Clean Harbors Inc (CLH) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Clean Harbors third-quarter 2026 financial results conference call. (Operator Instructions)

各位好，歡迎參加 Clean Harbors 2026 年第三季財務業績電話會議。(接線員指示)

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tim Rodenberger, General Counsel for Clean Harbors. Mr. Rodenberger, you may begin.

提醒各位，本次會議將被錄音。現在我很榮幸介紹今天的主持人：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. 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. Matters discussed today that are not historical facts are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝你，Christine，各位早安。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；我們的執行副總裁暨財務長 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。今天討論中凡非歷史事實者，均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。

Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions only as of today, October 28, 2026. 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.

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 10 月 28 日）的觀點。可能影響我們業績的因素與風險資訊，已載於我們向 SEC 提交的文件中。除非透過就本報導期間所作之申報文件，否則公司不承擔修訂或公開發布今日陳述之任何修訂結果的義務。今天的討論亦包含對非 GAAP 衡量指標的引用。

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 press release on our IR website and in the appendix of today's presentation. I will now turn over the call to Eric Gerstenberg to start. Eric?

Clean Harbors 認為此類資訊可提供額外的衡量方式，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，可於我們投資人關係網站上今日的新聞稿，以及今日簡報的附錄中取得。接下來我將把電話交給 Eric Gerstenberg 開場。Eric？

Thanks, Tim. Good morning, everyone, and thank you for joining us. Before we discuss our financial performance, we wanted to touch on today's other news as we announced a planned executive transition. On January 1, I will become the sole CEO of the company. Mike will be retiring from his Co-CEO role and Board seat at year-end. This next step in our leadership team is endorsed by both Mike and I, along with our entire Board. I'm honored to lead this company where I have built my career and worked for 37 years.

謝謝，Tim。各位早安，感謝各位加入我們。在討論財務表現之前，我們想先談談今天的另一項消息：我們宣布了一項規劃中的高階主管交接。自 1 月 1 日起，我將成為公司唯一的執行長。Mike 將於年底自共同執行長職務及董事會席次退休。這是我們領導團隊的下一步，由 Mike 與我以及全體董事會共同認可。能夠領導這家我在此建立職涯、並已服務 37 年的公司，我深感榮幸。

For as long as I have been here, Clean Harbors has been setting the standard for the hazardous waste industry in North America. I'd like to thank the Board for trusting me to carry on this tradition. Our company is second to none. We employ the best team in the business. We take great care of our customers by providing reliable waste and industrial service capabilities based on cutting-edge systems, scarce permitted facilities, more than 900 service locations, extensive equipment and a comprehensive transportation fleet.

在我任職期間，Clean Harbors 一直在北美危險廢棄物產業樹立標竿。我要感謝董事會信任我，讓我延續這項傳統。我們公司無可匹敵。我們擁有業界最優秀的團隊。我們以最先進的系統、稀缺且具許可的設施、超過 900 個服務據點、龐大的設備與完整的運輸車隊，提供可靠的廢棄物與工業服務能力，悉心照顧客戶。

I expect us to remain on the growth path we have been on for the past decade. I look forward to continuing to reward our shareholders and our employees in the coming years. With that, let me turn things over to Mike.

我預期我們將延續過去十年的成長軌道。我期待在未來幾年持續回饋我們的股東與員工。接下來我把時間交給 Mike。

Thanks, Eric, and good morning, everyone. As I stated in this morning's release, helping to lead Clean Harbors, a company that defines our industry has been an absolute privilege for me and the highlight of my career. I take tremendous pride in seeing what Clean Harbors has accomplished and what the company has become during our tenure as executive leaders and most recently as Co-CEO. At year-end, I will leave here knowing what we accomplished is incredibly special. What I appreciate most, though, are the people.

謝謝你，Eric，各位早安。如我在今早的新聞稿中所述，能協助領導 Clean Harbors——一家定義我們產業的公司——對我而言是莫大的榮幸，也是我職涯的高光時刻。我對 Clean Harbors 在我們擔任高階主管、以及最近擔任共同執行長期間所達成的成就與公司如今的樣貌，感到無比自豪。在年底離開時，我會知道我們所完成的一切極其特別。不過，我最珍惜的仍是這些人。

I've had the opportunity to work alongside an incredible group of people across Clean Harbors, many of whom I've known and worked with for years. Those relationships and what we achieved together is what I'll remember most. I've been incredibly fortunate to work with such a talented leadership team, and I know the company is in great hands going forward. I'm also grateful for the investors I've gotten to know and the Board members I've served alongside. I have the utmost confidence that Clean Harbors' best days remain ahead. I couldn't be more bullish about growth prospects for 2027 and beyond. With that, let me turn it back over to Eric.

我有機會與 Clean Harbors 各部門一群傑出的人並肩工作，其中許多人我認識並共事多年。這些關係以及我們共同完成的成果，將是我最深刻的記憶。我非常幸運能與如此才華洋溢的領導團隊共事，我也相信公司未來將由非常可靠的團隊接手。我也感謝我所認識的投資人，以及與我一同服務的董事會成員。我對 Clean Harbors 未來最好的日子仍在前方充滿信心。我對 2027 年及其後的成長前景極度看好。接下來我把時間交回給 Eric。

Thanks, Mike. Turning to a summary of our results on slide 3. Beginning with safety. We delivered another quarter of industry-leading safety performance in Q3. Our year-to-date total recordable incident rate, or TRIR, is 0.49, which matches the best full year rate in our company's history and is in line with our annual target. Thank you, team, for making safety a priority every day. Nothing is more important to us.

謝謝你，Mike。接著請看第 3 頁投影片，我們先總結本季業績。先從安全談起。我們在第三季再次交出業界領先的安全表現。我們年初至今的可記錄事故總比率（TRIR）為 0.49，與公司史上最佳的全年比率持平，亦符合我們的年度目標。謝謝各位團隊成員每天都把安全放在第一位。對我們而言，沒有比這更重要的事。

Turning to financial results. We materially exceeded our third quarter guidance with both segments contributing to record quarterly revenue and adjusted EBITDA. Our ES segment delivered its 18th consecutive quarter of year-over-year adjusted EBITDA margin expansion with a margin of 27.4% as we continue to demonstrate our ability to price effectively, properly allocate capital to acquisitions and internal projects, take cost out of the business and drive productivity.

接著看財務結果。我們第三季的表現大幅超越指引，兩大事業部皆對創紀錄的單季營收與調整後 EBITDA 做出貢獻。我們的 ES 事業部連續第 18 季實現調整後 EBITDA 利潤率年增擴張，本季利潤率達 27.4%；這反映我們持續展現有效定價、將資本妥善配置於併購與內部專案、降低營運成本並提升生產力的能力。

Within ES, our record results were driven by substantial growth in Field Services, particularly in emergency response work.

在 ES 事業部中，我們的創紀錄成果主要由現場服務（Field Services）的顯著成長所帶動，尤其是緊急應變相關工作。

We also saw continued strong demand for our disposal assets and extensive collection network as well as more PFAS-related work. SK Environmental Services was again a consistent performer and revenue in Industrial Services was up slightly year-over-year. In our SKSS segment, the tight global supply of base oil and lubricants, along with effective spread management contributed to results that far exceeded our expectations, including the highest quarterly adjusted EBITDA in the segment's history.

我們也看到對處置資產與廣泛收集網絡的需求持續強勁，以及更多 PFAS 相關工作。SK Environmental Services 再次維持穩健表現，而工業服務（Industrial Services）營收則較去年同期小幅成長。在我們的 SKSS 事業部方面，基礎油與潤滑油的全球供給緊俏，加上有效的價差管理，使得業績遠超出我們預期，其中包括該事業部史上最高的單季調整後 EBITDA。

Turning to segment performances, beginning with ES on slide 4. Q3 revenue in this segment increased $220 million from the prior year. Field Services led that growth with revenue up more than 70% compared to a year ago when we had very few sizable emergency response events. This year, we responded to a number of significant events, including one very large event that generated approximately $120 million in revenue in the quarter. Safety-Kleen Environmental Services continued to produce consistent profitable growth with revenue increasing 11% from a year ago, driven by growth in its core offerings, including containerized waste collection and vacuum services.

接著看各事業部表現，先從第 4 頁投影片的 ES 開始。本事業部第三季營收較去年同期增加 2.20 億美元。現場服務帶動了成長，營收較一年前成長超過 70%；去年同期我們幾乎沒有大型緊急應變事件。今年我們因應了多起重大事件，其中包括一件非常大型的事件，單季約帶來 1.20 億美元營收。Safety-Kleen Environmental Services 持續帶來穩健且具獲利性的成長，營收較去年同期增加 11%，主要由其核心服務成長所驅動，包括容器化廢棄物收集與真空服務。

Technical Services grew 3% in the quarter as continued strength in PFAS-related work and other areas offset lower project revenues compared with the year ago period. Incineration utilization was 87%, down slightly from 88% a year ago. Our overall waste collections were very strong in the quarter as reflected by the 20% increase in our deferred revenue balance. We expect to deliver healthy utilization in Q4 and achieve a mid- to high 80% utilization for the full year. Our Industrial Services revenue rose modestly from a year ago due to growth in Canada and some initial data center engagements.

Technical Services 本季成長 3%；PFAS 相關工作及其他領域的持續強勁，抵銷了相較去年同期較低的專案營收。焚化設施稼動率為 87%，較去年同期的 88% 略降。本季整體廢棄物收集量非常強勁，反映在遞延收入餘額增加 20%。我們預期第四季將維持健康的稼動率，並使全年稼動率達到 80% 中段至高段水準。我們的工業服務營收較去年同期小幅上升，主要來自加拿大的成長以及一些初期的資料中心合作案。

That growth offset continued softness from North American refineries, which again operated with limited downtime and turnaround activity. Adjusted EBITDA in ES was up 19% in the quarter, with the segment margin up 60 basis points to 27.4%. We delivered this margin improvement despite some early-stage headwinds from the acquisitions we completed this year, which we estimated reduced segment margin by approximately 20 basis points in the quarter. Overall, it was another exceptional quarter for the segment, reflecting the broad-based demand trends we have seen throughout 2026.

該成長抵銷了北美煉油廠持續疲弱的表現；這些煉油廠再度在停機與大修（turnaround）活動有限的情況下運作。本季 ES 的調整後 EBITDA 年增 19%，該事業部門利潤率提升 60 個基點至 27.4%。儘管我們今年完成的收購在早期階段帶來一些逆風（我們估計本季使部門利潤率約降低 20 個基點），我們仍實現了這項利潤率改善。整體而言，這是該事業部門又一個表現卓越的季度，反映出我們在整個 2026 年所見到的廣泛需求趨勢。

Last quarter, I highlighted two trends shaping our ES segment, reshoring and customer consolidation of service providers, both continue to hold true. The 10 year $600 million reshoring contract we announced last quarter has commenced here in Q4, and we're excited to see that relationship expand in the coming years. Beyond that award, the growth of US manufacturing related to reshoring is visible in the US ISM that we've seen in the first nine months of this year.

上季我強調了兩項正在塑造我們 ES 事業部門的趨勢：回流（reshoring）以及客戶對服務供應商的整併；這兩項趨勢仍然成立。我們上季宣布的 10 年期、6 億美元回流合約已於本季 Q4 開始執行，我們也很期待在未來幾年看到這段合作關係持續擴大。除該項得標之外，與回流相關的美國製造業成長，也可從我們在今年前九個月所觀察到的美國 ISM 指數中看出端倪。

On that second trend, we continue to hear from customers of all sizes who want a single service provider for all their regulated waste, recycling needs and related services. With our unique capabilities and highly versatile asset base, we believe we are a best-positioned waste provider to serve that market need. With that, let me turn things over to Mike to discuss SKSS and our capital allocation strategy. Mike?

就第二項趨勢而言，我們持續聽到各種規模的客戶表示，他們希望由單一服務供應商提供其所有受監管廢棄物、回收需求及相關服務。憑藉我們獨特的能力與高度多元的資產基礎，我們相信自己是最具優勢、最能滿足該市場需求的廢棄物服務供應商。接下來我把時間交給 Mike，請他說明 SKSS 以及我們的資本配置策略。Mike？

Turning to SKSS on slide 5. This segment delivered extraordinary Q3 results. Revenue grew 46% and adjusted EBITDA more than tripled from last year to $126 million, reflecting tight supply of refined products. While public attention is centered on diesel and gasoline prices, the same market dynamics have driven higher prices for base oil and lubricants. Our team has continued to manage our oil collection services effectively, gathering the volumes our re-refineries need while maintaining an overall charge-for-oil position. Demand for all our re-refined products remained strong throughout the quarter.

接著看投影片 5 的 SKSS。該事業部門在 Q3 交出極為亮眼的成果。營收成長 46%，調整後 EBITDA 較去年同期增加逾三倍至 1.26 億美元，反映精煉產品供給吃緊。雖然大眾關注焦點集中在柴油與汽油價格，但相同的市場動態也推升了基礎油與潤滑油的價格。我們的團隊持續有效管理廢油收集服務，在維持整體「收油收費（charge-for-oil）」的狀態下，收集到再生精煉廠所需的量。本季我們所有再生精煉產品的需求全程維持強勁。

Although Q4 is typically slower due to seasonality, supply constraints have not shown signs of easing. During Q3, we've also benefited from the strategic initiatives we discussed over the past several years to grow and stabilize the oil business, including greater Group III production and higher blended volumes sold. Production of Group III increased approximately 20% from a year ago and Group III carries a much higher level of profitability. We've also increased our blended direct gallons sold, which account for 12% of total volumes sold, up from 9% a year ago.

儘管 Q4 通常因季節性而較為清淡，但供給限制並未顯示出緩解跡象。在 Q3，我們也受惠於過去幾年所討論、用以擴大並穩定油品業務的策略性措施，包括提高 Group III 產量以及提升調和產品（blended）銷售量。Group III 產量較一年前約增加 20%，而 Group III 的獲利水準明顯更高。我們也提高了調和產品的直接銷售加侖數，其占總銷售量的 12%，高於一年前的 9%。

As I mentioned, our collection team actively managed both volume and cost. We gathered 62 million gallons of waste oil in the quarter, while maintaining a healthy charge-for-oil rate even with base oil pricing at record levels. While we are benefiting from strong profitability and cash flows in SKSS today, we remain focused on positioning the business for the long term when pricing eventually normalizes. We are continuing our strategy to expand our mix of higher-value products such as fully blended lubricants and Group III base oil and are advancing construction of the SDA unit.

如我所提，我們的收集團隊積極管理收集量與成本。本季我們收集了 6,200 萬加侖的廢油，即使基礎油價格處於歷史高位，仍維持健康的「收油收費」比率。雖然 SKSS 目前受惠於強勁的獲利能力與現金流，但我們仍專注於在未來價格終將回歸常態時，為業務做好長期布局。我們持續推進策略，擴大高價值產品組合，例如全調和潤滑油與 Group III 基礎油，並推動 SDA 裝置的建設。

Turning to capital allocation on slide 6. We continue to see multiple opportunities, both internal and external, to invest our shareholders capital and generate the highest sustainable returns. On the acquisition side, the ES&H and EnviroServe transactions we recently closed reflect that philosophy.

接著看投影片 6 的資本配置。我們持續看到多項內部與外部機會，可用以投資股東資本並創造最高且可持續的報酬。在併購方面，我們近期完成交割的 ES&H 與 EnviroServe 交易正體現了這項理念。

Integration of both is well underway, and early signs are encouraging. During the recent hurricane, ES&H demonstrated how quickly it can mobilize into action. With EnviroServe, we are confident in achieving the synergy targets we outlined given the significant volume of customer waste we can bring into our network. Looking ahead, we see a healthy pipeline of acquisition opportunities.

兩項交易的整合工作都已順利展開，且初步跡象令人鼓舞。在近期颶風期間，ES&H 展現了其能多快動員並投入行動。就 EnviroServe 而言，鑑於我們可將大量客戶廢棄物流量導入我們的網路，我們有信心達成先前所提出的協同效益目標。展望未來，我們看到健康的併購機會管線。

Internally, we are moving forward with elements of the $500 million organic investment plan we outlined in our Q3 call a year ago. As part of that plan, we recently closed on a $55 million purchase of a property in Los Angeles that will serve as a major West Coast hub. This site will allow us to consolidate several operations in the area, a number of which have reached full capacity, limiting their growth. At this site, we see opportunity to expand our wastewater treatment, e-waste and waste consolidation capabilities and to bring all our businesses together in one location. We expect annual savings in the range of $5 million to $7 million of lease consolidation alone, along with the strong growth potential of the site.

在內部方面，我們正推進去年 Q3 法說會中所概述的 5 億美元有機投資計畫的各項要素。作為該計畫的一部分，我們近期完成以 5,500 萬美元購入洛杉磯一處物業，將作為西岸的重要樞紐。該據點將使我們得以整併當地多項營運，其中若干已達滿載，限制了其成長。在此據點，我們看到擴大廢水處理、電子廢棄物（e-waste）與廢棄物整併能力的機會，並可將我們所有業務集中於同一地點。僅就租賃整併而言，我們預期每年可節省約 500 萬至 700 萬美元，並且該據點具備強勁的成長潛力。

In addition to this West Coast hub, we are accelerating and increasing our investment in the data center growth opportunity. Last quarter, we outlined an expected $50 million capital spend over the next two years with about $10 million this year. Given the early success of the data center initiative, we are increasing our investment this year to $15 million to an overall target of $70 million in dedicated data center capital. Based on this momentum we have built during the first few months of the initiative, we expect this capital to generate superior returns well above our cost of capital. We continue to maintain a strong balance sheet and low leverage, which gives us the flexibility to execute all facets of our capital allocation strategy, including share repurchases, which remain an attractive option given our positive outlook.

除這個西岸樞紐外，我們也正加速並提高對資料中心成長機會的投資。上季我們概述未來兩年預計資本支出 5,000 萬美元，其中今年約 1,000 萬美元。鑑於資料中心計畫的早期成功，我們將今年投資提高至 1,500 萬美元，並將資料中心專用資本的整體目標提高至 7,000 萬美元。基於我們在該計畫啟動前幾個月所建立的動能，我們預期這些資本將帶來顯著優於資本成本的報酬。我們持續維持強健的資產負債表與低槓桿，使我們能靈活執行資本配置策略的各個面向，包括股票回購；在我們正向展望下，回購仍是具吸引力的選項。

As we enter the final quarter of the year, we expect to close 2026 and enter 2027 with momentum in both of our operating segments. We see tangible volume growth in our collection network against a favorable US economy that appears to be strengthening on the manufacturing side. Ongoing reshoring is underpinning that growth, including the major 10-year contract we previously announced. We see no slowdown in PFAS pipeline as opportunities in both water filtration and remediation continue to come to market, both on the private and government fronts. The large ER this year and acquisitions bolster our long-term outlook for Field Services.

隨著我們進入年度最後一季，我們預期在兩個營運事業部門皆具動能的情況下結束 2026 年並邁入 2027 年。在美國經濟環境有利、且製造業面向似乎正在走強之際，我們在收集網路中看到具體的量成長。持續的回流正在支撐這項成長，其中包括我們先前宣布的重大 10 年期合約。我們未見 PFAS 專案管線放緩，因為水過濾與整治（remediation）兩方面的機會持續進入市場，涵蓋民間與政府端。今年大型 ER（緊急應變）事件以及併購案，強化了我們對現場服務（Field Services）長期展望的信心。

Within Industrial Services, our data center offerings are getting great traction as we await a rebound in our core offerings, including refinery turnarounds. For SKSS, market factors are supportive of our re-refining spread in Q4 and most likely into 2027. And the team continues to manage the business well across many key initiatives. Overall, we see a clear path to delivering our record results in 2026 with a number of tailwinds we expect to carry into 2027 and beyond. With that, let me turn it over to our CFO, Eric Dugas, to discuss our financials.

在工業服務（Industrial Services）方面，我們的資料中心解決方案獲得很好的市場反應，同時我們也在等待核心產品（包括煉油廠大修）回升。就 SKSS 而言，市場因素在 Q4 以及很可能延續至 2027 年，仍將支持我們的再生精煉價差。團隊也持續在多項關鍵措施上把業務管理得宜。整體而言，我們清楚看到在 2026 年交出創紀錄成果的路徑，且多項順風因素預期將延續至 2027 年及更長期。接下來我把時間交給我們的財務長 Eric Dugas，請他說明財務表現。

Thank you, Mike, and good morning, everyone. Turning to slide 8. Our quarterly results came in well ahead of the expectations we provided in July, driven by strong execution and performance from both operating segments. Total revenues increased 21% to $1.87 billion, reflecting a continuation of many of the favorable trends we saw in both segments during the first half of the year. Q3 adjusted EBITDA increased an impressive 42% year-over-year to $456 million. Our consolidated adjusted EBITDA margin reached 24.4%, the highest quarterly margin in our company's history and 370 basis point improvement over the prior year.

謝謝你，Mike，各位早安。接著看投影片 8。我們本季業績明顯優於我們在 7 月所提供的預期，主要由兩個營運事業部門強勁的執行力與表現所帶動。總營收成長 21% 至 18.7 億美元，反映今年上半年我們在兩個事業部門所見多項有利趨勢的延續。Q3 調整後 EBITDA 年增幅達 42%，提升至 4.56 億美元，表現相當亮眼。我們合併調整後 EBITDA 利潤率達到 24.4%，為公司史上最高的單季利潤率，較前一年提升 370 個基點。

The SKSS business experienced a significant step-up in margins. And as Eric highlighted, the ES segment delivered outstanding results of its own, powered by a large emergency response event, steady volumes, effective pricing and productivity gains in labor, equipment and transportation. Our revenue growth translated directly into operating leverage.

SKSS 業務的利潤率出現顯著躍升。此外，如 Eric 所強調，ES 事業部門也交出自身的優異成果，受惠於一場大型緊急應變事件、穩定的量、有效的定價，以及在人力、設備與運輸方面的生產力提升。我們的營收成長直接轉化為營運槓桿效益。

SG&A expense as a percentage of revenue improved 60 basis points year-over-year. For the full year, we continue to expect SG&A in the mid- to high 12% range as a percentage of revenue. Depreciation and amortization was $123 million, up slightly from a year ago and in line with our expectations. For 2026, we now expect depreciation and amortization in the range of $490 million to $500 million. Third quarter income from operations was $318 million, up 65% from the prior year. Net income in Q3 increased 75% as we delivered earnings per share of $3.93.

銷售、一般及行政（SG&A）費用占營收比重較去年同期改善60個基點。就全年而言，我們仍預期SG&A占營收比重將落在12%中段至高段區間。折舊與攤銷為1.23億美元，較去年略增，並符合我們的預期。對於2026年，我們目前預期折舊與攤銷將介於4.90億至5.00億美元。第三季營業利益為3.18億美元，較去年同期成長65%。第三季淨利增加75%，每股盈餘為3.93美元。

Turning to the balance sheet on slide 9. We ended the quarter with cash and short-term marketable securities of $517 million. Note that the figures on this slide do not reflect our successful $600 million note offering, which closed on October 1 after the end of the quarter. As with our last several debt issuances, investor demand for the offering was exceptionally strong, which enabled us to secure an attractive interest rate and favorable terms. The proceeds from the offering were used to fund our acquisitions of EnviroServe and ES&H.

接著看第9頁的資產負債表。本季末我們的現金及短期有價證券為5.17億美元。請注意，本頁的數字未反映我們成功發行的6.00億美元票據；該交易於10月1日（季度結束後）完成交割。如同我們近幾次的債務發行，本次發行的投資人需求異常強勁，使我們得以取得具吸引力的利率與有利條款。本次發行所得款項用於資助我們收購EnviroServe與ES&H。

Including this new debt, along with the expected Q4 EBITDA and cash flow generation, we now expect our net leverage ratio to be in the low 2 times range at year-end.

納入這筆新債務，再加上預期第四季的EBITDA與現金流生成，我們目前預期年末淨槓桿比率將落在2倍出頭的區間。

Turning to cash flows on slide 10. Our cash generation in the quarter was outstanding. Cash provided from operations reached a record $419 million in Q3, up nearly 40% from a year ago. We put that cash to work, investing $168 million in CapEx, net of disposals, including the strategic growth initiatives that Mike mentioned. Excluding these strategic projects, adjusted free cash flow in the quarter was a record $323 million. Looking at the full year, we are investing approximately $145 million in strategic growth initiatives. That includes $55 million for the Los Angeles hub location, $50 million for the SDA unit, $25 million for the specialized fleet investments and $15 million related to our data center growth strategy.

接著看第10頁的現金流。本季的現金生成表現非常出色。第三季營運活動提供的現金創下4.19億美元的紀錄，較去年同期增加近40%。我們將這些現金投入運用，資本支出（CapEx）淨額（扣除處分）為1.68億美元，其中包含Mike提到的策略性成長計畫。若排除這些策略性專案，本季調整後自由現金流創下3.23億美元的紀錄。就全年而言，我們在策略性成長計畫上的投資約為1.45億美元。其中包括洛杉磯樞紐據點5,500萬美元、SDA單位5,000萬美元、專用車隊投資2,500萬美元，以及與資料中心成長策略相關的1,500萬美元。

Excluding these investments, we continue to expect annual net CapEx to be in the range of $370 million to $430 million with a midpoint of $400 million. During Q3, we repurchased approximately 82,000 shares of Clean Harbors stock at an average price of $306 per share for a total of $25 million. As of September 30, we had just under $525 million remaining under our share repurchase authorization.

排除上述投資後，我們仍預期年度淨資本支出將介於3.70億至4.30億美元，中點為4.00億美元。第三季期間，我們以每股平均306美元回購約82,000股Clean Harbors股票，總金額2,500萬美元。截至9月30日，我們在股票回購授權額度下尚餘略低於5.25億美元可用。

Turning to our guidance on slide 11. Based on our year-to-date performance, planned investments and current market conditions, we are raising our 2026 adjusted EBITDA guidance to a range of $1.44 billion to $1.48 billion. The midpoint of $1.46 billion is $80 million higher than the midpoint of our previous guidance shared in July. At this revised midpoint, our full year outlook now implies adjusted EBITDA growth of $290 million or approximately 25% over fiscal year 2025. For Q4, we expect healthy year-over-year increases in both operating segments, and we are confident in our ability to deliver on this revised outlook.

接著看第11頁的財測指引。基於年初至今的表現、既定投資計畫及目前市場狀況，我們將2026年調整後EBITDA指引上調至14.4億至14.8億美元。其中點14.6億美元較我們7月提供的先前指引中點高出8,000萬美元。以此修正後中點計算，我們對全年展望目前隱含調整後EBITDA較2025會計年度增加2.90億美元，約成長25%。對於第四季，我們預期兩大營運部門皆將有健康的年增幅，並對達成此修正後展望充滿信心。

Looking at our updated annual guidance from a quarterly perspective, we expect Q4 adjusted EBITDA to grow 23% to 26% year-over-year on a consolidated basis. As a reminder, we had large-scale ER events in Q4 of 2025, and our guidance for this year assumes that no large-scale events occur in Q4. Turning to how our full year guidance breaks down by reporting segment. For the Environmental Services segment, we now expect 2026 EBITDA to grow approximately 9% to 11% at the midpoint of our guidance range. That outlook includes approximately $10 million in combined contributions from the ES&H and EnviroServe acquisitions. Our 2026 guidance midpoint assumes the SKSS segment delivers approximately $340 million of adjusted EBITDA.

從季度角度來看我們更新後的年度指引，我們預期第四季合併口徑的調整後EBITDA將較去年同期成長23%至26%。提醒一下，2025年第四季曾有大型ER事件，而我們今年的指引假設第四季不會發生大型事件。接著說明全年指引在各報導部門的拆分。就環境服務（Environmental Services）部門而言，我們目前預期2026年EBITDA在指引區間中點下約成長9%至11%。該展望包含ES&H與EnviroServe收購案合計約1,000萬美元的貢獻。我們2026年指引中點假設SKSS部門可貢獻約3.40億美元的調整後EBITDA。

Ongoing disruptions to global refining capacity have created significant ambiguity around how long the current market environment will last and how long base oil and lubricant prices will stay elevated. As a result, we continue to take a conservative approach to our outlook for this segment.

全球煉油產能持續受干擾，使得目前市場環境將維持多久、以及基礎油與潤滑油價格將在高檔停留多久，都存在顯著不確定性。因此，我們對該部門的展望仍採取保守作法。

Within corporate, we now expect 2026 adjusted EBITDA expense to increase by 14% to 17% from 2025 at the midpoint of our guidance. This increase from our prior outlook primarily reflects higher incentive compensation, the impact of acquisitions, higher insurance claim costs and incremental costs associated with our strategic initiatives. As a percentage of revenue, we continue to expect corporate expense to be in line with the prior year. For 2026, we are raising our adjusted free cash flow to a range of $600 million to $660 million with a midpoint of $630 million or an increase of $80 million from our prior outlook. The increase reflects our higher adjusted EBITDA outlook, the impact of recent acquisitions and some updated CapEx assumptions.

在公司層面（corporate），我們目前預期2026年調整後EBITDA費用在指引中點下將較2025年增加14%至17%。相較先前展望，此增幅主要反映較高的獎酬激勵、併購影響、較高的保險理賠成本，以及與策略性計畫相關的新增成本。以營收百分比來看，我們仍預期公司費用將與前一年大致一致。對於2026年，我們將調整後自由現金流上調至6.00億至6.60億美元，中點為6.30億美元，較先前展望增加8,000萬美元。此上調反映我們較高的調整後EBITDA展望、近期併購的影響，以及部分更新後的資本支出假設。

As it relates to fiscal year 2027, we know analysts and investors will be interested in our expectations for next year. And consistent with our historical practice, we plan to provide our 2027 guidance when we report fourth quarter and year-end results in February after our annual budgeting process is complete. Looking ahead, we remain enthusiastic about the near- and long-term growth prospects for both segments as we close out 2026. Our sales and project pipelines remain healthy as evidenced by our deferred revenue balance increasing in Q3 and reflecting the continuation of growing collection volumes across our network.

至於2027會計年度，我們知道分析師與投資人會關注我們對明年的預期。並且依循我們一貫的做法，我們計畫在年度預算流程完成後、於2月公布第四季與全年結果時提供2027年指引。展望未來，在2026年接近尾聲之際，我們對兩個部門的短期與長期成長前景仍感到振奮。我們的銷售與專案管線維持健康，第三季遞延收入餘額增加即為明證，也反映我們整體網路的收運量持續成長。

Our sales pipeline is robust and larger than it was 90 days ago with opportunities in our legacy business as well as emerging areas such as PFAS and data centers. We see several tailwinds in our ES segment to be excited about, and our SKSS segment continues to benefit from strong conditions in energy and refined products. We exit Q3 with a healthy outlook and are well positioned to capitalize on these market dynamics through the disciplined capital allocation strategy Mike outlined. We remain bullish on our prospects and look forward to building on a record Q3 with a strong finish to the year. And lastly, I would be remiss if I didn't recognize Mike and thank him for his leadership, mentorship and friendship over the past 12 years.

我們的銷售管線強勁，且較90天前更大，機會來自既有業務以及PFAS與資料中心等新興領域。我們看到環境服務（ES）部門有多項利多值得期待，而SKSS部門也持續受惠於能源與精煉產品的強勁市況。我們在第三季結束時展望健康，並已做好準備，透過Mike所概述的紀律性資本配置策略，把握這些市場動態。我們對前景仍持樂觀態度，並期待在創紀錄的第三季基礎上，以強勁表現收官全年。最後，如果我不特別提到Mike並感謝他過去12年的領導、指導與友誼，那就太失禮了。

Mike has made a lasting impact on Clean Harbors. His contributions are far too numerous to mention, but there is no question that he has helped move this company forward and position us well for the future. I am incredibly happy for Mike and his family as he begins this next chapter, and we all wish them nothing but the very best. With that, Christine, please open the call up for questions.

Mike對Clean Harbors帶來了深遠且持久的影響。他的貢獻多到難以一一列舉，但毫無疑問，他協助推動公司向前並讓我們為未來做好了充分準備。在Mike展開人生下一篇章之際，我為他與家人感到由衷高興，也祝福他們一切順利、萬事如意。接下來，Christine，請開放電話會議進入提問。

(Operator Instructions) Noah Kaye, Oppenheimer.

（接線員指示）Noah Kaye，Oppenheimer。

Congratulations. Very much in order for you, Eric, and Mike, for you as well. We'll miss you, but I appreciate all the dialogue over the years. Just wanted to start with a question on capital allocation. You're doing this L.A. hub project now. You talked a little bit about the expected savings there. Maybe talk about the results you've had with the hub strategy in Baltimore and Phoenix, the ROI that you've seen there? And just how many more of these opportunities do you see in the business for this type of organic investment?

恭喜。這對你來說非常恰如其分，Eric；也同樣恭喜你，Mike。我們會想念你，但我很感謝這些年來所有的交流對話。我想先從資本配置的問題開始。你們現在正在做這個洛杉磯樞紐專案。你們稍微談到那裡預期的節省效益。或許請談談你們在巴爾的摩與鳳凰城推動樞紐策略的成果，以及你們在那裡看到的投資報酬率（ROI）？另外，對於這類型的內生成長投資，你們認為在業務中還能看到多少類似機會？

Yes. Noah, thanks for the question. When we look at our hub strategy, as we talked about Baltimore and Phoenix, along with many other locations that we already had prior to purchase of those, our strategy has been to make sure that we get every one of our business units operating together within a common location and create a hub where those business units can feed off of each other from both people and equipment and cross-selling into customers that we can grow our base. And outside of those hubs, we obviously have a lot of spokes that can feed materials into them. We run distribution centers out of those locations. We provide maintenance for all of our rolling stock out of those locations. We provide internal equipment rental. So the -- that hub strategy has been extremely successful for us to help us really penetrate and grow in a number of different locations.

是的。Noah，謝謝你的提問。當我們檢視我們的樞紐（hub）策略時，正如我們談到巴爾的摩與鳳凰城，以及在收購它們之前我們已經擁有的許多其他據點，我們的策略一直是確保我們每一個事業單位都能在同一個地點共同運作，並建立一個樞紐，讓這些事業單位在人員與設備兩方面彼此支援，並透過對客戶的交叉銷售來擴大我們的客戶基礎。而在這些樞紐之外，我們顯然也有許多「輻射點」（spokes）可以把物料輸送進來。我們在這些地點營運配送中心。我們在這些地點為我們所有的車隊設備提供維修保養。我們提供內部設備租賃。因此——這個樞紐策略對我們而言非常成功，確實幫助我們在多個不同地點深入滲透並成長。

Throughout North America, we have about 12 different areas that we've been growing these hubs. The investment in L.A. was an area that we've had six legacy smaller branches that were outgrowing their footprint in their locations and prohibiting a little bit of our ability to grow as much as we were with all of the customers in that area. So we've been on a search for many years to find the right location that is easy to access that we could consolidate six locations five different business units into, and we finally came across that great opportunity and pulled the trigger on that. And we were beginning right away consolidating some of those branches into that location.

在北美各地，我們大約有12個不同區域正在擴建這些樞紐。洛杉磯的投資，是因為我們原本有六個傳承下來的較小分支據點，已經超出其場地容量，並在一定程度上限制了我們在該區域與所有客戶進一步成長的能力。因此我們多年來一直在尋找一個交通便利、可進出，且能把六個據點、五個不同事業單位整合在一起的合適地點；我們終於遇到那個很好的機會，並果斷拍板。而且我們立刻開始把其中一些分支整併到該地點。

But it has really helped us grow. It will allow us to grow significantly in that market. It's a tough market, but with -- from a regulatory standpoint, and that's a good thing for us because it's obviously fueling a lot of growth for us. So the ability for all of our business units to grow off of each other, get that site over the goal line. That's bigger on scale, obviously, than what we had to buy in Phoenix and Baltimore, but that's the California market, as we all know it. And so that's the biggest one we'll probably ever do. The other locations we have, we can continue to grow in and much smaller. So good to get this up and running over the goal line and allow our business units to grow in that market.

但這確實幫助我們成長。它將使我們能在該市場顯著擴張。那是一個艱難的市場，但——從法規角度來看，而這對我們是好事，因為它顯然正在為我們帶來大量成長動能。因此，讓我們所有事業單位彼此帶動成長、把這個據點推進到位（over the goal line）的能力非常關鍵。就規模而言，這顯然比我們在鳳凰城與巴爾的摩所收購的更大，但那就是加州市場——大家都知道。所以這可能會是我們做過最大的一個案子。我們其他據點仍可持續成長，而且規模小得多。因此，很高興能把這個據點順利啟動並推進到位，讓我們的事業單位能在該市場成長。

Noah, the only thing I'd add to that, all good points by Eric, is that the hub strategy and having these kind of centralized locations has provided the organization with the team to be able to develop without having to move locations. So if someone comes in, if they're all in one location, you don't have to move offices to be able to move your career forward because all the things that Eric said, all the different types of things we have in these hubs, it allows people to do different types of jobs, move up in the organization without leaving the organization.

Noah，我唯一想補充的——Eric 的重點都很好——是樞紐策略與這類集中式據點，讓組織能夠培養團隊，而不必為了發展而搬遷地點。也就是說，如果大家都在同一個地點，你不需要為了職涯往前走就搬辦公室；因為如 Eric 所說，我們在這些樞紐裡有各種不同的業務與功能，讓員工可以做不同類型的工作、在組織內部晉升，而不必離開公司。

And that's part of the reason why it's led to kind of our all-time low in voluntary turnover rates have been great. Part of the reason is having these Mega Hubs and providing opportunities for people to move up without having to move out. And so that's been a good intangible. It's hard to put a number on that, but it's certainly -- as I've toured some of these sites, it's provided opportunities for people to move up, learn more about the business without having to kind of pack up and move.

這也是為什麼我們的自願離職率降到歷史低點、表現非常好的一部分原因。部分原因就是有這些大型樞紐（Mega Hubs），提供人們「升上去」而不必「離開」的機會。因此這是一個很好的無形效益。這很難量化，但我確實——在我參觀其中一些據點時——看到它為人們提供了晉升機會、更多了解業務的機會，而不必打包搬家。

Very helpful, guys. And then Eric, I heard you loud and clear on when you're going to provide guidance. But the high-level question here is it's been a great quarter and year for SKSS, and you had this $120 million large ER event. So there is a comps challenge for next year, but it seems like you've got this momentum in the project pipeline, PFAS, data centers and deferred revenue growth. Is there a good way to think about the underlying growth algo being intact into next year? I mean within ES specifically, is this still kind of all things considered a high single-digit EBITDA grower?

非常有幫助，各位。接著 Eric，我很清楚聽到你說何時會提供指引。但這裡的高層次問題是：SKSS 這一季與今年表現都很出色，而且你們有一個1.2億美元的大型 ER 事件。所以明年會有同業比較（comps）的挑戰，但看起來你們在專案管線、PFAS、資料中心以及遞延收入成長方面都有動能。有沒有一個好的方式來看待：明年基礎的成長演算法（growth algo）是否仍然完好？我的意思是，特別在 ES 之內，綜合各項因素來看，這是否仍是一個 EBITDA 高個位數成長的業務？

Yes. No, great question. And like I said in my prepared comments, we will be more clear kind of in February after we go through our budgeting process. But I think your general premise there on ES is correct. When you think about the guide we gave coming into this year, I think we guided to 5% to 6% growth in ES for the year. We're going to deliver 10%, and we've had a great year with some of those ER projects and things.

是的。不，這是個好問題。而且如我在事先準備的發言中所說，我們會在2月、完成預算流程後，給出更清楚的說法。但我認為你對 ES 的整體前提是正確的。回想我們在今年年初給的指引，我們當時對 ES 全年成長的指引大約是5%到6%。我們將交出10%，而且今年在一些 ER 專案等方面表現非常好。

If you look at past years and the development of our long-term models, we've probably been in that same kind of mid-single-digit growth on ES and then upside with large ERs, greater volumes, some of the new strategic initiatives we're looking at. So what I would say -- and again, this is probably just guidelines. It's not guidance. I would say as you think about future years in ES, it's certainly kind of that mid-single-digit grower at a minimum.

如果你看過去幾年以及我們長期模型的建立，我們在 ES 上大概一直是類似的中個位數成長，然後在大型 ER、較高的量、以及我們正在評估的一些新策略性計畫上，會有上行空間。所以我會說——再次強調，這大概只是一些方向性說法。這不是指引。我會說，當你思考 ES 未來幾年時，它至少可以被視為一個中個位數成長者。

Bryan Burgmeier, Citi.

Citi 的 Bryan Burgmeier。

Yes, I totally understand you don't want to get too far into 2027. Just curious if you could maybe try to frame your ongoing conversations with the owners of captive incinerators. Just curious if you think maybe the momentum in reshoring sort of incentivizes those incinerators to stay open? Or conversely, does ongoing rising costs kind of continue to pressure that business model?

是的，我完全理解你不想把話題拉得太遠到2027年。只是想請教，你能否稍微說明一下你們與自有焚化爐（captive incinerators）業主之間持續對話的情況。我想了解你是否認為回流生產（reshoring）的動能，可能會激勵那些焚化爐繼續營運？或者相反地，持續上升的成本是否仍在壓迫那種商業模式？

Yes, Bryan, we very much continue to stay active with all of those owners of captive incinerators. And we continue to see some nice opportunities with those. The onshoring, we would say no, that does not provide a catalyst for them to continue to be open or to want to stay open. What we've seen with the onshoring is really a change in some of the waste streams that are being produced by particularly chemical companies when you look at those captives.

是的，Bryan，我們確實持續與所有這些自有焚化爐的業主保持積極互動。而且我們持續看到一些不錯的機會。至於在岸化（onshoring），我們會說不，這並不會成為促使他們繼續開著、或想要維持營運的催化劑。我們在在岸化上看到的，主要是某些廢棄物流（waste streams）的變化，特別是當你看那些自有焚化爐所屬的化工公司時。

And that has lowered overall the utilization of those captive incinerators and continues to present a catalyst for us to be able to provide a broader scale of services and take those unique streams that they're producing that their existing incinerators are really not built or suited to be able to burn those and manage those waste streams. So we continue to be bullish about the opportunity over the next couple of three years to see another one or two come offline as we go forward.

而這已經整體降低了那些自有焚化爐的使用率（utilization），並持續成為我們的催化劑，使我們能提供更大規模、更廣泛的服務，並承接他們所產生的那些特殊廢棄物流——他們現有的焚化爐其實並不是為了焚燒這些廢棄物而設計或適配，也不適合用來處理這些廢棄物流。因此，展望未來兩到三年，我們仍然對這個機會保持樂觀，預期隨著時間推進，可能還會再看到一到兩座退出運轉（come offline）。

I would add, Bryan, that our guidelines, as Eric said earlier, don't include any captives nor do they include any kind of large-scale kind of ER events. Those are all, in my mind, upside to these models.

我補充一下，Bryan，正如 Eric 先前所說，我們的方向性假設（guidelines）不包含任何自有焚化爐，也不包含任何大型、規模性的 ER 事件。在我看來，這些都屬於模型的上行空間。

Got it. Got it. Really appreciate that detail. And then just one more, just following up on capital allocation. So you provided a lot of detail on that hub in Los Angeles, which sounds like a great opportunity. I think you also pushed out a little bit of spending on SDA. So just curious if that changes the start-up date at all. We were sort of wondering if you might pull forward some spending considering the opportunity in base oils. So just thoughts on SDA.

了解。了解。非常感謝這些細節。然後再一個問題，延續資本配置（capital allocation）。你們對洛杉磯那個樞紐提供了很多細節，聽起來是個很好的機會。我想你們也把 SDA 的部分支出稍微往後推了。所以想請教，這是否會改變啟動日期（start-up date）？我們原本在想，考量基礎油（base oils）的機會，你們是否可能會把部分支出提前。所以想聽聽你們對 SDA 的看法。

Yes, Bryan, we continue to look to bring that unit online at the tail end of 2028. The spending allocation is really just how the movement of the construction has changed. It hasn't delayed the start-up of the operation at all. We're continuing to proceed extremely well to our goal of getting that online and reaping the benefits of making that great 600 Neutral product from that site.

是的，Bryan，我們仍然預期在 2028 年底讓該單元上線投運。資本支出配置其實只是反映施工進度推進方式的變化。這完全沒有延後營運啟動時間。我們正非常順利地朝著讓其上線的目標推進，並從該場址生產優質 600 Neutral 產品中獲取效益。

Tyler Brown, Raymond James.

Tyler Brown，Raymond James。

Mike, been a pleasure. Wish you all the best. Eric Dugas, so there's a lot to unpack bridging the $80 million of EBITDA, if I look at kind of the midpoint change. Can you just talk about some of the puts and takes? I think you said ES&H and EnviroServe maybe $10 million.

Mike，很高興交流。祝你們一切順利。Eric Dugas，關於 EBITDA 增加 8,000 萬美元（如果我看中位數變動），裡面有很多因素需要拆解。你能談談主要的增減因素嗎？我想你提到 ES&H 和 EnviroServe 可能是 1,000 萬美元。

But then how much did the large emergency work add? I assume that was incremental to the guide. It sounds like maybe incentive comp is a bit of a headwind. And then it just still seems that you are modeling a substantial step down in Q4 SKSS. But can you just kind of go through the puts and takes on how we get to that $80 million change?

那大型緊急應變工作增加了多少？我假設那是相對於指引的增量。聽起來激勵性薪酬可能有點逆風。另外看起來你們仍在模型中假設第四季 SKSS 會明顯下滑。但你能否大致走一遍這些增減因素，說明我們如何得到這 8,000 萬美元的變動？

Sure, Tyler. I'll give it a shot. Starting with kind of ES, when you think about kind of the movement there, I'd say, coming off a strong Q3, we beat our estimates by about $30 million. I'd say half of that, maybe a little more than half of that was probably the large ER. The rest of it is still continued great volumes and strong execution by the business.

當然可以，Tyler。我試著說明一下。先從 ES 談起，當你看那邊的變動，我會說在強勁的第三季之後，我們比原先預估高出大約 3,000 萬美元。其中大約一半，可能略多於一半，應該來自大型 ER（緊急應變）。其餘則是業務持續維持很好的量能與強勁的執行力。

As you roll kind of into Q4, a little bit of change from our guidance from three months ago. What you see there is, as you noted, an additional $10 million from the ES&H and EnviroServe acquisitions, probably offset by a little bit of that large ER job probably getting accelerated versus three months ago, probably seeing more of that in Q3 rather than in Q4.

進入第四季，相較三個月前的指引會有一些變化。如你所提到的，ES&H 與 EnviroServe 併購案帶來額外約 1,000 萬美元，但可能被部分抵銷：那個大型 ER 專案相較三個月前的預期有所提前，可能在第三季認列得更多，而不是落在第四季。

That job is pretty much completed at this point. So -- those are probably the big movers. Q4 now, we're guiding to about a 6%, 7% increase year-on-year, and that's against a difficult comp. Q4 last year had some ERs and some really good landfill work on top of it. So those are the piece parts, I think, on the ES side. With SKSS, Tyler, you're right, we are seeing a little bit of -- as you move from Q3 to Q4, we are guiding the business down on a sequential quarterly basis.

那個專案目前基本上已經完成。所以——這些大概是主要的驅動因素。我們目前對第四季的指引是年增約 6% 到 7%，而且是在一個不容易的比較基期之上。去年第四季有一些 ER，另外還有非常不錯的掩埋場相關工作疊加。所以我認為在 ES 這邊，這些就是各個組成部分。至於 SKSS，Tyler，你說得對，從第三季到第四季，我們在指引上是以季比季下調該業務。

Typically, in years past, we've seen seasonality there play a part from Q3 to Q4, and that's how we've guided. I'd like to think that the supply challenges we're seeing in the business probably dampen that a little bit, and there's probably some upside hopefully in both segments. But certainly, if we see continued strong supply and pricing in Q4 on SKSS, I think there's some upside there.

過去幾年通常會看到第三季到第四季的季節性影響，而我們的指引也是依此來做。我希望目前業務中看到的供應挑戰會讓這種季節性下滑稍微被抑制一些，兩個事業部門也都有可能出現一些上行空間。但可以確定的是，如果第四季 SKSS 的供應與定價持續強勁，我認為那邊會有一些上行空間。

Okay. That's helpful. And then, Eric, just real quick, can you give any -- maybe just a little extra color, what was the large emergency response work in nature generally?

好的，這很有幫助。另外，Eric，很快再問一下，你能否多補充一點：那個大型緊急應變工作大致是什麼性質？

Yes, Tyler, there was a large warehouse, a food transfer and distribution warehouse out in the LA area that had quite an extensive fire burned down half of the building. And our teams and have to applaud our emergency response teams because we were on the scene within 24 hours, and it was a massive project that was over 75,000 tons of frozen food waste that was deteriorating quickly.

好的，Tyler，在洛杉磯地區有一座大型倉庫，是食品轉運與配送倉庫，發生了相當嚴重的火災，半棟建築被燒毀。我們的團隊——也必須稱讚我們的緊急應變團隊——在 24 小時內就到達現場；那是一個規模龐大的專案，涉及超過 75,000 噸正在快速腐敗的冷凍食品廢棄物。

And our teams did an incredible job of mobilizing cleaning up that event and keeping it moving as fast as possible, obviously, cleaning it up within just Q3 and generating for us $120 million in revenue was a substantial, substantial task. So applaud all of our employees that worked on that event and just a great job. And I think it really elevated to show our capabilities throughout North America that we are the premier provider of those great large-scale emergency responses, and we have the capabilities to really accomplish anything to help protect the environment and get it cleaned up very expeditiously.

我們的團隊在動員、清理該事件並盡可能加速推進方面做得非常出色；很顯然，在僅第三季內完成清理並為我們帶來 1.2 億美元營收，是一項非常、非常艱鉅的任務。因此要向所有參與該事件的員工致敬，做得非常好。我認為這也提升並展現了我們在北美的能力：我們是這類大型緊急應變的首選供應商，具備真正完成任何任務的能力，以協助保護環境並以非常迅速的方式完成清理。

Okay. Wow, interesting. And then just lastly, you guys did mention PFAS a few times in the release. Can you just update us where you think that number will finish this year? And then can you talk about the NDAA and how that might be a catalyst into not only next year, but maybe over the next few years?

好的。哇，很有意思。最後一個問題，你們在新聞稿中多次提到 PFAS。你能否更新一下你們認為今年這個數字會落在哪裡？另外也請談談 NDAA，以及它如何可能成為不僅是明年、甚至未來幾年的催化劑？

Yes. Overall, this year, we continue to see our revenue on PFAS-related work grow by 30%, and that will put it north of $150 million to $200 million year-over-year. When you kind of break down that revenue, we're seeing it across the board in both industrial and drinking water treatment. We're seeing remediation events that are happening that to answer your question part of your question there, too, that material that we're remediating is going into both landfill and incineration.

好的。整體而言，今年我們持續看到 PFAS 相關工作的營收成長 30%，這將使其年增金額達到超過 1.5 億至 2 億美元。當你拆解這些營收時，我們在工業端與飲用水處理兩方面都看得到。我們也看到正在發生的整治事件——回應你問題的一部分——我們所整治的材料會進入掩埋與焚化兩種處置途徑。

And we also see continued growth in work of AFFF change-outs and removals, and that's driving material that would go into our that does go into our incinerators as well.

此外，我們也看到 AFFF（成膜泡沫滅火劑）更換與移除工作的持續成長，這也帶動材料進入——而且確實會進入——我們的焚化爐。

So a strong continued pipeline. We continue to act for our customers and educate our customers and Congressmen, Senators and the EPA on our PFAS-related guidelines. And it's clear that, that has gotten traction out there. There is when we're performing ERs, when we're performing change-outs and we educate them on what we believe those thresholds of guidance and disposal should be and treatment, there -- that has taken hold in some states more than others, clearly, based on the dynamics within the state, but it's been growing strong, and we continue to look or feel bullish about it going into 2027.

因此管線仍然強勁且持續。我們持續代表客戶行動，並向客戶以及國會眾議員、參議員與 EPA（美國環保署）宣導我們對 PFAS 相關指引的看法。很明顯，這些內容已在外部獲得關注並產生影響。當我們執行 ER、進行更換作業時，我們會教育他們我們認為在指引門檻、處置與處理方面應該如何做——而且這在某些州比其他州更能落地，顯然取決於各州內部的動態；但整體成長強勁，我們對其一路延伸到 2027 年仍然感到樂觀。

Tyler, when I think about the NDAA in particular, I mean, there is drafts out there that talk about forcing those bases to clean up a certain amount of bases in a certain amount of years. Obviously, that's good for us. That's putting pressure on the Department of Defense or Department of War to actually clean these bases up. And so that's obviously a big positive for us.

Tyler，談到 NDAA（國防授權法案）本身，我的理解是目前外界有一些草案提到，要在一定年限內強制那些基地完成一定數量的清理。這對我們顯然是利多。這等於對國防部（或戰爭部）施加壓力，要求他們實際去清理這些基地。因此這對我們來說顯然是很大的正面因素。

Adam Bubes, Goldman Sachs.

Adam Bubes，Goldman Sachs。

M&A activity has really accelerated over the past few quarters. Just wondering, would you attribute that to an increase in the overall M&A pipeline of opportunities? Is it a greater willingness on your part to pursue acquisitions right now, simply a function of timing? And what are the implications for go-forward M&A?

過去幾個季度併購活動確實加速了。想請教，你會把這歸因於整體併購機會管線的增加嗎？還是你們目前更願意去推進收購，只是時間點的因素？以及這對未來的併購有何意涵？

Yes, Adam, last year, the M&A pipeline was strong as well, although we just did not -- we just did not get to the point of closing a deal that was within our parameters that made sense to us and sense to our investors. The activity through this year has been very strong as well, as you know. And this year, we've been more successful at meeting and acquiring companies that meet our metrics to be -- and roll them in and create synergies across the business.

好的，Adam，去年併購管線也很強，只是我們沒有——我們確實沒有走到能夠完成交割的階段，因為沒有符合我們參數、同時對我們與投資人都合理的交易。如你所知，今年以來的活動也非常強勁。而今年，我們在接觸並收購符合我們衡量指標的公司方面更為成功——把它們納入體系，並在整個業務中創造協同效益。

Right now, it continues to be very active as we go into 2027 as well. So we see strength in that pipeline of being able to continue to do much of the same. Obviously, higher interest rates out there might change a little dynamics for some of our competition on some of those opportunities. So we will stay disciplined, and we will continue to look within our swim lanes and continue to acquire the right companies that fit our portfolio and our culture and our swim lanes.

目前來看，隨著我們也邁入 2027 年，這個市場仍然非常活躍。因此，我們看到該併購管線具備延續、持續做出許多相同事情的強勁動能。顯然，外部較高的利率可能會在某些機會上，稍微改變我們部分競爭對手的動態。所以我們會保持紀律，持續在我們擅長的領域內行動，並持續收購符合我們投資組合、企業文化以及我們專注領域的合適公司。

Adam, just to clarify that, nothing has changed. Nothing changed from 2025 to 2026, nor will it change in 2027, frankly. I think we've proven to ourselves and to our Board and to our investors that we're good allocators of capital. We're disciplined, we're patient and nothing changes there. And the fact we got a bunch of this year and not so much last year, that's just circumstance. It wasn't because we weren't trying. We just have certain price points we go to, and then that's that.

Adam，我只是想釐清一下：沒有任何改變。從 2025 到 2026 沒有改變，坦白說，到了 2027 也不會改變。我認為我們已經向自己、董事會以及投資人證明，我們是很好的資本配置者。我們有紀律、我們有耐心，這些都不會改變。而今年我們做了不少案子、去年相對少一些，那只是時機因素。並不是因為我們沒有努力。我們只是有我們願意出價的價格點，到了那個點就是那樣。

Great. And then overall, really robust performance in the Environmental Solutions segment. Just drilling down into Technical Services, I think revenues rose 3%, and that does include some contribution from M&A is my understanding. Can you just break out the organic versus M&A growth there? And then just trying to understand in context of the really robust volumes across the portfolio, was this a tough comp situation or -- can you just unpack the performance a little bit there?

很好。另外，環境解決方案（Environmental Solutions）事業部整體表現非常強勁。再深入到技術服務（Technical Services），我認為營收成長了 3%，而據我了解其中包含一些併購（M&A）的貢獻。你能否拆分一下其中的有機成長與併購帶來的成長？另外，考量到整個投資組合的量能都非常強勁，這是否是因為比較基期較高，或是——你能否再多拆解一下這部分的表現？

Sure, Adam. It's Eric Dugas. I'll take this one. Just in terms of organic growth in Q3 in ES, we had overall growth of almost 17%, almost 16% of that was organic. So very little of that of inorganic growth in Q3. When you think about the Q3 performance in Tech Services and the 3% year-over-year growth, you just need to keep in mind, Q3 last year, we did have some good-sized projects that were -- that added to a tough comp with Tech Services.

當然，Adam。我是 Eric Dugas。這題我來回答。就第三季（Q3）環境解決方案（ES）的有機成長而言，我們整體成長接近 17%，其中接近 16% 來自有機成長。所以第三季的非有機（併購）成長占比非常小。談到技術服務第三季年增 3% 的表現，你需要記得去年第三季我們有一些規模不小的專案——這些專案使得技術服務的比較基期偏高。

I mean for the full year, we'll still see growth rates north of that. I can tell you, we mentioned our deferred revenue on the call. A lot of that is coming through Tech Services. So we're still seeing good volumes multiple types of mix streams and really good utilization at all of our Tech Service facilities. So a bit of an anomaly, a bit of a tough comp, I think, here in the third quarter.

我的意思是，就全年來看，我們仍會看到高於這個水準的成長率。我可以告訴你，我們在電話會議中提到遞延收入（deferred revenue）。其中很大一部分是由技術服務帶動。因此，我們仍看到良好的量能、各類型的組合流（mix streams），以及我們所有技術服務設施都維持非常好的產能利用率。所以我認為第三季有點是異常狀況，也有點是比較基期較高。

Congrats on all the success, Mike.

Mike，恭喜你們取得這些成功。

Trevor Romeo, William Blair.

Trevor Romeo，William Blair。

Maybe I'll actually just pick up on that last question, just in terms of the volume growth that you're seeing in the kind of core ES business, and you did talk about that deferred revenue strength with the backlog of waste growing. So maybe you could talk a little bit about end market strength and mix that you're seeing? I mean, are you generally seeing broad-based strength here and particularly would love to hear about the chemicals vertical? Are you seeing any ramp-up there yet?

我可能就接續上一題，談談你們在核心 ES 業務看到的量能成長；你們也提到隨著廢棄物待處理量（backlog）增加，遞延收入表現強勁。所以也許你可以談談你們看到的終端市場強度與組合變化？我的意思是，你們是否普遍看到廣泛性的強勁需求？另外也特別想聽聽化學品垂直領域（chemicals vertical）的情況。你們那邊是否已經看到任何回升（ramp-up）？

Trevor, we're seeing a slight ramp-up in chemicals. However, most of the volume increase has been in other verticals when you think about semiconductor, manufacturing, retail, to name a few that have been growing substantially. And our volumes for the third quarter were very, very robust and strong from both Technical Services generating waste as well as Safety-Kleen Environmental generating waste into our network. And we continue to be bullish about it as we've entered fourth quarter here, too, really strong volumes across the network.

Trevor，我們在化學品領域確實看到些微回升。不過，若你想到半導體、製造業、零售等其他垂直領域（僅舉幾例），大部分的量能增加其實來自這些領域，而且它們成長相當顯著。我們第三季的量能非常、非常強勁，來源包括技術服務產生的廢棄物，以及 Safety-Kleen Environmental 產生並導入我們網路的廢棄物。而且我們進入第四季後仍持續看多，整個網路的量能依然非常強。

That growth in the deferred revenue is obviously an example of that. We completed -- we pulled forward one of our incinerator outages into Q3. So that had a little bit of change to some of that deferral. But by and large, most of that growth in our deferral was due to volume growth through the network. So we're pretty proud of that and really getting embedded better and better embedded with our customers, being that single service provider, multiple lines of business, multiple different waste streams, feeding not only incineration, but water treatment, our TSDFs, our consolidation of recycling.

遞延收入的成長顯然就是其中一個例子。我們完成——我們把其中一次焚化爐停機檢修（outage）提前到第三季進行，所以對部分遞延有些影響。但整體而言，我們遞延的成長大多是因為量能透過網路成長所致。所以我們對此相當自豪，也就是我們與客戶的合作愈來愈深入，作為單一服務供應商，涵蓋多條業務線、處理多種不同廢棄物流，導入的不僅是焚化，也包括水處理、我們的 TSDF（處理、儲存與處置設施）、以及我們的回收整合。

That's been another area of pharmaceuticals growth has been very strong. And as we mentioned a couple of times in our script, our startup -- the start-up of our partnership on the $600 million account that we have, that has proceeded ahead of expectations at this point and is ramping up well. So across the board, many different verticals.

另一個成長很強的領域是製藥業。而且如同我們在講稿中提到幾次的，我們與某個 6 億美元客戶（account）的合作夥伴關係之啟動——目前進展超出預期，並且回升速度良好。所以整體來看，各個面向、許多不同的垂直領域都有成長。

That's great. And then I was also just wondering about your data center offerings. I think you mentioned some initial projects starting to kind of ramp up here. So maybe just since you announced the offering to investors last quarter, are there any kind of early commercial updates you can give us, whether it's how discussions are progressing with customers, new deals or kind of the growth of the number of lines of business you can offer to customers with data centers?

很棒。另外我也想問一下你們針對資料中心（data center）的服務方案。我記得你們提到一些初期專案開始逐步放量。所以也許自從你們上季向投資人宣布這項方案以來，有沒有任何早期的商業進展可以分享，例如與客戶的討論進度、新案子，或是你們能為資料中心客戶提供的業務線數量成長等？

Yes. Great, Trevor. That's a good one. I had the opportunity to travel into one of the data center jobs that we're working on up in North Dakota, where we're actively doing chemical passivation and flushing their lines and helping them to get the start-up of that data center. Our relationships with our general contractors has grown substantially. When those GCs that are building the data centers understand the capabilities that we have had through our industrial group for a long time and our footprint, it really has accelerated our ability to grow our pipeline in data centers.

有的。很好，Trevor。這是個好問題。我有機會前往北達科他州我們正在進行的一個資料中心案場；我們正在積極進行化學鈍化（chemical passivation）與管線沖洗（flushing），協助他們完成該資料中心的啟動。我們與總承包商（general contractors）的關係已大幅提升。當那些建置資料中心的總包了解我們長期以來透過工業事業群所具備的能力與據點布局時，確實加速了我們在資料中心領域擴大案源管線的能力。

And when we look at our pipeline right now, there's about 12 active projects that we see us getting nestled with a footprint in. On the line of business side, yes, when you travel out to the data centers, there was additional lines of business that we believe we can offer on a longer-term solution, not only on the start-up, particularly around the cooling that is cooling the data centers and a partnership that we're working on with one of the cooling providers that we would be able to do coolant change-out analytical of that coolant along the way as it deteriorates in performance and pull that out of those data centers and recycle it through one of our recycle systems to recycle centers to be able to re-provide it back into the market.

而當我們看目前的案源管線，大約有 12 個正在進行的專案，我們預期能在其中建立並嵌入我們的服務據點。在業務線方面，是的，當你到資料中心現場時，我們相信可以提供更多業務線作為較長期的解決方案，不僅是啟動階段，特別是在資料中心冷卻系統方面；我們也正與其中一家冷卻供應商洽談合作，我們將能提供冷卻液更換，以及在冷卻液效能隨時間劣化過程中的分析檢測，並將其從資料中心抽出，透過我們的回收系統送往回收中心處理，再把回收後的產品重新供應回市場。

So any time we've gone out to these data centers and we've developed those relationships with the GCs, which we've been doing, we see additional lines of business that Clean Harbors can provide. And we're pretty excited so far about our start-up and our prospects exceeding what our early term goals were already.

因此，每當我們走訪這些資料中心並與總包建立關係——而我們一直在做這件事——我們就會看到 Clean Harbors 能夠提供的額外業務線。到目前為止，我們對於啟動進展以及前景感到相當振奮，因為已經超出我們原先的短期目標。

James Schumm, TD Cowen.

James Schumm，TD Cowen。

Also want to echo my congratulations to Mike. And Mike, I'm not going to let you go with a softball here. I was wondering if you'd be willing to provide like a 2027 worst-case scenario for SKSS in terms of EBITDA? Like what is the floor now? Or any color you could provide on that, that would be great.

我也想再次向 Mike 表達恭喜。Mike，我不會讓你用簡單題就過關。我想問你是否願意提供一個針對 2027 年 SKSS 在 EBITDA 方面的最壞情境（worst-case scenario）？也就是說，現在的底部（floor）大概在哪裡？或是你能提供任何相關的說明都很好。

James, you're right. You didn't leave me with that -- you didn't give me a softball. You could have tried again with an easy one. I would say this. So first of all, a couple of things, that we're having a great year in the SKSS business. The team has done an outstanding job of holding the line on UMO collection costs to, as you see here today, a charge-for-oil position really is a testament given the high base oil pricing and the profitability of the business, it really kind of comes on through.

James，你說得對。你沒有留給我那種——你沒有丟給我一個軟球題。你本來可以再試一次，問個簡單點的。我會這麼說。首先，有幾點，我們在SKSS業務今年表現非常好。團隊在控制UMO收集成本方面做得非常出色，如你今天在這裡看到的，能做到「收油還要收費」的狀態，考量到基礎油價格高企以及業務的獲利能力，這確實是一個很好的證明，也真正反映在成果上。

When you think about 2027, it is difficult because it is such a commodity-based business, and we are a price taker in many areas. And so as oil prices come down, it may be difficult for us to kind of project what the profitability is. We do use some standard guidelines to try to drive as we give out guidance, and we have for many quarters now. We'll use that again as we get ready for 2027.

當你思考2027年時，確實很困難，因為這是一個高度以大宗商品為基礎的業務，而我們在很多領域都是價格接受者。因此，當油價下跌時，我們可能很難去預測獲利能力會是什麼樣子。我們確實會使用一些標準指引來推動我們在提供展望時的做法，而且我們已經這樣做了很多個季度。等我們準備面向2027年時，也會再次採用同樣的方法。

But I would say the team has done an excellent job of driving more Group III gallons, more blended volumes, working on the SDA unit to kind of -- when oil prices do come down, they won't come down as far because we have a much more stable business.

但我想說，團隊在推動更多Group III銷量、更多調和量方面做得非常好，也在SDA裝置上持續努力，讓油價即便下跌，也不會跌得那麼多，因為我們的業務會更穩定。

And so I'm of the view that I'm not here to give guidance on 2027. You should ask Eric for that. But the -- but I will tell you that the team has done an excellent job so that when prices do come down, we'll be much better positioned than we have historically.

所以我的看法是，我今天不是來提供2027年指引的。你應該去問Eric。不過——我可以告訴你的是，團隊做得非常好，因此當價格真的下來時，我們會比過去歷史上處於更有利的位置。

Eric? No, I'm just kidding. So for PFAS, I believe there's a bipartisan bill in Congress for $10 billion of funding for PFAS water treatment. Curious if you could tell us what portion of your PFAS revenues are water filtration? And what's your exposure to like municipal water, if any?

Eric？不，我開玩笑的。那關於PFAS，我相信國會有一項兩黨法案，提供100億美元用於PFAS水處理。想請教你們PFAS營收中，有多少比例來自水過濾？以及你們對市政供水（如果有的話）的曝險有多大？

Yes. Right now, Trevor, our -- when you look at our revenue base, breaking it down again, about a-third of that revenue is around water treatment, industrial and municipal water treatment. We're doing a lot for bases as well, around the globe actually. And when you look at our footprint moving forward and you look at the pipeline, we see many more opportunities coming from municipal in particular. Our exposure, our footprint is helping to grow that opportunity for us.

是的。Trevor，目前我們——當你看我們的營收基礎並再次拆分時，大約三分之一的營收來自水處理，包含工業與市政水處理。我們也在全球各地為基地做了很多工作。而當你看我們未來的佈局以及案源管線時，我們看到更多機會，特別是來自市政端。我們的曝險與佈局正在幫助我們擴大這個機會。

We have treatment systems that we're building to be able to supply and perform for municipal water companies as well. So it's a continues to be a great opportunity. It's about a-third now. We continue to see it be about a-third of our overall revenue, along with that remediation work, T&D and change out of AFFF.

我們正在建置處理系統，以便也能為市政供水公司供應並提供服務。所以這仍然是一個很好的機會。目前大約是三分之一。我們持續看到它大約會占我們整體營收的三分之一，另外還有整治（remediation）工作、T&D，以及AFFF的更換。

Jerry Revich, Wells Fargo.

Wells Fargo的Jerry Revich。

Mike and Eric, congratulations. Mike, while you were the CFO, you had, I think, one of the most impressive runs in terms of consecutive quarters of beating guidance. And just to help you continue that tradition here, you folks at the Analyst Day for ES spoke about roughly 50 basis points per year of margin improvement. I know you don't have your budget for '27, but can we just talk about the puts and takes for ES margins, '27 versus '26 versus that framework given the large-scale job that you mentioned in the quarter and anything else we should keep in mind as we frame expectations for '27?

Mike和Eric，恭喜。Mike，在你擔任CFO期間，我認為你在連續多個季度超越指引方面，有著非常令人印象深刻的表現。為了幫助你在這裡延續那個傳統，你們在ES的分析師日提到，大約每年有50個基點的毛利率改善。我知道你們還沒有2027年的預算，但我們能否談談ES毛利率在2027年相對於2026年、以及相對於那個框架的利多與利空因素？尤其是你提到本季度的大型專案，以及還有其他我們在建立對2027年的預期時應該注意的事項？

Sure, Jerry. It's Eric. I'll take that one. And again, maybe not providing guidance, but just some guideline thoughts here. As we move as the calendar turns into 2027, we do have a good deal of acquisitive growth coming through. We'll be continuing to integrate those businesses, realizing the synergies. There will be a headwind on margins as we bring those businesses in. I would say a rough shot of magnitude, somewhere in the neighborhood of 30 basis points of headwind probably, given some of the things we're thinking about.

當然可以，Jerry。我是Eric，我來回答。同樣地，這可能不是在提供指引，而是一些方向性的想法。隨著日曆翻到2027年，我們會有相當多的併購式成長逐步反映出來。我們會持續整合這些業務，實現協同效益。在把這些業務納入的過程中，毛利率會面臨一些逆風。我會說大致的量級，可能在30個基點左右的逆風，基於我們目前在思考的一些事項。

Certainly, the other headwind that we may see as we go into 2027 with the ES margins is on the large ER jobs. And I say that because some of these very large ones that we've been able to complete this year, they're difficult to forecast. You can't assume they're going to happen again. But what I would say is that there's lots of things that we're doing in the field services business today to set ourselves up to continue to win that type of work. I mean the execution that the team has done and the leadership that they've showed, we mentioned Eric highlighted kind of the warehouse fire job that we did this year. That just proves that we are the number one player in the space.

當然，另一個我們在進入2027年時可能在ES毛利率上看到的逆風，來自大型ER專案。我這麼說是因為，我們今年能完成的一些非常大型專案，很難預測。你不能假設它們會再次發生。但我想說的是，我們目前在現場服務業務上做了很多事情，讓我們能持續贏得這類型的工作。我的意思是，團隊的執行力以及展現出的領導力——我們提到Eric特別強調了我們今年做的倉庫火災專案。那就證明我們是這個領域的第一名。

And although we can't forecast that we'll have these jobs in the future, we put ourselves in a very, very good position. So although we weren't -- we won't guide for those, I think they provide good upside to whatever guidance we do give out in February. I'd like to also think, though, Jerry, to your point, we'll continue to see underlying base margin expansion through all the great volumes that we're seeing, the ability to deliver more and more services and handle more and more types of waste.

雖然我們無法預測未來是否還會有這些專案，但我們已經讓自己處在非常、非常有利的位置。因此，儘管我們不會把這些納入指引，我認為它們會為我們在2月提供的任何指引帶來不錯的上行空間。另外我也想說，Jerry，呼應你的觀點，隨著我們看到的良好量能、以及我們能提供越來越多服務並處理越來越多類型的廢棄物，我們仍會看到基礎毛利率持續擴張。

That's all very margin accretive across our -- we have a lot of fixed costs kind of just leveraging our network. So there'll be upsides, too. So again, we'll provide more guidance in February. We do have some headwinds, but I think there's a lot of great things that will help us to continue to drive margins in the underlying business.

這些對毛利率都是增益的，因為我們——我們有很多固定成本，基本上就是透過我們的網路在槓桿化。所以也會有上行因素。總之，我們會在2月提供更多指引。我們確實有一些逆風，但我認為也有很多很好的因素，能幫助我們持續推動基礎業務的毛利率。

Really appreciate the color. And can I ask separately, last quarter, you folks announced a 10 year contract with an unspecified counterparty. Can you just talk about the cadence of the revenue on that contract? Do we have to wait for the associated facilities to be online for the revenue to really ramp? Or is there a big component of revenue opportunity for you folks in the construction phase as well? Can you just calibrate us on whether you're seeing any revenue flowing through yet?

非常感謝這些說明。我可以另外問一個嗎？上個季度你們宣布與一個未具名的交易對手簽了一份10年合約。能否談談那份合約的營收節奏？我們是否必須等相關設施上線後，營收才會真正加速成長？還是說在建設階段你們也有很大的營收機會？能否幫我們校準一下：目前是否已經看到任何營收開始反映？

Yes. What I would say, Jerry, and I'll turn it over to Eric, who might be a little closer to the day-to-day on this. But what we said last quarter was we expected this contract to kind of kick in, in the fourth quarter. We expected maybe $10 million of revenues in the fourth quarter. I'd say -- I'm excited to say, and I think Eric alluded to this that, that work has started.

可以。我想說的是，Jerry，我先說幾句，然後交給Eric，他在這件事的日常進展上可能更貼近。不過我們上季說過，我們預期這份合約會在第四季開始啟動。我們預期第四季可能有約1,000萬美元的營收。我想——我很高興地說，而且我認為Eric也提到過，這項工作已經開始了。

We started to see the first loads. As we moved into '27 thinking kind of $25 million to $35 million, I think we're probably still thinking about in that range. But I think so far, kind of the kickoff and the integration of this large contract has gone well. I think we're seeing some other opportunities we might be able to help the customer with. So we'll update that probably as we move along here in a few months. But right now, $10 million-ish in Q4 is what we have in our current guide.

我們已經開始看到第一批載運量。當我們往2027年看、思考大約2,500萬到3,500萬美元時，我認為我們大概仍是落在那個區間。但到目前為止，這份大型合約的啟動與整合進展良好。我想我們也看到一些其他機會，可能可以協助客戶。所以接下來幾個月我們會再更新。但目前在我們現行指引中，第四季大約是1,000萬美元左右。

David Manthey, Baird.

David Manthey，Baird。

Mike, it feels like you're pulling a Barry Sanders here, but congratulations to you and Eric, to you as well. Question on crack spreads and how that relates to the Industrial Services business. So crack spread is still high, but seem to be rolling over. I think they're like a three month low right now. Does your Industrial Services calendar -- I mean how quickly does that start to be reflected in there? Are you seeing it? Are some of those seven day engagements turning back to 17 day ones that help better diffuse that mobilization burden for you?

Mike，感覺你這次有點像在學 Barry Sanders 那樣急流勇退，不過還是恭喜你，也恭喜 Eric。我想問一下裂解價差（crack spreads）以及它與工業服務（Industrial Services）業務之間的關聯。目前裂解價差仍然很高，但看起來似乎正在回落。我想現在大概是三個月來的低點。你們的工業服務排程——我的意思是，這種變化多快會反映在你們那邊？你們有看到嗎？那些原本七天的案子，有沒有開始又變回 17 天的案子，讓你們更能分攤動員成本的負擔？

Yes, Dave, we -- as you know, the refineries have been running full tilt 92% utilization throughout the year. We have seen some of our turnarounds that we performed on this year grow on scope. So that's been a good indicator. We fully expect that as we go into next year, based on the feedback from those clients that turnaround should ramp up. They're run to failure as we see it. And we think that our job right now is to be well positioned with those 400, 500 locations that will have turnarounds in North America next year and make sure that we're their first call. So we're feeling a little bit better that it should be a little bit more robust, although we're not forecasting that yet.

是的，Dave，我們——如你所知，煉油廠今年一直是全速運轉，產能利用率達到 92%。我們確實看到今年我們執行的一些大修（turnarounds）在工作範圍上有所擴大。所以這是一個很好的指標。我們完全預期，隨著進入明年，根據客戶的回饋，大修需求應該會加速提升。就我們所見，他們基本上是採取「跑到壞才修」（run to failure）。而我們現在的工作，就是要在明年北美將進行大修的 400、500 個據點上做好布局，確保我們是他們第一個想到要打電話的人。所以我們覺得狀況稍微好一些，應該會更強勁一點，雖然我們目前還沒有把這點納入預測。

I think, Dave, just one thing to add there. I think that we've done a really good job. I think Eric and the team have done a very good job of really understanding our customers, where they are in their cycle, reaching out to them, spending time with them so that when there is an upset, we're going to get that call. That was an open question. Things have gone -- have things gone down because we've lost work or things come down because they've just slowed down. I think we've proven to ourselves that it really has just slowed down. And so when that does turn around, we should be in a very good position to take advantage of that.

Dave，我再補充一點。我認為我們做得非常好。我覺得 Eric 和團隊在真正理解客戶、了解他們所處的週期位置、主動聯繫、花時間與他們相處方面做得非常到位，這樣一旦發生突發狀況（upset），他們就會打電話給我們。之前有個未解的問題是：業務下滑到底是因為我們丟了案子，還是只是客戶放慢了節奏。事情有沒有變差——是因為我們失去工作，還是只是他們放慢了？我想我們已經向自己證明，確實只是放慢了。因此當它回升時，我們應該會處在非常有利的位置去把握機會。

Okay. Yes, sounds good. And then on your own utilization of incinerators, you said 88% in the third quarter of '25. But I think at the time, you said 92% ex Kimball. I'm trying to sort that in my head. Does that mean that you had greater core downtime kind of ex Kimball in the third quarter of this year? Or what was the utilization ex Kimball in the third quarter of '26?

好的。是的，聽起來不錯。另外關於你們自有焚化爐（incinerators）的利用率，你說 2025 年第三季是 88%。但我記得當時你說扣除 Kimball 後是 92%。我在腦中想把這個理清楚。這是否表示今年第三季在核心資產（不含 Kimball）方面停機時間更長？或者說，2026 年第三季扣除 Kimball 的利用率是多少？

Ex Kimball, it's -- when you look at it, Dave, I guess I'd respond by saying, number one, that our utilization, when we look at the 87%, that was tempered a little because we had pulled some turnaround days forward from Q4 into Q3 of this year. So it's a little bit of a difference of comparing turnaround timing from Q3 last year to Q3 of this year. So that affected some of it. On the Kimball side, our ramp-up of tonnage into that unit has been very strong. We're exceeding our original goal this year of throughput for that unit. And we're continue to -- we will be running strong through the fourth quarter and end with that mid- to high 80s percent while we filled up Kimball.

扣除 Kimball 的話——Dave，你這樣看，我想我會這樣回應：第一，我們看 87% 這個利用率時，它被稍微壓低了一點，因為我們把原本第四季的一些大修天數提前到今年第三季來做。所以這裡有一點差異，因為是在比較去年第三季與今年第三季的大修時點不同。因此這影響了其中一部分。至於 Kimball 方面，我們導入到那個裝置的處理量（tonnage）爬坡非常強勁。我們今年該裝置的處理量已經超過原先的目標。而且我們會——我們第四季會持續強勁運轉，並在把 Kimball 填滿的同時，以中到高 80% 的利用率作結。

I would say, Dave, one last point is that whether it's 85%, 88%, 91%, these are just benchmarks that we look to make sure the incinerators are running well. And I wouldn't draw conclusions as to, well, last quarter, it was -- last year, it was 91%. This year, it's at 88% or 87%, whatever the answer is. It's more like that's just the movement of like one turnaround from October to September.

Dave，我再補充最後一點：不論是 85%、88% 或 91%，這些都只是我們用來確認焚化爐運轉良好的基準值。我不會因此下結論說，嗯，上季——去年是 91%，今年是 88% 或 87%，不管答案是多少。這更像只是例如把一次大修從 10 月挪到 9 月所造成的變動。

And so I don't want investors to read into it too far because it really can be moved around. It's a very simple average. And so we just got to be careful. I guess the way I look at it from where I'm sitting is like, hey, how are the plants running? Well, they're running at 85% or 88% utilization. That's kind of where I stop because I say, well, that means it's running well. And whether the down days are up or down, as Eric said, that just moves with kind of when the turnaround schedules are and when they need to be taken down.

所以我不希望投資人過度解讀，因為這些數字其實很容易被調整。它就是一個非常簡單的平均值。因此我們必須小心。以我坐在這裡的角度來看，我會想的是：嘿，工廠運轉得怎麼樣？嗯，它們以 85% 或 88% 的利用率在跑。我大概就停在這裡，因為我會說，這代表運轉良好。至於停機天數是多是少，如 Eric 所說，那只是跟著大修排程的時間點，以及何時需要停下來而移動。

Okay. Congratulations again.

好的。再次恭喜。

Lawrence Solow, CJS Securities.

Lawrence Solow，CJS Securities。

Great. I like the Barry Sanders metaphor, but I was thinking more maybe hopefully, Michael Jordan or something, if he'd come back.

很好。我喜歡 Barry Sanders 的比喻，但我想的更多可能是 Michael Jordan 之類的——希望他還會回來。

You guys. There's no reason to butter me up. I'm leaving. So I don't know why you're doing that, but I appreciate it anyway. All right.

各位。沒有必要拍我馬屁。我要離開了。所以我不知道你們為什麼這樣做，但我還是感謝。好。

Well, I wasn't picking George Foreman or anything. So don't go that way. Let's think about it. Most of my questions have been answered. Just a few. Actually, one for you, Mike, not too much on the SKSS. I know it's a minority division these days. But just the underlying spread management, I always feel like that's like the biggest driver.

嗯，我也不是在選 George Foreman 之類的。所以別往那個方向走。我們想想看。我大部分的問題都已經被回答了。只剩幾個。其實有一個是問你的，Mike，關於 SKSS 不用講太多，我知道這些年它已經是比較小的部門了。但就基礎的價差管理（spread management）而言，我一直覺得那才是最大的驅動因素。

Sure your other initiatives have certainly directionally moved positively, but kind of modest if you kind of look out over a five year period. But I feel like the -- just your spread management, your ability to manage that spread, especially in periods of falling prices. Do you feel like that's improved in the -- since you kind of over the last five years since you put out the Vision '27?

當然你們其他的措施方向上確實是正向的，但如果把時間拉長到五年來看，幅度算是溫和。但我覺得——就是你們的價差管理、你們管理價差的能力，特別是在價格下跌的期間。你覺得這方面在——過去五年、也就是你們發布 Vision '27 以來，有所改善嗎？

I think it's an absolute yes. I think the team has done an excellent job of holding the line, driving the industry forward on charge-for-oil when oil prices came down and the tale of sadness for the past two or three years, Larry, that was what we did. And I think it turned out to be very, very good.

我認為答案絕對是肯定的。我認為團隊做得非常出色，在油價下跌、而且過去兩三年可說是一段令人沮喪的時期時，我們仍然守住底線，並推動整個產業在「油品收費」（charge-for-oil）上往前走，Larry，這就是我們做的事。而我認為結果非常、非常好。

And because we're talking about a waste, a waste that needs to be disposed of properly, a waste in some states it's labeled as hazardous. So I think the team has done an excellent job of educating our customers on the importance of that, and that has allowed us to have -- here where we are today when prices have turned around and be able to kind of manage that spread at a very, very wide level.

而且因為我們談的是廢棄物——一種必須被妥善處置的廢棄物，在某些州它被標示為有害廢棄物。所以我認為團隊在教育客戶理解其重要性方面做得非常出色，這也讓我們——在價格回升、走到今天這個位置時，能夠以非常、非常寬的水準來管理那個價差。

Okay. That's fair. And how about -- just a question for Eric Gerstenberg. You talked a lot about -- the theme has been a lot about just onshoring and customers seeking one vendor. And you announced a nice large-sized contract last quarter. Just curious, just -- not asking you specifics, but do you see like other large customers or I know you don't call out specific contracts normally, but do you see a replication or just how is your queue of opportunities now going forward? It seems like we're still probably in the early innings of that, certainly onshoring. Any thoughts on that?

好的。這很公平。那再問一個問題——給 Eric Gerstenberg。你談了很多——主題很大一部分是在地化生產（onshoring）以及客戶尋求單一供應商。而你們在上一季宣布了一筆相當可觀的大型合約。我只是好奇——我不是要你談細節，但你是否看到其他大型客戶也有類似情況？或者我知道你們通常不會點名特定合約，但你是否看到可複製的趨勢？以及往前看，你們目前的機會管線如何？看起來我們可能仍處於很早期的階段，尤其是在地化生產方面。你有什麼想法嗎？

Yes. I would say, Larry, that we have seen some great opportunities to be a single service provider for large organizations that need a footprint like ours to be able to grow with. And that's a continued trend. The number of opportunities, RFPs that we've seen that are looking for a total solution, total waste management, as we call it, with embedding in our environmental solutions, our applications that we utilize in our facilities into their facilities has been a very strong trend for us. We're excited about that opportunity, and we have a number of them in the works.

是的。我會說，Larry，我們確實看到一些很好的機會，能成為需要像我們這樣據點版圖、並能隨其成長的大型組織的單一服務供應商。而這是一個持續的趨勢。我們看到的機會數量、RFP（招標書）中，尋求整體解決方案、整體廢棄物管理（我們這麼稱呼），並把我們的環境解決方案、以及我們在自有設施中使用的應用系統嵌入到他們的設施裡，對我們而言一直是非常強勁的趨勢。我們對這個機會感到興奮，而且目前有好幾個案子正在推進中。

So what has happened with that large company that we signed that multiyear deal with has been great. When you get embedded like that, you get our systems, you get our people in place, those companies realize what Clean Harbors can provide for them as a total provider, total waste management recycling provider for them and a very good trend there, and we're going to continue to capitalize on that. And that's fueled a lot by the onshoring that we're seeing throughout North America.

所以，我們與那家大型公司簽下多年期合約之後的進展非常好。當你以這種方式深度嵌入時，你把我們的系統導入、把我們的人員配置到位，那些公司就會意識到 Clean Harbors 能為他們提供什麼——作為整體供應商、整體廢棄物管理與回收的供應商；這是一個非常好的趨勢，我們也會持續把握並加以擴大。而這在很大程度上也受到我們在北美各地所看到的在地化生產（onshoring）所推動。

Yes, Larry, we went through an operating review over the last week or two, and I really saw not just the large contract that Kirsty mentioned, but a lot of other smaller contracts that are real evidence of reshoring here in North America.

是的，Larry，我們在過去一兩週做了一次營運檢討，我看到的不只是 Kirsty 提到的那筆大型合約，還有許多其他較小的合約，這些都是真正在北美回流生產（reshoring）的明確證據。

James Ricchiuti, Needham & Company.

James Ricchiuti，Needham & Company。

I want to just offer my best wishes to you, Mike, and congratulations, Eric. Most of the questions have been answered. But I wonder if you could just remind us of what the organic growth rate has been for the Industrial Services business. I know it's -- obviously, it's been a tough period over the past year, 1.5 years. But just in general, it seems like you have the potential for some easier comps in that part of the business in contrast to some of the other areas where you've got tougher comps looking out to 2027.

我想向你致上最好的祝福，Mike，也恭喜你，Eric。大多數問題都已經被回答了。但我想請你提醒我們一下，工業服務（Industrial Services）業務的有機成長率大概是多少？我知道——很明顯，過去一年到一年半是比較艱難的時期。但整體而言，看起來相較於其他一些領域（往 2027 年看會面臨更艱難的比較基期），你們這一塊業務似乎有機會遇到較容易的比較基期。

Yes, Jim, it's Eric Dugas. I'll take that one. In terms of organic versus inorganic growth, there's very little, if no kind of inorganic growth in industrial. The acquisitions we did this year are virtually all in the field service and tech services space for the most part. If you look at the last two quarters on Industrial Services, revenue has been flattish. I would say margins probably down a little bit year-on-year. As Eric has mentioned a few times on this call, we're really not seeing the benefits of those larger scope turnarounds. So there probably is as customers kind of run their plants to failure and need to do the more regular sized turnaround activity on into the future, that does hopefully provide some upside to us later on next year. But as Eric said, we're not forecasting any of that in the fourth quarter here.

是的，Jim，我是 Eric Dugas。我來回答這題。就有機成長與非有機成長而言，工業（industrial）這塊幾乎沒有、甚至可以說沒有任何非有機成長。我們今年做的收購幾乎都在現場服務（field service）和技術服務（tech services）領域為主。如果你看工業服務最近兩季，營收大致持平。我會說利潤率可能年對年略有下滑。正如 Eric 在這通電話中提到好幾次的，我們確實還沒有看到那些更大範圍的歲修/停工檢修（turnarounds）所帶來的效益。所以，當客戶某種程度上把工廠運轉到故障、並在未來需要做更常規規模的歲修作業時，希望能在明年稍晚為我們帶來一些上行空間。但如 Eric 所說，我們在這裡並沒有把這些納入第四季的預測。

Okay. But again, I know none of the M&A that you did recently has contributed to that. But I was just thinking looking back over the last few years, it just seems like looking out to 2027, that has the potential to be a better part of your business just it would seem like it's going to have to return to some normal trends.

了解。不過我也知道你們最近做的併購都沒有對那一塊帶來貢獻。但我只是回頭看過去幾年在想，往 2027 年看，那一塊業務似乎有潛力成為你們更好的部分——看起來它應該得回到某些正常的趨勢。

Got to think so, Jim.

我也這麼認為，Jim。

Yes. Jim, I'd also add that when you look at our revenues, we're up about 1%, 2% year-over-year in Industrial Services revenue for the quarter. And what's nice to see about that, relatively speaking, is that with a lower turnaround year and lower turnaround size and scope year-over-year that we are still growing our Industrial Services business in other areas with things like specialty work, tanks and cleanouts as well as the data center opportunity that we have ahead of us. So when we think into the future, our data center opportunity, along with turnarounds getting back on track, it does set some groundwork for us to be able to do a better job next year of really having a more sizable organic growth number.

是的，Jim，我也補充一下：如果你看我們的營收，本季工業服務營收年對年大約成長 1% 到 2%。相對而言，令人欣慰的是，在今年歲修較少、且歲修規模與範圍年對年下降的情況下，我們仍能在其他領域持續成長工業服務業務，例如專業作業、槽罐與清理（tanks and cleanouts），以及我們未來在資料中心方面的機會。因此，當我們展望未來，資料中心機會加上歲修回到正軌，確實為我們打下基礎，使我們明年能做得更好，真正實現更可觀的有機成長數字。

And just a quick follow-up just since you bring it up again on the data center side of the business. I know it's a small part of the business. But I'm wondering, are there opportunities potentially for you guys to accelerate the growth in that area through perhaps inorganically as opposed to stepping up investments internally. But I'm just wondering what -- whether that is in the mix at all?

再快速追問一下，既然你又提到資料中心這一塊。我知道它在整體業務中占比不大。但我想問的是，你們是否可能透過非有機方式來加速那一塊的成長機會，而不是只靠內部加大投資？我只是想了解——這是否有被納入考量？

We haven't seen anything that would make sense for us on the inorganic side yet with data centers.

就資料中心而言，我們目前還沒有看到任何在非有機面向上對我們有意義的機會。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

I wanted to ask a little bit about the bringing down one of the incinerators, I guess, for maintenance, I guess, accelerating the schedule from October to September. Just was that something that was done that was kind of unscheduled, -- there was kind of a reason for it? If you can just operationally explain, do you look like when there's maybe a little less volume of activity coming at a time, you just decide it makes sense to accelerate that? Or is there something that happens that makes you do that, just so that operationally, we can understand how that happens?

我想稍微問一下關於把其中一座焚化爐停下來、我猜是做維護保養，並把時程從 10 月提前到 9 月。這是某種臨時、非排程的安排嗎——背後有什麼原因嗎？如果可以的話，能否從營運角度解釋一下：你們是否會在某個時間點看到進來的作業量稍微少一些，就決定提前做比較合理？還是有什麼情況發生會促使你們這麼做？我只是想從營運面理解這是怎麼發生的。

And what impact did that have on the utilization going from, let's say, 91% to 87% this quarter. I understand you're just looking at the health of it, but just trying to understand this operationally.

另外，這對使用率從例如 91% 降到本季 87% 有什麼影響？我理解你們是在看設備健康狀況，但我只是想從營運角度弄清楚。

Yes. It has nothing to do with volumes. We continue to have robust volumes throughout the network. It really is just based on the performance of the unit and some of the blends that we're managing. You start to see a tail off of the throughput of the incinerator and that can cause a pull forward of a normal scheduled time frame. But it's really only typically a few weeks or a couple of weeks in this case, bridging the quarter. So that's -- we deal with that on an annual basis in different incineration units. Sometimes when we have a planned turnaround, we're going to get longer life and extend from when we originally planned the turnaround.

是的。這和處理量（volumes）無關。我們整個網路的處理量仍然很強勁。這主要是基於該機組的表現，以及我們正在管理的一些配料/混合物（blends）。當你開始看到焚化爐的處理吞吐量（throughput）出現下滑，就可能會把原本正常排定的時間點往前拉。但通常只會提前幾週——這次就是提前幾週或兩週，剛好跨到季度之間。所以——我們每年都會在不同的焚化機組上遇到這種情況。有時候當我們做計畫性歲修時，設備壽命會更長，於是我們會把原本規劃的歲修時間往後延。

Sometimes it's going to be a little bit of a pull forward. And it all, again, depends on the mix that we're feeding and the performance of the unit and we see if it tail off, then we're going to pull it forward. If we see continued strength in the throughput of the unit, we're going to push the turnaround a few weeks. It's just -- it's a normal course of events in large part.

有時候則會稍微提前。而這一切——再次強調——都取決於我們投入的混合物組成，以及機組的表現；如果我們看到吞吐量走弱，我們就會提前。如果我們看到機組吞吐量持續強勁，我們就會把歲修往後推幾週。這在很大程度上就是正常的例行狀況。

I would say, Shlomo, that you got to look at it on an annual basis. I think you look at it quarter-to-quarter, we're getting ourselves tied up in that 92% versus 87%. You got to look at it more on an annual basis because as Eric said, it's literally just pulling a turnaround back and forth, and that's kind of standard operating procedure for the incinerators that we run. And we just manage that kind of day-to-day, and you got to look at it on a more on annual basis versus every 90 days. You get some unusual questions and some unusual conclusions if you try to do it kind of over a 90-day period.

我會說，Shlomo，你必須以年度為基礎來看。我認為如果你用季度對季度來看，我們就會被 92% 對 87% 這種差異綁住。你必須更以年度為基礎來看，因為如 Eric 所說，這基本上就是把一次停爐檢修（turnaround）在前後拉動，而這對我們運行的焚化爐來說算是標準作業程序。我們就是日常去管理這些事情，你應該以年度為基礎來看，而不是每 90 天就看一次。如果你試著用 90 天的期間去看，可能會得到一些不尋常的問題和不尋常的結論。

Got it. And then can you talk about the charge for oil? How did that trend through the quarter? That just continue to trend all the way down? And like what are you at? Is there a number that you can provide us for like where you're at, at the end of the quarter?

了解。那你能談談油品收費（charge for oil）嗎？這在本季度的走勢如何？是不是一路持續往下走？以及你們目前大概在什麼水準？你能否提供一個數字，說明季度末你們大概在什麼位置？

Yes, Shlomo, we don't give that number out on a public call just because we have a lot of different constituents that are listening to the call. But we do -- we are very proud of the fact that we ended the Q3 in a charge-for-oil position and even with base oil prices at kind of record highs. And so that's really allowed us to have, as Eric Dugas said, kind of a record-setting kind of Q3. And so I'm of the view that I'm hopeful we're going to hold the line as best we can to hold that charge-for-oil position as we get through year-end.

是的，Shlomo，我們不會在公開電話會議上提供那個數字，因為有很多不同的利害關係人都在收聽。但我們確實——我們非常自豪的是，我們在第三季結束時處於「油品收費」的狀態，即使基礎油價格處於接近歷史高點。因此，這確實讓我們能夠如 Eric Dugas 所說，創下某種破紀錄的第三季表現。就我個人看法，我希望在年底前，我們能盡可能守住這個油品收費的立場。

Are you getting a lot of pushback on that, though, with people looking at you and saying, "Hey, look where oil is right now and why are you charging me for it and other people will do it for free?

不過你們在這方面會遭遇很多反彈嗎？因為大家看著你們說：「嘿，你看現在油價在哪裡，為什麼你還要向我收費，而其他人會免費提供？」

I mean at the end of the day, Shlomo, it's a hand-to-hand combat no matter what the price is. I mean, so we have a very good conversations. We have a very good customer base. We have very good conversations with our customers. And of course, those are very difficult conversations. I think the sales team and the organization has done a very good job of managing it.

我的意思是，Shlomo，說到底，不管價格是多少，這都是一場短兵相接的競爭。所以我們有非常好的溝通。我們有非常好的客戶基礎。我們與客戶之間有非常好的對話。當然，那些對話非常艱難。我認為銷售團隊和整個組織在管理這件事上做得非常好。

Nandita Nayar, Bank of America.

美國銀行（Bank of America）的 Nandita Nayar。

I just want to quickly touch on the 27.4% ES margins. You also talked about that included the $120 million of emergency response revenue. Just to get everyone on the same page, how should we kind of think about the underlying ES margin just excluding that event? And so that's just question 1. Just like just to follow-up. As we normalize for that ER activity, but also layer in the recent higher-margin M&A that you guys have been doing, just in the outer years, like how are you guys thinking of the pathway and the timing of that 30% plus ES margins? Would you kind of say there's some like increased confidence there?

我想快速觸及一下 27.4% 的 ES 利潤率。你也提到其中包含 1.2 億美元的緊急應變（emergency response）收入。為了讓大家理解一致，如果排除那個事件，你認為我們應該如何看待 ES 的基礎利潤率？這是第一個問題。再追問一下。當我們把 ER 活動正常化，同時再把你們近期所做、利潤率較高的併購（M&A）納入考量，放到更長期的年份來看，你們如何看待 ES 利潤率達到 30% 以上的路徑與時間點？你會說對此的信心有所提升嗎？

Nandita, this is Eric Dugas. I'll take that one. And first is there's certainly the margins were positively impacted by these large ER jobs here in Q3, there's no doubt. But I think underlying, we've long said that we expect something from 25 to 50 basis points of margin expansion in ES on an annual basis. And we've overdelivered on that over the last number of years here. As I look forward, I think at this point, it would be prudent to that, that assumption has served us well. It's guided the team well. And like I said, we've over-delivered.

Nandita，我是 Eric Dugas。我來回答這題。首先，毫無疑問，第三季這些大型 ER 專案確實對利潤率有正面影響。但我認為從基本面來看，我們長期以來一直說，我們預期 ES 的利潤率每年可擴張 25 到 50 個基點。而過去幾年我們在這方面其實是超額達成。展望未來，我認為在目前這個時間點，維持那個假設是審慎的；它一直對我們很有幫助。也很好地引導了團隊。而且如我所說，我們一直是超額達成。

On the 30% margins long term, that is -- remains an aspirational goal of ours. To put an exact date on it is probably tricky at this point. But certainly, with the good strategies that we're seeing, the tailwinds that we're seeing just from better manufacturing space, reshoring, data center initiatives, PFAS, continued collection of more and more volumes -- and then when you sprinkle in some great acquisitions this year that will get fully integrated over the next year, 1.5 years and then a really super strong balance sheet where we can continue to do nice acquisitions here in the future, that 30% is -- we can see it. I just hesitate to put an exact date on it. But for sure, that 25 to 50 basis points is -- that's what will grow each year here.

至於長期 30% 的利潤率，那仍然是我們的願景目標（aspirational goal）。要在此刻給出一個確切日期可能很棘手。但可以肯定的是，從我們看到的良好策略、以及我們看到的順風因素——包括更好的製造業環境、回流生產（reshoring）、資料中心計畫、PFAS、持續收集越來越多的量——再加上今年一些很棒的併購案，將在未來一年到一年半內完成全面整合，以及我們非常強健的資產負債表，使我們未來仍能持續進行不錯的併購——那個 30% 的目標，我們是看得到的。我只是對於給出確切日期有所保留。但可以確定的是，每年 25 到 50 個基點——這就是我們每年會成長的幅度。

Got it. And I just want to just double-click on the CapEx outlook here, Eric. At the midpoint, the '26 guide, the CapEx guide, I think around like $560 million. And like free cash flow conversion now is already approaching 43% versus, I think it was like 40% in the prior guide. So should we kind of think of '26 as like a peak CapEx year? And as kind of recent investments begin to mature and you guys kind of harvest those returns, could you kind of say free cash flow conversion reaches the mid-40% target range sooner than previously expected? Just any color there would be helpful.

了解。Eric，我想再深入確認一下資本支出（CapEx）的展望。在中位數，'26 的指引、CapEx 指引，我想大約是 5.6 億美元左右。而且自由現金流轉換率（free cash flow conversion）現在已接近 43%，相較於我記得先前指引大概是 40%。所以我們是否可以把 '26 視為 CapEx 的高峰年？隨著近期投資開始成熟、你們開始收割回報，你是否可以說自由現金流轉換率會比先前預期更早達到 40% 中段（mid-40%）的目標區間？任何補充說明都會很有幫助。

Nandita, when I look at our trailing 12-month free cash flow conversion, just as we sit here in September, it is in that mid, I believe, 45%, 46%. We're guiding to 43%. So I think we're there. Some of that is aided by a super strong year in SKSS. But I think safer to say we're kind of in that 40% range pretty clearly and looking to grow from there.

Nandita，當我看我們過去 12 個月（trailing 12-month）的自由現金流轉換率，以我們現在九月的時間點來看，我相信是在 45%、46% 的中段。我們的指引是 43%。所以我認為我們已經到了。其中一部分是受惠於 SKSS 非常強勁的一年。但我認為更保守的說法是，我們很明確地處在 40% 左右的區間，並希望在此基礎上繼續成長。

The current guide of 43%, again, I think a very good number this year and something we'll continue to look to grow, but stay safely in that 40% range.

今年 43% 的最新指引，我再次強調，我認為這是個非常好的數字，我們也會持續努力提升，但會穩健地維持在 40% 這個區間。

Yes. I would say that as we grow EBITDA margins, we're going to grow free cash flow conversion. I think they're very much connected. And so I think that as we hold the line on CapEx and think about CapEx into the future, I think that, that conversion kind of falls right through. And that's -- you can see that in the financial results.

是的。我會說，隨著我們提升 EBITDA 利潤率，我們也會提升自由現金流轉換率。我認為兩者是高度連動的。因此，我認為當我們守住 CapEx 的紀律並思考未來的 CapEx 時，那個轉換率就會直接反映出來。而且——你可以在財務結果中看到這一點。

Perfect. Mike, Eric congratulations.

太好了。Mike、Eric，恭喜。

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

現在問答環節到此結束。我現在想把會議交回給 Gerstenberg 先生作結語。

Thanks, Christine. We certainly appreciate everybody joining us today. We have many upcoming investor events, starting with the Baird Industrial Conference in Chicago in early November. We hope to connect with many of you at these events. And as always, have a very safe rest of your week.

謝謝你，Christine。我們非常感謝大家今天加入我們。我們接下來還有許多投資人活動，首先是 11 月初在芝加哥舉行的 Baird 工業會議。我們希望能在這些活動中與各位中的許多人交流。一如既往，祝各位本週剩餘時間都平安順利。

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路。感謝您的參與，祝您有美好的一天。