Republic Services Inc (RSG) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Republic Services third-quarter 2025 investor conference call. Republic Services is traded on the New York Stock Exchange under the symbol RSG.

下午好，歡迎參加 Republic Services 2025 年第三季投資人電話會議。Republic Services 在紐約證券交易所上市，股票代號為 RSG。

(Operator Instructions) Please note this event is being recorded.

（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Mr. Aaron Evans, Vice President of Investor Relations. Please go ahead, sir.

現在我將把會議交給投資者關係副總裁亞倫·埃文斯先生。請繼續，先生。

Good afternoon. I would like to welcome everyone to Republic Services third-quarter 2025 conference call. Jon Vander Ark, our CEO; and Brian DelGhiaccio, our CFO, are on the call today to discuss our performance.

午安.歡迎各位參加 Republic Services 2025 年第三季電話會議。我們的執行長 Jon Vander Ark 和財務長 Brian DelGhiaccio 今天將透過電話會議討論我們的業績。

I would like to take a moment to remind everyone that some information we discuss on today's call contains forward-looking statements, including forward-looking financial information, which involve risks and uncertainties and may be materially different from actual results. Our SEC filings discuss factors that could cause actual results to differ materially from expectations.

我想藉此機會提醒大家，我們今天電話會議中討論的一些信息包含前瞻性陳述，包括前瞻性財務信息，這些信息涉及風險和不確定性，可能與實際結果有重大差異。我們在提交給美國證券交易委員會的文件中討論了可能導致實際結果與預期結果有重大差異的因素。

The material that we discuss today is time sensitive. If in the future, you listen to a rebroadcast or recording of this conference call, you should be sensitive to the date of the original call, which is October 30, 2025.

我們今天討論的內容具有時效性。如果您將來收聽本次電話會議的重播或錄音，請注意原始會議的日期，即 2025 年 10 月 30 日。

Please note that this call is property of Republic Services, Inc. Any redistribution, retransmission, or rebroadcast of this call in any form without the express written consent of Republic Services is strictly prohibited.

請注意，本通話內容屬於 Republic Services, Inc. 所有。未經 Republic Services 的明確書面同意，嚴禁以任何形式重新分發、重新傳輸或重新廣播本通話內容。

Our SEC filings, our earnings press release, which includes GAAP reconciliation tables and a discussion of business activities, along with the recording of this call, are available on Republic's website at republicservices.com.

我們的 SEC 文件、我們的獲利新聞稿（包括 GAAP 調節表和業務活動討論）以及本次電話會議的錄音，都可以在 Republic 的網站 republicservices.com 上找到。

In addition, Republic's management team routinely participates in investor conferences. When events are scheduled, the dates, times, and presentations are posted on our investor website.

此外，Republic 的管理團隊經常參加投資者會議。活動安排確定後，日期、時間和演講內容將發佈在我們的投資者網站上。

With that, I'd like to turn the call over to Jon.

接下來，我想把電話交給喬恩。

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us. We delivered strong third-quarter results, which highlight the consistency of our business model, disciplined operational execution and power of our portfolio. Even with persistent headwinds in construction and manufacturing end markets, we generated solid earnings growth and margin expansion. Continued investment in our differentiated capabilities positions us well to drive sustainable growth and enhance long-term shareholder value.

謝謝你，亞倫。各位下午好，感謝各位的參與。我們取得了強勁的第三季業績，凸顯了我們商業模式的穩定性、嚴謹的營運執行以及我們產品組合的實力。即使建築和製造業終端市場持續面臨不利因素，我們仍然實現了穩健的獲利成長和利潤率擴張。持續投資於我們的差異化能力，使我們能夠更好地推動永續成長，並提升股東的長期價值。

During the quarter, we achieved revenue growth of 3.3%, generated adjusted EBITDA growth of 6.1%, expanded adjusted EBITDA margin by 80 basis points, delivered adjusted earnings per share of $1.90 and produced $2.19 billion of adjusted free cash flow on a year-to-date basis.

本季度，我們實現了營收成長 3.3%，調整後 EBITDA 成長 6.1%，調整後 EBITDA 利潤率提高了 80 個基點，調整後每股收益為 1.90 美元，年初至今調整後自由現金流為 21.9 億美元。

Our commitment to delivering world-class service continues to support organic growth by reinforcing our position as a trusted partner for our 13 million customers. Our customer retention rate remained strong at 94%. We saw continued improvement in our Net Promoter Score. This reflects our team's commitment to delivering products and services that customers value.

我們致力於提供世界一流的服務，並透過鞏固我們作為1300萬客戶值得信賴的合作夥伴的地位，繼續支持有機成長。我們的客戶留存率維持在94%的強勁水準。我們的淨推薦值持續提升。這體現了我們團隊致力於提供客戶重視的產品和服務的承諾。

Organic revenue growth during the third quarter was driven by strong pricing across the business. Average yield on total revenue was 4% and average yield on related revenue was 4.9%. Organic volume decreased total revenue by 30 basis points and related revenue by 40 basis points in the quarter. Volume performance included outsized C&D and special waste landfill activity. The increase in C&D tons related to hurricane recovery efforts in the Carolinas.

第三季有機營收成長主要得益於公司整體強勁的定價策略。總收入平均收益率為 4%，相關收入平均收益率為 4.9%。本季有機銷售量使總收入下降了 30 個基點，相關收入下降了 40 個基點。業務量包括超大型建築垃圾和特殊廢棄物掩埋作業。卡羅萊納州颶風災後重建工作導致建築垃圾噸位增加。

Special waste activity was driven by an increase in event-based volumes across many of our disposal assets primarily located in Sunbelt geographies. These volumes were offset by a decline in the collection business. The decrease in collection volumes related to continued softness in construction and manufacturing end markets and shedding underperforming contracts in the residential business.

特殊廢棄物處理活動主要由位於陽光地帶的許多處置資產中基於事件的廢棄物量增加所驅動。這些成長被催收業務的下滑所抵消。收款量下降與建築和製造業終端市場的持續疲軟以及住宅業務中表現不佳的合約的剝離有關。

Organic revenue decline in the Environmental Solutions business created a 140 basis point headwind to total company revenue this quarter. Environmental Solutions performance was impacted by three primary factors: continued softness in manufacturing activity; lower event-driven volumes in our landfills, which includes E&P activity; and fewer emergency response jobs.

環境解決方案業務的有機收入下降，導致本季度公司總收入下降了 140 個基點。環境解決方案的表現受到三個主要因素的影響：製造業活動持續疲軟；垃圾掩埋場（包括勘探與生產活動）的事件驅動量減少；以及緊急應變工作減少。

Given the relatively fixed cost structure of these assets and services, the impact on Environmental Solutions' EBITDA and margin was more pronounced. While the Environmental Solutions business was down both sequentially and year over year, demand stabilized exiting the third quarter. Our pipeline for new business is now expanding, and we remain well positioned to capture growth opportunities as market conditions improve.

鑑於這些資產和服務的成本結構相對固定，對環境解決方案的 EBITDA 和利潤率的影響更為明顯。儘管環境解決方案業務環比和年比均有所下降，但第三季末需求趨於穩定。我們的新業務管道不斷擴大，隨著市場狀況的改善，我們仍處於有利地位，能夠抓住成長機會。

Importantly, despite these headwinds in Environmental Solutions, we delivered over 6% growth in adjusted EBITDA and expanded adjusted EBITDA margin by 80 basis points at the enterprise level. These results reflect disciplined pricing cost inflation, strong operational execution and effective cost management.

重要的是，儘管環境解決方案業務面臨這些不利因素，但我們在企業層級實現了調整後 EBITDA 成長超過 6%，調整後 EBITDA 利潤率提高了 80 個基點。這些結果反映了嚴格的定價成本通膨、強大的營運執行力和有效的成本管理。

Moving on to sustainability. We are making progress on the development of our Polymer Centers and Blue Polymers joint venture facilities. In July, we commenced commercial production at our Indianapolis Polymer Center. This operation is co-located with a Blue Polymers production facility. We expect commercial production to begin at the Blue Polymers facility late in the fourth quarter.

接下來談談永續發展。我們在聚合物中心和藍色聚合物合資企業設施的開發方面取得了進展。7 月，我們在印第安納波利斯聚合物中心開始商業化生產。該工廠與 Blue Polymers 的生產設施位於同一地點。我們預計 Blue Polymers 工廠將於第四季末開始商業化生產。

We are advancing renewable natural gas projects with our partners. One project came online during the third quarter. We have commenced operation at six RNG projects this year. We expect a total of seven RNG projects to commence operations in 2025. We continue to advance our commitment to fleet electrification.

我們正與合作夥伴共同推動再生天然氣專案。第三季有一個項目上線。今年我們已經啟動了六個再生天然氣計畫。我們預計到 2025 年將有 7 個 RNG 專案開始營運。我們將繼續推進車隊電氣化進程。

We had 137 collection vehicles in operation at the end of the third quarter. We expect to have more than 150 EVs in our fleet by the end of the year. We currently have 32 facilities with commercial scale EV charging infrastructure. This infrastructure investment will support continued growth of this differentiated service offering. As part of our approach to sustainability, we strive to be the employer where the best people want to work.

第三季末，我們共有 137 輛垃圾收集車投入營運。我們預計到今年年底，我們的車隊將擁有超過150輛電動車。我們目前擁有 32 個具備商業規模電動車充電基礎設施的設施。這項基礎設施投資將支持這項差異化服務產品的持續成長。作為我們永續發展策略的一部分，我們努力成為最優秀人才想要工作的雇主。

We continue to have high employee engagement scores, and our turnover rate continues to trend lower compared to the prior year. With respect to capital allocation, we have invested more than $1 billion in strategic acquisitions on a year-to-date basis. Our acquisition pipeline remains supportive of continued activity in both the recycling and waste and Environmental Solutions businesses. Year-to-date, we have returned $1.13 billion to shareholders through dividends and share repurchases.

我們的員工敬業度得分持續保持在高水平，員工流動率與前一年相比也持續下降。在資本配置方面，我們今年迄今已在策略性收購方面投資超過 10 億美元。我們的收購計劃將繼續支持回收和廢物處理以及環境解決方案業務的持續發展。今年迄今為止，我們已透過股利和股票回購向股東返還了 11.3 億美元。

I will now turn the call over to Brian, who will provide additional details on the quarter.

現在我將把電話交給布萊恩，他將提供本季的更多詳細資訊。

Thanks, John. Core price on total revenue was 5.9%. Core price on related revenue was 7.2%, which included open market pricing of 8.6% and restricted pricing of 4.8%. The components of core price on related revenue included small container of 9.2%, large container of 7.1%, and residential of 6.8%. Average yield on total revenue was 4% and average yield on related revenue was 4.9%.

謝謝你，約翰。核心價格佔總收入的5.9%。相關收入的核心價格為 7.2%，其中包括公開市場定價 8.6% 和限制性定價 4.8%。核心價格相關收入的組成部分包括小型貨櫃 9.2%，大型貨櫃 7.1%，住宅 6.8%。總收入平均收益率為 4%，相關收入平均收益率為 4.9%。

Third-quarter volume decreased total revenue by 30 basis points and decreased related revenue by 40 basis points. Volume results on related revenue included a 45% increase in landfill construction and demolition or C&D volume, driven by $35 million of hurricane cleanup activity in the Carolinas and an 18% increase in landfill special waste revenue, driven by volume growth across many of our disposal assets.

第三季銷售量下降導致總營收下降 30 個基點，相關營收下降 40 個基點。相關收入的銷售結果包括：垃圾掩埋場建設和拆除（C&D）量增加 45%，這主要得益於卡羅來納州 3500 萬美元的颶風清理活動；以及垃圾掩埋場特殊廢物收入增長 18%，這主要得益於我們許多處置資產的量增長。

Year-to-date, we recorded approximately $100 million of event-driven revenue associated with hurricane and wildfire cleanups. We estimate these volumes will result in a full year adjusted EBITDA margin benefit of 30 basis points. Large container volumes declined 3.9%, primarily due to continued softness in construction-related activity in most manufacturing end markets and residential volume declined 2.4% due to shedding underperforming contracts.

今年迄今為止，我們已錄得約 1 億美元的颶風和野火清理相關的事件驅動型收入。我們預計這些銷售量將使全年調整後 EBITDA 利潤率提高 30 個基點。大型貨櫃貨運量下降了 3.9%，主要原因是大多數製造業終端市場的建築相關活動持續疲軟；住宅貨運量下降了 2.4%，原因是取消了表現不佳的合約。

Moving on to recycling. Commodity prices were $126 per ton during the quarter. This compared to $177 per ton in the prior year. Recycling processing and commodity sales decreased organic revenue growth by 20 basis points. Increased volumes at our Polymer Centers and reopening a recycling center on the West Coast partially offset the impact of lower recycled commodity prices.

接下來是回收部分。本季商品價格為每噸126美元。而前一年的價格為每噸 177 美元。回收加工和商品銷售導致有機收入成長下降了 20 個基點。我們聚合物中心的業務量增加以及西海岸回收中心的重新開放，部分抵消了再生商品價格下降的影響。

Current commodity prices are approximately $120 per ton. Total company adjusted EBITDA margin expanded 80 basis points to 32.8%. Margin performance during the quarter included a 40 basis point increase from previously noted event-driven landfill volumes and margin expansion in the underlying business of 90 basis points.

目前大宗商品價格約為每噸120美元。公司調整後 EBITDA 利潤率成長 80 個基點至 32.8%。本季利潤率表現包括先前因事件驅動的垃圾掩埋量增加而成長 40 個基點，以及基礎業務利潤率成長 90 個基點。

This was partially offset by a 20 basis point decrease from net fuel, a 20 basis point decrease from recycled commodity prices, and a 10 basis point decrease from acquisitions. Adjusted EBITDA margin in the Recycling & Waste business was 34.3%, which was up 150 basis points compared to the prior year.

淨燃料價格下降 20 個基點，回收商品價格下降 20 個基點，以及收購價格下降 10 個基點，部分抵銷了上述影響。回收和廢棄物處理業務的調整後 EBITDA 利潤率為 34.3%，比上年同期成長 150 個基點。

With respect to Environmental Solutions, third-quarter revenue decreased $32 million compared to the prior year, driven by softness in manufacturing end markets, lower event activity, and softer E&P volumes in the Gulf. Adjusted EBITDA margin in the Environmental Solutions business was 20.3%.

就環境解決方案而言，第三季營收比去年同期減少了 3,200 萬美元，主要原因是製造業終端市場疲軟、活動減少以及海灣地區的勘探與生產量下降。環境解決方案業務的調整後 EBITDA 利潤率為 20.3%。

Year-to-date adjusted free cash flow was $2.19 billion. Our strong performance reflects EBITDA growth in the business and the timing of capital expenditures. Year-to-date capital expenditures of $1.18 billion represents 62% of our projected full year spend.

今年迄今的調整後自由現金流為 21.9 億美元。我們強勁的業績反映了業務的 EBITDA 成長和資本支出的時機把握。今年迄今的資本支出為 11.8 億美元，占我們預計全年支出的 62%。

Total debt was $13.4 billion, and total liquidity was $2.7 billion. Our leverage ratio at the end of the quarter was approximately 2.5 times. With respect to taxes, our combined tax rate and impact from equity investments in renewable energy resulted in an equivalent tax impact of 21.2% during the quarter.

總負債為 134 億美元，總流動資金為 27 億美元。本季末，我們的槓桿率約為 2.5 倍。就稅收而言，本季我們的綜合稅率和對再生能源的股權投資的影響相當於 21.2% 的稅收影響。

I will now hand the call back to Jon.

現在我將把電話轉回給喬恩。

Thanks, Brian. Through the cycle, we believe our business can consistently deliver mid-single-digit revenue growth and grow EBITDA, EPS, and free cash flow even faster. This generally produces 30 to 50 basis points of EBITDA margin expansion per year. This growth assumption is supported by pricing ahead of underlying costs, selling our comprehensive set of products and services, and capitalizing on value-creating acquisition opportunities. We also expect financial contribution from investments made in sustainability innovation, including plastic circularity and our renewable natural gas projects.

謝謝你，布萊恩。我們相信，在整個週期中，我們的業務能夠持續實現中等個位數的收入成長，並且 EBITDA、EPS 和自由現金流的成長速度會更快。這通常每年可帶來 30 至 50 個基點的 EBITDA 利潤率成長。這個成長假設得到了以下措施的支持：定價高於基本成本、銷售我們全面的產品和服務，以及把握創造價值的收購機會。我們也期望從永續發展創新方面的投資中獲得經濟利益，包括塑膠循環利用和我們的再生天然氣項目。

Our initial perspective, regarding 2026 is the long-term growth algorithm, is intact. As a reminder, we reported approximately $100 million of revenue at an 80% incremental margin related to landfill volumes, except in 2025 that will not repeat in 2026. This should be reflected in year-over-year growth assumptions. We plan to provide full year 2026 guidance on our earnings call in February.

我們最初對 2026 年的展望，即長期成長演算法，保持不變。提醒一下，我們報告稱，與垃圾掩埋量相關的收入約為 1 億美元，增量利潤率為 80%，但 2025 年除外，2026 年不會重現這種情況。這一點應該體現在同比成長預期。我們計劃在2月份的財報電話會議上提供2026年全年業績指引。

With that, we can now open the call to questions.

接下來，我們將開始接受提問。

(Operator Instructions)

（操作說明）

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

Hey. Good afternoon, guys. Jon, I just want to make sure I have it big picture. I appreciate the color right there at the end of the prepared remarks. So the long-term algorithm, mid-single-digit revenue hopefully, EBITDA free cash flow faster than that.

嘿。下午好，各位。喬恩，我只是想確保我理解了事情的全貌。我很欣賞在準備好的發言稿結尾處所呈現的色彩。因此，長期演算法的目標是實現中等個位數的收入成長，EBITDA自由現金流成長速度比這更快。

So as we go into '26, and I think you alluded to that, is that including the headwinds with the special, with the event-driven volumes? And then we also are going to have a fairly sizable commodity headwind if we snap the line today. So can you just talk a little bit about the puts and takes into '26.

所以，當我們進入 2026 年時，我想你也提到了這一點，這是否包括特殊情況、事件驅動的銷售所帶來的不利影響？如果我們今天切斷這條線，那麼大宗商品價格也將面臨相當大的逆風。那麼，您能否談談 2026 年的買賣情況？

Yeah. As you know, we're not giving guidance or '26, but I'll give you some markers in the spirit of your question. Look, the long-term growth algorithm of mid-single-digit growing EBITDA growth or EBITDA faster than revenue and free cash flow faster than EBITDA, we think, holds. We're coming over a tougher comp. So that probably just takes each of those down a click going into '26.

是的。如你所知，我們不會給予指導意見或預測“26”，但我會本著你提問的精神給你一些參考。我們認為，EBITDA 成長率達到個位數中段，或 EBITDA 成長速度超過收入成長速度，自由現金流成長速度超過 EBITDA 成長速度的長期成長演算法是成立的。我們將面對一場更艱難的比賽。所以，這大概會讓每個數字在進入 26 年時都下降一格。

And that's predicated on remaining pretty conservative on the macro, but also understanding what our pipeline looks like and how well performing we are in the fundamentals of the business, I think that shapes our perspective into 2026, and that certainly includes overcoming that commodity headwind as well.

這建立在對宏觀經濟保持相當保守的態度之上，同時也要了解我們的專案儲備情況以及我們在業務基本面方面的表現，我認為這將塑造我們對 2026 年的展望，當然也包括克服大宗商品價格上漲帶來的不利影響。

Okay. Helpful. And then, Brian, just on the event-driven volumes. I just want to make sure I have it by quarter. Was it something like $10 million of revenue in Q1 and then $55 million in Q2 and $35 million in Q3? Is that roughly right?

好的。很有幫助。然後，布萊恩，就事件驅動型捲而言。我只是想確保我能在季度末之前拿到錢。第一季營收約 1,000 萬美元，第二季為 5,500 萬美元，第三季為 3,500 萬美元？大致如此嗎？

Yeah. So it's roughly -- it was $12 billion of revenue in Q1, $53 million Q2, $36 million in Q3, total of $100 million.

是的。所以大致來說——第一季營收為 120 億美元，第二季為 5,300 萬美元，第三季為 3,600 萬美元，總計 1 億美元。

Okay. Perfect. And then just my last one. You guys have been very realistic around the volume environment. It does look like ES slowed down, it accelerated on the -- to the downside.

好的。完美的。然後就是我的最後一個。你們對銷量環境一直都非常務實。ES 似乎增速放緩，此前曾加速下跌。

Just what are you seeing out there in the market? Is that largely related to project work? And then if I look at the EBITDA flow-through, I think it was almost a 1:1 revenue to EBITDA flow-through. I know has ways landfills have very high flow-through. But was there something else driving that contribution margin?

目前在市場上看到了什麼？這主要與專案工作有關嗎？然後，如果我看一下 EBITDA 的轉換率，我認為收入與 EBITDA 的轉換率幾乎是 1:1。我知道垃圾掩埋場的吞吐量非常高。但還有其他因素導致了這項貢獻率的下降嗎？

Yeah. I think it's a confluence of events. Like the macro manufacturing continues to be very slow, and we see that in the Recycling & Waste business, too, when large container hauls, again, we're gaining share in that area, but volume is slowing down just because plant output is down in that space. So that's part of it. We're seeing delayed project-based work, a lot of reoccurring work like turnarounds or tank cleanouts.

是的。我認為這是多種因素共同作用的結果。就像宏觀製造業持續低迷一樣，我們在回收和廢棄物處理產業也看到了這種情況。雖然大型貨櫃運輸業務的份額有所增長，但由於該領域工廠產量下降，運輸量正在放緩。這是其中的一部分。我們看到工程工作有所延誤，還有很多重複性工作，例如檢修或儲罐清理。

People are just pushing those. And the good news is those come back, those will get delayed forever. And then good news for the macro society, bad news for us, it's just been a very slow emergency response here across the board. Activities has been pretty low across the board. So all of those things are feeding into it.

人們只是在推銷這些東西。好消息是，那些會回來的，那些會永遠被推遲的。對宏觀社會而言是好消息，但對我們來說是壞消息，因為各方面的緊急應變措施都非常緩慢。各項活動整體都比較低迷。所以所有這些因素都促成了這件事。

Yeah. And Tyler, to your question just on the margin, you're right, it is falling through almost at the amount of the revenue decline. That is not just due to the revenue itself, there were some unique costs.

是的。泰勒，關於你剛才提出的問題，你說得對，它幾乎完全失敗了，收入下降的幅度也差不多。這不僅是收入本身的問題，還有一些特殊的成本。

We called out last year that we had a bad debt recovery, about $4 million that was somewhat out of period. This year, we had a legal settlement, which added a couple of million dollars worth of cost. So that added $6 million spread between the two years, about a 140 basis point impact on margin year over year.

我們去年曾指出，我們有一筆約 400 萬美元的壞帳回收，這筆款項的回收時間有些不合時宜。今年，我們達成了一項法律和解協議，這增加了幾百萬美元的成本。因此，這兩年之間增加了 600 萬美元的利差，對年比利潤率產生了約 140 個基點的影響。

Okay, yeah, no, that's very helpful. Okay, thank you guys.

好的，是的，這很有幫助。好的，謝謝大家。

Noah Kaye, Oppenheimer & Company.

Noah Kaye，奧本海默公司。

Thanks for taking the questions. The open market pricing strength looked good again this quarter. Maybe just update us on how you see price cost spread heading into year-end here and the runway for '26.

謝謝您回答問題。本季公開市場定價走勢依然強勁。或許您可以更新一下您對年底價格成本價差的看法，以及2026年的市場前景。

Yeah, positive. I mean, we'll think about cost inflation roughly in line with what you think about CPI. Broadly speaking, there's a few puts and takes underneath that. But at the aggregate, that's fair. And then we'll think about a yield number that's 75 basis points, 100 basis points above that.

是的，陽性。我的意思是，我們會大致按照你對消費者物價指數（CPI）的看法來考慮成本通膨。總的來說，這下面還有一些買賣交易。但總體而言，這很公平。然後我們會考慮比現在高 75 個基點、100 個基點的殖利率數字。

That's a great place to model from. I guess switching gears, there was one competitor this week that took an impairment charge related to a plastics facility. I know it's different technology. But as you look at what's happened with commodity pricing, how do you think about return expectations for the Polymer Centers?

那是一個很好的建模地點。我想換個話題，本周有一家競爭對手提列了與一家塑膠廠相關的減損費用。我知道這是不同的技術。但從大宗商品價格走勢來看，您如何看待聚合物中心的預期回報？

Yeah. We're excited. Listen, these projects typically have challenges on two ends. One is the supply end and I'm sure we have an advantage because we get something up the ground 5 million times every day. And the other is on the demand then.

是的。我們很興奮。聽著，這些專案通常會面臨兩方面的挑戰。一方面是供應端，我相信我們在這方面有優勢，因為我們每天有 500 萬次的運輸量。另一個則是按需供應。

And the demand then from both a pricing and a volume standpoint has been very strong. And the spread between the input and the output on this side has been really consistent. In fairness, it's taken us a little longer on the ramp-up of these projects to get to full capacity and full output.

從價格和銷售角度來看，當時的需求都非常強勁。而且這一側的輸入和輸出之間的差距一直非常穩定。公平地說，這些項目需要更長的時間才能達到滿載運作和滿載生產。

And that's just the normal learning curve of new facilities starting up plants is challenging, but feel really good about our long-term assumptions there and excited to see come up the curve and Alan Town open up next year.

這只是新工廠正常啟動的學習曲線，工廠啟動充滿挑戰，但我們對我們的長期假設感到非常樂觀，並期待看到它克服難關，艾倫鎮工廠明年開業。

Okay, excellent. Thank you. I'll turn it over.

好的，太好了。謝謝。我把它翻過來。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great. Thanks and good afternoon. I guess just as you think about 2026 and you called out acquisitions as one of the areas that generally contribute here. How is the pipeline looking relative to this year, obviously a big year this year? Can you just talk about the magnitude or how full that is and then mix across your different silos? Historically, you've talked about just keeping it more balanced, but just how is that looking right now? Thanks.

偉大的。謝謝，下午好。我想，就像你展望 2026 年一樣，你也提到了收購是通常會對此做出貢獻的領域之一。與今年相比，管道建設情況如何？顯然，今年是重要的一年。您能只談談規模或填充程度，然後將不同筒倉中的內容混合起來嗎？從歷史上看，你一直強調要保持平衡，但目前的情況如何？謝謝。

Yeah, pipeline looks very strong. We expect to finish the year strong and start out next year strong. The exact balance of when things close end of the year or into the first half of next year, we'll see.

是的，管道狀況看起來非常強勁。我們預計今年將以強勁的勢頭收尾，明年也將以強勁的勢頭開局。至於具體何時收尾，是在年底還是明年上半年，我們拭目以待。

And then the pipeline behind that, things that would be more likely to close in the second half is still very full. And that will be a balance across both recycling and waste and ES, tilted toward recycling and waste, but we'll look for opportunities on all ends.

此外，那些更有可能在下半年完成的項目，其後續的管道仍然非常繁忙。這將在回收、廢棄物處理和環境影響評估之間取得平衡，雖然會偏向回收和廢棄物處理，但我們會在各方面尋找機會。

Great. And then you provided some benchmarks around 2026. Is it really just going to be on the environmental services side, the magnitude of the event-driven volumes that really swing how that segment performs? Or do you have any visibility on how the next year could evolve relative to this year? Just some high-level perspective on what you're seeing.

偉大的。然後您給了一些 2026 年左右的基準數據。真的只有環境服務方面，才會出現真正影響該領域業績的事件驅動型業務量嗎？或者，您對明年相對於今年的發展趨勢有何預測？給你一些關於你所看到事物的高層次視角。

Yeah. Listen, we'll forecast to grow that business next year even in what we -- again, we'll remain conservative on the macro, and that continuing to be sluggish. The pipeline, again, Brian mentioned, we mentioned in the prepared remarks that the pipeline is building.

是的。聽著，我們預測明年這項業務將會成長，即使在——再說一遍，我們對宏觀經濟仍將保持保守態度，而宏觀經濟將繼續低迷。布萊恩再次提到了這條輸油管，我們在準備好的演講稿中也提到了，這條輸油管正在建造中。

And listen, most of our challenges here have been macro. But we all -- we talked last quarter, we haven't always gotten quite right in terms of the price volume trade-off, and we've taken a lot of price over the last three years in this business, and we will continue to put upward pressure on price.

聽著，我們在這裡面臨的大部分挑戰都是宏觀層面的。但是我們所有人——我們上個季度都討論過，我們在價格與銷量的權衡方面並不總是做得完全正確，而且在過去三年裡，我們在這個行業中承受了很大的價格壓力，我們將繼續對價格施加上行壓力。

That being said, for some of these opportunities, finding the market and the right balance, we try overshot that as the team is working hard, and that's why the pipeline is building to get that pricing right.

話雖如此，對於某些機會，為了找到合適的市場和平衡點，我們努力做到盡善盡美，因為團隊正在努力工作，這就是為什麼我們正在建立管道來獲得合適的定價。

Thanks very much.

非常感謝。

Bryan Burgmeier, Citi.

Bryan Burgmeier，花旗銀行。

Hi, good afternoon. Thanks for taking the questions. Yeah. I mean, just following up on some of the questions on ES. Can you maybe give us a sense of your expectations for the fourth quarter for that business? Should we continue to expect those mid-single-digit declines in the top line or just the pipeline that you're mentioning and building start to come through?

您好，下午好。謝謝您回答問題。是的。我的意思是，只是想跟進一下 ES 上的一些問題。您能否簡要介紹一下您對該業務第四季的預期？我們是否應該繼續預期營收會出現個位數的下滑，還是僅僅預期您提到的和正在建構的專案能夠開始取得成效？

And then I guess on a sequential basis, margins stepped down from 3Q to 4Q normally. I'm just not sure if that's generally how you're thinking about it.

然後，我猜想，從第三季到第四季度，利潤率逐季下降。我不太確定你是不是通常都是這麼想的。

Yeah. We think we've found the bottom on this thing that we're coming over -- overcoming a pretty tough comp from the fourth quarter of last year. We had a major ER job that came in at pretty high incremental margin on that front. But I think about margin performance that looks in the same ZIP code, and then we build up from that in 2026.

是的。我們認為我們已經找到了我們正在克服的困難的根基——克服了去年第四季度相當嚴峻的業績對比。我們接到了一個大型急診室項目，該項目的增量利潤相當高。但我認為，在同一郵遞區號區域內，利潤率表現會更好，然後我們以此為基礎，展望 2026 年。

Got it. Got it. Thanks for that detail. And then just one follow-up is you mentioned you acquired a recycling facility in California during the quarter. I think that's a little bit different than your Polymer Centers, is may be more of a reclaimer, I think does that fit between your Polymer Centers and your MRF? I'm just curious what the incremental opportunity is there.

知道了。知道了。謝謝你提供這個細節。然後還有一個後續問題，您提到本季度您在加州收購了一家回收工廠。我認為這和你們的聚合物中心有點不同，它可能更像是一個回收站，我認為它是否介於你們的聚合物中心和材料回收設施之間？我只是好奇這方面還有哪些增量機會。

And is there more opportunities like that as Republic tries to build out their national plastic cycling network, just overall thoughts on the M&A environment around plastics. Thanks and I'll turn it over.

隨著 Republic 努力建立其全國塑膠回收網絡，是否還有更多類似的機會？請就塑膠產業的併購環境發表一些整體看法。謝謝，我這就翻過來。

Yeah. That ended up being pretty opportunistic and unique. It's connected to the West Coast Polymer Center and gets us plugged into the -- really the bottling value chain there. Over time, we'll look for more M&A in the space.

是的。最終，這被證明是一次相當機敏且獨特的嘗試。它與西海岸聚合物中心相連，讓我們能夠真正融入那裡的瓶裝價值鏈。隨著時間的推移，我們將在該領域尋找更多併購機會。

I think in the very near term, you're unlikely to see more opportunities there just because we'll be focused on executing the Polymer Center and getting any fully up the curve, getting Allentown on pace and then the Blue Palmer JVs. And then over time, there'll be an M&A opportunity, but I would think more about '27 and beyond there versus '26.

我認為在不久的將來，你不太可能看到更多機會，因為我們將專注於推進 Polymer Center 的建設，使其全面步入正軌，讓 Allentown 步入正軌，然後是 Blue Palmer 合資企業。隨著時間的推移，將會出現併購機會，但我認為2027年及以後的機會比2026年的機會更多。

Kevin Chiang, CIBC.

Kevin Chiang，加拿大帝國商業銀行。

Hey. Thanks for taking my question. Maybe just on some of the labor disruption you had in the second quarter, you -- or maybe the first half of the year, you called out about $56 million in costs.

嘿。謝謝您回答我的問題。或許只是因為第二季的一些勞工糾紛，或者可能是上半年，你提到了約 5,600 萬美元的成本。

Just wondering if there's any residual impact as we think of Q4 into next year related to credit or any type of revenue adjustments you make as you rebuild goodwill with some of these customers that face that disruption as we think of revenue trends in the next few quarters here?

我想知道，考慮到未來幾季的收入趨勢，在與部分面臨業務中斷的客戶重建商譽的過程中，是否會對信用或任何類型的收入調整產生任何後續影響？

Yeah. Kevin, we think we mostly captured the impact of that, including the revenue credits themselves. So we think at this point, the $56 million that we recorded in the third quarter will be it at this point. So yes, we think we're done.

是的。凱文，我們認為我們已經基本上捕捉到了那件事的影響，包括收入抵免本身。所以我們認為，目前為止，第三季錄得的 5,600 萬美元就是最終的數字了。是的，我們認為已經完成了。

Oh, perfect. And just on the EV targets, you provide us with the update every quarter here. It does feel like OEMs are deprioritizing the production of their electrification strategy. Just I guess, how do you think that impacts these longer-term targets you have? It feels like you still feel pretty confident that you can get the vehicles you want despite maybe OEMs deprioritizing this propulsion system.

哦，太好了。關於電動車目標，你們每季都會提供我們最新進展。感覺汽車製造商似乎正在降低其電氣化策略生產的優先順序。我想問的是，您認為這會對您的長期目標產生什麼影響？即使汽車製造商可能降低了對這種動力系統的重視程度，你仍然很有信心能買到自己想要的車輛。

Yeah. No, we feel really good about our partners in the space and customer demand for it. And we think it provides really unique benefits of a zero-emission vehicle and cities and communities are excited about it. At the same time, we're going to do it in an economic fashion, right? This isn't just a sustainability investment.

是的。不，我們對我們在該領域的合作夥伴以及客戶對該領域的需求感到非常滿意。我們認為它提供了零排放車輛真正獨特的優勢，城市和社區對此感到興奮。同時，我們也要以經濟的方式去做，對吧？這不僅僅是一項永續發展投資。

This is also a business investment. And so we lost a little bit of incentive here in the federal legislation. And that might slow our pace on the margin. But there's other state and local incentives and there's certainly customers who are willing to pay the most important part of the equation that will allow us to continue. So we're going to continue to march it out in communities where it makes sense.

這也是一項商業投資。因此，我們在聯邦立法方面失去了一些動力。這可能會減緩我們在邊際方面的速度。但還有其他州和地方政府的激勵措施，而且肯定也有一些顧客願意支付等式中最重要的一部分，這將使我們能夠繼續下去。所以我們會繼續在適當的社區進行遊行活動。

Perfect. Thank you for taking my questions.

完美的。謝謝您回答我的問題。

Trevor Romeo, William Blair.

特雷弗·羅密歐，威廉·布萊爾。

Hi. Good afternoon. Thanks for taking the questions. I had one follow up on, I guess, the overall manufacturing industrial volume activity as it relates to both solid waste and ES. Just wondering, was the softness in this quarter about what you expected last quarter when you lowered the guidance? Or you talked about demand stabilizing exiting the quarter. Maybe you could just walk us through the monthly trends a little bit more? Or just any more color on that would be great.

你好。午安.謝謝您回答問題。我還有一個後續問題，我想是關於與固體廢棄物和環境服務相關的整體製造業工業量活動。請問，本季業績疲軟的程度是否符合您上季下調業績預期時的預期？或者你談到了季度末需求趨於穩定。能否再詳細為我們介紹本月的趨勢？或者，如果能再多加些顏色就更好了。

Yeah. And probably since our last call, in the first couple of months after that, it was certainly more to the negative than our outlook was and we've mentioned, started to stabilize. And we think we found the bottom of rebounding from here. There's a ton of uncertainty out there for manufacturers and trade policy is top of the list.

是的。而且可能自從我們上次通話以來，在那之後的頭幾個月裡，情況肯定比我們預期的要糟糕得多，正如我們所提到的，情況開始趨於穩定。我們認為我們已經找到了反彈的最低點。製造商面臨許多不確定因素，而貿易政策是其中最重要的因素。

And I think you're just seeing the rebound effect of those tariffs and people prebuilding and prebuying to get ahead of the tariffs. And then we've seen a slowdown in economic activity in a lot of sectors, pretty dramatically in June, July, August and starting to see that pick back up. And so that's really what we're facing in both sides of the business.

我認為你現在看到的只是這些關稅的反彈效應，人們為了趕在關稅生效前完成建設和購買。然後我們看到許多行業的經濟活動在六月、七月、八月出現了相當劇烈的放緩，現在開始看到經濟活動回升。所以，這就是我們在業務的各個方面都面臨的實際問題。

Got it. Thank you, Jon. And then I guess, on capital allocation, the buyback ramped up quite a bit in Q3. I think all the solid waste stocks have been trading weaker since the quarter closed even. Should we think about buybacks continuing to be maybe a bigger driver with the stock at these levels? Or how are you thinking about that versus other uses of capital in the near term?

知道了。謝謝你，喬恩。然後，就資本配置而言，第三季的回購規模大幅增加。我認為自從上季收盤以來，所有固體廢棄物處理類股票的交易價格都走弱了。在目前的股價水準下，我們是否應該考慮股票回購可能繼續成為推動股價上漲的主要因素？或者，您如何看待短期內將資金用於此用途與其他用途之間的關係？

Yeah, I would say we've always been opportunistic, and we looked at it as a great opportunity to create value for our shareholders. So we were a buyer, and I would expect us to be a buyer going forward.

是的，我認為我們一直都很善於把握機會，我們把這看成是為股東創造價值的絕佳機會。所以我們是買家，而且我預計我們將來也會是買家。

Okay. Thank you very much.

好的。非常感謝。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Hey, good afternoon, guys. This is Jasper Bibb on for Tobey. I just wanted to ask about expense inflation trends. Any early indication on what you're anticipating for price/cost spread in '26, noticed your labor COGS actually declined year over year this quarter, so maybe a favorable indicator there.

嘿，各位下午好。這是賈斯柏·比布替托比上台。我只是想了解支出通膨趨勢。對於 2026 年的價格/成本差，您有什麼初步的期望嗎？我注意到您本季的勞動力成本比去年同期下降了，這可能是一個有利的跡象。

Yeah. He has mentioned earlier, we think about pricing coming down relative but also cost coming down, but maintaining a price cost spread in the recycling and waste business of 75 to 100 basis points. And have pretty good outlook and confidence of that going into 2026.

是的。他之前提到過，我們認為價格會相對下降，成本也會下降，但要保持回收和廢棄物處理業務的價格成本差在 75 到 100 個基點之間。我對2026年充滿信心，並對此抱持相當樂觀的展望。

Got it. And then maybe following up on ES, have you seen any retention impacts at your customers based on the pricing increases you've taken over the past couple of years?

知道了。那麼，關於 ES，您在過去幾年中採取的價格上漲措施是否對您的客戶留存率產生了任何影響？

There's certainly been some churn, and we see that all the time in the Recycling & Waste business, too, as we've improved margin in that space. We've also seen the return of customers and that understanding that low price doesn't always mean the best value upfront.

當然，人員流動肯定有所增加，我們在回收和廢棄物處理業務中也經常看到這種情況，因為我們提高了該領域的利潤率。我們也看到了顧客的回歸，他們也逐漸意識到低價並不總是意味著最好的性價比。

I'd say where we've gotten the price volume equation just slightly off is more of the event-based work. off is more of the event-based work that we've missed out on some opportunities. So it's not pricing recurring revenue customers out. It's event-based opportunities that we think we're going to be able to be more competitive going forward.

我認為，我們在價格成交量方程式方面略有偏差的地方，更多是基於事件的工作。正是由於這些基於事件的工作，我們錯失了一些機會。所以它不會因為定價過高而將經常性收入客戶拒之門外。我們認為，透過參與活動，我們將能夠在未來更具競爭力。

Got it. Thanks for clarifying that.

知道了。謝謝你的解釋。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Hi. This is Yehuda Silverman on the line for Toni Kaplan. Just had a quick question about some of the cost uptick, specifically for fuel and landfill operating costs in the quarter. I'm just wondering if this was tied to anything specific or if it's nothing really to focus too much on.

你好。這是耶胡達·西爾弗曼替托尼·卡普蘭上場。我有個關於成本上漲的問題想請教一下，特別是本季燃料和垃圾掩埋場的營運成本。我只是想知道這是否與任何特定事件有關，或者是否沒什麼值得過多關注的。

Yeah. Look, if you're looking just at a year-over-year basis, yes, some of that, again, it's a combination of both. You've got price, but you also have volume due to acquisitions.

是的。你看，如果你只看同比數據，是的，其中一些是這樣，但實際上，這是兩者的結合。你既有價格優勢，又有透過收購獲得的銷售優勢。

So I would say neither of which are going to be anything significant or out of the norm. Because if you look as a percent of revenue, for example, fuel is relatively flat.

所以我覺得這兩件事都不會造成什麼重大影響，也都在正常範圍內。例如，如果以收入百分比來衡量，燃料成本相對平穩。

Got it. And just had a question on commodities in general. So were the commodity headwinds this quarter worse than expected? And is there any way to hedge or counteract weaker price in commodities?

知道了。我只是想問一個關於大宗商品方面的問題。那麼，本季大宗商品逆風是否比預期更嚴重？那麼，有沒有辦法可以對沖或抵銷大宗商品價格走弱的風險呢？

Well, I mean, commodity prices ticked down, right, throughout the quarter. So when we were exiting Q2, they were in the $140 range -- $135, $140, and you can see for the average for Q3, $126 exiting about $120, right? So they have been stepping down sequentially. That when you think about getting a third-party hedge, it's a pretty thin market, quite honestly. So more of what we've done is we've moved the model to charge the fee-for-service.

嗯，我的意思是，大宗商品價格在本季一直在小幅下跌，對吧。所以，當我們結束第二季時，它們的價格在 140 美元左右——135 美元、140 美元，你可以看到第三季的平均價格是 126 美元，結束時大約是 120 美元，對吧？所以他們一直在陸續卸任。坦白說，當你考慮進行第三方對沖時，你會發現這是一個相當小的市場。所以我們所做的更多是將收費模式轉變為按服務收費。

So for the collection itself of those materials or the processing of the material at one of our third-party facilities, we're charging the fee. And then we split with our customers, the ultimate sale of the commodity. So again, we're earning a good return on the services we're providing. And you accept some level of volatility with the ultimate commodity sale, but that's just inherent to the business.

因此，對於收集這些材料本身，或在我們第三方設施中處理這些材料，我們都會收取費用。然後我們與客戶進行拆分，最終完成商品的銷售。所以，我們提供的服務再次獲得了良好的回報。你會接受最終商品銷售中存在一定程度的波動，但這只是該行業固有的現象。

Got it. Thanks.

知道了。謝謝。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thanks and good evening. You just touched on this a minute ago, but ex the labor one-offs, labor productivity actually looked pretty good in one of your better quarters. Is there anything to call out there? Or is that normal variability?

謝謝，晚安。你剛才也提到了這一點，但撇開勞動力方面的個別因素不談，在你業績較好的一個季度裡，勞動生產力其實看起來相當不錯。那邊有什麼需要呼籲的嗎？或者說，這是正常的變異性？

Well, no, labor productivity, I would say, if you take a look at labor as a percent of revenue, just in the quarter, we've seen an improvement of 70 basis points, right, on that front. So that's going to be a continuation of the benefits that we're getting from a RISE platform where we're producing productivity benefits within our collection business.

不，就勞動生產力而言，如果你看一下勞動成本佔收入的百分比，光是本季度，我們就看到了 70 個基點的改善，對吧。因此，我們將延續從 RISE 平台獲得的優勢，該平台正在為我們的催收業務帶來生產力提升。

But also just as we've said, when you think of the margin expansion, a lot of that is the price in excess of your cost inflation. So with labor being one of your largest cost inputs, the place where you're going to see that the most is labor improving as a percent of revenue.

但正如我們所說，當你考慮利潤率擴張時，很大程度上是因為價格超過了成本通膨。勞動成本是最大的成本投入之一，因此，勞動成本改善最顯著的地方就是勞動成本佔收入的百分比。

Totally fair. Thank you. And then just a small one. You touched on manufacturing and some of the -- we've seen that obviously in the industrial world. Any -- there's a lot of cross currents and construction, any trend line you saw through the quarter, you got interest rate cuts, you've got large projects, you got lots of crosscurrents. So just curious if there's any movement in one direction or the other. Thank you.

完全公平。謝謝。然後就只有一個小的。您談到了製造業以及一些——我們顯然在工業界已經看到了這一點。任何——有很多交叉因素和建設，你在本季度看到的任何趨勢線，都有降息、大型項目，有很多交叉因素。所以我只是好奇目前的情況是否有任何方向的進展。謝謝。

No, not yet. I haven't really seen signs of life. Again, we remain in the longer term, very bullish, medium to longer term on construction. In terms of single-family, multifamily, I feel that there's a lot of pent-up demand in most of the markets across our 1,000 dots on the map in the US and Canada, I think we probably need just a little more time before we start to see that take off.

不，還沒有。我沒有看到任何生命跡象。我們再次重申，我們對建築業的中長期前景非常看好。就獨棟住宅和多戶住宅而言，我覺得在美國和加拿大地圖上 1000 個點的絕大多數市場中，都存在著大量的潛在需求，我認為我們可能還需要一點時間才能看到這種需求開始爆發。

David Manthey, Baird.

David Manthey，Baird。

Thank you. Good afternoon, everyone. Back to Environmental Solutions. When you talk about stabilization, just trying to understand definitionally, are you saying that the decline should start lessening here? Or are you talking about absolute revenue flattening sequentially from 3Q to 4Q?

謝謝。大家下午好。返回環境解決方案。當你談到穩定時，我只是想從定義上理解一下，你的意思是說下降趨勢應該從這裡開始減緩嗎？還是您指的是第三季到第四季絕對營收季平？

Yeah. I would say a little bit of both, right? So again, at the same time, we saw it just from an overall revenue perspective -- and look, one month doesn't make a trend, but September was better than August, and we're starting to see something look similar in October from an overall revenue perspective.

是的。我覺得兩者兼而有之，對吧？所以，同時，我們從整體收入的角度來看——你看，一個月的數據並不能說明什麼趨勢，但9月份的情況比8月份好，而且從整體收入的角度來看，我們開始看到10月份的情況也類似。

And then you think about just the year over year that would just naturally lend itself to the year-over-year decline starting to modulate. Now Jon mentioned earlier, one of the things you have to remember is last year, right, we had almost $50 million of revenue in the quarter from a single emergency response job, right?

然後你會想到，逐年下降的趨勢自然會開始趨於緩和。正如 Jon 之前提到的，你必須記住的一件事是，去年，我們僅憑一項緊急應變工作，就在一個季度獲得了近 5000 萬美元的收入，對吧？

So that's something that we have to anniversary. So that's going to create a tough comp and about $15 million of that carried over into Q1. So you don't get that out of the numbers until -- from a year-over-year perspective until we get into Q2 of '26.

所以這是我們要紀念的事情之一。因此，這將造成較大的同比基數效應，其中約 1500 萬美元結轉到了第一季。所以，從同比角度來看，直到 2026 年第二季度，你才能從這些數字中看出這一點。

Right. Okay. That's great color sequentially. And then looking back to the ECO data back in 2021, has the data changed much in terms of the top verticals in Environmental Solutions. So is it still chemicals, metals and general manufacturing making up, I don't know, 40%, 45% of the total?

正確的。好的。這樣色彩過渡很自然。回顧 2021 年的 ECO 數據，環境解決方案領域的頂級垂直產業數據是否發生了很大變化？所以，化學品、金屬和一般製造業仍佔總量的40%、45%嗎？

It's a very diversified set of end markets, and we don't -- probably don't cut it exactly the same way that the legacy company did. But very strong -- manufacturing will be the largest probably defined chemicals, oil and gas, general continuous slow, general production. But utilities, government, there's a broad mix of end markets that we serve.

終端市場非常多元化，我們可能無法像老牌公司一樣進行完全相同的切割。但非常強勁——製造業可能是最大的，包括化學、石油和天然氣、一般持續緩慢的一般生產。但是，我們服務的終端市場非常廣泛，包括公用事業、政府等等。

Got it. Thank you.

知道了。謝謝。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Hi. Good afternoon. Thank you. I wanted to ask maybe a high-level question on the solid waste business. As it relates to pricing, I think you guys as well as the industry continue to execute well on pricing and getting good pricing, obviously, in the open market as well.

你好。午安.謝謝。我想問一個關於固體廢棄物處理行業的比較高層次的問題。關於定價方面，我認為你們以及整個行業在定價和獲得良好定價方面都做得很好，顯然，在公開市場上也是如此。

As you think about the success that you've had in the open market, what would you attribute the major drivers of that be? Do you think it just general rationality? I mean, obviously, inflationary, but we also hear a lot from general customers with price fatigue and inflation fatigue.

回顧您在公開市場上的成功，您認為其主要驅動因素為何？你認為這只是普遍理性的行為嗎？我的意思是，很明顯，通膨是主要原因，但我們也常聽到一般消費者抱怨價格疲勞和通膨疲勞。

So I'd love to get your updated thoughts. I mean, is it your ability to capture price because of your technology investments, but I think just can any updated thoughts on that would be helpful. Thank you.

所以我很想聽聽你最新的想法。我的意思是，這是否與你的技術投資有關，從而影響了你的定價能力？但我認為，任何關於這方面的最新想法都會很有幫助。謝謝。

Yeah. I think there's a lot of elements to the equation. I'd say the most important one from a macro level, we're a very, very small percentage of most customers' cost structure. And in a macro sense, I think the industry is underpriced, right? You think about a resident, their bill is less than their Starbucks delivery month.

是的。我認為這個問題涉及很多因素。從宏觀層面來看，最重要的一點是，我們在大多數客戶的成本結構中只佔非常非常小的比例。從宏觀角度來看，我認為這個行業被低估了，對吧？你想想看，一個居民的帳單金額可能比他一個月的星巴克外賣費還少。

And we're taking a $400,000 truck and driving it, taking it to a recycling center that costs $50 million, $60 million to build or a landfill where we're going to rent you piece of real estate forever and probably produce electricity or gas on the back end of that.

我們開著一輛價值 40 萬美元的卡車，把它運到耗資 5000 萬到 6000 萬美元建造的回收中心，或者運到垃圾填埋場，在那裡我們將永久租用你們的一塊土地，而且我們可能還會利用這塊土地生產電力或天然氣。

So I think the value proposition across the industry is phenomenal, and we're, again, a very small portion of people's cost structure, so that creates a lot of pricing opportunity. I think if you come down a level and look at our company, we focused really hard on customer mix.

所以我認為整個產業的價值主張是巨大的，而且我們只佔人們成本結構的一小部分，因此這創造了很大的定價機會。我認為，如果你深入了解我們公司，你會發現我們非常注重客戶組合。

Some customers are very price sensitive, and we are underpenetrated in that part of the market, overpenetrated and customers who are willing to pay more for the value and then have a lot of tools and sophistication in terms of how we price customers to make sure that they not only take the price, but they stay forever.

有些客戶對價格非常敏感，我們在這部分市場滲透率不足；而有些客戶則過度滲透，他們願意為價值支付更高的價格。因此，我們在定價方面擁有許多工具和技巧，以確保客戶不僅接受價格，而且永遠成為我們的客戶。

Got it. I appreciate it. And then just one follow-up on the M&A commentary. I appreciate the look into 2026. I wanted to also gauge your appetite and maybe doing a larger deal M&A at this time, whether in solid waste or within ES?

知道了。謝謝。然後，就併購評論再補充一點。我很欣賞對2026年的展望。我也想了解你們的意願，看看你們是否願意在這個時候進行更大規模的併購交易，無論是在固體廢棄物處理領域還是在環境服務領域？

Yeah. We will maintain a perspective on everything, all right, as fiduciaries of the business on the front. And I wouldn't say anything is impossible. I'd also say our focus is on small- and medium-sized deals as we look into the rest of 2025, but even in the '26 and '27, and feel like we've got a very strong pipeline both in Recycling & Waste and ES.

是的。我們將以企業受託人的身份，對所有事情保持清醒的認識。我不會說有什麼事是不可能的。我還想說，展望 2025 年剩餘時間，我們的重點仍然是中小規模的交易，甚至在 2026 年和 2027 年也是如此，而且我們感覺我們在回收和廢物處理以及環境服務領域都有非常強大的項目儲備。

Great. Thank you so much.

偉大的。太感謝了。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi, team. Thank you for taking my questions. I just want to get straight a little bit about the commentary about things getting better in ES towards the end of the quarter. How much of it is your figuring out the issues with the pricing in specific areas? And how much of it is finding a bottom and starting to improve?

大家好。謝謝您回答我的問題。我只想澄清一下關於ES在本季末情況好轉的評論。其中有多少工作是解決特定地區的定價問題？其中有多少是觸底反彈並開始好轉？

And then I just wanted to ask you a little bit about the pricing just in general. Do you feel like you figure out where you're getting it not exactly on the mark, and is there a thought that we've gotten to the point where we've -- the outsized pricing is behind us? Or is it really just those emergency response type stuff is really the only place where you feel like you've pushed it too far?

然後，我還想問一下關於定價方面的問題。你是否覺得你找到的商品來源並不完全準確，而且你是否認為我們已經到了——過高的定價時代已經過去了？或者，你是不是只有在緊急應變這類事情上才覺得自己做得太過火了？

Yeah, maybe let me start at the end. I think we've taken up margins fairly dramatically since we closed the US Ecology acquisition. So tremendous progress, and that wasn't all priced, but a lot of that was price. And we think there's certainly more room to go. We're facing, obviously, a very challenging demand environment.

好吧，或許我應該從結尾開始講。我認為自從我們完成對美國生態公司的收購以來，我們的利潤率已經大幅提升。所以取得了巨大的進步，雖然這些進步並非全部都用金錢來衡量，但其中很大一部分是用金錢衡量的。我們認為肯定還有更大的發展空間。顯然，我們正面臨著非常嚴峻的需求環境。

And so getting that balance right get primarily on event-based work, but it's certainly an opportunity for us and the team. Part of this is just the this industry itself is at a different stage of evolution and maturity than the Recycling & Waste industry, where we've been in Recycling & Waste a long time in terms of the tools, sophistication, commercial capabilities of our sales team to get that balance just right to try to win the job of maximize price.

因此，要把握好這種平衡，主要還是依靠活動相關的工作，但這無疑對我們和團隊來說是一個機會。部分原因是，這個產業本身的發展和成熟階段與回收和廢棄物處理產業不同。我們在回收和廢棄物處理行業已經耕耘多年，擁有豐富的工具、精湛的技術以及銷售團隊的商業能力，能夠恰到好處地平衡各方利益，從而贏得訂單並實現價格最大化。

And we're still climbing the ladder on the environmental solutions side of the business. And then if you work your way back into what momentum we're seeing, I think we are seeing certainly a stabilization of the overall market, not strength and rapid recovery, but a stabilization. And then you layer on top of that, again, level of speed. We're getting very, very dialed into specific opportunities. And those two things together give us a positive outlook.

我們在環保解決方案業務領域仍在不斷攀登高峰。然後，如果你仔細分析我們目前看到的勢頭，我認為我們確實看到了整體市場的穩定，而不是強勁和快速復甦，而是穩定下來。然後，你再在此基礎上，再次提升速度等級。我們正非常、非常專注於特定的機會。這兩件事加在一起，讓我們對未來充滿信心。

Okay. And then just overall on the pricing, you said you've taken a lot over there. Would you say you're still in early innings, mid-innings, where do you feel you are in terms of that opportunity ex the area where you're recalibrating right now?

好的。然後，就整體定價而言，您說您在那邊投入了很多。您覺得您目前處於早期階段、中期階段，還是處於機會的哪個階段？例如，您目前正在重新調整的領域？

Yeah. I'd say longer term, we still think these assets are under price, right? These -- on the post-collection side, these assets are impossible to replicate, right? And we sell things here rather than price by the ton oftentimes by the pound or sometimes by the ounce. And so we think there's plenty of room to go.

是的。我認為從長遠來看，我們仍然認為這些資產被低估了，對嗎？從收藏品的角度來看，這些資產是無法複製的，對吧？而且我們這裡賣東西不是按噸定價，而是按磅，有時甚至是按盎司定價。所以我們認為還有很大的發展空間。

We've also said this isn't going to be a straight line of progress. There's going to be ebbs and flows on our path. And so in any given quarter, like the one we just saw, there might be a little bit of pullback. And I think if you measure this thing very narrowly quarter-to-quarter, I think you're going to miss the picture. If you measure it year over year, I think you're going to get a much better view of where we think progress in this business goes.

我們也說過，這不會是一條直線式的進步之路。我們的人生道路注定會有起伏。因此，在任何一個季度，就像我們剛才看到的這個季度一樣，都可能會出現一些回調。我認為，如果你用非常狹窄的四分之一尺寸來測量這個東西，你可能會錯過重點。如果按年進行衡量，我認為你會對我們認為該行業發展的方向有更清晰的了解。

Okay. Great. Thank you.

好的。偉大的。謝謝。

William Grippin, Barclays.

威廉·格里平，巴克萊銀行。

Great. Thanks for the time. Just wanted to come back to the union contract settlement here. Was there any impact, I guess, from the strikes on revenue in the quarter. I know you made the adjustment to EBITDA, but just wondering if there was any impact on the revenue side. And then any outlook in terms of cost inflation in 2016 related to that contract relative to your expectations and your commentary?

偉大的。謝謝你抽出時間。我只是想再談談工會合約的解決事宜。我想，罷工是否對本季的營收產生了影響？我知道你們對 EBITDA 進行了調整，但我只是想知道這是否對收入方面產生了任何影響。那麼，您認為與該合約相關的2016年成本通膨前景如何？您的預期和評論與否？

Let me take the first part there. So there was an impact on revenue. There was a recognition of about $16 million worth of credits, which reduced the reported revenue. Now when you look at adjusted EBITDA, while we didn't adjust the revenue, we did include those credits in the adjusted EBITDA. So the add back of $56 million includes those $16 million worth of revenue credits in order to drive adjusted EBITDA.

讓我先說說第一部分。因此，這對收入產生了影響。該公司確認了約 1600 萬美元的信貸額，這減少了報告的收入。現在，當您查看調整後的 EBITDA 時，雖然我們沒有調整收入，但我們確實將這些抵免額計入了調整後的 EBITDA 中。因此，5,600萬美元的加回包括了價值1,600萬美元的收入抵免，以推動調整後的EBITDA。

In terms of the longer-term impact on labor, we think the answer is no. We work very hard, brother. Front line people are represented by union contract or not that we're keeping them in line, and we want our people to be amongst the best paid in the local markets in which they operate. But it's very critical for us to make sure that they're not out of market. And when people get out of market, right, it hurts everybody.

長遠來看，這對勞動市場的影響是否定的？我們認為答案是否定的。我們工作非常努力，兄弟。無論第一線員工是否簽訂了工會合同，我們都會約束他們，我們希望我們的員工在他們工作的當地市場中獲得最高的薪酬。但對我們來說，確保它們不被市場淘汰至關重要。當人們退出市場時，對吧？這會影響到所有人。

We lose work, and we ultimately have to let go of drivers and technicians. So getting that number right is important to us, and that's why we took the stand we did this past year on the set of contracts. But going forward, we feel like we're in a very good position to maintain our price cost spread, as we talked about before.

我們失去了工作機會，最後不得不解僱司機和技術人員。所以，對我們來說，確定這個數字很重要，這也是為什麼我們去年在合約問題上採取了那樣的立場。但展望未來，我們感覺我們處於非常有利的地位，可以維持我們的價格成本差，正如我們之前討論的那樣。

Appreciate that. And then just coming to the ES business. You mentioned in your pipeline, possibly having some opportunities related to M&A for ES. Any additional color you could provide there on what types of assets or services that you might be looking at?

謝謝。然後就進入ES業務環節。您提到在您的業務拓展計劃中，可能會有一些與ES併購相關的機會。您能否進一步說明您正在考慮哪些類型的資產或服務？

Sure. I certainly look for certain verticals that we're in. We'd like to get in further to life sciences and biopharma and high-tech are certainly attractive to us, and we've got great positions regionally but not in every region. There's 20 field services locations geographically, where we have really strong footprints in Recycling & Waste but don't have a field services location. That creates an immediate cross-sell opportunity for us.

當然。我當然會關注我們所處的某些垂直領域。我們希望進一步進軍生命科學和生物製藥領域，高科技領域對我們來說當然很有吸引力，我們在某些​​地區擁有很好的地位，但並非在每個地區都有。我們在回收和廢棄物處理領域擁有非常強大的業務基礎，但在其他地區卻沒有設立現場服務點，因此在地理位置上共有 20 個現場服務點。這為我們創造了直接的交叉銷售機會。

And then we're always interested in any post-collection assets. Anything with infrastructure, we feel is very attractive to the network as well.

此外，我們對任何後續資產都感興趣。我們認為，任何擁有基礎設施的東西對網路來說都非常有吸引力。

Perfect. I appreciate that.

完美的。我很感激。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli 基金。

Thank you, gentlemen, and great job on the quarter. I know I'm being embedded here. But with M&A game plan, maybe another way to look at it, it's obviously a huge draw of energy demand but data centers. Any thoughts maybe just a longer-term view or vision of M&A in in that space with E&P or energy based? Or is it more the traditional stuff. Maybe you could talk about that a little bit.

謝謝各位先生，本季表現出色。我知道我正在被安排在這裡。但就併購策略而言，或許可以從另一個角度來看，這顯然是能源需求和資料中心的巨大吸引力。對於勘探與生產或能源領域的併購，大家有什麼長期的看法或願景嗎？或者說，是更傳統的東西？或許你可以稍微談談這個。

Yeah. That will certainly help us on the margins. Those things get constructed. There's opportunities around earthmoving and soil and remediation opportunities. And then listen, our landfills, less than half of them have landfill energy projects on them?

是的。這肯定對我們有幫助。這些東西都是建造出來的。土方工程、土壤改良和修復方面都存在機會。然後你聽我說，我們的垃圾掩埋場中，只有不到一半開展了垃圾掩埋能源計畫？

And could those projects be electric based back to the future in the sense that that's where we serve those projects, and it's been all RNG over the last few years. We're certainly exploring some technologies around getting after lower flow sites, smaller landfills.

這些項目能否以電力為基礎，回歸未來？因為我們服務於這些項目，而過去幾年我們一直都在使用RNG（隨機數產生器）。我們當然正在探索一些技術，以應對低流量場地和小型垃圾掩埋場。

And electricity projects might be part of that, and that might be feed into that grid. I'd say from a macro standpoint, we don't participate -- those facilities don't create a ton of ongoing waste and recycling or environmental solutions opportunities once they're up and constructed. But during the construction phase, we'll certainly participate.

電力項目可能是其中的一部分，其電力可能會併入電網。從宏觀角度來看，我認為我們不參與——這些設施一旦建成，就不會產生大量的持續性廢物和回收或環境解決方案機會。但在施工階段，我們一定會參與。

Great. Thanks so much. Great job.

偉大的。非常感謝。幹得好。

At this time, there are no further questions. I would like to turn the call back over to Mr. Vander Ark for closing remarks. Please go ahead, sir.

目前沒有其他問題了。我謹將電話交還給范德阿克先生，請他作總結發言。請繼續，先生。

Thank you, Chuck. Before we conclude today's call, I want to take a moment to recognize the great work of the entire Republic Services team. The team's commitment to safety, sustainability, and providing outstanding service continues to drive our performance. We are confident in our strategy, our people, and our ability to continue delivering value to our customers, communities, and shareholders. Have a good evening and be safe.

謝謝你，查克。在結束今天的通話之前，我想花一點時間來表揚整個 Republic Services 團隊的出色工作。團隊對安全、永續發展和提供卓越服務的承諾，持續推動我們的業績成長。我們對我們的策略、我們的員工以及我們繼續為客戶、社區和股東創造價值的能力充滿信心。祝你晚安，注意安全。

Ladies and gentlemen, this concludes the conference call. Thank you for attending. You may now disconnect.

女士們、先生們，本次電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。