網路來不斷增加銷售量。所以，我們看到這部分業務很有實力。

I think the other thing that pleasantly that we saw in Q3 here that I mentioned a moment ago is our margin expansion, right? I mean I think, as I mentioned in my remarks, the steadfast commitment to continuing to drive margins and generate free cash flows. That gives us comfort, quite frankly, as we move into Q4 in some of those more waste disposal type businesses.

我認為我們在第三季看到的另一個令人欣喜的現象，正如我剛才提到的，就是我們的利潤率擴張，對吧？我的意思是，正如我在演講中提到的，我認為，要堅定不移地致力於繼續提高利潤率和產生自由現金流。坦白說，這讓我們感到欣慰，尤其是在我們進入第四季度，尤其是在一些廢棄物處理類型的業務方面。

Certainly, the services business, as Eric alluded to, Industrial Services, we're not forecasting any large pickups there. And Field Services, again, like Industrial Services, a lot of good margin accretion there that we're seeing, but that can be episodic. So both medium and large jobs will come back. It's just a question of when and where, quite frankly.

當然，正如艾瑞克所提到的，服務業，尤其是工業服務業，我們預計不會有任何大幅成長。現場服務也像工業服務一樣，我們看到利潤率大幅成長，但這可能是暫時的。所以中型和大型工作都會回歸。坦白說，這只是時間和地點的問題。

I guess I would say one more thing, Larry, to that end. I'd say that all our LOBs, all the businesses that make up SK -- that make up Environmental Services had good margin accretion year-over-year. And when you think about from where we were a year ago, where we were concerned about SKSS, when we stabilized that business. We're concerned about free cash flow conversion. While we're going to have great free cash conversion this year, we continue to grow.

我想最後再補充一點，拉里。我認為我們所有的業務線，構成 SK 的所有業務——也就是構成環境服務部門的業務——都實現了良好的同比利潤增長。想想一年前我們當時的處境，那時我們還很擔心 SKSS，後來我們才穩定了這項業務。我們關注的是自由現金流轉換率。儘管我們今年的自由現金流轉換率會很高，但我們仍將繼續成長。

When you think about EBITDA margins and our mark to 30% margins, I mean, that's on ES, that continues on unabated. It's 14 straight quarters of year-over-year margin growth. So I mean, I feel like we're kind of hitting all our strides. Look, it's a miss. I get that. I get the point. But really, it really is, I think, very, very temporary, as I said in my prepared remarks.

當你考慮到 EBITDA 利潤率以及我們設定的 30% 利潤率目標時，我的意思是，這是 ES 的業績，而且這一目標還在持續。這是連續14個季度實現年增長。所以我覺得，我們現在正處於各個階段，一切都進展順利。你看，失誤了。我明白了。我明白了。但實際上，我認為這真的只是非常非常暫時的，正如我在準備好的演講稿中所說。

Absolutely. I appreciate it. And I'm kind of looking how this miss -- how you put this on a go-forward basis as opposed to just the miss. I just want to make sure that going forward, obviously, it's only one quarter, but you threw out -- we appreciate a little bit of color for next year in that 5% number, which I'm sure can move around. That's just kind of a baseline, we get all that. But I just want to make sure that you're not -- it doesn't sound like you're building a rapid improvement in Industrial and Field Service.

絕對地。謝謝。我正在思考如何看待這次失誤——如何將其轉化為未來的行動，而不僅僅是這次失誤。我只是想確認一下，顯然，這只是一個季度，但你提到了——我們希望從明年的5%這個數字中得到一些參考，我相信這個數字可能會有所變化。那隻是一個基本條件，我們都能理解。但我只是想確認一下，你是不是——聽起來你似乎並沒有在工業和現場服務領域取得快速進展。

So I just kind of trying to say then if you weren't building that in, in this quarter, then why we have the miss. But I get the extra color really does help. Just shifting gears real fast, just on PFAS. It sounds like things are continue to go well internally. To get a real acceleration, obviously, 20%, 25% growth is great, but I think your queue is growing a lot faster than that.

所以我想說的是，如果你沒有在這個季度進行相應的規劃，那麼為什麼我們會出現未達標的情況呢？但我明白，額外的色彩確實很有幫助。只是快速換檔，就在 PFAS 上。聽起來內部一切進展順利。顯然，要實現真正的加速，20%、25% 的成長固然很好，但我認為你們的隊列成長速度遠不止於此。

To translate that into actual sales, right, we'll need some governmental -- some kind of legislation or something, I guess, right, or maybe even the National Defense Authorization Act or something. And I guess we're just in a holding period on that. Obviously, government shutdown doesn't help, but any further -- any color on that?

要把這些轉化為實際銷售額，我們需要一些政府措施——某種立法或其他措施，我想，對吧，甚至是《國防授權法案》之類的。我想我們目前只是處於觀望階段。顯然，政府停擺無濟於事，但除此之外——對此有什麼具體情況嗎？

Yes, Larry, this is Eric. So obviously, getting our -- the results of our test that we did on our thermal units out and exposed and published by the EPA was a great milestone for us. The activity in the market has been extremely strong and became even stronger when that published results came out. The level of activity of what we've seen, how our pipeline has been growing. We've continuously talked about how our pipeline has been growing 15% to 20% quarter-over-quarter.

是的，拉里，這是艾瑞克。顯然，我們熱力裝置的測試結果能夠被美國環保署公佈，對我們來說是一個重要的里程碑。市場活動一直非常活躍，而且在公佈業績後變得更加活躍。我們所看到的活躍程度，以及我們的業務成長。我們一直在談論我們的銷售管道如何每季成長 15% 到 20%。

It continues to do that. It feels like we even got more of a bump. So we're not really thinking that any major change in regulation has to happen to continue to drive that growth and even accelerate it. We're pretty bullish on how our prospects are panning out and the opportunities in front of us. So we feel pretty good about it.

它一直都在這樣做。感覺我們好像又遇到了更大的衝擊。因此，我們並不認為需要對監管進行任何重大改變才能繼續推動甚至加速這種成長。我們非常看好公司的發展前景和擺在我們面前的機會。所以我們對此感覺相當不錯。

We think it's just going to accelerate. And as far as the Department of Defense lifting their moratorium, that's just -- that will be just another accelerator for us, and we're optimistic about that as well.

我們認為這種情況只會加速發展。至於國防部解除暫停令，對我們來說只是另一個加速器，我們對此也持樂觀態度。

James Ricchiutii, Needham & Company.

James Ricchiutii，李約瑟公司。

So outside of chemical, the refinery markets, are you seeing any choppiness, any other signs of weakness in some of the broad end markets that you guys service?

那麼，除了化學和煉油市場之外，你們所服務的終端市場是否有任何波動或其他疲軟跡象？

James, Eric, this is -- I'll begin. No, we haven't. We really -- as evidenced by our results in Q3, our volumes have been growing across our waste businesses. It's really strong through Q3. We're beginning Q4 very strong.

詹姆斯，埃里克，這是——我先開始。不，我們沒有。從我們第三季的業績可以看出，我們所有廢棄物處理業務的量確實都在成長。第三季表現非常強勁。我們第四季開局非常強勁。

So where there's been this pullback a little around IS spending around turnarounds and chemical spending around turnarounds. On the waste side of the business, it's been strong, volumes, price into the network and project growth with PFAS, but other projects happening across the board.

因此，在設備檢修和化學品檢修方面，出現了一些縮減。在廢物處理業務方面，表現強勁，銷量、價格以及 PFAS 項目的增長都達到了網絡水平，但其他項目也在全面展開。

So we feel pretty good about what we've seen from manufacturing, from retail, from the whole list of other verticals that we service. And that's really very resilient in our waste collection business because of all the diverse verticals that we service. Everybody is generating hazardous waste and what they're making out there these days. And we're certainly a beneficiary of driving those volumes into our network, which we continue to see and projects ever lift.

因此，我們對從製造業、零售業以及我們服務的其他所有垂直行業所看到的情況感到非常滿意。而且，由於我們服務的垂直領域非常廣泛，因此我們的垃圾收集業務具有很強的韌性。如今，每個人都在製造危險廢物，到處都是這樣的東西。我們當然也受益於將這些流量引入我們的網絡，我們不斷看到這種成長，項目也不斷增加。

Okay. Maybe just turning to Kimball, and I know you touched on it a little bit, but how should we be thinking about how the scale-up of Kimball is going, maybe discussions you're having with customers? And you've talked in the past about better network efficiencies that come as a result of this and then potentially some lift to margins. And just talk to us about maybe how Kimball plays out in 2026?

好的。或許可以談談 Kimball，我知道您之前也稍微提到過，但我們該如何看待 Kimball 的規模擴張情況，以及您與客戶進行的討論？您過去也談過，這將帶來更高的網路效率，並有可能提高利潤率。請您談談金博爾在 2026 年的選情吧？

Yes. So in the third quarter this year, we -- the new Kimball incinerator Train 2 unit processed over 10,000 tons. When we came into the year, our plan was to burn an incremental 28,000 tons in our network, and we're doing that with the Kimball expansion. It's been great. The ramp-up has been solid, typical start-up type things.

是的。所以今年第三季度，我們——新的 Kimball 焚化爐 2 號機組處理了超過 10,000 噸的垃圾。今年年初，我們的計劃是在我們的網路中逐步燃燒 28,000 噸煤炭，而透過 Kimball 擴建項目，我們正在實現這一目標。感覺很棒。啟動過程一直很順利，典型的新創公司模式。

We expect that tonnage to continue to grow as we've laid out. Nothing that -- everything that we see continues to see a path to hit our ramp-up objectives of that new unit going into 2026. The network efficiencies are alive and well. The routing of our -- how we manage our customers' waste into our units, the transportation efficiencies, those are showing up.

我們預計噸位將按照我們規劃的那樣繼續增長。沒有什麼——我們看到的一切仍然表明，我們有信心在 2026 年實現新部門的產能提升目標。網路效率依然良好。我們的流程－我們如何管理客戶的廢棄物進入我們的設備，運輸效率，這些都正在顯現出來。

So we're really bullish about how Kimball has helped the network in so many ways. As far as speaking with our customers, the trend continues on how our network provides them a really security in being able to have multiple units service their needs and well positioned geographically with transportation efficiencies built on. And when we even think about what's going on with captives, we talk a lot about that, where the interest of what we have now continues to be strong.

所以我們非常看好 Kimball 在很多方面對電視台的幫助。與客戶溝通後，我們發現，我們的網路能夠為他們提供真正的安全保障，讓他們能夠擁有多個服務單元來滿足自身需求，並且地理位置優越，運輸效率也得到了提升。即使當我們思考俘虜的處境時，我們也會經常談論這個問題，因為我們現在所擁有的東西仍然具有強烈的吸引力。

Those captives are our customers, as we've mentioned. Our relationships with them are strong as they continue to evaluate their cost positions, we have active discussions. So we're just adding Kimball to our network continues to prove to them in those large generators of hazardous waste that we have the network and the capabilities to supply their needs.

正如我們之前提到的，這些被困人員就是我們的客戶。我們與他們的關係很牢固，因為他們一直在評估自身的成本狀況，我們與他們進行了積極的討論。因此，我們只是將 Kimball 添加到我們的網路中，繼續向那些產生大量危險廢物的公司證明，我們擁有滿足他們需求的網路和能力。

Got it. Last question, just on M&A. And again, you touched on this, but is valuations or is that the main challenge with respect to the potential for larger opportunities that might be out there? Just wondering how we might think about the pipeline for larger deals?

知道了。最後一個問題，關於併購方面。您剛才也提到了這一點，但估值是否是主要挑戰，或者說，這是否會影響到可能的更大機會？想知道我們應該如何考慮大型交易的通路建設？

When you think about larger deals, Jim, this is Mike. Certainly, valuations have gone up from where they were. The whole industry, including our stock, has experienced kind of some valuation appreciation, which is well deserved and probably can go further.

吉姆，如果你想談大生意，這位就是麥克。當然，估值已經比以前上漲了。包括我們公司股票在內的整個行業都經歷了一定程度的估值上漲，這是理所當然的，而且可能還會進一步上漲。

But I think that we have the best opportunity for the larger deals to provide the most amount of synergies that are out there and that would provide, when you look at it kind of post-synergy basis on multiple levels that are very reasonable and very value accretive to our shareholders. So -- the answer to your question is that we're trying to stand our swim lane.

但我認為，對於規模較大的交易而言，我們擁有最佳機會，可以帶來最大的協同效應，從多個層面來看，這些協同效應後的收益將非常合理，並能大大提升我們股東的價值。所以——你問題的答案是，我們正在努力堅持自己的泳道。

We look at deals all the time. Price is certainly part of the discussion, no doubt about it. We're trying to be thoughtful and make sure we get a good return. But I think on some of the deals we look at, synergy component is a big part of it, but I think we can provide a fair amount of synergies from the larger deals we're looking at.

我們一直都在關注各種優惠活動。價格當然是討論的一部分，這點毋庸置疑。我們力求周全，確保獲得良好的回報。但我認為，在我們檢視的一些交易中，綜效是一個重要因素，但我認為，對於我們正在檢視的大型交易，我們可以提供相當多的綜效。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I'm going to ask another capital allocation question, but maybe from a broader perspective over the next two years plus. If you look back at your Investor Day, two and a half years ago, you have about $3.4 billion you thought at the time you'd incrementally you'd be able to deploy on acquisitions. Now we've got $500 million internal investments that you cited and who knows maybe there's even more.

我打算再問一個關於資本配置的問題，但這次是從更廣闊的視角，著眼於未來兩年甚至更久。回顧兩年半前的投資者日，當時你們認為大約有 34 億美元可以逐步用於收購。現在我們有了你提到的 5 億美元內部投資，誰知道呢，也許還有更多。

How does the -- if you could compare and contrast sort of today's capital allocation profile between acquisitions, share repurchase and internal investments versus what you thought two and a half years ago? What are the differences in that mix of spend?

如果可以比較和對比當今的資本配置情況（包括收購、股票回購和內部投資）與兩年半前你的想法，你會怎麼想？這種支出組合有何不同？

Tobey, this is Mike. I'll start and Eric and Eric can certainly chime in. I think that there's been really no change in our deployment of capital when you think about internal investments or buybacks. I think those two -- when you think about the four legs of the stool, the fourth being debt repayments, I think that we have maintained a consistent posture on both capital internal growth projects like the Kimball incinerator, now like the SDA Unit or buybacks, a steady growth of buybacks this year, maybe a little higher than normal, but we buy back a float plus depending on the market that's out there. We still have $350 million-plus of availability under our current authorization.

托比，這是麥克。我先開始，Eric 和 Eric 也都可以插嘴。我認為，就內部投資或股票回購而言，我們的資本部署實際上並沒有任何變化。我認為這兩點——當你想到凳子的四條腿時，第四條腿是償還債務，我認為我們在資本內部增長項目（如 Kimball 焚燒爐，現在像 SDA 部門）或股票回購方面一直保持著一致的立場，今年的股票回購穩步增長，可能比正常情況略高，但我們根據市場情況回購流通加上其他股份。我們目前的授權額度下仍有超過 3.5 億美元的可用資金。

When I think about M&A, I mean, M&A is lumpy. It takes two to tango, and we got to make sure that we're getting a good return on our investments. We never said it was going to be a straight line to get to that level of growth. We always said that it's going to be -- this is kind of -- we wanted to message to the Street that this was our -- Eric and I's intent to go do M&A, but it's got to make financial sense.

一想到併購，我就覺得併購很複雜。跳探戈需要兩個人，我們必須確保我們的投資能獲得良好的回報。我們從未說過達到那種成長水準會是一條直線。我們一直說——這有點像——我們想向華爾街傳達一個訊息，那就是——我和艾瑞克打算進行併購，但這必須在財務上有意義。

And as such, there have been deals that we got to a point where we stopped or deals that didn't fit very well that we talked to the Board about a couple of 3 times that didn't fit well that we decided not to go forward on. So these are all the process of being very cash disciplined, getting -- trying to make sure we get a good return. And that I think that our long-term shareholders are happy about, frankly.

因此，有些交易進行到某個階段後我們就停止了，或者有些交易不太合適，我們和董事會討論過兩三次，但仍然決定不繼續推進。所以這些都是嚴格控制現金流、確保良好回報的過程。坦白說，我認為我們的長期股東對此感到高興。

And if I could ask another question about health care expense. Do you anticipate health care expense growth increasing or accelerating again next year? Some of the surveys out of the big health care consulting firms suggest that next year is going to be even tougher.

我能否再問一個關於醫療保健費用的問題？您預計明年醫療保健支出成長會再次增加或加速嗎？一些大型醫療保健顧問公司的調查顯示，明年情況會更加艱難。

Yes, Tobey, it's Eric here. I think difficult to project, kind of read the same news you do. I think at a gross level, certainly, I don't think one could say that health care costs in general won't increase. However, I think some of the reasons for our increase this year that Mike mentioned around the preponderance of high-cost claims. The frequency of those this year just seems to be higher than normal, and I don't necessarily see that impact continuing.

是的，托比，我是艾瑞克。我覺得很難預測，因為我看到的新聞跟你看到的差不多。我認為從總體上看，當然，不能說醫療保健成本總體上不會增加。不過，我認為麥克提到的今年我們費用上漲的部分原因是高額索賠案件較多。今年這類事件的發生頻率似乎比往年還要高，但我認為這種影響未必會持續下去。

It could, but I think the law of kind of long-term averages would get that back down to a normal level. So I think in short, yes, they'll continue to increase. I don't think they'll increase at the same level that we saw this year at the gross level. However, as I mentioned earlier, we are doing some things internally to try to mitigate the increase. And I think it will mitigate the increase in health care costs going forward.

有可能，但我認為長期平均規律會使它恢復到正常水平。所以簡而言之，我認為答案是肯定的，它們還會繼續成長。我認為他們的成長速度不會像今年總成長速度那麼快。但是，正如我之前提到的，我們正在內部採取一些措施來緩解這種增長。我認為這將有助於緩解未來醫療保健成本的成長。

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

格斯滕貝格先生，我們目前沒有其他問題了。現在我想把發言權交還給您，請您作總結發言。

Thanks, Christine, and thanks, everyone, for joining us today. Our next investor event will be at the Baird Industrial Conference in Chicago in a few weeks, followed by a Stephens event that Jim will be presenting at in Nashville. Also, have a great day today. Keep it safe and enjoy the upcoming holiday season. Thank you.

謝謝克里斯汀，也謝謝各位今天光臨。我們的下一場投資者活動將在幾週後於芝加哥舉行的貝爾德工業大會上舉行，之後吉姆將在納許維爾舉行的史蒂芬斯活動上發表演講。祝你今天過得愉快。注意安全，祝您假期愉快。謝謝。

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。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。