Clean Harbors Inc (CLH) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Clean Harbors first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Clean Harbors 2026 年第一季財務業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在很榮幸為各位介紹本次會議主持人，Clean Harbors 總法律顧問 Michael McDonald。McDonald 先生，您可以開始了。

Thank you, Christine, and good morning, everyone. With me on today's call are 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，Christine，各位早安。今天與我一同參與電話會議的有共同執行長 Eric Gerstenberg 與 Mike Battles；執行副總裁暨財務長 Eric Dugas；以及投資人關係資深副總裁 Jim Buckley。今天電話會議的簡報已張貼於我們的投資人關係網站，歡迎各位一邊收聽一邊參閱。

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, May 6, 2026.

我們今天討論中，凡非歷史事實之事項，均屬《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。提醒與會者勿過度依賴這些陳述；其僅反映管理層截至今日（2026 年 5 月 6 日）的觀點。

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

可能影響我們業績的因素與風險之相關資訊，已載於我們向美國證券交易委員會（SEC）提交的文件中。除非透過與本報告期間相關之申報文件另行揭露，否則公司不承擔修訂或公開發布對今日陳述之任何修訂結果的義務。今日討論亦將提及非 GAAP 衡量指標。

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

Clean Harbors 認為，該等資訊可提供額外的衡量方式，並使其績效具備一致的歷史比較基礎。這些指標與最直接可比之 GAAP 指標的調節表，已刊載於我們投資人關係網站上的今日新聞稿，以及今日簡報的附錄中。

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

接下來把電話交給 Eric Gerstenberg 來開始。Eric？

Good morning, everyone, and thank you for joining us. Before we move into the results, I want to recognize our General Counsel, Michael McDonald, who will be retiring next month. Michael has been a trusted colleague and an integral part of the Clean Harbors team for more than 25 years, and his judgment and perspective have been invaluable. We thank him for his many contributions and wish him good health and happiness in the years ahead. Thank you, Michael.

各位早安，感謝各位加入我們。在進入業績之前，我想先向我們的總法律顧問 Michael McDonald 致意，他將於下個月退休。Michael 25 年多來一直是值得信賴的同事，也是 Clean Harbors 團隊不可或缺的一員；他的判斷與觀點極具價值。我們感謝他多年的貢獻，並祝福他未來歲月健康、幸福。謝謝你，Michael。

Starting off with safety. Our team delivered an extraordinary safety results in Q1 by achieving the lowest quarterly total recordable incident rate in our history at just 0.39. While we invest in better equipment, technology and company-wide programs to improve safety, you only get the type of results we are achieving with buying at the field level.

先從安全談起。我們的團隊在第一季交出卓越的安全成果，創下公司歷史上最低的單季可記錄事故總比率（TRIR），僅 0.39。雖然我們持續投資更好的設備、技術與全公司計畫以提升安全，但要達到我們目前的成果，關鍵仍在於第一線的落實與投入。

We are continually setting a higher standard for our company and our industry. For any employees tuned in today, thank you for all the best you do and keep yourself safe and your colleagues safe.

我們不斷為公司與產業樹立更高標準。今天有收聽的同仁們，感謝你們所做的一切，請務必保護自己，也保護同事的安全。

Turning to a summary of results on slide 3. We kicked off 2026 with better-than-expected Q1 results, including higher profitability in both of our segments. Despite challenging weather conditions that impacted our collection and services business in February, we exceeded our EBITDA expectations and improved the company's adjusted EBITDA margin by 60 basis points from Q1 2025.

接著看第 3 頁投影片的業績摘要。我們以優於預期的第一季表現揭開 2026 年序幕，兩大事業部門的獲利能力皆提升。儘管 2 月惡劣天候影響了我們的收集與服務業務，我們仍超越 EBITDA 預期，並使公司調整後 EBITDA 利潤率較 2025 年第一季提升 60 個基點。

Within the Environmental Services segment, we demonstrated our resiliency by delivering the segment's 16 consecutive quarter of year-over-year improvement in adjusted EBITDA margin and 18 straight quarter of EBITDA growth. At the same time, Safety-Kleen Sustainable Solutions segment benefited from our continued focus around charge for oil services and from a late quarter surge in base oil pricing that lifted its profitability.

在環境服務（Environmental Services）事業部門，我們展現韌性，達成該部門調整後 EBITDA 利潤率連續第 16 季年增改善，並連續第 18 季 EBITDA 成長。同時，Safety-Kleen 永續解決方案（Sustainable Solutions）事業部門受惠於我們持續聚焦於油品服務收費策略，以及季末基礎油價格的急升帶動其獲利提升。

Turning to the segments, beginning with ES on slide 4. Q1 revenue in this segment increased by more than $40 million due to growth in project services, including PFAS-related opportunities and a considerable amount of emergency response work. We also continue to see healthy demand for our disposal and recycling services.

接著看各事業部門，先從第 4 頁的環境服務（ES）開始。本部門第一季營收增加逾 4,000 萬美元，主要來自專案服務成長，包括 PFAS 相關機會，以及相當多的緊急應變工作。我們也持續看到對處置與回收服務的健康需求。

Technical Services revenue rose 5% and Safety-Kleen Environmental Services revenue grew 7%, driven by pricing and higher volumes within its core offerings. Incineration utilization, including the new Kimball incinerator was 80% versus 81% a year ago, reflecting scheduled maintenance days and weather-related impacts in both periods.

技術服務（Technical Services）營收成長 5%，Safety-Kleen 環境服務營收成長 7%，主要由定價提升與核心服務項目之量增所帶動。焚化處理使用率（包含新的 Kimball 焚化爐）為 80%，去年同期為 81%，反映兩個期間皆有例行維護天數及天候相關影響。

Continuing the trend of the past several quarters, we generated a sizable increase in landfill volumes, which rose by 34% on strength of project work, including PFAS-related claims. Field service revenue grew 7% in the quarter as we responded to a steady stream of customer emergency events across the US, including a large-scale event that generated approximately $10 million in revenue. We opened 18 field service branches during 2025 and plan to open 10 more in 2026.

延續過去數季的趨勢，我們的掩埋場處理量大幅增加，在專案工作（包括 PFAS 相關案件）的帶動下成長 34%。第一季現場服務（Field Services）營收成長 7%，因我們在全美因應客戶持續發生的緊急事件，其中包含一項大型事件，約帶來 1,000 萬美元營收。我們在 2025 年新增 18 個現場服務據點，並計畫於 2026 年再新增 10 個。

While these new locations will take some time to grow their revenue base, our investment speaks to the opportunities we see in field services as well as our ability to cross-sell across other businesses. Adjusted EBITDA was up 6% in the quarter, with ES segment margin up 50 basis points due to pricing, higher volumes, workforce productivity and cost control initiatives.

雖然這些新據點需要一些時間才能擴大其營收基礎，但我們的投資反映出我們在現場服務看到的機會，以及我們跨其他業務進行交叉銷售的能力。本季調整後 EBITDA 成長 6%；ES 部門利潤率提升 50 個基點，主要受惠於定價、量增、人力生產力提升與成本控管措施。

Overall, our ES segment achieved positive Q1 results despite certain market conditions in the quarter, including weather and regional softness in our Industrial Services business. We exited the quarter with considerable momentum for ES in March. Revenues were approximately 10% higher than the same month a year ago.

整體而言，儘管本季存在若干市場因素（包括天候影響，以及我們工業服務（Industrial Services）業務在部分地區的疲弱），ES 部門仍取得正向的第一季成果。我們在 3 月以相當強勁的動能結束本季。營收較去年同月約高出 10%。

Turning to slide 5. We wanted to take a moment to highlight our PFAS management framework that we issued in early April. The purpose today is not to cover the individual details of the framework, but to reemphasize that we have an end-to-end cost-effective solution for PFAS in all of its forms and concentrations. Over the past several years, we've had many customers, government agencies and even community leaders approach us for advice on how to best address PFAS.

接著看第 5 頁。我們想花點時間重點說明我們在 4 月上旬發布的 PFAS 管理架構。今天的目的不是逐一說明架構細節，而是再次強調：我們針對各種型態與濃度的 PFAS，提供端到端且具成本效益的解決方案。過去幾年來，許多客戶、政府機關，甚至社區領袖都曾向我們諮詢，如何以最佳方式因應 PFAS。

For example, they call on us when they want us to clean up contaminated water, remove stockpiles of AFFF firefighting foam and need someone to respond to emergency situations like fires or spills or remediate a contaminated site.

例如，當他們希望我們清理受污染的水源、移除 AFFF 消防泡沫的庫存堆置，或需要有人因應火災、外洩等緊急狀況，或整治受污染場址時，就會找上我們。

Customers have a lot of uncertainty around PFAS, and we believe our framework featured on this slide is beneficial to help them make smart economic decisions at all stages of the process. Our recommendations are based on years of institutional knowledge and the latest scientific data, including the PFAS incineration study we completed in conjunction with the EPA and the Pentagon.

客戶對 PFAS 存在許多不確定性，我們相信本頁投影片所示的架構，有助於他們在流程各階段做出明智且具經濟性的決策。我們的建議係基於多年累積的機構知識與最新科學數據，包括我們與美國環保署（EPA）及五角大廈合作完成的 PFAS 焚化研究。

Our concentration-based framework provides the proper treatment and disposal pathway for a range of scenarios. This tiered approach provides the ideal way to address complex contaminants at reasonable costs. We are starting to see considerable regulatory movement around these forever chemicals.

我們以濃度為基礎的架構，能針對各種情境提供適當的處理與最終處置途徑。此分級方法以合理成本提供處理複雜污染物的理想方式。我們開始看到針對這些「永久化學物質」的監管動向顯著加速。

Both the Department of Water in March and the US EPA in April have issued PFAS guidance that included incineration, hazardous waste landfill and water filtration as recommended methods of treatment and disposal. The market is still developing, but having both the Pentagon and the EPA issued guidance that endorses high temperature, permanent incineration and our other PFAS offerings is critical. Those endorsements of our proven capabilities add to the momentum we are already seeing in our PFAS sales pipeline.

水務部於3月以及美國環保署（US EPA）於4月均發布了PFAS指引，其中將焚化處理、有害廢棄物掩埋場處置以及水過濾列為建議的處理與處置方法。市場仍在發展中，但五角大廈與環保署雙雙發布指引，背書高溫、永久性焚化以及我們其他PFAS相關服務，至關重要。這些對我們已驗證能力的背書，進一步推動了我們在PFAS銷售管線中已經看到的動能。

As PFAS remediation accelerates nationwide, our integrated framework provides a practical and scalable model for industry and government partners. Today, we continue to believe that Clean Harbors remains the only company that can offer a cost-effective end-to-end single-source solution that is commercially scalable for any PFAS need.

隨著全國PFAS整治加速推進，我們的整合式架構為產業與政府合作夥伴提供了一個務實且可擴展的模式。截至今日，我們仍相信Clean Harbors仍是唯一能提供具成本效益、端到端、單一來源解決方案，且可針對任何PFAS需求進行商業化擴展的公司。

With that, let me turn things over to Mike to discuss SKSS our reference related to AI and our capital allocation strategy. Mike?

接下來，讓我把時間交給Mike，請他談談SKSS、我們提到與AI相關的內容，以及我們的資本配置策略。Mike？

Thanks, Eric, and good morning, everyone. Turning to SKSS on slide 6. The year-over-year decrease in segment revenue was expected and reflects lower market pricing for base and blended products as compared to a year ago. This was partially offset by an increase in charge-for-oil revenue as well as rising base oil prices toward the end of the quarter. That base oil price increase and the work the team has done to manage our costs over the past year has led to a meaningful rise in profitability.

謝謝你，Eric，各位早安。我們來看第6頁的SKSS。該事業部營收年減在預期之內，反映基礎油與調和產品的市場定價較去年同期走低。這部分被收油服務（charge-for-oil）收入增加，以及季末基礎油價格上漲所部分抵銷。基礎油價格的上升，加上團隊過去一年在成本管理上的努力，帶動獲利能力顯著提升。

Q1 adjusted EBITDA in SKSS grew 17% to $33 million with an impressive 320 basis points improvement in margin. We increased our CFO pricing sequentially from Q4 and more than doubled our rate from Q1 last year. We continue to provide high-level services to customers. And even with a higher CFO, we collected 53 million gallons of waste oil to keep our re-refinery running efficiently.

SKSS第一季調整後EBITDA成長17%至3,300萬美元，毛利率（利潤率）提升320個基點，表現亮眼。我們的CFO定價較第四季按季上調，且較去年第一季的費率提高逾一倍。我們持續為客戶提供高水準服務。即便CFO較高，我們仍收集了5,300萬加侖的廢油，以維持再精煉廠高效率運轉。

At the same time, sales of base and blended gallons were consistent with the prior Q1. We incrementally grew both our direct lubricant gallons and Group III gallons sold versus Q1 a year ago. Those gallons carry a premium value and profitability compared to our other products. Overall, our SKSS segment delivered better-than-anticipated results.

同時，基礎油與調和產品的銷售加侖數與前一年度第一季一致。相較去年第一季，我們的直銷潤滑油加侖數與Group III銷售加侖數均有小幅成長。這些產品相較於其他產品具有更高的溢價與獲利能力。整體而言，我們的SKSS事業部交出優於預期的成果。

Turning to slide 7. This morning, I want to briefly touch on the topic of artificial intelligence, an area of immense potential for us. Technology has been part of Clean Harbor's DNA and a competitive differentiator for decades. AI is the next practical layer of that. We have implemented AI type functionality for years, and we continue to see real opportunity to improve productivity, compliance, safety and customer service over time.

接著看第7頁。今天早上，我想簡要談談人工智慧這個主題，這對我們而言是極具潛力的領域。數十年來，科技一直是Clean Harbors的DNA，也是我們的競爭差異化因素。AI是其下一個可落地的實用層。我們多年來已導入類AI功能，並持續看到在提升生產力、合規、安全與客戶服務方面的實質機會。

We use AI in many areas, including waste classifications, invoice audit, ready-to-bill automation, document processing and field support tools. We are also evaluating opportunities in routing, scheduling and supply chain logistics. Our approach is disciplined, governed data, human-in-the-loop controls and clear operating use cases.

我們在許多領域使用AI，包括廢棄物分類、發票稽核、可開立帳單（ready-to-bill）自動化、文件處理以及現場支援工具。我們也在評估路線規劃、排程與供應鏈物流方面的機會。我們的方法是有紀律的：資料治理、人機協作（human-in-the-loop）控管，以及明確的營運使用情境。

People and technology creating a safer, cleaner environment has been our corporate slogan for many years. AI will continue to be a key element of our technology journey, and we expect our AI efforts to keep delivering meaningful financial returns for us in the years ahead.

「人與科技共同打造更安全、更潔淨的環境」多年來一直是我們的企業標語。AI將持續成為我們科技旅程的關鍵要素，我們預期AI相關投入在未來數年仍將為我們帶來可觀的財務回報。

Turning to capital allocation on slide 8. We continue to look for internal and external opportunities to generate the best return on our shareholders' capital. In recent years, we have executed well against all elements of our capital allocation framework, and we expect 2026 to be no different. We closed the DCI acquisition at the end of Q1, and we're excited about other attractive candidates that could materialize in the very near future.

接著看第8頁的資本配置。我們持續尋找內部與外部機會，以為股東資本創造最佳報酬。近年來，我們在資本配置架構的各個面向都執行得很到位，我們預期2026年也不例外。我們在第一季末完成DCI收購，並對其他可能在近期很快成形的具吸引力標的感到振奮。

We're also investing wisely internally to accelerate our growth, including our previously announced back truck fleet expansion, SDA unit in East Chicago and other smaller revenue-generating opportunities that have recently developed. We ended the quarter with an ample cash balance and low leverage to execute both facets of our growth strategy.

我們也在內部審慎投資以加速成長，包括先前宣布的後拖車車隊擴編、位於東芝加哥的SDA單元，以及近期出現的其他較小型、可帶來營收的機會。本季末我們持有充裕現金餘額且槓桿偏低，足以同時推進成長策略的兩個面向。

We also continue to view share repurchases as an attractive way to return value to our shareholders. Eric will detail our Q1 purchases, but we continue to see our shares as attractive at current market prices, given the favorable long-term outlook for our business.

我們也持續認為庫藏股回購是回饋股東價值的具吸引力方式。Eric將說明我們第一季的回購情況；但鑑於公司業務長期展望良好，我們仍認為以目前市價來看，我們的股票具吸引力。

We exited Q1 with momentum in a number of fronts. Within our disposal and recycling network, we are seeing an improving US economic backdrop to drive our base business, supported by growth opportunities stemming from reshoring, PFAS and project services.

我們在第一季結束時於多個面向都展現動能。在我們的處置與回收網絡中，我們看到美國經濟背景正在改善，帶動核心業務，同時也受惠於回流製造（reshoring）、PFAS與專案服務所帶來的成長機會。

Within -- with a large number of maintenance days in our incinerators now in the rearview, we expect to deliver mid- to upper 80% utilization for the full year. SK Environmental should deliver another consistent year of profitable growth. Our Field Service business continues to strengthen its position as a trusted national provider for environmental emergency response.

此外——隨著焚化爐大量維修天數已成過去，我們預期全年產能利用率可達80%中段至高段。SK Environmental應可再交出一年穩健且獲利成長的表現。我們的現場服務（Field Service）業務持續強化其作為全國性環境緊急應變可信賴供應商的地位。

Our Industrial Services business continues to operate in a challenged market, but initiatives we are undertaking now should position us for growth and better margins as conditions improve. For SKSS, we are capitalizing on elevated pricing and demand dynamics associated with global market disruptions and a continued focus on maximizing profitability while enhancing long-term customer relationships. Overall, we expect another year of exceptional profitable growth, margin improvement and free cash flow generation.

我們的工業服務（Industrial Services）業務仍在具挑戰的市場中運作，但我們目前推動的各項措施，應可在環境改善時讓我們具備成長與更佳利潤率的條件。就SKSS而言，我們正把握全球市場干擾所帶來的較高定價與需求動態，同時持續聚焦在最大化獲利並強化長期客戶關係。整體而言，我們預期將再迎來一年卓越的獲利成長、利潤率提升與自由現金流創造。

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

接下來，我把時間交給我們的財務長Eric Dugas。

Thank you, Mike, and good morning, everyone. Turning to slide 10. Our quarterly results came in ahead of the expectations we outlined in February, driven primarily by SKSS outperformance and continued strong execution from the Environmental Services segment. Total Q1 revenue increased 2% to $1.46 billion, reflecting solid top line growth for the quarter. Following some weather-related impacts in February that Eric mentioned, the ES segment delivered a record revenue month in March.

謝謝你，Mike，各位早安。我們來看第10頁。我們本季業績優於我們2月所提出的預期，主要受惠於SKSS表現超出預期，以及環境服務（Environmental Services）事業部持續強勁的執行力。第一季總營收成長2%至14.6億美元，反映本季營收端穩健成長。在Eric提到的2月部分天候影響之後，ES事業部在3月創下單月營收新高。

Q1 adjusted EBITDA increased 6% to $248 million. Our consolidated Q1 adjusted EBITDA margin was 17%, representing a 60 basis points improvement from the prior year period as both operating segments contributed higher margins. This margin expansion reflected a combination of our ongoing initiatives, including disciplined pricing, leveraging volume growth, effective cost controls around labor and cost internalization as well as network and transportation efficiencies.

第一季調整後EBITDA成長6%至2.48億美元。合併第一季調整後EBITDA利潤率為17%，較去年同期提升60個基點，兩大營運事業部均貢獻更高利潤率。此一利潤率擴張反映我們持續推動的多項措施，包括有紀律的定價、運用銷量成長、有效的勞動力成本控管與成本內部化，以及網絡與運輸效率提升。

SG&A expense as a percentage of revenue in Q1 increased year-over-year to 14.2%, partially due to higher incentive compensation and insurance costs in the current period. For the full year, we still expect SG&A expense as a percentage of revenue to be in the high 12% range. Depreciation and amortization in Q1 was $116 million, up slightly from a year ago. For 2026, we expect depreciation and amortization in the range of $460 million to $470 million.

第一季SG&A費用占營收比重年增至14.2%，部分原因是本期較高的獎酬費用與保險成本。就全年而言，我們仍預期SG&A費用占營收比重將落在12%高段區間。第一季折舊與攤銷為1.16億美元，較去年同期略增。對於2026年，我們預期折舊與攤銷將介於4.60億至4.70億美元。

First quarter income from operations was $119 million, up 7% from the prior year. Net income in Q1 increased 8% as we delivered earnings per share of $1.19.

第一季營業利益為1.19億美元，較去年同期成長7%。第一季淨利成長8%，每股盈餘為1.19美元。

Turning to the balance sheet on slide 11. We ended the quarter with cash and short-term marketable securities of approximately $670 million, providing ample flexibility to execute on the capital allocation priorities that Mike outlined.

接著看第11頁的資產負債表。本季末我們持有約6.70億美元的現金及短期有價證券，為執行Mike所概述的資本配置優先事項提供充足的彈性。

We closed the quarter with a net debt-to-EBITDA ratio of approximately 2 times, while our debt currently carries a blended interest rate of 5.2%. Our balance sheet remains in terrific shape as we move into the more cash-generative quarters of the year.

本季末淨負債對EBITDA比率約為2倍，而我們目前的債務加權平均利率為5.2%。隨著我們進入本年度現金創造能力更強的季度，我們的資產負債表仍維持非常強健。

Turning to cash flows on slide 12. Cash provided from operations in Q1 was $6 million. CapEx, net of disposals was $97 million, down roughly $20 million from the prior year. Included in this quarter's CapEx figure is approximately $15 million of cash investments in strategic growth projects, including the SDA unit and our vacuum truck fleet expansion.

接著看第12頁的現金流量。第一季營運活動提供的現金為600萬美元。資本支出（扣除處分）為9,700萬美元，較去年同期約減少2,000萬美元。本季資本支出包含約1,500萬美元投入策略性成長專案的現金投資，包括SDA裝置以及我們的真空卡車車隊擴充。

Adjusted free cash flow, which excludes spend from these strategic projects, was a negative $76 million in the quarter and in line with our expectations. As a reminder to folks, due to seasonality, negative adjusted free cash flow is typical in Q1 for our company. For 2026, excluding our expected $85 million of spend on the SDA unit and $25 million related to our fleet investment, we now expect net CapEx to be in the range of $350 million to $410 million with a midpoint of $380 million.

調整後自由現金流（排除上述策略性專案支出）本季為負7,600萬美元，符合我們的預期。提醒各位，由於季節性因素，我們公司第一季出現負的調整後自由現金流屬於常態。針對2026年，扣除我們預期在SDA裝置上的8,500萬美元支出以及與車隊投資相關的2,500萬美元後，我們目前預期淨資本支出將落在3.50億至4.10億美元區間，中點為3.80億美元。

This represents a $10 million increase versus the guidance we provided in February due to some investments related to attractive growth opportunities in select markets and geographies. We are acting these opportunities by making additional property investments and adding capabilities at certain sites where we see immediate returns. As such, these investments require a modest increase to our 2026 capital plan.

相較於我們2月提供的指引，這代表增加1,000萬美元，原因是我們在部分市場與地區針對具吸引力的成長機會進行了一些投資。我們正把握這些機會，透過額外的不動產投資，並在某些據點增加能力配置，以取得立即回報。因此，這些投資需要我們對2026年資本計畫做出小幅上調。

During Q1, we bought back approximately 87,000 shares of stock at a total cost of $25 million or an average price of approximately $287 per share. At March 31, we had approximately $575 million remaining under our share repurchase authorization, reflecting the expansion of that program by our Board in February.

第一季期間，我們回購約87,000股股票，總成本2,500萬美元，平均價格約為每股287美元。截至3月31日，我們在股票回購授權額度下尚餘約5.75億美元，反映董事會於2月擴大該計畫。

Turning to our guidance on slide 13. Based on current market conditions and our Q1 results, we are now guiding to a 2026 adjusted EBITDA range of $1.24 billion to $1.30 billion, with a midpoint of $1.27 billion or an increase of $40 million from our prior guidance.

接著看第13頁的財測指引。基於目前市場狀況與第一季結果，我們目前對2026年調整後EBITDA的指引區間為12.4億至13.0億美元，中點為12.7億美元，較先前指引上調4,000萬美元。

Given positive trends and market factors, which have developed late in Q1 and on into Q2, we now expect meaningful increases in both of our operating segments and are confident in our revised outlook.

鑑於正向趨勢與市場因素在第一季後段形成並延續至第二季，我們目前預期兩個營運部門都將出現顯著成長，並對修正後的展望充滿信心。

At the midpoint, this updated 2026 guidance now implies adjusted EBITDA growth of approximately 9% versus 2025. Looking at our annual guidance from a quarterly perspective, we expect second quarter adjusted EBITDA to grow 5% to 9% year-over-year on a consolidated basis.

以中點計算，這份更新後的2026年指引意味著調整後EBITDA較2025年成長約9%。從季度角度來看年度指引，我們預期第二季合併口徑的調整後EBITDA將年增5%至9%。

Looking at how our annual guidance translates into our reporting segments. At the midpoint of our guidance range, we now expect our 2026 adjusted EBITDA in Environmental Services to grow 5% to 8% for the year. We exited Q1 with increasing demand across disposal, recycling, remediation work and our SK branch offerings.

接著看我們的年度指引如何對應到各報導部門。以指引區間中點計算，我們目前預期2026年環境服務（Environmental Services）的調整後EBITDA全年將成長5%至8%。我們在第一季結束時，處置、回收、整治工程以及SK分支服務的需求皆呈現增加。

Our facilities network is positioned to process record volumes this year with strong execution from our sales team in a market backdrop of reshoring activity, robust project work and expanded PFAS-related work. We also expect to see continued expansion in our Field Services business.

在回流生產（reshoring）活動、強勁的專案工程，以及PFAS相關工作擴增的市場背景下，憑藉銷售團隊的強力執行，我們的設施網路今年有望處理創紀錄的量。我們也預期現場服務（Field Services）業務將持續擴張。

This 2026 guidance midpoint now assumes that our SKSS segment delivers approximately $165 million of adjusted EBITDA, up approximately 20% from 2025 and higher than the $135 million we provided in February due to the increase in base oil prices. There is significant uncertainty around the duration of the overseas conflict and its impact on petroleum-derived products such as base oil. We believe $165 million is an appropriate assumption at the current time given the wide range of potential outcomes.

這份2026年指引中點目前假設我們的SKSS部門可貢獻約1.65億美元的調整後EBITDA，較2025年約成長20%，也高於我們2月提供的1.35億美元，原因是基礎油價格上升。海外衝突持續時間及其對基礎油等石油衍生產品的影響仍存在重大不確定性。鑑於可能結果的範圍很廣，我們認為在目前時點以1.65億美元作為假設是適當的。

Within corporate, at the midpoint of our guidance, we expect negative adjusted EBITDA to increase by approximately 3% to 6% compared to 2025. This modest growth is primarily driven by higher wages and benefits, costs to support business growth, increased insurance costs and acquisition-related impacts.

在公司層面，以指引中點計算，我們預期負的調整後EBITDA將較2025年增加約3%至6%。這項溫和成長主要由較高的薪資與福利、支援業務成長的成本、保險成本上升以及併購相關影響所驅動。

Looking at it as a percentage of revenue, we expect Corporate segment results to be flat to slightly down from the prior year. For 2026, we now expect adjusted free cash flow in the range of $490 million to $550 million with a midpoint of $520 million. That represents a $10 million increase versus our prior guidance, reflecting the higher adjusted EBITDA we now anticipate this year and considering the revised CapEx assumptions.

若以營收占比來看，我們預期公司部門（Corporate）的結果將與去年持平或略為下降。針對2026年，我們目前預期調整後自由現金流將落在4.90億至5.50億美元區間，中點為5.20億美元。這較先前指引增加1,000萬美元，反映我們今年預期更高的調整後EBITDA，並納入修正後的資本支出假設。

We're off to a strong start in 2026, and our Q1 performance has led us to raise our full year expectations for both operating segments. We expect the positive demand environment we are seeing today to support strong profitable growth through the balance of the year. We're encouraged by our growth trajectory and remain focused on executing against our long-term vision and goals as we move through the rest of 2026.

我們在2026年有個強勁的開局，第一季表現促使我們上調兩個營運部門的全年預期。我們預期目前所見的正向需求環境，將支撐今年剩餘期間強勁且具獲利性的成長。我們對成長軌跡感到鼓舞，並將在2026年接下來的時間持續聚焦於執行長期願景與目標。

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

接下來，Christine，請開放提問。

(Operator Instructions) Noah Kaye, Oppenheimer.

(接線員指示) Noah Kaye，Oppenheimer。

Great start to the year. I'm just trying to think about the growth profile across business lines here in the second quarter in the guide. Clearly, I think you mentioned improving trends, really accelerating trends across segments. In March, I think you said 10% year-over-year revenue growth within ES in March and base oil prices improving as well.

今年開局很不錯。我想從第二季指引來思考各業務線的成長輪廓。很明顯，我認為你提到趨勢改善，而且各部門的趨勢確實在加速。在3月，我記得你說ES在3月的營收年增10%，而基礎油價格也在改善。

So I guess if we just unpack kind of the midpoint of the EBITDA guide for 2Q, how do we kind of think about that, if possible, from a segment perspective? Because it seems like your exit trends imply a pretty good amount of upside to that.

所以我想，如果我們拆解一下第二季EBITDA指引中點，能否從部門角度談談我們該如何看待？因為看起來你們的期末趨勢似乎意味著相對於該數字有相當不錯的上行空間。

Yes. Noah, this is Eric. I'll start. When you think of our different business segments, Clearly, as Mike pointed out, there's still a lot of fluctuation in what's going to happen with base oil, but we're cautiously optimistic that, that segment is going to continue to overperform.

是的。Noah，我是Eric。我先開始。當你看我們不同的業務部門時，很明顯如Mike所指出，基礎油接下來會如何發展仍有很大波動，但我們審慎樂觀地認為該部門將持續優於預期。

When we think about our Environmental Services segment, as we saw in Q1, our growth rates of our SKE business, our Technical Services business, our Field Service business, all are north of mid-single digits and higher.

當我們思考我們的環境服務（Environmental Services）事業部時，如同我們在第一季所看到的，我們的 SKE 業務、技術服務（Technical Services）業務、現場服務（Field Service）業務的成長率都高於中個位數，且更高。

Industrial Services, we continue to be cautious about looking at how that business will perform, especially in light of how refineries these days and turnarounds are producing -- are trying to maximize the production of fuel and diesel and jet fuel. So that business, we expect to obviously have a stronger second quarter and third quarter, but probably pretty flat year-over-year.

工業服務（Industrial Services）方面，我們仍持續保持審慎，觀察該業務將如何表現，特別是考量到如今煉油廠與歲修（turnarounds）的運作——正試圖將燃油、柴油與航空燃油的產量最大化。因此，我們預期該業務在第二季與第三季顯然會更強，但年對年可能相當持平。

I think to address kind of the Q2 question you had, Noah, in terms of the segments, I agree with all of Eric's points. To put a little bit finer point on Q2, I think when you look at the Environmental Services segment, Q2 last year strong. Q1 this year, kind of in that 5%, 6% range, very similar growth pattern as we move into Q2 here for Environmental Services, a little better than what we thought three months ago.

我想回應你關於第二季的問題，Noah，就各事業部而言，我同意 Eric 的所有觀點。更精準地聚焦在第二季，我認為當你看環境服務事業部時，去年第二季表現強勁。今年第一季大約在 5% 到 6% 的區間，隨著我們進入第二季，環境服務的成長型態非常相近，且比我們三個月前的預期略好一些。

And so that's nice to see. On SKSS, obviously, the year-on-year growth in Q2 greater than that, probably in excess of 10% due to the increase in base oil pricing predominantly.

因此看到這點很不錯。至於 SKSS，顯然第二季年對年成長會高於上述水準，可能超過 10%，主要是因為基礎油（base oil）價格上漲所致。

That's super helpful, guys. I want to pick up on your comments around the field expansion, the branch expansion and the cross-selling opportunity there. Can you talk a little bit more about that? Like how do you generate cross-sell from the field expansion? How does it translate across the business? If you can give us some examples, that would be helpful.

這非常有幫助，各位。我想延伸你們對於現場擴張、據點（branch）擴張以及其中交叉銷售機會的評論。你們能再多談一些嗎？例如，你們如何透過現場擴張來產生交叉銷售？它如何在整個業務之間轉化與帶動？如果能給一些例子，會很有幫助。

Yes, absolutely. When you think about our Technical Services business going out and collecting waste and packaging and bringing it back, those same technical services customers have -- the larger ones have environmental needs to have us respond with Field Services to clean their production tanks, to perform vacuum services above and beyond those baseline disposal lines -- disposal and transportation lines of business.

是的，當然可以。當你想到我們的技術服務業務外出收集廢棄物、進行包裝並運回時，那些相同的技術服務客戶——較大型的客戶——也有環境方面的需求，需要我們以現場服務回應：清洗其生產槽（production tanks）、提供真空（vacuum）服務，這些都超出那些基礎的處置線——處置與運輸等業務線。

When you think about our Safety-Kleen Environmental customers, we're seeing the same things where those smaller customers, smaller locations still have tanks and still have emergency response events, still have fleets that need our Field Services, services to respond to their fleet emergencies or minor spills that they have as they transport goods throughout the country.

當你想到我們的 Safety-Kleen Environmental 客戶時，我們也看到相同情況：那些較小的客戶、較小的據點仍然有槽體，仍然會發生緊急應變事件，也仍然有車隊需要我們的現場服務——在他們於全國運輸貨物時，回應其車隊緊急狀況或小型洩漏事件。

So our job is to make sure that as we grow out our footprint that when we have a technical service branch footprint or SKE branch that we're complementing that by building out all of our Field Service branch capabilities in those same locations and growing our cross-sell with all of our lines of business. We have about 60 different lines of business that we service. And when you think of the number of technical -- the types of technical services customers, they consume about 20 to 25 lines of business. Safety-Kleen customers is about 5 to 6 of those business unit lines of business.

因此，我們的工作是確保：當我們擴大我們的服務版圖（footprint）時，只要我們在某地有技術服務據點或 SKE 據點，我們就會在同樣地點同步建置我們所有的現場服務據點能力，並在我們所有業務線之間擴大交叉銷售。我們大約服務 60 種不同的業務線。而當你想到技術——技術服務客戶的類型時，他們大約會使用 20 到 25 種業務線。Safety-Kleen 客戶大約是其中 5 到 6 種業務單位的業務線。

Field Services complements both of those business units by responding to their needs, and that's why we continue to build out that field service footprint. It also, I would say, is that as we talk about field service branches, we're strategically trying to make sure that we are always the first call for any emergency response, large or small.

現場服務透過回應其需求來補足這兩個業務單位，這也是我們持續擴建現場服務版圖的原因。另外我會說，當我們談到現場服務據點時，我們在策略上也努力確保：無論緊急應變事件大小，我們永遠是第一通電話的首選。

And our team has been doing an excellent job of positioning us with emergency response agreements with large and small customers that we can be there from our needs. And those efforts, the team has done a great job there, and they're really paying off. And that's to come back around and to answer your question, Noah, our field service business is really complementing those other business units.

而我們的團隊在與大中小客戶簽訂緊急應變協議、讓我們能在他們需要時到場這方面，做得非常出色。這些努力，團隊做得很好，而且確實正在帶來成效。回到你的問題，Noah，我們的現場服務業務確實是在補強其他業務單位。

Bryan Burgmeier, Citi.

Bryan Burgmeier，花旗（Citi）。

Just on the '26 guide, the updated '26 guide, just curious if there's any impact from kind of rising diesel costs, maybe the impact to 1Q or 2Q as you kind of pass those costs along to customers or maybe that's kind of happening in real time? Just any thoughts on that would be helpful.

關於 2026 年指引（'26 guide），更新後的 2026 年指引，我想了解一下：柴油成本上升是否有任何影響？例如對第一季或第二季的影響，因為你們可能會把這些成本轉嫁給客戶，或是這可能正在即時發生？任何看法都會很有幫助。

Yes, Bryan, this is Mike. I'll take a shot at that. The diesel, we have a recovery fee that covers many different things, including the price of diesel that gets reset monthly. And so we tend to offset the cost of the diesel prices with that recovery fee. It's really been a long-standing process we've had for many, many years.

好的，Bryan，我是 Mike。我來嘗試回答。關於柴油，我們有一項回收費（recovery fee），涵蓋許多不同項目，包括柴油價格，並且每月重設。因此我們通常會用這項回收費來抵銷柴油價格的成本。這是我們行之有年的做法，已經持續很多很多年。

It's based on the underlying price of diesel, and I think it's been well understood and well accepted by our customers and it moves every month. So I think that the rising price of diesel as it relates to Environmental Services, the rising price of diesel has kind of an immaterial effect on our profitability, on our margins. It's almost a pass-through. On the SKSS side, obviously, it's very much more material.

它是以柴油的基礎價格為依據，我認為客戶對此理解充分、接受度也高，而且每個月都會調整。因此我認為，就環境服務而言，柴油價格上升對我們的獲利能力、對我們的利潤率影響相對不大。幾乎就是成本轉嫁（pass-through）。但在 SKSS 這邊，顯然影響就更為重大。

Got it. Yes, that makes sense. And then I appreciate the kind of overview and your thoughts on AI. Just maybe from a high level, where do you see the greatest opportunity right now? Would you say it's maybe on top line, bottom line? Is it efficiency or safety? Just some general thoughts on where the opportunities lie.

了解。是的，這很合理。另外也感謝你們對 AI 的概述與看法。想從更高層次問一下：你們目前認為最大的機會在哪裡？你會說是在營收端（top line）還是獲利端（bottom line）？是效率還是安全？想聽一些你們對機會所在的整體看法。

Sure. I'll start. The -- when I think about artificial intelligence, it was interesting as we prepared for this call, we start wanting to talk a little bit more about AI. We went back and looked and we were actually talking about AI and robotic process automation back in 2017. So we've been actually having these types of technologies in our systems, in our processes.

當然。我先開始。當我想到人工智慧時，很有意思的是，在我們準備這通電話會議時，我們開始想多談一些 AI。我們回頭看了資料，發現其實早在 2017 年我們就已在談 AI 與機器人流程自動化（robotic process automation）。所以我們其實早已在系統與流程中導入這類技術。

As we say, we think we're leading in technology in Clean Harbors and AI is just the next iteration of that. And again, we've been talking about it for many, many years. So all the things I laid out in my prepared remarks, they're all part of the reason why the margins have gone up 16 straight quarters for four straight years. They're all that and many other things we do as an organization, with that type of safety, compliance and profitability drivers, whether it be invoice audit automation, faster profiles, I mean the list goes on and on.

如同我們所說，我們認為 Clean Harbors 在科技方面處於領先地位，而 AI 只是下一個迭代。而且我們已經談這件事很多很多年。我在事先準備的發言中提到的所有事項，都是我們連續 16 個季度、連續四年利潤率提升的原因之一。這些以及我們組織內做的許多其他事情，都是以安全、合規與獲利能力為驅動因素——不論是發票稽核自動化、更快的資料建檔（profiles），我的意思是，清單可以一直列下去。

I mean we're making a more concerted effort here in 2026, a little more money, not a lot more money, but there's many, many different projects out there that are -- that help us from a safety and compliance standpoint as well as profitability. And it's hard to put a real number on that, like how much is that related to it. It isn't a huge spend, but we do see it as a great opportunity.

我的意思是，我們在 2026 年會更有系統地投入一些資源，多花一點錢——不是多很多——但外面有非常非常多不同的專案，能在安全與合規面以及獲利面幫助我們。而且很難把它量化成一個明確數字，例如到底有多少是由此帶來的。這不是一筆很大的支出，但我們確實把它視為一個很好的機會。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

I'm wondering, if you could just talk about the cadence of demand that you're seeing in Industrial Services, especially on the refining end market given the improved spreads. I'm wondering what you're expecting over -- as we head into turnaround season and what's the potential upside in that line of business now that the customers are a lot more profitable than a year ago?

我想請你談談你們在工業服務（Industrial Services）看到的需求節奏，特別是在煉油終端市場方面，考量到利差改善。我也想了解，隨著我們進入歲修季（turnaround season），你們對接下來的需求有何預期？以及在客戶獲利能力較一年前大幅提升的情況下，這條業務線目前可能的上行空間有多大？

Yes, Jerry, to start the year, we went out with our sales team, and they did touch points with over 12,000 customers that have both small and large type turnarounds planned for the year. And our overall turnaround count seems to be consistent with last year.

是的，Jerry。年初我們和銷售團隊一起外出拜訪，他們與超過12,000位客戶進行接觸，這些客戶今年規劃了小型與大型的歲修（turnaround）。而我們整體的歲修數量看起來與去年一致。

However, with what's going on with the Iran conflict, we're also seeing that those refiners really want to run full out to make as much fuel and diesel as they can. And preliminary trends that we're seeing exiting first quarter seems to be that those are more of pit-stop-related refinery turnarounds shorter in duration. So while the count seems good, they have been shorter in duration, we've evident.

不過，隨著伊朗衝突的情勢發展，我們也看到那些煉油廠確實希望全力運轉，盡可能生產更多汽油與柴油。我們在第一季結束時看到的初步趨勢似乎是，這些更像是「進站快修」型的煉油廠歲修，工期較短。所以雖然數量看起來不錯，但工期確實變短了，這點我們已經觀察到。

We have had a few that have expanded in scope that we've seen, and we think that, that's primarily due to last year, they were also constricting their spend. But we're cautiously optimistic. We're staying close with our clients. We're making sure that we manage all their needs. Our specialty services is growing when we perform those turnaround services as well. So we'll continue, I think, 90 to 120 days from now, we'll have a better outlook of what we're seeing.

我們也看到有少數案子擴大了工作範圍，我們認為這主要是因為去年他們也在壓縮支出。但我們仍保持審慎樂觀。我們會與客戶保持密切聯繫。確保我們能管理並滿足他們所有需求。而且當我們執行這些歲修服務時，我們的專業服務（specialty services）也在成長。所以我想我們會持續觀察；大概再過90到120天，我們對目前看到的狀況會有更清楚的展望。

Okay. And then, Mike, can we just circle back to your comments in the prepared remarks on the M&A pipeline. Can we -- to the extent you're comfortable, just talk about the sizes of potential deals that you're looking at? Is it one large deal? Is it multiple deals? And any color that you could share or willing to share on what are the key signposts from a timing standpoint that we should keep in mind?

了解。另外，Mike，我想回到你在事先準備稿中提到的併購（M&A）案源。在你方便的範圍內，能否談談你們正在看的潛在交易規模？是單一大型交易嗎？還是多筆交易？以及在時程面，有沒有任何你能分享、或願意分享的關鍵觀察指標，讓我們留意？

Yes, Jerry. So when we think about M&A, it's been another busy year here at Clean Harbors. It's just like it was last year, which just weren't as successful. But we got the DCI acquisition over the goal line that closed here in Q1. And there's many other opportunities out there, all in our swim lane, primarily in Environmental Service that have permanent facilities that feed our network or have a large collection network.

好的，Jerry。談到併購，對Clean Harbors來說今年又是忙碌的一年。就像去年一樣，只是去年並沒有那麼成功。但我們已經把DCI的收購案推進到終點，並在第一季完成交割。此外，市場上還有很多機會，都在我們的能力圈內，主要是在環境服務（Environmental Service）領域，這些標的要嘛擁有可長期運作的設施、能為我們的網路導流，要嘛擁有大型的收集網路。

So these are many out there. I think some are very close to closing. Some are -- but there's plenty in the hopper, mostly smaller deals, tuck-ins type of transactions, but I think those have been plentiful this year.

所以外面有很多這類機會。我認為有些已非常接近成交。有些則是——但整體來說，案源充足；多數是較小型的交易、屬於補強型（tuck-in）的併購，但我認為今年這類交易相當多。

James Ricchiuti, Needham.

James Ricchiuti，Needham。

Just based on what you're seeing in the Industrial Services turnarounds in the energy market, which I think you just characterized as kind of like pit-stops in nature. Does that suggest something more meaningful in the back half we see some change in the overall pricing environment for a while?

就你們在能源市場的工業服務歲修所看到的情況來看，我想你剛剛把它形容為有點像「進站快修」的性質。這是否意味著下半年會有更顯著的變化，例如整體定價環境在一段時間後出現一些改變？

We don't see a change from the pricing environment, no, but could suggest that in the back end that it might be a little bit more heavily loaded on turnarounds in Q3 and some bleeding into Q4. Obviously, as mentioned earlier, they're running hard right now. But we're staying close with those customers, making sure that we're available for all of their needs, and we'll be there to service them.

我們不認為定價環境會有變化，不會；但這可能意味著在後段，歲修活動可能會更集中在第三季，並有部分延伸到第四季。如先前提到的，他們現在確實在全力運轉。但我們會與這些客戶保持密切聯繫，確保我們能隨時滿足他們所有需求，我們也會在那裡為他們提供服務。

Yes, certainly hopeful that, that pattern comes to fruition, Jim. But just to be clear, kind of in the guidance as we have it laid out right now, we don't have large turnaround activity coming back in the second half. again, hopeful that, that happens. But the way we have it laid out right now is pretty flattish year-on-year.

是的，Jim，我們當然希望那種模式能夠實現。但要說清楚一點：以我們目前的指引（guidance）規劃來看，我們並沒有把下半年大型歲修活動回升納入假設；再次強調，我們希望會發生，但以目前的規劃來看，年對年大致是持平。

Got it. And just with respect to the activity, the more positive trends that you're seeing in ES in March, can you give any color on -- and maybe more broadly in the quarter, which market verticals are you seeing changes versus your expectations, say, entering the year? I think you alluded to it.

了解。另外，關於你們在3月於ES（Environmental Services，環境服務）看到的較正向活動趨勢，你能否補充一些細節——也許更廣泛地談談在本季，哪些終端市場垂直領域（market verticals）相較於你們年初的預期出現了變化？我想你們剛剛有稍微提到。

Yes, James, we're seeing very strong trends with multiple verticals. Chemical, a little bit too early to tell. But in other areas such as health care and retail, we are driving expansion of those businesses. Pharma has been showing a lot of strength. Manufacturing, we're seeing volumes being really strong.

是的，James，我們在多個垂直領域都看到非常強勁的趨勢。化工方面還有點太早下定論。但在其他領域，例如醫療保健與零售，我們正在推動這些業務擴張。製藥（pharma）展現出很強的動能。製造業方面，我們看到量能非常強勁。

So a number of areas in our verticals that are pushing volume growth across the network in both Technical Services as well as SK Environmental, other things like universities and household hazardous waste days, pretty confirmed good spending trends. The number of quotes overall that we're seeing across the business is continuing to grow substantially. Our pipeline is strong in various areas, including project services. So a number of verticals we're seeing expansion in.

因此，我們的多個垂直領域正在推動整個網路的量增，涵蓋技術服務（Technical Services）以及SK Environmental；另外像大學、家庭有害廢棄物日（household hazardous waste days）等，也都顯示出相當明確的良好支出趨勢。我們在整體業務看到的報價（quotes）數量仍在大幅成長。我們在多個領域的案源管線（pipeline）都很強，包括專案服務（project services）。所以我們看到不少垂直領域都在擴張。

Jim, the only thing I'd add to that is that you've been covering us for a long time. We've been doing this for a long time. And normally, we don't raise guidance after 90 days in the quarter, whether we -- unless there's an M&A or something like that. So the fact that we're raising guidance on both segments here just after just giving guidance six, seven weeks ago should tell you about our view as we think about the rest of the year.

Jim，我唯一想補充的是，你追蹤我們很久了。我們也做這行很久了。通常我們不會在一季進行90天後就上調指引，除非有併購之類的因素。所以，我們在六、七週前才剛給出指引，現在就同時上調兩個事業部門的指引，這應該能反映我們對今年剩餘時間的看法。

Yes, it does. And I appreciate that additional color and congrats on the nice start.

是的，確實如此。也感謝你補充這些資訊，恭喜你們開局表現不錯。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

I was going to follow up on that question just because I know you mentioned the economy, too, the backdrop seems to be improving, and you gave a little more color on that. Just a question I had was, has there been any hesitation from any customers through the kind of just the Iran conflict going on? Has that interrupted you guys at all? It doesn't feel like much. Obviously, we talked about the oil effects.

我想延續剛才那個問題，因為我知道你們也提到了經濟；整體背景似乎正在改善，而你們也提供了一些額外說明。我想問的是，在伊朗衝突的情況下，有沒有任何客戶出現猶豫或觀望？這件事有對你們造成任何干擾嗎？感覺影響不大。當然，我們也談到了油價的影響。

But outside of that, has any customer behaviour changed at all due to maybe inflationary pressures they're feeling. Obviously, your energy customers are kind of drinking from the fountain there from the hose, but just outside of those customers.

但除此之外，是否有任何客戶行為因為他們感受到通膨壓力而有所改變？顯然你們的能源客戶目前算是受惠的一方，但我指的是那些能源客戶以外的客戶。

Larry, this is Mike. Thanks for the question. I guess I would say that we haven't seen a lot of disruption because of the conflict. As a matter of fact, one would think, logic would tell you that you're getting kind of more US production, that should be, if anything, a short-term pop from a short term -- from a manufacturing standpoint, you want to be closer to your customers, you're worried about supply chain. I mean those types of things that happened during COVID, frankly, that may be happening again.

Larry，我是 Mike。謝謝你的提問。我想我會說，我們並沒有因為這場衝突而看到太多的干擾。事實上，你會覺得，從邏輯上來說，你會看到某種程度上更多的美國本土生產；如果有影響的話，應該是短期的提振——從製造業的角度，你會希望更靠近你的客戶，並且擔心供應鏈。我的意思是，COVID 期間發生的那類事情，坦白說，可能又正在發生。

And certainly, if you look at some of our larger customers and read their earnings releases and their transcripts, you come away with that impression that they are definitely -- whether or not the demand environment is changing, I don't know, but that's still kind of muted. But certainly, as the US manufacturing should grow in the short term because of this conflict, if you're betting then.

當然，如果你看看我們一些較大的客戶，讀讀他們的財報新聞稿和電話會議逐字稿，你會得到那種印象：他們確實——不管需求環境是否正在改變，我不確定，但目前仍然有點低迷。但可以肯定的是，隨著這場衝突使得美國製造業在短期內應該會成長，如果你要押注的話就是如此。

Right. Okay. And then just a question more mid- to longer term on PFAS, and I appreciate all the color and the framework that Eric provided there. Just so the DOW, the EPA, obviously, they've given kind of guidance. It still feels like it's interim, though, right?

對。好的。接著是一個偏中長期、關於 PFAS 的問題，我也很感謝 Eric 在那裡提供的所有細節與架構。就 DOW、EPA 而言，顯然他們已經給出某種指引。但感覺仍然是暫行的，對吧？

Because they're not really establishing actual requirements. They're just kind of laying out the options, right, for removal. So are we still waiting for like a more finalized guidelines or requirements for customers that might actually accelerate growth over the next couple of years?

因為他們其實沒有真正訂出實際要求。他們只是把移除的選項大致列出來，對吧？所以我們是否仍在等待更最終版的指引或要求，讓客戶在未來幾年可能因此加速成長？

Larry, I'll start. So certainly, we've talked about in the past, the revenue that we did in 2025 was about $120 million plus, and our pipeline was continuing to increase by 20%. To start the year, based on the activity and the announcements over the past couple of quarters, we're seeing an accelerated pipeline. And our whole reasoning behind putting out that recommended guidance was because we see customers responding to that.

Larry，我先說。我們過去確實談過，2025 年我們的營收大約是 1.2 億美元以上，而我們的管線持續以 20% 的幅度增加。今年一開始，基於過去幾季的活動與公告，我們看到管線加速。而我們之所以發布那份建議性指引，是因為我們看到客戶正在對此做出回應。

When they have PFAS needs like changing out AFFF fire suppression systems or fire departments need to change out their fire trucks or an airport is going to be remediated because they're going to put a new runway down. We're using that guidance, and they're accepting it. And they accept it because of who we are and what we know and how we utilize our network in order to perform those responses.

當他們有 PFAS 的需求，例如更換 AFFF 泡沫滅火系統，或消防單位需要更換消防車，或機場因為要鋪設新跑道而要進行整治。我們使用那份指引，而他們也接受。他們之所以接受，是因為我們是誰、我們知道什麼，以及我們如何運用我們的網絡來執行這些應對。

So I think the point is that we're seeing that framework being enacted, customers acting more and more responsibly, regulatory agencies acting more and more responsibly. There definitely seems like there's more momentum going into this year than a year ago at this time, too. So we're -- even though there hasn't been any formal specific guidance like what we put out, we're acting by that. We see the market acting by that when they need to deal with their situations.

所以我想重點是，我們看到那個架構正在被落實，客戶的行為越來越負責任，監管機構也越來越負責任。今年的動能看起來確實比一年前的此時更強。因此，即使目前還沒有像我們發布的那樣正式且具體的指引，我們仍依此行事。當市場需要處理自身情況時，我們也看到市場依此行動。

David Manthey, Baird.

David Manthey，Baird。

First off on the new guidance. So it looks like $30 million of the $40 million midpoint EBITDA increase is because of SKSS. And as you said, I mean, you don't normally raise guidance in the first quarter. So should we expect the benefit from spreads in SKSS to flow ratably second quarter through fourth quarter? Or are you thinking about this like, hey, we have visibility on the second quarter based on where spreads are now, and we'll assess the potential third quarter and beyond spreads when we report in second quarter in July or whatever.

首先談新的指引。看起來在 EBITDA 指引中點上調的 4,000 萬美元裡，有 3,000 萬美元是因為 SKSS。而且如你所說，你們通常不會在第一季就上調指引。所以我們是否應該預期 SKSS 價差帶來的效益會在第二季到第四季平均反映？還是你們的想法是：我們對第二季有能見度，因為目前價差就在那裡；至於第三季及以後的價差，我們會在 7 月左右公布第二季時再評估？

Sure, David, it's Eric. I'll take that one. I would say we have the better base oil pricing kind of spread ratably between Q2 and Q3. Certainly more insight into Q2 right now, given the uncertainty around how long oil stays high. So I would think about it kind of ratably through Q2, Q3.

當然，David，我是 Eric。我來回答。我會說，我們把較佳的基礎油定價價差大致平均分布在第二季與第三季。考量到油價會維持高檔多久仍不確定，目前我們對第二季的掌握當然更多。所以我會把它視為在第二季、第三季大致平均反映。

I think Q4 remains better just with a lot of the things that the business is doing as well. But in the current guidance, we kind of assume pricing maybe coming back down a little more towards normal as we get closer to year-end.

我認為第四季仍會更好，因為業務本身也在做很多事情。但在目前的指引中，我們大致假設定價可能會在接近年底時回落一些、更接近常態。

Okay. That's helpful. And then as it relates to Kimball, I know initially, you were doing a lot of starting and stopping and doing some test burns and things. As we sit here today, is Kimball sort of running on a normal schedule? Is it taking what you would consider normal waste streams at this point?

好的。這很有幫助。接著談 Kimball，我知道一開始你們做了很多啟停、一些試燒之類的。以今天來看，Kimball 是否算是以正常排程在運轉？目前是否在處理你們認為屬於正常的廢棄物流？

Yes, David. Kimball ramp-up has gone extremely well. We more than exceeded our tonnage targets in 2025. We're out of the gates exceeding our expectations in 2026. The plant is running well. Team has done a great job, and we're on track with everything that we've laid out in the past from financially. When you think about 2025, our overall EBITDA contribution was about $10 million this year, add another $10 million to $15 million to that. But we're hitting our goals, our targets, and the plant is running very well.

是的，David。Kimball 的爬坡進展非常順利。我們在 2025 年的處理噸數目標不僅達成，還超出很多。2026 年一開始我們就超出預期。工廠運轉良好。團隊做得非常出色，我們在財務面也正按過去所說的方向推進。回想 2025 年，我們整體 EBITDA 貢獻大約是 1,000 萬美元；今年再增加 1,000 萬到 1,500 萬美元。但我們正在達成目標、達成指標，工廠運轉得非常好。

Adam Bubes, Goldman Sachs.

Adam Bubes，Goldman Sachs。

How are you thinking about potential to maybe hold on to some of the charge-for-oil actions in a base oil up cycle? And is there a way you would advise us thinking about SKSS EBITDA growth on a percent higher base oil prices or maybe incremental margins are a way to frame that?

你們如何看待在基礎油上行週期中，可能保留部分「收取油品處理費（charge-for-oil）」措施的可能性？另外，有沒有一種方式你們會建議我們思考：在基礎油價格每上升一定百分比時，SKSS 的 EBITDA 成長會如何？或者用增量利潤率來框架會更合適？

Yes, Adam, we -- the team throughout 2025, we were responding to some very challenging conditions with what was happening with base oil and did a great job of moving to a charge-for-oil basis. As we exit Q1, we're in that $0.60 range, and we look to continue to manage.

是的，Adam，我們——整個 2025 年，團隊在基礎油市場發生的情況下，面對非常具挑戰性的環境並做出回應，並且在轉向「收取油品處理費」的模式上做得很好。第一季結束時，我們大約在 0.60 美元的區間，並且會持續管理。

We had lost some gallons, but we really want to continue to manage in a charge-for-oil scenario. It's a waste that needs continued processing and refinement. And we want to make sure that we continue to operate that way and operate efficiently even though the base oil market has been changing.

我們確實流失了一些加侖數，但我們真的希望在「收取油品處理費」的情境下持續管理。這是一種需要持續處理與再精煉的廢棄物。即使基礎油市場正在變化，我們也希望確保持續以這種方式運作並提升效率。

Adam, we worked really hard to change the industry from a pay for oil to a charge for oil and it's a long painful 18 months, and we're not that interested in giving it back. Obviously, we're going to need to be selective on that because we want to make sure we keep our gallons flowing into the re-refineries, but I think we'll be loathed to do that.

Adam，我們非常努力地把產業從「付費收油（pay for oil）」改成「收費處理油（charge for oil）」，那是漫長而痛苦的 18 個月，我們不太有興趣把它再讓回去。當然，我們需要在這方面有所取捨，因為我們要確保有足夠的加侖數流入再精煉廠，但我想我們會很不願意那樣做。

And then can you just help us think about where your realized base oil price was in the quarter? And how is that compared to the exit rate?

接著，能否請您協助我們了解本季您實現的基礎油價格大約落在哪個水準？以及這與季末的退出水準相比如何？

I mean, base oil prices, I don't have exact numbers to share with you, but base oil prices certainly went up as we got towards the end of the quarter. The conflict started in late February. We gave guidance in mid- to late February. The conflict started in late February, prices started ramping up, and that was part of the beat here in Q1. And frankly, the guide raise in Q2.

我的意思是，基礎油價格我沒有可與各位分享的精確數字，但基礎油價格確實在接近季末時上升了。衝突在二月底開始。我們在二月中下旬給出了指引。衝突在二月底開始，價格開始快速上升，而這也是第一季表現優於預期的一部分原因。坦白說，也促成了第二季指引的上調。

James Schumm, TD Cowen.

James Schumm，TD Cowen。

So maybe just a couple of clarification questions for me. So the SKSS guide, up 30%, we're spreading that over two quarters, Q2, Q3. So that's like $5 million additional or incremental per month over those six months? Or did you realize some benefit in Q1 and you're assuming a little bit of benefit in Q4? Just maybe some help there.

我這邊可能有幾個釐清問題。所以SKSS的指引上調30%，我們把它分攤在兩個季度，也就是第二季、第三季。那等於在這六個月裡，每月大約增加或增量約500萬美元？還是說你們在第一季已經實現了一些效益，並且假設在第四季也會有一些效益？想請你們協助說明一下。

I would describe it as this. We certainly realized some of the benefit in Q1. We talked about that kind of on the call. In Q2 and Q3, I would say kind of an equal amount of incremental benefit and then kind of back down to normal in Q4. Q4 has a small kind of year-on-year increase in our current assumptions.

我會這樣描述。我們在第一季確實已經實現了一部分效益。我們在電話會議上也有提到這點。在第二季和第三季，我會說增量效益大致相當，然後在第四季大致回落到正常水準。以我們目前的假設來看，第四季相較去年同期會有小幅增加。

But as I alluded to a moment ago, there's -- and in my prepared remarks, a lot going on in the business, a lot changing even early as today, some news. We have some assumptions we're working on right now, and we're going to come back in three months' time and kind of update those. But I would think about it as the increase that's in the bank in Q1, spread pretty evenly between two and three for the rest of the $30 million and then kind of flattish to up a little bit in Q4.

但如我剛才提到的——以及在我事先準備的發言中——業務上有很多事情在進行，很多變化甚至到今天一早都還在發生，也有一些消息。我們目前正在基於一些假設來推演，三個月後我們會再回來更新這些假設。但我會這樣看：第一季已經落袋的增幅，剩下的3,000萬美元在第二季與第三季之間相當平均地分攤，然後第四季大致持平到小幅上升。

Okay. And then on PFAS, it sounds like you just kind of mentioned some -- maybe some accelerating momentum there. Is 20% the right growth rate to continue to think about this? Or does the accelerated pipeline maybe we should be thinking about like a 25% growth rate? Or is that too premature?

好的。接著關於PFAS，聽起來你們剛提到那邊可能有一些動能加速。20%會是我們接下來應該持續思考的成長率嗎？或者因為管線加速，我們應該把成長率想成例如25%？還是說現在這樣想還太早？

Yes. We -- it's more in the 25% to 35% range of what we're seeing initially here entering the year. So strong pipeline, number of samples that we're seeing to analyze for PFAS contamination that customers have been submitted have been up. The pipeline in both soil remediation, AFFF change-outs as well as industrial and municipal water treatment, all of those areas, we're seeing improvement trends as we begin here in 2026.

是的。我們——就我們在年初進入今年時初步看到的情況，較接近25%到35%的區間。所以管線很強，我們看到客戶送來要分析PFAS污染的樣本數量增加了。在土壤整治、AFFF更換，以及工業與市政用水處理等各領域的管線，我們在2026年初開始都看到改善趨勢。

(Operator Instructions) Tobey Sommer, Truist.

(接線員指示) Tobey Sommer，Truist。

I'd love to get your perspective on the EPA guidelines, any differences that you've noticed between those fresh and the DoD and what you expect to hear from customers or, in fact, are already hearing?

我很想聽聽你們對EPA指引的看法，你們是否注意到這些最新指引與國防部（DoD）之間有任何差異？以及你們預期會從客戶那邊聽到什麼，或者其實已經在聽到什麼？

Yes. No, we were really excited, obviously, to get -- to see over the goal line, the approving of incineration by the Department of War. Our teams have been working with already 700 different military installations to make sure that we're here for their needs. So all positive trends there.

是的。沒有，我們當然非常振奮，因為看到——可以說是跨過終點線——戰爭部核准焚化處理。我們的團隊已經與700個不同的軍事基地合作，確保我們能滿足他們的需求。所以那邊都是正向趨勢。

Just as you know, we spoke in the past that we had Lee Zeldin down and visited our incinerator down in Houston a while ago, and he recently commented about meeting with environmental and us on helping to solve the PFAS challenges out there. So we're excited by just seeing some of that limited momentum about disposal of technologies being pushed out there, by particularly the Department of War.

如各位所知，我們過去提過Lee Zeldin曾到休士頓參觀我們的焚化爐；他最近也評論到與環境相關單位以及我們會面，討論如何協助解決PFAS的挑戰。因此，我們很高興看到一些有限的動能，尤其是戰爭部正在推動相關處置技術的落地。

Tobey, it just revalidates what we already know that we have a great end-to-end solution. As Eric said in his prepared remarks, we have -- we can solve any of our customers' PFAS problems, and we've proven that both internally with our own framework as well as externally with the Department of War or the EPA.

Tobey，這只是再次驗證我們早已知道的事：我們擁有很棒的端到端解決方案。正如Eric在他事先準備的發言中所說，我們——我們可以解決客戶任何PFAS問題，而且我們已在內部以自有框架、以及在外部與戰爭部或EPA的合作中證明了這一點。

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

目前沒有進一步的問題。Gerstenberg先生，我想把時間交還給您做結語。

Thanks, Christine, and I appreciate everyone joining us today. We are participating in several investor events in the coming weeks, starting with the Oppenheimer Conference tomorrow. We are looking forward to seeing many of you at these events. And as always, have a great, safe rest of your week.

謝謝，Christine，也感謝各位今天加入我們。接下來幾週我們將參加多場投資人活動，明天先從Oppenheimer會議開始。我們期待在這些活動中見到各位中的許多人。一如往常，祝各位本週剩餘時間一切順利、平安。

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.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。