Casella Waste Systems Inc (CWST) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Casella Waste Systems, Incorporated's Fourth Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Casella Waste Systems, Incorporated 的 2022 年第四季度電話會議。此時，所有參與者都處於只聽模式。演講者的演講結束後，將進行問答環節。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Charlie Wohlhuter, Director of Investor Relations. Please go ahead, sir.

我現在想把會議交給今天的演講者，投資者關係總監查理沃爾胡特。請繼續，先生。

Thank you, Norma, and thank you everyone for joining us this morning. With us today are John Casella, Chairman and Chief Executive Officer of Casella Waste Systems; Ned Coletta, our President and Chief Financial Officer; Jason Mead, our Senior Vice President of Finance and Treasurer; and Sean Steves, our Senior Vice President and Chief Operating Officer of Solid Waste operations.

謝謝你，諾瑪，感謝大家今天早上加入我們。今天和我們在一起的有 Casella Waste Systems 董事長兼首席執行官 John Casella； Ned Coletta，我們的總裁兼首席財務官； Jason Mead，我們的財務高級副總裁兼財務主管；和 Sean Steves，我們的高級副總裁兼固體廢物業務首席運營官。

Today we will be discussing our 2022 full-year and fourth quarter results. These results were released yesterday afternoon. Along with a brief review of those results and an update on the company's activities and business environment, we will be answering your questions, but first, I remind everyone that various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

今天我們將討論 2022 年全年和第四季度的業績。這些結果於昨天下午公佈。除了對這些結果的簡要回顧以及公司活動和業務環境的最新情況外，我們將回答您的問題，但首先，我提醒大家，我們可能就公司未來的預期、計劃和前景發表的各種評論構成前瞻性的- 為 1995 年《私人證券訴訟改革法案》下的安全港條款而作出的陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent annual report on Form 10-K, which is on file with the SEC. In addition, any forward-looking statements represent our views only as of today, and should not be relied upon as representing our views as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to today.

由於各種重要因素，實際結果可能與這些前瞻性陳述所表明的結果存在重大差異，包括我們在美國證券交易委員會備案的 10-K 表格的最新年度報告的風險因素部分中討論的那些因素。此外，任何前瞻性陳述僅代表我們截至今日的觀點，不應被視為代表我們截至任何後續日期的觀點。雖然我們可能會選擇在未來某個時候更新前瞻性陳述，但我們明確表示不承擔任何義務，即使我們的觀點發生變化也是如此。不應依賴這些前瞻性陳述來代表我們截至今天之後的任何日期的觀點。

Also during this call, we will be referring to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles. Reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures, to the extent they are available without unreasonable effort, are available in the appendix to our Investor slide presentation, which is available in the Investors section of our Web site at ir.casella.com, under the heading Events and Presentations.

同樣在這次電話會議中，我們將提到非 GAAP 財務措施。這些非 GAAP 措施不是根據公認會計原則編制的。非 GAAP 財務措施與最直接可比的 GAAP 措施的對賬，只要不經過不合理的努力即可獲得，可在我們的投資者幻燈片演示文稿的附錄中找到，該幻燈片可在我們網站的投資者部分找到 ir .casella.com，在標題 Events and Presentations 下。

And with that, I will now turn it over to John Casella, who will begin today's discussion.

然後，我現在將把它交給 John Casella，他將開始今天的討論。

Thanks, Charlie. Good morning, everyone, and welcome to our fourth quarter 2022 conference call. This was a great year for our company marked by strong execution during a period of historically high inflation, volatile recycling commodity market. I'd like to spend a few minutes highlighting our performance in '22, and our forward look to '23, and our strategies. Ned will provide some color on the quarter.

謝謝，查理。大家早上好，歡迎來到我們 2022 年第四季度的電話會議。對於我們公司來說，這是一個偉大的一年，在歷史高通脹、動蕩的回收商品市場期間執行力強。我想花幾分鐘時間強調一下我們在 22 年的表現、我們對 23 年的展望以及我們的戰略。 Ned 將在本季度提供一些顏色。

I'd like begin by saying that I'm extremely proud of the performance at all levels of the company during the year. Our entire team stepped up and executed well against our key strategies, which led us to achievement of several notable milestones. In the year, we surpassed $1 billion in revenue, and also generated over $100 million in adjusted free cash flow for the first time in the company's history. This reflects the focus and determination of our culture that our employees demonstrate every day in carry forward into 2023.

首先，我想說，我對這一年公司各級的表現感到非常自豪。我們的整個團隊加強並很好地執行了我們的關鍵戰略，這使我們實現了幾個顯著的里程碑。這一年，我們的收入超過了 10 億美元，並且在公司歷史上首次產生了超過 1 億美元的調整後自由現金流。這反映了我們的員工每天都在向 2023 年發揚光大的過程中表現出的專注和決心。

Looking more closely at 2022, strong operating and pricing programs worked well to offset inflation. We grew revenues by 22%, adjusted EBITDA by nearly 21%. I'm also proud of our continued capital discipline and execution against our growth strategies which helped drive adjusted free cash flow growth of approximately 17% in the year, exceeding our long-term 2024 plan of 10% to 15% growth per year. We laid out our 2024 plan last year. We set a target to optimistically grow revenues by $30 million or more per year through acquisitions or development activity. In 2022, we outperformed the goal and acquired 14 businesses with roughly $51 million of annualized revenues.

更仔細地觀察 2022 年，強大的運營和定價計劃可以很好地抵消通貨膨脹。我們的收入增長了 22%，調整後的 EBITDA 增長了近 21%。我也為我們持續的資本紀律和執行我們的增長戰略而感到自豪，這有助於推動調整後的自由現金流在今年增長約 17%，超過我們 2024 年 10% 至 15% 的長期計劃。我們去年制定了 2024 年計劃。我們設定了一個目標，即通過收購或開發活動樂觀地將收入每年增加 3000 萬美元或更多。 2022 年，我們超額完成了目標，收購了 14 家企業，年收入約為 5100 萬美元。

We currently have two potential acquisitions under LOI that we expect to close by some time in the second quarter, with total annual revenues of approximately $30 million. This reflects the continued strength of our acquisition pipeline.

我們目前在 LOI 下有兩項潛在收購，我們預計將在第二季度的某個時候完成，年總收入約為 3000 萬美元。這反映了我們收購管道的持續實力。

As I look to 2023, we remain well-positioned to continue to grow the business in a disciplined manner while generating strong returns. With a strong balance sheet, low leverage, and ample liquidity, we're in excellent position to support the further growth in our business. In terms of the base business, the fundamentals are strong. However, in the fourth quarter, we experienced a headwind from commodities that were slightly greater than anticipated. This was mainly driven by several recycling contracts that we have acquired through acquisitions over the last couple of years, which do not yet have our modern risk mitigation features. Over time, as these contracts reset, we intend to incorporate these mechanisms.

展望 2023 年，我們仍處於有利地位，可以繼續以有紀律的方式發展業務，同時產生可觀的回報。憑藉穩健的資產負債表、低杠桿率和充足的流動性，我們處於支持業務進一步增長的有利位置。就基礎業務而言，基本面強勁。然而，在第四季度，我們經歷了商品價格略高於預期的逆風。這主要是由我們在過去幾年通過收購獲得的幾份回收合同推動的，這些合同尚不具備我們現代的風險緩解功能。隨著時間的推移，隨著這些合同的重置，我們打算整合這些機制。

As it relates to early 2023, we have rolled out another robust pricing program for the year to stay ahead of inflation. I'd now like to provide a brief review related to the execution against a few of our key strategies and the performance of our operations.

與 2023 年初相關，我們推出了另一項穩健的年度定價計劃，以領先於通貨膨脹。我現在想簡要回顧一下我們的一些關鍵戰略的執行情況和我們的運營績效。

We remain focused on improving the returns at our landfills through a combination of operating programs, pricing ahead of inflation, and key permitting initiatives that support the future disposal capacity needs of our customers and in the markets in which we operate. Improving the mix of our inbound customers is a key area we are focused on. This year, it is measured through our average landfill price per ton statistic which is up 7.4% in the year, helping us offset wins from cost inflation and the heightened regulatory costs. In addition to price, volume, and operational strategies we have in place, we're excited to have two renewable natural gas operations coming online, in 2023, through partnerships with third parties.

我們仍然專注於通過運營計劃、通貨膨脹前定價以及支持我們客戶和我們運營所在市場未來處理能力需求的關鍵許可舉措來提高我們垃圾填埋場的回報。改善入境客戶的組合是我們關注的一個關鍵領域。今年，它是通過我們的每噸平均垃圾填埋場價格統計數據來衡量的，該數據在今年上漲了 7.4%，幫助我們抵消了成本通脹和監管成本增加帶來的收益。除了我們已經制定的價格、數量和運營戰略外，我們很高興通過與第三方的合作，在 2023 年有兩個可再生天然氣業務上線。

These facilities further enhance our sustainability profile and present no financial risk as our partners invested 100% of the RNG capital at our sites. We will benefit from the sharing of cash flows related to these projects. The first facility is expected to begin operations in the second quarter this year, followed by an anticipated start date at our second facility in the fourth quarter. Further, we are very excited about our McKean Landfill rail project; we received our wetlands permits and are moving forward with plans for rail service at the landfill beginning in 2024. This rail-served site provides much needed long-term disposal outlet for our customers and for the Northeast.

這些設施進一步提升了我們的可持續發展形象，並且不存在財務風險，因為我們的合作夥伴將 100% 的 RNG 資本投資於我們的場地。我們將受益於與這些項目相關的現金流量分享。第一家工廠預計將於今年第二季度開始運營，第二家工廠預計將於第四季度開始運營。此外，我們對我們的 McKean 垃圾填埋場鐵路項目感到非常興奮；我們獲得了濕地許可證，並正在推進從 2024 年開始在垃圾填埋場提供鐵路服務的計劃。這個鐵路服務站點為我們的客戶和東北部提供了急需的長期處置出口。

Moving on to the collections business, '22 marked an exceptional year for Sean and his team from an operating standpoint, and for our collection line of business. We posted another strong year and exceeded our budgets in both adjusted EBITDA growth and margin expansion. Our flexible pricing and operating programs work well to offset inflation. As inflation began ramping early in 2022, we took quick action to address rising costs. We reported 7% collection price for the year. Our fuel cost recovery program worked well in the year and fully offset over $27 million of year-over-year increased fuel costs. This risk mitigation program is working as intended, but higher fuel costs did result in 40 basis points of margin headwind in the year.

轉向收藏業務，從運營的角度來看，對於肖恩和他的團隊以及我們的收藏業務線來說，22 年是非凡的一年。我們又迎來了強勁的一年，調整後的 EBITDA 增長和利潤率擴張均超出了我們的預算。我們靈活的定價和運營計劃可以很好地抵消通貨膨脹。隨著 2022 年初通貨膨脹率開始上升，我們迅速採取行動應對不斷上升的成本。我們報告了當年 7% 的回收價格。我們的燃料成本回收計劃在這一年中運作良好，完全抵消了超過 2700 萬美元的同比燃料成本增加。這一風險緩解計劃正在按預期進行，但更高的燃料成本確實導致了當年 40 個基點的利潤逆風。

Our ongoing investments across the collection fleet are making positive contributions to productivity. Replacing reload trucks with automated trucks and deploying onboard computers is driving value while improving safety and employee engagement. Nearly 50% of our addressable fleet is automated and equipped with computers. We expect that success of this operational strategy will continue as further investments are made in 2023. Resource Solutions, our business model is naturally -- has a natural alignment to sustainability. We continue to create additional value for our stakeholders by having measurable goals that enhance our focus on areas such as safety, turnover, Resource Solutions tonnage, and so on.

我們對收集車隊的持續投資正在為提高生產力做出積極貢獻。用自動化卡車取代裝卸卡車並部署車載計算機在提高安全性和員工敬業度的同時推動價值。我們可尋址車隊中近 50% 是自動化的並配備了計算機。我們預計，隨著 2023 年的進一步投資，這一運營戰略將繼續取得成功。Resource Solutions，我們的商業模式自然與可持續性保持一致。我們通過制定可衡量的目標來繼續為我們的利益相關者創造額外的價值，這些目標加強了我們對安全、營業額、資源解決方案噸位等領域的關注。

As our execution against these key metrics improve so does our performance as a company. Last week, we closed on an amendment to our credit facility that links borrowing costs to progress in achieving our safety and Resource Solutions goals outlined in our recent Sustainability Report. The sustainability-linked loan further strengthens our accountability and our alignment to these areas. And our Resource Solutions segment is important to achieving these goals. Ongoing technological investments at our recycling facilities are aimed at improving safety, recovery quality, increasing throughput, and reducing labor. In 2022, we invested in and installed robotics and optical sorters at several of our facilities.

隨著我們對這些關鍵指標的執行得到改善，我們作為一家公司的績效也得到提高。上週，我們完成了對信貸額度的修訂，將藉貸成本與實現我們最近的可持續發展報告中概述的安全和資源解決方案目標的進展聯繫起來。與可持續發展相關的貸款進一步加強了我們的問責制以及我們與這些領域的一致性。我們的資源解決方案部門對於實現這些目標非常重要。我們的回收設施正在進行的技術投資旨在提高安全性、回收質量、增加吞吐量和減少勞動力。 2022 年，我們在我們的幾個設施中投資並安裝了機器人技術和光學分揀機。

Further, our most significant upgrade is taking place at our Boston facility which is one of the largest in the country. Over the last two or so years, we've invested approximately $20 million in new equipment and technology for this facility. The plant will be offline for several months this year as we expect the installation to be completed by midyear 2023.

此外，我們最重要的升級是在我們的波士頓工廠進行的，該工廠是美國最大的工廠之一。在過去兩年左右的時間裡，我們為該設施投資了大約 2000 萬美元用於新設備和技術。該工廠今年將停產幾個月，因為我們預計安裝將在 2023 年年中完成。

And finally, I'd like to highlight our capital allocation and growth strategy. We continue to have success executing against our growth strategy through our disciplined approach on targeting acquisitions and pursuing development projects that have strong return profiles. Our pipeline remains very robust with over $500 million in revenues of identified opportunities across our existing operating footprint. We are currently in the late stages for several acquisitions and expect another year of strong activity. On the project development side, as I mentioned, in 2023, we are looking forward to RNG facilities coming online in addition to the finalization of equipment upgrade at our Boston recycling facility.

最後，我想強調一下我們的資本配置和增長戰略。我們通過嚴格的目標收購和追求具有強大回報率的開發項目的方法，繼續成功地執行我們的增長戰略。我們的管道仍然非常強大，在我們現有的運營足跡中發現的機會收入超過 5 億美元。我們目前處於幾項收購的後期階段，預計又是一年的強勁活動。在項目開發方面，正如我提到的，在 2023 年，除了完成波士頓回收設施的設備升級外，我們還期待 RNG 設施上線。

And on the heels of these projects, we expect our rail operations at our McKean landfill to be operational some time in 2024.

在這些項目之後，我們預計麥基恩垃圾填埋場的鐵路運營將在 2024 年的某個時候投入運營。

Wrapping up, I'm proud of the success that we had in executing in 2022 against our key strategies. And we started 2023 on solid footing. The building blocks are in place for us to continue to drive value while growing the business.

最後，我為我們在 2022 年執行關鍵戰略所取得的成功感到自豪。我們以堅實的基礎開始了 2023 年。我們的基石已經到位，可以在發展業務的同時繼續推動價值。

And with that, I'll turn it over to Ned.

有了這個，我會把它交給內德。

Thanks, John. I'd also like to start by thanking our team for a very strong year. We beat our plan for the year despite the challenging backdrop of the historically high inflation, the rapidly rising fuel costs, and the significant drop in commodity prices. Thank you, everyone.

謝謝，約翰。我還想首先感謝我們的團隊度過了非常強勁的一年。儘管通貨膨脹處於歷史高位、燃料成本迅速上漲以及大宗商品價格大幅下跌等充滿挑戰的背景下，我們仍超額完成了今年的計劃。謝謝大家。

Moving on to the quarter, revenues in the fourth quarter were $272.1 million, up $30.3 million or 12.5% year-over-year, with 3.6% of the year-over-year change driven by acquisition activity, and the remaining 8.9% or $21.6 million of the year-over-year change resulting from organic growth. Solid waste revenues were up 13.2% year-over-year, with price up 6.2%, acquisition growth of 2.2%. Our fuel cost and recovery fees up 6.1% partially offset by 1% lower volumes.

轉到本季度，第四季度的收入為 2.721 億美元，同比增長 3030 萬美元或 12.5%，其中 3.6% 的同比變化由收購活動驅動，其餘 8.9% 或 21.6 美元百萬的同比變化是由有機增長引起的。固廢收入同比增長 13.2%，價格上漲 6.2%，收購增長 2.2%。我們的燃料成本和回收費用上漲 6.1%，部分被銷量下降 1% 所抵消。

Seasonality is always a bit different from year-to-year. And everyone who follows this company knows that. And this year, we experienced a weaker than expected volumes in the fourth quarter mainly due to lower than forecasted landfill ponds and roll-off poles. However, landfill and roll-off volumes have rebounded sharply into January. And we are actually ahead in the month of January where we were throughout these losses in the fourth quarter.

季節性總是與每年有點不同。關注這家公司的人都知道。而今年，我們在第四季度的銷量低於預期，這主要是由於垃圾填埋場和滾壓桿低於預期。然而，垃圾填埋場和滾落量在 1 月份急劇反彈。我們實際上在 1 月份領先，我們在第四季度經歷了這些損失。

Our solid waste pricing increased plus in the quarter up 12.3% in total adding the two categories together. Revenues in the collection line of business were up 16.5% year-over-year with price up 6.7% and volume slightly down. Revenues in the disposal line of business were up 7.6% year-over-year with price up 5.4% and volume slightly down. As John discussed, our landfill average price per ton was up 6.7% as we continue to improve mix at our sites.

我們的固體廢物定價在本季度增加了 12.3%，將這兩個類別加在一起。收款業務的收入同比增長 16.5%，價格上漲 6.7%，銷量略有下降。處置業務的收入同比增長 7.6%，價格上漲 5.4%，銷量略有下降。正如 John 所討論的那樣，隨著我們繼續改善我們網站的組合，我們的垃圾填埋場每噸平均價格上漲了 6.7%。

Resource Solutions revenues were up 10.6% year-over-year with 7.5% growth from acquisition, 6.9% volume growth, and 17% growth in processing fees and other price partially offset by lower commodities down 21.5%. Commodity prices or the average commodity revenue per ton was down 67% year-over-year on lower cardboard, mixed paper pricing, lower metal, and lower plastic pricing. Commodity prices hit a high point in April of 2022, and then, significantly declined sequentially declined sequentially through the remainder of the year. Prices did stabilized December and now have risen into January. And they are up about $5 a ton sequentially from December to January, and are sitting ahead of our budget in the month of January.

資源解決方案收入同比增長 10.6%，收購增長 7.5%，銷量增長 6.9%，加工費和其他價格增長 17%，部分被較低的商品下降 21.5% 所抵消。由於紙板、混合紙定價、金屬和塑料價格下降，商品價格或每噸平均商品收入同比下降 67%。大宗商品價格在 2022 年 4 月達到高點，然後在今年剩餘時間里大幅下跌，連續下跌。價格確實在 12 月穩定下來，現在已經上漲到 1 月。從 12 月到 1 月，它們每噸的價格連續上漲了 5 美元，並且在 1 月份超出了我們的預算。

Adjusted EBITDA was $56.2 million in the quarter. Up $4.8 million or 9.3% year-over-year with $3.1 million of the growth driven by improvements in our base business and $1.7 million derived from the rollover impact of acquisitions completed.

本季度調整後的 EBITDA 為 5620 萬美元。同比增長 480 萬美元或 9.3%，其中 310 萬美元的增長來自我們基礎業務的改善，170 萬美元來自已完成收購的展期影響。

Given our strong performance in 2022, we had accrued a total of $2.5 million during the third and fourth quarters for special onetime bonus to all of our hourly frontline and back-office employees that worked hard to help us excel in this challenging environment. This bonus was paid out in early December. Adjusted EBITDA margins were 20.7% in the quarter, down 60% basis points year-over-year.

鑑於我們在 2022 年的強勁表現，我們在第三和第四季度累積了總計 250 萬美元的特別一次性獎金，以獎勵所有努力工作以幫助我們在這個充滿挑戰的環境中脫穎而出的一線和後台員工。這筆獎金已於 12 月初支付。本季度調整後的 EBITDA 利潤率為 20.7%，同比下降 60%。

As we dig into that margin decline, it's important to really look at the categories. As we look at it, we did cover our inflation with our pricing programs. Our solid waste price was up 6.2%, offset by a 5.4% headwind from inflation excluding fuel.

當我們深入研究利潤率下降時，真正審視這些類別很重要。在我們看來，我們確實通過我們的定價計劃來彌補我們的通貨膨脹。我們的固體廢物價格上漲了 6.2%，被不包括燃料的通貨膨脹帶來的 5.4% 的逆風所抵消。

Other margin increasing items include a 20 basis point improvement from our fuel recovery program due to timing differences. But then, we had a 90 basis point headwind from recycling commodity prices, A 45 basis point headwind from the special bonus that we just discussed, and a 20 basis point headwind from lower volumes. Solid waste adjusted EBITDA was $51.3 million in the quarter. Up $7.6 million year-over-year with strength in both in the collection and disposal lines of business.

由於時間差異，其他利潤增加項目包括我們的燃料回收計劃提高 20 個基點。但隨後，我們從回收商品價格中遇到了 90 個基點的逆風，從我們剛剛討論的特別獎金中遇到了 45 個基點的逆風，從較低的數量中遇到了 20 個基點的逆風。本季度固體廢物調整後的 EBITDA 為 5130 萬美元。同比增長 760 萬美元，在收集和處置業務方面均表現強勁。

Resource Solutions adjusted EBITDA was $4.6 million in the quarter. Down $3 million year-over-year with continued growth in industrial services business offset by lower performance in the recycling line of business. As John mentioned, our risk mitigating commodity programs including the SRAC for hauling customers and the processing fee or rebate structure or recycling facilities continue to work well and offset most of the significant drop in commodity prices.

本季度 Resource Solutions 調整後的 EBITDA 為 460 萬美元。工業服務業務的持續增長被回收業務線的業績下滑所抵消，同比下降 300 萬美元。正如 John 所提到的，我們的風險緩解商品計劃（包括運輸客戶的 SRAC 和加工費或回扣結構或回收設施）繼續運作良好，並抵消了商品價格大幅下跌的大部分影響。

Unfortunately, these programs are not fully implemented in several of the markets that we have acquired over the last two years that had legacy contracts that did not allow us to pass recycling risk back to customers. These markets accounted for over 80% of the year-over-year adjusted EBITDA decline. As of December 31st, we had $603.5 million of debt, $71.2 million of cash, liquidity of $337.2 million.

不幸的是，這些計劃並未在我們過去兩年收購的幾個市場中得到充分實施，這些市場的遺留合同不允許我們將回收風險轉嫁給客戶。這些市場佔調整後 EBITDA 同比下降的 80% 以上。截至 12 月 31 日，我們的債務為 6.035 億美元，現金為 7120 萬美元，流動資金為 3.372 億美元。

Our consolidated net leverage ratio was 2.08 times. And our average cash interest rate was approximately 3.6%. Our balance sheet is in great shape and position us well to continue to grow while also providing stability in this rising interest rate environment with our fixed interest rates on approximately 73% of our debt, and our next major debt maturity, not until 2025.

我們的合併淨槓桿率為 2.08 倍。我們的平均現金利率約為 3.6%。我們的資產負債表狀況良好，使我們有能力繼續增長，同時在這種利率上升的環境中提供穩定性，我們約 73% 的債務採用固定利率，下一個主要債務到期日為 2025 年。

In recognition of our continued balance sheet improvements, we recently received one notch upgrades at both Standard & Poor's and Moody's. And also as announced last week, we completed two amendments to our credit agreement, including the early adoption of term SOFR to replace LIBOR as a benchmark rate. And as John mentioned, we instituted the sustainability link loan feature to further align our long-term sustainability goals with enhancing shareholder value.

為表彰我們資產負債表的持續改善，我們最近獲得了標準普爾和穆迪的一級評級升級。並且正如上周宣布的那樣，我們完成了對信貸協議的兩項修訂，包括提前採用 SOFR 期限以取代 LIBOR 作為基準利率。正如約翰所提到的，我們建立了可持續發展鏈接貸款功能，以進一步使我們的長期可持續發展目標與提高股東價值保持一致。

Adjusted free cash flow was $111.2 million for fiscal year 2022, up $15.9 million, or close to 17% year-over-year, with higher capital expenditures more than offset by higher net cash provided by operating activities, mainly driven by improved operating performance and a small improvement in our changes in assets and liabilities versus last year.

2022 財年調整後的自由現金流為 1.112 億美元，同比增長 1590 萬美元或接近 17%，資本支出的增加被經營活動提供的淨現金增加所抵消，這主要是由於經營業績的改善和與去年相比，我們的資產和負債變化略有改善。

As stated in our press release, yesterday afternoon, we announced guidance for fiscal 2023. And those ranges are laid out in our press release. Our guidance ranges for the year assume a stable economic environment, continuing from the fourth quarter into the remainder of 2023. In addition, our 2023 guidance includes $15.5 million of revenue growth from the rollover of acquisitions already completed in 2022.

正如我們的新聞稿中所述，昨天下午，我們宣布了 2023 財年的指導方針。這些範圍在我們的新聞稿中列出。我們今年的指導範圍假設經濟環境穩定，從第四季度持續到 2023 年剩餘時間。此外，我們的 2023 年指導包括 2022 年已完成的收購展期帶來的 1550 萬美元的收入增長。

However, as we mentioned in our press release, we have two acquisition targets, with approximately $30 million of annualized revenues under Letter of Intent, and we expect to close on these transactions by the end of the second quarter. However, they are not included in our guidance for the year, and no other acquisitions are included in our guidance.

然而，正如我們在新聞稿中提到的，我們有兩個收購目標，根據意向書，年化收入約為 3000 萬美元，我們預計將在第二季度末完成這些交易。但是，它們不包括在我們當年的指導中，我們的指導中也沒有其他收購。

Our pricing programs continue to increase sequentially from late 2022 into 2023. And we expect solid waste pricing of positive 6% to 7% in fiscal year 2023. We have already rolled out the vast majority of our plan pricing for 2023 and we have not experienced any meaningful pricing rollbacks and our solid waste price for the month of January was over 8%.

從 2022 年底到 2023 年，我們的定價計劃繼續按順序增加。我們預計 2023 財年的固體廢物定價為正 6% 至 7%。我們已經推出了 2023 年的絕大多數計劃定價，我們還沒有經歷過任何有意義的定價回滾和我們 1 月份的固體廢物價格超過 8%。

We believe that we've established appropriate pricing plan for 2023 that positions us well to offset inflationary headwinds, while still improving margins through our investments in technology and core operating programs. Our internal rate of inflation is currently running at 5.4% as I mentioned earlier.

我們相信，我們已經為 2023 年制定了適當的定價計劃，這使我們能夠很好地抵消通脹逆風，同時仍通過我們對技術和核心運營計劃的投資來提高利潤率。正如我之前提到的，我們的內部通貨膨脹率目前為 5.4%。

As discussed in previous quarters, if cost inflation increases further, we have great flexibility in advanced pricing increases and roughly 70% of our collection book of business. Overall, we expect adjusted EBITDA to be up 8.5% to 10.9% year-over-year in our guidance, with roughly 50 basis points of margin expansion. However, we do expect margins to be down slightly in the first-half of the year due to continued headwinds from recycling commodity prices. We do expect margins to be up in the second-half of the year.

正如前幾個季度所討論的那樣，如果成本通脹進一步上升，我們在提前定價和大約 70% 的業務集合方面有很大的靈活性。總體而言，我們預計調整後的 EBITDA 在我們的指導下同比增長 8.5% 至 10.9%，利潤率擴大約 50 個基點。然而，由於回收商品價格的持續不利因素，我們確實預計今年上半年的利潤率將略有下降。我們確實預計利潤率將在今年下半年上升。

We expect adjusted EBITDA growth to come in the following areas, the collection line of business up roughly $17 million to $20 million, disposal line of business up $10 million to $12 million, resource solutions down $2 million to $4 million, about $2.5 million of rollover benefit from acquisitions, and then some other kind of headwinds in the business due to cost increases of $5 million to $6 million.

我們預計調整後的 EBITDA 增長將出現在以下領域，收集業務增長約 1700 萬至 2000 萬美元，處置業務增長 1000 萬至 1200 萬美元，資源解決方案下降 200 萬至 400 萬美元，展期約 250 萬美元受益於收購，然後由於成本增加 500 萬至 600 萬美元而在業務中遇到其他一些不利因素。

Overall, we expect adjusted free cash flow to be up about 10% at the midpoint of our guidance range for 2023. We expect very strong flow through from incremental EBITDA with a few cash flow headwinds, including cash interest of roughly $2.5 million year-over-year, cash taxes up roughly $3 million, closure up $7 million, as we cap at several active sites and roughly $3 million of headwinds as delays in certain capital expenditures shifted cash outflows into early 2023 from late 2022.

總體而言，我們預計調整後的自由現金流量將在我們 2023 年指導範圍的中點增長約 10%。我們預計來自增量 EBITDA 的流量將非常強勁，但會出現一些現金流逆風，包括約 250 萬美元的現金利息。 -年，現金稅增加了約 300 萬美元，關閉了 700 萬美元，因為我們限制了幾個活躍的站點，並且由於某些資本支出的延遲將現金流出從 2022 年末轉移到 2023 年初，約有 300 萬美元的逆風。

So in closing, our team did an incredible job in fiscal year 2022, accelerating cost efficiency programs to help moderate inflation, realigning pricing plans to offset heightened costs, and ensuring the eligible customers who are on our fuel cost recovery program and recycling risk management fees. We are well positioned to continue to execute in 2023 to grow our business through key strategic initiatives and drive long-term shareholder value. And with that, I'd like to turn it back to the operator for questions.

因此，最後，我們的團隊在 2022 財年完成了令人難以置信的工作，加快了成本效率計劃以幫助緩和通貨膨脹，重新調整定價計劃以抵消增加的成本，並確保符合條件的客戶參與我們的燃料成本回收計劃和回收風險管理費用.我們有能力在 2023 年繼續執行，通過關鍵戰略計劃發展我們的業務，並推動長期股東價值。有了這個，我想把它轉回給接線員提問。

(Operator Instructions) And our first question comes from the line of Tyler Brown with Raymond James. Your line is now open.

（操作員說明）我們的第一個問題來自泰勒·布朗和雷蒙德·詹姆斯的台詞。您的線路現已開通。

Yes, okay, good, a little spotty on my cell service here. Just a quick clarification, were the special bonuses included in the guidance?

是的，好的，很好，我這裡的手機服務有點不穩定。快速澄清一下，指南中是否包含特別獎金？

Yes, they were. So, that was something we knew about during -- well, not the initial guidance to the year, but when we updated Q3, we knew about them.

是的，他們是。所以，這是我們知道的事情——好吧，不是今年的初步指導，但當我們更新第三季度時，我們知道了它們。

Okay, just wanted to clarify that. Can we start a little bit with volume, so I think it was a little bit weak here, it sounded like there was some pull forward, you talk about 50 to 100 basis points of growth in '23. Can you split that out between collection and disposal?

好的，只是想澄清一下。我們可以從數量上開始一點嗎，所以我認為這裡有點疲軟，聽起來有一些推動力，你說 23 年增長了 50 到 100 個基點。你能把收集和處置分開嗎？

Yes, so if you look at the fourth quarter, we were -- trends were weaker than we expected, and it was mainly at the landfills with tons, and in the roll-off line of business. Not much weakness anywhere else. And what's interesting is that weakness in the fourth quarter, we had about volumes down $1.8 million through the fourth quarter in a dollarized basis. All of that decline was more than offset in the month of January. So, as you know, in the Northeast, sometimes we get some strange weather patterns, strange seasonality, and we just saw a period of weakness that we didn't expect in the fourth quarter. But January bounced right back. So, nothing broader economic that we see, it's just more of a slowing trend into the fourth quarter, and it's a nice trend through late December through mid-February here.

是的，所以如果你看一下第四季度，我們是 - 趨勢比我們預期的要弱，而且主要是在垃圾填埋場和滾下業務線。其他地方沒有太大的弱點。有趣的是，第四季度的疲軟，我們在第四季度以美元計算的交易量下降了 180 萬美元。所有這些下降在 1 月份都被抵消了。所以，正如你所知，在東北部，有時我們會遇到一些奇怪的天氣模式、奇怪的季節性，我們只是看到了第四季度我們沒有預料到的疲軟期。但是一月反彈了。因此，我們沒有看到更廣泛的經濟，更多的是進入第四季度的放緩趨勢，從 12 月下旬到 2 月中旬，這是一個很好的趨勢。

And then, Jason, you want to talk about next year?

然後，傑森，你想談談明年嗎？

Yes, in terms of the breakup between collection and disposal, to your point, Tyler, and in 2023, our guide is for solid waste, 50 to 100 basis points for the full-year. And it's pretty equivalent between both collection and disposal. So, as we continue advance price increases to stay ahead of inflation, we expect our volume gain -- volume increases in 2023 to be quite modest across both lines of business, 50 to 100 basis points. But as Ned said, January was a strong one to start the year.

是的，就你的觀點而言，泰勒，就收集和處置之間的分離而言，到 2023 年，我們的固體廢物指南是全年 50 到 100 個基點。收集和處置之間的關係非常相似。因此，隨著我們繼續推進價格上漲以保持領先於通貨膨脹，我們預計我們的銷量增長——2023 年兩條業務線的銷量增長將相當溫和，為 50 到 100 個基點。但正如 Ned 所說，一月份是今年的開局。

Yes. Okay, that's helpful. And then maybe shifting over to price, I know you guys have a unique mix, very little CPI-tied revenue. Pricing has decelerated for a couple quarters, and your peers have kind of seen an acceleration. Again, I get it, you're different. But just any comments on maybe -- you kind of talked about it in the preamble, but maybe the shape of pricing, because it sounds like it's going to accelerate up into Q1, and then maybe does it fall off as the rest of the year? Just how does that look through modeling perspective?

是的。好的，這很有幫助。然後也許轉向價格，我知道你們有一個獨特的組合，與 CPI 掛鉤的收入很少。定價已經減速了幾個季度，而您的同行已經看到了加速。再一次，我明白了，你是不同的。但是關於也許的任何評論——你在序言中談到了它，但也許是定價的形式，因為聽起來它會加速進入第一季度，然後可能會在今年餘下的時間裡下降？從建模的角度來看，這看起來如何？

Yes, right now in our guidance, we have the first-half of the year at roughly 6.5% to 7% range, and the second-half of the year like 6% to 6.5%. But as I mentioned earlier, we went to straight with more price. And we haven't seen significant rollbacks to date. I think as we look back to 2023, we pushed a lot more -- I mean back to 2022, we pushed a lot more price in the February through June timeframe than we had planned to as inflation took off. And then we eased up a bit into later in the year. And we don't have a lot of natural contracts at least set on to specific dates and have CPI-linked features, as you mentioned. So, it's more of active pricing with our book of business.

是的，根據我們的指導，今年上半年的增長率約為 6.5% 至 7%，下半年的增長率約為 6% 至 6.5%。但正如我之前提到的，我們直接以更高的價格購買。迄今為止，我們還沒有看到重大回滾。我認為，當我們回顧 2023 年時，我們推得更多——我的意思是回到 2022 年，我們在 2 月至 6 月的時間框架內推高了比我們計劃的更多的價格，因為通貨膨脹開始了。然後我們在今年晚些時候有所放鬆。正如您所提到的，我們沒有很多自然合同，至少在特定日期設定並且具有與 CPI 相關的功能。因此，我們的業務簿更像是主動定價。

And I think where sat in the fourth quarter, we kind of sit there and look at our budget plans for the year. We've done elasticity studies; we know where we're headed with the price and the specific customers. And we waited to just get our pricing plan out the door in December and January for '23. We'll look at it into spring. And if we need to course correct, like we did in 2022, we'll do so.

而且我認為第四季度的坐姿，我們有點坐在那裡看看我們今年的預算計劃。我們做過彈性研究；我們知道價格和特定客戶的發展方向。我們等待著在 23 年的 12 月和 1 月推出我們的定價計劃。我們會把它看成春天。如果我們需要糾正路線，就像我們在 2022 年所做的那樣，我們會這樣做。

Yes. And so, to be clear, were you running inflation, call it like, mid-5s to 6 in '22, and is that about what you expect it to be in '23 as of right now?

是的。因此，需要明確的是，你是否正在運行通貨膨脹，稱之為 22 世紀 5 年代中期到 6 年代，這與你現在對 23 年代的預期是什麼？

So, we started the year a little lighter, on high fours, and by Q2 we got into low 5% inflation range. But Q3, we were close to 6% inflation. And we're back down to about 5.4%. And we've modeled into next year, Jason, five-ish --?

因此，我們在今年開始時略顯輕鬆，處於高位，到第二季度，我們進入了 5% 的低通脹範圍。但是第三季度，我們的通貨膨脹率接近 6%。我們又回到了 5.4% 左右。我們已經模擬了明年，傑森，五歲左右——？

5.5% first-half of the year, and then moderating through the year as we all hope and expect it's closer to 5%, maybe a little less than 5% by the end of the year excluding fuel.

今年上半年為 5.5%，然後全年放緩，正如我們所希望和預期的那樣接近 5%，到年底可能略低於 5%（不包括燃料）。

Okay, that's helpful. And just quickly on the capping enclosure, is this $11 million kind of the new run rate or was -- is it an idiosyncratic year of capping enclosure? I'm just curious about that.

好的，這很有幫助。很快就在封頂機上，這是 1100 萬美元的新運行率還是 - 這是封頂機的特殊年份？我只是對此感到好奇。

It's a unique year. We don't cap at landfills every year. There's just several sites that, from a regulatory standpoint and from a build out standpoint we're capping this year. So, that change year-over-year, the plus $7 million year-over-year or plus $8 million is pretty unique. I mean that's not something we're spending money on each year. So, a little bit of a headwind to free cash flow there. And as I mentioned also -- so there are some timing differences late in 2022, where some capital we expected to show up at the last minute rolled into 2023. So, it's about $3 million of free cash flow that showed up in 2022 that should have been in 2023. So, there's no break to our long-term goal of achieving 10% to 15% free cash flow growth. These are dynamic times, and sometimes little numbers move a little from year to year, but the trend is there.

這是獨特的一年。我們不會每年都在垃圾填埋場封頂。從監管的角度和擴建的角度來看，我們今年將限制幾個站點。因此，這種同比變化，同比增加 700 萬美元或增加 800 萬美元是非常獨特的。我的意思是這不是我們每年都花錢的東西。因此，那裡的自由現金流有點不利。正如我還提到的那樣——所以在 2022 年晚些時候存在一些時間差異，我們預計在最後一刻出現的一些資本會進入 2023 年。因此，2022 年出現的大約 300 萬美元的自由現金流應該一直在 2023 年。因此，我們實現 10% 至 15% 自由現金流增長的長期目標沒有中斷。現在是動態的時代，有時每年的數字都會有一點變化，但趨勢是存在的。

Okay, perfect. And my last one here, on the $30 million under LOI, one, is that in core collection and disposal? And two, is it in your core geography or is it maybe a little bit outside, I'm just curious?

好的，完美。我在這裡的最後一個，關於 LOI 下的 3000 萬美元，是核心收集和處置嗎？第二，它是在您的核心地理位置還是在外面一點點，我只是好奇？

It's actually in the core platform in the Northeast, right down the middle of the fairway, and it's in the core business as well.

它實際上在東北的核心平台，就在球道中間，它也在核心業務中。

Okay, excellent. Thank you, guys.

好的，優秀。感謝你們。

But it's mostly collection and recycling transfer.

但主要是收集和回收轉運。

Operator Instructions) And our next question comes from Michael Hoffman with Stifel.

操作員說明）我們的下一個問題來自 Stifel 的 Michael Hoffman。

Hey, thank you very much. I have to throw a fade towards my competitor there, that's a good question on the M&A, trying to figure out if you're buying GSL is Pennsylvania, Maryland, or Delaware assets. I'll ask it directly, are you? No, don't answer that. Margin bridge, can you break up what you think your individual business margin the line of business, what is the trend expected to get to the 50 basis point solid waste versus Resource Solutions? And then can we bridge the whole company, like how much of the 50 is fuel becoming a tailwind, things like that?

嘿，非常感謝你。我必須淡化我的競爭對手那裡，這是一個關於併購的好問題，試圖弄清楚你購買的 GSL 是賓夕法尼亞州、馬里蘭州還是特拉華州的資產。我直接問，你呢？不，不要回答那個。保證金橋，你能打破你認為你的個人業務利潤率的業務線嗎，與資源解決方案相比，預計達到 50 個基點固體廢物的趨勢是什麼？然後我們可以彌合整個公司，比如 50 輛汽車中有多少燃料成為順風，諸如此類？

I'm not sure I can do it by line of business here. Jason, can [multiple speakers] --

我不確定我是否可以通過這裡的業務線來做到這一點。 Jason，可以 [多人發言] --

Why don't I start with some of the building blocks, Michael? Hey, Michael. So, for next year, this isn't as specific as you would like, and we could always follow up after, perhaps. And in our guide for '23, fuel is actually still a headwind, about 20 basis points. And that's primarily concentrated into the first quarter, first-half of the year as fuel prices really didn't ramp fully until late Q1 of 2022. And as the year progressed, we continued to offset more and more of that with our fuel recovery fees, so, fuel, slight headwind next year, of 20 basis points. Acquisition rollover of $15 million -- or $15.5 million of revenues, and the associated EBITDA is about a 10 basis point headwind next year. And then recycling on lower commodity prices, again primarily concentrated to the first-half of the year, is about a 15 basis point headwind. So, those are three of our larger buckets for next year all incorporated into our 50 basis points of margin expansion as part of our guidance.

為什麼我不從一些構建塊開始呢，邁克爾？嘿，邁克爾。因此，對於明年，這並不像您希望的那樣具體，也許我們可以隨時跟進。在我們 23 年的指南中，燃料實際上仍然是一個逆風，大約 20 個基點。這主要集中在第一季度，即今年上半年，因為燃油價格直到 2022 年第一季度末才真正完全上漲。隨著時間的推移，我們繼續用燃油回收費抵消越來越多的費用，因此，燃料，明年略有逆風，為 20 個基點。 1500 萬美元的收購展期——或 1550 萬美元的收入，相關的 EBITDA 明年將出現大約 10 個基點的逆風。然後再一次主要集中在今年上半年的較低商品價格的回收是大約 15 個基點的逆風。因此，作為我們指導的一部分，這些是我們明年的三個更大的桶，它們都包含在我們 50 個基點的利潤率擴張中。

Okay. So, then the offset to get to the 50 is all price or is there something else?

好的。那麼，達到 50 的偏移量是所有價格還是還有其他原因？

Pricing, operating programs, some volume rollover as well as it relates to our Resource Solutions business outside of recycling too, Michael, which has been an area of growth for us multiple asset over the years.

定價、運營計劃、一些卷展期以及它與我們在回收之外的資源解決方案業務也相關，邁克爾，多年來這一直是我們多種資產的增長領域。

So, if I went into the line of business, just high level, and sort of the ending-year margin was X, solid waste is going to be up -- have an above average up because I've got offset what I'm assuming is going to be a negative for line of business full-year Resource Solutions?

所以，如果我進入業務線，只是高水平，並且年底利潤率是 X，固體廢物將會增加 - 高於平均水平，因為我已經抵消了我的假設會對業務線全年資源解決方案產生負面影響？

Yes.

是的。

It was a powerful statement. You've got a lot of operating leverage going through solid waste in '23 given what you're doing.

這是一個強有力的聲明。鑑於你正在做的事情，你在 23 年通過固體廢物獲得了很多運營槓桿。

Yes.

是的。

I'd say that's true. I mean, looking at the model across our solid waste regions, we have some nice margin expansion and resource solutions is a margin detractor in the year as currently modeled, given what we mentioned earlier, the commodity size. And frankly, our risk mitigation programs are in great shape. As I mentioned earlier, it really is a handful of contracts have come over for a few of the acquisitions has did us a bit. And you look at the fourth quarter, recycling was down about $2.5 million just on commodities. And almost all of that came from just a couple of handful of contracts. It sounds like Groundhog Day back to like, a number of years ago, where we had a few contracts in our base book of business that we had to reset, we did a great job, move them to a risk mitigating programs and had really nice from that point forward.

我會說這是真的。我的意思是，看看我們整個固體廢物區域的模型，我們有一些不錯的利潤率擴張，資源解決方案是當前建模的一年中的利潤率減損器，考慮到我們之前提到的商品規模。坦率地說，我們的風險緩解計劃進展順利。正如我之前提到的，確實有一些合同已經完成，因為一些收購對我們有所幫助。看看第四季度，僅商品回收就減少了約 250 萬美元。幾乎所有這些都來自少數幾份合同。聽起來像是土撥鼠日回到了很多年前，當時我們的基本業務簿中有一些合同我們必須重新設置，我們做得很好，將它們轉移到風險緩解計劃中並且非常好從那時起。

So, to that end, could you update for us because we stopped thinking about this for silica, the SRA, and the mix was done in 90:10 SRA versus exposure? What is your $10 move in the commodity basket equals what an EBITDA today since that's now more refractor?

那麼，為此，您能否為我們更新，因為我們不再考慮二氧化矽、SRA 的問題，並且混合是在 90:10 SRA 與曝光中完成的？您在商品籃子中的 10 美元變動等於今天的 EBITDA，因為現在折射率更高？

Yes, so it's for each $10 move, it's around $900,000. And if you think about it, commodities dropped $110 a ton year-over-year. So, we definitely see that same correlation where we had commodities at about $2.5 million in the quarter. And that's a pretty significant drop, as you well know, historically high and we shielded the vast majority of it, but all of that dropped right now quite a bit of it's just coming from a handful of contracts in some of those acquired markets.

是的，所以每移動 10 美元，大約是 900,000 美元。如果你仔細想想，大宗商品每噸同比下跌 110 美元。因此，我們肯定會看到本季度商品價格約為 250 萬美元的相同相關性。正如你所知，這是一個非常顯著的下降，處於歷史高位，我們屏蔽了其中的絕大部分，但現在所有下降的相當一部分只是來自一些被收購市場的少數合同。

Okay. And then, could you share with us what was your average basket in '22 and what's implied in guidance for your basket?

好的。然後，你能和我們分享一下你在 22 年的平均籃子是多少嗎？你的籃子指導中暗示了什麼？

Yes, so I had the average basket for Q4, Jason, you have it for the full-year?

是的，所以我有第四季度的平均籃子，Jason，你有全年的籃子嗎？

I have it where it is today.

我把它放在今天的位置。

Well, yes, I think that's maybe more important. So far as we look, and Michael, I think within our guidance from early 2023, through December 2023, we have recycling commodity prices up about 20% through the year.

嗯，是的，我認為這可能更重要。就我們和邁克爾而言，我認為在我們從 2023 年初到 2023 年 12 月的指導下，我們的回收商品價格全年上漲了約 20%。

But I think it's more important to talk about the dollars, we only have commodities coming up $14 a ton through the year, it sounds like a big percentage, but it's very low, we're sitting at about, people calculate baskets much different ways, within this basket that we look at $64 a ton today. And it was roughly in December around $59 a ton and we expect it to rebound to about $78 a ton through the year. So, the guide right now does not have much movement on recycling commodities. And as an example last year, we for the full-year, we are about $125 a ton. So, we really haven't taken much back through the guide on our recovery.

但我認為更重要的是談論美元，我們一年中只有每噸商品上漲 14 美元，這聽起來是一個很大的百分比，但它非常低，我們坐在大約，人們計算籃子的方式大不相同，在我們今天看到的每噸 64 美元的籃子裡。大約在 12 月每噸 59 美元左右，我們預計全年將反彈至每噸 78 美元左右。因此，指南目前在回收商品方面沒有太多動作。以去年為例，我們全年的價格約為每噸 125 美元。所以，我們真的沒有通過我們的恢復指南收回太多。

Okay. And then on the free cash flow bridge, is there possibly missing, you gave a lot of data there. But a good guide in '23 is I don't repeat the special bonus. But is there a headwind you exceeded plan, so I'm assuming there's a cash bonus payout that's above plan in the spring? So, that's a headwind. How do I think about those?

好的。然後在自由現金流橋上，是否可能遺漏了，你在那裡提供了很多數據。但是 23 年的一個很好的指南是我不會重複特別獎金。但是你是否有超出計劃的不利因素，所以我假設春季的現金紅利支出高於計劃？所以，這是逆風。我如何看待這些？

Yes. So, I gave those kinds of bridging items on EBITDA for each of the lines of business and a part of a good guide in 2023 in collection and disposal, and even into resource solutions. This is embedded there for our employees. So, you're right, that is an implied headwind. It's not something that's guaranteed to be done again, into the year. And we did exceed bonus targets in 2022. So, there is a little bit higher cash outflow happening this Spring as those payments are made. So, once again, but not, none of material bridging items are probably something with those bad guides I said would be a slight offset to cash interest or cash taxes on this number, on the bonus side the difference between year-over-year cash or we can find that number little later.

是的。因此，我為每條業務線提供了 EBITDA 的此類橋接項目，並作為 2023 年收集和處置乃至資源解決方案的良好指南的一部分。這是為我們的員工嵌入的。所以，你是對的，這是一個隱含的逆風。這不是保證在今年再次完成的事情。我們確實超過了 2022 年的獎金目標。因此，隨著支付這些款項，今年春季的現金流出量會略高一些。所以，再一次，但不是，沒有任何實質性的橋接項目可能與我所說的那些糟糕的指南有關，這將略微抵消這個數字的現金利息或現金稅，在獎金方面，年度現金之間的差異或者我們稍後可以找到那個數字。

Could you please follow-up on that?

你能跟進嗎？

Yes, just the one headwind in '22 offset the headwind in '23 because they offset each other is about that same government and then timing on McKean, will you start construction this summer, if you've got your wetlands permit, so you'll be in a place to potentially be open before Boston renews in '24?

是的，只有 22 年的逆風抵消了 23 年的逆風，因為它們相互抵消是關於同一個政府，然後是麥基恩的時間安排，如果你有濕地許可證，你會在今年夏天開始建設嗎，所以你'在波士頓 24 年續約之前，您會在一個可能開放的地方嗎？

I feel it's a possibility, Michael. It really depends on the regulatory agencies. The permit that we are waiting on now is the solid waste permit. So, we have got both of our wetland permits. And right now, we are in the mix on our solid waste permit. So, some of it depends on what happens with that permit. How long it takes to get through that process.

我覺得這是可能的，邁克爾。這實際上取決於監管機構。我們現在正在等待的許可證是固體廢物許可證。所以，我們已經獲得了我們的兩個濕地許可證。而現在，我們正在處理我們的固體廢物許可證。因此，其中一些取決於該許可證會發生什麼。完成該過程需要多長時間。

And does the guide include capital spending for the spur and things like that and containers and all that? Or, you adjust the guide when construction starts?

該指南是否包括支線的資本支出以及類似的東西和容器等等？或者，您在施工開始時調整指南？

We have $10 million of capital in our guide now. Michael, and as the year progresses, we will look to update that number as needed.

我們的指南現在有 1000 萬美元的資金。邁克爾，隨著時間的推移，我們將根據需要更新該數字。

And that's a lot of the capital. We get the first phase up and going. We get the spurs fill, offload infrastructure build and additional yellow iron at the landfill. We are aiming to first take in containerized MSW. And then move to construction and demo, debris later. We think that's a larger need across our customer base in the Northeast to be able to have a solution for MSW.

這是很多資本。我們啟動並開始了第一階段。我們在垃圾填埋場進行了馬刺填充、卸載基礎設施建設和額外的黃鐵。我們的目標是首先接收集裝箱化的城市固體廢棄物。然後進行構建和演示，稍後進行碎片整理。我們認為，我們東北部的客戶群更需要能夠為 MSW 提供解決方案。

Should be the majority of this at least in the first Phase 1.

至少在第一階段 1 中應該是其中的大部分。

C&D is majority of it.

C&D佔其中的大部分。

No, no, MSW -- I think John was referring to the capital.

不，不，MSW——我認為約翰指的是首都。

To the capital.

到首都。

Yes.

是的。

$10 million that we have in the plan should be the majority of the capital that we need for phase 1 which is the containerized MSW and getting into some C&D --

我們計劃中的 1000 萬美元應該是我們第一階段所需資金的大部分，第一階段是集裝箱化的 MSW 並進入一些 C&D --

And so, that leads to me to my last question -- last two, is what's your thought about a two or three year stack on free cash flow growth, because things like this $10 million -- I don't assume you repeat that $10 million '24. I just want to understand there is a 10% to 15% CAGR in the milestones where at the very low end of this year. But, my sense is that I get back into the middle of that CAGR or upper end of it even without M&A. But, I would like to hear your thoughts on that.

因此，這引出了我的最後一個問題——最後兩個問題，你對自由現金流增長的兩三年堆棧有何看法，因為像這 1000 萬美元——我不認為你會重複這 10 美元萬'24。我只想了解，在今年的極低端，里程碑的複合年增長率為 10% 到 15%。但是，我的感覺是，即使沒有併購，我也會回到復合年增長率的中間或上端。但是，我想听聽您對此的看法。

Yes, Michael, I think you are right. We made a comment earlier that we probably stole a tiny bit from 2023 into 2022 just given some of the capital expenditure timing issues. And as we mentioned ago, some of the capping spend is really a little atypical this year. So, I don't think 2023 is really too far off of that general growth rate. And we don't see other factors that impact it over the next couple of years. We are really confident that we can continue to grow within that growth rate. The middle-half of the range is an organic growth, switching to the upper-half of the range with acquisitions, were above the range with acquisition activity.

是的，邁克爾，我認為你是對的。我們早些時候發表評論說，考慮到一些資本支出時間問題，我們可能從 2023 年偷了一點點到 2022 年。正如我們之前提到的，今年的一些上限支出確實有點不典型。因此，我認為 2023 年與總體增長率相差不會太遠。在接下來的幾年裡，我們看不到影響它的其他因素。我們真的有信心我們可以繼續在這個增長率範圍內增長。該範圍的中半部分是有機增長，通過收購切換到範圍的上半部分，高於收購活動的範圍。

And the last one, just do I think about cadence on pricing, if you have opened the year at an 8%, is it fair to say that maybe 1Qs are 8% 2s are 7%, 3s are 6%, 4s are 5%. And that averages to 6.5%. And I know you said 6% to 6.5% is an average for the second-half or little below that.

最後一個，我只是考慮定價的節奏，如果你以 8% 的價格開年，是否可以公平地說 1Qs 是 8% 2s 是 7%，3s 是 6%，4s 是 5% .平均為 6.5%。我知道你說 6% 到 6.5% 是下半年的平均水平或略低於此水平。

Yes.

是的。

But that's the way to think?

但這就是思考的方式嗎？

Yes, we are a little ahead of it, the 8's is a little ahead of what was planned. So, we are planning the first-half of the year like 6.5% to 7%, second-half of the year 6%-6.5%. But, hopefully, with this price fixed in the marketplace and we are able to exceed that plan and drop a bit more to margins.

是的，我們有點超前了，8 比計劃超前了一點。所以，我們計劃上半年6.5%到7%，下半年6%-6.5%。但是，希望在市場上確定這個價格後，我們能夠超出該計劃並進一步降低利潤率。

Okay. That's it from me.

好的。我就是這樣。

And if we have to react, we will react, right? I mean if we have to react as we did in 2022, we will with additional price if need be from an inflationary standpoint.

如果我們必須做出反應，我們就會做出反應，對嗎？我的意思是，如果我們必須像 2022 年那樣做出反應，從通貨膨脹的角度來看，如果需要的話，我們將採取額外的價格。

(Operator Instructions) Our next question comes from the line of Sean Eastman with KeyBanc. Your line is open.

（操作員說明）我們的下一個問題來自 Sean Eastman 與 KeyBanc 的對話。你的線路是開放的。

Hey, guys, this is Nick on for Sean today. I was just wondering if you could give an update on some of the permitting for Hyland and Hakes, and sort of how that's going, I know you called out some regulatory issues you are fighting with -- just in the previous year, so, any color on that will be appreciated.

嘿，伙計們，這是今天肖恩的尼克。我只是想知道你是否可以提供有關 Hyland 和 Hakes 的一些許可的最新信息，以及它的進展情況，我知道你提出了一些你正在與之抗爭的監管問題 - 就在前一年，所以，任何顏色將不勝感激。

Yes, I mean it's Sam and the engineering team, permitting team continue to move forward with permitting. As I said previously we got our wetlands permit for McKean which was a big lift. And now, we are in the solid waste permit which should be somewhat straightforward. And then, with regard to Hyland and Hakes, just continue to move through the process with both facilities, and nothing out of the ordinary, no big surprises, continue to move forward on permitting on both of those facilities.

是的，我的意思是 Sam 和工程團隊，允許團隊在允許的情況下繼續前進。正如我之前所說，我們獲得了 McKean 的濕地許可證，這是一個很大的提升。現在，我們正在處理固體廢物許可證，這應該有點簡單。然後，關於 Hyland 和 Hakes，繼續推進這兩個設施的流程，沒有什麼不尋常的，沒有什麼大驚喜，繼續推進這兩個設施的許可。

Thank you. And at this time, I would like to hand the conference back to Mr. John Casella for closing remarks.

謝謝。在這個時候，我想把會議交還給 John Casella 先生作閉幕詞。

Thanks everybody for joining us today, appreciate all of your participation. We look forward to discussing our first quarter 2023 earnings in April. Thanks everybody, have a great weekend and a good holiday. Thank you.

感謝大家今天加入我們，感謝大家的參與。我們期待在 4 月份討論 2023 年第一季度的收益。謝謝大家，週末愉快，假期愉快。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。每個人都有美好的一天。