Stericycle Inc (SRCL) 2022 Q4 法說會逐字稿

Ladies and gentlemen, hello, and welcome to the Q4 2022 Stericycle Earnings Conference Call. My name is Maxine, and I'll be coordinating the call today. (Operator Instructions) I will now hand you over to Andrew Ellis, Vice President of Investor Relations, to begin. Andrew, please go ahead when you're ready.

女士們，先生們，大家好，歡迎來到 2022 年第四季度 Stericycle 收益電話會議。我叫 Maxine，今天我將負責協調電話會議。 （操作員說明）我現在將您交給投資者關係副總裁安德魯埃利斯開始。安德魯，準備好後請繼續。

Good morning, and thank you for joining Stericycle's 2022 Fourth Quarter Earnings Call. On the call today will be Cindy Miller, our Chief Executive Officer; and Janet Zelenka, our Chief Financial Officer and Chief Information Officer. The discussion today includes forward-looking statements, that involve risks and uncertainties. When we use words such as believes, expects, anticipates, estimates, may, plan, will, goal or other similar expressions, we are making forward-looking statements. The forward-looking statements are prospective in nature, and are not based on historical facts but rather on current expectations and projections of our management about future events, and are therefore subject to risks and uncertainties.

早上好，感謝您參加 Stericycle 的 2022 年第四季度財報電話會議。我們的首席執行官 Cindy Miller 將出席今天的電話會議；以及我們的首席財務官兼首席信息官 Janet Zelenka。今天的討論包括涉及風險和不確定性的前瞻性陳述。當我們使用諸如相信、預期、預期、估計、可能、計劃、意願、目標或其他類似表達方式時，我們是在做出前瞻性陳述。前瞻性陳述本質上是前瞻性的，並非基於歷史事實，而是基於我們管理層對未來事件的當前預期和預測，因此存在風險和不確定性。

Our actual results could differ significantly from those described in such forward-looking statements. Factors that could cause our actual results to differ are described in the safe harbor statement, in our earnings press release and in greater detail, within the risk factors in our filings with the U.S. Securities and Exchange Commission. Our past financial performance should not be considered a reliable indicator of our future performance, and investors should not use historical results to anticipate future results or trends. We disclaim any obligation to update or revise any forward-looking statement other than in accordance with legal and regulatory obligations.

我們的實際結果可能與此類前瞻性陳述中描述的結果大不相同。可能導致我們的實際結果不同的因素在安全港聲明、我們的收益新聞稿中以及我們向美國證券交易委員會提交的文件中的風險因素中有更詳細的描述。我們過去的財務業績不應被視為我們未來業績的可靠指標，投資者不應使用歷史結果來預測未來的結果或趨勢。除法律和監管義務外，我們不承擔任何更新或修改任何前瞻性陳述的義務。

On the call, we will discuss non-GAAP financial measures. For additional information and reconciliation to the most comparable U.S. GAAP measures, please refer to the schedules in our earnings press release, which can be found on Stericycle's Investor Relations website at investors.stericycle.com. The prepared comments for today's call correspond to an investor presentation, which is also available at Stericycle's Investor Relations website. Throughout the call, we may reference specific slides from the presentation.

在電話會議上，我們將討論非 GAAP 財務指標。有關更多信息以及與最具可比性的美國 GAAP 措施的對賬，請參閱我們的收益新聞稿中的時間表，該新聞稿可在 Stericycle 的投資者關係網站 investors.stericycle.com 上找到。為今天的電話會議準備的評論與投資者介紹相對應，也可以在 Stericycle 的投資者關係網站上找到。在整個通話過程中，我們可能會參考演示文稿中的特定幻燈片。

This call is being recorded, and a replay will be available approximately 1 hour after the end of the conference call today, until March 23, 2023. Replay information is available in the events section on Stericycle's Investor Relations website. Time-sensitive information provided during today's call, which is occurring on February 23, 2023, may no longer be accurate at the time of a replay. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Stericycle is prohibited. I'll now turn the call over to Cindy.

此電話正在錄音中，重播將在今天電話會議結束後約 1 小時提供，直到 2023 年 3 月 23 日。重播信息可在 Stericycle 投資者關係網站的活動部分獲得。今天的電話會議發生在 2023 年 2 月 23 日，期間提供的時間敏感信息在重播時可能不再準確。未經 Stericycle 明確書面同意，禁止以任何形式重新分發、轉發或轉播此電話。我現在將電話轉給 Cindy。

Thank you, Andrew, and welcome to our fourth quarter earnings call. I'd like to start off today's discussion by thanking all of our team members and especially, our frontline workers for supporting our customers and protecting what matters. I'm pleased to share that our fourth quarter results were in line with our expectations. Our quarterly results included organic revenue growth of 5.7%, free cash flow generation of $130.9 million, expanded margins, reduced debt, improved leverage and continued portfolio optimization.

謝謝安德魯，歡迎來到我們的第四季度財報電話會議。在今天的討論開始之際，我想感謝我們所有的團隊成員，尤其是我們的一線員工，感謝他們支持我們的客戶並保護重要的事情。我很高興與大家分享我們第四季度的業績符合我們的預期。我們的季度業績包括 5.7% 的有機收入增長、1.309 億美元的自由現金流產生、擴大的利潤率、減少的債務、提高的槓桿率和持續的投資組合優化。

As a company, we continue to focus on executing on our 5 key business priorities, and I'll start with quality of revenue. Organic revenues increased 5.7%, led by Secure Information Destruction, which grew 12.2%. Regulated Waste and Compliance Services grew 2.8% and in North America, organic revenues grew 7.6%, with Secure Information Destruction increasing 13.2% and Regulated Waste and Compliance Services increasing 4.9%. These results include the benefits from our service cost recovery fee, and the enhanced recycling revenue surcharge that started in the first part of 2022. These 2 pricing levers contributed approximately $10 million of revenue in the fourth quarter and $24 million of incremental revenue for the year.

作為一家公司，我們繼續專注於執行我們的 5 個關鍵業務優先事項，我將從收入質量開始。有機收入增長 5.7%，其中安全信息銷毀增長 12.2%。受管制廢物和合規服務增長 2.8%，在北美，有機收入增長 7.6%，其中安全信息銷毀增長 13.2%，受管制廢物和合規服務增長 4.9%。這些結果包括我們的服務成本回收費帶來的收益，以及從 2022 年上半年開始的增加的回收收入附加費。這兩個定價槓桿在第四季度貢獻了約 1000 萬美元的收入，並為全年貢獻了 2400 萬美元的增量收入.

Since 2019, we have been working on transforming the commercial function, to drive greater consistency and accountability throughout the sales process. The foundation of our commercial excellence model includes the following: one, harmonizing over 120 global sales commission plans to a handful of sales commission plan types that standardize performance expectations and incentivize revenue growth and margin expansion while simplifying overall performance and planned administration; two, improving governance over contractual language to include competitive standard terms and conditions; three, redefining our value proposition to drive competitive differentiation and providing extensive training on value selling with a disciplined organic growth mindset; four, implementing a new deal review committee to ensure consistent, disciplined, value-based pricing, contracting, sales practices and governance; five, launching a pipeline management process and tools to better forecast and manage opportunities and performance throughout the sales cycle, resulting in pipeline growth, improved conversion rates and higher quality sales; and six, creating a data infrastructure as part of our ongoing ERP deployment, that allows us to draw greater insights into sales opportunities and service performance across the customer life cycle.

自 2019 年以來，我們一直致力於轉變商業職能，以提高整個銷售流程的一致性和問責制。我們卓越商業模式的基礎包括以下內容：第一，將 120 多個全球銷售佣金計劃協調為少數幾個銷售佣金計劃類型，標準化績效預期並激勵收入增長和利潤擴張，同時簡化整體績效和計劃管理；第二，改進對合同語言的治理，以包括競爭性標準條款和條件；第三，重新定義我們的價值主張以推動競爭差異化，並以有紀律的有機增長心態提供廣泛的價值銷售培訓；第四，成立新交易審查委員會，以確保一致、有紀律、基於價值的定價、合同、銷售實踐和治理；第五，啟動管道管理流程和工具，以更好地預測和管理整個銷售週期的機會和績效，從而實現管道增長、提高轉化率和更高質量的銷售；第六，創建數據基礎架構作為我們正在進行的 ERP 部署的一部分，這使我們能夠更深入地了解整個客戶生命週期的銷售機會和服務績效。

With these foundational elements now in place, we are advancing to the next phase of our commercial evolution to support our organic compounded annual revenue growth rate of 3% to 5%, which focuses on 3 key areas: expanding service penetration, improving customer implementation velocity and deepening customer partnerships by developing enhanced customer solutions. The first area is expanding service penetration. Drawing from our newly created data infrastructure, we will leverage insights to win, grow and retain customers through cross-sell and upsell initiatives and targeted sales offerings, which we expect will increase the value, we provide to our customers.

有了這些基礎要素，我們將進入商業發展的下一階段，以支持我們 3% 至 5% 的有機複合年收入增長率，重點放在 3 個關鍵領域：擴大服務滲透率，提高客戶實施速度通過開發增強型客戶解決方案來深化客戶合作夥伴關係。一是擴大服務滲透。利用我們新創建的數據基礎架構，我們將利用洞察力通過交叉銷售和追加銷售計劃以及有針對性的銷售產品來贏得、發展和留住客戶，我們預計這將增加我們為客戶提供的價值。

The second area is improving customer implementation velocity. This is focused on accelerating speed to revenue by decreasing the amount of time it takes from closing a deal, to initially servicing customers. The third area is deepening customer partnerships by developing enhanced customer solutions. We plan to continue to commercialize innovative solutions and products, we expect will drive additional revenue opportunities. As we create safer and more sustainable working environments for our customers, their employees and the communities in which we operate.

第二個領域是提高客戶實施速度。它的重點是通過減少從完成交易到最初為客戶提供服務所需的時間來加快創收速度。第三個領域是通過開發增強的客戶解決方案來深化客戶夥伴關係。我們計劃繼續將創新解決方案和產品商業化，我們預計這將帶來額外的收入機會。當我們為我們的客戶、他們的員工和我們經營所在的社區創造更安全、更可持續的工作環境時。

I'll now move on to our next key business priority, operational efficiency, modernization and innovation. This has been a keen focus for our operations and engineering teams, over the past 4 years as we opened 4 new greenfield autoclaves facilities and have made upgrades to existing autoclaves, incinerators, shredders and facilities throughout our network and improved our fleet. In 2023, these teams will concentrate their efforts on 3 areas: infrastructure and system modernization, fleet replacement and route and long-haul network improvements and SafeShield container rationalization and modernization.

我現在將繼續討論我們的下一個關鍵業務優先事項、運營效率、現代化和創新。在過去的 4 年中，我們開設了 4 個新的高壓滅菌器設施，並對整個網絡中現有的高壓滅菌器、焚化爐、粉碎機和設施進行了升級，並改進了我們的車隊，這一直是我們的運營和工程團隊關注的重點。 2023 年，這些團隊將集中精力在 3 個領域：基礎設施和系統現代化、車隊更換和航線及長途網絡改進以及 SafeShield 集裝箱合理化和現代化。

The first area, infrastructure and system modernization, continues to progress. In 2023, our operations and engineering teams will be focused on finalizing the construction of our new state-of-the-art incineration facility in Nevada. We believe this facility will set the bar for high-capacity medical waste incineration facilities in North America, through its sustainable water usage design and technology aimed at minimizing emissions. In 2023, we also plan to upgrade over 20 facilities and leverage and deploy new system capabilities.

第一個領域，基礎設施和系統現代化，繼續取得進展。 2023 年，我們的運營和工程團隊將專注於完成我們在內華達州最先進的新焚燒設施的建設。我們相信，該設施將通過旨在最大限度減少排放的可持續用水設計和技術，為北美的大容量醫療廢物焚燒設施樹立標杆。 2023 年，我們還計劃升級 20 多個設施，並利用和部署新的系統功能。

The second area is fleet replacement and route and long-haul network improvements. We are focused on replacing and modernizing our trucks and trailers with more efficient vehicles. While this was hampered in 2022 by supply chain disruptions. We are starting to see more equipment deliveries. Route and long-haul network improvements began in 2022. We have reduced long-haul routes through a combination of removing routes from our network, strategically locating new facilities near our customers, consolidating facilities and internalizing some third-party calling. These investments are expected to improve our operational service model, which we anticipate will contribute to margin expansion over time.

第二個領域是機隊更換以及航線和長途網絡改進。我們專注於用更高效的車輛更換和現代化我們的卡車和拖車。雖然這在 2022 年受到供應鏈中斷的阻礙。我們開始看到更多的設備交付。路線和長途網絡的改進始於 2022 年。我們通過從網絡中刪除路線、戰略性地在客戶附近安置新設施、整合設施和內部化一些第三方呼叫等方式減少了長途路線。這些投資預計將改善我們的運營服務模式，我們預計這將有助於隨著時間的推移擴大利潤率。

The final area is our SafeShield container rationalization and modernization project. As a reminder, we are transitioning from over 150 container types to less than 20. To date, over 250,000 SafeShield containers have been deployed in North America, and we anticipate completing the rollout over the next 4 years. These award-winning containers are coated with an antimicrobial protectant, which reduces the potential spread of infection while minimizing odor. They also feature an improved and more durable design in standard sizes that are nestable and stackable, allowing for more efficient transportation and storage.

最後一個區域是我們的 SafeShield 容器合理化和現代化項目。提醒一下，我們正在從 150 多種容器類型過渡到不到 20 種。迄今為止，北美已部署超過 250,000 個 SafeShield 容器，我們預計將在未來 4 年內完成部署。這些屢獲殊榮的容器塗有抗菌保護劑，可減少潛在的感染傳播，同時最大限度地減少異味。它們還採用改進的、更耐用的標準尺寸設計，可嵌套和堆疊，從而實現更高效的運輸和存儲。

Turning to our ERP deployment. We are now 4 months into our Regulated Waste and Compliance Services pilot in Puerto Rico. I'm excited to share that the ERP is running smoothly, as we have been able to onboard service, bill and collect cash from our customers. Based on this successful pilot, we continue to plan our ERP rollout to the U.S. Regulated Waste and Compliance Services commercial and operational functions in the second half of 2023.

轉向我們的 ERP 部署。現在，我們在波多黎各開展受管制廢物和合規服務試點已有 4 個月。我很高興與大家分享 ERP 運行順利，因為我們已經能夠提供服務、開具賬單並從客戶那裡收取現金。基於這一成功的試點，我們繼續計劃在 2023 年下半年將 ERP 推廣到美國受監管的廢物和合規服務的商業和運營職能部門。

Now turning to debt reduction. As a result of strong free cash flow generation and divestiture proceeds, we reduced debt by $175.4 million and finished 2022 with a debt leverage ratio of 3.28x, a year-over-year improvement of 33 points. We anticipate getting close to or hitting our 3x debt leverage ratio objective, by the end of the first quarter of 2023.

現在轉向減少債務。由於產生了強勁的自由現金流和資產剝離收益，我們減少了 1.754 億美元的債務，到 2022 年結束時債務槓桿率為 3.28 倍，同比提高 33 個百分點。我們預計到 2023 年第一季度末將接近或達到我們的 3 倍債務槓桿率目標。

Finishing with portfolio optimization. In December, we divested our Communication Solutions business in North America for $45 million. And in January, we divested our Sanypick Plastic joint venture in Spain for $2.2 million. These are our 11th and 12th divestitures since 2019, and we applied the proceeds towards debt reduction. As a result, it has afforded us the opportunity to focus on core businesses and our key business priorities like the ERP deployment and other investments in the company. Communication Solutions is the fourth and final divestiture from our legacy Communication and Related Services business. I'll now turn the call over to Janet to review our financial results.

完成投資組合優化。 12 月，我們以 4500 萬美元的價格剝離了北美的通信解決方案業務。 1 月，我們以 220 萬美元的價格剝離了在西班牙的 Sanypick Plastic 合資企業。這是我們自 2019 年以來的第 11 次和第 12 次資產剝離，我們將所得款項用於減少債務。因此，它讓我們有機會專注於核心業務和我們的關鍵業務優先事項，如 ERP 部署和公司的其他投資。通信解決方案是我們遺留通信和相關服務業務的第四次也是最後一次剝離。我現在將電話轉給珍妮特來審查我們的財務業績。

Thank you, Cindy. I will start by summarizing our fourth quarter results. As noted on Slide 5, revenues were $670.4 million compared to $657.3 million, in the fourth quarter of 2021. Excluding the impact of unfavorable foreign exchange rates of $15.7 million, divestitures of $10.8 million and an acquisition of $2.1 million, organic revenues increased $37.5 million. Of the increase, Secure Information Destruction organic revenue growth was $24.5 million, and Regulated Waste and Compliance Services organic revenue growth was $13 million.

謝謝你，辛迪。我將首先總結我們的第四季度業績。如幻燈片 5 所示，2021 年第四季度的收入為 6.704 億美元，而 2021 年第四季度為 6.573 億美元。不包括 1570 萬美元的不利匯率、1080 萬美元的資產剝離和 210 萬美元的收購的影響，有機收入增加了 3750 萬美元.其中，安全信息銷毀有機收入增長 2450 萬美元，受管制廢物和合規服務有機收入增長 1300 萬美元。

As noted on Slide 6, Regulated Waste and Compliance Services revenues were $449.3 million compared to $455.7 million in the fourth quarter of 2021. Excluding the impact of foreign exchange rates, divestitures and an acquisition, organic revenues for Regulated Waste and Compliance Services increased 2.8%. North America Regulated Waste and Compliance Services organic revenues grew $17.9 million or 4.9%, mainly driven by our 3 pricing levers, which include pricing in existing contracts, new customer pricing and surcharges and fees. Overall volume was flat, with new sites volume growth being offset by a decline in pounds per site collected from hospitals and national accounts, which we believe was mainly due to hospital staffing challenges.

如幻燈片 6 所示，受管制廢物和合規服務的收入為 4.493 億美元，而 2021 年第四季度為 4.557 億美元。排除匯率、資產剝離和收購的影響，受管制廢物和合規服務的有機收入增長了 2.8% .北美受監管廢物和合規服務有機收入增長 1790 萬美元或 4.9%，主要受我們的 3 個定價槓桿推動，包括現有合同定價、新客戶定價以及附加費和費用。總體數量持平，新站點數量的增長被從醫院和國民賬戶收集的每個站點的磅數下降所抵消，我們認為這主要是由於醫院人員配置的挑戰。

International Regulated Waste and Compliance Services organic revenues declined $4.9 million or 5.3% in the fourth quarter. This decline was due to lower waste volumes compared to the fourth quarter of 2021. Secure Information Destruction delivered revenues of $221.1 million compared to $201.6 million in the fourth quarter of 2021. Excluding the impact of foreign exchange rates, organic revenues for Secure Information Destruction increased 12.2%, mainly due to pricing, including fuel and environmental and other surcharges and higher recycled paper revenues driven by SOP pricing. For the full year of 2022, our global recycled paper volumes were about flat year-over-year.

第四季度，國際受監管廢物和合規服務的有機收入下降了 490 萬美元或 5.3%。這一下降是由於與 2021 年第四季度相比廢物量減少。安全信息銷毀的收入為 2.211 億美元，而 2021 年第四季度為 2.016 億美元。排除匯率的影響，安全信息銷毀的有機收入有所增加12.2%，主要是由於定價，包括燃料和環境及其他附加費，以及 SOP 定價推動的再生紙收入增加。 2022 年全年，我們的全球再生紙量同比持平。

In North America, Secure Information Destruction organic revenues increased $22.8 million or 13.2% compared to the fourth quarter of 2021. Of this 13.2% growth, service revenues contributed 10.5% and recycled paper revenues contributed 2.7%. The service revenue growth was mainly driven by surcharges, including the fuel and environmental and the recycling recovery surcharges. Recycled paper contributed approximately $4.6 million, more than in the fourth quarter of 2021, reflecting higher SOP pricing. In international, Secure Information Destruction organic revenues increased $1.7 million or 6.1% compared to the fourth quarter of 2021. This change was mainly due to surcharges.

在北美，安全信息銷毀有機收入與 2021 年第四季度相比增加了 2280 萬美元或 13.2%。在這 13.2% 的增長中，服務收入貢獻了 10.5%，再生紙收入貢獻了 2.7%。服務收入增長主要受附加費推動，包括燃料和環境附加費以及回收附加費。再生紙貢獻了約 460 萬美元，高於 2021 年第四季度，反映出較高的 SOP 定價。在國際上，安全信息銷毀的有機收入與 2021 年第四季度相比增加了 170 萬美元或 6.1%。這一變化主要是由於附加費。

Income from operations in the fourth quarter was $59.1 million compared to $8.2 million in the fourth quarter of last year. The $50.9 million increase was mainly due to the following: commercial pricing levers, resulting in revenue flow-through of $32 million; lower adjusted litigation, settlement and regulatory compliance expenses of $17.8 million; lower bad debt expense of $6.8 million as we lowered the reserve and our allowance for doubtful accounts, mainly due to improved collections in the fourth quarter; lower annual incentive compensation expense of $5 million; and lower self-insurance expense of $3.4 million due to favorable trends in claims. These were partially offset by higher vehicle, wage and utility-related inflationary costs of approximately $18.3 million. Additionally, in the quarter, overtime cost savings partially offset our higher headcount costs, as we focused on optimizing our staffing model and driving operational productivity throughout our organization.

第四季度的運營收入為 5910 萬美元，而去年第四季度為 820 萬美元。增加 5090 萬美元的主要原因如下：商業定價槓桿，導致收入流轉 3200 萬美元；降低調整後的訴訟、和解和監管合規費用 1780 萬美元；由於我們降低了準備金和呆賬準備金，壞賬費用減少了 680 萬美元，這主要是由於第四季度的收款情況有所改善；年度激勵補償費用降低 500 萬美元；由於理賠趨勢良好，自我保險費用減少了 340 萬美元。這部分被較高的車輛、工資和公用事業相關的通貨膨脹成本約 1830 萬美元所抵消。此外，在本季度，加班成本節省部分抵消了我們較高的員工成本，因為我們專注於優化我們的人員配置模型並提高整個組織的運營效率。

Net income was $31.8 million or $0.35 diluted earnings per share, compared to a net loss of $17.2 million or $0.19 diluted loss per share, in the fourth quarter of last year. The difference was mainly related to higher income from operations of $50.9 million. Cash flow from operations for the year ended December 31, 2022, was $200.2 million compared to $303.1 million for 2021. The year-over-year decline of $102.9 million was mainly driven by the FCPA settlement payments of $81 million, timing of vendor payments of $32.3 million and higher interest payments of $15.6 million. These were partially offset by improvements in DSO of 2 days, which has translated into approximately $16 million and operating and net working capital improvements of approximately $10 million.

淨收入為 3180 萬美元或攤薄後每股收益 0.35 美元，而去年第四季度的淨虧損為 1720 萬美元或攤薄後每股虧損 0.19 美元。差異主要與運營收入增加 5090 萬美元有關。截至 2022 年 12 月 31 日止年度的運營現金流為 2.002 億美元，而 2021 年為 3.031 億美元。同比下降 1.029 億美元，主要是由於 8100 萬美元的 FCPA 和解付款、供應商付款的時間安排3230 萬美元和更高的利息支付 1560 萬美元。這些部分被 DSO 改善 2 天所抵消，這已轉化為約 1600 萬美元以及約 1000 萬美元的運營和淨營運資本改善。

Adjusted income from operations was $90.6 million or 13.5%, as a percentage of revenues compared to $64.2 million or 9.8% as a percentage of revenues in the fourth quarter of last year. Adjusted income from operations increased 370 basis points, mainly driven by: revenue flow-through of 480 basis points, lower bad debt expense of 100 basis points, lower annual incentive compensation expense of 80 basis points and lower self-insurance expense of 50 basis points. These were partially offset by higher vehicle, wage and utility-related inflationary costs of approximately 270 basis points.

調整後的運營收入為 9060 萬美元，佔收入的百分比為 13.5%，而去年第四季度為 6420 萬美元，佔收入的百分比為 9.8%。調整後的運營收入增加了 370 個基點，主要受以下因素推動：流轉收入增加 480 個基點，壞賬費用減少 100 個基點，年度激勵補償費用減少 80 個基點，自我保險費用減少 50 個基點.這部分被較高的車輛、工資和公用事業相關的通貨膨脹成本約 270 個基點所抵消。

Adjusted diluted earnings per share was $0.60 compared to $0.38 in the fourth quarter of 2021. As illustrated on the bridge on Slide 8, excluding the impact of foreign exchange rates, divestitures and an acquisition of $0.01, the remaining $0.23 year-over-year increase was driven by $0.26 from revenue flow-through, $0.09 from favorable SG&A expenses, mainly due to lower bad debt expense of $0.05 and lower annual incentive compensation of $0.04, $0.03 from lower self-insurance expense and $0.03 from taxes and other. These were partially offset by $0.15 from higher vehicle, wage and utility-related inflationary costs and $0.03 from interest expense.

調整後的攤薄每股收益為 0.60 美元，而 2021 年第四季度為 0.38 美元。如幻燈片 8 中的橋樑所示，排除匯率、資產剝離和收購 0.01 美元的影響，剩餘的 0.23 美元同比增長受到收入流轉 0.26 美元，有利的 SG&A 費用 0.09 美元的推動，主要是由於壞賬費用降低 0.05 美元，年度激勵薪酬降低 0.04 美元，自保費用降低 0.03 美元，稅收和其他費用降低 0.03 美元。這些被較高的車輛、工資和公用事業相關通貨膨脹成本 0.15 美元和利息支出 0.03 美元部分抵消。

Capital expenditures for 2022 were $132.2 million compared to $116.9 million for 2021, which is in line with the guidance, I previously shared of $125 million to $135 million. Free cash flow for 2022 was $68 million compared to $186.2 million in 2021. As noted on Slide 9, the year-over-year decline of $118.2 million was mainly driven by the lower operating cash due to FCPA settlement payments of $81 million. And higher capital expenditures of $15.3 million, mainly attributable to the timing of cash payments and operational infrastructure investments.

2022 年的資本支出為 1.322 億美元，而 2021 年為 1.169 億美元，這符合我之前分享的 1.25 億美元至 1.35 億美元的指導意見。 2022 年的自由現金流為 6800 萬美元，而 2021 年為 1.862 億美元。如幻燈片 9 所示，同比下降 1.182 億美元，主要是由於 FCPA 和解付款 8100 萬美元導致運營現金減少。資本支出增加 1530 萬美元，這主要歸因於現金支付和運營基礎設施投資的時間安排。

As a reminder, in the third quarter, I provided guidance on how we would achieve free cash flow expansion of $100 million to $120 million from the third to the fourth quarter. Sequentially, our free cash flow improved approximately $105 million as follows: about $47 million from improved collections, which was within our expected range of $40 million to $50 million. This improvement was driven by substantially catching up on our North America Secure Information Destruction billing and collection efforts from the ERP deployment in 2021; $25 million from lower interest payments, which was in line with expectations; $10 million of lower capital expenditures, which was within our stated range of spending $7 million to $17 million less in the quarter; approximately $20 million less in vendor payments, which is below our target of $30 million.

提醒一下，在第三季度，我就如何實現自由現金流從第三季度到第四季度擴大 1 億美元至 1.2 億美元提供了指導。隨後，我們的自由現金流增加了約 1.05 億美元，如下所示：約 4,700 萬美元來自改善的收款，這在我們 4,000 萬至 5,000 萬美元的預期範圍內。這一改進是由於我們在 2021 年部署 ERP 後大幅趕上了北美安全信息銷毀計費和收集工作； 2500 萬美元來自較低的利息支付，符合預期；資本支出減少 1000 萬美元，這在我們規定的本季度支出減少 700 萬至 1700 萬美元的範圍內；供應商付款減少約 2000 萬美元，低於我們 3000 萬美元的目標。

Our fourth quarter DSO as reported, was 56 days compared to 58 days in the fourth quarter of 2021. Sequentially, from the third quarter 2022 to the fourth quarter, DSO improved 7 days. As shown on Slide 10, at the end of the fourth quarter, our credit agreement defined debt leverage ratio was 3.28x. Sequentially from the third quarter 2022 to the fourth quarter, our leverage ratio improved almost half a turn. Net debt was reduced by $175.4 million in the fourth quarter compared to the third quarter, reducing net debt for the year ended December 31, 2022, to approximately $1.46 billion.

我們報告的第四季度 DSO 為 56 天，而 2021 年第四季度為 58 天。從 2022 年第三季度到第四季度，DSO 連續改善了 7 天。如幻燈片 10 所示，第四季度末，我們的信貸協議定義的債務槓桿率為 3.28 倍。從2022年第三季度到第四季度，我們的槓桿率提高了近半週。與第三季度相比，第四季度淨債務減少了 1.754 億美元，使截至 2022 年 12 月 31 日止年度的淨債務減少至約 14.6 億美元。

Turning to the full year results on Slide 12. Revenues were $2.7 billion compared to $2.65 billion in 2021. Excluding the impact of unfavorable foreign exchange rates of $53.4 million, divestitures of $52.7 million and an acquisition of $8.1 million, organic revenues increased $155.8 million. Of the increase, Secure Information Destruction organic revenue growth was $129 million, and Regulated Waste and Compliance Services organic revenue growth was $26.8 million. When 2022 and 2021 results are normalized to exclude the revenues from our most recently divested businesses, Communication Solutions and Sanypick Plastics, revenues were approximately $2.64 billion in 2022 compared to $2.52 billion in 2021.

轉到幻燈片 12 的全年業績。收入為 27 億美元，而 2021 年為 26.5 億美元。排除 5340 萬美元的不利匯率、5270 萬美元的資產剝離和 810 萬美元的收購的影響，有機收入增加了 1.558 億美元。其中，安全信息銷毀有機收入增長 1.29 億美元，受管制廢物和合規服務有機收入增長 2680 萬美元。如果將 2022 年和 2021 年的業績標準化以排除我們最近剝離的業務 Communication Solutions 和 Sanypick Plastics 的收入，則 2022 年的收入約為 26.4 億美元，而 2021 年為 25.2 億美元。

Income from operations for the year ended December 31, 2022, was $153.7 million compared to $72.3 million in 2021. The $81.4 million increase was mainly due to commercial pricing levers, resulting in revenue flow-through of $116.7 million, lower adjusted litigation, settlements and regulatory compliance expenses of $63.1 million. As we had accrued approximately $80 million for the FCPA settlement expenses in 2021, versus approximately $10 million in 2022. Lower North America ERP implementation operating expenditures of $39.7 million, lower self-insurance expense of $11.7 million and lower annual incentive compensation expense of $9.9 million. These were partially offset by higher vehicle, wage, utility and facility-related inflationary costs of approximately $65.5 million, higher ongoing IT operating costs of $33 million associated with our August 2021 ERP deployment now reported in our ongoing expenses, higher headcount onboarding and overtime costs of $27 million and higher bad debt expense of $17.4 million.

截至 2022 年 12 月 31 日止年度的運營收入為 1.537 億美元，而 2021 年為 7230 萬美元。增加 8140 萬美元主要是由於商業定價槓桿導致收入流轉 1.167 億美元，調整後的訴訟、和解和監管合規費用為 6310 萬美元。由於我們在 2021 年為 FCPA 結算費用累計了約 8000 萬美元，而 2022 年約為 1000 萬美元。北美 ERP 實施運營支出減少 3970 萬美元，自我保險費用減少 1170 萬美元，年度激勵補償費用減少 990 萬美元.這些部分被車輛、工資、公用事業和設施相關的通貨膨脹成本增加約 6550 萬美元、與我們 2021 年 8 月 ERP 部署相關的持續 IT 運營成本增加 3300 萬美元部分抵消，這些成本現在報告在我們的持續支出中、更高的員工入職和加班成本2700 萬美元和更高的壞賬費用 1740 萬美元。

Net income for 2022 was $56 million or $0.61 diluted earnings per share compared with a net loss of $27.8 million or $0.30 diluted loss per share in 2021. The difference was mainly related to higher income from operations of $81.4 million, as previously discussed. Adjusted EBITDA was $432.2 million in 2022 compared to $457.8 million in 2021. The $25.6 million decline was mainly due to higher ongoing IT operating costs of $33 million associated with our August 2021 ERP deployment, now reported on our ongoing expenses.

2022 年淨收入為 5600 萬美元或攤薄後每股收益 0.61 美元，而 2021 年淨虧損為 2780 萬美元或攤薄後每股虧損 0.30 美元。如前所述，差異主要與運營收入增加 8140 萬美元有關。 2022 年調整後的 EBITDA 為 4.322 億美元，而 2021 年為 4.578 億美元。下降 2560 萬美元的主要原因是與我們 2021 年 8 月的 ERP 部署相關的持續 IT 運營成本增加了 3300 萬美元，現在報告了我們的持續支出。

In 2022, Communication Solutions and Sanypick Plastics divested operations generated approximately $13 million in adjusted EBITDA. When 2022 results are normalized to exclude results from these divested businesses, 2022 adjusted EBITDA would have been approximately $419 million. Adjusted diluted earnings per share was $2.04 in 2022 compared to $2.19 in 2021. As illustrated on the bridge on Slide 15, excluding the impact from foreign exchange rates, divestitures and an acquisition of $0.06, the remaining $0.09 year-over-year decrease was driven by $0.51 from higher vehicle, wage and utility-related inflationary costs, $0.26 from higher ongoing IT operating costs associated with our August 2021 ERP deployment, as reported in our ongoing expenses, $0.21 from higher headcount onboarding and overtime costs and $0.03 from interest expense. These were partially offset by $0.73 from revenue flow-through, $0.11 from the nonrecurring typical ERP start-up challenges in the third quarter of 2021 and $0.08 from lower taxes.

2022 年，Communication Solutions 和 Sanypick Plastics 剝離的業務產生了約 1300 萬美元的調整後 EBITDA。如果將 2022 年業績標準化以排除這些剝離業務的業績，則 2022 年調整後的 EBITDA 約為 4.19 億美元。 2022 年調整後的攤薄每股收益為 2.04 美元，而 2021 年為 2.19 美元。如幻燈片 15 的橋樑所示，排除匯率、資產剝離和收購 0.06 美元的影響，其餘 0.09 美元的同比下降是由車輛、工資和公用事業相關的通貨膨脹成本增加 0.51 美元，與我們 2021 年 8 月 ERP 部署相關的持續 IT 運營成本增加 0.26 美元，如我們的持續支出中所報告的，員工入職和加班成本增加 0.21 美元，利息支出增加 0.03 美元。這些被收入流出的 0.73 美元、2021 年第三季度非經常性典型 ERP 啟動挑戰的 0.11 美元和較低稅收的 0.08 美元部分抵消。

As anticipated and discussed in our earnings call for the fourth quarter of 2021, our adjusted EPS of $1.25 in the second half of 2022, was better than our adjusted EPS in the first half of 2022 of $0.79. The following 2023 guidance includes forward-looking statements as contemplated in our safe harbor provision as referenced at the opening of this call.

正如我們在 2021 年第四季度的財報電話會議上預期和討論的那樣，我們在 2022 年下半年調整後的每股收益為 1.25 美元，好於我們在 2022 年上半年調整後的每股收益 0.79 美元。以下 2023 年指南包括我們在本次電話會議開始時引用的安全港條款中預期的前瞻性陳述。

Our guidance for 2023, which considers the current macroeconomic headwinds and health care staffing shortfalls is shown on Slide 16 and is as follows: first, we expect to grow organic revenues 3% to 5% on a base of $2.64 billion, which has been normalized for divestitures; second, 2022 adjusted EPS was $2.04. After normalizing 2022 results for our 2 recent divestitures, the adjusted EPS baseline is $1.94. In 2023, we expect to generate adjusted earnings per share in the range of $1.75 to $2.05. Anticipated underlying operating margin growth is expected to be tempered by higher incentive and stock-based compensation costs of approximately $0.20 to $0.25, and higher income taxes and interest of $0.10 to $0.15.

我們對 2023 年的指導考慮了當前的宏觀經濟逆風和醫療保健人員短缺，如幻燈片 16 所示：首先，我們預計有機收入將在 26.4 億美元的基礎上增長 3% 至 5%，這已經正常化資產剝離；其次，2022 年調整後每股收益為 2.04 美元。在將我們最近兩次資產剝離的 2022 年業績標準化後，調整後的每股收益基準為 1.94 美元。 2023 年，我們預計調整後每股收益將在 1.75 美元至 2.05 美元之間。預期的基本營業利潤率增長預計將受到更高的激勵和基於股票的補償成本約 0.20 美元至 0.25 美元，以及更高的所得稅和 0.10 美元至 0.15 美元的利息。

Third, 2022 free cash flow was $68 million. After normalizing 2022 results for our 2 recent divestitures, their free cash flow baseline is $55 million. As a reminder, we paid $81 million of the FCPA settlement in 2022. In 2023, we expect to generate free cash flow in a range of $175 million to $205 million. This takes into consideration our expectation that in 2023, we will pay approximately $10 million for the remaining portion of the FCPA settlement and $5 million to $10 million in adjusted FCPA monitor and related costs.

第三，2022 年自由現金流為 6800 萬美元。在將我們最近兩次資產剝離的 2022 年業績標準化後，他們的自由現金流基線為 5500 萬美元。提醒一下，我們在 2022 年支付了 8100 萬美元的 FCPA 和解金。到 2023 年，我們預計將產生 1.75 億美元至 2.05 億美元的自由現金流。這考慮到了我們的預期，即在 2023 年，我們將為 FCPA 和解的剩餘部分支付約 1000 萬美元，並為調整後的 FCPA 監控和相關費用支付 500 萬至 1000 萬美元。

Fourth, we expect cash paid for capital expenditures of $125 million to $145 million. Fifth, as Cindy mentioned, we anticipate getting close to or hitting our 3x debt leverage ratio objective by the end of the first quarter of 2023. We are also providing our updated long-term outlook as shown on Slide 17, which takes into consideration current anticipated macroeconomic trends and the impacts of recent divestitures, and includes forward-looking statements.

第四，我們預計為資本支出支付的現金為 1.25 億美元至 1.45 億美元。第五，正如 Cindy 所提到的，我們預計到 2023 年第一季度末將接近或達到我們的 3 倍債務槓桿率目標。我們還提供了最新的長期展望，如幻燈片 17 所示，其中考慮了當前預期的宏觀經濟趨勢和近期資產剝離的影響，並包括前瞻性陳述。

First, we continue to expect to achieve a compounded annual organic revenue growth rate of 3% to 5%. Second, going forward, we will be enhancing our guidance metrics by focusing on adjusted EBITDA growth and free cash flow conversion rates, and transitioning away from an absolute free cash flow dollar target. We believe these metrics will allow our investors to consistently measure the performance of our business since we now have a full year of ERP ongoing IT operating costs, included in our adjusted EBITDA baseline. We expect to achieve an average annual adjusted EBITDA growth rate of 13% to 17% through 2027 with 2023, as the base year.

首先，我們繼續期望實現 3% 至 5% 的複合年有機收入增長率。其次，展望未來，我們將通過關注調整後的 EBITDA 增長和自由現金流轉換率，並從絕對自由現金流美元目標過渡來加強我們的指導指標。我們相信這些指標將使我們的投資者能夠始終如一地衡量我們的業務績效，因為我們現在有全年的 ERP 持續 IT 運營成本，包括在我們調整後的 EBITDA 基準中。我們預計到 2027 年，以 2023 年為基準年，調整後的 EBITDA 年均增長率將達到 13% 至 17%。

We expect to achieve a free cash flow conversion rate based on adjusted EBITDA of 50% to 60% beginning in 2024. These metrics translate into a free cash flow range between $325 million to $375 million between 2025 and 2026. This is lower than the previous outlook of at least $400 million of free cash flow in 2025, mainly due to: expected short-term macroeconomic trends, impacting the business that are reflected in the 2023 guidance; the recent Communication Solutions divestiture, for which we had anticipated future free cash flow of $20 million to $30 million; higher anticipated income tax payments of $10 million to $15 million; and higher anticipated interest payments of $5 million to $10 million based on the current interest rate environment.

我們預計從 2024 年開始實現基於調整後 EBITDA 的 50% 至 60% 的自由現金流轉換率。這些指標轉化為 2025 年至 2026 年的自由現金流範圍在 3.25 億美元至 3.75 億美元之間。這低於之前的2025 年自由現金流的前景至少為 4 億美元，主要原因是： 預期的短期宏觀經濟趨勢，影響 2023 年指引中反映的業務；最近的 Communication Solutions 剝離，我們預計未來的自由現金流為 2000 萬至 3000 萬美元；更高的預期所得稅支付額為 1000 萬至 1500 萬美元；根據當前的利率環境，預計利息支付將增加 500 萬至 1000 萬美元。

In the future, I will mainly discuss the long-term outlook in the context of adjusted EBITDA growth, and free cash flow conversion rates. This outlook is based on currently known items and certain business assumptions, including current foreign exchange rates and estimates for SOP and other commodity pricing. This outlook does not contemplate a prolonged recession, inflationary environment or persistent health care staffing challenges impacting volume. It also excludes any future acquisitions and divestitures. I will now turn the call back to Cindy.

未來，我將主要在調整後的 EBITDA 增長和自由現金流轉換率的背景下討論長期前景。該展望基於當前已知項目和某些業務假設，包括當前外匯匯率以及 SOP 和其他商品定價的估計。這一前景並未考慮到長期衰退、通貨膨脹環境或持續的醫療保健人員配置挑戰影響數量。它還不包括任何未來的收購和資產剝離。我現在將電話轉回給 Cindy。

Thank you, Janet. As always, I'd like to thank our customers, team members and the communities we serve and our shareholders for their continued trust in having Stericycle protect what matters. Operator, please open the line for Q&A.

謝謝你，珍妮特。一如既往，我要感謝我們的客戶、團隊成員和我們所服務的社區以及我們的股東，感謝他們對 Stericycle 保護重要事物的持續信任。接線員，請打開Q&A線路。

(Operator Instructions)

（操作員說明）

Our first question today comes from Sean Dodge from RBC Capital Markets.

我們今天的第一個問題來自 RBC Capital Markets 的 Sean Dodge。

And I guess, first, congratulations on the fourth quarter free cash flow performance. That was a big lift to get to the targets that are so -- so well done. Maybe just starting with the 2023 guidance, the 3% to 5% revenue growth off the base adjusted for the divestitures. Cindy, the underlying drivers of that, the benefits you've been getting from pricing via the surcharges, those were, I think you said $10 million in the fourth quarter. How should we think about the cadence of those over the course of 2023? I just -- do you have some levers left, you can still pull on pricing or is that pretty much tapped out? I guess that'd be my first question.

我想，首先，祝賀第四季度的自由現金流表現。對於實現如此出色的目標來說，這是一個很大的提升。也許只是從 2023 年的指導開始，根據資產剝離調整後的 3% 至 5% 的收入增長。辛迪，這是潛在的驅動因素，你通過附加費從定價中獲得的好處，我想你在第四季度說了 1000 萬美元。我們應該如何考慮這些人在 2023 年期間的節奏？我只是 - 你是否還剩下一些槓桿，你仍然可以拉動定價還是已經被挖掘出來了？我想這是我的第一個問題。

No, Sean, thanks for that question, and thanks for the recognition on the free cash flow. That was a great job by everybody involved. But I think -- so just a quick reminder. We've got 3 ways to get price. We have renewals, we've got new customers, that we're going to win, new sites that we haven't started yet. And we've got surcharges and fees.

不，肖恩，謝謝你提出這個問題，並感謝你對自由現金流的認可。參與其中的每個人都做得很好。但我認為 - 所以只是一個快速提醒。我們有 3 種獲取價格的方法。我們有續約，我們有新客戶，我們將贏得，我們還沒有開始的新網站。我們有附加費和費用。

So if you -- let's look at the surcharges. We -- everybody, especially we felt the push of that capital eye of inflation in Q1 of 2022 and reacted, as quickly as we could. So it wasn't -- we got some of the fees in, let's say, end, really to the end of Q1, beginning of Q2. And then a lot of the other fees and surcharges in contractual language, you've got to give 30 days or a 60-day kind of warning, if you will, that some of these are coming. So you may put them in to implement but it doesn't necessarily hit, the day that inflation hits you.

所以，如果你 - 讓我們看看附加費。我們——每個人，尤其是我們感受到了 2022 年第一季度通脹資本眼的推動，並儘快做出反應。所以它不是 - 我們得到了一些費用，比方說，結束，真的到第一季度末，第二季度開始。然後是合同語言中的許多其他費用和附加費，你必須給出 30 天或 60 天的警告，如果你願意的話，其中一些即將到來。因此，您可以將它們付諸實施，但不一定會在通貨膨脹打擊您的那一天發生。

So as we look at our opportunity to grow 3% to 5% over the long haul, a lot of things are going to go into it. We will, at some point in time, have an opportunity where we will lap certain customers that already have had the increase put in, but we have an awful lot of renewal customers whose contracts weren't opened yet, that those contracts will be open this year and we will negotiate, just as we did with the customer base last year.

因此，當我們看到長期增長 3% 到 5% 的機會時，很多事情都會涉及到它。我們將在某個時間點有機會與某些已經增加投入的客戶合作，但我們有很多續約客戶的合同尚未打開，這些合同將打開今年，我們將進行談判，就像我們去年與客戶群所做的那樣。

And then we've got new prices, new rate cards, new base tariffs built into all the new customers that we haven't hit yet. So I think in conjunction, we still have runway with reference to some surcharges and fees. But I think, we also have opportunity now. I think a couple of things are positive. Businesses are coming back to work. And right now, what we are seeing on the hospital side is visits are coming back, people are visiting the hospital. They're going back to the doctor. Elective surgeries is not -- hasn't shown itself to be a positive yet. But I think all those other signs are encouraging that if the economy stays relatively stable, we don't have another hit of high inflation, that nobody expects. I think as things, if you will, maybe normalize, I think we are well positioned to capture that revenue growth and hit targets.

然後我們為所有尚未觸及的新客戶提供了新價格、新價目表、新基本關稅。所以我認為結合起來，我們仍然有參考一些附加費和費用的跑道。但我認為，我們現在也有機會。我認為有幾件事是積極的。企業正在恢復工作。而現在，我們在醫院方面看到的是訪問量正在恢復，人們正在訪問醫院。他們要回去看醫生。擇期手術不是——還沒有表現出積極的一面。但我認為所有這些其他跡像都令人鼓舞，如果經濟保持相對穩定，我們就不會再次遭受高通脹的打擊，這是沒人預料到的。我認為，如果你願意，也許可以正常化，我認為我們有能力抓住收入增長並實現目標。

Okay. And then the ERP, you said you completed the Puerto Rico pilot and North America, that rollout should begin in the second half of the year. Are there any updates you can share just regarding how long you expect the North American rollout to take? And I guess, at this point, what and when are the elements or transitions that you're kind of worried most about?

好的。然後是 ERP，你說你完成了波多黎各試點和北美，應該在今年下半年開始推出。關於您預計北美推出需要多長時間，您是否有任何更新可以分享？我想，在這一點上，您最擔心的元素或過渡是什麼以及什麼時候？

Sean, this is Janet. So we are anticipating, right now, based on the success of Puerto Rico and what the team is working on, in the second half of the year to roll out the U.S., and that would be U.S. at once because we have enough confidence from what we learned from Puerto Rico. We think Canada would be a fast follower. That's a much smaller part of the revenue share. So really, we would get the bulk in this year. So that is the plan and that is what the team is targeting.

肖恩，這是珍妮特。所以我們現在預計，基於波多黎各的成功和團隊正在做的事情，在今年下半年推出美國，這將是美國，因為我們有足夠的信心來自我們向波多黎各學習。我們認為加拿大將是一個快速的追隨者。這是收入份額的一小部分。所以真的，我們會在今年得到大部分。這就是計劃，這就是團隊的目標。

What we're most worried about? This is the commercial and operational side of RWCS. The good news is we're in production, so I'm not worried about moving the system of production. I'm not worried about the shared services and general ledger or the payables for invoicing or vendors because that is in for both businesses. So we're really focused on the infield operations and the commercial side of this.

我們最擔心的是什麼？這是 RWCS 的商業和運營方面。好消息是我們正在生產中，所以我不擔心移動生產系統。我不擔心共享服務和總分類賬或發票或供應商的應付賬款，因為這對兩家公司都適用。所以我們真正專注於內場運營和商業方面。

The good news is we have 5,000 people who know how to use this. They are already explaining to the RWCS side, from the Shred-it side how this works. That happened in Puerto Rico and that was a good success. So the key area is data. I don't think it's as much functionality, as it is getting all the data ready for years of multiple different ways. The data was captured in RWCS to the acquisitions to standardize it, clean it, certify it and convert it and move it into the platform.

好消息是我們有 5,000 人知道如何使用它。他們已經從 Shred-it 方面向 RWCS 方面解釋了這是如何工作的。這發生在波多黎各，並且取得了巨大的成功。所以關鍵領域是數據。我不認為它的功能那麼多，因為它正在以多種不同的方式為多年準備好所有數據。數據在 RWCS 中捕獲到採集，以對其進行標準化、清理、認證、轉換並將其移動到平台中。

Our next question comes from David Manthey from Baird.

我們的下一個問題來自 Baird 的 David Manthey。

My first question, if you look at Slide 15, it provides a very clear bridge from 2021 to 2022 EPS. Could you maybe provide us the major segments of the bridge from the, what you call, the base 2022 EPS of $1.94, to the midpoint of your 2023 guidance at $1.90?

我的第一個問題，如果你看幻燈片 15，它提供了從 2021 年到 2022 年 EPS 的非常清晰的橋樑。您能否向我們提供橋樑的主要部分，從您所謂的 2022 年基本每股收益 1.94 美元到 2023 年指導的中點 1.90 美元？

Yes, thank you, David. So thanks for capturing that. We do have a new -- with the comps all adjusted out, we go from a base of $2.04, which we oriented, to the $1.94. So really, our key drivers, our revenue flow-through and margin expansion are one of the key drivers. We do -- we also get some benefit in the free cash flow side from a lower incentive compensation payout. But if you're looking at EPS, it's primarily due to core growth. And we also get some upside on bad debt, as we look year-over-year as we've captured receivables. So we really see a clear pathway by the different measures to get to that growth.

是的，謝謝你，大衛。所以感謝您捕捉到這一點。我們確實有一個新的 - 補償全部調整後，我們從我們定位的 2.04 美元的基礎到 1.94 美元。所以說真的，我們的主要驅動力，我們的收入流動和利潤率擴張是關鍵驅動力之一。我們這樣做 - 我們也從較低的激勵薪酬支出中獲得自由現金流方面的一些好處。但如果你看每股收益，它主要是由於核心增長。而且我們在壞賬方面也有一些好處，因為我們看到應收賬款同比增長。因此，我們確實看到了通過不同措施實現增長的明確途徑。

Okay. And then on the longer-term outlook, 3% to 5% organic revenue growth, seems very reasonable. But what gives you confidence in the 13% to 17% EBITDA growth, over the next 4 years? I think if you stretched this out, the 2027 level would be something like 23% EBITDA margin. So here, too, if you could just talk about, what are the key drivers behind the improvement from where we are to that level?

好的。然後就長期前景而言，3% 至 5% 的有機收入增長似乎非常合理。但是，是什麼讓您對未來 4 年 13% 至 17% 的 EBITDA 增長充滿信心？我認為如果你把它拉長，2027 年的水平將是 23% 的 EBITDA 利潤率。所以在這裡，同樣，如果你可以談談，從我們現在的水平到那個水平的改進背後的關鍵驅動因素是什麼？

So great question, Dave. And it's really a convergence of all the things we've been working in the business over the last 3 years. So it is the quality of revenue and the pricing into the contracts and the next phase of what we call quality of revenue in these areas of commercial excellence will drive, continue to drive price and volume in the market on a new platform. It is operational efficiencies that are driven by the modernization, a new incinerator going live, new autoclaves, modernized autoclaves, everything that Cindy mentioned, route optimization and leveraging the systems that are not still fully in, until we get to this year with the RWCS.

這麼好的問題，戴夫。這確實是我們在過去 3 年中在業務中所做的所有事情的融合。因此，收入質量和合同定價以及下一階段我們稱之為這些卓越商業領域的收入質量將推動，繼續推動新平台上市場的價格和數量。現代化、新的焚化爐上線、新的高壓滅菌器、現代化的高壓滅菌器、辛迪提到的一切、路線優化和利用尚未完全進入的系統，直到我們今年與 RWCS 一起推動運營效率.

And then you get the system reduction eventually of $20 million to $30 million, when we get the international off the platform so you get an uplift there. And then from the new system and having everything in North America 1 platform, you get back office efficiencies. As we continue to reduce debt, you'll get lower interest expense coming through. That will be offset by some cash taxes that we see will be a higher cash taxpayer. So that is the bridge that gives us confidence to put out that adjusted EPS growth rate, and that free cash flow conversion rate.

然後，當我們將國際業務從平台上撤下時，系統最終會減少 2000 萬至 3000 萬美元，這樣你就會得到提升。然後從新系統和北美 1 平台上的一切，您可以獲得後台效率。隨著我們繼續減少債務，您將獲得更低的利息支出。這將被一些現金稅所抵消，我們認為現金納稅人會更高。因此，這是讓我們有信心推出調整後的每股收益增長率和自由現金流轉換率的橋樑。

And Dave, I think the bigger story, that's a great question. And it's one, unfortunately in this journey, we would have never picked to have all of those things, in essence, hit in relatively 1 year. If you think about this journey, we -- without a pandemic, we would have had the ERP already in. We would have been chugging along with that. We would have been fine-tuning things. Facilities would have been a much -- maybe a more linear pace in terms of that type of growth.

戴夫，我認為更大的故事，這是一個很好的問題。不幸的是，在這段旅程中，我們永遠不會選擇讓所有這些東西在相對一年內實現。如果你考慮一下這段旅程，我們——如果沒有大流行，我們早就有了 ERP。我們會一直在努力。我們本來可以微調的。就那種類型的增長而言，設施的增長速度可能更為線性。

But unfortunately, we're the little engine that could. We adapt to whatever we see that's out there in the marketplace. And as a result, Janet mentioned those things just -- they're going to converge maybe a little bit more close together than we would have liked. But it still doesn't -- these are still goals and targets that we're well focused on hitting. And when they all converge, that's -- we'll handle that as we go through, but those are the expectations and that's how we see line of sight to things.

但不幸的是，我們是可以做到的小引擎。我們適應我們在市場上看到的任何東西。結果，珍妮特提到了這些事情——它們可能會比我們希望的更緊密地融合在一起。但它仍然沒有——這些仍然是我們非常專注於實現的目標。當他們都匯聚在一起時，那就是——我們會在經歷過程中處理它，但這些都是期望，這就是我們看待事物的方式。

So I appreciate the question, but this journey, this transformation has really not been linear. We had good intentions, in terms of laid out plans, but sometimes pandemics just didn't show up when they should have or some high inflation or some potential recession. But I think everybody with -- inside the organization is very focused on making sure that we maximize these opportunities that we've created as they hit.

所以我很欣賞這個問題，但是這個旅程，這個轉變真的不是線性的。就既定計劃而言，我們的初衷是好的，但有時大流行病並沒有在它們應該出現的時候出現，也沒有出現高通脹或潛在的衰退。但我認為組織內部的每個人都非常專注於確保我們最大限度地利用我們創造的這些機會。

Our next question comes from Michael Hoffman from Stifel.

我們的下一個問題來自 Stifel 的 Michael Hoffman。

Not sure which one to start with. Given that you're setting a baseline compounding for your EBITDA, can you tell us what the expectation is for your '23 EBITDA? And, if it's not because you're not disclosing that, and is there anything weird between the earnings per share at the midpoint and the EBITDA line that I have to think about to be able to back into it?

不確定從哪一個開始。鑑於您正在為您的 EBITDA 設置基線複合，您能否告訴我們您對 23 年 EBITDA 的預期是什麼？而且，如果不是因為您沒有披露這一點，那麼我必須考慮的中點每股收益和 EBITDA 線之間是否有任何奇怪之處才能重新計算出來？

Yes, so I understand what you're asking, Michael. So when we gave adjusted EPS guidance, but I would say, that we are assuming increasing interest rates with in respect to unfavorable impact, about $0.05. And this is on the slide that we have in the deck, and we are expecting an unfavorable impact. This wouldn't impact the conversion. But just so you know, $0.02 to $0.03 in depreciation expense. And we expect an effective tax rate in the range of 26% to 29%, which we think is a 5% to 9% impact, because it's more normalized income tax levels in 2023.

是的，所以我明白你在問什麼，邁克爾。因此，當我們給出調整後的 EPS 指導時，但我會說，我們假設利率上升會帶來不利影響，約為 0.05 美元。這是我們在甲板上的幻燈片，我們預計會產生不利影響。這不會影響轉換。但正如你所知，折舊費用為 0.02 美元至 0.03 美元。我們預計有效稅率在 26% 到 29% 之間，我們認為這是 5% 到 9% 的影響，因為 2023 年的所得稅水平更加正常化。

So those are some of the key areas that would back you into an expectation of EBITDA. And on an adjusted basis, if you're looking at GAAP EBITDA, we also have the indications of the adjusted items primarily in the FCPA area of costs, that we have estimated.

因此，這些是可以支持您對 EBITDA 的預期的一些關鍵領域。在調整的基礎上，如果您正在查看 GAAP EBITDA，我們也有調整項目的跡象，主要是我們估計的 FCPA 成本領域。

Right. Okay. And then to go back to the 3% to 5% sales growth, so for '23, not the long-term compounding. Can you unpack the mix between price, unit growth and your SOP assumption just so we understand what you're seeing in '23 versus the long term?

正確的。好的。然後回到 3% 到 5% 的銷售增長，所以對於 23 年，不是長期復利。你能否解開價格、單位增長和你的 SOP 假設之間的組合，以便我們了解你在 23 年看到的與長期相比的情況？

Yes. So due to the headwinds we're seeing in the RWCS volume right now in elective surgeries, we're hopeful there. But I would say our growth in both Shred and RWCS, which I actually think is a good story as we forecast that range is more indexed to price on the lower range. And then, if we have some tailwinds on volume as things recover in the market, we could get to the higher range. So I think it indicates that we have pricing power that's sustainable through next year. In terms of SOP, we estimated what it ended at December for the SOP pricing through the rest of the year, and those are our key assumptions in revenue.

是的。因此，由於我們現在在擇期手術中看到的 RWCS 卷中的逆風，我們對此充滿希望。但我會說我們在 Shred 和 RWCS 方面的增長，我實際上認為這是一個好故事，因為我們預測該範圍更多地與較低範圍的價格掛鉤。然後，如果隨著市場復甦，我們在交易量上有一些順風，我們可能會達到更高的區間。所以我認為這表明我們擁有可持續到明年的定價權。就 SOP 而言，我們估計了今年剩餘時間的 SOP 定價截至 12 月的情況，這些是我們對收入的關鍵假設。

And what's that number just so we all have it accurately?

那個數字是多少，所以我們都能準確地知道它？

I will have someone...

我會有人...

It's [2 20], I believe.

我相信是 [2 20]。

Yes, [2 20].

是的，[2 20]。

Okay. So many more questions.

好的。還有很多問題。

Well, the good news, I hope, Michael, is we have a lot of information throughout in the slides, the script, the K. So hopefully, we'll have everything we can...

嗯，好消息，我希望，邁克爾，我們在幻燈片、腳本、K 中都有很多信息。希望我們能擁有一切......

Yes, there's a lot to digest and we do understand that.

是的，有很多東西需要消化，我們確實理解這一點。

Our next question comes from Scott Schneeberger from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Scott Schneeberger。

Just following up on the SOP real quick. Janet, that's -- at the end of December, the [2 20], are you extrapolating that through 2023 or you say you're making your...

只需快速跟進 SOP。珍妮特，那是——在 12 月底，[2 20]，你是在推斷到 2023 年，還是說你正在……

Yes, so we don't predict SOP pricing. I think it's proven to be hard to predict. So we just as an assumption, so assume, the end of year as a flat through our guidance expectations.

是的，所以我們不預測 SOP 定價。我認為事實證明這很難預測。所以我們只是作為一個假設，所以假設，年底通過我們的指導預期持平。

And then next question, the cadence through the year of 2023, how should we think about that? Maybe some thoughts on first quarter, how that may compare sequentially or year-over-year? Just so we're out of the gate modeling appropriately. And is this -- do you expect more to come through in the back half? How does this year look?

然後是下一個問題，到 2023 年的節奏，我們應該如何考慮？也許對第一季度有一些想法，這可能與上一季度或同比相比如何？這樣我們就可以適當地進行建模。這是——你希望後半部分能有更多的表現嗎？今年看起來如何？

Yes. So actually, when we look at the quarterly cadence, it is fairly -- it's not the same that we had last year, where the first half was significantly different than the second half. We see sort of a reasonable steady cadence. Now the pricing levers will be the surcharges carry momentum into the first quarter, but then our other pricing levers start to carry momentum into the rest of the year, as we continue to renew contracts, increase our rate cards and do other things.

是的。所以實際上，當我們看季度節奏時，它是公平的——它與去年不同，去年上半年與下半年有很大不同。我們看到了一種合理穩定的節奏。現在定價槓桿將是附加費將勢頭帶入第一季度，但隨著我們繼續續簽合同、增加價目表和做其他事情，我們的其他定價槓桿開始將勢頭帶入今年剩餘時間。

So we see a relatively stable. We'll see what the macroeconomic headwinds do for us in terms of volume. But if we see the volume, as we expect, gate some what we're seeing today, I think we will not have that kind of impact. On the cash side, however, Q1 and Q3 are our heavy cash outlay areas due to interest, paying any bonus payments, et cetera. So you do see that in our seasonality on cash. The 2 -- Q2 and Q4 are higher cash-generating quarters, and Q1 and Q3 are higher cash outlaying quarters.

所以我們看到一個相對穩定的。我們將看到宏觀經濟逆風在交易量方面對我們有何影響。但如果我們看到數量，正如我們預期的那樣，門控一些我們今天看到的東西，我認為我們不會產生那種影響。然而，在現金方面，由於利息、支付任何獎金等，第一季度和第三季度是我們大量的現金支出領域。所以你確實在我們的現金季節性中看到了這一點。 2 - Q2 和 Q4 是現金產生較高的季度，Q1 和 Q3 是現金支出較高的季度。

And then I'm going to bunch two questions into one for my final. You did do a great job with debt reduction and leverage reduction, and you're guiding that by the end of the first quarter '23, you'll get down to the 3 or sub-3. What should we think about for your leverage going forward? It sounds like you all have outlined further debt reduction will be use of capital. But how should we think about that? What is your target thereafter because you kind of achieved this one and congrats for achieving it on time.

然後我將在期末考試中將兩個問題合二為一。你在減少債務和減少槓桿方面做得很好，你正在指導到 23 年第一季度末，你將降到 3 或 sub-3。我們應該如何考慮您未來的影響力？聽起來你們都概述了進一步減少債務將使用資本。但是我們應該如何考慮呢？此後你的目標是什麼，因為你有點實現了這個目標並祝賀你按時實現了它。

And then the second part of the question is, it sounds like you have a lot of need for capital spend on facilities. Cindy, you mentioned it's not linear. You guided CapEx for '23. How should we think about CapEx in your longer-term free cash flow guidance? What element is CapEx in that, as a percent of revenue or otherwise, however you have to qualify?

然後問題的第二部分是，聽起來您非常需要在設施上進行資本支出。 Cindy，你提到它不是線性的。您指導了 23 年的資本支出。在您的長期自由現金流指導中，我們應該如何考慮資本支出？ CapEx 是什麼元素，作為收入的百分比或其他，但是你必須符合條件？

Right. So I'll hit the debt reduction first. And just to be clear, we think we'll get to the 3x in the first quarter or get close, so it'll be in the first quarter or second quarter, but we think we're going to get closer hit it in the first quarter, just to be clear there. In terms of how we'll use our cash that we generate, we do have a capital expenditure for this year. So our first priority after reducing debt is to invest in ourselves and you see that.

正確的。所以我會先減少債務。需要明確的是，我們認為我們將在第一季度達到 3 倍或接近，所以它會在第一季度或第二季度，但我們認為我們將在第一季度，只是要清楚那裡。就我們將如何使用我們產生的現金而言，我們今年確實有資本支出。所以我們在減少債務後的首要任務是投資自己，你看到了。

And we're limited by the capacity of us to spend money, as we've learned in prior years through the major projects, the amount of people you need from engineers to IT people to everything to execute on that. But as we look at our priorities for what we use with our cash debt, if all goes well, we'll generate cash and we'll continue to apply the debt. But it does leave us opportunities in the future years to look at other capital allocation opportunities. But our first priorities will be, this year, debt and capital investment in the business.

正如我們在前幾年通過重大項目了解到的那樣，我們的花錢能力有限，從工程師到 IT 人員，再到執行該項目所需的一切人員。但是，當我們審視我們使用現金債務的優先順序時，如果一切順利，我們將產生現金並繼續使用債務。但這確實讓我們有機會在未來幾年尋找其他資本配置機會。但今年我們的首要任務將是對企業的債務和資本投資。

And in terms of long-term capital, it will range based on the major projects. I think we will move from heavy modernization, as we complete some of those major projects like the incinerator center to making sure we maintain the right maintenance success going forward. The team is working on that plan. I don't -- I think it's in the range of what you've seen before, but I don't have a precise target for capital.

而在長期資本方面，將根據重大項目來確定範圍。我認為，隨著我們完成焚化爐中心等一些重大項目，我們將從重型現代化轉向確保我們在未來保持正確的維護成功。該團隊正在製定該計劃。我不——我認為它在你之前看到的範圍內，但我沒有明確的資本目標。

And then if -- one of the other opportunities we have with the debt is 3x is probably not enough, if we want to get to investment grade. So it would probably have to be more in the 2.5x range. So that is something we may just naturally get to by the cash generation, that we generate. And, I think, I answered both of your questions. Did I miss anything?

然後如果 - 如果我們想要達到投資級別，我們擁有的債務的其他機會之一是 3 倍可能還不夠。所以它可能必須在 2.5 倍範圍內。因此，這是我們產生的現金產生的自然結果。而且，我想，我回答了你的兩個問題。我錯過了什麼嗎？

No, you got it Janet. Thank you. Appreciate it. I'll turn it over.

不，你明白了，珍妮特。謝謝。欣賞它。我會把它翻過來。

(Operator Instructions) Our next question comes from Kevin Steinke from Barrington Research.

（操作員說明）我們的下一個問題來自 Barrington Research 的 Kevin Steinke。

I just wanted to clarify your comments around the 3% to 5% organic revenue growth guidance for 2023. It sounds like you're maybe baking some macro headwinds into that. Is that correct? Or just any more comments on the macro, and how you see it impacting 2023?

我只是想澄清一下你對 2023 年 3% 到 5% 的有機收入增長指導的評論。聽起來你可能會在其中加入一些宏觀逆風。那是對的嗎？或者只是對宏觀的更多評論，以及您如何看待它對 2023 年的影響？

So we are seeing that there's some durability in some of the headwinds. And so I do -- we do think elective surgeries will recover. If they recover faster, that will help us than the current pace of recovery that they're having. So that's one of the key drivers of what I'd say is a headwind versus tailwind. So we did have some of that factored in, and that's why you have a range of 3% to 5%.

因此，我們看到一些不利因素具有一定的持久性。所以我這樣做 - 我們確實認為擇期手術會恢復。如果他們恢復得更快，那將比他們目前的恢復速度更有幫助。所以這是我所說的逆風與順風的關鍵驅動因素之一。所以我們確實考慮了其中的一些因素，這就是為什麼你有 3% 到 5% 的範圍。

And then at the EPS level, there is persistence in some of the inflationary pressures, that a lot of people are seeing in the market. So we were, I would say, appropriate, given what we're seeing today in persistent inflation. If some of those mitigate because it's not just about fuel, it's about containers that are based on petroleum-based products. It's based on current rent and other utility costs, et cetera, that have stayed high. So we factored that kind of persisting in 2023, which is why that is in the base line. So headwinds are factored into that range and tailwinds could give us some opportunities.

然後在每股收益水平上，一些通脹壓力持續存在，很多人都在市場上看到了這一點。因此，我想說，考慮到我們今天看到的持續通貨膨脹，我們是合適的。如果其中一些緩解是因為它不僅僅是關於燃料，而是關於基於石油產品的容器。它基於目前的租金和其他公用事業成本等，這些成本一直居高不下。所以我們考慮了 2023 年的那種堅持，這就是為什麼它在基線。因此，逆風被計入該範圍，順風可以給我們一些機會。

Yes. And Kevin, just a general reminder and for everybody, how we look at volume, I think it's important every -- lots of companies look at volumes different ways, even hospitals. But for us, we -- volume turns into -- we talk about volume in 2 different ways. Number 1 is we'll win a new site, a new customer. And if we've got a subscription fee, as an example, with an independent doctor's office, an independent customer, we'll get a subscription fee that covers everything. And weight may not -- the physical weight or the pounds, that we may pull out of that place might not matter because it's a subscription fee.

是的。凱文，只是一個一般性的提醒，對每個人來說，我們如何看待數量，我認為這很重要——許多公司以不同的方式看待數量，甚至醫院。但對我們來說，我們——音量變成了——我們以兩種不同的方式談論音量。第一是我們將贏得一個新站點，一個新客戶。如果我們有訂閱費，例如，有一個獨立的醫生辦公室，一個獨立的客戶，我們將獲得涵蓋所有內容的訂閱費。重量可能無關緊要——我們可能從那個地方拉出來的體重或磅數可能無關緊要，因為這是訂閱費。

Then we'll look at hospitals and national accounts and volume could take on a different -- volume has a different metric. Volume will be how many pounds are we pulling out based off of elective surgeries that are performed. And there's a price per pound component to that. And in all of our -- and in the hospital and national accounts, that's about 35% to 40% of revenue that, that weight -- the actual weight of what we pull out generates. So for us, we'll see hospitals talking about visits are up, and that's great news. People are out and about. They're going back to hospitals, and they're going back to doctors.

然後我們會看看醫院和國民賬戶，數量可能會有所不同——數量有不同的指標。體積將是我們根據進行的擇期手術減掉多少磅。每磅都有一個價格。在我們所有的——以及在醫院和國民賬戶中，這大約佔收入的 35% 到 40%，那個重量——我們所產生的實際重量。所以對我們來說，我們會看到醫院談論訪問量增加，這是個好消息。人們四處走動。他們要回到醫院，他們要回到醫生那裡。

More importantly, we're encouraged and we're hopeful that staffing in these hospitals and in the health care network continues to show improvement. And if that does, there should be an assumption that elective surgeries, at some point in time, the knees, the hips and a lot of those types of orthopedic surgeries come back, as they generate a good bit of waste. And as that kind of returns to a normal, that is opportunity for us because we're well positioned to handle that volume.

更重要的是，我們感到鼓舞，我們希望這些醫院和醫療保健網絡的人員配備繼續有所改善。如果確實如此，應該假設擇期手術，在某個時間點，膝蓋、臀部和許多此類整形外科手術會恢復，因為它們會產生大量浪費。隨著這種回歸正常，這對我們來說是個機會，因為我們有能力處理這個數量。

So for us, when we say volume was flat in Q4, that meant we were winning more sites. We were bringing in new customers, on both sides of the business but the actual -- so volume on sites was positive but volume in terms of weight wasn't. So that kind of yielded a flat look for Q4 in '22. But I think, as Janet had said, hospitals get staffing more in line. People are feeling more comfortable going back to hospitals and to the doctor's office. I think that to follow will be elective surgeries, and I think that's a good sign for us.

所以對我們來說，當我們說第四季度的銷量持平時，這意味著我們贏得了更多的網站。我們在業務的兩邊都帶來了新客戶，但實際 - 所以網站上的數量是積極的，但重量方面的數量卻不是。因此，22 年第四季度的表現平平。但我認為，正如珍妮特所說，醫院的人員配置更加合理。人們對回到醫院和醫生辦公室感覺更自在。我認為接下來將是擇期手術，我認為這對我們來說是一個好兆頭。

Okay, great. That's very helpful color. Just one other one. Have you contemplated in the 2023 guidance, any sort of potential disruption to revenue from the ERP rollout in the U.S.? I know you had a lot of learnings from the Secure Information Destruction rollout, the pilot in Puerto Rico is going well. But just any comments on potential impact there or any assumptions around that?

好的，太好了。這是非常有用的顏色。只是另外一個。您是否在 2023 年指南中考慮過在美國推出 ERP 對收入的任何潛在干擾？我知道您從安全信息銷毀的推出中學到了很多東西，波多黎各的試點進展順利。但只是對那裡的潛在影響有任何評論或對此有任何假設嗎？

Yes. Kevin, you're kind, calling it learnings. We did have learnings from -- on the Shred side. But I think, Janet can give maybe more specific color. I'm very confident. We came out of the gate in Puerto Rico and certainly hit the usual snafus that you would hit. But that's why we chose to do it in a pilot. And I think, we've had quite a few months to work through any of those little ah-has or surprises. So Janet, you feel pretty comfortable with that.

是的。凱文，你真好，稱之為學習。我們確實從切碎方面學到了東西。但我認為，珍妮特也許可以給出更具體的顏色。我很有信心。我們走出波多黎各的大門，當然遇到了你會遇到的常見問題。但這就是我們選擇在試點中進行的原因。而且我認為，我們已經花了好幾個月的時間來解決這些小問題或驚喜。所以珍妮特，你對此感到很舒服。

Yes. If you look at the range that we have and you look at the disruption that we attributed at the EPS, about $0.11 for Shred. And that was putting it into production for the first time. Only a couple of hundred people knowing the system, first time doing data conversion, et cetera. I think our ranges cover any potential risk there. And we're working to not have that be a risk factor.

是的。如果你看看我們的範圍，看看我們歸因於 EPS 的中斷，Shred 約為 0.11 美元。這是第一次將其投入生產。只有幾百人知道這個系統，第一次做數據轉換等等。我認為我們的範圍涵蓋了那裡的任何潛在風險。我們正在努力不讓它成為一個風險因素。

That concludes our Q&A session, so I'll hand back over to Cindy Miller for closing remarks.

我們的問答環節到此結束，所以我將把結束語交還給 Cindy Miller。

Thank you, Maxine. So to everyone listening to this call, we greatly appreciate your interest in Stericycle, and your shared excitement in our future. So thank you very much.

謝謝你，馬克辛。因此，對於所有聽到此電話的人，我們非常感謝您對 Stericycle 的興趣，以及您對我們未來的共同興奮。非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。