Clean Harbors Inc (CLH) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Clean Harbors second-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 年第二季財務業績電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

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

現在我很榮幸介紹本次會議主持人：Clean Harbors 總法律顧問 Tim Rodenberger。Rodenberger 先生，您可以開始了。

Thank you, Christine. And good morning, everyone.

謝謝你，Christine。各位早安。

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

今天與我一同參與電話會議的有：我們的共同執行長 Eric Gerstenberg 與 Mike Battles；我們的執行副總裁兼財務長 Eric Dugas；以及我們的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投資人關係網站。

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, July 29, 2026.

我們今天討論中凡非歷史事實之事項，均屬於 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此等陳述；該等陳述僅反映管理階層截至今日（2026 年 7 月 29 日）的看法。

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 of statements made today other than through filings made concerning this reporting period.

可能影響我們業績之潛在因素與風險資訊，已載於我們向 SEC 提交的文件中。除就本報導期間所作之申報文件外，公司不承擔修訂或公開發布今日所作任何陳述之修訂結果的義務。

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

今天的討論包含對非 GAAP 指標的引用。Clean Harbors 認為，此類資訊可提供額外衡量方式，並對其表現提供一致的歷史比較。這些指標與最直接可比之 GAAP 指標的調節表，已收錄於我們投資人關係網站上今日新聞稿，以及今日簡報附錄中。

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

接下來把電話交給 Eric Gerstenberg 開場。Eric？

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

謝謝你，Tim。各位早安，感謝大家加入我們。

Turning to a summary of Q2 results on slide 3. I'll start, as we always do, with safety, which remains at the core of our success. In Q2, our team continued to focus on protecting themselves and their colleagues, resulting in a year-to-date total recordable incident rate of 0.46.

接著看第 3 頁投影片，先總結第二季（Q2）業績。我會一如往常先從安全談起，安全仍是我們成功的核心。在第二季，我們的團隊持續專注於保護自己與同仁，使得年初至今的總可記錄事故率為 0.46。

This performance keeps us on track to reach our 2026 goal while continuing to outperform industry benchmarks and peer results. Safety remains a meaningful competitive differentiator for us. We exceeded our guidance for the quarter on the strength of both of our operating segments. Strong performances in Environmental Services and Safety-Kleen Sustainability Solutions contributed to record revenue, adjusted EBITDA and adjusted EBITDA margin. While SKSS clearly exceeded Q2 expectations, what gives us conviction in our outlook is that Environmental Services continues to deliver strong utilization rates, expanding margins and a growing pipeline of long-term opportunities.

這項表現使我們持續朝 2026 年目標邁進，同時也持續優於產業基準與同業表現。安全對我們而言仍是重要的競爭差異化因素。在兩大營運事業群的帶動下，我們本季業績超越指引。環境服務（Environmental Services）與 Safety-Kleen 永續解決方案（SKSS）的強勁表現，推動營收、調整後 EBITDA 及調整後 EBITDA 利潤率創下新高。雖然 SKSS 明顯超出第二季預期，但讓我們對展望更具信心的是：環境服務持續展現強勁的設備利用率、擴大的利潤率，以及不斷成長的長期機會管線。

Within ES, demand for our disposal assets and vast collection network remains strong, reflecting the scarcity of disposal capacity across the industry. Within our services business, growth was driven by another strong performance from SK Environmental Services and increased revenue in Field Services. The SKSS segment outperformed due to a variety of factors, including the environment created by global lubricant shortages.

在環境服務（ES）方面，我們的處置資產與龐大收運網路需求依然強勁，反映出全產業處置產能的稀缺。在我們的服務業務中，成長來自 SK Environmental Services 的再度亮眼表現，以及現場服務（Field Services）營收增加。SKSS 事業群優於預期，原因多元，其中包括全球潤滑油短缺所形成的市場環境。

Turning to our segment performance, beginning with ES on slide 4. Q2 revenue in this segment increased by more than $100 million. Technical Services revenue grew by 18% on strong demand for disposal and recycling services. We won both base business and sizable projects, including a large PFAS-related filtration project that directly resulted from previous emergency response work. That project accounted for more than $30 million of Q2 revenue.

接著看事業群表現，先從第 4 頁投影片的 ES 開始。本事業群第二季營收增加超過 1 億美元。技術服務（Technical Services）營收在處置與回收服務需求強勁帶動下成長 18%。我們同時拿下既有基礎業務與大型專案，其中包括一項與 PFAS 相關的大型過濾專案，該專案直接源自先前的緊急應變工作。該專案在第二季貢獻超過 3,000 萬美元營收。

Safety-Kleen Environmental Services revenue increased 11% driven by pricing and growth in its core offerings, including containerized waste collection and vacuum services. Incineration utilization in Q2 was 91% versus 86% a year ago, with the new Kimball incinerator included in both periods. Landfill volumes were also up, rising 7% this quarter. Field Services revenue grew 3% despite a difficult comp with Q2 2025. Our Industrial Services revenue was comparable to Q2 a year ago as growth in specialty and other services offset the impact of North American refineries continuing to operate with very limited downtime and turnaround activity.

Safety-Kleen 環境服務營收成長 11%，主要由定價與核心產品成長帶動，包括容器化廢棄物收集與真空服務。第二季焚化設施利用率為 91%，高於去年同期的 86%，兩個期間皆包含新的 Kimball 焚化爐。掩埋場處置量亦上升，本季增加 7%。儘管與 2025 年第二季相比基期較高，現場服務（Field Services）營收仍成長 3%。我們的工業服務（Industrial Services）營收與去年第二季大致持平，因為專業與其他服務的成長抵銷了北美煉油廠持續以極少停機時間運作、且歲修與檢修活動有限所帶來的影響。

Adjusted EBITDA was up 8% in the quarter, with ES segment margin up 10 basis points to 27.9%. We continue to demonstrate the earnings power of this segment, delivering our 17th consecutive quarter of year-over-year improvement in adjusted EBITDA margin and our 19th straight quarter of EBITDA growth. Overall, it was another outstanding quarter for ES as we continue to capitalize on favorable market trends that are showing no signs of slowing. We continue to successfully execute on our growth strategies as we head into the back half of the year.

本季調整後 EBITDA 成長 8%，ES 事業群利潤率提升 10 個基點至 27.9%。我們持續展現此事業群的獲利能力，達成調整後 EBITDA 利潤率連續第 17 季年增，以及 EBITDA 連續第 19 季成長。整體而言，ES 再度交出亮眼的一季，我們持續把握有利的市場趨勢，而這些趨勢看來沒有放緩跡象。隨著我們進入下半年，我們也持續成功執行成長策略。

Turning to slide 5. We announced today that we recently won a significant long-term disposal contract with a manufacturing customer that is expanding its US operations. This 10-year agreement, which centers on incineration waste and complex wastewater volumes, carries an estimated value of $600 million with options to expand in scope and extend duration. The contract will commence in the fourth quarter and will likely generate about $10 million in revenue this year.

接著看第 5 頁投影片。我們今天宣布，近期已與一位正在擴大其美國營運的製造業客戶，贏得一項重要的長期處置合約。這份為期 10 年的協議以焚化廢棄物與複雜廢水量為核心，估計合約價值 6 億美元，並包含擴大服務範圍與延長期間的選擇權。該合約將於第四季開始執行，且今年可能帶來約 1,000 萬美元營收。

Based on the customers' plans to open and ramp up multiple US sites, it is expected to reach full capacity in 2030. This contract provides a decade-long growth run rate tied to the expansion of US manufacturing. We believe it validates our substantial capabilities and versatility to safely process large volumes of variable waste streams at our multiple locations.

依據客戶在美國多個據點開設並逐步擴產的計畫，預期將於 2030 年達到滿載。此合約提供與美國製造業擴張連動、為期十年的成長動能（run rate）。我們相信，這也驗證了我們在多個據點安全處理大量且多變廢棄物流的強大能力與彈性。

We are proud that this customer selected Clean Harbors as a long-term partner to grow its US operations. We know that the scale and redundancy of our recycling and disposal network in our service locations are key factors in winning this contract.

我們很自豪該客戶選擇 Clean Harbors 作為長期合作夥伴，以擴大其在美國的營運。我們知道，我們在服務據點所具備的回收與處置網路規模與備援能力，是贏得此合約的關鍵因素。

There are two trends we are seeing in the market today. First, the expansion of US manufacturing related to reshoring. And second, customers are seeking to utilize a common service provider for all of their regulated waste and recycling needs. Given the unique capabilities of our assets, we expect to pursue opportunities for new contracts, both large and small, while expanding our relationships with customers that are growing their North American presence.

目前我們在市場上觀察到兩個趨勢。第一，是與回流（reshoring）相關的美國製造業擴張。第二，是客戶希望以單一服務供應商滿足其所有受管制廢棄物與回收需求。鑑於我們資產的獨特能力，我們預期將持續追求各種新合約機會（無論大型或小型），同時深化與正在擴大其北美布局之客戶的合作關係。

Turning to slide 6. Data centers is a market that we have been eyeing for some time, and I know that some of you have been asking about. We are in the process of introducing an integrated data center solution as many of our services align with customer needs. Our solution consists of eight separate lines of business that will address multiple phases of the data center market.

接著看第 6 頁投影片。資料中心是我們關注已久的市場，我也知道其中一些人一直在詢問。我們正著手推出整合式資料中心解決方案，因為我們的多項服務與客戶需求高度契合。我們的解決方案由八條不同的業務線組成，將涵蓋資料中心市場的多個階段。

Our initial focus is on the construction phase, where our industrial services, mechanical flushing, chemical passivation and water filtration services are in high demand. Our specialty services group has had some early successes in meeting with hyperscalers and data center owners. We've already won work on 10 sites to date, and are bidding on a dozen more. We see an opportunity to cross sell and grow, particularly as that market continues to evolve.

我們初期聚焦於建置階段，在此階段，我們的工業服務、機械沖洗、化學鈍化與水過濾服務需求很高。我們的專業服務團隊在與超大規模業者（hyperscalers）及資料中心業主會面方面已取得一些早期成果。截至目前我們已在 10 個據點贏得工作，並正對另外約 12 個據點投標。我們看到交叉銷售與成長的機會，尤其是在該市場持續演進之際。

In addition to shifting to a variety of data center cooling approaches that impact customer needs, the market is expecting to move from the current heavy construction phase to more of a maintenance phase. We see that as an attractive opportunity to introduce additional lines of business into our integrated offering, including fluid recovery and recycling, debris and waste removal, ER events and lubricant delivery.

除了轉向多種會影響客戶需求的資料中心冷卻方式之外，市場也預期將從目前以大量建設為主的階段，轉向以維護為主的階段。我們認為這是一個具吸引力的機會，可在我們的整合式服務中導入更多業務線，包括流體回收與再循環、碎屑與廢棄物清除、ER 事件以及潤滑油配送。

Our long-term plans for this market opportunity remain relatively modest as we are targeting growth to $200 million in annual revenue by the end of 2028. In order to hit that mark, we will be investing an additional $50 million in CapEx over the next three years to increase the specialty equipment, tankage and vehicles, we will need to service customers. The data center market is expected to grow at a CAGR of approximately 20% annually through 2030. With the services we provide, particularly within our specialty industrial services group, we estimate our TAM by 2030 could be as large as $8 billion to $10 billion.

我們對此市場機會的長期規劃仍相對審慎，目標是在 2028 年底前將年營收成長至 2 億美元。為達成該目標，未來三年我們將額外投入 5,000 萬美元資本支出（CapEx），以增加服務客戶所需的專用設備、儲槽與車輛。資料中心市場預期至 2030 年將以約 20% 的年複合成長率（CAGR）成長。以我們所提供的服務，特別是在我們的專業工業服務事業群內，我們估計到 2030 年的可服務總市場（TAM）可能高達 80 億至 100 億美元。

With that, let me turn things over to Mike to discuss our planned acquisition of ES&H, SKSS and our capital allocation strategy. Mike?

接下來，我把時間交給 Mike，請他說明我們規劃收購 ES&H、SKSS，以及我們的資本配置策略。Mike？

Thanks, Eric. And good morning, everyone.

謝謝，Eric。各位早安。

Turning to our latest acquisition on slide 7. We announced today that we have entered into a definitive agreement to acquire ES&H, our regional leader in Field Services and Emergency Response services in the Gulf region for $305 million. The all-cash transaction is expected to close in the second half of 2026, subject to regulatory approval and other customary closing conditions. We expect to drive attractive shareholder returns from this transaction as ES&H has built an outstanding reputation with its customers over a 30-year history.

接著看投影片 7 上我們最新的收購案。我們今天宣布，已簽訂最終協議，將以 3.05 億美元收購 ES&H；ES&H 是墨西哥灣地區現場服務（Field Services）與緊急應變（Emergency Response）服務的區域領導者。此全現金交易預計於 2026 年下半年完成交割，仍須取得主管機關核准並滿足其他慣常交割條件。我們預期此交易可帶來具吸引力的股東報酬，因為 ES&H 在 30 年的歷史中已在客戶間建立卓越聲譽。

They are a recognized leader in environmental ER throughout the Gulf Coast. In addition -- the addition of ES&H is expected to accelerate the growth and increase the coverage of our Field Services business. The company is known in the region as a great resource for on-water responses, and like Clean Harbors, the company carries the Coast Guard's highest Oil Spill Response Organization classification. Their talented employees, geographic footprint and equipment fleet will be a welcome addition to the company.

他們是墨西哥灣沿岸環境緊急應變（ER）領域公認的領導者。此外，納入 ES&H 預期將加速我們現場服務業務的成長並擴大覆蓋範圍。該公司在區域內以水上應變能力見長，且與 Clean Harbors 一樣，擁有海岸防衛隊最高等級的溢油應變組織（Oil Spill Response Organization）分類認證。他們優秀的員工、地理據點與設備車隊將成為公司非常受歡迎的補強。

ES&H is headquartered in Louisiana with a total of 13 service branches across that state and Texas. The majority of those are coastal locations that support its maritime service. In addition to its primary offerings, the company also sells a brand-new service called Forefront that includes emergency response readiness plan development, training and management of customers across multiple industries.

ES&H 總部位於路易斯安那州，在該州與德州共設有 13 個服務據點。其中多數為沿海據點，用以支援其海事服務。除核心服務外，該公司也提供一項名為 Forefront 的全新服務，內容包含緊急應變整備計畫的制定、訓練，以及跨多個產業的客戶管理。

ES&H's revenue are expected to be approximately $90 million annually, which should generate adjusted EBITDA of approximately $30 million. We expect the acquisition to generate cost synergies of approximately $5 million after the first full year of operations, which equates to a post-synergy acquisition multiple of 8.7x.

ES&H 的年營收預期約為 9,000 萬美元，並可產生約 3,000 萬美元的調整後 EBITDA。我們預期收購在營運滿第一個完整年度後可創造約 500 萬美元的成本綜效，換算為綜效後的收購倍數為 8.7 倍。

Moving on to SKSS on slide 8. As Eric highlighted, this segment delivered spectacular results this quarter. The greater than 40% increase in its top line and remarkable 143% increase in adjusted EBITDA reflects the elevated market pricing during the quarter due to the scarcity of base and blended products. The business also continues to manage our oil collection services effectively, collecting needing volumes while delivering higher year-over-year charge for oil revenue. Strong demand for our re-refined products was a result of major global supply disruptions in the Middle East and Asia, which created domestic market scarcity and drove multiple price increases in the market during Q2.

接著看投影片 8 的 SKSS。如 Eric 所強調，該事業本季交出極為亮眼的成果。營收年增逾 40%，調整後 EBITDA 更大增 143%，反映出本季因基礎油與調和產品供應稀缺而導致的市場價格走高。該業務也持續有效管理我們的廢油收集服務，在收集所需量的同時，帶動廢油收入的年增收費提升。我們再精製產品的強勁需求，源於中東與亞洲的全球供應重大中斷，造成國內市場供給吃緊，並在第二季推動市場多次漲價。

In the quarter, we also saw the benefit of ongoing strategic initiatives, including producing Group III gallons and selling more blended volumes. We increased our blended direct gallons sold in Q2, which accounted for 11% of total volumes sold. Our closed loop offering, where we collect customers' waste oil and deliver lubricants back is gaining more traction in this market. As mentioned, our collection team also did a great job actively managing the front end of our re-refining spread in terms of both collection volumes and costs. We gathered 61 million gallons of waste oil while continuing to increase revenue generated from our CFO program compared with a year ago.

本季我們也看到持續推動的策略性計畫帶來效益，包括生產 Group III 產量並提高調和銷售量。我們在第二季提高了調和直銷銷售量，該部分占總銷售量的 11%。我們的閉環（closed loop）方案——回收客戶的廢油並回送潤滑油——在此市場正獲得更多採用。如前所述，我們的收集團隊也在再精製價差（spread）前端的管理上表現出色，包含收集量與成本兩方面。我們收集了 6,100 萬加侖的廢油，同時相較去年持續提高 CFO 計畫所帶來的收入。

Overall, we were pleased to see the SKSS segment rebound so strongly after recent challenging years. We expect the supply constrained conditions to extend into Q3. And importantly, we believe that our strategic investment initiatives, like Group III, more blended and the SDA unit will position us when base oil and blended prices return to pre-war levels.

整體而言，我們很高興看到 SKSS 事業在近年挑戰之後強勁反彈。我們預期供應受限的情況將延續至第三季。更重要的是，我們相信像 Group III、更多調和產品以及 SDA 裝置等策略性投資計畫，將使我們在基礎油與調和產品價格回到戰前水準時具備更佳的競爭定位。

Turning to capital allocation on slide 9. We continue to look for the best opportunities, whether internal or external, to generate the highest and most durable returns on our shareholders' capital. The ES&H acquisition we expect to close in the remaining months fall into that category.

接著看投影片 9 的資本配置。我們持續尋找最佳機會，不論是內部或外部，以在股東資本上創造最高且最具持續性的報酬。我們預期在未來幾個月完成交割的 ES&H 收購案就屬於此類。

Additionally, we recently closed a $30 million acquisition of the New England-based Field Services and waste oil collection business called Western Oil, that should deliver $4 million to $6 million of annual adjusted EBITDA. They are well known here in the Northeast and will help support the gallons we need for our New Hampshire re-refinery as well as provide more spill response capabilities. We are excited about other attractive acquisition candidates that we are engaged with or expect to come to market later this year.

此外，我們近期完成以 3,000 萬美元收購一家位於新英格蘭的現場服務與廢油收集業者 Western Oil，預期可帶來每年 400 萬至 600 萬美元的調整後 EBITDA。他們在美國東北地區相當知名，將有助於支援我們新罕布夏再精製廠所需的加侖數，同時提供更多溢漏應變能力。我們也對其他具吸引力的收購標的感到振奮；我們已與部分標的接洽，或預期今年稍晚將有標的進入市場。

Internally, we continue to invest strategically to accelerate our growth and increase profitability, including our previously announced vacuum truck fleet expansion, SDA unit in Chicago and other strategic opportunities, such as the data center investment that Eric outlined. We have the balance sheet and low leverage to execute both facets of our growth strategy. We also continue to support share repurchases as an attractive way to return value to our shareholders.

在內部方面，我們持續進行策略性投資以加速成長並提升獲利能力，包括先前宣布的真空卡車車隊擴充、芝加哥的 SDA 裝置，以及其他策略性機會，例如 Eric 所概述的資料中心投資。我們具備健全的資產負債表與低槓桿，可同時推動成長策略的兩個面向。我們也持續支持庫藏股回購，作為向股東回饋價值的一項具吸引力方式。

As we move into the back half of 2026, we will look to extend the momentum we generated in the first half. We have an industry leading team that executed well from both an operational and sales perspective. Demand trends are favorable as well. We believe ongoing reshoring is creating opportunities for us to add new customers and waste streams. Our PFAS pipeline continues to grow with no signs of slowing in the US or Canada, including both private and government customers.

進入 2026 年下半年，我們將致力延續上半年所建立的動能。我們擁有業界領先的團隊，無論在營運或銷售面都執行到位。需求趨勢同樣有利。我們認為持續的回流生產（reshoring）正為我們帶來新增客戶與新增廢棄物流的機會。我們的 PFAS 專案管線持續成長，在美國或加拿大都未見放緩跡象，客戶涵蓋民間與政府部門。

For SKSS, the business continues to be well managed at both ends of our spread while operating in a robust pricing and demand environment. Overall, we expect to deliver record top line, bottom line margins and free cash flow this year, which will support our capital allocation strategy.

就 SKSS 而言，該業務在價差兩端的管理持續到位，同時處於強勁的定價與需求環境中運作。整體而言，我們預期今年可創下營收、獲利率與自由現金流的新高，並將支撐我們的資本配置策略。

And lastly, we wanted to take a moment to acknowledge our founder, Alan McKim. Alan built this company from the ground up over 46 years and created opportunities for thousands of employees. The culture, value and customer focus that defines Clean Harbors today are direct reflection of his leadership. We recently renamed our campus headquarters in his honor, a fitting tribute to the tremendous impact he's had in our company, our people and our industry.

最後，我們想花點時間向我們的創辦人 Alan McKim 致敬。Alan 在 46 年間白手起家打造這家公司，並為數千名員工創造機會。今日定義 Clean Harbors 的文化、價值觀與以客戶為中心的精神，皆直接反映他的領導力。我們近期以他的名字重新命名我們的園區總部，以此向他對公司、員工與產業所帶來的巨大影響致上最貼切的敬意。

With that, let me turn the call over to Eric Dugas, our CFO, to discuss our financials.

那麼，接下來我把電話交給我們的財務長 Eric Dugas，請他說明我們的財務表現。

Thank you, Mike. And good morning, everyone.

謝謝你，Mike。各位早安。

Turning to our Q2 results on slide 11. Our quarterly results came in well ahead of the expectations we outlined in May, driven by outperformance and strong execution from both segments. Total Q2 revenue increased 12% to $1.74 billion, reflecting a continuation of many of the trends we saw exiting Q1 and discussed on our previous earnings call.

接著看投影片 11 的第二季（Q2）業績。我們本季表現大幅優於我們在 5 月所提出的預期，主要受惠於兩大事業部門的超預期表現與強勁執行力。第二季總營收成長 12% 至 17.4 億美元，反映出我們在第一季末所見、並在上一場法說中討論的多項趨勢持續延續。

Q2 adjusted EBITDA increased 22% to $409 million. Our consolidated Q2 adjusted EBITDA margin was 23.6%, representing the highest quarterly margin in our company's history and a 190 basis point improvement from the prior year period. Market conditions in SKSS were clearly a factor. But our margin story in the quarter goes well beyond that as we leverage volume growth in our network, gained market share and added waste streams in several verticals, continue to drive strategies to offset inflation and higher fuel costs, controlled labor costs while continuing to minimize third-party costs, and improved utilization rates of our vehicle and equipment fleets.

第二季調整後 EBITDA 成長 22% 至 4.09 億美元。我們合併口徑第二季調整後 EBITDA 利潤率為 23.6%，創下公司史上最高單季利潤率，並較去年同期提升 190 個基點。SKSS 的市場狀況顯然是一項因素。但本季的利潤率表現遠不止於此：我們在網路中槓桿化處理量成長、取得市占並在多個垂直領域新增廢棄物流，持續推動抵銷通膨與燃料成本上升的策略，在持續降低第三方成本的同時控管人力成本，並提升車隊與設備的使用率。

SG&A expense as a percentage of revenue in Q2 increased year-over-year to 12.4%, primarily due to higher incentive compensation, insurance and claim-related costs and some strategic investments in the current period to support future expansion efforts. For the full year, we continue to expect SG&A expense as a percentage of revenue to be in the mid- to high 12% range.

第二季 SG&A 費用占營收比重年增至 12.4%，主要因為較高的獎酬性薪酬、保險與理賠相關成本，以及本期為支持未來擴張所進行的部分策略性投資。就全年而言，我們仍預期 SG&A 費用占營收比重將落在 12% 的中高段區間。

Depreciation and amortization in Q2 was $122 million, up slightly from a year ago. For 2026, we now expect depreciation and amortization in the range of $475 million to $485 million. Second quarter income from operations was $269 million, up 28% from the prior year. Net income in Q2 increased 34% as we delivered EPS of $3.22 per share.

第二季折舊與攤銷為 1.22 億美元，較去年略增。對於 2026 年，我們目前預期折舊與攤銷將介於 4.75 億至 4.85 億美元。第二季營業利益為 2.69 億美元，較去年同期成長 28%。第二季淨利成長 34%，每股盈餘（EPS）為 3.22 美元。

Turning to the balance sheet on slide 12. We ended the quarter with cash and short-term marketable securities of $517 million. These cash balances will help fund the M&A activity we discussed today as well as the other capital allocation priorities that Mike outlined. We closed the quarter with a net debt-to-EBITDA ratio of approximately 2 times, while our debt carried a blended interest rate at quarter end of 5.2%.

接著看投影片 12 的資產負債表。本季末我們的現金與短期有價證券為 5.17 億美元。這些現金餘額將有助於支應我們今天討論的併購（M&A）活動，以及 Mike 所概述的其他資本配置優先事項。本季末我們的淨負債對 EBITDA 比率約為 2 倍，而我們的債務在季末的加權平均利率為 5.2%。

Turning to cash flows on slide 13. Cash provided from operations in Q2 was $239 million, up 15% from a year ago. CapEx, net of disposals was $124 million, up nearly $40 million from the prior year. We advanced our strategic growth investments in Q2, including the SDA unit and our vacuum truck fleet expansion. Those accounted for more than half of that year-over-year increase with the remainder coming from investments in our base business.

接著看投影片 13 的現金流。第二季營運活動提供的現金為 2.39 億美元，較去年同期成長 15%。資本支出（CapEx）扣除處分收入後為 1.24 億美元，較去年增加近 4,000 萬美元。我們在第二季推進策略性成長投資，包括 SDA 單元以及真空卡車車隊擴張。上述項目占年增幅度的一半以上，其餘則來自對核心業務的投資。

Adjusted free cash flow, which excludes spend from these strategic projects was $136 million in the quarter, up slightly from the prior year.

調整後自由現金流（不含上述策略專案支出）本季為 1.36 億美元，較去年同期略增。

For 2026, excluding expected $85 million of spend on the SDA unit, $25 million related to our fleet investment and $10 million related to our data center strategy that Eric highlighted, we now expect net CapEx to be in the range of $370 million to $430 million, with a midpoint of $400 million. This represents a $20 million increase versus the guidance we provided in May due to incremental capital investments related to some attractive growth opportunities in select markets as well as new customer wins and PFAS associated work.

針對 2026 年，扣除預期在 SDA 單元的 8,500 萬美元支出、與車隊投資相關的 2,500 萬美元，以及 Eric 所強調、與資料中心策略相關的 1,000 萬美元後，我們目前預期淨資本支出將介於 3.70 億至 4.30 億美元之間，中位數為 4.00 億美元。相較於我們 5 月提供的指引，這代表增加 2,000 萬美元，原因是我們在部分市場針對具吸引力的成長機會、以及新客戶得標與 PFAS 相關工作，進行額外的資本投資。

These opportunities and related CapEx investments are intended to accelerate growth in both the near and long term. During Q2, we bought back approximately 84,000 shares of stock at an average price of $298 a share. At June 30, we had just under $550 million remaining under our share repurchase authorization.

這些機會及相關的資本支出投資，旨在加速短期與長期的成長。第二季期間，我們以每股平均 298 美元回購約 84,000 股股票。截至 6 月 30 日，我們在股票回購授權額度下尚餘略低於 5.50 億美元。

Turning to our guidance on slide 14. Based on first half performance, planned investments and current market conditions, we are now guiding to a 2026 adjusted EBITDA range of $1.35 billion to $1.41 billion, with a midpoint of $1.38 billion, and representing a $110 million increase from our prior guidance. We expect meaningful increases in both of our operating segments and are confident in our revised outlook.

接著看投影片 14 的財測指引。基於上半年表現、規劃中的投資以及目前市場狀況，我們目前將 2026 年調整後 EBITDA 指引上修至 13.5 億至 14.1 億美元區間，中位數為 13.8 億美元，較先前指引增加 1.10 億美元。我們預期兩個營運事業部門都將有顯著成長，並對修訂後的展望充滿信心。

At the midpoint, this updated 2026 guidance now implies adjusted EBITDA growth of $210 million or approximately 18% versus 2025.

以中位數來看，更新後的 2026 年指引意味著調整後 EBITDA 將較 2025 年增加 2.10 億美元，約成長 18%。

Looking at our annual guidance from a quarterly perspective, we expect third quarter adjusted EBITDA to grow 24% to 28% year-over-year on a consolidated basis. Looking at how our annual guidance translates into our reported segments, at the midpoint of our guidance range, we now expect our 2026 adjusted EBITDA in Environmental Services to grow 6% to 9% for the year.

從季度角度來看年度指引，我們預期第三季調整後 EBITDA 在合併口徑下將年增 24% 至 28%。就年度指引如何反映到我們揭露的事業部門而言，以指引區間中位數計算，我們目前預期 2026 年環境服務（Environmental Services）的調整後 EBITDA 全年將成長 6% 至 9%。

We entered the back half with strong demand across all of our businesses. This range does include approximately $5 million in contributions from the Terra Nova acquisition. This guidance assumes no contribution from ES&H. Once we conclude the regulatory process and close on that transaction, we will update our guidance accordingly.

我們在下半年開始時，各項業務需求皆維持強勁。此區間包含 Terra Nova 併購案約 500 萬美元的貢獻。本指引假設 ES&H 不帶來任何貢獻。一旦我們完成監管程序並完成該交易交割，我們將相應更新指引。

This 2026 guidance midpoint now assumes that our SKSS segment delivers approximately $275 million of adjusted EBITDA, double the amount we delivered in 2025 and significantly higher than the $165 million we provided in May when we expected the sharp spike in base oil prices to be more temporary. There remains substantial uncertainty around the duration of current market conditions and how long they will impact petroleum-derived products such as base oil. While there is potential for more upside given the state of the market, we believe $275 million is an appropriate assumption at the current time.

這份 2026 年指引的中位數目前假設 SKSS 事業部門可貢獻約 2.75 億美元的調整後 EBITDA，為我們 2025 年達成金額的兩倍，且顯著高於我們在 5 月所提供的 1.65 億美元（當時我們預期基礎油價格的急升會較為短暫）。目前市場狀況的持續時間，以及其將影響基礎油等石油衍生產品多久，仍存在高度不確定性。雖然依市場狀態仍可能有更多上行空間，但我們認為在目前時間點以 2.75 億美元作為假設是適當的。

Within corporate, at the midpoint of our guidance, we now expect negative adjusted EBITDA to increase by approximately 8% to 10% compared to 2025. This growth from our prior guidance is driven by higher incentive compensation, insurance claim costs acquisition impacts and strategic investments we're making.

在公司層級（corporate）方面，以指引中位數計算，我們目前預期調整後 EBITDA 的負值將較 2025 年增加約 8% 至 10%。相較先前指引的增加，主要來自較高的獎酬性薪酬、保險理賠成本、併購影響，以及我們正在進行的策略性投資。

Looking at it as a percentage of revenue, we still expect corporate segment results to remain flat in the prior year. For 2026, we now expect adjusted free cash flow in the range of $520 million to $580 million with a midpoint of $550 million. This represents a $30 million increase versus our prior guidance, reflecting the higher adjusted EBITDA we now anticipate this year and considering acquisition impacts, in the revised CapEx assumptions.

若以占營收比重來看，我們仍預期公司層級部門的結果將與去年持平。對於 2026 年，我們目前預期調整後自由現金流將介於 5.20 億至 5.80 億美元之間，中位數為 5.50 億美元。相較先前指引，這代表增加 3,000 萬美元，反映我們目前預期今年更高的調整後 EBITDA，並納入併購影響以及修訂後的資本支出假設。

In closing, I share Eric and Mike's enthusiasm about our growth prospects for 2026 and beyond, resiliency, broadening capabilities and profitable growth have long been hallmarks of Clean Harbors, all of which have been demonstrated over the past several years. Even when external market conditions were not entirely favorable, we have continued to grow by executing well, taking market share and expanding many of our service offerings.

最後，我也同樣認同 Eric 與 Mike 對 2026 年及更長遠未來成長前景的熱忱；韌性、能力版圖的擴大以及獲利性成長，長期以來一直是 Clean Harbors 的標誌，而這些特質在過去幾年也都已充分展現。即使外部市場環境並非完全有利，我們仍透過良好執行、取得市占並擴大多項服務內容，持續推動成長。

This year, we are starting to see some of those macro conditions turn in our favor, which is why our growth rates have been increasing. We remain a critical vendor and partner for our customers. And for many of them, we serve as their sustainability solution. We are bullish about our profitable growth for both of our operating segments in the back half of this year, and we remain focused on executing against our longer-term vision and goals.

今年，我們開始看到其中一些總體環境條件朝對我們有利的方向轉變，這也是為什麼我們的成長率一直在提高。我們仍然是客戶關鍵的供應商與合作夥伴。而對許多客戶而言，我們是他們的永續解決方案。我們對今年下半年兩個營運部門的獲利性成長持樂觀態度，並持續專注於執行我們更長期的願景與目標。

With that, operator, please open the call for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Tyler Brown, Raymond James.

(接線員指示) Tyler Brown，Raymond James。

First off, just congrats to Alan. Wishing him all the best. But Eric D., so there's quite a few moving pieces in the quarter. I think the guide is up maybe $110 million. It looks like most of that is from SK, but can we talk a little bit more about the ES guide? So again, there kind of seems to be a few things, and maybe you can parse it out.

首先，先恭喜 Alan。祝他一切順利。不過 Eric D.，本季有相當多變動因素。我想指引上調了大概 1.10 億美元。看起來大部分來自 SK，但我們能否再多談談 ES 的指引？所以再一次，這裡似乎有幾個因素，也許你可以幫我們拆解一下。

But on the good side, it looks like you have Terra Nova. It sounds like some stronger ER work in Q3, and you got the new contract, it's positive. But then maybe Industrial Services is slightly lower, would that be right? But can you just give us any help on kind of what's going on inside of the ES guide specifically?

從正面來看，你們有 Terra Nova。聽起來第三季 ER 的工作更強勁，而且你們拿到新合約，這是正面的。但接著 Industrial Services 可能略低一些，這樣理解對嗎？不過你能否就 ES 指引內部具體發生了什麼，給我們一些說明？

Sure, Tyler. I think you hit on a couple of the big moving pieces there in total. We did raise the guide for the full year, about $30 million, $10 million of that is Terra Nova. The remaining pieces there, certainly, the good momentum we're seeing exiting June and into the second quarter has been strong, both on the volume and continued pricing side. The new contract that we talked about will kick in, in the fourth quarter.

當然可以，Tyler。我想你點出了其中幾個主要的變動因素。我們確實把全年指引上調了約 3,000 萬美元，其中 1,000 萬美元來自 Terra Nova。其餘部分，當然，我們看到 6 月底到第二季的良好動能相當強勁，無論是量的成長或持續的價格面。我們提到的新合約將在第四季開始貢獻。

We've got some upside from that. But there's other opportunities that we're seeing as well that's providing the good momentum in Environmental Services.

這會帶來一些上行空間。但我們也看到其他機會，正在為環境服務帶來良好動能。

When I look at Industrial Services, I think similar to kind of the comments we had last quarter when we look at the back half for Industrial Services right now, kind of flattish to last year. If we see any type of escalation in, kind of, turnaround activities, that would be upside to our current guide.

至於 Industrial Services，我認為與我們上季的評論類似；當我們看目前 Industrial Services 的下半年，整體大致與去年持平。如果我們看到任何形式的（例如）歲修/停工檢修活動升溫，那將會是我們目前指引的上行因素。

And on the Field Services side, that business has really performed well for the last year or two, we're winning some big jobs, and we do have some nice things that we're working on currently to support the back half. So I think a lot of good momentum leading into the second half of the year in Environmental Services, and we should see some kind of sequential margin improvement here in Q3 and Q4 as well.

而在 Field Services 方面，這個業務在過去一兩年表現非常好，我們贏得了一些大型案子，而且目前也在推進一些不錯的事項來支撐下半年。所以我認為環境服務在進入下半年時有很多良好動能，我們也應該會在第三季與第四季看到某種程度的序列性毛利率改善。

Okay. Perfect. And then just if we can kind of touch on Industrial Services a bit more. I kind of get it. The refineries are kind of running all out given crack spreads.

好的。非常好。接著如果可以的話，我們再多談一點 Industrial Services。我大概理解。在裂解價差的帶動下，煉油廠基本上都在全力運轉。

But Eric G., there have been some higher profile, call it, accidents in the past few months. And I'm just curious how you're thinking about Industrial Services over the next couple of years. It just kind of feels to me that all this deferred maintenance is starting to really stack up. And maybe eventually some of these plants are just simply going to have to be turned around. Maybe something similar to what we saw post COVID.

但 Eric G.，過去幾個月發生了一些較受矚目的事故。我只是好奇你們如何看待未來幾年 Industrial Services 的走勢。我感覺這些延後的維護正在快速累積。也許最終其中一些工廠就是必須進行歲修/大修。可能會有點像我們在 COVID 之後看到的情況。

But I'm just curious, just any thoughts about Industrial Services over the next few years.

不過我只是想聽聽你們對未來幾年 Industrial Services 的任何看法。

Yes, Tyler, thanks for the question. When we look at year-to-date and what's happening with the refinery demand, we all know that they're all running very hard to make products flat out. We've positioned ourselves very well with all those refineries that when they have downtime, for example, the couple of incidents that you spoke of, that we're going to be really well positioned to be able to help them. Our relationships with those refinery customers have continued to grow tighter. We're providing more services for them overall.

是的，Tyler，謝謝你的問題。當我們看今年迄今以及煉油需求的情況，我們都知道他們都在非常高負荷運轉、全力生產產品。我們在這些煉油廠的布局非常到位，因此當他們出現停機時間（例如你提到的那幾起事件）時，我們會處於非常有利的位置來協助他們。我們與這些煉油客戶的關係持續更加緊密。我們整體為他們提供的服務也更多。

So we're pretty bullish that when the turnaround happen for whatever reason, we're going to be strategically well positioned.

因此我們相當樂觀，當歲修/大修因任何原因發生時，我們都會在策略上處於很好的位置。

So while the overall year-to-date looks that our turnaround count is down probably about a third year-over-year, we're well positioned to capture on that. Additionally, the team has done an excellent job of making up for the refinery downtime in other specialty businesses. And our growth in our specialty lines of business within Industrial Services is up about 14% to 16% year-over-year. So we feel pretty good about that trend and we focused on putting more branches around our customers to grow our specialty business and the technology that we're deploying there, which is really just nice efforts by the team.

所以，雖然今年迄今整體來看，我們的歲修/大修次數可能年減約三分之一，但我們已做好準備去掌握這些機會。此外，團隊在其他專業業務上也做得非常出色，彌補了煉油廠停機時間的影響。而我們在 Industrial Services 內的專業業務線年增約 14% 到 16%。因此我們對這個趨勢感覺相當不錯；我們也專注於在客戶周邊設立更多據點，以擴大專業業務，以及部署相關技術；這些都是團隊很好的努力成果。

Our base business also, when you think of our base business within Industrial Services, and the amount of personnel over 2,500 that we have working day in, day out of customer sites. That business is up about 2% to 4% from a revenue standpoint as well in the industrial world, so we feel good about that. And then lastly, I touched on -- continue to touch on what we talked about in our script is that we're bullish on the opportunity in data centers and how we can grow with data centers to offset -- more than offset any of the decline and what continues to happen in the refinery and the chemical world. So we're deploying capital. We're standing up additional branches.

另外，談到我們 Industrial Services 的基礎業務，以及我們有超過 2,500 名人員每天在客戶現場工作的規模，從營收角度來看，這塊業務在工業領域也成長約 2% 到 4%，所以我們對此也感到滿意。因此在工業領域，從營收角度來看，我們也覺得不錯。最後，我也延續我們講稿中提到的內容：我們對資料中心的機會非常樂觀，以及我們如何與資料中心一起成長，來抵銷——甚至大幅超過——煉油與化工領域持續下滑所帶來的影響。因此我們正在投入資本。我們正在設立更多分支據點。

Those are services that we do well, and we're tailoring them to the data center world. And we're quite -- again, feel quite good that our growth prospects overall between specialty and data centers are strong.

這些都是我們擅長的服務，我們也正在把它們調整以符合資料中心的需求。而我們也相當——再次強調——對我們整體的成長前景感到很有信心，無論是專業業務或資料中心都很強勁。

We've also been doing a lot in the IS world to make sure that we're capturing everything that we can capture through AI initiatives. And specialty industrial services platform that help us run that business and make sure we're charging accordingly for our services to expand our margins.

我們也在 IS 領域做了很多工作，以確保透過 AI 計畫把我們能掌握的都掌握到。以及專業工業服務的平台，協助我們營運這項業務，並確保我們能依服務內容適當計價，以擴大我們的利潤率。

So while overall, the refinery demand for turnaround is down, it's become a smaller percentage of our overall business. We're bullish on other areas that we're implementing hard throughout the organization to grow IS and grow the margins with that business.

因此，雖然整體而言，煉油廠的歲修/大修需求在下降，但它已成為我們整體業務中較小的一部分。我們對其他領域非常樂觀；我們正在全組織強力推動這些措施，以推動 IS 成長並提升該業務的利潤率。

The good thing, Tyler, is I agree with all the things that Eric just mentioned for long-term growth prospects. I'm really excited about it. The good news is we don't -- in the guide that we just spoke of, we don't put a lot of -- that's on the come. If that happened, that's upside. I think that we're actually pretty thoughtful and balanced in our view as we entered the back half of 2026.

Tyler，好消息是，我同意 Eric 剛才提到的所有長期成長前景。我對此非常興奮。好消息是，在我們剛才談到的指引中，我們並沒有把太多——那些尚在醞釀中的機會——納入。如果那些發生了，那就是上行空間。我認為我們在進入 2026 年下半年時的看法其實相當審慎且平衡。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

A lot of growth initiatives to talk about this quarter. So I'll just ask about two of them. First, data center. So this is really interesting. Liquid cooling is growing probably 35% to 40% CAGR over the next five years.

本季有很多成長計畫可以談。所以我就問其中兩個。第一個，資料中心。這真的很有意思。液冷在未來五年可能以約35%到40%的年複合成長率成長。

There are some really stringent requirements for liquid cooling management around pH and turbidity in particular requirements. And we've seen some of the equipment vendors and EPCs add flushing and filtration services.

液冷管理在pH值與濁度等方面有一些非常嚴格的要求。我們也看到一些設備供應商與EPC業者新增了沖洗與過濾服務。

Can you talk a little bit about your competitive differentiation and right to win when you're dealing with like highly sensitive materials? And can you help us understand what capabilities you're building up with that $50 million in CapEx?

你們能否談談在處理高度敏感材料時，你們的競爭差異化與勝出優勢？另外，你們能否幫我們理解，那5,000萬美元資本支出正在建立哪些能力？

Yes, great question, Noah. So I first start out by saying that our industrial team has been doing flushing of systems, I'll call it, at a broad scope for a long time. And we've had the people, the technology, the engineering staff to be able to support those types of jobs within chemical plants and refineries for a long time. And so what we're really doing is adapting those services, same thing, same technology into data centers and adding in the chemical passivation that we're doing. So connecting a system, flushing the data center after they built it, removing all the residuals and put protective coatings on to be able to make sure that those cooling systems meet the demand.

是的，Noah，問得很好。我先說，我們的工業團隊長期以來一直在做系統沖洗（我姑且這麼稱呼），而且涵蓋範圍很廣。我們長期以來就具備人員、技術與工程團隊，能在化工廠與煉油廠支援這類工作。因此，我們真正做的是把這些服務（同樣的事情、同樣的技術）調整導入資料中心，並加入我們正在做的化學鈍化處理。也就是把系統接上，在資料中心建好後進行沖洗，去除所有殘留物，並施作保護性塗層，以確保這些冷卻系統能符合需求。

So really investing in that flushing and passivation that we've done all along and building out our scale, building out more of a structured sales team around it that are aligned closely to those hyperscalers and general contractors. So we're pretty well prepared to leverage people and technology that we've already have within the business and operating in other large-scale plants and apply that to data centers. And it's working for us. There's high demand. We've got a good brand.

所以我們其實是在加大投資於我們一直以來就在做的沖洗與鈍化，並擴大規模，同時建立更有架構的銷售團隊，讓他們與那些超大規模業者（hyperscalers）及總承包商緊密對接。因此，我們已相當準備好，去運用公司既有的人才與技術——這些能力已在其他大型工廠運作——並把它應用到資料中心。而且對我們來說效果不錯。需求很高。我們有不錯的品牌。

We've got good people in our HPC and Clean Harbors industrial. And so we're pretty excited about our path ahead here.

我們在HPC以及Clean Harbors工業業務都有很棒的人才。所以我們對接下來的發展路徑感到相當振奮。

The good news is, Noah, is we've been doing this for a long time, and we have an industry-leading safety record, an industry-leading compliance record. We have the national footprint and we add in, as Eric talked about in the prepared remarks, it's not -- it's going to be growing, but it's modest growth. It's modest growth over the next few years with obviously upside -- a much higher upside.

好消息是，Noah，我們做這件事已經很久了，而且我們有業界領先的安全紀錄、業界領先的合規紀錄。我們具備全國性的服務版圖；再加上如Eric在事先準備的發言中提到的，這個業務——它會成長，但屬於溫和成長。未來幾年是溫和成長，當然也有上行空間——而且上行空間更大。

Yes. Helpful. And then on the large manufacturing contract customer. Congratulations on landing that. Maybe -- you mentioned they're in manufacturing.

是的。很有幫助。接著談大型製造業合約客戶。恭喜拿下那個案子。或許——你提到他們是在製造業。

Maybe you can help us understand a little bit more, give us a little more color about what that's exposed to and what investments you need to make to support that contract ramping through 2030.

也許你可以幫我們更了解一些，提供更多細節，說明這個合約涵蓋哪些領域，以及為了支援該合約一路擴量到2030年，你們需要做哪些投資？

Yes. We would hate to go into the specific vertical. I'm sure that will come out at some time. However, it's predominantly leveraging our back-end disposal market, incineration as well as complex wastewater treatment. We've had a nice technology that's been deployed within the organization back to the early '90s called clean extraction system that utilizes supercritical carbon dioxide to remove organics and recycle the wastewater, which was a very compelling technology for this customer to complement incineration.

是的。我們不太希望談到具體的垂直產業。我相信之後某個時間點會對外揭露。不過，這主要是運用我們後端處置市場的能力，包括焚化以及複雜廢水處理。我們在組織內自1990年代初期就部署了一項很好的技術，稱為潔淨萃取系統（clean extraction system），它利用超臨界二氧化碳去除有機物並回收廢水；對這位客戶而言，這是一項非常有吸引力、可用來補強焚化的技術。

So we're looking at their waste streams and how do we not only just provide incineration in capacity, but also recycling services and a total waste management concept with them, which all went to play for us in helping to assure that contract. When you look at the contract, it's going to ramp up over the next four to five years, about $15 million to $20 million of revenue per year and then get to an $80 million to $100 million run rate. When you think about what we have to add, we're taking some of our great insight people and putting them right on the customer sites. We're also adding additional trucking and driver capacity, all things that we can build on from our national fleet to be able to service this customer and provide them the redundancy and the recycling and the incineration services that we need.

因此，我們在看他們的廢棄物流，思考如何不只是提供焚化產能，也提供回收服務與整體廢棄物管理的概念；這些都對我們有利，並幫助我們確保拿下這份合約。就合約來看，未來四到五年會逐步爬坡，每年約1,500萬到2,000萬美元營收，之後達到8,000萬到1億美元的年化營收規模（run rate）。至於我們需要增加什麼，我們會把一些優秀的Insight人員直接派駐到客戶現場。我們也會增加額外的卡車與司機運能；這些都可以在我們全國車隊的基礎上擴建，以服務這位客戶，並提供他們所需的備援能力、回收與焚化服務。

So perfect example similar to some other major customers we talked about in the past, but we're getting embedded providing the services they need, leveraging our unique capabilities and disposable assets for them.

所以這是一個很好的例子，類似我們過去談過的其他大型客戶：我們深入嵌入客戶端提供他們需要的服務，並運用我們獨特的能力與處置資產來服務他們。

What I think about it, Noah, is that it proves the reshoring theory, it's evidence of that. It's perfect evidence of that.

Noah，我對這件事的看法是：它證明了回流設廠（reshoring）的論點，這就是證據。這是非常直接的證據。

Yes. And it also proves you guys are not waiting around for the IS refinery turnaround. There are some real growth initiatives here to take that business higher. So nice job, guys. I'll turn it over.

是的。而且也證明你們並沒有坐等IS煉油廠大修週期。這裡確實有一些真正的成長計畫，可以把這項業務推得更高。做得很好，各位。我把時間交回去。

James Schumm, TD Cowen.

James Schumm，TD Cowen。

Congrats on the great quarter. Let's just talk about SKSS for a minute, if we could. Just kind of curious if you can help with the expectation for 3Q and 4Q with the $275 million EBITDA guide for the year. What does that imply for the quarters? Is it -- are you assuming sort of flattish at the $93 million level for the third quarter and then $55 million in the fourth quarter? Or what should we expect there?

恭喜本季表現亮眼。我們來談一下SKSS，好嗎？我想了解一下，在全年2.75億美元EBITDA指引之下，你們對第三季與第四季的預期是什麼。這對各季意味著什麼？你們是否假設第三季大致持平在9,300萬美元水準，第四季則是5,500萬美元？或者我們應該怎麼看？

Jim, it's Eric. I'll start. And I think similar to last quarter, I'd like to kind of share some of the assumptions we have behind that. But I think pretty similar to what you just mentioned, when we move into Q3, assuming kind of pricing remains at an elevated point kind of similar to where we are today, and then begins to kind of trail back down kind of in Q4.

Jim，我是Eric。我先開始。我想跟上季類似，我想分享一下我們在這個指引背後的一些假設。不過大致上跟你剛才提到的差不多：進入第三季時，假設定價仍維持在相對高檔、與目前差不多的水準，然後在第四季開始逐步回落。

So we see -- what I would tell you is kind of we see Q3 here maybe a little bit better than Q2, just on some differences around some turnaround timing that we had early in Q2, and then Q3 kind of trending down for the balance to arrive at that $275 million. And we'll continue to update assumptions next quarter, but that's how we see the business today.

所以我們看到——我會跟你說，我們認為第三季可能會比第二季好一點，主要是因為第二季初有一些大修時點的差異；之後第三季走勢在剩餘期間逐步下滑，以達到2.75億美元這個數字。我們下季也會持續更新假設，但這就是我們目前對業務的看法。

Okay, Eric. And then just is there any refinery maintenance that we should be aware of in the third or fourth quarter that's significant or noteworthy?

好的，Eric。那第三季或第四季是否有任何我們需要留意、比較重大或值得注意的煉油廠維修？

Nothing more than already planned, typical shutdowns and downtime.

沒有超出既定計畫之外的事項，就是一般常態的停工檢修與停機時間。

Okay. And then lastly for me. You guys mentioned market share gains. And I was wondering if you could elaborate on that. Was that in a specific segment or anything?

好的。最後一個問題。你們提到市占率提升。我想請你們再多說一些。那是發生在特定的業務區塊或某個領域嗎？

Like what gives you confidence that you're gaining share? If you could just talk about that a little bit?

是什麼讓你有信心你們正在提升市占率？能否稍微談談這點？

Yes, sure. So when we look at the second quarter this year and even as we've come out of the gates of this year, year-over-year, we've seen our volumes increasing in multiple different areas. When you look at waste volumes in particular, containerized waste volumes, our drum business has been growing in both our Clean Harbors business and our Safety-Kleen Environmental business. And we came out of a record June.

好的，當然可以。因此，當我們看今年第二季，甚至從今年一開始、以年對年來看，我們看到在多個不同領域的量都有所增加。特別是廢棄物量、容器化廢棄物量方面，我們的桶裝（drum）業務在 Clean Harbors 業務以及 Safety-Kleen Environmental 業務中都在成長。而且我們剛創下了 6 月的歷史新高。

When we look at some of the trends that we're seeing and how we're growing those volumes, we're certainly getting tighter with customers. We're expanding and taking over more traditional white space that other vendors may have had. And the way we're doing that is really continuing to get embedded with those customers through our insight programs and what we refer to as our total waste management program where our people are embedded in our tools and our systems to help them manage their waste needs. So by offering that type of service and that type of waste management, we're managing waste streams into our network. We're providing additional types of services and we're also providing traditional waste streams that we didn't typically manage, but managing those into third-party vendors.

當我們觀察正在出現的一些趨勢以及我們如何推動這些量的成長時，我們確實與客戶的合作更緊密。我們正在擴張並接手更多原本由其他供應商覆蓋的傳統「空白區」（white space）。而我們做到這點的方式，是持續透過我們的洞察（insight）方案，以及我們所稱的整體廢棄物管理（total waste management）方案，與客戶更深度地嵌入合作；我們的人員嵌入到他們的工具與系統中，協助他們管理廢棄物需求。因此，透過提供這類服務與廢棄物管理，我們把廢棄物流導入我們的網路。我們提供更多類型的服務，同時也把一些我們過去通常不管理的傳統廢棄物流，納入管理並交由第三方供應商處理。

So really providing a full service with the customer. So all those things combined is really what we see that in larger RFPs that there's more that Clean Harbors, we have the footprint to be able to offer. And we think that's translating into market share gains with existing and future customers, and that's translating into our numbers.

所以本質上是為客戶提供全方位服務。因此，這些因素加總起來，我們在更大型的 RFP（招標案）中看到，Clean Harbors 具備足夠的佈局（footprint）可以提供更多內容。我們認為這正轉化為對既有與未來客戶的市占率提升，並反映在我們的數字上。

Yes. The only thing I would add to that is that if you -- a lot of our competitors are private, it's hard to get a sense of what those are. But if we look at our pipeline, we look at our results, it's growing much faster than any market data I can see. And so we give confidence to that because the numbers would tell you that.

是的。我唯一想補充的是，如果你——我們很多競爭對手是私人公司，很難掌握他們的狀況。但如果我們看我們的商機管線（pipeline）與我們的結果，它的成長速度遠快於我所能看到的任何市場數據。因此我們對此有信心，因為數字本身就說明了一切。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛。

The Safety-Kleen Environmental Services business continues really robust growth performance, I think, 11% in the quarter. Can you just help us understand what's driving that? How would you break that out between pricing and volume? And is that -- is the volume side reflective of market share gains or favorable underlying demand? Just help us understand that performance.

Safety-Kleen Environmental Services 業務持續展現非常強勁的成長表現，我想本季是 11%。能否協助我們理解是什麼在驅動這個成長？你會如何在定價與量之間拆分？另外，量的部分反映的是市占率提升，還是有利的基本需求？請協助我們理解這個表現。

Adam, Eric here. So you're absolutely right. We're thrilled with the performance that business continues to put forth. When I think about that 11% growth, typically, we see kind of price to volume ratio there about 50-50, maybe a little bit closer to 60-40 on the price side here as some of the fuel recovery charges kind of kick in to make that higher. But I think that's a business that we see evidence of taking market share in that business as well, going back to the last question that we had. And we can see it in the volumes as Mike alluded to.

Adam，我是 Eric。你說得完全正確。我們對該業務持續交出的表現感到非常振奮。談到這 11% 的成長，通常我們看到價格與量的比例大約是 50-50；但本季在價格端可能更接近 60-40，因為部分燃料回收附加費（fuel recovery charges）開始反映，使價格端占比更高。不過我認為，這個業務同樣也有取得市占的證據，呼應我們上一題的討論。而且如 Mike 所提到的，我們可以從量的表現看得出來。

And it's also an area of business where we've done a really nice job of retaining our people. The drivers in that business are really the key to growth there. They get to know their customers, they get to know their regions and ZIP codes that they service, and we're seeing more and more kind of customers come to Clean Harbors in that business as well as well as growing with the customers there. But to answer your question directly, probably in this quarter, 60% pricing, 40% volume, but still very strong.

另外，這也是我們在人員留任方面做得非常好的業務領域。該業務的司機（drivers）其實是成長的關鍵。他們熟悉客戶、熟悉服務區域與所覆蓋的郵遞區號（ZIP codes）；我們看到越來越多客戶在這項業務上選擇 Clean Harbors，同時也與既有客戶一起成長。但直接回答你的問題，本季大概是 60% 來自定價、40% 來自量，但仍然非常強勁。

Just to build on that a little bit more. When you think about the lines of business that we offer under the Safety-Kleen Environmental footprint, and you break it down a little, an area that's been showing real high growth rates within it is our VAC services.

再稍微補充一下。當你思考 Safety-Kleen Environmental 佈局下我們提供的各條業務線，並稍作拆解，其中一個在內部呈現非常高成長率的領域是我們的 VAC 服務。

Close behind that is our containerized waste services and even our parts washer revenue and our margins there, they're all contributing, every one of the lines of business within that business unit have been growing pretty well, and we're making investments when we talk about the VAC expansion and that $25 million over the next two years that we're spending in capital, that's all around supporting that business growth.

緊接在後的是我們的容器化廢棄物服務，甚至我們的零件清洗機（parts washer）收入與其毛利也都在貢獻；該事業單位內的每一條業務線都成長得相當不錯。

Yes. And what's interesting, Adam, is that 11% is obviously kind of eye-popping, and Eric and Eric gave a good job of explaining it. I mean that business has grown at this high single-digit rate for many years. It really is a great business model that deserves a high multiple and it deserves high valuation because this is -- it's higher, low double digits, it's obviously better.

是的。而且有趣的是，Adam，11% 顯然相當吸睛，Eric 也把原因解釋得很好。我的意思是，這個業務多年來一直以高個位數的速度成長。這確實是一個很棒的商業模式，值得較高的倍數，也值得較高的估值；因為這——它是高個位數、接近低雙位數的成長，顯然更好。

But if you look back -- go look back to the trends for the past five, six, seven, eight years, even before COVID. I mean it was -- it's a high single-digit grower. It's been for many, many years, something we're really glad on.

但如果你回頭看——去看看過去五、六、七、八年的趨勢，甚至在 COVID 之前。我的意思是，它一直——它就是一個高個位數的成長者。多年來都是如此，這也是我們非常引以為傲的。

Great. Appreciate the color there. And then on the SKSS side, thanks for the detail on the cadence and sort of the back half. But what are the assumptions embedded in guidance on base oil pricing and your re-refining spreads relative to 2Q levels?

很好。感謝你提供這些補充說明。接著在 SKSS 方面，謝謝你對節奏與下半年走勢的細節。但指引中對基礎油（base oil）價格，以及你們再精煉（re-refining）價差相對於第二季水準的假設是什麼？

I'll take this, Adam. I would say that we follow kind of industry guidance that we get. And as Q3 is strong, as Eric Dugas mentioned, it does -- we do have base oil pricing coming down in Q4, and that's leading to a lower guide. And we're just using -- who knows, but that's what we're using industry guidance to kind of give us some direction as to how we're thinking about base oil price. And we just use that as our model.

Adam，這題我來回答。我會說我們是依循我們取得的產業指引。如 Eric Dugas 提到的，第三季表現強勁；而在第四季，我們確實預期基礎油價格下滑，這也導致指引較低。我們只是使用——誰也說不準，但我們就是用產業指引來給我們一些方向，讓我們思考基礎油價格的走勢。而我們也把它作為模型的假設。

And Adam, just one other thing to add. When you think about the current market conditions year-to-date in the SKSS business, one thing that we're really seeing develop here is not only significant demand for Group III. So we're continuing to ramp up our efforts to make as much Group III product as we can.

Adam，另外再補充一點。當你看今年以來 SKSS 業務在目前市場狀況下的表現，有一件我們確實看到正在發展的事情是：不僅 Group III 的需求顯著。因此我們持續加速提升產能，盡可能生產更多 Group III 產品。

But we're also seeing really heavy traction in our closed loop offering that Mike talked about in his script. And what that means, obviously, is that not only are we collecting used motor oil, but they're buying our quality blended oil products from us on a customer-to-customer basis, and we've seen a tremendous uptick and pretty excited about where that can now go on the current market conditions. And the team has done a great job of deploying that closed loop, and we've had other players that work with us on that. So we're excited that those two are along with the SDA and others are contributors to really getting to that cadence that we all want around stabilization of the EBITDA across the SKSS business.

但我們也看到我們的閉環（closed loop）方案有非常強的拉動力，正如 Mike 在講稿中提到的。這代表很明顯地，我們不僅在回收廢機油（used motor oil），客戶也會以客戶對客戶（customer-to-customer）的方式向我們購買高品質的調和油產品；我們看到需求大幅上升，並且對在目前市場狀況下它接下來的發展感到相當興奮。團隊在推動這個閉環方案方面做得非常出色，也有其他合作夥伴與我們一起參與。因此我們很期待這兩項——連同 SDA 等其他因素——能共同促成我們所希望的節奏，也就是 SKSS 業務 EBITDA 的穩定化。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

I wanted to ask on the manufacturing side. We've gone from an environment over the prior 20 to 30 years of offshoring and now we get the benefit of reshoring. From a Clean Harbor standpoint, can you just talk about which pockets of manufacturing reshoring are really additive to your opportunity set? We're seeing obviously power and gas compression and semis and electronics. Can you just talk about what moves the needle for Clean Harbors as you look at the US manufacturing plans? What are you folks excited about from an end market standpoint? And what's the magnitude of upside to Clean Harbors?

我想從製造業端來問。過去20到30年我們處在外移（offshoring）的環境，而現在我們開始享受到回流（reshoring）的好處。從Clean Harbors的角度，能否談談製造業回流中，哪些領域對你們的機會集合是真正具有增量貢獻的？我們顯然看到電力與天然氣壓縮、半導體以及電子等領域。當你們觀察美國製造業計畫時，哪些因素會真正推動Clean Harbors的成長？從終端市場角度，你們對哪些領域最感到興奮？以及對Clean Harbors而言，上行空間的幅度有多大？

Yes. Clearly, at the tops of the list are around semiconductor, you mentioned that one when you think about that Phoenix area, the Texas area. We've been building out our platforms there to service those customers and see real activity and large-scale plans to continue to onshore there.

是的。很明顯，清單最前面的就是半導體；你提到的鳳凰城地區、德州地區都屬於這一塊。我們一直在那裡擴建我們的平台來服務這些客戶，並且看到實質的活動，以及持續在地化（onshore）的大型計畫。

Also in the pharma area, general manufacturing, we're seeing solid opportunities there that play themselves out in the coming years. That would be close to that as well. And in other smaller areas, too. When you think about programs like around aluminum manufacturing, that's another area we're seeing more start-ups again of making more aluminum as an example, more onshoring and other products like that.

另外在製藥領域、一般製造業方面，我們也看到穩健的機會，並會在未來幾年逐步展現。這些也非常接近我們的核心。還有其他較小的領域也是如此。例如像鋁製造相關的計畫，這也是我們看到再次出現更多新設產能的領域；以鋁為例，正在增加本土生產，還有其他類似產品也是。

What's interesting is that many different end markets and many different verticals generate hazardous waste. You'd be surprised about hazardous waste comes from all different facets of the US economy. And so whether it be in health care or in retail, I mean we're seeing growth in those areas as well, areas that you wouldn't think that you get a lot of growth on it, but we've seen good growth in those areas as well.

有趣的是，許多不同的終端市場與不同的垂直產業都會產生危險廢棄物。你可能會驚訝，危險廢棄物其實來自美國經濟的各個面向。因此，不論是醫療保健或零售，我們也看到這些領域的成長；有些領域你不會直覺認為會有很多成長，但我們確實也在那裡看到不錯的增長。

Great color. And then can we shift gears in SKSS, obviously, really strong returns business for you folks through the cycle. Anything you can do to reduce the cyclicality at a time like this? Is it an option to enter into long-term contracts, maybe we shave the peak and maybe improve the trough price realization? Is that an option for you?

很有幫助。接著我們把焦點轉到SKSS；顯然，這對你們而言是一個穿越景氣循環、回報非常強的業務。在像現在這樣的時點，有沒有什麼方式可以降低其循環性？例如簽訂長期合約是否可行，或許可以削平高峰、並改善谷底時的價格實現？這對你們來說是個選項嗎？

Are you folks thinking about that at all given your really strong competitive position for re-refined product?

考量到你們在再精煉產品上的競爭地位非常強，你們有在思考這件事嗎？

Yes, Jerry, one of the -- two of the big things obviously that we've talked about. Number one, to reduce the cyclicality is number one, around that Group III, producing more of that. And number two, utilizing that, our other Group II plus to drive a direct blended program that leads to that closed-loop relationship with key customers. And we're seeing that with many key customers. We're also seeing that the large refiners really love our product, too, to complement their suite of products.

是的，Jerry，我們談過的兩個重點之一——其實是兩個大方向。第一，降低循環性的方法之一是增加Group III的產量。第二，運用我們其他的Group II+來推動直接調和（direct blended）方案，進而與關鍵客戶建立閉環（closed-loop）合作關係。我們在許多關鍵客戶身上都看到了這點。我們也看到大型煉油商非常喜歡我們的產品，用來補足他們的產品組合。

And probably about 70%, 80% plus of our Group II plus base oil, our Group III is working with those large providers.

而且我們大概有70%、80%甚至更多的Group II+基礎油與Group III，是與那些大型供應商合作的。

I would say, Jerry, that if you look at the -- the cyclicality is we sell a commodity product, and that product moves up and down with -- based on a variety of different factors. But if you open up the aperture and look at the last five years and kind of where the guide is, kind of, as of the day, you do a simple average, it's in the mid-2s. And so we feel like it's going to be hard for us to say like, okay, what's next year, what's the year after? It's kind of based on what the price of base oil is.

我會說，Jerry，如果你看——循環性在於我們賣的是大宗商品，而該產品價格會因各種不同因素而上下波動。但如果把視角拉大、看過去五年以及目前指引所在的位置，做一個簡單平均，大概落在2美元中段（mid-2s）。因此我們覺得很難去說，好吧，明年會怎樣、後年會怎樣？這基本上取決於基礎油的價格。

All the points that Eric just mentioned around more Group III, selling to new customers, working with large refiners, all that's very true. But ultimately, you got to look at longer-term horizons. We're obviously excited about the business this year. We've always been excited about the business. We've done a great job to see managing the spread.

Eric剛提到的所有重點——更多Group III、賣給新客戶、與大型煉油商合作——都完全正確。但最終你必須用更長期的視角來看。我們當然對今年的業務感到興奮。我們一直都對這項業務感到興奮。我們在管理價差（spread）方面做得非常好。

But you got to look at it over a long-term horizon because it's going to be cyclical.

但你必須用長期視角來看，因為它就是會有循環性。

Jim Ricchiuti, Needham.

Jim Ricchiuti，Needham。

To a couple of those growth drivers you identified. Just on the data center opportunity. Can you say what kind of revenues you're generating currently in this market and maybe help us with the growth rate you're anticipating this year?

針對你提到的幾個成長驅動因素。就資料中心的機會而言。你能否說明目前在這個市場你們大概產生多少營收，並且幫我們了解一下你們預期今年的成長率？

Yes. To begin, when we look at our estimated revenue this year, we're going to be in that $15 million to $20 million range. And our growth plan is that by 2029, we'll be on an annual run rate of about $200 million plus. So our buildup plan is really around that. That business, what we've seen with it, with the expertise that we have is a nice margin business in that mid- to upper 20s area on that revenue. So we're -- we feel pretty good about that.

好的。首先，若看我們今年的預估營收，會落在1,500萬到2,000萬美元的區間。而我們的成長規劃是到2029年，年度營收運行率（annual run rate）可達約2億美元以上。因此我們的擴張計畫主要就是圍繞這個目標。就這項業務而言，憑藉我們的專業能力，我們看到它是一個不錯的毛利率業務，毛利率大約在20%中段到高段（mid- to upper 20s）。所以我們——對此感覺相當不錯。

Total customers, can you say how many customers? And I think you alluded to eight lines of business, but it sounds like initially tied more toward construction?

客戶總數方面，你能說大概有多少客戶嗎？另外我記得你提到八條業務線，但聽起來一開始比較偏向與建設相關？

Exactly. The lines of business really, when you kind of break down the eight lines of business that we referenced, they're really across all three different business units predominantly to start up to -- start up and continue to build is around our IS business. ES business, really providing debris and waste removal and battery recycling and emergency responses, we would expect there, too. And then on the SKE side, when you think about lubricants and fluid recovery and recycle, that business unit can benefit from what's going on with data centers as well.

沒錯。這些業務線，當你把我們提到的八條業務線拆開來看，主要是橫跨三個不同事業單位；而初期啟動並持續擴建的重點，主要在我們的IS業務。ES業務方面，我們也預期會有機會，主要提供廢棄物與殘骸清除、電池回收以及緊急應變等服務。另外在SKE端，當你想到潤滑油、流體回收與再循環時，這個事業單位也能從資料中心的發展中受益。

I think you alluded to PFAS project in the quarter. I'm wondering if you can just give us any update on how the PFAS business is tracking this year just in terms of perhaps percentage of revenue, the growth? And whether your expectations have changed at all over the near term for this part of the business? It sounds like it's still going to be a good long-term driver.

我想你提到本季有PFAS專案。我想請你更新一下今年PFAS業務的進展，例如營收占比、成長情況。以及就短期而言，你們對這部分業務的預期是否有任何改變？聽起來它仍會是長期的良好驅動因素。

Yes. I would say that our expectations have accelerated a little this year. I'm sure our team will too. When we talked in the past, we were looking at a pipeline and a revenue growth of about 20% per year. And when you look at the level of business that we have this year, it's really grown to be a 30%-plus increase year-over-year.

是的。我會說我們今年的預期稍微加速了一些。我相信我們的團隊也會這麼看。過去我們談到時，我們看到的管線與營收成長大約是每年20%。而以今年我們目前的業務量來看，年增率實際上已成長到30%以上。

The large project that we referenced. As many of you know, we did a large emergency response for a customer. That translated into -- after the emergency response was done into a PFAS treatment and remediation project from that event. And that's really what we were -- the team was executing on in the second quarter.

至於我們提到的那個大型專案。如各位所知，我們曾為一位客戶執行一項大型緊急應變。在緊急應變結束後，該事件進一步轉化為一個PFAS處理與整治（remediation）專案。而這正是我們——團隊在第二季所執行的工作。

So we also see continued momentum. We talked about last quarter where the DoD, the Department of War has officially lifted their moratorium around incineration. So our team has been out there pounding the pavement, meeting with 700-plus military installations, and some of those really need to make more progress sooner. And there's been a large push to do that.

所以我們也看到動能持續。我們在上一季談到，國防部（DoD，戰爭部）已正式解除對焚化處理的暫停令。因此我們的團隊一直在外積極拜訪，與700多個軍事設施會面，其中有些確實需要更快取得更多進展。而且推動力道很大，要把這件事做起來。

And the framework that we've laid out in the past about how to handle PFAS in its different shapes and forms has made traction. So we're -- we continue to be bullish and we think we're deploying the people and the assets and have the complete total solutions around PFAS. So we're feeling pretty good about it.

而我們過去提出、用來處理不同型態與形式PFAS的架構也已取得進展並開始奏效。所以我們——我們仍然維持樂觀，看多後市，並且我們認為我們正在投入人力與資產，並具備針對PFAS的完整端到端解決方案。因此我們對此感覺相當不錯。

Yes, Jim, it was -- we had a great quarter on PFAS. And even if you take out the large event that Eric referenced, we're still -- we think that, that 30% plus growth rate is really getting to good traction, for all the reasons Eric mentioned, I think that we're really seeing really the benefits of that, not just in the US and in Canada. We're starting to see some of that growth in Canada as well.

是的，Jim，PFAS方面——我們這一季表現非常好。即使把Eric提到的那個大型事件排除，我們仍然——我們認為30%以上的成長率確實正在取得良好進展；基於Eric提到的所有原因，我想我們真的正在看到其效益，不僅在美國與加拿大。我們也開始在加拿大看到部分成長。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

It was good to see that incineration or incinerator utilization go up to 91%. But I thought maybe you could talk a little bit about where we are in pricing versus volume in the quarter and kind of how did it shake out for your incinerators, how did the mix shake out?

很高興看到焚化處理或焚化爐利用率提升到91%。不過我想也許你可以談談本季價格與量之間的情況，以及你們焚化爐的表現大致如何、組合（mix）是怎麼變化的？

Sure. I'll take that, Shlomo. And incinerators, as you all know, are kind of grouped into that tech services line of business where we saw the 18% growth. If I had to parcel up that 18% in totality, I'd say it kind of breaks out in thirds. A third of it is probably good project volumes that we saw throughout the quarter and inclusive of the job that Eric just mentioned related to PFAS. A third -- the remaining two-thirds is probably equally split between pricing as well as increased volumes and mix. And so I'd say a third, a third, a third there.

當然。Shlomo，我來回答。而焚化爐，如各位所知，歸在技術服務（tech services）這條業務線之下，而我們在那裡看到18%的成長。如果要把這18%整體拆分，我會說大致可分成三等份。其中三分之一可能來自本季整體看到的良好專案量，並且包含Eric剛提到、與PFAS相關的那個案子。另外三分之二則大概在定價以及增加的量與組合之間各占一半。所以我會說是三分之一、三分之一、三分之一。

But when you think about the categories in general, we're really excited about continuing to see significant volume increases really across all of our disposal outlets, not just incinerators, but landfills as well and then the other technologies we have. So that gave us a lot of confidence and has led into the increasing guide across the Environmental Services space.

但當你從整體類別來看，我們非常振奮能持續看到顯著的量增，幾乎遍及我們所有的處置通路，不僅是焚化爐，掩埋場也是，還有我們其他的技術。因此這讓我們非常有信心，也促成我們在環境服務（Environmental Services）領域上調指引。

Okay. Great. Maybe I could pivot a little. Where are you on the charge for oil? And just in terms of -- on a sequential basis, I know you talked about it year-over-year.

好的。很好。我想換個話題。你們在「油品收費」（charge for oil）方面目前到哪個程度？另外就——以季對季來看，我知道你們談過年對年。

But with the rise in oil prices, are you seeing more competition now, where people are willing to kind of just take it for free because they're able to start to refine it? What are you seeing over there?

但隨著油價上漲，你們是否看到更多競爭，因為有人願意幾乎免費收走，因為他們可以開始把它精煉？你們那邊看到的是什麼情況？

Shlomo, that's really the great story in the quarter even though base oil pricing has been up quite a bit, kind of we've been able to continue to charge for oil kind of up year-over-year, which I think is just a real testament to the team and their ability to drive that. It's down a little bit sequentially, down a little bit as we guide into Q4.

Shlomo，這其實是本季很精彩的故事：即使基礎油（base oil）價格上漲不少，我們仍能持續對油品收費，而且年對年還能提高；我認為這充分證明團隊以及他們推動這件事的能力。但季對季略有下降，而我們在展望第四季時也預期會再小幅下滑。

But I think what the amazing story is that although pricing is very, very high, which we all know, we're getting a really good -- continue to have good traction on the CFO program. And the reason why, we worked very hard to drive the business from a PFO to a CFO, we loathe to give that back. And I think we have all the resources, the assets and the people to hold the line there.

但我認為更令人驚訝的是，雖然定價非常、非常高——這點大家都知道——我們在CFO方案上仍持續取得很好的進展。原因是我們非常努力把業務從PFO推進到CFO，我們非常不願意再把這個成果讓回去。而且我認為我們具備所有資源、資產與人員，能在這方面守住底線。

Okay. And when you're just talking about holding the line, can you give a little more detail? In other words, like you're just expecting even if we go back to pre-war levels, you'd still be able to kind of maintain it within 10%, 20%? Just what -- how should we think about that?

好的。你剛提到「守住底線」，能否再多給一些細節？換句話說，例如即使油價回到戰前水準，你們仍能把它維持在10%、20%的範圍內嗎？我們應該怎麼看待這件事？

Our goal is to stay at CFO and no matter kind of what happens in the price. Never go back to PFO, that's the plan.

我們的目標是維持在CFO，不管價格發生什麼變化。永遠不回到PFO，這就是計畫。

Okay. And then just one more pivot. Just with that acquisition of ES&H and just -- it sounds like it's more of like a maritime type of acquisition, and I was just wondering what makes you decide like at this point in time that, that's just a good place to expand into? And what are some of the capabilities that they bring in particular that you didn't have already? And is it really geographic expansion? Or is there something in particular that they do that's unusual?

好的。再換一個話題。關於收購ES&H——聽起來更像是一個海事（maritime）類型的收購——我想了解是什麼讓你們在此時此刻決定，這是一個適合擴張的領域？他們特別帶來了哪些你們原本沒有的能力？這主要是地理版圖擴張嗎？還是他們有什麼特別、比較不尋常的業務？

Yes. It's not -- I wouldn't call it a maritime play at all. I think that the -- what we're looking at by acquiring that business is very, very similar to our traditional Field Service business. All along the coast, all along the waterways, we've always had boom and equipment and the resources and the capabilities. We've been in OSRO as well as we've talked about there. So those capabilities are part of the heart of what Clean Harbors has done every single day. And so it is a nice concentration of branches that complement our network in that Louisiana and Texas area.

是的。這——我完全不會把它稱為海事布局。我認為我們收購那項業務所看重的，與我們傳統的現場服務（Field Service）業務非常、非常相似。沿著海岸線、沿著水路，我們一直都有攔油索（boom）與設備，以及相關資源與能力。我們也有從事OSRO（溢油應變組織），我們之前也談過。所以這些能力本來就是Clean Harbors每天在做的核心。因此，這是一個很好的分支據點集中區，能補強我們在路易斯安那與德州地區的網絡。

So expanding our footprint, which we've talked about over the years is we've been looking to open 15 to 20 Field Service branches within the organization, within North America on an annual basis. So this really hits the mark of creating a better presence, a bigger presence for us around that Louisiana and Texas market, where we were a little bit light on our Field Services revenue. So it's a great fit there.

因此是擴大我們的版圖；我們多年來一直談到，我們每年在北美的組織內，目標是新增15到20個現場服務分支據點。所以這次真的切中要點，讓我們在路易斯安那與德州市場周邊建立更好的存在感、更大的存在感；而我們過去在那一帶的現場服務營收相對偏弱。因此這非常契合。

And then additionally, Mike had mentioned in his script, the capabilities of Forefront. And that business, that's a sub business of the ES&H footprint. That is really working with large companies that need emergency response plans and drills, have retainers associated with them. We've done that as Clean Harbors over the years, but the scale that ES&H has built there. And the market, looking at that Forefront capabilities and the people there is really helping us launch that as well.

另外，Mike在他的講稿中也提到Forefront的能力。那項業務是ES&H版圖中的一個子業務。它主要與需要緊急應變計畫與演練的大型公司合作，並且有與之相關的保留合約（retainers）。多年來我們以Clean Harbors的名義也做過這類服務，但ES&H在那裡建立的規模，以及該市場——看著Forefront的能力與那裡的人才——確實在幫助我們把這項服務也推動起來。

So a great fit overall complementing our Field Services presence, our business that we've been growing there. HEPACO, as you know, from the past, very similar Field Service acquisition that had a lot of benefits to the organization. So we see ES&H very similar to that.

所以整體而言非常契合：補強我們的現場服務布局，以及我們一直在成長的那塊業務。你也知道，過去的HEPACO是一個非常類似的現場服務收購，為組織帶來很多效益。因此我們認為ES&H與其非常相似。

Really excited about it. It helps us in an area that we don't have a huge presence in. And that Forefront technology, as previously mentioned, we're going to be able to leverage that pretty well across a nationwide rollout.

對此感到非常興奮。它在我們佈局並不算很強的領域上幫了我們一大把。而且如先前提到的那項 Forefront 技術，我們將能在全國性推廣中很好地加以運用。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Echo the best wishes to Alan, quarter of a century run for CJS and Clean Harbors, so thank you to him and best wishes. I guess just on the large contract you announced. So it sounds like a new customer are significantly incremental higher revenue. It feels like it's just a convergence of -- you mentioned people wanting -- companies wanting to use a common service provider. Your capabilities, obviously, probably are by far the best in the US and then just more onshore manufacturing coming on board. So it feels like maybe we'll, even as we go forward, see more of these type of larger contracted business. Is that fair to say?

也呼應對 Alan 的祝福；他在 CJS 與 Clean Harbors 走過了四分之一世紀的歷程，所以感謝他並祝一切順利。我想就你們宣布的那份大型合約提問。聽起來這是一位新客戶，且帶來顯著的增量、更高的營收。感覺這是多項因素的匯聚——你提到人們想要——企業想要使用單一的共同服務供應商。你們的能力顯然可能是美國最強的，另外還有更多製造業回流本土、在岸化的趨勢。所以感覺也許即便往後走，我們會看到更多這類大型合約型業務。這樣說公平嗎？

Yes. We feel pretty positive about that, Larry. It's -- as you mentioned that, when you think back to our large acquisition of a customer growing with 3M, which dates back a number of years, very similar type growth where that customer and this new customer, and we're seeing trends of other customers really want to have a service provider that have a national footprint with redundancy, with a real strong safety and transportation network and trans compliance network that can not only manage just our things like incineration and wastewater, but also have processing capabilities and recycling capabilities of solvents and wastewater treatment and landfill. We just have such a great large network to be able to leverage with large customers who need that redundancy and service capabilities nationally. So we feel that will, as more and more reshoring, onshoring happens, there seems to be that sense where we see the momentum out there in it.

是的。Larry，我們對此相當樂觀。正如你提到的，回想我們多年前與 3M 的大型合作、客戶規模成長的案例，是非常相似的成長型態：那位客戶與這位新客戶一樣；而且我們也看到其他客戶的趨勢——他們真的希望服務供應商具備全國性的佈局與備援能力，並擁有非常強的安全與運輸網路，以及運輸合規網路；不僅能管理像焚化與廢水這類項目，也要具備處理能力與回收能力，例如溶劑回收、廢水處理與掩埋場等。我們擁有非常龐大且優質的網路，可用來服務需要全國備援與服務能力的大型客戶。因此我們認為，隨著回流、在岸化愈來愈多地發生，我們確實感受到外部動能正在累積。

And we have great tools and great people to be able to grow with those large customers and provide them the surety that they need to properly manage and track their waste streams.

而且我們有很好的工具與很棒的人才，能與這些大型客戶一同成長，並提供他們所需要的確定性，妥善管理並追蹤其廢棄物流向。

And just on the ES&H acquisition. So the margins on that, pretty good. It looks like mid-30s. Is that driven just by mix? Is the water cleanup, I know generally ER is higher margin work.

另外就 ES&H 這項收購來看。那邊的利潤率相當不錯。看起來大約是 30% 中段。這主要是由產品/業務組合所驅動嗎？水體清理這塊——我知道一般來說 ER 是較高毛利的工作。

Is that the primary driver of those good margins? And it sounds like this Forefront will probably have good margins as well, but maybe that's still a relatively modest business, too.

這是否是那些良好利潤率的主要驅動因素？另外聽起來 Forefront 可能也會有不錯的利潤率，但也許它目前仍是相對規模不大的業務。

Yes, the Forefront has good margins, but the legacy business, too, very similar to what we've been doing when you think about ERs and base business. They were -- look, they are a little bit heavily more weighted towards ER, which is high margin as an overall percentage. When you compare their margins of ER and base business to ours, it's pretty close. So we're -- again, just a great complement.

是的，Forefront 的利潤率不錯，而既有業務也一樣，當你想到 ER 與基礎業務時，與我們一直在做的非常類似。他們——坦白說，他們的業務比重稍微更偏向 ER，而 ER 整體來說是高利潤率。把他們的 ER 與基礎業務利潤率跟我們相比，其實非常接近。所以我們——再次強調，這是一個很好的互補。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

Single question for me. Could you discuss the return profile on acquisitions that you've announced this year and maybe compare and contrast them with the internal investments that you've articulated so far on the call in data center, new branches, et cetera?

我只有一個問題。你能否談談你們今年已宣布的收購案之報酬/回報特性，並且或許與你們在本次電話會議中提到的內部投資（資料中心、新據點等）做個比較與對照？

Sure, Tobey. I'll take that. It's Mike. When you think about the M&A that we've done so far this year, the ones we've announced, and you do the analysis around what the multiple is that we pay on a synergized basis, they're all under 10. And I think that's a pretty good answer. And it really shows the discipline that we've had.

當然，Tobey。我來回答。我是 Mike。談到我們今年迄今做的併購、也就是已宣布的案子，若以協同效益後（synergized basis）來分析我們支付的倍數，全部都低於 10 倍。我認為這就是一個相當好的答案。也確實顯示我們一直以來的紀律。

If you look back a year ago, we didn't have a lot of acquisitions. But it wasn't because we weren't trying and looking at things. We're very active in the marketplace. If we did not land on anything this year, we've been able to land on it, but with the same level of discipline and thoughtfulness.

如果回頭看一年前，我們的收購不多。但那不是因為我們沒有努力或沒有在看案子。我們在市場上非常活躍。如果今年我們沒有談成任何案子，我們也能接受；但今年我們確實談成了，而且仍維持同樣的紀律與審慎。

When you think about the interim investments, those tend to be very good returns. And because there's more risk involved in some of these deals, it takes longer. We have a higher risk profile on these. But we think that the investments we're making in VAC trucks or in the SDA unit or in other things we're talking about, whether it be data centers have an incredible return over time because of the fact that it's self-help. It just takes longer.

至於這些階段性的投資（interim investments），通常回報非常好。而且因為其中一些案子涉及較高風險，所以需要更長時間。這些投資的風險屬性更高。但我們認為，我們在 VAC 卡車、SDA 單元或其他我們談到的項目上的投資——不論是資料中心——隨著時間推進都會帶來極佳回報，因為這屬於自助式成長（self-help）。只是需要更長時間。

David Manthey, Baird.

David Manthey，Baird。

First, could you dissect the EBITDA guidance change here? So as I'm looking at it, it looks like 110 basis points or -- I'm sorry, $110 million at the midpoint for a delta. You picked up $110 million on SKSS going from $165 million to $275 million. My calculations are corporate is maybe a $15 million bad guy. And does that imply that ES in the new guidance is $15 million higher and $10 million of that organic. Does that all add up?

首先，你能否拆解一下這次 EBITDA 指引變動？就我來看，中位數似乎是 110 個基點——抱歉，我是指中位數差異約 1.10 億美元。你們在 SKSS 上增加了 1.10 億美元，從 1.65 億美元提高到 2.75 億美元。按我的計算，公司層面（corporate）可能是約 1,500 萬美元的負面因素。那是否意味著新指引下 ES 增加了 1,500 萬美元，其中 1,000 萬美元來自有機成長？這樣加總起來對嗎？

Yes, Dave, I think you're spot on there, kind of an increase of $15 million in ES kind of offset by corporate as you implied. I mean I'd also point out that for the full year, we're up $30 million where we thought we would be kind of back in February when we first entered this year. And it has to do with a lot of the good momentum that we've highlighted. So lots of good growth in ES is what I kind of want to highlight there.

是的，Dave，我想你說得很到位；ES 大概增加 1,500 萬美元，而公司層面如你所暗示的那樣大致抵消。我也想指出，若看全年，我們比起 2 月份剛進入今年時的預期高出 3,000 萬美元。這與我們強調的許多良好動能有關。所以我想在這裡強調的是：ES 有很多不錯的成長。

Okay. And then as it relates to ES profitability, you touched on a few of these items. But you saw 8% growth, margin up just 10 basis points. Could you talk about the puts and takes within the year-to-year growth that affected the segment margin?

好的。接著就 ES 的獲利能力而言，你提到其中幾個項目。但你們看到 8% 的成長，利潤率只提升 10 個基點。你能否談談在年對年成長中，哪些正負因素影響了該事業部的利潤率？

I think the two biggest things there, Dave, on the margin growth in Q2 for ES is really tough comps. On the Field Services side, we had a significant ER in Q2 of last year that had some particularly high margins. And then as Eric alluded to with some of the comments around Industrial Services, a little bit of a tough comp there in Q2 just given the nature and the mix of work that we're seeing in the current year. I think as the year continues to roll out, again, the full year forecast, kind of 30 to 40 basis points of incremental margin year-on-year. So still kind of on track with our expectations, and quite frankly, still on the march to a longer-term Environmental Services segment margin profile of 30% plus.

Dave，我認為這裡最大的兩個因素是：ES 在第二季的利潤率成長面臨非常艱難的比較基期。在現場服務（Field Services）方面，去年第二季我們有一個規模很大的 ER 專案，且利潤率特別高。另外，正如 Eric 在談到工業服務（Industrial Services）時所提到的，由於今年我們看到的工作性質與組合，第二季在那邊也有點不利的比較基期。我認為隨著今年持續推進，全年預測仍是年增約 30 到 40 個基點的利潤率提升。因此整體仍符合我們的預期；坦白說，也仍在朝向更長期的環境服務（Environmental Services）事業部利潤率輪廓 30% 以上邁進。

Nandita Nayar, Bank of America.

Nandita Nayar，美國銀行。

Just two quick ones from my side. So with regards to the incremental from Kimball this year, I believe we talked about an incremental of $10 million to $20 million of EBITDA. Could you just remind us what's kind of baked into the updated guide? And maybe how it's tracking so far this year?

我這邊只有兩個很快的問題。關於今年來自 Kimball 的增量，我相信我們談過 EBITDA 增量約 1,000 萬到 2,000 萬美元。能否請你提醒一下，更新後的指引中大概已經納入了哪些假設？以及到目前為止今年的進度追蹤如何？

Yes. Our Kimball ramp-up continues to go well, the number of the $10 million is hitting the mark. Our tonnage expectation this year, ramping up the plant is ahead of plan. So we're excited to continue to meet the expectations we had on bringing the Kimball incinerator online and really helping the network and helping our customers.

是的。我們 Kimball 的爬坡進展持續良好，1,000 萬美元這個數字正好達標。我們今年的處理量預期，工廠爬坡進度也超前於計畫。因此我們很期待能持續達成我們對 Kimball 焚化爐上線的預期，並真正協助整個網路、也協助我們的客戶。

Great. And I also just wanted to directionally just touch on the free cash flow outlook into just '27, '28. And I'm not asking for exact guidance, Mike and Eric G., just would you say '26 is maybe likely the peak for your growth CapEx initiative? I noticed we did step it up by $10 million or so this year, and you did talk about the $50 million that's kind of spread across the coming three years.

很好。另外我也想從方向性角度稍微談一下到 '27、'28 年的自由現金流展望。我不是要精確指引，Mike 和 Eric G.，只是想問 '26 年是否可能是你們成長型資本支出（CapEx）計畫的高峰？我注意到今年我們把它提高了大約 1,000 萬美元左右，而且你們也提到約 5,000 萬美元會分散在接下來三年。

But just as you guys kind of progress towards your mid-40s free cash flow conversion target. I was hoping you could just give us some color on maybe the bridge that kind of gets us there? Do you kind of see these return initiatives growing faster than the CapEx spend? So maybe we could see an acceleration in maybe free cash flow growth over the coming years? Just any color there would be helpful.

但當你們逐步邁向約中 40% 的自由現金流轉換率目標時。我希望你們能提供一些脈絡，說明大概是什麼樣的橋接能讓我們走到那裡？你們是否認為這些回報型計畫的成長速度會快於資本支出？因此未來幾年我們可能會看到自由現金流成長加速？任何相關說明都會很有幫助。

Nandita, it's Eric Dugas. I'll take that and then I'm sure Mike and Eric can add any color I missed. But when we think about free cash flow and we think about free cash flow conversion, we're really targeting kind of that 40% on an adjusted basis. Obviously, on top of that, you alluded to some of the strategic incremental capital projects that are going on this year.

Nandita，我是 Eric Dugas。我先回答，之後我相信 Mike 和 Eric 也可以補充我可能漏掉的部分。但當我們思考自由現金流以及自由現金流轉換率時，我們主要目標是在調整後基礎上大約 40%。當然，除此之外，你也提到了今年正在進行的一些策略性增量資本專案。

A good chunk, but I think we're going to continue to see some investments there kind of going forward. But all of those investments we make they go through a screening process, and they provide really good higher-than-normal returns. And that's why we choose to do them. And what you're seeing there this year is some incremental projects, really the acceleration of some of the things we talked about in the past as well as with new business opportunities had some incremental CapEx there.

其中有相當大的一部分，但我認為往後我們仍會持續看到一些相關投資。不過我們所做的所有投資都會經過篩選流程，並且能帶來非常好的、且高於一般水準的報酬。這也是我們選擇去做的原因。而你今年看到的是一些增量專案，基本上是我們過去談過的一些事項的加速推進，另外也因為新的業務機會而有一些增量 CapEx。

But I would think about it as from an adjusted perspective, roughly 40% this year is how it works out. We're going to continue to drive that number up. I hesitate to put a long-term goal on it at this point, but just know that when we put out some long-range plans here internally, it's growing that 40% basis. And continuing to do high-return internal capital adjustments that can help us in the near term and long term.

但我會這樣看：以調整後角度來看，今年大約是 40%，大致就是這樣的結果。我們會持續推動這個數字往上。我目前不太願意在此時設定一個長期目標，但請知道，當我們在內部提出一些長期規劃時，是以提升這個 40% 基礎為方向。並且持續進行高報酬的內部資本調整，能在短期與長期都對我們有所幫助。

The beautiful thing about it is that the CapEx is growing because the opportunities are growing. The pipeline is strong. And as Eric said, June was the best month in the company's history. When you think about quote volumes, quote volumes are also the best month in the company's history.

最棒的是，CapEx 之所以成長，是因為機會在成長。案源管線很強。而且如 Eric 所說，6 月是公司史上最好的月份。從報價量來看，報價量同樣也是公司史上最好的月份。

So I really believe that the reason why we need to make these types of CapEx investments is because we see the long-term value creation over the next -- 2027 -- to your point, 2027, 2028, 2029, and we need to make the tech investments today to drive that type of long-term growth. And I'm excited about it. I mean, data centers is one more good example of ways we can capture kind of what we do well and leverage it.

所以我真的相信，我們之所以需要進行這類 CapEx 投資，是因為我們看到了未來長期的價值創造——接下來的——2027 年——如你所說，2027、2028、2029 年——我們需要今天就做技術投資，才能推動那種長期成長。我對此感到很振奮。我的意思是，資料中心就是另一個很好的例子，說明我們如何掌握我們擅長的事並加以槓桿運用。

This concludes our question-and-answer session. I would like to turn the floor back over to Mr. Gerstenberg for closing comments.

我們的問答環節到此結束。我想把會議交回給 Gerstenberg 先生作結語。

Thanks, Christine, and appreciate everyone joining us today. We hope everybody has a great summer, and we hope to see some of you at our investor events in the coming months. And most of all, please have a safe rest of your week and a safe summer.

謝謝你，Christine，也感謝大家今天加入我們。希望大家有個愉快的夏天，也希望在接下來幾個月的投資人活動中能見到各位中的一些人。最重要的是，祝大家本週剩餘時間平安，也祝大家夏季平安。

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

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