GFL Environmental Inc (GFL) 2025 Q1 法說會逐字稿

Hello everyone and thank you for joining the GFL first-quarter 2025 earnings call. My name is Marie and I will be coordinating your call today. (Operator instructions)

大家好，感謝您參加 GFL 2025 年第一季財報電話會議。我叫瑪麗，今天我將負責協調您的通話。（操作員指示）

I will now hand over to your host Patrick Dovigi, Founder and CEO, to begin. Please go ahead.

現在我將把主持人、創辦人兼執行長 Patrick Dovigi 交給他開始。請繼續。

Thank you and good morning. I'd like to welcome everyone to today's call and thank you for joining us. This morning we will be reviewing our results for the quarter. I am joined this morning by Luke Pelosi, our CFO, who will take us to our forward-looking disclaimer before we get into details.

謝謝，早安。我歡迎大家參加今天的電話會議，並感謝大家的參與。今天上午我們將回顧本季的業績。今天上午，我們的財務長盧克·佩洛西 (Luke Pelosi) 和我一起出席了會議，在我們討論細節之前，他將向我們介紹我們的前瞻性免責聲明。

Thank you, Patrick. Good morning, everyone, and thank you for joining. We have filed our earnings press release, which includes important information. The press release is available on our website. During this call, we'll be making some forward-looking statements within the meaning of applicable Canadian and US securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future.

謝謝你，派崔克。大家早安，感謝大家的參與。我們已經提交了收益新聞稿，其中包含重要資訊。新聞稿可在我們的網站上查閱。在本次電話會議中，我們將根據適用的加拿大和美國證券法做出一些前瞻性陳述，包括有關我們認為或預期未來可能發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and uncertainties, including those set out in our filings with the Canadian and US securities regulators. Any forward-looking statement is not a guarantee of future performance, and actual results may differ materially from those expressed or implied in the forward-looking statements.

這些前瞻性陳述受多種風險和不確定性的影響，包括我們向加拿大和美國證券監管機構提交的文件中所述。任何前瞻性陳述都無法保證未來的表現，實際結果可能與前瞻性陳述中所表達或暗示的結果有重大差異。

These forward-looking statements speak only as of today's date, and we do not assume any obligation to update these statements, whether as a result of new information, future events and developments, or otherwise. This call will include a discussion of certain non-IFRS measures. A reconciliation of these non-IFRS measures can be found in our filings with the Canadian and US Securities regulators.

這些前瞻性陳述僅代表截至今日的觀點，我們不承擔任何更新這些陳述的義務，無論其是由於新資訊、未來事件和發展或其他原因。本次電話會議將討論某些非國際財務報告準則措施。在我們向加拿大和美國證券監管機構提交的文件中找到這些非國際財務報告準則措施的對帳表。

I will now turn the call back over to Patrick.

現在我將把電話轉回給帕特里克。

Thank you, Luke. Our first quarter results are top to bottom, better than what we guided for 2025, including revenue growth of approximately 12.5% and adjusted to EBITDA margin expansion of 120 basis points. This resulted in the highest first quarter adjusted EBITDA margin in our history. These results get us off to a great start for 2025 and again demonstrate the quality of our asset base, the effectiveness of our multi-pronged growth strategy, and the commitment of our employees.

謝謝你，盧克。我們第一季的業績從上到下都優於我們對 2025 年的預期，包括營收成長約 12.5% 以及調整後的 EBITDA 利潤率擴大 120 個基點。這使得我們第一季的調整後 EBITDA 利潤率達到了歷史上的最高水準。這些績效為我們2025年開了個好頭，並再次證明了我們資產基礎的品質、多管齊下的成長策略的有效性以及員工的承諾。

The strength of our operating performance accelerated into April, and we expect this positive momentum to continue for the rest of the year. Our pricing strategies are generating excess price/cost bread, which is flowing to the margin line.

我們的經營業績在四月進一步增強，我們預計這一積極勢頭將在今年剩餘時間內持續下去。我們的定價策略是產生過剩的價格/成本麵包，這些麵包正流向利潤線。

First quarter pricing of 5.7% was higher than our plan and gives us confidence in our ability to deliver the pricing levels on which our 2025 guidance was based. Our margins also benefiting from our disciplined approach to winning new accretive volumes and purposefully shedding lower quality revenue. The return to positive volume we saw at the end of 2024 continued in the first quarter despite significant weather impacts in many of our markets.

第一季 5.7% 的定價高於我們的計劃，讓我們有信心實現 2025 年指導所依據的定價水準。我們的利潤率也受益於我們採取嚴謹的方法來贏得新的增值業務量並有目的地減少品質較低的收入。儘管我們的許多市場受到嚴重天氣影響，但我們在 2024 年底看到的恢復正交易量的勢頭在第一季依然持續。

Tailwind from our growth investments, including EPR, which we expected more than offset weather-related weakness and roll off in special ways in certain markets. We are also seeing the positive cost impacts of moderating labor turnover rates that improved by over 200 basis points in the quarter compared to Q1 of 2024, and nearly 800 basis points compared to the first quarter of 2023.

我們預計，包括 EPR 在內的成長投資將帶來順風，足以抵消天氣相關的疲軟影響，並在某些市場以特殊方式回升。我們也看到勞動力流動率下降帶來的正面成本影響，與 2024 年第一季相比，本季勞動力流動率改善了 200 多個基點，與 2023 年第一季相比，勞動力流動率改善了近 800 個基點。

We expect meaningful continued improvement in our voluntary turnover rates over the medium term as previously communicated our investor did. In addition, our ongoing focus on optimized asset utilization is also continuing the strong margin performance. We also recently renewed two long-term collection contracts with the city of Toronto.

正如我們投資者之前所傳達的那樣，我們預計中期內我們的自願離職率將繼續顯著改善。此外，我們持續關注優化資產利用率也延續了強勁的利潤率表現。我們最近也與多倫多市續簽了兩份長期收集合約。

The re-baselining which yielded material price increases consistent with current market rates. These are some of the largest residential municipal collection contracts across our footprint, and both are significant contributors to our Canadian operations.

重新確定基準導致材料價格上漲與目前市場價格一致。這些是我們業務範圍內最大的住宅市政收集合同，並且都對我們的加拿大業務做出了重大貢獻。

Overall this quarter we saw solid execution from all facets of our portfolio and we are encouraged by the amount of runway we see in front of us. As previously disclosed, the sale of our ES business closed on March 1. Our retained interest in ES business provides us the opportunity to participate in future equity value creation, which we believe will be significant.

總體而言，本季我們的投資組合的各個方面都表現穩健，我們對眼前的發展前景感到鼓舞。如前所述，我們的 ES 業務出售於 3 月 1 日完成。我們對 ES 業務的保留權益為我們提供了參與未來股權價值創造的機會，我們相信這將是意義重大的。

We redeployed the $6 billion of cash proceeds we received from the sale to repay over $3.5 billion of debt and repurchase over 2.5 billion of our outstanding shares, mostly from our sponsor group consistent with previous indications.

我們重新部署了從出售中獲得的 60 億美元現金收益，以償還超過 35 億美元的債務併回購超過 25 億股流通股，其中大部分來自我們的發起集團，這與先前的跡像一致。

Inclusive of the share buybacks, we ended the quarter with net leverage of 3.1 times, the lowest in our company's history. Post the ES transaction, our credit ratings were upgraded by both S&P and Moody's, and we remain committed to achieving an investment grade credit rating.

包括股票回購在內，本季末我們的淨槓桿率為 3.1 倍，為公司歷史上的最低水準。ES 交易後，我們的信用評級得到了標準普爾和穆迪的提升，我們仍然致力於獲得投資級信用評級。

As we have said before, this new leverage profile gives us the ultimate flexibility around future capital deployment. Going forward, we expect to focus our investments on maximizing ROIC, which includes organic growth initiatives such as EPR and RNG, a creative M&A, and opportunistic share buybacks.

正如我們之前所說，這種新的槓桿配置為我們未來的資本部署提供了最大的靈活性。展望未來，我們預計將重點投資於最大化投資資本回報率 (ROIC)，其中包括 EPR 和 RNG 等有機成長計劃、創造性的併購以及機會性股票回購。

Specifically on M&A, year-to-date, we have spent $240 million on three deals acquiring annualized revenue of over $85 million. Approximately a third of this was acquired effective January 1 and is already included in our base guidance. Our pipeline continues to remain robust, and we see many opportunities to densify our networks and improve asset utilization through Tuck and M&A across our existing footprint.

具體到併購方面，今年迄今為止，我們已在三筆交易中花費 2.4 億美元，獲得了超過 8,500 萬美元的年收入。其中約三分之一已於 1 月 1 日生效並已包含在我們的基本指導中。我們的管道繼續保持強勁，我們看到許多機會透過 Tuck 和併購在我們現有的業務範圍內增強我們的網路密度並提高資產利用率。

Given this backdrop, we should see above average M&A activity for this year. If you recall at Investor Day, we highlighted the ability to deploy between $700 and $900 million on M&A conservatively. Given the current pipeline, we should meet or exceed the high end of these estimates.

有鑑於此背景，我們應該會看到今年的併購活動高於平均水準。如果你還記得，在投資者日，我們強調了在併購上保守部署 7 億至 9 億美元的能力。考慮到目前的管道，我們應該達到或超過這些估計的高端。

Before I pass the call over to Luke, a quick word on tariffs as I'm sure it's a question for most of you. What I can say is that so far we have not seen any direct material impacts from the tariffs to our business. Based on our experience, we have a high degree of confidence in our ability to successfully operate in an environment with elevated levels of macro uncertainty.

在我將電話轉給盧克之前，我想簡單談談關稅問題，因為我相信這是大多數人都會問的問題。我可以說的是，到目前為止，我們還沒有看到關稅對我們的業務造成任何直接的實質影響。根據我們的經驗，我們對自己在宏觀不確定性較高的環境中成功運作的能力充滿信心。

In the event tariffs have an inflationary impact on our CapEx cost structure, we would expect to pass these through to mitigate our costs against the bottom line. As is typical for our industry, we will update our full year guidance when we release our second quarter results.

如果關稅對我們的資本支出成本結構產生通膨影響，我們希望將其轉嫁出去，以降低我們的成本。正如我們行業的典型情況一樣，我們將在發布第二季業績時更新全年業績指引。

With a strong start to the year, however, we see multiple avenues of upside to our current guide that gives us the confidence in our ability to meet or potentially exceed expectations for the year.

然而，由於今年開局強勁，我們看到了當前指南的多種上升空間，這使我們有信心達到或可能超越今年的預期。

I will now pass the call to Luke who will walk us through the quarter in more detail, and then I'll share some closing comments before we open it up for Q&A.

現在我將把電話轉給盧克，他將向我們更詳細地介紹本季度的情況，然後在我們開始問答環節之前，我將分享一些結束語。

Thanks, Patrick. The level set with the sale of ES completed, all our financial results and the associated analysis exclude the contribution from ES for both the current and comparative prior year period.

謝謝，派崔克。在完成 ES 出售後設定的水平，我們所有的財務結果和相關分析均不包括當前和去年同期 ES 的貢獻。

Consolidated revenue for the quarter of $1.56 billion was ahead of guidance and 12.5% ahead of the prior year pro forma for divestitures. As Patrick said, pricing of 5.7% was better than expected, and with over 75% of our price increases already in place, we have a high degree of confidence in our ability to achieve the 5.25% to 5.5% pricing included in our guide.

本季綜合收入為 15.6 億美元，超出預期，比去年同期的資產剝離預測高出 12.5%。正如帕特里克所說，5.7% 的定價好於預期，而且我們已經實現了 75% 以上的價格上漲，我們對實現指南中 5.25% 至 5.5% 的定價的能力充滿信心。

Volume of positive 90 basis points was more than 150 basis points ahead of guide, despite weather-related headwinds which impacted roll off and special waste volumes. These impacts were most pronounced in January and February, and we have seen rebounds in March and April. Volume associated with EPR related activity in Canada drove positive volume growth as anticipated.

儘管天氣相關的逆風影響了滾裝和特殊廢棄物量，但總量仍達到正 90 個基點，比預期高出 150 個基點以上。這些影響在一月和二月最為明顯，三月和四月則出現了反彈。正如預期的那樣，與加拿大 EPR 相關活動相關的交易量推動了交易量的正成長。

Decreases in energy prices reduced first quarter revenues from fuel surcharges as compared to the prior year, whereas the reduction in OCC and fiber pricing was offset by an increase in non-fiber commodities resulting in a 20 basis point revenue increase.

與去年相比，能源價格下降導致第一季燃油附加費收入減少，而非纖維商品價格上漲抵消了 OCC 和纖維價格的下降，導致收入增加了 20 個基點。

Adjusted EBITDA margins were 27.3% of the quarter, 120 basis points higher than the prior year and ahead of our guide. The prior year period included the benefit of one-time royalty payments at two of our landfills, which created a 50 basis point headwind to margin expansion.

調整後的 EBITDA 利潤率為本季的 27.3%，比上年高出 120 個基點，高於我們的預期。去年同期包括我們兩個垃圾掩埋場的一次性特許權使用費收益，這對利潤率擴張造成了 50 個基點的阻力。

The current year results include certain provision re-ups associated with the ES divestiture, which were another 50 basis point headwind to margins. Excluding these two items, margins expanded over 220 basis points. Commodity prices, FX, M&A, and the impact of the 2024 divestitures were tailwinds to margins.

本年度業績包括與 ES 資產剝離相關的某些撥備補充，這對利潤率造成了另外 50 個基點的阻力。除去這兩項，利潤率擴大了 220 個基點以上。大宗商品價格、外匯、併購以及 2024 年資產剝離的影響對利潤率產生了推動作用。

Adjusted free cash flow was approximately $14 million, a result better than planned on account of the adjusted EBITDA outperformance.

調整後的自由現金流約為 1400 萬美元，由於調整後的 EBITDA 表現優異，結果優於計劃。

Q1 cash flows were inclusive of the investment in working capital we typically make in the first half of the year, as well as $120 million of normalized cash interest payments, an amount that will decrease to $70 million in Q2 on account of the nonlinear timing of interest payments on our remaining debt stack. Both base CapEx and our incremental growth investments were in line with expectations.

第一季的現金流量包括我們通常在上半年進行的營運資本投資，以及 1.2 億美元的正常化現金利息支付，由於我們剩餘債務的利息支付時間非線性，該金額將在第二季減少到 7,000 萬美元。基本資本支出和增量成長投資均符合預期。

As Patrick mentioned, we used approximately $3.5 billion of the ES proceeds to repay in full our term loan, the 2025 and 2026 secured notes, and the amounts then outstanding under our revolver, which were higher than at year end due to the seasonal increase in revolver borrowing through January and February.

正如帕特里克所提到的，我們使用了約 35 億美元的 ES 收益來全額償還定期貸款、2025 年和 2026 年擔保票據以及當時循環信貸額度下的未償還金額，這些金額高於年底的金額，這是由於 1 月和 2 月循環信貸額度的季節性增加。

With the balance of the ES proceeds, we repurchase 31.7 million of our shares, representing over 8% of the common shares outstanding. Under our normal course issuer bid, we continue to have material capacity for incremental share buybacks that we will opportunistically execute when we believe it is accretive to do so.

利用 ES 收益的餘額，我們回購了 3,170 萬股股票，佔已發行普通股的 8% 以上。在我們正常的發行人出價下，我們仍然擁有增量股票回購的實質能力，當我們認為這樣做可以帶來增值時，我們會抓住機會執行。

Included in the 3.1 times quarter end net leverage is a cash balance of over $500 million, an amount available for investment in M&A, additional share repurchases, or further debt repayments. Our enhanced balance sheet strength positions us to be able to execute on all of these value creation drivers while maintaining leverage in the low 3s, our new targeted leverage range to which we're committed.

3.1 倍的季末淨槓桿率包括超過 5 億美元的現金餘額，這筆資金可用於投資併購、額外股票回購或進一步償還債務。我們增強的資產負債表實力使我們能夠執行所有這些價值創造驅動因素，同時將槓桿率保持在 3% 以下，這是我們致力於實現的新目標槓桿率範圍。

As Patrick said, we'll wait until the second quarter to provide an update on full year guidance. However, the strength of our Q1 performance firmly positions us to meet or exceed our full year targets. As it relates to the second quarter of 2025, we expect consolidated revenue of approximately $1.675 billion, and adjusted EBIT of approximately $505 million which implies approximately 30% adjusted EBITDA of margins and more than 150 basis points of margin expansion over the prior year pro forma for the ES sale.

正如帕特里克所說，我們將等到第二季才提供全年指引的最新資訊。然而，我們第一季的強勁表現使我們有信心達到或超越全年目標。就 2025 年第二季而言，我們預計合併收入約為 16.75 億美元，調整後息稅前利潤約為 5.05 億美元，這意味著調整後的 EBITDA 利潤率約為 30%，且 ES 銷售利潤率較上年同期增長 150 個基點以上。

This guidance is based on today's FX rate, which is less than that of our original guide. Recall every 1 point move in FX is about a $30 million impact to annualize revenues. Q2 adjusted pre cash flow is expected to be approximately $100 million inclusive of $70 million in cash interest, $225 million in base CapEx, and $110 million investment in working capital and other operating cash flow items.

該指南基於今天的外匯匯率，低於我們最初的指南。回想一下，外匯每變動 1 點，就會對年收入產生約 3,000 萬美元的影響。第二季調整後的預現金流預計約為 1 億美元，其中包括 7,000 萬美元的現金利息、2.25 億美元的基本資本支出以及 1.1 億美元的營運資本投資和其他營運現金流項目。

I will now pass the call back to Patrick, who will provide some closing comments before Q&A.

我現在將電話轉回給帕特里克，他將在問答環節之前發表一些結束語。

Thanks, Luke. At our investor day in February, we laid out our goal forward strategy to continue generating industry-leading organic growth in part from the near-term ramp from EPR, RNG, and other self-help pricing and volume-focused strategies.

謝謝，盧克。在二月的投資者日上，我們制定了目標前瞻性策略，繼續創造行業領先的有機成長，部分原因是 EPR、RNG 和其他自助定價和以數量為中心的策略帶來的短期成長。

Drive adjusted EBITDA margins to the mid-30s and improve free cash flow conversion to the mid-40s. Execute on our robot M&A pipeline while maintaining leverage in line with our targets and continuing to progress towards an investment grade credit rating.

將調整後的 EBITDA 利潤率提高至 35% 左右，並將自由現金流轉換率提高至 45% 左右。執行我們的機器人併購管道，同時保持與我們的目標一致的槓桿率，並繼續向投資等級信用評級邁進。

And lastly, broaden our capital allocation strategy to include share buybacks and increased dividends. Our first quarter results demonstrate that our strategic plan is working. We remain steadfast in our belief that GFL is uniquely positioned for industry leading financial performance and value creation for all shareholders.

最後，擴大我們的資本配置策略，包括股票回購和增加股利。我們第一季的業績顯示我們的策略計劃正在發揮作用。我們堅信，GFL 擁有獨特的優勢，能夠實現領先業界的財務業績，並為所有股東創造價值。

I always want to end with thanking our employees. Our continued success would not be possible without their tireless hard work and dedication, and I want to thank each and every one of them for their contributions.

最後我總是想感謝我們的員工。如果沒有他們不懈的努力和奉獻，我們就不可能有持續的成功，我要感謝他們每一個人的貢獻。

I will now turn the call over to the operator to open the line for Q&A.

我現在將把電話轉給接線員，開通問答熱線。

(Operator instructions)

（操作員指示）

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great, thanks and good morning. Just maybe your first question on the margin side, I think you know there's a couple of moving pieces in the margins there. If you can maybe just walk us through, maybe a bit of an update on some of the margin initiatives you outlined Investor Day, what are you chipping away at this year and could sort of continued progress on the margin side be a source of upside to the guidance as we look ahead to the rest of '25. Thanks.

太好了，謝謝，早安。也許您第一個問題是關於利潤方面的，我想您知道利潤方面有幾個變動。如果您可以簡單介紹一下，也許可以稍微更新一下您在投資者日概述的一些保證金計劃，您今年正在努力實現什麼目標，以及在展望 25 年剩餘時間時，保證金方面的持續進展是否會成為指引的上行動力。謝謝。

Yeah, thanks, Sabahat, great question. When I talk about the margin bridge year-over-year, I'd like to sort of isolate the macro or the factors outside of our control, right? So if you think about this quarter, commodities was a tailwind as was FX. So you had about 15 basis point benefit from commodities and about 10 from FX.

是的，謝謝，Sabahat，這個問題問得好。當我談論逐年利潤率成長時，我想將宏觀因素或我們無法控制的因素隔離開來，對嗎？因此，如果你考慮本季，大宗商品和外匯一樣都是順風。因此，您從大宗商品中獲得了約 15 個基點的收益，從外匯中獲得了約 10 個基點的收益。

You also had the extra day, right, the difference year-over-year quarter, and that's about a 25 basis point benefit the margins and then M&A for this quarter, M&A was sort of accretive that was 20 basis point tailwind and then the divestitures as we've been talking about have also been a creative margin. That was about a 60 basis point benefit.

您還獲得了額外的一天，對吧，與去年同期相比，利潤率大約增加了 25 個基點，然後本季度的併購，併購是一種增值，這是 20 個基點的順風，然後我們一直在談論的資產剝離也帶來了創造性的利潤率。這大約是 60 個基點的收益。

Now going against that, again, sort of things outside the normal course-based business. As I said in the prepared remarks, we've received these one-time royalty payments at two of our landfills that were historical catch ups last year. That was about a 50 basis point headwind to margins. I also mentioned these accruals associated with the ES as we gave some of the provisions related to insurance, bad debt, et cetera. to the ES business, we just had to grew up in (inaudible) a little bit, and that was about a 60 basis point impact.

現在再次與此相反，這是正常課程業務之外的事情。正如我在準備好的演講中所說，我們兩個垃圾掩埋場去年收到了一次性特許權使用費，這是歷史性的追趕。這對利潤率造成了約 50 個基點的不利影響。我還提到了與 ES 相關的這些應計項目，因為我們給出了一些與保險、壞帳等相關的規定。對於 ES 業務，我們只需要在（聽不清楚）方面成長一點點，這大約是 60 個基點的影響。

And then you had the weather, right? I think it's probably consistent with all the other groups talking about weather impacts, particularly in February, and we estimate that was about 20 basis point impact. So when you look at that, what left with you sum that all up, there's over 100 basis points of underlying margin expansion.

然後你還知道天氣，對嗎？我認為這可能與所有其他團體談論天氣影響的說法一致，特別是在二月份，我們估計影響約為 20 個基點。因此，當您看到這一點時，把所有這些加起來，就會發現基礎利潤率擴張超過 100 個基點。

And where is this coming? I mean, first and foremost, it's the price/cost spread as we've been talking about and we'll continue to do so. But then you have the incremental benefit of all the pieces that we've been talking about, right? So EPR is coming in and starting to contribute to RNG contributions asset utilization. So I'd say it's not any one thing, but it's a combination of all of the things.

這會帶來什麼後果？我的意思是，首先，這就是我們一直在談論的價格/成本價差，而且我們會繼續這樣做。但是這樣你就獲得了我們一直在談論的所有部分的增量利益，對嗎？因此，EPR 正在發揮作用並開始為 RNG 貢獻資產利用率。所以我想說這不是任何一件事，而是所有事物的結合。

And obviously to beat our internal expectations in Q1, in spite of all these sort of challenges, I think the answer is absolutely yes. We're feeling like there's a path to some margin upside as we go through the year. Now we will wait to Q2, but I gave the Q2 guide and you're seeing that margin expansion and accelerate, which is obviously sort of very encouraging for us. So we're feeling really good, and again just echo Patrick's comments, we think all the pieces are coming together.

儘管面臨諸多挑戰，但我認為，第一季的業績顯然要超越我們的內部預期，答案是肯定的。我們感覺，隨著今年的推進，利潤率將出現一定上升空間。現在我們將等到第二季度，但我給了第二季度的指南，您會看到利潤率擴大並加速，這對我們來說顯然非常令人鼓舞。所以我們感覺非常好，再次重申帕特里克的評論，我們認為所有的部分都已經整合在一起了。

Okay, great. And then just the follow up there, can you maybe just walk us through your thinking on some of the remaining proceeds you've got left from the ES sale? I think Patrick mentioned, thoughts to return of capital, things like that. So you just walk us through your views on share buybacks, dividends, and assuming the rest probably goes. Thanks.

好的，太好了。然後接下來的問題是，您能否向我們介紹一下您對 ES 銷售剩餘收益的看法？我認為帕特里克提到了有關資本回報的想法，諸如此類的事情。因此，您只需向我們介紹您對股票回購、股利的看法，並假設其餘部分可能會發生變化。謝謝。

Hey, this is Luke. Just before Patrick responds, I just want to clarify that $500 million left on that cash on balance sheet. Someone had made a comment that we initially said we're going to repay $3.75 billion of debt. In the end, when we repaid all of our debt, the remaining debt is so far out in terms of term. We have an average 4.5 years still left, that the cost of paying off some of that debt just didn't sort of seem to make a lot of sense when we knew we had all these capital investments in front of us. So to the question that was emailed in, that's the basis for that. Now what are we going to do with all of our capital capacity? I'll hand it over to Patrick.

嘿，這是盧克。在派崔克回應之前，我只想澄清一下資產負債表上還剩下 5 億美元現金。有人評論說，我們最初說過要償還 37.5 億美元的債務。最後，當我們償還所有債務時，剩餘的債務期限已經過了。我們平均還剩下 4.5 年的時間，當我們知道我們面前有這麼多資本投資時，償還部分債務的成本似乎不太合理。因此，對於透過電子郵件發送的問題，這就是其基礎。現在我們要用我們所有的資本能力來做什麼？我會把它交給派崔克。

Yeah, I think as we communicated, M&A pipeline is very robust at the moment. So, we're working on a lot of great opportunities that will be sort of highly accretive to the overall book of business and sort of the earning stream. So again, highly focused on that.

是的，我認為正如我們所溝通的，目前的併購管道非常強勁。因此，我們正在努力尋找許多絕佳的機會，這些機會將大大增加整體業務和盈利來源。因此，再次高度關注這一點。

And again share buybacks will continue to be part of the sort of ongoing plan, as we press released last week, we did get relief from the OSC and the TSX to not have those shares we bought back from the insider count against the NCIB. So we have an incremental sort of 21 million shares available for us to buy. So, where we sit today, we continue to believe the company is undervalued here.

股票回購將繼續成為持續計畫的一部分，正如我們上週發布的新聞稿中所述，我們確實從安大略省證監會和多倫多證券交易所獲得了豁免，將從內部人士手中回購的股票不計入 NCIB。因此，我們有 2,100 萬股增量可供購買。因此，就目前情況而言，我們仍然認為該公司被低估了。

So the Board and myself both believe that should be a part of the capital allocation plan, given what we see for '26 and '27, which was. Laid out in sort of our Investor Day, but I think from where we sit today that is going to continue to be a part of the capital allocation plan as well as sort of M&A.

因此，董事會和我都認為，考慮到 26 年和 27 年的情況，這應該成為資本配置計畫的一部分。在我們的投資者日上有所闡述，但我認為從我們今天的情況來看，這將繼續成為資本配置計劃以及併購計劃的一部分。

Thanks very much.

非常感謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good morning. Thank you. I was hoping, if you could touch on the volume performance for the quarter. It did exceed kind of the 1Q expectations in light of what we all know it's a challenging weather environment. So maybe some puts and takes there would be helpful. Thank you.

嗨，早安。謝謝。我希望您能談談本季的銷售表現。鑑於我們都知道的充滿挑戰的天氣環境，它確實超出了第一季的預期。因此，也許一些投入和產出會有所幫助。謝謝。

Yeah, good morning, Stephanie, thanks for the question. It's Luke. I think we gave the guidance in February sitting in the middle of those sort of protracted weather events. And so we're obviously seeing it in our real-time data in terms of primarily special waste volumes and the roll-off side of the business, which is most sort of impacted by that.

是的，早安，史蒂芬妮，謝謝你的提問。是盧克。我認為我們在二月份那些持續的天氣事件中給出了指導。因此，我們顯然可以在即時數據中看到這一點，主要體現在特殊廢棄物量和業務滾裝方面，這些方面受此影響最大。

And I think that played out exactly sort of as anticipated. Like if you look at the US business, you had a roughly 1.5%, negative 2% volume for the quarter. And really, if you break the pieces out on that, the one day impact is about 60, 70 bps. The weather, you could estimate to be another about sort of 70 bps. And then we sort of roughly had solid waste or special lease at our landfills down year-over-year, I think partly macro, but partly weather, and that's probably another sort of 40 bps.

我認為事情正如預期的那樣。如果你看美國業務，你會發現本季的銷售額大約是 1.5%，也就是負 2%。事實上，如果你把這些因素分解開來，一天的影響大約是 60、70 個基點。天氣，你可以估計為另外約 70 個基點。然後，我們的垃圾掩埋場的固體廢棄物或特殊租賃量大致同比下降，我認為部分是宏觀因素，但部分是天氣因素，這可能又是 40 個基點。

So really, when you think about that, the US business sort of roughly more close to flat volumes ex those exogenous factors. Canada, you had the same thing play out, but with a couple of differences. One being, I think our Canadian business is a little bit more well suited in the experience of dealing with the weather.

所以實際上，當你考慮到這一點時，美國的業務量大致接近平穩，除了那些外部因素。加拿大也經歷了同樣的事情，但有些不同。一方面，我認為我們的加拿大業務更適合應對天氣。

So the impact a little bit sort of less there and the nature of our mix in Canada is we have less landfill and therefore, you get less of that sort of impact from both the one-day and the weather. But the real story in Canada is EPR right? And now this is what's been anticipated. And as all of our investments are starting to sort of yield the benefits as anticipated, we're getting these sort of volumetric tailwinds coming out of that.

因此，那裡的影響會小一些，而且加拿大的垃圾掩埋場較少，因此，受到的一日影響和天氣影響較小。但加拿大的真實情況是 EPR，對嗎？而這正是人們所預料到的。隨著我們所有的投資開始產生預期的效益，我們也獲得了大量的順風。

So if you look at the sort of Canadian volume story, which was a sort of high 6s number for the quarter, really have sort of 5.5% plus of that coming from the EPR that we had anticipated. And we also benefited from just a onetime project in Canada, which is the just timing at our transfer stations in the Ontario benefited from a sort of factory demolition, we saw $10 million of revenue, another sort of 230 basis points.

因此，如果你看一下加拿大的銷售情況，你會發現本季的銷量為 6 個多月高位，其中 5.5% 以上的成長確實來自於我們預期的 EPR。我們也受惠於加拿大的一個一次性項目，也就是安大略省中轉站的一次工廠拆除，我們獲得了 1000 萬美元的收入，又增加了 230 個基點。

So if you take those two events, EPR and the transfer station volumes out of the equation, a similar story, just a little bit more muted in Canada due to the mix and just our experience with weather. But overarchingly, this is sort of what gets us excited. All these investments we have made in these high-return growth opportunities are sort of macro agnostic.

因此，如果你將這兩個事件、EPR 和轉運站容量排除在外，情況也會類似，只不過由於混合因素以及我們對天氣的經驗，加拿大的情況稍微平靜一些。但總體而言，這正是讓我們興奮的事情。我們在這些高回報成長機會中所做的所有投資都與宏觀經濟無關。

These are largely contracted volumes and these are going to be coming in regardless of what the sort of macro situation is. And just to clarify or remind everyone on any macro, I mean our exposure to the more cyclical ends of the business is a very small number and our overall piece.

這些主要是合約量，無論宏觀情況如何，這些都會進來。只是為了澄清或提醒大家關於任何宏觀因素，我的意思是，我們對業務中更具週期性的部分的敞口很小，而且是我們整體的部分。

Again, if you think about our roll-off business, roughly $1.2 billion of revenue on an annual basis, maybe it's sort of 10% of that plus, that's more in that sort of construction space, right? And then on the landfills, really, this was a special waste, maybe there's another sort of $75 million to $100 million of revenue.

再說一次，如果你考慮我們的滾裝業務，每年大約有 12 億美元的收入，也許它只佔其中的 10% 以上，這更多的是在那種建築領域，對嗎？然後對於垃圾掩埋場來說，這確實是一種特殊的廢物，也許還有另一種 7,500 萬到 1 億美元的收入。

But you put that together, you got a sort in $225 million of revenue exposure to the end of the market that's maybe being a little bit sort of softer right now. We're certainly seeing the softness. It does seem to be improving over -- I look at the April trending proving over March. But that balanced portfolio that we have gives us a great sort of confidence in our volume opportunities as we sort of go forward.

但如果你把這些加在一起，你就會在市場末端獲得 2.25 億美元的收入，而目前市場末端可能有點疲軟。我們確實看到了疲軟。情況確實似乎有所改善——我查看了四月份的趨勢，證明三月的情況有所改善。但我們擁有的均衡投資組合讓我們對未來的數量機會充滿信心。

So we're expecting Q2 guide anticipates again positive volume. Q3 will sort of temper off in positivity, and in Q4 where we sit today is a negative number, just on the tough comp. We had benefited from a lot of sort of storm volume in Q4 '24, which makes a tough comp. But on balance, we're feeling really good with the volume that we saw in Q1 and the setup that, that gives us for the balance of the year.

因此，我們預計第二季的指南將再次預測正交易量。第三季將會以積極的態度緩和下來，而我們今天所處的第四季則是一個負數，這只是一個艱難的比較。2024 年第四季度，我們受益於大量的風暴，這使得比較變得艱難。但總的來說，我們對第一季的銷售以及為今年的平衡所做的安排感到非常滿意。

Great, no, and that you covered my follow-up questions as well. So I appreciate it. I'll pass it on. Thank you.

很好，不，而且您也回答了我的後續問題。所以我很感激。我會傳達的。謝謝。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

Patrick E. Brown, Raymond James.

派崔克E布朗、雷蒙詹姆斯。

Hey, good morning, guys.

嘿，大家早安。

Hey Tyler.

嘿，泰勒。

You guys there? Can you hear me? Hey, sorry, hey Patrick, So the M&A -- the M&A pipeline sounds really, really good. I'm just kind of curious if that pipeline includes the number of deals that you've been working on kind of in the background. I know you were kind of constrained, call it, last year.

你們在那裡嗎？你聽得到我嗎？嘿，對不起，嘿帕特里克，所以併購——併購管道聽起來真的非常好。我只是有點好奇，這個管道是否包括你在幕後處理的交易數量。我知道去年你受到了一些限制。

And two, are most of these tuck-ins? Or should we think about some new beachheads in new markets? It just seems like there might be some comp of your deals in there?

第二，這些大部分都是塞進去的嗎？或者我們應該考慮在新市場中開拓一些新的灘頭？看起來好像其中可能有一些你們交易的補償？

Yes. I mean I said -- like we said at the Investor Day, obviously, we knew we were going to be coming into cash, just given the sale of ES and where that process was evolving. So we spend a lot of time building out the pipeline (technical difficulty) as you know, these deals don't happen overnight -- between time you actually have first discussion to close generally take sometimes six months, sometimes three months, sometimes nine months. So our pipeline has been building and obviously, that gives us the confidence that what we're going to deliver on for the rest of the year.

是的。我的意思是，就像我們在投資者日所說的那樣，顯然，我們知道我們將會獲得現金，只要考慮到 ES 的出售以及這個過程的發展。因此，我們花費大量時間建立管道（技術難度），如您所知，這些交易不是一夜之間就能完成的——從實際進行第一次討論到結束通常需要六個月、三個月、有時九個月的時間。因此，我們的管道一直在建設中，顯然，這讓我們對今年剩餘時間的交付充滿信心。

The lion's share of what we're working on is tuck-ins into the existing markets, leveraging sort of post collection assets to drive internalization rates higher, which we think is going to yield the best return on invested capital today.

我們目前所做的大部分工作是進入現有市場，利用收購後資產來提高內部化率，我們認為這將為當今的投資資本帶來最佳回報。

So I think that's what you're going to see mostly. Nothing immediate that I would say is moving into new markets or new beachheads, looking at a couple of opportunities, but I would say they're in the early innings of anything, but the lion's share in the pipeline of what we're discussing today and what we're closing on is stuff that's going to tuck into the existing markets.

所以我認為這就是你們將主要看到的。我想說的並不是立即進入新市場或新灘頭陣地，而是尋找一些機會，但我想說他們正處於任何事情的早期階段，但在我們今天討論的內容和即將完成的內容中，最大的份額是那些將進入現有市場的東西。

Okay, that's good. And then we're just kind of going back to the marching discussion. Maybe you could help me clarify a little bit from the analyst day, but of the the $150 million in self help levers through '28, I think it was run '28, how much of that is expected to be kind of garnered this year? Kind of maybe what is the cadence of that? Is it pretty pro rata over the years or?

好的，那很好。然後我們又回到了行進的討論。也許您可以從分析師日幫我澄清一下，但是到 28 年，自助槓桿的金額為 1.5 億美元，我認為是在 28 年運行的，預計今年可以獲得多少？或許它的節奏是怎麼樣的？多年來，它的比例是否相當高？

Great question. Some of the aspects of that a little bit sort of harder to parse out from all the other good things that we're doing. But on balance, look, if you think about the employee turnover component, I mean that continues to improve, and we're certainly getting our share of that benefit. So I think about that one on a sort of pro rata basis. Fleet and fleet optimization would also be sort of pro rata as we continue to sort of refresh our fleet with build CMG and automation.

好問題。其中有些方面有點難以從我們正在做的所有其他好事中區分開來。但總的來說，如果你考慮員工流動率因素，我的意思是這種情況會繼續改善，而且我們肯定會從中獲益。所以我以比例的方式來考慮這個問題。隨著我們繼續透過建造 CMG 和自動化來更新我們的艦隊，艦隊和艦隊優化也將按比例進行。

And then pricing is similar. So I think to assume that our results for this year have sort of one-third share of that. I think it's probably a fair estimate as specific events happen that drive outperformance. I'll be able to articulate that better. But I think that's probably a pro rata is a decent way of thinking about it.

然後定價也類似。因此我認為我們今年的業績大約佔其中的三分之一。我認為這可能是個公平的估計，因為特定事件的發生會推動績效優異。我將能夠更好地表達這一點。但我認為按比例計算可能是一種不錯的思考方式。

Okay. Good (multiple speakers).

好的。好的（多位發言者）

No, no. I just said go to Luke's point, there's been some pretty good healthy pricing wins, particularly on the repricing of the resi book, sort of being led by Toronto, which is -- comes on sort of mid-26%. I mean if you look at that currently, we're doing -- we've got that contract again, a landmark contract for us back in 2010, 15 years later, we're here sort of renewing that same contract. But basically, today, we're doing that work for $16 million, $17 million a year under the new rebid.

不，不。我剛才說到盧克的觀點，已經取得了一些相當不錯的健康定價勝利，特別是在住宅書籍的重新定價方面，由多倫多引領，大約在 26% 左右。我的意思是，如果你看一下目前的情況，我們正在做的——我們再次獲得了那份合同，這對我們來說是 2010 年的一項具有里程碑意義的合同，15 年後，我們在這裡續簽同一份合同。但基本上，今天，根據新的招標，我們每年以 1600 萬美元到 1700 萬美元完成這項工作。

The one contract is going to be done for $37 million a year. And then the multi-res, which we're currently doing for around $10 million or $11 million a year, we rebid that and got that at sort of $70 million a year. So that's real material price that we'll see come through the resi book starting sort of mid next year. So that will all sort of get layered on to what Luke just mentioned now.

這份合約的年薪為 3700 萬美元。然後，我們目前以每年約 1000 萬美元或 1100 萬美元的價格進行多解析度製作，我們重新招標並將其價格定為每年約 7000 萬美元。因此，我們將從明年年中開始透過住宅帳簿看到實際材料價格。所以這一切都將與盧克剛才提到的內容連結起來。

And then just real quickly on corporate expense loan. Why was that up year-over-year? I thought it's something like $15 million to $20 million was going to be shipped out with ES. Is there something there? Or just what's a good corporate number to kind of use for the rest of the year? Thanks.

然後很快就獲得公司費用貸款。為什麼同比成長？我以為會有 1500 萬到 2000 萬美元通過 ES 運出。那兒有什麼東西嗎？或者說，在今年剩餘時間裡，什麼是適合使用的公司號碼？謝謝。

Yes. So what's going to happen, Tyler, and we had spoken about this when we talked about our ES is effectively, we've retained the corporate costs for the time being, but are going to be compensated going forward in order to provide those services to ES.

是的。那麼，泰勒，接下來會發生什麼事？我們在談論 ES 時已經討論過這個問題，實際上，我們暫時保留了公司成本，但為了向 ES 提供這些服務，我們將在未來獲得補償。

So the ES thing, we only have one month of the benefit, but they're effectively going to pay me $12 million to $15 million a year, which will show up as an offset to my corporate costs in lieu of me providing those sort of services to them.

因此，就 ES 而言，我們只有一個月的福利，但他們實際上每年要向我支付 1200 萬至 1500 萬美元，這將作為我為他們提供此類服務而產生的公司成本的抵消。

Okay. That is good clarification. Okay, perfect, thank you.

好的。這是一個很好的澄清。好的，非常好，謝謝。

Thanks.

謝謝。

Kevin Chang, CIBC Gundy.

凱文張 (Kevin Chang)，加拿大帝國商業銀行 (CIBC) Gundy。

Hey, thanks for taking my question. Good morning, everybody. Maybe just two clarification questions. One, the 5.5% tailwind on volumes from EPR that you saw in Q1, is that the right run rate to think about for the remainder of the year? Or does it accelerate as EPR matures?

嘿，謝謝你回答我的問題。大家早安。也許只是兩個澄清問題。首先，您在第一季看到 EPR 銷售成長了 5.5%，這是今年剩餘時間內值得考慮的正確運行率嗎？或者隨著 EPR 的成熟，這一進程會加速嗎？

I think you had some EPR coming on last year, and so now you're adding on to that. So it won't be ratable, but I think it's safe to say that we're going to continue to enjoy volumetric tailwinds throughout the year as we bring on that roughly $40 million, $50 million, that was incremental EPR EBITDA that we said this year.

我認為您去年已經有一些 EPR 了，所以現在您要在此基礎上再添加一些。因此它不會被評估，但我認為可以肯定地說，我們將在全年繼續享受體積順風，因為我們將帶來大約 4000 萬美元、5000 萬美元，這是我們今年所說的增量 EPR EBITDA。

So you're going to get that roughly, I think, in Q1, what I was saying that it was a $20 million, $25 million volumetric tailwind coming out of EPR. I think you should sort of see that it's going to increase as we go into '26. It's just not going to be perfectly ratable, Kevin.

因此，我認為，在第一季度，你會大致了解我所說的 EPR 帶來的 2000 萬美元、2500 萬美元的體積順風。我認為你應該會看到，隨著我們進入 26 年，這個數字還會增加。凱文，這根本就不值得完美評價。

Okay, that's helpful, And I appreciate you'll provide an update on your full year outlook with Q2. But I guess now that we have Q1, you've provided a guide for Q2. It looks like historically, about 47% of your EBITDA came in the first half of the year. I'm not sure if you think that seasonality makes sense as you look out in '25 here, which maybe suggests something like $1.975 billion or maybe between $1.95 billion to $2 billion as maybe where EBITDA can go to just based on how the first half is performing. I'm not sure if there's anything you take issue with that kind of I guess, very simple math I just ran through.

好的，這很有幫助，我很感激您能提供有關第二季度全年展望的最新資訊。但我想既然我們已經有了 Q1，您已經為 Q2 提供了指南。從歷史上看，您的 EBITDA 中約有 47% 來自上半年。我不確定您是否認為從 25 年來看季節性是有道理的，這可能表明 EBITDA 可以達到 19.75 億美元或 19.5 億美元至 20 億美元之間，這也許取決於上半年的表現。我不確定您是否對我剛剛講過的這類非常簡單的數學問題有異議。

Kevin, it sounds like you're looking for us to give guidance for the year as a whole with your math. But look, what I would say is, we have a seasonal business. Q1 and Q2 are typically, Q1 is the lowest, Q2 ramps, Q3 is the highest. And then Q4 sort of steps down somewhere between Q2 and Q3. That's the typical ramp.

凱文，聽起來你希望我們為你全年的數學提供指導。但我想說的是，我們的業務是季節性的。Q1 和 Q2 通常是這樣的，Q1 最低，Q2 上升，Q3 最高。然後 Q4 就會在 Q2 和 Q3 之間的某個地方下降。這是典型的坡道。

Now again, the EBITDA dollars, right? It doesn't move perfectly like that every quarter, the original guide being sort of, I think, $1937 and a half for this first quarter performance, as I said, I think there's a path to sort of exceed that, right? I think the range was $1925 to $1950, so you could exceed that.

現在再說一遍，EBITDA 美元，對嗎？它並不是每個季度都像那樣完美地變動，最初的指導價是，我認為，第一季的表現是 1937.5 美元，正如我所說的，我認為有辦法超越這個數字，對吧？我認為範圍是 1925 美元到 1950 美元，所以你可能會超過這個數字。

Now FX is going against you. So you got to have some of those offsets. Q1 sort of had the FX at guide or a little better. And now today, it's a couple of points below. As I said, every point is roughly $30 million. So there'll be puts and takes.

現在 FX 正在與你作對。所以你必須有一些抵消措施。Q1 的 FX 表現大致與預期一致，或略好。今天，我想講以下幾點。正如我所說，每個點大約價值 3000 萬美元。因此會有得有失。

But yes, I think we are now feeling that we could do better than the $1950, ex incremental M&A. Obviously, incremental M&A will be sort of additive to that. But as is industry practice, we'll wait to Q2. But Kevin, you've always been good at math. So I'll leave it at that.

但是的，我認為我們現在感覺我們可以做得比 1950 美元更好，不包括增量併購。顯然，增量併購將對此起到一定的補充作用。但按照行業慣例，我們將等到第二季。但是凱文，你一直很擅長數學。所以我不再談論這個了。

I tried. I appreciate it. Thank you for taking my questions.

我試過。我很感激。感謝您回答我的問題。

Konark Gupta, Scotiabank.

加拿大豐業銀行的 Konark Gupta。

Hi. This is Elie filling in for Konark. Good morning, everyobe. Policy changes, what policy changes are you monitoring on the RNG side, whether they relate to volume, pricing or tax credit?

你好。這是代替 Konark 的 Elie。大家早安。政策變化，您在 RNG 方面監控哪些政策變化，無論它們與數量、定價或稅收抵免有關？

Yes. I mean all of the above. I mean -- there seems to be a lot of noise around it, obviously, just very similar to what happened when the last Trump administration came in, but we're not seeing anything sort of material today. I mean the tax credits are still to come. Probably that will come out in September.

是的。我指的是以上所有。我的意思是——顯然，這周圍有很多喧囂，與上屆川普政府上台時的情況非常相似，但我們今天沒有看到任何實質的內容。我的意思是稅收抵免仍未到來。可能將於九月發布。

But I think RINs have sort of hung in there. Volumes, we continue to produce the volumes that we sort of anticipated, but that will just be what -- but I think our guide contemplates a revised win number based on what we know today.

但我認為 RIN 已經堅持下來了。數量，我們將繼續生產我們預期的數量，但這只是 - 但我認為我們的指南會根據我們今天所知道的情況考慮修改後的獲勝數字。

Thanks guys. I appreciate the time. I'll pass the line.

謝謝大家。我很感激你抽出時間。我會通過這條線。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Hi, this is Adam on for Jerry today. It looks like your 2Q margin guidance embeds 285 basis points of sequential margin expansion and typically, we do see that sequential step up in 2Q. Can you just help us think about any puts and takes in the sequential margin trajectory versus normal seasonality 2Q versus 1Q?

大家好，今天我是亞當，取代傑瑞。看起來您的第二季利潤率指引包含 285 個基點的連續利潤率擴張，通常情況下，我們確實會看到第二季的連續成長。您能否幫助我們思考連續利潤率軌跡與正常季節性第二季和第一季之間的差異？

Yes. So Thanks, Adam. Just to make sure for everyone, I've got a level set and remove ES from the historical quarterly cadence, right, because that had a difference sort of margin profile. But when you left with the sort of solid waste stand-alone business, as I said, anticipating roughly 30% margin this year versus last year on the sort of 20.5-ish. Commodities and how they behaved in the prior year versus how they're behaving this year obviously have an impact.

是的。所以謝謝你，亞當。只是為了確保每個人都能滿意，我已經設定了一個水平，並從歷史季度節奏中刪除了 ES，對，因為那有不同的利潤率概況。但當你離開那種固體廢棄物獨立業務時，正如我所說，預計今年的利潤率約為 30%，而去年的利潤率為 20.5% 左右。大宗商品及其去年的表現與今年的表現相比顯然會產生影響。

If you think about last year, commodities really ramped from Q1 to Q2 versus this year, it's looking kind of a little bit more flattish right? So we'll have the -- while commodities was a tailwind to Q1 margins year-over-year, it's actually a headwind based on says commodity prices when you look quarter-over-quarter, right? So that's just sort of a piece of it.

如果你回想去年，大宗商品價格從第一季到第二季確實大幅上漲，而今年則看起來比較平穩，對嗎？因此，我們會看到——雖然大宗商品對第一季利潤率的同比影響是順風，但從季度環比來看，基於大宗商品價格，這實際上是逆風，對嗎？這只是其中的一部分。

Obviously, fuel is another component that can impact your sort of margins around the edges as is M&A. So you have some moving pieces outside of what we can control that will have an impact to overall margin. But at the end of the day, you're absolutely right. Q2 sequentially improves as we get more volume and you get out of the winter operating period, and we expect to see that again. I mean I give the guide for 150 bps. Again, when you peel back all of the various exogenous puts and takes, there's another 100 basis points of underlying margin expansion off of that -- off of what was last year that already sort of 200 basis point plus ramp from Q1 going into Q2. So we're feeling really good with the trajectory and look forward when we get to sort of Q2 to articulating those specific puts and takes that continue to drive this outperformance.

顯然，燃料是另一個可能影響邊緣利潤的因素，就像併購一樣。因此，有一些超出我們控制範圍的變動因素會對整體利潤產生影響。但最終，你是完全正確的。隨著銷量增加以及冬季營運期結束，第二季的情況會逐漸改善，我們預計這種情況會再次出現。我的意思是我給 150 bps 的指導。再一次，當你剝離所有各種外生的看跌期權和看漲期權時，你會發現基礎利潤率又擴大了 100 個基點——去年從第一季到第二季度已經增加了 200 個基點。因此，我們對這一發展軌跡感到非常滿意，並期待在第二季度明確那些將繼續推動這一優異表現的具體利弊。

Got it. And then, Patrick, you touched on this a little bit, but wondering if you could expand on just how the four operational landfill gas projects are tracking versus expectations? And then beyond what's online. Any updates on the construction time line on the 15 projects under development?

知道了。然後，帕特里克，你稍微談到了這一點，但想知道你是否可以詳細說明四個運營中的垃圾填埋氣項目的進展情況與預期相比如何？然後超越線上範圍。正在開發的 15 個項目的建設時間表有任何更新嗎？

Yes. Like we said, I mean, they moved a little bit to the right sort of last year, just given various amount of issues that we experienced that were unforeseen. But by and large, the projects that are online are tracking to plan. One of the most recent ones coming on a few operational challenges, but nothing, our partner hasn't seen before. So that's, again, moved a little bit, but that's embedded in the guide anyways.

是的。就像我們所說的那樣，我的意思是，考慮到我們遇到的各種無法預見的問題，他們去年已經稍微朝著正確的方向發展了。但總體而言，上線的項目都在按計劃進行。最近一次遇到的挑戰之一是一些營運挑戰，但我們的合作夥伴之前沒有遇到過這種情況。因此，這又移動了一點，但無論如何它都嵌入在指南中。

And we expect over the next 2 to 2.5 years, that we're going to bring them online. So again, nothing standing in front of us. Nothing at the moment in terms of impediments based on tariffs on equipment coming in. So I think by and large, they're doing exactly what they were supposed to do, and we don't see any reason why they won't moving forward.

我們預計在未來 2 到 2.5 年內，我們將使它們上線。所以再說一遍，我們面前什麼都沒有。目前，在設備進口關稅方面還沒有任何障礙。所以我認為總的來說，他們正在做他們應該做的事情，我們看不出他們有任何理由不繼續前進。

Great thanks so much.

非常好，非常感謝。

Thank you.

謝謝。

Bryan Burgmeyer, Citigroup.

花旗集團的 Bryan Burgmeyer。

Hey, good morning. Thank you for taking my questions. I think we've seen some kind of discussions around maybe headline inflation just for the entire economy, maybe picking up the summer if the tariffs kind of stay in place. So can you just maybe remind us how that would sort of flow through on GFL's restricted pricing? Are you tethered to headline CPI, should we be looking at sort of alternative indices, is this kind of a 12- to 18-month delay appropriate for that? Just sort of your overall thoughts on if we see inflation spike this summer, how that sort of benefits GFL.

嘿，早安。感謝您回答我的問題。我認為我們已經看到了一些關於整個經濟的總體通膨的討論，如果關稅保持不變，夏季通膨可能會回升。那麼，您能否提醒我們一下，這將如何影響 GFL 的限制定價？您是否受整體 CPI 的束縛，我們是否應該考慮其他指數，這種 12 到 18 個月的延遲是否合適？您總體上認為，如果今年夏天通貨膨脹率飆升，這對 GFL 有何好處？

Hey, Bryan, it's Luke. Great question, very sort of topical and obviously something we're looking at as we think about how the balance of the year sort of plays out. I think it's important. And as you know, although some of the restricted revenue will be tied to CPI, our cost structure isn't necessarily right? Our cost structure is really driven by labor and labor rates and transportation and RM factor and it's really a labor-driven cost structure.

嘿，布萊恩，我是盧克。這個問題問得好，非常具有現實意義，顯然也是我們在思考今年的平衡如何發展時所關注的問題。我認為這很重要。而且您知道，雖然部分限制性收入將與 CPI 掛鉤，但我們的成本結構不一定正確？我們的成本結構實際上是由勞動力、勞動力率、運輸和 RM 因素驅動的，它實際上是一種勞動力驅動的成本結構。

And I think what the unique setup that could happen as you go forward is maybe you have headline CPI increasing, which drives price increases on your restricted book of business. Our book, unlike some of the other national peers that you follow is still on the restricted side, more tied to CPI than some of these alternative indices.

我認為，隨著你們的前進，可能會發生的獨特情況是，整體 CPI 可能會上升，從而推動你們受限業務的價格上漲。我們的帳簿與您所關注的其他國家/地區的同類帳簿不同，仍然處於限制性方面，與 CPI 的聯繫比與某些替代指數的聯繫更緊密。

And I think that's just more a function of the geography, Canada doesn't have a sort of sewer water trash sort of concept yet and a lot of our books in the Mid-Atlantic don't as well. So unlike some of the peers that I know have been very successful in moving 50% plus of their restricted book off of CPI, we still would have a heavier CPI book. But what's more interesting to us is the cost structure because we're looking, we're looking at labor turnover rates. We're looking at labor wage rates. We're not seeing that same labor wage rate inflation that we saw during that sort of previous cost inflation ramp-up.

我認為這更多的是地理因素，加拿大還沒有污水垃圾之類的概念，我們大西洋中部地區的許多書也沒有。因此，與我所知道的一些同行不同，他們已經非常成功地將 50% 以上的限制性帳簿從 CPI 中轉移出去，但我們的 CPI 帳簿仍然較重。但我們更感興趣的是成本結構，因為我們正在關注勞動力流動率。我們正在關注勞動力工資率。我們並沒有看到像之前成本通膨上升時那樣的勞動工資率通膨。

And I think that could sort of bode quite well when you think about it. At the end of the day, what we're trying to solve for is what is our internal cost of inflation and then price accordingly on top of that to drive appropriate spread. So we came out at the beginning of the year, said we're going to do 5.25%, 5.5% price against a low 4s cost inflation.

如果你仔細想想，我認為這可能是個好兆頭。歸根結底，我們試圖解決的問題是通貨膨脹的內部成本是多少，然後在此基礎上進行相應的定價，以推動適當的利差。因此我們在年初就表示，我們將實施 5.25%、5.5% 的價格政策，以應對 4S 成本的低通膨。

And to the extent our internal cost inflation ends up increasing, but we will go back to our pricing strategies in order to recover that. I think we and the industry as a whole demonstrated the effectiveness of the real-time operability to price, in response to that over the past couple of years and we would go back and do that again.

雖然我們的內部成本通膨最終會增加，但我們將回到我們的定價策略來恢復這一成本。我認為，我們和整個行業已經證明了即時操作性對價格的有效性，為此，我們在過去幾年中已經採取了同樣的措施，我們會回過頭來再次這樣做。

However, as I said, I do think you could have a unique situation where headline CPI is increasing, driving up our pricing, we're getting on our restricted book, but seeing a more muted impact to our actual internal cost inflation.

然而，正如我所說的，我確實認為你可能會遇到一種獨特的情況，即總體消費者物價指數 (CPI) 不斷上漲，從而推高了我們的定價，我們受到了限制，但對我們的實際內部成本通膨的影響卻較小。

Got it. Thanks for that detail. I really appreciate it. Last question for me, and then I can turn it over maybe just kind of following up on Tyler's question from earlier. Just curious if there's any sort of specific targets in the M&A pipeline coming up? If you feel like maybe GFL is underweight or a specific type of asset? Are you trying to acquire more MRFs or more C&D? Or is it just going to be pretty widespread across all the different asset types? Any detail there would be great. Thanks. I will r=turn it over.

知道了。謝謝你提供的詳細資訊。我真的很感激。這是我的最後一個問題，然後我可以把它翻過來，也許只是為了跟進泰勒之前提出的問題。只是好奇即將到來的併購中是否有任何具體目標？如果您覺得 GFL 可能處於低配狀態或屬於特定類型的資產？您是否想獲得更多 MRF 或更多 C&D？或者它會廣泛地應用於所有不同的資產類型？任何細節都很棒。謝謝。我會把它翻過來。

Yes. I think the beauty of how the book has come together, which is not because we're smart. It's just because of the opportunity and when they came. We were able to build our post-collection business in advance of our collection business. So we -- what we have today is a lot of post collection assets that have incremental utilization opportunities.

是的。我認為這本書的美妙之處在於它不是因為我們聰明。這只是因為機會和時機的到來。我們能夠在收款業務之前建立收款後業務。因此，我們今天擁有的是大量具有增量利用機會的收集後資產。

And I think we have the ability to go out and acquire a lot of businesses that will drive incremental volume to those facilities with significantly increased profitability given the fixed cost-based nature of those facilities. So that is a priority, looking at those markets, looking at those facilities, looking at where we can get the sort of highest returns on invested capital.

我認為，我們有能力出去收購許多企業，這些企業將推動這些設施的增量產量，並顯著提高獲利能力，因為這些設施是基於固定成本的。因此，這是一個優先事項，關注這些市場，關注這些設施，並關注我們可以在哪裡獲得最高的投資回報。

Obviously, making investments around RNG, EPR and other markets, which is widespread and being opportunistic about where we bid on and grow the business sort of organically around new resi work, et cetera, always continues to be an opportunity, but we're being very smart and be very strategic about where we do that and we have to get the right price in order to do the work. I mean it's a different environment than it was 10 years ago for resi work, et cetera.

顯然，圍繞著 RNG、EPR 和其他市場進行投資，這種投資非常廣泛，我們有機會競標並圍繞新住宅工作等有機地發展業務，這始終是一個機會，但我們非常聰明，並且非常有戰略性，我們必須獲得合適的價格才能完成工作。我的意思是，現在的居住工作環境與 10 年前相比已經不同了。

And today, you need to be paid the appropriate amount of dollars to do this work. It's not easy equipment 2.5 times more than it was labor force is less than it was, making significantly more than they made in the past. And I just think all of those things coupled together is just going to be widespread throughout Canada and the US, but you'll see a little bit of everything sort of come from us and -- but again, with the biggest focus on driving incremental volumes into our post-collection assets that have utilization opportunities.

而今天，你需要獲得適當的報酬來完成這項工作。這並不容易，設備數量比以前多 2.5 倍，勞動力數量比以前少，但產量卻比過去大幅增加。我認為所有這些結合在一起將會在加拿大和美國廣泛傳播，但你會看到有些東西是來自我們的——但同樣，最大的重點是推動增量進入具有利用機會的收集後資產。

James Shumam, TD Cowen.

詹姆斯·舒曼 (James Shumam)，TD Cowen。

Hey, good morning, guys. Thanks for taking the question. I was wondering if you could give an EPR update and if you're expecting any additional growth CapEx there.

嘿，大家早安。感謝您回答這個問題。我想知道您是否可以提供 EPR 更新，以及您是否預計那裡會有任何額外的成長資本支出。

So I mean from an EPR perspective, it continues to roll out over Canada. I think probably another 1.5 years to 2 years, the model will be fully sort of deployed. There are sort of a couple of opportunities still left that are unknown as we bid on some.

所以我的意思是，從 EPR 的角度來看，它將繼續在加拿大推廣。我認為可能再過 1.5 到 2 年，該模型就會完全部署。當我們競標一些機會時，還有一些未知的機會。

And we'll just -- we'll sort of see what happens. But it's probably potentially up to sort of another in totality over the next two to three years, probably another couple of hundred million dollars of spend if we were successful or nothing, it would be zero, obviously. I think the maximum you could spend over the next couple of years would be another couple of hundred million dollars.

我們只是——看看會發生什麼。但在未來兩到三年內，我們可能還需要花費另外幾億美元，如果我們成功了或什麼都沒有，那顯然就是零。我認為未來幾年你最多可以再花幾億美元。

Okay, thanks for that. And then on -- I was wondering if you could give an operational update on GIP. Are we fully past the inflationary challenges of the prior years? Or is some of that still a headwind, some of that business still rolling off?

好的，謝謝。然後——我想知道您是否可以提供 GIP 的營運更新。我們是否已經完全擺脫了前幾年的通膨挑戰？或者其中的一些仍然是逆風，一些業務仍然在下滑？

There's a de minimis amount rolling through this year. But by and large, it's done. We're basically fully through that, have a great plan for sort of '25. The M&A pipeline has ramped up pretty significantly in the GIP business. So through that and getting back to plan where we thought we would be, and we are now. So that is back on track and the inflationary pressures we're well through those now.

今年有一個最低限度的金額。但總的來說，它已經完成了。我們基本上已經完全完成了這個任務，並且為 25 年制定了一個很好的計劃。GIP 業務的併購管道已顯著增加。因此，透過這種方式，我們回到了原計劃中，我們現在就處於這個計劃中。因此，一切又回到了正軌上，通膨壓力也已經得到很好的解決。

Patrick, would you be willing to say like where are we now, like EBITDA level wise, either this year or what you're targeting?

派崔克，您能否透露我們現在的狀況，例如今年的 EBITDA 水平或您的目標是什麼？

Yes. So I mean, I think, again, publicly disclosed, I think this year, base business, sort of roughly $225 million of EBITDA, recently announced the transaction, acquired a business in Eastern Canada, which is sort of in the $40 million to $45 million of EBITDA range. So that brings sort of base business like $265 to $270 and there's two other acquisitions under LOI that will bring that number closer to $300 million, which is the number that we told the market we would be by the end of sort of '25.

是的。所以我的意思是，我認為，再次公開披露，我認為今年，基礎業務的 EBITDA 大約為 2.25 億美元，最近宣布了一項交易，收購了加拿大東部的一家企業，其 EBITDA 在 4000 萬至 4500 萬美元之間。因此，這將使基本業務價值達到 2.65 億美元至 2.7 億美元，而根據意向書 (LOI) 進行的另外兩項收購將使這一數字接近 3 億美元，這是我們告訴市場我們將在 25 年底達到的數字。

So that's well on track. So we'll be exiting this year with a $300-plus million EBITDA number, and there's still a fairly good backlog of M&A opportunities. I will say -- like we said on the last call, we have had a lot of reverse into us on the back of the ES transaction.

一切進展順利。因此，我們今年的 EBITDA 將超過 3 億美元，而且仍有相當多的併購機會。我想說的是——就像我們在上次電話會議上所說的那樣，在 ES 交易之後，我們遭遇了很多挫折。

So that is something that we are exploring about a potential monetization event for GIP, but we are not sellers of the whole business who potentially sell some part. We continue to see shareholders (technical difficulty), but you could see potentially a partial monetization of the GIP business this coming year.

所以，我們正在探索 GIP 的潛在貨幣化事件，但我們並不是只出售部分業務的整個業務的賣家。我們繼續看到股東（技術難度），但您可能會在來年看到 GIP 業務的部分貨幣化。

Thanks a lot. Appreciate it guys.

多謝。感謝你們。

Welcome.

歡迎。

Rupert Merer, National Bank of Canada.

加拿大國家銀行的魯珀特梅勒 (Rupert Merer)。

Hi, good morning, everyone. I want to talk about divestitures. So I think we'll see the rollover impact from your divestiture in the solid waste business for one more quarter. Can you remind us of the remaining impact we should expect there? And then looking at your remaining portfolio, do you see any other opportunities for rationalization of the portfolio, asset divestitures or load shedding?

大家好，早安。我想談談資產剝離。因此，我認為我們將在接下來的一個季度看到固體廢物業務剝離的延續影響。您能否提醒我們一下我們應預期的剩餘影響？然後看看您剩餘的投資組合，您是否看到了其他合理化投資組合、資產剝離或削減負載的機會？

Hey, Rupert, good morning, it's Luke. So you're right. The Michigan divestiture portfolio, which is roughly $200 million, $220 million of revenue, you got one more quarter of that. So you got like roughly a $50 million, $60 million, maybe the seasonality, $60 million, $65 million revenue year-over-year impact in Q2, but then that will be sort of gone.

嘿，魯伯特，早安，我是路克。所以你是對的。密西根資產剝離組合價值約為 2 億美元，收入為 2.2 億美元，你又獲得了其中的四分之一。因此，您在第二季的營收年增約 5,000 萬美元、6,000 萬美元，也許是季節性因素，6,000 萬美元、6,500 萬美元，但之後這些影響就會消失。

In terms of your broader question, as we've said, we think the heavy pruning has been done. Are there little things around the edges that you're constantly looking at, sure. But where we sit today, both in terms of wholesale divestitures, but I'd also highlight like the intentional shedding right? Intentional shedding in those divestitures really come at a period of elevated M&A.

就您更廣泛的問題而言，正如我們所說，我們認為已經進行了大量的修剪。邊緣周圍是否有一些你一直在觀察的小東西？當然。但我們今天所處的位置，既包括批發資產剝離，但我還要強調的是有意剝離，對嗎？這些資產剝離的有意剝離確實發生在併購活動高漲的時期。

And because we've been sort of more restrained in our M&A deployment as of late, you've seen the impacts of that roll off as we had articulated. And so I think that's why our volume performance this period is accelerating versus maybe some others that still have some intentional shedding happening. So as we ramp back up M&A, could there give rise to little pockets of pieces that you subsequently divest and as well as intentional shedding?

而且由於我們最近在併購部署方面更加克制，所以正如我們所闡述的，您已經看到了這種下降的影響。所以我認為這就是為什麼我們這段期間的交易量表現比其他一些仍在有意減產的公司更快。那麼，隨著我們重新加大併購力度，是否會出現一些小規模的資產被你們隨後剝離，以及有意剝離的情況？

Yes. But where we sit today, we're really happy with the borders of the portfolio, and I don't think you're going to see anything more significant until we go and add incremental pieces that may give rise to new opportunities.

是的。但就目前的情況來看，我們對投資組合的邊界感到非常滿意，我認為，除非我們繼續增加可能帶來新機會的增量部分，否則你不會看到任何更重要的事情。

Great, thanks Luke. And if we can talk about your most recent divestiture, the ES business, can you give us some color on how it performed in the quarter, what sort of organic growth you saw? And what's the outlook for M&A there

太好了，謝謝盧克。如果我們能談談您最近的資產剝離，即 ES 業務，您能否向我們介紹一下該業務在本季度的表現，以及您看到了什麼樣的有機增長？那裡的併購前景如何

So the quarter, the ES business, and as you follow some of the other industry, weather impact certainly impacted that business. So a little bit of sort of softness as well as just the macro environment a little bit when you think about some of the event-driven work that happens, not accidental events like spills or the likes, but more large-scale industrial type events that are discretionary to a certain extent from ES. You've seen a little bit of a sort of slowdown in that, which I think is consistent with others.

因此，本季度，ES 業務，以及當您關注其他一些行業時，天氣影響肯定會影響該業務。因此，當您考慮發生的一些事件驅動的工作時，會有一點點柔和以及宏觀環境，不是像洩漏之類的意外事件，而是在一定程度上由 ES 自行決定的更大規模的工業類型事件。你已經看到了其中某種程度的放緩，我認為這與其他情況一致。

However, as we've demonstrated in the past, variable cost structure allows a good sort of flex. And so therefore, being able to sort of preserve the sort of EBITDA dollars, To your point on M&A, look, there's a very robust pipeline of tuck-in opportunities, similar to what Patrick articulated for solid that exists in ES, maybe even a greater opportunity set.

然而，正如我們過去所證明的那樣，可變成本結構可以實現良好的靈活性。因此，能夠保留 EBITDA 美元，就您關於併購的觀點而言，您看，存在著非常強大的補充機會管道，類似於帕特里克所闡述的 ES 中存在的穩固機會，甚至可能是一個更大的機會集。

So we are actively pursuing it. Recall over the past 18 months, as we have been more selective in our M&A, solid waste was really the benefactor of that and ES really has had very little done. So we have equally or maybe arguably more robust pipeline to the near term on the ES business that you will see us sort of start executing on.

因此我們正在積極追求它。回想過去的 18 個月，由於我們在併購方面更加謹慎，固體廢物確實是其中的受益者，而 ES 實際上做的很少。因此，在短期內，我們在 ES 業務方面擁有同樣甚至更強大的管道，您將看到我們開始執行這些業務。

Recall that business on a stand-alone basis is a very good free cash flow generator, now notwithstanding the slightly different margin profile of always business, it does so with a lower capital intensity. So I just highlight because it has a good self-funding free cash flow stream that's going to allow for the execution of a pretty meaningful M&A program without any need for significantly incremental sort of funding to do so. So we're really excited about that opportunity, and we'll keep you updated as that business continues to grow.

回想一下，獨立業務是一個非常好的自由現金流產生器，儘管所有業務的利潤率狀況略有不同，但它的資本密集度較低。因此，我只想強調，因為它擁有良好的自籌資金自由現金流，這將允許執行非常有意義的併購計劃，而無需大量增量資金來實現。因此，我們對這個機會感到非常興奮，隨著業務的不斷增長，我們會隨時向您通報最新情況。

And as we articulated in the mall, Rupert, I think the plan was to acquire somewhere around $30 million to $35 million of EBITDA a year over the next sort of four to five years. So that's well in hand and well on track, and we don't see anything stopping that sort of moving forward. Yes, there might be a blip here from quarter-to-quarter. That business has a little bit more volatility around organic growth, but by and large, the annualized plan still remains and the M&A pipeline is as good or better than we anticipated before.

正如我們在商場中闡述的那樣，魯珀特，我認為該計劃是在未來四到五年內每年獲得約 3000 萬至 3500 萬美元的 EBITDA。所以一切都在順利進行中，我們認為沒有任何事可以阻止這個進程。是的，每個季度之間可能會出現一個小波動。該業務在有機成長方面波動性稍大一些，但總體而言，年度化計劃仍然保持不變，且併購管道與我們之前預期的一樣好或更好。

Okay, I'll leave it there. Thank you.

好的，我就把它留在那裡。謝謝。

Thank you.

謝謝。

Chris Murray, ATB Capital Markets.

ATB 資本市場的 Chris Murray。

Yeah, thanks folks. Good morning. Maybe going back to the organic growth in Canada. I just -- I'm trying to make sure I'm understanding, I'm not missing something here. So you did allude to the fact that volume was up on a lot of EPR, but sort of applies that there was some pretty good price growth in Canada. So was that all tied to EPR? Was there something else going on with that, that you could maybe give us some more color on.

是的，謝謝大家。早安.也許會回到加拿大的有機成長。我只是——我想確保我理解了，我沒有遺漏任何東西。所以你確實提到了很多 EPR 的交易量上升，但也適用於加拿大的價格出現相當不錯的成長。那麼這一切都與 EPR 有關嗎？還有沒有其他事情發生？您能否提供我們更多詳細資訊？

Yes. So price growth in Canada, we're getting a little bit of benefit from EPR, but it's more just a sort of function, as Patrick said, some of these contracts that we've had for a decade plus that we just renewed and now have come up to current market sort of pricing.

是的。因此，加拿大的價格增長，我們從 EPR 中獲得了一點好處，但它更多的只是一種功能，正如帕特里克所說，我們已經簽訂了十多年的一些合同，我們剛剛續簽，現在已經達到了當前的市場定價。

So in most EPR instances, is net new volume and therefore, manifesting is volume. But if I had a contract that I did yesterday and now I do today by this level set to today's pricing, that's being reflected in price. So you are getting a bit of a benefit.

因此，在大多數 EPR 實例中，是淨新增量，因此，體現的是量。但是，如果我昨天簽訂了合同，今天又按照今天的定價水平簽訂了合同，那麼這將反映在價格中。所以你得到了一點好處。

So if you look, as I said in the prepared remarks, I think Canada pricing was sort of a high at 6.5% to 7% number. You got sort of roughly 150 bps of that is coming from the EPR, but just sort of rebaselining those to today. So you are getting this tailwind. You back that out and you have Canada that low to mid-5s sort of right exactly in line with what our sort of US business had reported.

所以如果你看一下，正如我在準備好的評論中所說的那樣，我認為加拿大的定價有點高，達到 6.5% 到 7%。其中大約 150 個基點來自 EPR，但只是將其重新調整到今天的水平。所以你得到了這股順風。如果你退出這個範圍，你會發現加拿大的評級處於 5% 到 5% 之間，與我們美國企業報告的評級完全一致。

So EPR, as anticipated, is going to provide tailwinds, mostly volumetric, right, as we've deployed all this incremental capital to capture new volumes. But in those instances, which you had some of which in Q1 where it's same contract just rebaseline, that's showing up in price.

因此，正如預期的那樣，EPR 將提供順風，主要是體積上的順風，對吧，因為我們已經部署了所有這些增量資本來獲取新的數量。但在這些情況下，您會在第一季遇到一些相同的合同，只是重新調整了基準，這就會反映在價格上。

And then on EPR, just you mentioned that there's some additional contracts in Canada, you're looking at. But now that you've actually had an opportunity to run the EPR programs for a little more time, are you starting to see any more opportunities in the US where folks now have kind of something to look at where they can see kind of the benefits of the program and how they're working.

然後關於 EPR，您剛才提到您正在考慮加拿大的一些額外合約。但現在您實際上已經有機會運行 EPR 計劃一段時間了，您是否開始看到美國有更多的機會，讓人們現在可以看到該計劃的好處以及它們的運作方式。

Yes. I think you are looking at the Canadian model. They look at the European model, I think where they sort of sit today, again, you've seen in rollout places like Colorado, discussions in California. Obviously, recent bills passed in sort of Washington and Maryland. So it's definitely happening.

是的。我認為您正在看的是加拿大模式。他們研究歐洲模式，我認為他們今天的處境與現在類似，正如你在科羅拉多州等推廣地以及加州的討論中所看到的。顯然，最近華盛頓和馬裡蘭州通過了法案。所以這肯定會發生。

Each state has a little bit different nuances. So you sort of want to be able to -- you want to be selective about where you go and investments you make based on regulation. But listen, the Canadian model, in our view, works extremely well. I think consolidating volumes, reducing facilities, building best-in-class facilities that drive the most amount of volume for those facilities will yield optimal outcomes for industry, but it also yields optimal outcomes for the producers over the long term, right?

每個州都有一些細微的差別。所以你希望能夠——你想根據法規來選擇去哪裡以及進行哪些投資。但是，我們認為，加拿大模式非常有效。我認為整合產量、減少設施、建造一流的設施來推動這些設施的最大產量將為行業帶來最佳結果，但從長遠來看，它也會為生產商帶來最佳結果，對嗎？

And you have to make those big investments today, but I think over time, those investments will pay off, again, for both industry and the producers because it's generally the right thing to do. I mean the question really is, is around pros and how many people actually manage those streams to make it the most efficient way possible.

今天你必須進行這些大投資，但我認為隨著時間的推移，這些投資將再次為產業和生產商帶來回報，因為這通常是正確的做法。我的意思是，問題實際上在於專業人士以及有多少人真正管理這些流以使其盡可能高效。

And we certainly have specific views on that and what we think works better. And again, just from our perspective, being able to speak for having a pro be able to speak for 100% of the volume will drive ultimate efficiency at the end because you can allocate tons in residential contracts and collection contracts, most efficiently that way when you control 100% of the volume.

我們對此當然有具體的看法，並且認為什麼方法更有效。再說一次，僅從我們的角度來看，能夠代表 100% 的交易量的專業人士最終將推動最終的效率，因為您可以在住宅合約和收集合約中分配噸位，當您控制 100% 的交易量時，這種方式最有效。

So that leads to overall cost reductions and lower costs for the operator, which then can pass it on to the producer. So that's what we're advocating for in a lot of these states and with provisional government and regulators, et cetera, to make it most efficient for us and make it most efficient for the producers.

這樣一來，整體成本就會降低，營運商的成本也會降低，然後營運商可以將成本轉嫁給生產商。這就是我們在許多州以及臨時政府和監管機構等所倡導的，目的是讓我們和生產者都獲得最高的效率。

Okay, I will leave it there, folks. Thank you so much.

好的，各位，我就把它留在那裡了。太感謝了。

Thank you so much.

太感謝了。

Toby Silver, Truist.

托比·西爾弗（Toby Silver），Truist。

Hi, good morning. This is Sid on for Tobey. Just curious, it sounds like the pipeline is strong, but curious if you're seeing any changes in the M&A market or seller behavior, just given some of the broader macro uncertainty.

嗨，早安。這是 Sid 為 Tobey 做的。只是好奇，聽起來通路很強大，但考慮到一些更廣泛的宏觀不確定性，我很好奇您是否看到併購市場或賣家行為有任何變化。

I mean, I guess that's the good and bad of waste. It's a great industry to be in good times, and it's a great industry to be in uncertain times. So I think by and large, behaviors haven't changed. I think uncertainty always leads to incremental sort of opportunity. But by and large, you haven't seen a material shift in behavior on the M&A side given tariffs and other things and just the macro economy, but we continue to see a pipeline sort of basically today in the normal course.

我的意思是，我想這就是浪費的好處和壞處。在經濟繁榮時期，這是一個偉大的產業；在經濟動盪時期，這也是一個偉大的產業。所以我認為整體而言，行為並沒有改變。我認為不確定性總是會帶來漸進的機會。但總的來說，考慮到關稅和其他因素以及宏觀經濟，你還沒有看到併購方面的行為發生實質轉變，但我們今天仍然看到基本正常的管道。

Okay. Thank you.

好的。謝謝。

We currently have no further questions, so I will hand back to Patrick for closing remarks.

我們目前沒有其他問題，因此我將把發言權交還給派崔克，請他作最後發言。

Thank you very much, everyone, for joining the call today, and we look forward to speaking to you when we report our Q2 results. Thank you very much.

非常感謝大家今天參加電話會議，我們期待在報告第二季業績時與您交談。非常感謝。