Casella Waste Systems Inc (CWST) 2025 Q1 法說會逐字稿

(technical difficulty) Will be discussing our first quarter of 2025 results, which were released yesterday afternoon. I'm joined by John Casella, Chairman and Chief Executive Officer; Ned Coletta, our President; and Sean Steves, Senior Vice President and Chief Operating Officer of Casella Waste operations.

（技術難題）將討論我們昨天下午發布的 2025 年第一季業績。與我一起出席的還有董事長兼執行長 John Casella、總裁 Ned Coletta 以及 Casella Waste 營運資深副總裁兼營運長 Sean Steves。

After a review of these results and an update on the company's activities and business environment, we'll be happy to take your questions. But first, please be aware that various remarks we 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.

在審查這些結果並更新公司活動和商業環境後，我們將很樂意回答您的問題。但首先請注意，我們對公司未來預期、計畫和前景所作的各種評論均構成《1995 年私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。

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 recently filed Form 10-K, which is on file with the SEC.

由於各種重要因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異，包括我們最近提交給美國證券交易委員會 (SEC) 的 10-K 表格中「風險因素」部分所討論的因素。

In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views in 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.

此外，任何前瞻性陳述僅代表我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。雖然我們可能選擇在未來某個時間點更新前瞻性陳述，但我們明確表示不承擔任何義務，即使我們的觀點改變。

These forward-looking statements should not be relied on as representing our views as of any date subsequent to today, May 2, 2025. Also during this call, we'll be referring to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles.

這些前瞻性陳述不應被視為代表我們截至 2025 年 5 月 2 日之後任何日期的觀點。此外，在本次電話會議中，我們將參考非公認會計準則財務指標。這些非公認會計準則指標並非依照公認會計原則編製。

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures to the extent available without unreasonable effort are included in our press release filed on Form 8-K with the SEC.

我們向美國證券交易委員會 (SEC) 提交的 8-K 表格新聞稿中包含了非 GAAP 財務指標與最直接可比較 GAAP 指標的對帳（在無需付出過多努力的範圍內）。

And with that, I will now turn the call over to John Casella to begin today's discussion. John?

現在，我將把電話交給約翰·卡塞拉，開始今天的討論。約翰？

Thanks, Brian. First, a quick update. Brad came down with a fever this morning and is out sick. So I asked Ned to come out of CFO retirement for a few hours today. I just wanted to bring that to your attention.

謝謝，布萊恩。首先，快速更新一下。布拉德今天早上發燒了，請了假。因此，我要求 Ned 今天暫時放下財務長的職務，出來工作幾個小時。我只是想提請你注意這一點。

Welcome to our first quarter 2025 conference call. Before I review the highlights of the quarter, I'd like to take a minute to recognize several of our team members who exemplify our core values and put service to our communities first while operating in a safe and responsible manner.

歡迎參加我們的 2025 年第一季電話會議。在回顧本季的亮點之前，我想花一點時間來表彰我們的幾位團隊成員，他們體現了我們的核心價值觀，並在以安全和負責任的方式運營的同時，把服務社區放在首位。

We're proud to have three drivers recognized under the National Waste & Recycling Association's Driver of the Year program through their focus on safety, operational excellence and being strong representatives of the solid waste industry. They are Frank Coral, Juan Carvallo and Daniel Hale.

我們很榮幸有三位司機因注重安全、卓越運營以及作為固體廢物行業的有力代表而獲得國家廢物與回收協會年度司機計劃的認可。他們是弗蘭克·科拉爾、胡安·卡瓦洛和丹尼爾·黑爾。

In addition, Julia Porter, our Director of Business Transformation, was named to Waste 360s 40 under 40, an annual award recognizing professionals under 40 whose work has made significant contributions to the industry. These employees will all be recognized at Waste Expo next week.

此外，我們的業務轉型總監 Julia Porter 被 Waste 360​​s 評為“40 歲以下 40 位傑出人士”，該獎項每年頒發一次，旨在表彰為行業做出重大貢獻的 40 歲以下專業人士。這些員工都將在下週的廢棄物博覽會上受到表彰。

At a company level, Casella was recognized on the Forbes 2025 America's Best Midsize Employers list. As I often discuss, our core values and culture are very important to us and are central to everything we do, so it's gratifying to be acknowledged externally.

在公司層面，卡塞拉榮登《富比士》2025年美國最佳中型雇主名單。正如我經常討論的那樣，我們的核心價值和文化對我們來說非常重要，並且是我們所做一切的核心，因此得到外界的認可是令人欣慰的。

Shifting to the results. As you saw in our earnings press release yesterday, we started the year strong with revenues, adjusted EBITDA and adjusted free cash flow, all up over 20% year-over-year in all records for the first quarter. The winter was particularly challenging in the Northeast this year, but we exceeded plan and delivered results, which was a function of great effort and execution across the organization.

轉向結果。正如您在昨天的收益新聞稿中看到的，我們今年開局強勁，第一季的收入、調整後的 EBITDA 和調整後的自由現金流均比去年同期增長了 20% 以上。今年東北地區的冬天尤其充滿挑戰，但我們超額完成了計劃並取得了成果，這得益於整個組織的巨大努力和執行力。

Operationally, we continue to make excellent progress on initiatives to expand fleet automation, onboard computing, internalize incremental volume into our landfills and improve employee retention. Each are yielding results. These advancements are occurring at the same time as our ongoing integration efforts, which are successfully working through two years of record M&A. It's impressive and speaks very well with our entire team who are truly going above and beyond.

在營運方面，我們在擴大車隊自動化、車載計算、將增量垃圾納入垃圾掩埋場以及提高員工保留率等方面的舉措繼續取得良好進展。每一個都取得了成果。這些進步與我們正在進行的整合工作同時發生，這些整合工作透過兩年創紀錄的併購成功完成。這令人印象深刻，也充分說明了我們整個團隊確實在盡力。

In the landfill business, we reported organic growth exceeding 7% with positive contributions from both price and volume. We are focused on internalizing more of our own tons which Ned will discuss in more detail in a few minutes. On the collection side of the solid waste business, pricing momentum was positive at 5.8%, more than offsetting a volume decrease of 1.7%, which included slower roll-off volumes during a challenging winter.

在垃圾掩埋業務中，我們報告的有機成長超過 7%，價格和數量都做出了積極貢獻。我們專注於將更多的我們自己的噸位內化，Ned 將在幾分鐘內更詳細地討論這一點。在固體廢棄物業務的收集方面，價格動能為正 5.8%，足以抵消 1.7% 的收集量下降（其中包括在充滿挑戰的冬季導致收集量下降）。

Pricing continued to exceed internal inflation, which combined with operating initiatives, expanded margins by 140 basis points in our legacy collection operations. Resource Solutions continues to perform well, with the first quarter results benefiting from the ramp-up at the recently upgraded Willimantic recycling facility and strong organic growth of over 10% in our national accounts business, as that group continues to gain traction with larger accounts in our new geographies. We also continue to execute our acquisition strategy, having closed four deals year-to-date with approximately $50 million in annualized revenues.

定價持續超過內部通貨膨脹率，再加上營運舉措，我們傳統收款業務的利潤率擴大了 140 個基點。資源解決方案部門繼續表現良好，第一季業績受益於最近升級的威利曼蒂克回收設施的擴張以及全國帳戶業務超過 10% 的強勁有機增長，因為該部門繼續在新地區獲得更大客戶的青睞。我們也繼續執行我們的收購策略，今年迄今已完成四筆交易，年收入約 5,000 萬美元。

Looking ahead to the remainder of 2025, our active M&A pipeline is full. Our strong balance sheet positions us to continue to complete deals opportunistically. The first quarter was a nice start to 2025 and a product of hard work with our core operating strategies working well. While tariffs and macro uncertainties have been recent types of investor concerns, the nature of our solid waste business reduces the impact of economic swings in our domestic focus limits exposure to tariffs.

展望 2025 年剩餘時間，我們的活躍併購管道已滿。我們強勁的資產負債表使我們能夠繼續抓住機會完成交易。第一季是 2025 年的一個良好開端，是我們努力工作的成果，核心營運策略運作良好。雖然關稅和宏觀不確定性是近期投資者關注的問題，但我們固體廢棄物業務的性質減少了國內經濟波動的影響，從而限制了關稅的影響。

We remain confident in our 2025 outlook and continue to see opportunities for future value creation. With that, I'll turn it over to Ned to go through the financial details.

我們對 2025 年的前景充滿信心，並繼續看到未來創造價值的機會。說完這些，我會把問題交給 Ned 來處理財務細節。

Thanks, John. Good morning, everyone. Before I get into the numbers, I'd like to take a moment to welcome Brian Butler to our team as Vice President of Investor Relations. Brian joins us from Stifel, where he was most recently the lead equity research analyst for the waste sector. And as Michael Hoffman's long-time partner, he was one of the most tenured waste analysts on Wall Street. He brings deep corporate finance skills, industry knowledge and investment perspective to our team. We're very excited to have Brian join the Casella team.

謝謝，約翰。大家早安。在介紹數字之前，我想花點時間歡迎 Brian Butler 加入我們的團隊，擔任投資者關係副總裁。Brian 來自 Stifel，他最近擔任該公司廢棄物管理部門的首席股票研究分析師。作為邁克爾霍夫曼的長期合作夥伴，他是華爾街任職時間最長的廢棄物分析師之一。他為我們的團隊帶來了深厚的企業財務技能、產業知識和投資觀點。我們非常高興 Brian 加入 Casella 團隊。

Now on to the financial results for the quarter. Revenues in the first quarter were $417.1 million, up $76.1 million year-over-year or 22.3%, with $57.3 million from acquisitions, including the rollover and $18.4 million of growth from organic growth or 5.4% year-over-year.

現在來看看本季的財務表現。第一季營收為 4.171 億美元，比去年同期成長 7,610 萬美元，增幅為 22.3%，其中 5,730 萬美元來自收購（包括展期），1,840 萬美元來自有機成長，比去年同期成長 5.4%。

Solid waste revenues were up 25.9% year-over-year with price up 5.6% and volume slightly down, down 1.7%. Within solid waste, pricing and collection line of business was up 5.8% with volumes down 1.7%. Price was strong across the board, led by positive 6.5% price in the front-load commercial business. From a volume standpoint, we saw softness in the roll-off line of business across our footprint this quarter.

固體廢棄物收入較去年同期成長25.9%，價格上漲5.6%，數量略有下降，下降1.7%。在固體廢棄物方面，定價和收集業務線成長了 5.8%，但數量下降了 1.7%。價格全面走強，其中前期商業業務價格上漲 6.5%。從銷售角度來看，本季我們發現整個業務範圍內的下線業務表現疲軟。

Some of this can certainly be attributed to the challenging winter weather in the Northeast, but we also observed some slower economic activity in several of our markets. However, it's hard to draw for conclusions from the first quarter roll-off volumes as we're seeing nice strength in seasonal uptick into April and early May.

這在某種程度上當然可以歸因於東北地區嚴酷的冬季天氣，但我們也觀察到一些市場的經濟活動有所放緩。然而，由於我們看到 4 月和 5 月初季節性上漲勢頭強勁，因此很難從第一季的銷售中得出結論。

Price and disposal line of business was up 5.5% year-over-year and volumes were down 2.2%, with softness in third-party transfer saving volumes, which is really related to soft roll-off volumes in the quarter. Results in the landfill business were strong, with price up 3.3% and tons up 3.9%, including volumes across all major waste streams. The average price per ton was up 4.8% in the quarter.

價格和處置業務線年增 5.5%，交易量下降 2.2%，第三方轉移儲蓄量疲軟，這實際上與本季的疲軟轉出量有關。垃圾掩埋業務業績強勁，價格上漲 3.3%，噸數上漲 3.9%，包括所有主要廢棄物流的數量。本季每噸平均價格上漲4.8%。

Resource Solutions revenues were up 9.5% year-over-year, with recycling and other processing revenue up 7.4% and national accounts up 10.9%. Within the processing operations, price was up 3%, with average commodity revenue per ton relatively flat year-over-year. Commodity prices overall remained stable this year, with recent softness in the fiber market, largely offset by strength in plastics and aluminum. Processing volume in revenue terms was up 2.6%, with growth in both recycling and municipal biosolids processing.

資源解決方案營收年增 9.5%，其中回收和其他加工收入成長 7.4%，全國帳戶收入成長 10.9%。在加工業務中，價格上漲了 3%，每噸平均商品收入與去年同期相比基本持平。今年大宗商品價格整體保持穩定，近期纖維市場疲軟，但塑膠和鋁的強勢基本上抵消了這一影響。從收入來看，加工量增加了 2.6%，其中回收和市政生物固體加工均成長。

Within national accounts revenue, prices up 3.9% and volume was up 7.4%. Adjusted EBITDA was $86.4 million in the quarter, up $15.4 million or 21.7% year-over-year with positive contribution from acquisitions and organic growth. Adjusted EBITDA margins were 20.7% in the quarter, down 10 basis points year-over-year but in line with our budget.

在國民帳戶收入中，價格上漲3.9%，數量上漲7.4%。本季調整後的 EBITDA 為 8,640 萬美元，比去年同期增加 1,540 萬美元，增幅 21.7%，主要得益於收購和有機成長的積極貢獻。本季調整後的 EBITDA 利潤率為 20.7%，年減 10 個基點，但符合我們的預算。

Bridging the year-over-year change in adjusted EBITDA margins in the quarter, and adjustment to long-term stock-based compensation expense, driven by our improving outlook against long-term targets impacted EBITDA in the quarter and approximately $2.6 million, which represents about 60 basis points of margin headwind.

由於我們對長期目標前景的改善，彌補了本季調整後 EBITDA 利潤率的同比變化，以及對長期股票薪酬費用的調整，對本季度 EBITDA 產生了約 260 萬美元的影響，這代表著約 60 個基點的利潤率逆風。

Excluding this adjustment, margins were up probably 50 basis points year-over-year with margin expansion in the base business and the net tailwind from acquired operations. Cost of operations were $280.5 million in the quarter, up $49.7 million year-over-year with $44.4 million of the increase from acquisitions and $5.3 million in the base business.

不計入此項調整，利潤率可能比去年同期成長 50 個基點，原因是基礎業務的利潤率擴大以及收購業務帶來的淨順風。本季營運成本為 2.805 億美元，比去年同期增加 4,970 萬美元，其中 4,440 萬美元來自收購，530 萬美元來自基礎業務。

Cost of operations in the base business were down approximately 200 basis points as a percentage of revenue in the quarter, primarily reflecting the continued operating leverage and benefits from our key strategies in the collection line of business. General and administrative costs were $56.5 million in the quarter, up $12.2 million year-over-year. Excluding the stock comp adjustment I just mentioned, G&A costs were down 10 basis points as a percentage of revenues.

本季基礎業務的營運成本佔收入的百分比下降了約 200 個基點，主要反映了持續的營運槓桿以及我們在收款業務線的關鍵策略帶來的好處。本季一般及行政費用為 5,650 萬美元，較去年同期增加 1,220 萬美元。除去我剛才提到的股票補償調整，一般及行政費用佔收入的百分比下降了 10 個基點。

Depreciation and amortization costs were up $17.5 million year-over-year with $15.5 million resulting from the recent acquisition activity, including the amortization of acquired intangibles. As a reference, D&A associated with acquisitions was approximately 27% of acquired revenues in the quarter as compared to about 16% in our base business.

折舊和攤銷成本年增 1,750 萬美元，其中 1,550 萬美元來自最近的收購活動，包括收購無形資產的攤提。作為參考，與收購相關的折舊及攤銷前利潤 (D&A) 約佔本季收購收入的 27%，而我們基礎業務的比例約為 16%。

Adjusted net income was $12.2 million in the quarter or $0.19 per diluted share, up $3.5 million or about $0.04 a share. GAAP net loss was $4.8 million in the quarter, impacted by about $6.9 million of increase in amortization of acquired intangibles year-over-year. Net cash provided by operating activities was $50.1 million in the first quarter, up $42.4 million year-over-year, driven by strong EBITDA growth and a more normalized seasonal working capital outflow as compared to last year. Our DSO was steady at 36 days from December 31.

本季調整後淨收入為 1,220 萬美元，即每股攤薄收益 0.19 美元，增加 350 萬美元，即每股約 0.04 美元。本季 GAAP 淨虧損為 480 萬美元，受收購無形資產攤銷年增約 690 萬美元的影響。第一季經營活動提供的淨現金為 5,010 萬美元，比去年同期增加 4,240 萬美元，這得益於 EBITDA 的強勁增長以及與去年同期相比更加正常的季節性營運資本流出。自 12 月 31 日起，我們的 DSO 穩定在 36 天。

As you may have noted lastly in the press release, adjusted free cash flow was $29.1 million, a record for the first quarter. Capital expenditures were $55.5 million, up $25.2 million year-over-year, but included $25 million of upfront investments in recent acquisitions in line with our full year plan and the pro formas for each transaction.

正如您可能在新聞稿中最後注意到的那樣，調整後的自由現金流為 2910 萬美元，創下了第一季的最高紀錄。資本支出為 5,550 萬美元，比去年同期增加了 2,520 萬美元，但其中包括最近收購的 2,500 萬美元的前期投資，這符合我們的全年計劃和每筆交易的預測。

As of March 31, we had $1.15 billion of debt and $268 million of cash, and our consolidated net leverage ratio for purposes of our bank covenants was 2.45 times. As of today, after the recent acquisitions completed thus far in 2025, we maintain approximately $900 million of availability between excess cash and our undrawn revolver.

截至 3 月 31 日，我們的債務為 11.5 億美元，現金為 2.68 億美元，而我們銀行契約的合併淨槓桿率為 2.45 倍。截至今天，在 2025 年迄今完成的最新收購之後，我們在過剩現金和未提取的循環信貸之間保持著約 9 億美元的可用餘額。

Our liquidity and leverage profile will enable us to be opportunistic and continuing to execute our growth strategy and robust M&A pipeline. As announced in our press release yesterday, we reaffirmed our financial guidance for 2025. We started the year strong, but it would be premature to reconsider initial guidance ranges, particularly in light of the heightened macroeconomic uncertainty.

我們的流動性和槓桿狀況將使我們能夠抓住機會，繼續執行我們的成長策略和強勁的併購管道。正如我們昨天在新聞稿中宣布的那樣，我們重申了 2025 年的財務指引。我們今年開局強勁，但重新考慮最初的指導範圍還為時過早，尤其是在宏觀經濟不確定性加劇的情況下。

Regarding the economic outlook, we believe that our exposure to tariffs is low, as John mentioned, given the nature of our cost structure, we've seen virtually no efforts by vendors to date to pass on tariff-related increases, but we're closely monitoring the situation, and we're in dialogue with key vendors to understand potential impacts as the situation evolves. In the event that we do face tariff-related cost increases, we have multiple options to offset such tariffs on the revenue side.

關於經濟前景，我們認為，我們受到的關稅影響很低，正如約翰所提到的那樣，鑑於我們的成本結構性質，迄今為止，我們幾乎沒有看到供應商努力轉嫁與關稅相關的增長，但我們正在密切關注局勢，並且我們正在與主要供應商進行對話，以了解形勢發展帶來的潛在影響。如果我們確實面臨與關稅相關的成本增加，我們有多種選擇來從收入方面抵消此類關稅。

Now moving on to the operations highlights for the quarter. As discussed by John earlier and in the financial dialogue, organic operating trends were very positive in the first quarter as mid-single-digit pricing combined with new business wins in our Resource Solutions group and cost efficiency gains from operational initiatives offset headwinds from lower collection and transfer station volumes in the quarter.

現在來看看本季的營運亮點。正如約翰早些時候和在財務對話中所討論的那樣，第一季的有機運營趨勢非常積極，因為中等個位數的定價加上我們資源解決方案集團的新業務勝利以及運營舉措帶來的成本效率提升抵消了本季度收集和轉運站數量減少帶來的阻力。

From an operating standpoint, we continue to execute well on our core programs, including automated truck conversions, route optimizations and extra revenues generated through our onboard computing. Our 2025 plan includes adding approximately 40 more automated trucks, eliminating over 50 rear load trucks. As a comparison, in 2024, we added 17 automated trucks, which eliminated 22 rear loaders.

從營運角度來看，我們的核心項目持續執行良好，包括自動卡車改裝、路線優化和透過車載計算產生的額外收入。我們的 2025 年計畫包括增加約 40 輛自動駕駛卡車，淘汰 50 多輛後裝卡車。相較之下，2024 年，我們增加了 17 輛自動駕駛卡車，淘汰了 22 輛後裝載機。

After completing a full technology retrofit during the second half of 2024, we brought our Willimantic recycling facility back online in January. The facility is performing well and is on track to deliver $4 million of targeted incremental adjusted EBITDA in 2025. We continue to evaluate other opportunities to advance our recycling and resource management infrastructure with several additional facilities that could potentially benefit from conversions in the coming years.

在 2024 年下半年完成全面技術改造後，我們於 1 月恢復了 Willimantic 回收設施的營運。該工廠運作良好，預計在 2025 年實現 400 萬美元的目標增量調整後 EBITDA。我們將繼續評估其他機會，以推進我們的回收和資源管理基礎設施建設，並在未來幾年內增加一些可能從轉換中受益的設施。

Our sales team remained diligent in the first quarter, successfully winning $22 million in new annualized revenues with premier customers in key market segments, including municipal, industrial multisite retail and high institutional and higher education. Overall, new business growth remained strong in the first quarter, slightly ahead of our 2025 goals.

我們的銷售團隊在第一季度保持了勤奮的工作態度，成功地從市政、工業多站點零售以及高等院校和高等教育等關鍵細分市場的優質客戶手中贏得了 2200 萬美元的新年化收入。整體而言，第一季新業務成長依然強勁，略微領先於我們的 2025 年目標。

Our Resource Solutions business also delivered strong revenue growth with first quarter national accounts volumes increasing 7.4% year-over-year given the strong sales efforts. Landfill volumes showed improvement in the first quarter, up 3.9% year-over-year as the C&D market headwinds that we experienced in 2024 have subsided, and we've begun to see the benefits of a refenced landfill sales process and our efforts to increase internalization of volumes. We expect that these positive tailwinds will remain throughout the remainder of 2025.

我們的資源解決方案業務也實現了強勁的營收成長，得益於強勁的銷售努力，第一季全國帳戶額年增 7.4%。第一季垃圾掩埋量有所改善，年增 3.9%，因為我們在 2024 年經歷的 C&D 市場逆風已經消退，而且我們開始看到重新圍欄的垃圾掩埋場銷售流程和我們為增加內部化數量所做的努力帶來的好處。我們預計這些積極的順風將持續到 2025 年剩餘時間。

Acquisitions remain a strategic priority for our team with a focus on opportunities to have great operational fit, allowing us to advance densification of routes, drive margin improvement through application of our key operating strategies and establishing new adjacent markets that support future growth. Our active M&A pipeline is over $500 million of revenues in various stages of engagement.

收購仍然是我們團隊的策略重點，重點關注實現良好營運契合的機會，使我們能夠推進航線密集化，透過應用我們的關鍵營運策略來提高利潤率，並建立支持未來成長的新鄰近市場。我們處於不同階段的活躍併購通路總收入超過 5 億美元。

As we look ahead, we remain very well positioned to deliver attractive organic growth combined with strategic acquisitions. We have limited exposure to tariffs and a resilient business model in the event that the economy does slow.

展望未來，我們仍處於非常有利的地位，能夠透過策略性收購實現有吸引力的有機成長。如果經濟確實放緩，我們對關稅的影響有限，並且擁有有彈性的商業模式。

With that, I'd like to turn it back to the operator for questions.

說完這些，我想把問題交還給接線生。

(Operator Instructions) Adam Bubes, Goldman Sachs.

（操作員指示）高盛的 Adam Bubes。

Good morning, nice to see the positive landfill volume trajectory in the quarter. Just wondering how much of that is the loss construction and demolition volumes flowing back to you, 1Q versus 4Q? And is there still room for continued recovery there as we move through the balance of the year?

早安，很高興看到本季垃圾掩埋量呈現正面趨勢。我只是想知道，第一季和第四季相比，其中有多少是流回給您的損失建築和拆除量？在今年剩下的時間裡，那裡是否還有繼續復甦的空間？

Yes. Thanks, Adam. Great question. So as you mentioned, we had a really nice first quarter. Last year, we had those negative headwinds coming from Long Island at that site closed and there's a little bit of competitive tension, but our rebound this year in the first quarter, about one-third of it is us recapturing construction demo tons in that New York market.

是的。謝謝，亞當。好問題。正如您所說，我們的第一季表現非常好。去年，我們遭遇了來自長島的負面阻力，當時該工地關閉了，競爭有些緊張，但今年第一季我們的反彈大約有三分之一是因為我們重新奪回了紐約市場的建築演示噸位。

About two-third is related to our efforts in 2024 to get new transportation lanes in place to internalize additional tons. And we've been working hard to set up a new strategic sales organization around landfill sales, special waste and just taking a look at the mirror of what we can improve to become more effective on the sales side there.

其中約三分之二與我們在 2024 年開通新運輸路線以內部運輸額外噸位的努力有關。我們一直在努力建立一個新的策略性銷售組織，圍繞垃圾掩埋場銷售、特殊廢物銷售，並審視我們可以改進的地方，以提高銷售方面的效率。

So it's the three. It wasn't just the market bounce back, and we sat back. We also -- I think, as you know, we're working really hard in 2024 to make our own future as well.

所以是三。這不僅僅是市場反彈，而且我們也袖手旁觀。我們也——我認為，正如你所知，我們也將在 2024 年非常努力地創造我們自己的未來。

Great. And then as we think about your landfill positioning today and opportunities for incremental internalization, can you just help us think about sort of how much unfilled annual landfill capacity you have today? I think McKean is close to $1.5 million in incremental capacity, but just trying to figure out where else there is a slack for more internalization of third-party tons.

偉大的。然後，當我們考慮您今天的垃圾掩埋場定位和增量內部化的機會時，您能否幫助我們思考一下您今天每年有多少未填滿的垃圾掩埋場容量？我認為 McKean 的增量產能接近 150 萬美元，但只是想弄清楚還有哪些地方可以進一步實現第三方噸位的內部化。

Yes. So not including that extra capacity at McKean, we're running at -- sorry, we're running about 30% capacity -- 30% excess capacity today through our business model, with the vast majority of that being in New York State. We have opportunities, of course, to drive more volume to our Hake C&D landfill in New York, more volumes on our Highland landfill in Ontario and New York as well.

是的。因此，不包括麥基恩的額外產能，我們的運作情況是——抱歉，我們目前透過我們的商業模式運行著大約 30% 的產能——30% 的過剩產能，其中絕大多數位於紐約州。當然，我們有機會為位於紐約的 Hake C&D 垃圾掩埋場以及位於安大略省和紐約的 Highland 垃圾掩埋場輸送更多垃圾。

If we see further market constraints, those sites are ready to ramp further. As you mentioned, McKean, if you bring that into the equation, there's even more capacity is 1.5 million tons a year that's virtually untapped. We continue to work really hard looking at a few select third-party opportunities to go into McKean.

如果我們看到進一步的市場限制，這些網站就準備好進一步擴大規模。正如您所提到的，麥基恩，如果把這個因素考慮進去，那麼每年還存在著 150 萬噸尚未開發的產能。我們將繼續努力尋找一些進入麥基恩的第三方機會。

And as we talked about over the last number of quarters, McKean mainly is a defensive strategy for us as we look to the Northeast and if there are additional landfill closures, we really need that long-term security for our customers, our communities to have good, safe, environmentally sound disposal capacity. So it's not like we're putting our foot to the floor and trying to ramp up McKean. It's a 10-year, 20-year strategy for us from a risk mitigation standpoint.

正如我們在過去幾個季度中談到的那樣，麥基恩主要是我們面向東北地區的一種防禦性戰略，如果有更多的垃圾掩埋場關閉，我們確實需要這種長期保障，以確保我們的客戶和社區擁有良好、安全、環保的處置能力。所以，我們並不是想要全力以赴，試圖提升麥基恩。從風險緩解的角度來看，這對我們來說是一個 10 年、20 年的策略。

And then last one for me. Can you just provide an update on the Juniper Ridge landfill gas plant ramp? And any update on timing on the three plants in partnership with WAGA?

這是我的最後一個。您能否提供有關 Juniper Ridge 垃圾掩埋氣廠坡道的最新消息？與 WAGA 合作的三家工廠的時間安排有什麼更新嗎？

Yes. So I'd like to just start by saying our strategic decision to not invest as Casella in these RNG opportunities, it was a good decision. We're not an energy company. We're a resource management company, we should find great partners to do that with. And I think as history has shown over the last couple of years, these are complex projects to get online.

是的。因此，我首先想說的是，我們的策略決策是不像 Casella 那樣投資這些 RNG 機會，這是一個很好的決定。我們不是能源公司。我們是一家資源管理公司，我們應該找到優秀的合作夥伴來共同完成這項工作。我認為，正如過去幾年的歷史所表明的那樣，這些都是複雜的上線項目。

You need to have a lot of expertise in how to clean gas, how to get it to pipeline quality and the Juniper project is online now. It's been online for a number of months, but it's operating at like 10% or less production levels. The team at BP Artea is working hard to get it ramped up to normalized levels. We hope to see that throughout this year.

您需要擁有大量關於如何淨化天然氣、如何使其達到管道品質的專業知識，而 Juniper 專案現已上線。它已經上線幾個月了，但生產水準只有 10% 或更低。BP Artea 團隊正在努力將其提升至正常水平。我們希望今年能夠看到這一點。

Moving over to Wage, our partner from France is developing facilities at our Chemung, our Highland and our McKean landfill. All of those projects are moving along well. We expect the first ones to come online in the third to fourth quarter this year. And we're really hopeful that the technology they bring to the table and the approach will help us solve some of the gas issues we've seen at Juno Parag in North Country landfills.

談到 Wage，我們的法國合作夥伴正在我們的 Chemung、Highland 和 McKean 垃圾掩埋場開發設施。所有這些項目都進展順利。我們預計第一批產品將於今年第三季至第四季上線。我們非常希望他們帶來的技術和方法能幫助我們解決北方國家垃圾掩埋場 Juno Parag 所發現的一些氣體問題。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

Hey, good morning, guys. Thanks so much for taking the questions. I had one on price. I think 5.6% for solid waste in the quarter. I think that was a little above your full year expectation. I guess, are there any areas where you saw pricing stick a little bit better than you expected?

嘿，大家早安。非常感謝您回答這些問題。我有一個價格。我認為本季固體廢棄物佔5.6%。我認為這略高於你的全年預期。我想，您是否發現有些地區的定價情況比您預期的要好一些？

And then thinking as we move throughout the rest of the year, is there any reason to think whether it's either mix or underlying environment or anything like that? Any reason you might see a deceleration from these levels in the next few quarters?

然後思考一下，隨著我們在接下來的一年中繼續前進，是否有理由去思考它是混合的還是潛在的環境或類似的東西？有什麼理由可能導致未來幾季這些水準出現減速？

Hey, Trevor, it's Jason. I'll answer the question here. So our pricing in the first quarter was slightly ahead of budget. So off to a good start in the year. And as you know, I believe much of our pricing goes out early in the year in January, upwards of 70% of our budgeted price increases.

嘿，特雷弗，我是傑森。我就在這裡回答這個問題。因此，我們第一季的定價略高於預算。今年的開局很好。如你所知，我相信我們的大部分定價都是在今年年初（1 月）公佈的，佔預算價格漲幅的 70% 以上。

So we're out the door with most of our pricing for the year and off to a great start. Our pricing guidance for the year is approximately 5%. That still holds true. Typically, we do see a little bit of moderation through the year with select pricing rollbacks across customers. But as you know, we have had a history of pricing in excess of that in excess of our budgeted levels. However, as it stands today, our guidance is still 5% for the year, which is in excess of our cost inflation that we're experiencing. So we're getting a modest to moderate spread on that, which is nice.

因此，我們今年的大部分定價都已敲定，並取得了良好的開端。我們對今年的定價指引約為 5%。這仍然是正確的。通常情況下，我們確實會看到全年價格略有緩和，部分客戶的價格會有所回落。但正如您所知，我們的定價曾經超出了預算水平。然而，就目前情況而言，我們對今年的預期仍為 5%，這超過了我們正在經歷的成本通膨。因此，我們獲得了適度到中等的傳播，這很好。

In terms of customer groupings, I would say that in the collection line of business, a strong start there from a commercial perspective with pricing on the higher end of of our expectations from a pricing perspective roll off, maybe a little bit weaker given some softness across the volumes, and that's something we'll continue to monitor through the year. Landfills, we've gone to market with pushed pricing and we hit the mark there.

就客戶分組而言，我想說，在收集業務方面，從商業角度來看，這是一個強勁的開端，從定價角度來看，定價處於我們預期的高端，考慮到交易量的一些疲軟，可能會稍微弱一些，這是我們將在全年繼續監控的事情。垃圾掩埋場，我們以優惠價格進入市場，並達到了目標。

All right. That's helpful. And then I did want to ask on your integration efforts. I think you mentioned a little in the prepared remarks. Just a lot of activity in the past two years a few kind of larger ones towards the end of '24. How have all those integrations progressed thus far relative to your expectations?

好的。這很有幫助。然後我確實想問一下你們的整合工作。我認為您在準備好的發言中提到了一點。過去兩年有許多活動，2024 年底有一些規模較大的活動。相對於您的預期，到目前為止，所有這些整合的進展如何？

And then in terms of -- I think Ned, you mentioned there was a net margin tailwind from acquired businesses if I heard you right. So just thinking of efficiency and synergy capture and such, how has all that kind of performed so far for those acquired businesses? Thanks.

然後就——我想，如果我沒聽錯的話，Ned，你提到了收購業務帶來了淨利潤的順風。那麼，只考慮效率和綜效等，到目前為止，這些被收購企業的表現如何？謝謝。

Yes. So we've -- as we've acquired more and more businesses, we've looked to institutionalize and create best practices. And we've stood up a full-time integration team as well as many of our department heads and business leads helping as well.

是的。因此，隨著我們收購的企業越來越多，我們也開始尋求制度化並創造最佳實踐。我們已經成立了一支全職整合團隊，許多部門主管和業務主管也在提供協助。

And you're always chasing kind of the bottleneck of that process or where you can improve. And I'd like to say like on the operating side, the teams are doing an amazing job on the HR side, we're really getting things done well early on getting things onto our core systems, our core financial processes.

而且您總是在尋找該流程的瓶頸或可以改進的地方。我想說，在營運方面，團隊在人力資源方面做得非常出色，我們很早就把事情做好了，把事情納入我們的核心系統、核心財務流程。

I think we're doing well, getting over to our financial processes the system side is probably the most complex and where we have the most lessons learned in the most friction today and where we'll continue to get synergies and value creation.

我認為我們做得很好，我們的財務流程中的系統方面可能是最複雜的，也是我們在當今最摩擦中學到的最多教訓的地方，我們將繼續在其中獲得協同效應和價值創造。

When you look at the original pro formas for each transaction, we're ahead we're doing an excellent job. Our team did a great job recognizing the ongoing earnings potential of these businesses and then where we can improve them, given certain operational or back-office synergies.

當您查看每筆交易的原始表格時，您會發現我們做得非常出色。我們的團隊在識別這些業務的持續盈利潛力以及在一定的運營或後台協同效應下我們可以改進的地方方面做得很好。

As I said a minute ago, we're probably a beat behind on systems, IT and there will be more value creation and then getting the trucks a lot of acquisitions, we do have old rear load trucks and Sean and his team have great strategies to automate in each of those markets. And that's really the pain point sometimes, it's getting those trucks fast enough and allowing us to reroute to automation and get trucks off the road.

正如我剛才所說，我們可能在系統、IT 方面落後了，並且會創造更多的價值，然後對卡車進行大量收購，我們確實有舊的後裝卡車，肖恩和他的團隊在每個市場都有很好的自動化策略。有時候這確實是個痛點，它能讓這些卡車夠快地行駛，並讓我們重新規劃路線，實現自動化，讓卡車離開道路。

I think it's clear, too, that the IT situation represents a real opportunity for the future. Moving to a new lead-to-cash system is going to really create a significant amount of value over the long term. The other really interesting aspect of that is it's really without a great deal of risk because we're currently on softpack, we're going to move to a newer version of softpak, so our majority of the company is on softpack now. It's just an old version of it. We're moving to a newer version of it.

我也認為，很明顯，IT 情勢代表未來的真正機會。從長遠來看，轉向新的「從潛在客戶到現金」系統確實會創造巨大的價值。另一個非常有趣的方面是，它實際上沒有很大的風險，因為我們目前正在使用軟包，我們將轉向更新版本的軟包，所以我們公司的大多數人現在都在使用軟包。這只是一個舊版本。我們正在轉向它的更新版本。

So it's going to add a lot of value as we incorporate some of the other systems that we've inherited from an M&A standpoint. So another nice opportunity over time to create additional value, as Ned said.

因此，當我們從併購的角度整合我們繼承的一些其他系統時，它將會增加很多價值。正如 Ned 所說，隨著時間的推移，這又是一個創造額外價值的好機會。

All right. Thanks so much, guys. Appreciate it.

好的。非常感謝大家。非常感謝。

Thank you.

謝謝。

James Schumm, TD Cowen.

詹姆斯·舒姆（James Schumm），TD Cowen。

Thanks. Good morning, guys. So I wanted to -- you made four acquisitions with $50 million of annualized revenue. I wanted to understand how much of that is incremental to the annual rollover guidance that you gave to revenues?

謝謝。大家早安。所以我想——你進行了四次收購，年收入 5000 萬美元。我想了解其中有多少是您為收入提供的年度展期指導的增量？

About $10 million of it. $40 million of it was already in the guidance.

其中約有 1000 萬美元，其中 4000 萬美元已在指導範圍內。

Yes. You got the rollover from last year. You have what we did early this year before we announce Q4 and then you have what tuning between Q4 now. And to John's point, the incremental from that initial guidance in February to now is $10 million.

是的。您已獲得去年的結轉。在我們宣布第四季之前，我們已經做了今年年初所做的事情，然後現在我們在第四季之間做了調整。正如約翰所說，從二月的最初指導到現在的增量是 1000 萬美元。

Understood. And then I wanted to understand the disposal volumes. So your disposal volumes are down, but your landfill volumes are up nicely. So that's implying -- is it that the transfer stations are very weak from roll off? Is it?

明白了。然後我想了解處理量。因此，您的處置量下降了，但垃圾掩埋量卻大幅上升了。那麼，這意味著──中繼站的滾動能力是否非常弱？是嗎？

Is that what's going on where maybe you had roll off work that would go to a third-party landfill that really got weak? Or just help me understand the sort of dynamic there?

是不是發生了這樣的事情？也許你把一些垃圾送到了第三方垃圾掩埋場，而這些垃圾掩埋場真的變得脆弱了？或只是幫助我了解那裡的動態？

Yes. Excellent question. It is a bit nuanced -- and it really also illustrates how strong our landfills really were. So we recognize revenues for disposal through different points. Some can be through a transfer station that could go to our own landfill or our third-party site. We also have a transportation area in our business where we might transport materials from the site to our landfills.

是的。非常好的問題。這有點微妙——它也確實說明了我們的垃圾掩埋場有多堅固。因此，我們透過不同的點來確認處置收入。有些可以透過中轉站運送到我們自己的垃圾掩埋場或第三方站點。我們的業務中還設有運輸區，我們可以將材料從現場運送到我們的垃圾掩埋場。

And then we recognize revenues directly at the landfills. When we're talking about statistics, it's always the third-party revenue at one of those points. So disposal overall covers transfer, transportation and landfills. And to your point a minute ago, across the eastern part of our business, so Massachusetts, New Hampshire and Maine, roll-off activity was pretty weak through the first quarter.

然後我們直接在垃圾掩埋場確認收入。當我們談論統計數據時，其中之一總是第三方收入。因此，總體處置包括轉移、運輸和掩埋。正如您剛才提到的，在我們業務的東部地區，即馬薩諸塞州、新罕布夏州和緬因州，第一季的銷售活動相當疲軟。

And it wasn't just our own trucks, it was third parties coming into our transfer stations, but when you look at landfills, we were up pretty strong year-over-year. And that just speaks to overcoming the negative headwind in the first quarter on some of the transfer weakness, roll-off weakness and then just our efforts to get internalization from new streams that we've discussed in the last few quarters as we've done acquisitions, our ability to recover some of the C&D tons in the New York market and just broader sales activity. It really shows how strong that was in the quarter.

而且不僅僅是我們自己的卡車，還有第三方卡車進入我們的轉運站，但是當你查看垃圾掩埋場時，你會發現我們的卡車數量同比增長相當強勁。這只是說明我們克服了第一季度的一些負面阻力，包括轉移疲軟、滾動疲軟，然後我們努力從過去幾個季度討論過的新的業務流中進行內部化，就像我們進行收購時討論的那樣，我們有能力恢復紐約市場的一些 C&D 噸位，以及更廣泛的銷售活動。這確實表明了本季的表現有多強勁。

As I think I mentioned in the finance script, each year, the spring breaks a little differently in the Northeastern United States. This was a tough winter. We don't ever make weather excuses, but like it was a tough winter. We -- tens and tens of feet of snow in the mountains and economic activity was a little bit lower around that, especially on the construction side.

我想我在財務腳本中提到過，每年美國東北部的春假都略有不同。這是一個艱難的冬天。我們從不以天氣為藉口，但那是個艱難的冬天。山上積雪數十英尺，經濟活動略有低迷，尤其是建築方面。

As you see the beautiful weather break into late March now into April into May, we've seen a really nice seasonal uptick and as I said, it comes a little different each year. This year, April is stronger than March and stronger than we expected. So we don't want to make an economic call, but that's always something we're watching in the winter through the spring.

如您所見，美麗的天氣從三月下旬一直持續到四月和五月，我們看到了非常好的季節性上升趨勢，正如我所說，每年的情況都略有不同。今年四月份的表現比三月強，也比我們預期的還要強。因此，我們不想做出經濟預測，但這始終是我們在冬季到春季關注的事情。

Okay. That's encouraging. All right. Thanks, guys. Appreciate it.

好的。這令人鼓舞。好的。謝謝大家。非常感謝。

(Operator Instructions) Stephanie Moore, Jefferies.

（操作員指示）史蒂芬妮·摩爾，傑富瑞。

Hi. Good morning. Thank you. I wanted to -- first question, just a clarification question. Did you highlight or call out what the weather impact to the first quarter was either from a revenue or margin standpoint?

你好。早安.謝謝。我想——第一個問題，只是一個澄清問題。您是否從收入或利潤的角度強調或指出了天氣對第一季的影響？

No, we did. And I think we always kind of take the perspective of we work outside every day, and we work in New England and the Northeast. So it comes and it goes, and we try make do with what happened. I think our perspective was, it was just a challenging winter. It's probably one of the factors of why roll off tons and transfer tons were a little bit weaker.

不，我們做到了。我認為我們總是從每天在戶外工作的角度出發，我們在新英格蘭和東北部工作。事情來了又去，我們盡力接受已經發生的一切。我認為我們的觀點是，這只是一個充滿挑戰的冬天。這可能是滾裝噸位和轉運噸位稍弱的因素之一。

But we didn't -- we didn't start to try and figure out weather days, how much things were down. I think as an organization, if we have like a big hurricane or something like that, we'll dig it and do that. But just a tough winter, we will not.

但我們沒有——我們沒有開始嘗試弄清楚天氣狀況以及情況惡化的程度。我認為作為一個組織，如果我們遇到像大颶風或類似的東西，我們就會挖掘它並做到這一點。但只是一個艱難的冬天，我們不會。

Yes. And I think that we saw -- looking at February, in particular, year-over-year, volumes were a little bit weaker, probably because of the weather. And then in March, they got a little bit better year-over-year as spring started to open up a little bit in the Northeast.

是的。我認為我們看到——特別是從二月來看，與去年同期相比，交易量略有下降，可能是因為天氣原因。進入三月份，隨著東北地區春季氣候開始逐漸放晴，情況較去年同期有所改善。

Got it. Okay. No, that's clear. And then maybe taking a bigger picture question or I think you're very clear about the opportunity from internalizing volumes, particularly after doing M&A and just some of the dynamics in the Northeast.

知道了。好的。不，這很清楚。然後也許從更大的角度來看問題，或者我認為你非常清楚內部化數量帶來的機會，特別是在進行併購之後以及東北地區的一些動態。

But just for us, as we continue to monitor and watch your M&A activity, is there a way for us to think about the expected EBITDA contribution from internalization. So like every 100 basis points of improvement or increase in internalization, what that could actually translate into from an EBITDA or margin standpoint, just kind of rough numbers there.

但對我們來說，當我們繼續監控和觀察您的併購活動時，我們是否有辦法考慮內部化預期帶來的 EBITDA 貢獻。因此，就像內部化每提高或增加 100 個基點，從 EBITDA 或利潤率的角度來看，這實際上可以轉化為什麼，這只是粗略的數字。

Wow. That's a complex question. So I think we have to discuss probably with specific acquisitions where there's an opportunity. As we last couple of years, you've had a couple of great ones that have led to some nice internalization benefit. Twin bridges in Greater Capital District of New York, Royal down into the Dutchess County and North of West Chester, both of these were areas where we were not internalizing tons from either of these competitors in the market.

哇。這是一個複雜的問題。因此我認為我們必須討論可能存在機會的具體收購。在過去的幾年中，我們已經取得了一些出色的成績，並帶來了一些不錯的內部效益。紐約大首都區的雙橋、通往達奇斯縣的皇家地區以及西切斯特北部，在這兩個地區，我們都沒有從市場上的任何一個競爭對手那裡獲得大量內部資源。

And as we often talk about. On day 1, we don't just move the tons. There are many long-term disposal contracts in place. You also need transfer capacity, long-haul capacity, so it steps in over years. And some of what we're seeing and the benefits we had in late '24 into now, are those steps taking place.

正如我們經常談論的那樣。第一天，我們不只是搬運貨物。目前已簽訂了許多長期處置合約。您還需要傳輸容量和長途容量，因此它需要多年的時間才能發揮作用。而我們所看到的以及從 2024 年末到現在所獲得的好處，就是這些措施正在實施中。

So it's a little hard to say an acquisition happens one day and then we get a certain benefit, is it very acquisition dependent. And I think as we guide or can give more specifics on a transaction, we'll try to lay that out, Stephanie.

因此，很難說某天發生收購，然後我們獲得一定的好處，這是否非常依賴收購。我認為，當我們指導或提供有關交易的更多細節時，我們會嘗試闡明這一點，史蒂芬妮。

Absolutely. Well, I appreciate the time. Thanks, guys.

絕對地。嗯，我很感謝你抽出時間。謝謝大家。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特（Tony Bancroft），加貝利基金（Gabelli Funds）。

Good morning. Hey, how are you guys? Great job, well done as usual. Again, probably more a bigger picture question following in that line. But maybe you could talk a little bit, just you've been doing so much M&A, and it seems like you've had some pretty successful acquisitions in recent years.

早安.嘿，你們好嗎？幹得好，一如既往地出色。再一次，沿著這條思路，可能還有一個更大的問題。但也許您可以稍微談一下，您一直在做很多併購，而且似乎近年來您進行了一些相當成功的收購。

Something more transformation. I know some of the industry has done some more transformational things or something outside your core business, maybe new markets maybe outside of your adjacencies, have you thought?

還有一些轉變。我知道有些行業已經做了一些更具變革性的事情，或者一些核心業務之外的事情，也許是新市場，也許是鄰接市場之外的市場，您有想過嗎？

And then would you use -- obviously, you performed so well, your stock price has performed so well, potential for using stock in any of these potential transactions and you just mentioned how many great ones -- some great acquisitions you've had. How many would you say? Is there a handful left of great ones left in the Northeast, some of these great larger, midsized, larger operators. What's out there?

然後你會利用——顯然，你的表現非常好，你的股價表現非常好，在任何這些潛在交易中使用股票的潛力，你剛才提到了有多少偉大的交易——你有過一些偉大的收購。你說有多少？東北地區是否還剩下一些優秀的企業，其中一些是大型、中型和大型營運商。那裡有什麼？

Tony, this is John. I think that Ned laid out that we're working on about $0.5 billion of opportunities. Now those opportunities are all in various stages. But that's really right down the middle of the fairway in terms of our core competency. You're not going to see us outside of our core competency getting into other verticals that at least in our view, anyway, makes sense to stick to our core knitting continue to tuck in, in the Northeast and the Mid-Atlantic, continue our strategic direction, which we've indicated that the Eastern Seaboard is where we'd like to continue to grow strategically.

東尼，這是約翰。我認為 Ned 已經提到我們正在努力尋找價值約 5 億美元的機會。現在這些機會都處於不同的階段。但就我們的核心競爭力而言，這確實處於最佳狀態。你不會看到我們進入核心競爭力之外的其他垂直領域，至少在我們看來，堅持我們的核心業務是有意義的，繼續在東北部和中大西洋地區發展，繼續我們的戰略方向，我們已經表明東海岸是我們希望繼續戰略增長的地方。

So we've got tremendous opportunity in our core competency, and we're going to stay with that meeting. It's created a lot of value for all of our shareholders. And it's clearly the way that we believe we can create the most shareholder value on a go-forward basis.

因此，我們在核心競爭力方面擁有巨大的機遇，我們將繼續參加這次會議。它為我們所有的股東創造了巨大的價值。顯然，我們相信這是未來能為股東創造最大價值的方式。

And I mentioned in the financial script that we have about $900 million of availability between our current cash and the revolver. So as we sit here today, our near-term pipeline, we've got plenty of liquidity and meet our needs. But Tony, I think, as you know, we've been opportunistic over the years. And with the right opportunities there, we try to fund it with about half equity, half debt, or half.

我在財務腳本中提到，我們目前的現金和循環信貸之間有大約 9 億美元的可用資金。因此，當我們今天坐在這裡時，我們的近期管道擁有充足的流動性，可以滿足我們的需求。但是托尼，我認為，正如你所知，這些年來我們一直在抓住機會。如果有合適的機會，我們會嘗試用大約一半的股權、一半的債務或一半的資金來為其提供資金。

Yes. And I think to Ned's point in your question before, we don't have anything transformational in the mix at this point in time. It's really kind of steady as you go. Certainly, that can change, as you know. But currently, there's nothing transformational that we're looking at currently.

是的。我認為正如 Ned 之前在您問題中提到的那樣，我們目前還沒有任何變革性的舉措。隨著你的前進，它確實很穩定。當然，正如你所知，這種情況可能會改變。但目前，我們還沒有看到任何改變。

All right. Thanks so much. Keep doing it. You're doing great. Thank you.

好的。非常感謝。繼續做下去。你做得很好。謝謝。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

Hey, good morning. I wanted to just ask a high-level question. So given that you had a strong first quarter, you just told us there's an additional $10 million of revenue from recent acquisitions, but you didn't change your full year guidance, and you also said that C&D market seems to be improving, which would be a big cyclical part of your business typically. So I guess the question is, what does it take to get more positive on the full year with all those components, is it just more time? Or is there anything specific you're looking at?

嘿，早安。我只是想問一個高層次的問題。因此，鑑於您第一季的強勁表現，您剛剛告訴我們，最近的收購帶來了額外的 1000 萬美元收入，但您並沒有改變全年預期，而且您還表示，C&D 市場似乎正在改善，這通常是您業務的一個重要周期性部分。所以我想問題是，考慮到所有這些因素，怎麼樣才能讓全年業績更加樂觀，僅僅是需要更多的時間嗎？或是您正在關注什麼具體的事情？

Well, we'd really like you to be able to predict what's going to happen next with the Trump administration, right? If you could do that, we could probably get a little more -- a little more aggressive.

那麼，我們真的希望您能夠預測川普政府接下來會發生什麼，對嗎？如果你能做到這一點，我們可能會更加積極主動。

Yes. So but it's a good point. Like over the years, we just really haven't changed guidance all that often in the first quarter. It's just not something -- unless there is something really out of the norm, we typically keep away for a minute. We're trending mid- to high range across all categories, and it's a nice start to the year for us.

是的。但這是一個很好的觀點。就像多年來一樣，我們在第一季並沒有經常改變指導方針。這沒什麼——除非真的有什麼不正常的事情，否則我們通常會暫時遠離。我們在所有類別中都處於中高端趨勢，這對我們來說是今年的一個好開始。

And we're hopeful that given where we sit, we'll be in a position to hopefully raise guidance in future quarters. But it's a little early in the year from our vantage point to do that.

我們希望，鑑於目前的狀況，我們將能夠在未來幾季提高指引。但從我們的角度來看，今年這樣做還為時過早。

Yes. And our guidance that we initially laid out back in February, our organic growth was 3% to 5% top line revenue, so it's a bit of a wait and see at this point in terms of us getting through the year, more visibility to roll off in the landfills as we enter the next several months. So more to come, Timna.

是的。我們在二月最初制定的指導方針是，我們的有機增長率為 3% 至 5% 的營業收入，因此，就我們能否度過今年而言，目前還需要等待一段時間，隨著進入接下來的幾個月，垃圾掩埋場的情況將更加明朗。提姆娜，接下來還有更多。

That makes sense. And then similarly, wondering if some of this uncertainty that you referenced is impacting your acquisition candidates or how they're looking at their business feature.

這很有道理。同樣地，想知道您提到的某些不確定性是否會影響您的收購對像或他們如何看待他們的業務特徵。

I don't think that there's -- we really haven't seen much of an impact at this point in time. I think we spent a lot of time building relationships with people in the industry. I don't know that there's anything specific that we're seeing that's causing anything one way or the other.

我認為目前我們還沒有看到太大的影響。我認為我們花了很多時間與業內人士建立關係。我不知道我們所看到的任何具體事物是否以某種方式導致了任何事情。

In terms of movement one way or the other more positive or negative at this point in time. it's really more steady as you go in terms of what's happening from an M&A standpoint. There could be some implications, obviously, from a tax perspective, but is nothing really of any significance from an impact standpoint on M&A.

就目前情勢而言，無論走向是正面的還是負面的，從併購的角度來看，情況其實更穩定。顯然，從稅收角度來看，這可能會有一些影響，但從對併購的影響角度來看，並沒有什麼重大影響。

Okay. I appreciate it. Thank you very much.

好的。我很感激。非常感謝。

Thank you. This does conclude our Q&A session for today. I would like to turn the call back over to John Casella for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。我想將電話轉回給約翰·卡塞拉，請他做最後發言。請繼續。

Thanks, everybody. I look forward to you all joining us for our second quarter conference call in July. Thanks, everybody. Have a great day.

謝謝大家。我期待大家參加我們七月的第二季電話會議。謝謝大家。祝你有美好的一天。

Thank you for joining the conference today. You may all disconnect.

感謝您參加今天的會議。你們都可以斷開連線。