Waste Connections Inc (WCN) 2024 Q2 法說會逐字稿

Good day, and welcome to the Waste Connections Inc second-quarter 2024 earnings conference call. (Operator Instructions)

美好的一天，歡迎參加 Waste Connections Inc 2024 年第二季財報電話會議。（操作員說明）

Please note today's event is being recorded. I would now like to turn the conference over to Ron Mittelstaedt, President and CEO. Please go ahead, sir.

請注意今天的活動正在錄製中。現在我想將會議交給總裁兼執行長 Ron Mittelstaedt。請繼續，先生。

Thank you, operator, and good morning. I would like to welcome everyone to this conference call to discuss our second quarter results, and an updated outlook for 2024 and to provide a detailed outlook for the third quarter. I am joined this morning by Mary Anne Whitney, our CFO, and several other members of our senior management.

謝謝您，接線員，早安。我謹歡迎大家參加這次電話會議，討論我們第二季的業績、2024 年的最新展望，並提供第三季的詳細展望。今天早上，我們的財務長瑪麗安妮惠特尼 (Mary Anne Whitney) 和其他幾位高階管理層成員也加入了我的行列。

As noted in our earnings release, solid operational execution, supplemented by incremental acquisitions and increased commodity values, drove an across-the-board beat in the second quarter, positioning us for an increase to our full year outlook.

正如我們在財報中所指出的，穩健的營運執行，輔以增量收購和商品價值的增加，推動了第二季度的全面成長，使我們能夠上調全年預期。

Revenue and adjusted EBITDA increased in the quarter by 11.2% and 16.4%, respectively, as price-led organic solid waste growth and 100 basis point sequential improvement in volume was augmented by accretive acquisitions.

本季營收和調整後 EBITDA 分別成長 11.2% 和 16.4%，原因是價格主導的有機固體廢棄物成長和數量較上季 100 個基點的成長因收購的增加而增加。

We are extremely pleased by the continued strength of our operational execution during the quarter, including sequential improvement in employee retention, as we maintain the strategy that has served to differentiate our results, and which positions us for continued outsized growth.

我們對本季營運執行的持續強勁感到非常高興，包括員工留任率的連續改善，因為我們維持了使我們的業績脫穎而出的策略，並使我們能夠持續大幅成長。

Given the strength of our performance in the first half of 2024, the momentum from continuing trends and contribution from recent acquisitions, we are raising our full year 2024 outlook to approximately $8.85 billion in revenue, and approximately $2.9 billion in adjusted EBITDA, or 32.8% adjusted EBITDA margin exceeding our initial outlook, and up 130 basis points as compared to the prior year.

鑑於我們 2024 年上半年的強勁業績、持續趨勢帶來的動力以及近期收購的貢獻，我們將 2024 年全年收入預期上調至約 88.5 億美元，調整後 EBITDA 約 29 億美元，即 32.8%調整後的EBITDA 利潤率超出了我們最初的預期，比前一年增長了130 個基點。

Before we get into much more detail, let me turn the call over to Mary Anne for our forward-looking disclaimer and other housekeeping items.

在我們詳細介紹之前，請允許我將電話轉給瑪麗安妮，以獲取我們的前瞻性免責聲明和其他內務事項。

Thank you, Ron, and good morning. The discussion during today's call includes forward-looking statements made pursuant to the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995 including forward-looking information within the meaning of applicable Canadian securities laws. Actual results could differ materially from those made in such forward-looking statements due to various risks and uncertainties.

謝謝你，羅恩，早安。今天電話會議的討論包括根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述，包括適用的加拿大證券法含義內的前瞻性資訊。由於各種風險和不確定性，實際結果可能與此類前瞻性陳述中的結果有重大差異。

Factors that could cause actual results to differ discussed both in the cautionary statement included in our July '24 earnings release, and in greater detail in Waste Connections filings with the US Securities and Exchange Commission, and the Securities Commissions, or similar regulatory authorities in Canada.

可能導致實際結果不同的因素在我們24 年7 月收益發布中包含的警示性聲明中進行了討論，並在向美國證券交易委員會、美國證券交易委員會或加拿大類似監管機構提交的Waste Connections 文件中進行了更詳細的討論。

You should not place undue reliance on forward-looking statements, as there may be additional risks of which we are not presently aware or that we currently believe are immaterial, which could have an adverse impact on our business.

您不應過度依賴前瞻性陳述，因為可能存在我們目前尚未意識到或我們目前認為無關緊要的其他風險，這可能對我們的業務產生不利影響。

We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change after today's date.

我們不承諾修改或更新任何前瞻性陳述以反映今天之後可能發生變化的事件或情況。

On the call, we will discuss non-GAAP measures such as adjusted EBITDA, adjusted net income attributable to Waste Connections on both a dollar basis and per diluted share, and adjusted free cash flow. Please refer to our earnings releases for a reconciliation of such non-GAAP measures to the most comparable GAAP measures.

在電話會議上，我們將討論非公認會計原則措施，例如調整後的 EBITDA、調整後歸屬於 Waste Connections 的淨利潤（以美元為基礎和稀釋後每股收益）以及調整後的自由現金流。請參閱我們的收益發布，以了解此類非 GAAP 指標與最具可比性 GAAP 指標的對帳情況。

Management uses certain non-GAAP measures to evaluate and monitor the ongoing financial performance of our operations. Other companies may calculate these non-GAAP measures differently. I will now turn the call back over to Ron.

管理階層使用某些非公認會計原則衡量標準來評估和監控我們營運的持續財務表現。其他公司可能會以不同的方式計算這些非公認會計準則指標。我現在將把電話轉回給羅恩。

Okay. Thank you, Mary Anne. Revenue growth of over 11% in the second quarter was driven primarily by core solid waste pricing of 7% which range from over 5% in our mostly exclusive market western region to over 8% in our competitive market regions. Pricing is largely in place for the full year and continues to reflect the resilience of our market model with retention in line with historical levels.

好的。謝謝你，瑪麗安妮。第二季營收成長超過 11%，主要是由於核心固體廢棄物定價為 7%，其範圍從我們主要獨家市場西部地區的 5% 以上到我們競爭市場區域的 8% 以上。全年定價基本上已到位，並繼續反映我們市場模式的彈性，保留率與歷史水平一致。

Reported solid waste volumes of negative 2.8% in the quarter were up 100 basis points from Q1 and continue to reflect the ongoing purposeful shedding and price volume trade-offs that we have discussed in previous quarters. That sequential improvement was in line with our expectations despite unlimited seasonal ramp impacting most notably special waste tons which reflect the more cyclical and event-driven aspects of the business.

據報告，本季度固體廢物量為負 2.8%，比第一季度增加了 100 個基點，並繼續反映了我們在前幾個季度討論過的持續有目的的廢棄物排放和價格量權衡。儘管無限的季節性成長影響最顯著的是特殊廢棄物噸，這反映了業務更具週期性和事件驅動的方面，但這種連續的改善符合我們的預期。

Special waste tons were down 13% year-over-year in Q2, and reduced or delayed project activity across most regions, and are now down 20% from '22 levels -- a reminder of the cyclical sensitivity of these speculative and event-driven waste streams.

第二季特殊廢棄物噸數年減 13%，大多數地區的專案活動減少或推遲，目前較 22 年水準下降 20%——這提醒人們這些投機和事件驅動的周期性敏感性廢物流。

In spite of these declines in underlying activity levels, we are encouraged by the pace of sequential improvement to reported volumes as we anniversary the purposeful shedding and nonrenewal of certain contracts during previous quarters. Any pickup in the macro environment to drive incremental activity levels would be additive to that improvement.

儘管基礎活動水準有所下降，但在我們紀念前幾季有目的地放棄和不續簽某些合約之際，我們對報告數量的連續改善步伐感到鼓舞。宏觀環境中任何推動增量活動水準的回升都將有助於這種改善。

Beyond solid waste, revenues also played out slightly better than expected in Q2, with recycled commodities, landfill gas, and renewable energy credits, or RENs, collectively up about 40% year-over-year. Recycled commodity values were up around 20% from earlier this year, and prices for OCC, or old corrugated containers, averaging about $140 per ton in Q2.

除了固體廢棄物之外，第二季的營收也略好於預期，回收商品、垃圾掩埋氣和再生能源信用額 (REN) 合計較去年同期成長約 40%。回收商品的價值比今年稍早上漲了約 20%，第二季 OCC（即舊瓦楞紙箱）的價格平均每噸約 140 美元。

RENs averaged slightly above $3 with higher values mitigating impacts from additional costs and delays in the commissioning and start-up of the three renewable natural gas plants previously expected to commence operations in Q2. These benefits are now expected to begin during Q3.

REN 平均略高於 3 美元，較高的價值減輕了額外成本以及先前預計在第二季度開始運營的三個可再生天然氣工廠調試和啟動延遲的影響。這些好處預計將在第三季開始。

Along with better-than-expected financial results, we saw continued improvement in trends for employee retention. In Q2, voluntary turnover once again stepped down sequentially, now marking our seventh consecutive quarter of improvement.

除了好於預期的財務表現之外，我們還看到員工留任率趨勢持續改善。第二季度，自願營業額再次較上季下降，目前標誌著我們連續第七個季度有所改善。

At the low 15%, voluntary turnover levels are now 35% below the peaks we saw during 2022, with open positions down 45% from related highs from two years ago. The wide-ranging benefits of reducing open positions include not only better safety incident rates, but also improved levels of service and customer satisfaction along with employee engagement.

在 15% 的低位，自願換手率現在比 2022 年的峰值低 35%，未平倉部位比兩年前的相關高點下降了 45%。減少空缺職位的廣泛好處不僅包括提高安全事故率，還包括提高服務水準和客戶滿意度以及員工敬業度。

To that end, as noted earlier this year, we've also expanded training including through our two in-house driver academies where we will be actively engaging both new hires and existing employees, along with our diesel technician school partnership offering and emphasizing opportunities for family members of existing employees.

為此，正如今年早些時候所指出的，我們還擴大了培訓範圍，包括透過我們的兩個內部駕駛員學院，我們將積極吸引新員工和現有員工，並與我們的柴油技術學校合作夥伴關係提供並強調機會現有員工的家庭成員。

We are already realizing the impact of these internal efforts on retention, and continue to expect them to augment the improving dynamics we've seen in employee recruiting resulting from additional resources and targeted efforts.

我們已經意識到這些內部努力對留任人員的影響，並繼續期望它們能夠增強我們在員工招募中看到的額外資源和有針對性的努力而帶來的改善動力。

The changes put in place today are investments to drive continued outside margin expansion from future savings in productivity and risk management, along with continued and expected growing savings across several areas, including labor, maintenance and third-party services.

今天實施的變革是投資，旨在透過未來生產力和風險管理方面的節省，以及包括勞動力、維護和第三方服務在內的多個領域持續且預期不斷增長的節省，推動外部利潤持續擴張。

We're also taking steps to address the evolving opportunities around PFAS, capture, and removal through leachate treatment, with the introduction of technology through partnerships at several of our landfills. Consistent with our sustainability-related priorities, we're positioning ourselves for decreased reliance on treatment by third parties as we develop and expand our internal capabilities.

我們也採取措施，透過與幾個垃圾掩埋場的合作夥伴關係引進技術，透過滲濾液處理來應對 PFAS、捕獲和清除方面不斷變化的機會。與我們與永續發展相關的優先事項一致，我們在發展和擴大內部能力的過程中減少對第三方處理的依賴。

Moreover, we're actively pursuing other investments in technology focused on both customer experience and our operations, including the use of robotics in our recycling facilities, and through machine learning applications, using cameras in our trucks for safety, service and sales opportunities. We see the benefits from these and other AI-driven applications as opportunities to drive both growth and value creation.

此外，我們正在積極尋求其他技術投資，重點關注客戶體驗和我們的運營，包括在我們的回收設施中使用機器人，以及透過機器學習應用程序，在我們的卡車中使用攝影機以獲得安全、服務和銷售機會。我們將這些和其他人工智慧驅動的應用程式的好處視為推動成長和價值創造的機會。

On the subject of value creation, moving next to acquisitions -- another key driver of our growth. We are positioned for a record year of private company acquisition activity in 2024, having already completed 18 acquisitions with over $500 million in annualized revenue.

在價值創造方面，接下來是收購—我們成長的另一個關鍵驅動力。我們預計 2024 年將是私人公司收購活動創紀錄的一年，目前我們已經完成了 18 項收購，年收入超過 5 億美元。

Acquisitions during the second quarter included multiple tuck-ins to existing markets as well as the strategic acquisition of state-of-the-art recycling facilities in the Pacific Northwest, furthering our sustainability-related efforts and internalizing our recyclables in that market.

第二季的收購包括對現有市場的多次收購，以及對太平洋西北地區最先進的回收設施的策略性收購，進一步推進了我們與永續發展相關的努力，並將我們在該市場的可回收材料內部化。

In addition to the deals already closed this year, we have over $150 million in annualized revenue from solid waste acquisitions in franchise markets spread across multiple geographies that are under definitive agreement and expected to close later this year.

除了今年已經完成的交易外，我們還從遍布多個地區的特許經營市場的固體廢物收購中獲得了超過1.5 億美元的年化收入，這些特許經營市場已簽訂最終協議，預計將在今年晚些時候完成。

To be clear, these have not been included in our updated full year 2024 outlook. Continued balance strength provides the flexibility to fund outsized acquisition activity along with an increasing return of capital to shareholders.

需要明確的是，這些尚未包含在我們更新的 2024 年全年展望中。持續的平衡實力提供了為大規模收購活動提供資金的靈活性，同時增加了股東的資本回報。

We continue to see high levels of seller interest and have a robust pipeline of solid waste opportunities across our footprint, positioning us for over $700 million in acquired revenue by the end of 2024, which would set an all-time annual record for us in private company acquired revenue. And to be clear, this is $700 million of acquired revenue in acquisition, not $700 million in acquisition spend, as has recently been communicated by others.

我們繼續看到賣家的高興趣，並且在我們的業務範圍內擁有強大的固體廢物機會管道，到 2024 年底，我們的收入將超過 7 億美元，這將創下我們私營企業的歷史年度記錄公司獲得收入。需要明確的是，這是收購中獲得的 7 億美元收入，而不是其他人最近傳達的 7 億美元收購支出。

With over 1% rollover contribution in 2025 already in hand from acquisitions closed, we are well positioned for up to 3% or more rollover, including incremental contribution from other deals, as well as those noted under definitive agreement, and based on our ongoing elevated activity levels.

2025 年完成的收購已帶來超過 1% 的展期貢獻，我們有能力實現高達 3% 或更多的展期貢獻，包括其他交易以及最終協議中提到的增量貢獻，並基於我們持續的提升活動水平。

Clearly, a great way to already be positioning for continued outside growth as we look ahead to 2025. And now I'd like to pass the call to Mary Anne to review more in depth, the financial highlights of the second quarter, to review our increased full year 2024 outlook, and provide a detailed outlook for Q3. I will then wrap up before we head into Q&A.

顯然，在我們展望 2025 年時，這是為持續外部成長做好準備的好方法。現在，我想轉達給瑪麗安妮 (Mary Anne) 的電話，讓她更深入地回顧第二季度的財務亮點，回顧我們上調的 2024 年全年展望，並提供第三季度的詳細展望。然後，在我們進入問答環節之前，我將總結一下。

Thank you, Ron. In the second quarter, revenue of $2.248 billion was $23 million above the high end of our outlook due primarily to incremental acquisition contributions and higher recovered commodity values.

謝謝你，羅恩。第二季的營收為 22.48 億美元，比我們預期的上限高出 2,300 萬美元，這主要是由於增量收購貢獻和更高的回收商品價值。

Revenue on a reported basis was up $227 million or 11.2% year-over-year. Acquisitions completed since a year ago period contributed about $123 million of revenue in the quarter, or about $121 million net of divestitures. As Ron noted, core pricing was 7% in Q2, with price stepping down sequentially as a result of the typical cadence of seasonality on reported price.

報告營收年增 2.27 億美元，成長 11.2%。自去年同期以來完成的收購為本季貢獻了約 1.23 億美元的收入，扣除資產剝離後的收入約為 1.21 億美元。正如 Ron 指出的那樣，第二季的核心定價為 7%，由於報告價格的典型季節性節奏，價格依次下降。

Fuel and material surcharges of negative 20 basis points in the quarter primarily reflects the benefit of improving diesel costs. As Ron also noted, volumes were down 2.8% as expected, up 100 basis points sequentially in spite of underlying volume declines.

本季燃油和材料附加費負20個基點主要反映了柴油成本改善的好處。Ron 也指出，儘管基本成交量有所下降，但成交量仍按預期下降 2.8%，環比上升 100 個基點。

Here are the steps looking at year-over-year results in Q2 on a same-store basis. Daily roll-off pulls were down 3%, driven by declines in all regions, except the Western US, where pulls were up about 2%, and daily landfill tons were down 2%, and special waste activity down 13% year-over-year, and down over 20% from 2022.

以下是查看第二季同店年比業績的步驟。每日滾裝量下降了3%，主要受到所有地區下降的推動，但美國西部除外，該地區的每日滾裝量增加了約2%，每日垃圾掩埋量下降了2%，特殊廢棄物活動年減了13%。

Similarly, C&D tons were down 4% year-over-year, while MSW tons were up 3% in Q2. The declines in both special waste and C&D were most notable in our central and mid-south region.

同樣，第二季的拆建垃圾噸數較去年同期下降 4%，而都市固體垃圾噸數則增加 3%。特殊廢棄物和拆建建築的下降在中部和中南部地區最為顯著。

Adjusted EBITDA for Q2, as reconciled in our earnings release, was $731.8 million, up 16.4% year-over-year and about $10 million above the high end of our outlook. At 32.6% of revenue, our adjusted EBITDA margin was 10 basis points above our outlook, and up 150 basis points year-over-year, including about 20 basis point drag from the decline in special waste tons referenced earlier.

根據我們的財報發布的數據，第二季調整後 EBITDA 為 7.318 億美元，年增 16.4%，比我們預期的上限高出約 1,000 萬美元。我們調整後的 EBITDA 利潤率佔營收的 32.6%，比我們的預期高出 10 個基點，年增 150 個基點，其中包括先前提到的特殊廢棄物噸數下降帶來的約 20 個基點的拖累。

Adjusting for that impact, underlying solid waste margins were up 80 basis points to 90 basis points, reflecting benefits from reductions in certain third-party costs as retention improves and as some cost pressures abate.

在調整此影響後，基本固體廢棄物利潤率上升了 80 個基點至 90 個基點，反映出隨著保留率的提高和一些成本壓力的減輕，某些第三方成本減少的好處。

Other key margin contributors include combined commodity-related impacts of 50 basis points to 60 basis points, and about 30 basis points benefit from acquisitions. Net interest expense in the quarter of $78.4 million reflects the benefit of both our Q1 public offering and $750 million of senior notes in the US, and our CAD500 million inaugural senior notes offering in Canada completed in June.

其他主要利潤貢獻因素包括商品相關影響 50 個基點至 60 個基點，以及約 30 個基點從收購中受益。本季 7,840 萬美元的淨利息支出反映了我們第一季公開發行和在美國發行 7.5 億美元優先票據以及 6 月在加拿大完成的 5 億加元首次優先票據發行的收益。

Our current weighted average cost of debt is approximately 4% with an average tenor of about 10 years. We ended the quarter with debt outstanding of about $7.71 billion, about 13% of which was floating rate and liquidity of approximately $1.26 billion.

我們目前的加權平均債務成本約為 4%，平均期限約為 10 年。本季末，我們的未償債務約為 77.1 億美元，其中約 13% 為浮動利率，流動性約為 12.6 億美元。

In spite of acquisition outlays of $1.5 billion through Q2, our leverage ratio is defined in our credit facility declined in the quarter to 2.67 times debt to adjusted EBITDA. Our effective tax rate for the second quarter was 22.6%, slightly below our outlook on lower foreign exchange rates, and finally, year-to-date, we have delivered adjusted free cash flow of $727.4 million or 16.8% of revenue, up 15% year-over-year.

儘管第二季的收購支出為 15 億美元，但我們的信貸額度中定義的槓桿率在本季下降至債務與調整後 EBITDA 的 2.67 倍。我們第二季的有效稅率為 22.6%，略低於我們對較低匯率的預期，最後，今年迄今為止，我們已實現調整後自由現金流 7.274 億美元，佔收入的 16.8%，增長 15%一年又一年。

I will now review our updated outlook for the full year and provide our outlook for the third quarter of 2024. Before I do, we'd like to remind everyone, once again, that actual results may vary significantly based on risks and uncertainties outlined in our safe harbor statement and filings we've made with the SEC and the Securities Commissions or similar regulatory authorities in Canada. We encourage investors to review these factors carefully.

我現在將回顧我們最新的全年展望，並提供 2024 年第三季的展望。在此之前，我們想再次提醒大家，根據我們的安全港聲明以及我們向 SEC 和證券委員會或類似監管機構提交的文件中概述的風險和不確定性，實際結果可能會存在很大差異。我們鼓勵投資者仔細審查這些因素。

Our outlook assumes no change in the current economic environment or underlying economic trends. It also excludes any impact from additional acquisitions that may close during the remainder of the year, and expensing of transaction-related items during the period.

我們的前景假設當前經濟環境或基本經濟趨勢沒有改變。它還排除了可能在今年剩餘時間內完成的額外收購以及在此期間交易相關項目的費用的任何影響。

Looking first at our updated outlook for the full year as provided for and reconciled in our earnings release. Revenue is now estimated at approximately $8.85 billion, up $100 million from our initial outlook, primarily as a result of contributions from acquisitions completed since that time, plus updated values for recycled commodities with volumes reflecting recent trends.

首先看看我們最新的全年展望，如我們的收益發布中所規定和調整的那樣。目前預計收入約為88.5 億美元，比我們最初的預期高出1 億美元，這主要是由於自那時以來完成的收購的貢獻，加上回收商品的最新價值（其數量反映了最近的趨勢） 。

Adjusted EBITDA for the full year is now estimated at approximately $2.9 billion, or 32.8% of revenue, up $40 million and 10 basis points above our initial outlook, for a 130 basis point year-over-year increase in adjusted EBITDA margin for 2024. Our adjusted free cash flow outlook for 2024 remains unchanged at approximately $1.2 billion on CapEx of approximately $1.15 billion.

目前預計全年調整後 EBITDA 約為 29 億美元，佔營收的 32.8%，比我們最初的預期增加 4,000 萬美元，高出 10 個基點，2024 年調整後 EBITDA 利潤率年增 130 個基點。我們調整後的 2024 年自由現金流前景維持在約 12 億美元不變，資本支出約 11.5 億美元。

Turning next to our outlook for Q3. Revenue in Q3 is estimated to be in the range of $2.275 billion to $2.3 billion and adjusted EBITDA margin in Q3 is estimated at approximately 33.7%, up 120 basis points year-over-year.

接下來轉向我們對第三季的展望。第三季營收預計在 22.75 億美元至 23 億美元之間，調整後 EBITDA 利潤率預計約為 33.7%，年增 120 個基點。

Depreciation and amortization expense for the third quarter is estimated at approximately 12.7% of revenue, including amortization of intangibles of about $44 million or $0.13 per diluted share net of taxes. Interest expense, net of interest income, is estimated at approximately $82 million for the third quarter, and finally, our effective tax rate in Q3 is estimated at about 23.5%, subject to some variability.

第三季的折舊和攤銷費用預計約佔收入的 12.7%，其中包括約 4,400 萬美元的無形資產攤銷，即稅後每股稀釋後每股 0.13 美元的攤銷。扣除利息收入後，第三季的利息支出估計約為 8,200 萬美元，最後，我們第三季的有效稅率估計約為 23.5%，可能會有一些波動。

And now let me turn the call back over to Ron for some final remarks before Q&A.

現在讓我把電話轉回給羅恩，讓他在問答之前做一些最後的評論。

Okay. Thank you, Mary Anne. We're extremely grateful to our teams for once again driving better-than-expected results, while prioritizing our most important assets -- our people -- and positioning ourselves for continued growth.

好的。謝謝你，瑪麗安妮。我們非常感謝我們的團隊再次取得了好於預期的成果，同時優先考慮我們最重要的資產——我們的員工——並為持續成長做好準備。

On double-digit top line growth, we further expanded our already industry-leading margins during the quarter, while implementing and integrating record amounts of acquisition activity. And as indicated by our increased outlook for revenue, adjusted EBITDA and EBITDA margin for the full year, we remain well positioned for continued outside margin expansion throughout 2024.

在實現兩位數的營收成長的同時，我們在本季進一步擴大了業已領先的利潤率，同時實施和整合了創紀錄數量的收購活動。正如我們對全年收入、調整後 EBITDA 和 EBITDA 利潤率的預期提高所表明的那樣，我們仍處於 2024 年持續外部利潤率擴張的有利位置。

In fact, as provided in our updated outlook for 2024, our Q3 outlook reflects margins approaching the 34% threshold we've referenced in recent quarters, and that's in spite of a slower seasonal ramp thus far and ongoing cost pressures in many areas.

事實上，正如我們更新的2024 年展望中所提供的那樣，我們的第三季度展望反映了利潤率接近我們最近幾個季度提到的34% 的閾值，儘管迄今為止季節性增長較慢，並且許多領域持續存在成本壓力。

Our results reflect our consistent focus on revenue quality as we shed less profitable activities and maintain a disciplined approach to acquisitions, a strategy that has served us well.

我們的業績反映了我們對收入品質的一貫關注，因為我們放棄了利潤較低的活動，並保持嚴格的收購方式，而這項策略對我們很有幫助。

Moreover, our results in 2024 should set up another year of outsized growth in 2025, expected to be driven once again by price-led organic growth, along with rollover contribution from acquisitions already completed and under agreement.

此外，我們 2024 年的業績應該會在 2025 年實現另一個超額增長，預計將再次受到價格主導的有機增長以及已經完成和已達成協議的收購的展期貢獻的推動。

Looking ahead, we would expect our financial results to reflect more of the benefits from improving operating results and retention and safety, along with the potential for underlying volume improvement and easing of cost pressures not fully captured by headline CPI in the current environment.

展望未來，我們預期我們的財務表現將更能反映改善經營績效、保留率和安全性所帶來的好處，以及潛在的銷售改善和緩解當前環境下整體消費物價指數未能完全體現的成本壓力。

As we reflect on the success to date and our positioning for 2025, I want to conclude by thanking our nearly 24,000 employees whose dedication is truly our greatest asset. Our differentiated results are driven by their commitment to our operating values -- safety, integrity, and customer service -- as we strive every day to be the premier service provider in North America and a great place to work.

當我們反思迄今為止所取得的成功以及我們對 2025 年的定位時，我想最後感謝我們近 24,000 名員工，他們的奉獻確實是我們最大的資產。我們的差異化成果源自於他們對我們的營運價值觀（安全、誠信和客戶服務）的承諾，因為我們每天都在努力成為北美首屈一指的服務提供者和理想的工作場所。

With solid waste pricing largely in place, higher commodity values and record M&A activity driving better-than-expected results, we're off to a great start for 2024 and well positioned for continuing success.

由於固體廢棄物定價基本上到位、商品價值提高以及創紀錄的併購活動推動了好於預期的業績，我們在 2024 年有了一個良好的開端，並為持續取得成功做好了準備。

And for those of you in New York City, you've probably seen our EV trucks in action picking up recyclables. We're excited to expand our presence across the city, beginning with the first commercial pilot zone this fall as well as additional expansion we expect. We'll keep you posted on this and other developments.

對於紐約市的人們來說，您可能已經看到我們的電動卡車正在運送可回收材料。我們很高興能夠在整個城市擴大我們的業務，從今年秋天的第一個商業試驗區開始，以及我們預計的進一步擴張。我們將隨時向您通報這項進展和其他進展。

We appreciate your time today. And I will now turn this call over to the operator to open up the lines for your questions. Operator?

我們非常感謝您今天抽出時間。現在我將把這個電話轉給接線員，以便為您解答問題。操作員？

(Operator Instructions)

（操作員說明）

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

Good morning. Hey, I just want to make sure I have it. So what are kind of the expectations around volume in the second half? Is maybe Q3 still under pretty good pressure, and it eases in Q4 as you anniversary that purposeful shedding? Or would Q4 also remain under pretty good pressure?

早安.嘿，我只是想確保我擁有它。那麼下半年銷售的預期如何？也許第三季度仍然承受著相當大的壓力，並且在第四季度，隨著您有目的地擺脫的周年紀念日，壓力有所緩解？或者第四季也會繼續承受相當大的壓力嗎？

Well, Tyler, if you think about the way we came into the year, our expectation was that volumes would be most negative early in the year and sequentially improve as we anniversaried the shedding and the purposeful nonrenewal of contracts.

好吧，泰勒，如果你考慮一下我們進入今年的方式，我們的預期是，今年早些時候銷量將是最負的，並隨著我們週年紀念日的剝離和有目的地不續簽合同而逐漸改善。

We also expect that there would be some contribution from underlying volume generation, which we haven't seen yet, which is why in the updated guidance, you can see the impact to volumes that's implied by that. And so I would say the trajectory, the pace is a little different, but we would still see sequential improvement Q3 versus Q2, and then about the same or a little better in Q4, again, as we anniversary known losses, very purposeful losses.

我們也預期基礎卷產生會產生一些貢獻，這是我們尚未看到的，這就是為什麼在更新的指南中，您可以看到它所暗示的對卷的影響。所以我想說，軌跡、節奏有點不同，但我們仍然會看到第三季度相對於第二季度的連續改善，然後在第四季度大致相同或更好一點，同樣，因為我們週年紀念日已知損失，非常有目的的損失。

The upside, of course, would come from any pickup in that activity. As at this point, as we've mentioned on the call, Q2, we didn't see the seasonal ramp in special waste, and as you know, Q3 is the strongest seasonal quarter. And so we'd be looking for that to come back and haven't seen it yet.

當然，好處將來自於該活動的任何回升。截至目前，正如我們在電話會議中提到的，第二季度，我們沒有看到特殊廢物的季節性增長，正如您所知，第三季度是最強勁的季節性季度。所以我們一直在尋找它回來，但還沒有看到它。

Right. And that kind of plays into my second question, and I don't want to necessarily get out on my skis here, but it seems that you have a pretty easy special waste, maybe even C&D comp into next year. It feels like housing is maybe a coiled spring if mortgage rates could move lower, infrastructure spending should be pretty good next year. I guess do you think roll off and maybe just volumes more broadly could stabilize into '25, maybe '26 after three years of negative volumes? Or will that calling still pressure that?

正確的。這涉及我的第二個問題，我不想在這裡滑雪，但似乎你有一個非常容易的特殊浪費，甚至可能是明年的 C&D 補償。感覺如果抵押貸款利率可以降低，住房可能就像一個螺旋彈簧，明年的基礎設施支出應該會相當不錯。我想您是否認為在經歷了三年的負銷量之後，更廣泛的成交量可能會穩定到 25 年，也許是 26 年？或者那個召喚仍然會帶來壓力嗎？

Yes. I mean obviously, Tyler, we can't predict total macro economy, but I would agree with you. Look, as you know, special waste in particular, 90-plus percent of special waste that this industry speaks about is the cleanup of generally contaminated soils for speculative real estate development, residential, commercially or industrially.

是的。我的意思顯然是，泰勒，我們無法預測整體宏觀經濟，但我同意你的觀點。如你所知，特別是特殊廢棄物，這個行業所說的90%以上的特殊廢棄物是為了投機性房地產開發、住宅、商業或工業而清理普遍受污染的土壤。

What we are seeing is that many municipalities across the US are saying they are sort of cash strapped in their current budgets, and are delaying the completion or the starting of their larger projects within their communities.

我們看到的是，美國許多城市都表示，他們目前的預算有些現金緊張，並且正在推遲社區內大型計畫的完成或啟動。

At some point, that just ends, okay? And so there's a natural bounce back of that. And so we've seen these cycles before. There's generally a year, up to maybe 1.5 years long. We feel like we've been in this sort of for the last 18 months. So I would concur with you that at some point in '25 and certainly, as we go into '26, that should improve.

到了某個時候，一切都會結束，好嗎？因此，這種情況會自然反彈。所以我們以前見過這些週期。一般是一年，最長可能是1.5年。我們感覺過去 18 個月我們一直處於這種狀態。所以我同意你的觀點，在 25 年的某個時候，當然，當我們進入 26 年時，情況應該會有所改善。

I would also note, Tyler, that we have historically seen in national election years, presidential election years, we've seen sort of just a stall of activity as things become unknown, leading up to an election, and then sort of a releasing of it once the results are known. So for all those reasons, I would concur with that your statement.

我還想指出，泰勒，我們在歷史上看到，在全國選舉年、總統選舉年，隨著事情變得未知，我們看到了某種活動的停滯，導致了選舉，然後釋放了一旦結果得知。因此，基於所有這些原因，我同意你的說法。

Yes. Interesting, okay. And then, Ron, on the labor front, it sounds like turnover continues to trend lower. I know that there are lagged benefits there. So as we look at the margin performance this year, how much is attributable, maybe this is difficult, but how much is attributable to idiosyncratic labor benefits, and how much of it is just solid execution positive price-to-cost spread? And I guess what I'm getting at is won't some of that labor benefit really trickle more into '25?

是的。有趣，好吧。然後，羅恩，在勞動力方面，聽起來營業額繼續呈下降趨勢。我知道那裡有滯後的好處。因此，當我們審視今年的利潤率表現時，有多少可歸因於，也許這很困難，但有多少可歸因於特殊的勞動力福利，又有多少只是可靠的執行力正價差？我想我的意思是，有些勞動力福利不會真正更多地流入25年嗎？

Yes, so first off, Tyler, as you know, and others, we have said that as we get turned over to our targeted levels -- we're not there, but we're getting closer -- that as we come through '25, we should see approximately 100 basis points of margin expansion due to these efforts.

是的，所以首先，泰勒，正如你所知，還有其他人，我們已經說過，當我們達到目標水平時——我們還沒有達到目標水平，但我們正在接近目標水平——當我們通過‘ 25 日，由於這些努力，我們應該會看到利潤率擴大約100 個基點。

To date, we've captured about 25 basis points to 30 basis points of that. So it implies there's another 70 to 75 to go. And we would -- we still are fully confident in capturing that. As we've said all along, it doesn't just come in the labor line. It comes in six or seven areas, 15 basis points to 20 basis points in an area.

到目前為止，我們已經鎖定了大約 25 個基點到 30 個基點。所以這意味著還有 70 到 75 場比賽要進行。我們仍然完全有信心抓住這一點。正如我們一直以來所說的，它不僅存在於勞工領域。它分為六、七個領域，每個領域15個基點到20個基點。

Labor, labor overtime, variable, third-party repairs, outside repairs, all of these things are affected by what your downtime is on your routes and what your route times are due to your headcount. So yes, it's a long-winded answer to say, we do. We think we're a little more than 1/4 of a way there. And that's why we've made comment of outside margin expansion continuing in '25.

人工、人工加班、可變的、第三方維修、外部維修，所有這些都受到路線上的停機時間以及因人數而導致的路線時間的影響。所以，是的，這是一個冗長的答案，說「我們願意」。我們認為我們已經完成了 1/4 多一點。這就是為什麼我們對 25 年外部利潤率持續擴張發表評論的原因。

Right. And the other element associated with that, Tyler, is really what hasn't abated today where we still see the runway for opportunity. We made reference to the fact that we had outsized underlying margin expansion in solid waste in Q2, and I would note that, that's in the face of still seeing same employee wage increases above 5.5%.

正確的。與此相關的另一個因素，泰勒，實際上並沒有減弱，今天我們仍然看到機會的跑道。我們提到了這樣一個事實，即第二季度我們在固體廢物方面的潛在利潤率大幅擴張，我要指出的是，這是在員工工資增幅仍高於 5.5% 的情況下發生的。

And as you may recall, coming into the year, we thought the 6% we were seeing would abate to sub-5% as we move through the year. So we're still looking forward to that. And that's the point about headline CPI, not necessarily capturing the reality of all the cost pressures that still continue.

您可能還記得，進入今年，我們認為隨著時間的推移，我們所看到的 6% 將降至 5% 以下。所以我們仍然對此充滿期待。這就是整體消費者物價指數的要點，它不一定能反映出仍然持續存在的所有成本壓力的現實。

Okay, perfect. Thank you guys so much.

好的，完美。非常感謝你們。

Kevin Chiang, CIBC.

凱文·蔣，CIBC。

Hi, good morning. Thanks for taking my questions. You noted in the prepared remarks, just that you still see strong seller interest. I guess if I look at maybe what's happening both in Canada and the U.S. We did have a change in capital gains legislation up here.

早安.感謝您回答我的問題。您在準備好的評論中指出，您仍然看到賣家的濃厚興趣。我想如果我看看加拿大和美國正在發生的事情，我們確實對資本利得立法進行了修改。

We also could have an election next year. And obviously, you guys are going through an election with a potential change in administration later this year. Just wondering if you're seeing any changes in that seller expectation, or maybe how sellers might be trying to time deals just based on what's happening both in Canada and the US?

我們明年也可能舉行選舉。顯然，你們正在經歷一場選舉，今年稍後政府可能會改變。只是想知道您是否看到賣家期望發生任何變化，或者賣家可能如何根據加拿大和美國發生的情況來嘗試安排交易時間？

Yes. Well, I mean, very intuitive question, Kevin. So look, we would tell you that historically, and we do not believe this is any different, that as potential increases in capital gains tax, have a very material impact on seller psychology and timing.

是的。嗯，我的意思是，非常直覺的問題，凱文。因此，我們會告訴您，從歷史上看，我們認為這沒有什麼不同，隨著資本利得稅的潛在增加，會對賣方心理和時機產生非常重大的影響。

And as we currently know, the former Trump tax cuts that were put in place are currently set to expire at the end of '25, if they're not acted on prior in either direction. So if there is -- depending on who wins in the US in the Presidential election and of course, the House and Senate -- if there was a belief that sometime in '25 or beginning in '26, capital gains rates would be going up, I think you would see quite a bit of accelerated seller activity throughout the back half of '24 and throughout '25.

據我們目前所知，川普先前實施的減稅政策如果不提前採取行動，目前將於 25 年底到期。因此，如果有——取決於誰在美國總統選舉中獲勝，當然還有眾議院和參議院——如果人們相信在 25 年的某個時候或從 26 年初，資本利得率將會上升，我認為您會在24 年下半年和25 年整個期間看到賣家活動明顯加速。

Conversely, if, again, depending on that, if there was a belief that it was going to be where it is today or lower, I think that just sort of perpetuates where things are. So obviously, if it got much higher here, at least in the US that would be a negative after '25 on seller psychology.

相反，如果再次取決於這一點，如果有一種信念認為它會達到今天的水平或更低，我認為這只是某種程度地延續了事物的現狀。很明顯，如果這裡的價格大幅上漲，至少在美國，這對 25 年後的賣家心理將產生負面影響。

Now the contrary to that is that when that occurs, multiples generally come down, if there was a negative on that. So we've succeeded in M&A in both environments and both political administrations, but certainly, lower capital gains rate or is an incentive to sellers looking to do something. No question about it.

現在與此相反的是，當這種情況發生時，如果存在負面影響，市盈率通常會下降。因此，我們在兩種環境和兩種政治管理中都取得了成功的併購，但當然，較低的資本收益率或是對想要做某事的賣家的激勵。毫無疑問。

That makes sense. And maybe just a couple of housekeeping questions. There's these wildfires in Alberta. Just wondering, are your assets that you acquired from SECURE, are they impacted at all by those wildfires?

這就說得通了。也許只是幾個家事問題。艾伯塔省發生了這些野火。只是想知道，您從 SECURE 獲得的資產是否受到這些野火的影響？

No. Our assets that were acquired from SECURE are not at this time impacted. But we do have solid waste assets that are in proximity to some of the fires. For the second summer in a row, we had complete evacuation of some operations last summer. We have not yet had an evacuation this summer, but it has been getting close. But not on the SECURE side but on the solid waste side.

不。我們從 SECURE 收購的資產目前不受影響。但我們確實擁有靠近一些火災的固體廢物資產。去年夏天，我們連續第二個夏天完全疏散了一些業務。今年夏天我們還沒有進行疏散，但已經接近了。但不是在安全性方面，而是在固體廢棄物方面。

Okay. That's great color there. I'll pass it along. Congrats on a good quarter. Thank you.

好的。那裡的顏色真棒。我會把它傳遞下去。恭喜季度表現良好。謝謝。

Thanks, Kevin.

謝謝，凱文。

Bryan Burgmeier, Citi.

布萊恩伯格梅爾，花旗銀行。

Thank you for taking the question. If I heard correctly in the prepared remarks, you guided to 3Q EBITDA margins like 33.7%. Just how should we think about the drivers of that? Is it accurate to say that underlying net price trends are the same or maybe a touch better? And then, I guess, you have less help from commodities, maybe a little bit of dilution from M&A. Is that directionally accurate?

感謝您提出問題。如果我在準備好的發言中沒聽錯的話，您指導的第三季 EBITDA 利潤率約為 33.7%。我們該如何思考其驅動因素？說基本淨價趨勢相同或可能更好一點是否準確？然後，我想，大宗商品的幫助會減少，併購可能會帶來一點稀釋。方向準確嗎？

Yes. That's the right way to think about it. When I think about what's different in the back half of the year than the first half of the year, it's a couple of things. The incremental deal contribution changes the mix a little bit. I'd say that lack of special waste becomes more of a headwind.

是的。這是正確的思考方式。當我想到下半年與上半年有什麼不同時，有幾件事。增量交易的貢獻稍微改變了這個組合。我想說的是，缺乏特殊廢物更像是一種逆風。

So that implies that underlying solid waste continues to expand. It's getting a little granular. There is an extra day of expenses in the quarter. And so that impacts the year-over-year and takes it down 30 to 40 basis points. And then, as you said, the commodity tailwinds are smaller in the back half of the year than they were, of course, in the first half of the year.

因此，這意味著潛在的固體廢物繼續擴大。它變得有點顆粒化。該季度多了一天的費用。因此，這會影響同比，使其下降 30 到 40 個基點。然後，正如您所說，下半年的商品順風當然比上半年小。

Got it, got it. Thanks for the detail. And then I was just wondering if maybe you can touch on just some of the acquisitions you made during the quarter. Is anything kind of particularly noteworthy are these kind of focusing on that rural exclusive market that Waste Connections is in? And are these all collection businesses? Thank you and I'll turn it over.

明白了，明白了。謝謝你的詳細資料。然後我想知道您是否可以談談您在本季度進行的一些收購。對於 Waste Connections 所在的農村專屬市場，有什麼特別值得注意的事情嗎？這些都是收款業務嗎？謝謝你，我會把它翻過來的。

Yes. Thanks, Bryan. In the quarter, we had a variety of acquisitions close. Probably the largest was the recycling facilities we acquired in the Pacific Northwest, one was a company which had recycling facility just outside of Tacoma and one just outside of Portland. We were one of the larger customers of both of those facilities.

是的。謝謝，布萊恩。本季度，我們完成了多項收購。最大的可能是我們在太平洋西北地區收購的回收設施，其中一家公司在塔科馬郊外擁有回收設施，另一家在波特蘭郊外擁有回收設施。我們是這兩家工廠的大客戶之一。

So it became an internalized recycling operation. Very important in these 2 states who have recently adopted ErP legislation and very critical for us there with our very large footprint. So that was a very strategic transaction.

因此它變成了內部化的回收操作。這對於這兩個最近通過了 ErP 立法的州來說非常重要，對於我們在那裡的足跡也非常重要。所以這是一項非常具有戰略意義的交易。

We did a number of tuck-ins throughout our footprint on the solid waste side. We also did a smaller E&P deal in Canada, in our R360 Canada footprint to bolt on to the SECURE transaction that we had done in Q1 to continue to expand the presence there. So it was really -- we did deals throughout the US and in Canada. So it was a very solid quarter.

我們在固體廢棄物方面進行了多次折騰。我們還在加拿大 R360 加拿大足跡中進行了一項規模較小的勘探與生產交易，以鞏固我們在第一季完成的 SECURE 交易，以繼續擴大在那裡的業務。所以，我們確實在美國和加拿大各地進行了交易。所以這是一個非常穩定的季度。

And we signed some much larger deals yet to be closed that you'll be hearing on next quarter's call in both the West and the East Coast that are franchise in nature. So that was part of the $150 million we said was signed, but not yet closed.

我們簽署了一些尚未完成的規模更大的交易，您將在下個季度在西海岸和東海岸的電話會議上聽到這些交易，這些交易本質上是特許經營。這是我們所說的 1.5 億美元已簽署但尚未完成的一部分。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Yes, thanks. I'll just pick up right there, Ron, and that's to think about the actual return profile for all of these deals in aggregate. I think your point well taken about looking at the revenue profile. And then, Mary Anne, you mentioned some of the margin implications from what's already been closed.

對了謝謝。羅恩，我就接著說，那就是考慮所有這些交易的實際回報總額。我認為您關於查看收入狀況的觀點得到了很好的理解。然後，瑪麗安妮，您提到了已經關閉的項目對利潤的一些影響。

But how do we think about the kind of returns that you're seeing now on these acquisitions? You've always had a pretty disciplined underwriting process, very standardized. Where are your returns penciling out these days on the acquisitions? And can you comment at all directionally on multiples?

但我們如何看待您現在在這些收購中看到的回報？你們一直都有一個非常嚴格、非常標準化的核保流程。這幾天你的收購報酬率如何？您能對倍數進行定向評論嗎？

Sure. Well, first off, let's start with the latter part of your question. I would tell you that I think overall multiples have drifted down about 1.5 to 2 turns over the last 2-plus quarters. So that's number one. And of course that reflects a rising cost of debt capital in large part for most private companies and public companies.

當然。好吧，首先，讓我們從你問題的後半部分開始。我想告訴你，我認為在過去兩個多季度中，整體市盈率下降了約 1.5 至 2 個回合。所以這是第一。當然，這在很大程度上反映出大多數私人公司和上市公司的債務資本成本不斷上升。

Our returns really have not changed. And what I mean by that is look, we don't look at an EBITDA multiple, an EBITDA multiple is sort of an outcome of a return on invested capital model. We are looking for, generally, depending on the size and the risk of the investment on an acquisition, we're looking for an IRR between sort of 11% and 15%.

我們的回報確實沒有改變。我的意思是，我們不看 EBITDA 倍數，EBITDA 倍數是投資資本回報率模型的結果。一般來說，根據收購投資的規模和風險，我們希望 IRR 在 11% 到 15% 之間。

And we're looking for an NPV on invested capital throughout the life of that transaction of net present value being not only positive, but positive in relationship to the size and scope and the risk of the investment. So that's how we look at it. And then an EBITDA multiple is just an easy way to talk about it.

我們正在尋找在淨現值交易的整個生命週期中投資資本的淨現值不僅是正的，而且與投資的規模、範圍和風險有關。這就是我們的看法。EBITDA 倍數只是一種簡單的談論方式。

So obviously, asset quality, margin, necessary CapEx, replacement CapEx, investment risk, permitting risk, all of those are looked at in the scope of the transaction to determine what we think we can pay and get the acceptable returns. So I would say, if anything, that over time, that will continue to improve. And why do I say that?

顯然，資產品質、保證金、必要的資本支出、替代資本支出、投資風險、許可風險，所有這些都在交易範圍內進行考慮，以確定我們認為可以支付的費用並獲得可接受的回報。所以我想說，如果有的話，隨著時間的推移，這種情況將會繼續改善。我為什麼這麼說呢？

Because, look, we have 115 to 120 landfills. The ability to continue to acquire and develop landfills is very difficult today relative to 10 and 15 and 20 years ago. So you will see more collection and transfer as we develop the network of those landfills, both in the US and Canada going forward.

因為，看，我們有 115 到 120 個垃圾掩埋場。與 10 年、15 年和 20 年前相比，今天繼續收購和開發垃圾掩埋場的能力非常困難。因此，隨著我們在美國和加拿大發展這些垃圾掩埋場網絡，您將看到更多的收集和轉移。

And that will bring the aggregate returns, continue to give upward bias to the aggregate returns.

這將帶來總回報，繼續為總回報帶來向上的偏差。

Very helpful, Ron. I want to touch briefly on the RNG sustainability investments because while you mentioned the higher commodities as a tailwind, it sounds like you, along with the industry are seeing some timing start-up delays. So can you just refresh us on the expected contribution from those incremental investments to EBITDA this year? And then possibly how you see it for next year? Because obviously, these should be a lever to support margin expansion as they layer in over time?

非常有幫助，羅恩。我想簡單談談 RNG 的可持續投資，因為雖然您提到大宗商品價格上漲是一種順風，但聽起來您和整個行業都看到了一些啟動時間的延遲。那麼您能否向我們介紹一下今年這些增量投資對 EBITDA 的預期貢獻？那麼您對明年的情況有何看法？因為顯然，隨著時間的推移，這些應該成為支持利潤擴張的槓桿？

Sure. So no, we had talked about an expectation of $15 million to $20 million in contribution and in our revised guidance that was taken down by about $10 million with very high flow-through. And we mentioned that in Q2, in essence, we just had costs, not the benefit. And so that mitigated some of the benefit from higher RINs.

當然。所以不，我們曾討論過 1500 萬至 2000 萬美元的捐款預期，但在我們修訂後的指導中，由於資金流量非常高，該預期減少了約 1000 萬美元。我們提到，在第二季度，本質上我們只有成本，沒有收益。因此，這削弱了較高 RIN 帶來的一些好處。

And when we think more broadly about what's driving the delays. In this case, it's really the last mile, if you will, it's the interconnect with electric utilities and just getting the projects up and going. So it's tough to generalize on project development on all the other projects we have.

當我們更廣泛地思考導致延誤的原因時。在這種情況下，這實際上是最後一英里，如果你願意的話，它是與電力公司的互連，只是讓專案啟動並運行。因此，很難對我們所有其他專案的專案開發進行概括。

But what we do know is that across the industry, the projects are taking longer and the costs are running higher. And so we remain committed to the plans that we have, and we would say during 2026, we still expect those projects to come online, that we've described about $200 million in EBITDA contribution. So that's how we're thinking about it.

但我們所知道的是，整個產業的專案時間越來越長，成本也越來越高。因此，我們仍然致力於我們現有的計劃，我們會說在 2026 年期間，我們仍然期望這些項目上線，我們已經描述了約 2 億美元的 EBITDA 貢獻。這就是我們的想法。

Yes, and the other thing I would note is that while projects are running a little more expensive, that does not include in our analysis, the offset of ITC tax credits because we've never included that. And that, while it can create a timing mismatch between the project and that when you net that against the increased CapEx, you should still be a net about what we thought.

是的，我要指出的另一件事是，雖然專案的運行成本有點高，但我們的分析中不包括 ITC 稅收抵免的抵消，因為我們從未將其納入。而且，雖然它可能會造成專案之間的時間不匹配，但當你根據增加的資本支出將其淨值時，你仍然應該了解我們的想法。

Okay. So all very helpful color, and just to reflect back, to make sure I get it, we still committed to the $200 million EBITDA at least as a run rate by '26. Maybe just more of a ramp to get there as we move through the next year and change that effect characterization?

好的。因此，所有這些都非常有幫助，只是為了反映回來，為了確保我明白這一點，我們仍然承諾至少在 26 年之前實現 2 億美元的 EBITDA 運行率。當我們進入明年並改變效果特徵時，也許只是更多的斜坡來實現這一目標？

Yes, that's how we're thinking about it. And to that point, we're still committed to spending the capital primarily this year, but maybe some will flow into next year.

是的，我們就是這麼想的。到目前為止，我們仍然致力於今年主要支出資金，但也許一些資金會流入明年。

Very helpful. Thank you.

很有幫助。謝謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. Strong free cash flow quarter, but looks like you kept the guidance unchanged for now despite raising the EBITDA guide. Just anything that might warrant higher than normal spending or more than you thought before, or is this just conservatism? And how should we think about potential sources of free cash flow upside for the year?

非常感謝。季度自由現金流強勁，但儘管提高了 EBITDA 指南，但目前看來您仍保持指導不變。只是任何可能需要高於正常支出或比您之前想像的更多的支出，或者這只是保守主義？我們該如何考慮今年自由現金流上升的潛在來源？

Sure. So Toni, the reason for keeping free cash flow the same in spite of the increased EBITDA would be that CFFO would be largely unchanged given the incremental interest expense associated with the $1.5 billion in acquisition outlays we've already made. So that's how we think about it.

當然。因此，托尼，儘管 EBITDA 增加，但保持自由現金流不變的原因是，考慮到與我們已經進行的 15 億美元收購支出相關的增量利息支出，CFFO 將基本保持不變。這就是我們的想法。

The other observation would be we didn't adjust CapEx in spite of the fact that we did all that M&A, and very often or in some cases, M&A can come along with the CapEx needs right up front.

另一個觀察結果是，儘管我們進行了所有併購，但我們沒有調整資本支出，而且很多時候或在某些情況下，併購可以預先滿足資本支出需求。

And so I actually think of it that there's underlying upside outperformance and we're absorbing that incremental CapEx and not changing our free cash flow guidance at $1.2 billion.

因此，我實際上認為，存在潛在的上行表現，我們正在吸收增量資本支出，並且不會改變 12 億美元的自由現金流指引。

Yes. Okay. Great. And I was hoping you could provide an update on any technology opportunities or productivity initiatives. I think you mentioned that cameras in the prepared remarks, but maybe expand on that opportunity, or any other opportunities you think could move the needle for you in the next year or so?

是的。好的。偉大的。我希望您能夠提供有關任何技術機會或生產力計劃的最新資訊。我想你在準備好的發言中提到了相機，但也許會擴展這個機會，或者你認為可以在明年左右為你帶來推動的任何其他機會？

Sure. Well, there's a number of them we're working on, Toni, that affect revenue, that affect productivity, that affects safety, that affect MRF productivity and quality. But just to touch on a few that we are definitely seeing in real time, we have, I think we are the largest user right now on a percentage basis, certainly of robotics and AI in our MRFs.

當然。東尼，我們正在研究其中的許多問題，這些問題會影響收入、影響生產力、影響安全、影響 MRF 生產力和品質。但僅談我們確實實時看到的一些內容，我認為從百分比來看，我們目前是最大的用戶，當然是我們的 MRF 中的機器人和人工智慧用戶。

We have just opened another MRF this quarter, meaning Q2 in Illinois that we completely rebuilt and with the use of both robotics and AI and optical sorting. And that is taking down headcount significantly in these MRFs, drastically increasing productivity on a per hour basis, tons per hour basis, and most importantly, improving quality, material quality that we are producing and shipping to market, quite dramatically.

本季我們剛開設了另一個 MRF，這意味著我們在伊利諾伊州第二季度完全重建了該 MRF，並使用了機器人技術、人工智慧和光學分選。這大大減少了這些 MRF 的員工數量，大幅提高了每小時、每小時噸數的生產率，最重要的是，顯著提高了我們生產和運送到市場的品質和材料品質。

And so that is happening in real time. There are MRFs where we have rebuilt and we went from 80 to 100 employees, down into the high 20s on the same or more volume, with the use of robotics and air classifiers and optical sorting. We are looking at bringing another one online in early '25. That is under development right now. So that's an example.

這一切都是即時發生的。我們重建了一些 MRF，使用機器人技術、空氣分級機和光學分選，將相同或更多數量的員工從 80 人減少到 100 人，減少到 20 人。我們正在考慮在 25 年初推出另一款產品。目前正在開發中。這就是一個例子。

Camera technology, new camera technology -- we've had camera technology on our trucks for risk forever. But now using AI generative technology to measure commercial overloads [in vends] and create automatic billing for commercial customers that have overloads rather than relying solely on driver interpretation.

攝影機技術，新的攝影機技術——我們的卡車上配備了攝影機技術，以應對永遠的風險。但現在使用人工智慧生成技術來測量商業超載情況，並為超載的商業客戶創建自動計費，而不是僅依賴司機的解釋。

We believe that this is a very good opportunity for improvement of commercial revenue, which will be reflective in both volumes and price. Going forward as we come out of '24 and go into '25, a very large push for us going forward.

我們相信，這是提高商業收入的一個非常好的機會，這將反映在數量和價格上。展望未來，當我們走出 24 年並進入 25 年時，這對我們前進來說是一個非常大的推動力。

So those are just two examples. We are using new routing technology that allows literally routing on the fly as our operating people come into a district in the morning and recognize that they may have either vehicles or drivers down for some reason, and they can reroute dynamically where before that was much more of a manual process. So those are three examples for you.

這只是兩個例子。我們正在使用新的路由技術，當我們的操作人員早上進入某個地區並認識到他們可能因某種原因有車輛或司機停駛時，可以實時進行路由，並且他們可以動態地重新路由，而以前的情況要多得多的手動過程。這就是給您的三個例子。

Perfect. Thank you.

完美的。謝謝。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, hi. Good morning, everyone. Ron -- I'm wondering if we can trouble you for an update on the Northeast rail development. How is the ramp going? And can you give us an update on when do you expect to be fully operational at full volume levels?

是的，嗨。大家，早安。羅恩——我想知道是否可以麻煩您了解一下東北鐵路發展的最新情況。坡道進展如何？您能否向我們介紹一下您預計何時能夠全面投入營運的最新情況？

Well, sure, Jerry. So I'll give a couple of updates. So number one, when we -- so we are not quite at the first year anniversary of acquiring Arrowhead, which is what you're referring to -- or what we refer to as Arrowhead, that is the name of the landfill, not the rail infrastructure -- but we're coming up, we're a little more than a month away from when we acquired that.

嗯，當然，傑瑞。所以我會提供一些更新。所以第一，當我們——所以我們還沒有到收購Arrowhead一周年紀念日，這就是你所指的——或者我們所說的Arrowhead，這是垃圾掩埋場的名稱，而不是垃圾掩埋場的名稱。

And when we did, it was just a little less than 3,000 tons a day. It was about 2,700 tons a day. We are now -- and we said that we would double it by the end of '24, okay? Well, here we are at the midpoint of '24, and we were at 6,000 tons a day. So we have more than doubled it.

當我們這樣做時，每天的產量略低於 3,000 噸。每天大約有2700噸。我們現在 - 我們說過我們會在 24 年底前將其翻倍，好嗎？嗯，現在是 24 年中點，每天的產量為 6,000 噸。所以我們已經增加了一倍以上。

There are days, we're pushing 7,000 plus right now, but we have more than doubled it in less than the time we committed. Now ultimately, we have said that we believe we will get that site to 10,000 tons a day plus, and we have said that, that will take into 2026.

有時候，我們現在正在推動 7,000 多個目標，但我們在比我們承諾的時間內增加了一倍多。現在，最終，我們已經說過，我們相信我們將使該站點的日產量達到 10,000 噸以上，我們已經說過，這將持續到 2026 年。

The site's permitted tonnage is 15,000 tons a day. We're not saying that can never happen, but that is obviously somewhere down the horizon. So those have all been very positive. Most all of that incremental improvement from 2,700 tons a day to 6,000, has been internal tons.

該場地的許可噸位為每天 15,000 噸。我們並不是說這永遠不會發生，但這顯然是在地平線上的某個地方。所以這些都是非常正面的。從每天 2,700 噸到 6,000 噸的增量改進大部分都是內部噸數。

So that's one reason you don't see revenue growth from it as great, because it is not third-party tons, it's internal tons from our Northeastern operations, and so it gets eliminated in the accounting, and in the volume reports. So that is one other thing to keep in mind. Those are all the positives.

因此，這是您看不到收入成長的原因之一，因為它不是第三方噸，而是我們東北部業務的內部噸，因此它在會計和數量報告中被消除了。這是另一件事要記住。這些都是正面的一面。

On the negatives, and they were more short term. Norfolk Southern had been going through some, I would just say, some operating difficulties when they were going through some potential leadership upheaval during Q2 with an activist challenge. And that certainly affected their ability to deliver all of our volumes on a regular basis.

從負面來看，它們是短期的。我只想說，諾福克南方航空在第二季度經歷了一些潛在的領導層變動和積極分子的挑戰時，經歷了一些營運困難。這肯定會影響他們定期交付我們所有產品的能力。

That has improved and has gotten back to normal over the course of the last 30 to 40 days. And we're more encouraged now than we've been about the ability to push through more volume. We are putting down more track at our Arrowhead facility to be able to take more volume in a day and store more cars. We are doing the same at our rail sites in the Northeast at our transfer facilities. So a lot going on with that right now.

在過去 30 到 40 天內，情況有所改善並恢復正常。與以往相比，我們現在對擴大銷售的能力感到更加鼓舞。我們正在箭頭工廠鋪設更多軌道，以便能夠在一天內處理更多貨物並存放更多汽車。我們也在東北部鐵路站的轉乘設施上做同樣的事情。現在發生了很多事情。

Super. Thank you. And in terms of free cash flow conversion, obviously, these investments. You mentioned the recycling upgrades, the landfill gas investments as well. Can you just talk about the puts and takes around free cash flow conversion three years out once the landfill gas facilities are online?

極好的。謝謝。顯然，就自由現金流轉換而言，這些投資。您提到了回收升級和垃圾掩埋氣投資。您能談談垃圾掩埋氣設施上線後三年後自由現金流轉換的看跌期權和索取期權嗎？

How much higher could your already strong free cash conversion move as you look at the puts and takes, including bonus depreciation, et cetera?

當您查看看跌期權和看跌期權（包括紅利折舊等）時，您已經很強勁的自由現金轉換可以提高多少？

Sure. As we said when we gave our guidance at the beginning of this year, if you normalize the free cash flow this year, it was closer to historical levels of that 48% to 50%. So we'd say that's the right way to think about the sort of underlying conversion, and that's in spite of the fact that we do have bonus depreciation sunsetting unless or until some other changes put in place.

當然。正如我們在今年年初給出指導時所說，如果今年自由現金流正常化，它將更接近 48% 至 50% 的歷史水平。因此，我們會說，這是考慮潛在轉換類型的正確方法，儘管事實上我們確實有紅利折舊日落，除非或直到發生其他一些變化。

And so we still think that's the right way to think about. Recall that in our highest, our peak years, it was 53% to 54%. Absent the benefits from bonus depreciation and outsized M&A and the expensing of qualifying equipment, the writing off, so that was outside benefits during that period.

所以我們仍然認為這是正確的思考方式。回想一下，在我們最高、最高峰的那幾年，這個比例是 53% 到 54%。如果沒有紅利折舊、大規模併購以及合格設備費用、沖銷帶來的好處，那麼這就是該期間的外部好處。

We don't see getting back to those levels in the current environment with the sunsetting of bonus depreciation. But certainly, the 48% to 50% is the way we think about it on a more normalized basis.

在當前環境下，我們認為隨著紅利折舊的取消，不會回到這些水平。但可以肯定的是，48% 到 50% 是我們在更正常化的基礎上思考這個問題的方式。

And Jerry, I would just add as we continue to -- there is no theoretical ceiling on conversion just like there's no theoretical ceiling on margins. As we move margins up over time and all things staying even, you will continue to see that conversion move up naturally over time.

傑瑞，我想補充一下，我們將繼續討論——轉換率沒有理論上的上限，就像利潤率沒有理論上的上限一樣。當我們隨著時間的推移提高利潤並且所有事情保持平衡時，您將繼續看到轉換率隨著時間的推移而自然上升。

Super. And Ron, can I ask, just last one, that you spoke about to the automated truck cameras. I think they're coming from a supplier that just changed ownership. Please correct me if I'm wrong. I'm wondering if you just talk about your views on that potential change in ownership, and can you just talk about where you stand in receiving truck deliveries today versus replacement levels, if you don't mind?

極好的。羅恩，我可以問一下，最後一個問題，你談到了自動卡車攝影機。我認為它們來自剛剛改變所有權的供應商。如果我錯了，請糾正我。我想知道您是否只談談您對所有權潛在變化的看法，如果您不介意的話，您能否談談您今天接收卡車交付與更換水平的情況？

Sure. Well, I think the transaction you're referencing, unless I'm wrong, Jerry, is Terex's acquisition of Environmental Solutions Group from Dover. And if I'm right in that assumption, yes, we are acquiring cameras, and have for many years. Although this is a different technology on the AI for commercial overages, but yes, that is through one of the ESG subsidiaries, 3rd Eye. We've had a very long-standing relationship with ESG on a number of their products.

當然。好吧，傑瑞，除非我錯了，否則我認為您所指的交易是特雷克斯從多佛收購環境解決方案集團的交易。如果我的假設是正確的，是的，我們正在購買相機，而且已經購買了很多年。雖然這是一項針對商業超額人工智慧的不同技術，但是是的，這是透過 ESG 子公司之一 3rd Eye 實現的。我們與 ESG 在許多產品上建立了長期合作關係。

As you know, they've got seven or eight different product lines for solid waste from containers to truck bodies to safety -- onboard safety technology to compaction equipment. So we are a user of all of it. As I said, I've had a very good relationship. I think very highly of the folks at ESG. I think they've done a very nice job on their products and services.

如您所知，他們有七、八條不同的固體廢棄物產品線，從貨櫃到卡車車身，再到安全——車載安全技術到壓實設備。所以我們是這一切的使用者。正如我所說，我的關係非常好。我對 ESG 的員工評價很高。我認為他們的產品和服務做得非常好。

As far as the transaction itself, we don't know much about it. Never had much interaction with Dover as a parent. Just dealt with ESG corporate, and as I understand, they're going to continue to be sort of a stand-alone entity within Terex.

就交易本身而言，我們了解不多。作為父母，與多佛沒有太多互動。剛剛與 ESG 公司打交道，據我了解，他們將繼續成為特雷克斯內部的獨立實體。

And I think they feel good about that from everything we've heard, and as long as we continue to deal with the folks we've dealt with, we think it's excellent for both companies. Really excellent for ESG and for Terex are getting a quality company. And we have some relationship with Terex on some of our heavy equipment stuff in our field. And so we know them, not as well as we do ESG, but think highly both of them.

我認為，從我們所聽到的一切來看，他們對此感覺良好，只要我們繼續與我們打交道的人打交道，我們認為這對兩家公司來說都是極好的。對於 ESG 和特雷克斯來說，獲得一家優質公司確實非常出色。我們與特雷克斯在我們領域的一些重型設備方面有一些合作關係。因此，我們對它們的了解不如我們對 ESG 的了解，但對它們的評價都很高。

Super. I appreciate it. Thank you.

極好的。我很感激。謝謝。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

Hey, good morning, everyone. This is Jasper Bibb on for Tobey. I think you mentioned earlier price cost spreads still being elevated in 2025. Based on your pricing visibility, and what you're seeing on the inflation side, is there any way to frame where that spread is now and where you think that might be in 2025?

嘿，大家早安。我是托比的賈斯柏‧比伯。我想您之前提到 2025 年價格成本價差仍然較高。根據您的定價可見度以及您在通膨方面看到的情況，是否有任何方法可以確定現在的價差以及您認為 2025 年可能的價差？

Sure. So the point I have made is that the wage pressures hadn't abated to the extent that might have otherwise been suggested by the lower CPI, and that we were delivering the underlying margin expansion, approaching 100 basis points in spite of that fact.

當然。因此，我要指出的一點是，薪資壓力並沒有減輕到 CPI 較低所暗示的程度，儘管如此，我們仍在實現潛在的利潤率擴張，接近 100 個基點。

And so in our view, that creates opportunity ahead to the extent that those wage pressures, we expect would or should continue to abate. We also acknowledge that price cost spread is something we'll be very mindful of as we think about what pricing is necessary as we go into 2025.

因此，我們認為，這創造了未來的機會，我們預計這些工資壓力將會或應該繼續減輕。我們也承認，當我們考慮進入 2025 年時需要進行哪些定價時，我們將非常注意價格成本差異。

We certainly know that CPI-linked markets would be expected to step down. Meaning the price increase in '25 would be lower than it is in '24. And in those markets, we're getting a little over 5%. So those are the pieces that start informing us. And of course, we'll have a better visibility on that by October when we typically start talking about the pieces of our guidance.

我們當然知道與消費者物價指數掛鉤的市場預計將會下降。這意味著 25 年的價格漲幅將低於 24 年。在這些市場中，我們的市佔率略高於 5%。這些就是開始告訴我們的訊息。當然，到 10 月我們通常會開始討論我們的指導意見時，我們將對此有更好的了解。

Yes. Jasper, what I would say is, look, for 20-plus years now, our approach hasn't changed. We target getting 150 to 200 basis points spread minimally relative to sort of the ongoing not only CPI, but what we believe our cost structure is doing, which often reflects CPI. Sometimes there are some minor dislocations.

是的。Jasper，我想說的是，看，20 多年來，我們的方法沒有改變。我們的目標是獲得 150 至 200 個基點的最低利差，不僅相對於當前的 CPI，而且相對於我們認為我們的成本結構正在發生的情況，這通常反映了 CPI。有時會出現一些輕微的錯位。

So you tell us what you think the CPI is and layer on 200 basis points, and that's what we'll be likely targeting and achieving in our reported net pricing next year. And that is at 200 basis points, that's just below to answer what we're getting right now.

因此，您告訴我們您對 CPI 的看法，並按 200 個基點分層，這就是我們明年報告的淨定價中可能的目標和實現的目標。這是 200 個基點，剛好低於我們現在得到的答案。

And of course, we target beating what we're out there and what we guide. So we would tell you we would expect it to be relatively the same. The dollar amount may be a little different because CPI comes down, but the spread of price to cost should be about the same as current.

當然，我們的目標是超越現有的和我們所指導的。所以我們會告訴你，我們預計它會相對相同。由於 CPI 下降，美元金額可能會略有不同，但價格與成本的利差應該與當前大致相同。

All that makes sense. And then, hoping to get an update on the SECURE ENERGY assets. Has the integration progressed there? Any expectations for the E&P waste business over the balance of the year?

這一切都是有道理的。然後，希望獲得有關安全能源資產的最新資訊。那裡的整合有進展嗎？今年剩餘時間的勘探與生產廢棄物業務有何預期？

Sure. Well, first off, I appreciate the question because that gives me an opportunity to thank our R360 Canada group, their first real full quarter was Q2 which we just came out of. They had an exceptional quarter, delivering in both revenue and in EBITDA at or above our expectations.

當然。好吧，首先，我很欣賞這個問題，因為這讓我有機會感謝我們的 R360 加拿大團隊，他們的第一個真正完整的季度是我們剛剛走出的第二季。他們度過了一個出色的季度，收入和 EBITDA 都達到或高於我們的預期。

Outstanding group of assets there, outstanding group of employees that we were fortunate to hire up there, and that we have added to since then. Exceptional leadership team that we've developed up there. And they're performing very, very well.

那裡有優秀的資產，有優秀的員工，我們有幸在那裡僱用了他們，從那時起我們就不斷增加他們的數量。我們在那裡培養了出色的領導團隊。他們的表現非常非常好。

We have not yet reopened any of the seven incremental E&P assets that came along with that transaction that were shuttered at the time. We're getting closer to reopening one of our first of those, and over time, we'll evaluate. We think, over time, probably four or five of those make sense to reopen.

我們尚未重新開放當時關閉的隨該交易而來的七個增量勘探與生產資產中的任何一個。我們距離重新開放其中第一個項目越來越近了，隨著時間的推移，我們將進行評估。我們認為，隨著時間的推移，其中可能有四、五個可以重新開放。

So that's some incremental opportunity there. As I mentioned, we did a tuck-in transaction outside of the Alberta market in the E&P space in Canada in Q2. Excellent company, excellent leadership team that has joined our R360 Canada team. So long way around the boat to tell you, I think we're performing well, we're very pleased with the assets and asset quality, and have an exceptional team in place to drive things up there.

所以這是一些增量機會。正如我所提到的，我們在第二季度在阿爾伯塔省市場之外的加拿大勘探與生產領域進行了一筆交易。優秀的公司，優秀的領導團隊加入了我們的 R360 加拿大團隊。繞了這麼遠的船來告訴你，我認為我們表現良好，我們對資產和資產品質非常滿意，並且擁有一支出色的團隊來推動事情的發展。

And the only thing I would add to that with respect to the E&P waste trends that we're seeing, we also saw sequential improvement in the US in that business. And I'd say that's in spite of rig count continuing to decline. So I would point out that there is remediation activity that contributed to the Q2 beat of our expectations, and we never assume that, that continues because those are one-off jobs.

關於我們所看到的勘探與生產廢棄物趨勢，我唯一要補充的是，我們也看到美國該業務的連續改善。我想說的是，儘管鑽機數量持續下降。因此，我要指出的是，有一些補救活動導致第二季度超出了我們的預期，但我們從不認為這種情況會持續下去，因為這些都是一次性的工作。

Appreciate the detail there. Thanks for taking the questions.

欣賞那裡的細節。感謝您提出問題。

James Schumm, TD Cowen.

詹姆斯·舒姆，TD·考恩。

Hey, good morning everyone. There's a third-party survey noting landfill pricing declined year-over-year with the exception of maybe the Northeast. I was just curious, what do you think drove that? And what's your expectation going forward?

嘿，大家早安。有一項第三方調查指出，垃圾掩埋場的價格年減，但東北部地區可能除外。我只是很好奇，你認為是什麼推動了這一點？您對未來有何期望？

You know, number one, I'm looking, James, I'm not aware of that survey. So I apologize. I can tell you that is not the case for us. All three lines of disposal business, price per unit increased in '24. It was up almost 6%, just under 6% between all three of our lines on price per ton basis year-over-year. So I'm not certain what that is.

你知道，第一，我正在尋找，詹姆斯，我不知道這項調查。所以我道歉。我可以告訴你，我們的情況並非如此。所有三個處置業務領域的單位價格在 2024 年均有所上漲。與去年同期相比，我們所有三條生產線的每噸價格上漲了近 6%，略低於 6%。所以我不確定那是什麼。

One thing that does affect that, and it did hurt our volumes somewhat in Q1 more than in Q2, and this would be what I would guess, is in the winter, the incinerators on the Eastern Seaboard dropped their price from the $100 a ton rate down as low as the teens to keep volume and attract volume, and many landfills along the Eastern Seaboard chased price down to keep volumes when that happened.

確實影響這一點的一件事，它確實對我們的產量造成了一定程度的影響，第一季比第二季度更大，這就是我的猜測，是在冬天，東海岸的焚燒廠將價格從每噸100 美元下調。

And that would be what I would guess it was. We did not play that game, and that did have a volume effect, but others did, and I'm imagining that's what it is.

我猜就是這樣。我們沒有玩那個遊戲，這確實產生了音量效應，但其他人做到了，我想就是這樣。

Okay. Interesting. Thank you. And Ron, you mentioned cost pressures in many areas. Mary Anne, you mentioned labor, maybe labor expenses not declining or decelerating as fast as maybe you thought. Is there anything incremental? Are you seeing anything on the repair and maintenance side? Are you seeing any reacceleration of inflation elsewhere? Just any color you could give there?

好的。有趣的。謝謝。羅恩，您提到了許多領域的成本壓力。瑪麗安妮，您提到了勞動力，也許勞動力支出的下降或減速速度沒有您想像的那麼快。有增量的東西嗎？您在維修和保養方面看到了什麼嗎？您是否看到其他地方的通貨膨脹再次加速？你可以給那裡任何顏色嗎？

No. The point we were trying to make was that cost pressures haven't necessarily abated to the extent that headline numbers might suggest. And so we are still seeing, for instance, improving trends in things like third-party maintenance costs and parts and materials. Those are getting better, but they're still above the 3%, for instance, headline number.

不。我們試圖指出的一點是，成本壓力並不一定像整體數據所暗示的那樣減輕。因此，我們仍然看到第三方維護成本以及零件和材料等方面的改善趨勢。這些情況正在好轉，但仍高於 3% 等標題數字。

So if that's your proxy for cost escalation, we're still north of that, which is why our overall cost inflation is more like 4.5% because it's driven by those higher numbers. We are seeing them improve. They're just not improving as quickly as we had expected.

因此，如果這是成本上升的代表，那麼我們仍然處於這個水平之上，這就是為什麼我們的總體成本通膨率更像是 4.5%，因為它是由這些更高的數字推動的。我們看到他們在進步。他們只是沒有像我們預期的那樣進步得那麼快。

And so when you think about our 80 basis points to 90 basis points of underlying margin expansion, it tells you those retention-related efforts, which Ron said are 25 basis points to 30 basis points are helping to decrease our reliance on third parties, whose costs aren't escalating quite as quickly as they were before, but are still escalating.

因此，當你考慮我們80 個基點到90 個基點的基礎利潤擴張時，它告訴你那些與保留相關的努力，羅恩說是25 個基點到30 個基點，正在幫助減少我們對第三方的依賴，他們的成本的上升速度沒有以前那麼快，但仍在不斷上升。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great, thanks and good morning. There's some discussion earlier around just the outlook for maybe some of the more cyclical volumes in the system and some of the shedding. But I guess maybe if you sit back and look at a high level, if we think about the moderation in volumes over the last little while, has more of that been macro versus shedding?

太好了，謝謝，早安。早些時候有一些討論只是圍繞著系統中一些更具週期性的交易量和一些脫落的前景進行的。但我想，如果你坐下來看看高水平，如果我們考慮過去一段時間成交量的放緩，是否更多的是宏觀的而不是脫落的？

And as you look forward, would a macro recovery mean the volumes were directionally be positive even with some shedding. Just trying to think about -- and as we look at those two buckets, is one more dominant in the volume story than the other in terms of the shedding? Thank you.

展望未來，宏觀復甦是否意味著即使出現一些下滑，成交量也將呈現正向成長。只是想想——當我們觀察這兩個桶子時，就脫落而言，在卷的故事中，一個比另一個更占主導地位嗎？謝謝。

Yes. I mean, I think, very insightful question. Look, when we talk about special waste volumes, as an example, being down in Q2, 20% relative to '22. That's macro. I mean that is not any shedding whatsoever. And that was -- so that certainly macro helps drive that. Roll-off volume being down 3% in the quarter. That's construction and event-oriented, that's macro.

是的。我的意思是，我認為這是一個非常有洞察力的問題。舉個例子，當我們談論特殊廢棄物量時，第二季比 22 年下降了 20%。那是宏觀的。我的意思是這不是任何脫落。那就是——所以宏觀經濟肯定有助於推動這一點。本季銷量下降 3%。這是建構和麵向事件的，這是宏觀的。

So to your question, as a macro improvement would drive both of those positive very quickly, and historically always has. Where you see the shedding, intentional shedding is generally in the commercial and residential lines of our business because when we're acquiring companies who have underperforming contracts as a part of what they do, that's what we are shedding.

因此，對於你的問題，宏觀改善將非常迅速地推動這兩個積極因素，而且從歷史上看總是如此。在你看到的剝離中，故意剝離通常發生在我們業務的商業和住宅領域，因為當我們收購那些合約表現不佳的公司作為其業務的一部分時，這就是我們正在剝離的東西。

That and broker work that comes along with commercial business that we acquire, we often end up shedding all or a piece of that broker work. So the greater macro economy, because again, shedding is not anything new for Waste Connections. We've done this forever.

伴隨我們獲得的商業業務而來的經紀人工作，我們通常最終會放棄全部或部分經紀人工作。因此，更大的宏觀經濟，因為同樣，對於廢物連接來說，脫落並不是什麼新鮮事。我們一直這樣做。

What you had in the past is you had a macro environment that gave enough underlying volume that you didn't see it in negative volume. With real volume being closer to zero, any shedding you do, that's why it goes to a negative. So that would be the answer.

過去你所擁有的宏觀環境提供了足夠的基礎交易量，以至於你沒有看到負交易量。由於實際成交量接近零，您所做的任何脫落都會導致負值。這就是答案。

Okay. That's great color. And then one of the topics, obviously, out there that you probably hear a lot is how do you control pricing as inflation heads lower. But I guess, if we think more specifically about the price cost spread, one line of thinking is that inflation has lower the absolute level of pricing kind of moves lower. Maybe there is a better, a stronger ability to maybe capture a bigger price cost spread because the absolute numbers are lower. From your seat, how would you comment on that line of thinking that's out there?

好的。那顏色真棒。顯然，您可能經常聽到的話題之一是，隨著通膨走低，如何控制定價。但我想，如果我們更具體地考慮價格成本價差，一種想法是通貨膨脹降低了定價的絕對水平，從而降低了價格。也許有更好、更強的能力來捕捉更大的價格成本差，因為絕對數字較低。在您的座位上，您對外界的這種想法有何評論？

Not to disagree, I would actually say it's inverse of that. And what I mean by that is it's easier -- and see this is why it's so critical to understand strategic differences and mix differences of business model -- because it is far easier to capture a greater price cost spread in a rising inflationary and a higher inflationary environment, okay?

並不是不同意，我實際上會說這是相反的。我的意思是，這更容易——這就是為什麼理解戰略差異和混合商業模式差異如此重要——因為在通脹上升和更高的通脹率下捕捉更大的價格成本差要容易得多。的環境好嗎？

It is harder in a lower inflationary environment. I know that may seem a little counterintuitive, but look, if people are seeing 7%, 8%, I'm using that inflation. They expect 10% or 11% price. They expect a 200 basis point or 300 basis point differential. If they're seeing 3% getting that differential of 2% to 3% and going to 6%, it's much harder.

在通膨較低的環境中，這更加困難。我知道這似乎有點違反直覺，但看，如果人們看到 7%、8%，我正在使用通貨膨脹。他們預計價格會上漲 10% 或 11%。他們預計會有 200 個基點或 300 個基點的差異。如果他們看到 3% 的人獲得 2% 到 3% 的差距，甚至達到 6%，那就更難了。

It's much more of a perception issue with customers. So it's just a percentage differential, right? One is 20% differential or 30% and the other is 50% differential. And so that's why it's harder. That's why we like our business mix with low 40% in franchise, where we get a guaranteed CPI or return, which allows us to focus our energy on that 60% that is competitive. Which tends to be more rural, which allows us to drive higher competitive market pricing there.

這更多的是客戶的看法問題。所以這只是百分比差異，對嗎？一種是20%的差異或30%，另一種是50%的差異。這就是為什麼它更難。這就是為什麼我們喜歡特許經營權佔 40% 左右的業務組合，這樣我們可以獲得有保證的 CPI 或回報，這使我們能夠將精力集中在具有競爭力的 60% 業務上。那裡往往更加農村，這使我們能夠在那裡推動更具競爭力的市場定價。

So we're very comfortable. The bottom line is there, I think it is misplaced, very misplaced, for people to be saying, pricing is decelerating. No, absolute dollar percentage is decelerating. The spread is all that really matters. Okay, and so that's what the focus should be, not the total percentage number.

所以我們很舒服。底線就在那裡，我認為這是錯誤的，非常錯誤的，因為人們會說，定價正在減速。不，美元的絕對百分比正在下降。傳播才是真正重要的。好的，這就是重點，而不是總百分比。

Great. And if I could just squeeze in one little one, I just want to make sure I heard correctly earlier in the call when you talked about some of the M&A you undertook, was it noted that some of the acquisitions were in new franchise markets?

偉大的。如果我可以插一句，我只是想確保我在電話會議早些時候聽到的正確，當你談到你進行的一些併購時，是否注意到一些收購是在新的特許經營市場？

What we said is $150 million in deals that have been signed but not yet closed. Those included franchise markets. So we're looking forward to closing them in the back half of the year.

我們所說的是已經簽署但尚未完成的 1.5 億美元交易。其中包括特許經營市場。因此，我們期待在今年下半年關閉它們。

Great. Thanks very much.

偉大的。非常感謝。

Brian Butler, Stifel.

布萊恩巴特勒，斯蒂菲爾。

Hey, good morning. Most of my questions have been answered. But just two quick ones, hopefully. On the RNG, just wanted to clarify that $200 million of EBITDA that's out there in maybe 2026, that assumption was kind of made with RIN prices closer to $2. Is that correct? And there's potentially some upside of RIN, stays for the next 24 months at a higher level. I just want to make sure we get that assumption correct.

嗨，早安。我的大部分問題都得到了解答。但希望只是兩個快速的。關於 RNG，我只是想澄清一下，大約 2026 年將有 2 億美元的 EBITDA，這一假設是在 RIN 價格接近 2 美元的情況下做出的。那是對的嗎？RIN 可能還有一些上升空間，在未來 24 個月內保持在較高水準。我只是想確保我們的假設是正確的。

Yes. We actually -- that $200 million was made with RIN pricing of $2.50 to $2.60, Brian. So no, not $2. So there certainly is some upside at $3, but it's not 50% because it wasn't made -- the assumption wasn't made at $2.

是的。事實上，這 2 億美元是透過 RIN 定價 2.50 至 2.60 美元賺到的，Brian。所以不，不是 2 美元。因此，3 美元肯定有一些上漲空間，但不是 50%，因為它不是在 2 美元時做出的假設。

What we have said is that the investment thesis worked down to $2 without an ITC tax credit, it worked below $2 with an ITC tax credit. So that may be a little bit of the confusion, but the $200 million was based on $2.50 to $2.60 RINs to answer the question.

我們所說的是，在沒有 ITC 稅收抵免的情況下，投資理論會降低到 2 美元，而在有 ITC 稅收抵免的情況下，投資理論會低於 2 美元。所以這可能有點令人困惑，但 2 億美元是基於 2.50 至 2.60 美元的 RIN 來回答這個問題的。

Perfect. Thank you for that clarification. And then you talked about partnership on PFAS and obviously, this is kind of an emerging issue that's out there. How should we think about that partnership, and maybe from a management of leachate, what that cost might look like out into the future? I mean, obviously, it's early days, but where is a good starting point?

完美的。謝謝你的澄清。然後您談到了 PFAS 方面的合作夥伴關係，顯然，這是一個正在出現的問題。我們該如何考慮這種夥伴關係，也許從滲濾液的管理角度來看，未來的成本會是多少？我的意思是，顯然現在還處於早期階段，但好的起點在哪裡呢？

Well, it is early days, Brian. I mean, I would say a couple of things. Number one, this type of federal regulation that is uniform for at least all of the competitors we compete with, has historically been a very positive development for our industry. The public companies have the capital depth to comply with the legislation and it is a pricing opportunity to recover not only the investment, but some incremental margin on top of that.

好吧，現在還為時過早，布萊恩。我的意思是，我想說幾件事。第一，這種類型的聯邦法規至少對我們競爭的所有競爭對手都是統一的，歷來對我們這個行業來說是一個非常積極的發展。上市公司擁有遵守立法的資本深度，這是一個定價機會，不僅可以收回投資，還可以收回一些增量利潤。

And so we don't view this opportunity any differently. It is a different cost impact by market depending on how much PFAS you may have to treat and what your outlet levels at options are. And so it's a logistics issue. But look, somewhere between $2 million and $10 million of capital at a landfill, will generally handle purchasing treatment units from a capital standpoint, and it's probably more in the $2 million to $4 million, to be honest.

因此，我們對這個機會沒有任何不同的看法。市場對成本的影響不同，取決於您可能需要處理的 PFAS 量以及您的出口水準。所以這是物流問題。但是，從資本的角度來看，垃圾掩埋場的 200 萬到 1000 萬美元之間的資本通常會用於購買處理單元，說實話，可能更多的是 200 萬到 400 萬美元。

And that will allow you to use the technology to, in effect, solidify the PFAS that is within your leachate, allowing solidified to go back into the landfill, permanently encapsulate it, and the liquid to be treated at a POTW or an industrial wastewater treatment plant at no greater real cost than it was before.

這將使您能夠使用該技術，有效地固化滲濾液中的 PFAS，使固化後的 PFAS 能夠返回垃圾掩埋場，將其永久封裝，並在 POTW 或工業廢水處理中處理液體工廠的實際成本並不比以前更高。

And that's going to probably be a $0.02 to $0.04 a gallon type impact. So we will be pricing through this, both the capital and the incremental operating cost, but it is early days, as you've said.

這可能會帶來每加侖 0.02 至 0.04 美元的影響。因此，我們將透過資本和增量營運成本來定價，但正如您所說，現在還處於早期階段。

Okay, great. Thanks for taking the questions.

好的，太好了。感謝您提出問題。

Timna Tanners, Wolfe Research.

蒂姆納坦納斯，沃爾夫研究。

Yes, good morning. I just have a few quick ones that I think will be pretty high level. But wanted to just ask for any updated thoughts on desire, if any, to stray away from your solid waste focus given a competitor doing so? Any updated thoughts there?

是的，早安。我只有一些快速的，我認為它們會是相當高水平的。但只想詢問您是否希望在競爭對手這樣做的情況下擺脫對固體廢物的關注（如果有的話）？有什麼更新的想法嗎？

Timna, no. I mean, well, yes, updated thoughts. No intention to do so. Look, we have for 27 years, been what I call sort of a pure solid waste play. 12 years ago, we entered the E&P disposal business. At one point, that was 15% of our business. It's now 5.5% to 6% with what we did earlier this year. So it's well less than it was back in 2012.

蒂姆納，不。我的意思是，嗯，是的，更新了想法。無意這樣做。看，我們 27 年以來一直是我所說的純粹的固體廢物遊戲。 12年前，我們進入探勘與生產處置業務。一度，這佔了我們業務的 15%。與我們今年早些時候所做的相比，現在是 5.5% 到 6%。因此，這個數字比 2012 年少得多。

But we see ample opportunity in the core solid waste and recycling side, and our E&P disposal and treatment side. And we really see no reason, I'll use your words, stray from that at this point in time.

但我們在核心固體廢棄物和回收方面以及我們的勘探與生產處置和處理方面看到了充足的機會。我們真的看不出任何理由，我會用你的話來說，在這個時間點偏離這一點。

We've got ample opportunity in front of us. And while we look at other things, we just have not found them to be attractive relative to our alternative, uses of capital. So I can't speak to what others are doing. I'm assuming it makes great sense for them, but it's just not strategically something we're looking to do.

我們面前有充足的機會。當我們關注其他事物時，我們只是沒有發現它們相對於我們的替代方案（資本的使用）具有吸引力。所以我無法談論其他人在做什麼。我認為這對他們來說很有意義，但這不是我們想要做的策略性事情。

That's helpful. And then similarly, I know in the past, you've said the elections and politics aren't necessarily that important for you all, but seems to me like President Trump could try to deemphasize, if you will, the EVs, if nothing else. And I'm just wondering, does that change your strategy at all, or is it too late to put that EV back in the lab?

這很有幫助。同樣，我知道在過去，你說過選舉和政治對你們來說不一定那麼重要，但在我看來，如果你願意的話，川普總統可能會嘗試淡化電動車，如果沒有其他的話。我只是想知道，這是否會改變您的策略，或者將電動車放回實驗室是否為時已晚？

Well, look, I don't know who will -- none of us know who will win the election, and what they will ultimately do whether depending on what they say, it could always be different anyway. But we have not, by any means, gone all in on EV. We are doing it in markets that are asking us to or demanding us to, asking in the bidding process, too, such as New York City has done in parts of the franchising, such as parts of California have done, and we are complying or planning on complying.

好吧，聽著，我不知道誰會——我們都不知道誰會贏得選舉，也不知道他們最終會做什麼，是否取決於他們所說的，無論如何，情況都可能會有所不同。但無論如何，我們還沒有全力投入電動車。我們正在那些要求我們這樣做或要求我們這樣做的市場中這樣做，也在招標過程中提出要求，例如紐約市在部分特許經營中所做的事情，例如加利福尼亞州的部分地區所做的事情，我們正在遵守或計劃遵守。

But no, I don't think that there's anything out there investment-wise that, irrespective of who wins the election and has control of Congress, I don't think we've made any decisions solely based on one regulatory policy or another.

但不，我不認為有任何投資明智的事情，無論誰贏得選舉並控制國會，我不認為我們僅根據一項或多項監管政策做出任何決定。

These investment decisions are made based on strategic decision. They are made based on what's best environmentally and sustainability-wise, and they are made with an economic focus on each return. If something changes in any of those equations, we always reserve the right to back up some. But we're not seeing that from anything that we're hearing on either side right now.

這些投資決策是基於策略決策而做出的。它們是基於最佳的環境和永續發展理念而製作的，並且在製作時專注於每次回報的經濟性。如果這些方程式中的任何一個發生變化，我們始終保留支持某些變化的權利。但我們目前從雙方所聽到的任何消息中都沒有看到這一點。

Okay. Got it. And then final one. Can you just remind us of what it would take to revisit the dividend at this time. Is it just a question of alternatives and acquisition opportunities? Or just if you can remind us of your thinking there.

好的。知道了。然後是最後一張。您能否提醒我們此時重新考慮股利需要什麼？這只是替代方案和收購機會的問題嗎？或者您能否提醒我們您的想法。

So I'd remind you that since the initiation of the dividend in 2010, we've raised it double digits every year on a per share basis, and we continue to think about looking at it every year in Q3, and we have no differing expectations at this point in time.

因此，我想提醒您，自 2010 年開始派息以來，我們每年都將每股股息提高兩位數，並且我們每年都會繼續考慮在第三季度進行派息，我們沒有任何不同的看法。此刻的期望。

I'm sorry, I misspoke. I meant the buyback, I'm sorry about that.

對不起，我說錯了。我的意思是回購，對此我感到抱歉。

Oh, the buyback. We'd say the same philosophy that we've always had, which we view M&A as our highest and best use to drive incremental growth. Of course, it would be depending on valuations and strategic fit, but that always comes first.

哦，回購了。我們會說我們一直以來的理念，即我們將併購視為推動增量成長的最高和最佳用途。當然，這取決於估值和策略契合度，但這始終是第一位的。

I've already mentioned our philosophy on the dividend. So what that implies is that in years when we're not seeing an outsized amount of M&A like we are this year, where, as we've said, we've already had outlays of over $1.5 billion on deals and continue to have more to do between now and year-end.

我已經提到了我們關於股息的理念。因此，這意味著，在我們沒有看到像今年這樣大規模併購的年份裡，正如我們所說，我們已經在交易上支出了超過 15 億美元，並且還將繼續有更多支出從現在到年底之間要做的事情。

In years when it's not like that, it's certainly could be ample free cash flow available, and we would absolutely consider stepping up on the buyback opportunity opportunistically. That's how we continue to think about it.

在情況並非如此的年份，肯定會有充足的自由現金流可用，我們絕對會考慮機會性地抓住回購機會。這就是我們繼續思考的方式。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning. Thanks, I will keep it to one quick one here. More so just a clarification question, you talked about labor open positions being down. I think you said about 40%. How much more is there to go on that labor front?

早安.謝謝，我會在這裡快速地講一講。更重要的是，只是一個澄清問題，您談到了勞動力空缺職位的下降。我想你說的是40%左右。勞工方面還有多少工作要做？

And then as you think about maybe the reduction in open positions, is this, maybe if you could talk a little bit about if this is a function of better retention and lower turnover, versus maybe the reduced need for incremental labor, either due to productivity or maybe you're seeing or other tailwinds kind of come in? Any color there? Thanks.

然後，當您考慮空缺職位的減少時，也許您可以談談這是否是由於更好的保留和較低的流動率而導致的，而​​不是由於生產力而減少了對增量勞動力的需求或者也許您正在看到或有其他順風因素進來？那裡有什麼顏色嗎？謝謝。

Sure. Well, so first off Stephanie, when we really -- our open position, that was your question. That peaked at about 7.2% back in '22 actually sort of the mid- to the end of '22. That was the peak. We had traditionally pre-pandemic, let's just use that. We had traditionally always tried to run the company about 3% to maybe, up to 4% open headcount, okay? And that's sort of a sweet spot for us naturally.

當然。好吧，首先是史蒂芬妮，當我們真正——我們的開放立場時，這就是你的問題。22 年的峰值約為 7.2%，實際上是 22 年中末。那是巔峰。我們傳統上有大流行前的經驗，讓我們利用它。傳統上，我們一直試圖讓公司的空缺人數保持在 3% 到 4% 左右，好嗎？這自然是我們的最佳選擇。

That brought us about 18% to 21% total turnover, with about half of it being voluntary, and half of it being involuntary where we're being very proactive on potential, usually unsafe driver activity. So we are now sitting right at about dead on 4%. Four of our six regions are under 4%. So we're getting closer to our target.

這為我們帶來了約 18% 至 21% 的總營業額，其中約一半是自願的，一半是非自願的，我們非常積極主動地應對潛在的、通常不安全的駕駛員活動。所以我們現在的利率大約是 4%。我們的六個地區中有四個地區的比例低於 4%。所以我們離我們的目標越來越近了。

In this environment, we want to run this about 3.5% to 3.8% open headcount would be sort of optimal. We've reduced voluntary turnover from the mid-20% level like 25%, down to 14.6% and our involuntary turnover is running around 11.5% to 12%. So we've probably got about another 4 points optimally to go on the voluntary. I'd like to get that down in that 10% to 11% level.

在這種環境下，我們希望運行大約 3.5% 到 3.8% 的空缺員工人數將是最佳的。我們已將自願離職率從 20% 左右的水平（如 25%）降至 14.6%，非自願離職率約為 11.5% 至 12%。因此，我們可能還剩下 4 分，可以繼續參加志工活動。我希望將其降低到 10% 到 11% 的水平。

We're comfortable with our involuntary where it is. It will also naturally drop as everything stabilizes. So we're getting closer is the answer to your question. It is almost, other than the MRF side that I commented on, which is a small piece when I talked about robotics, it is all due to our conscious improvement in turnover versus quote-unquote productivity was your question.

我們對自己不自覺的狀態感到滿意。隨著一切穩定下來，它也會自然下降。所以我們越來越接近你問題的答案。除了我評論的 MRF 方面（這是我在談論機器人技術時的一小部分）之外，這幾乎都是由於我們有意識地提高了營業額，而不是你的問題。

That is, as you get fully staffed everywhere, then you are able to focus on incremental productivity improvements and you do that both through incremental growth per route, which actually drives productivity the best without adding headcount. But it has all been from the turnover improvement at this point to answer the question.

也就是說，當您在各地都配備了充足的人員時，您就可以專注於增量生產力的提高，並且您可以通過每條路線的增量增長來實現這一點，這實際上可以在不增加員工人數的情況下最大程度地提高生產力。但這一切都需要從目前營業額的改善來回答這個問題。

Great. Thank you.

偉大的。謝謝。

Thank you. And this concludes our question-and-answer session. I'd like to turn the conference over to Mr. Mittelstaedt for closing remarks.

謝謝。我們的問答環節到此結束。我想請 Mittelstaedt 先生致閉幕詞。

Okay, well, if there are no further questions, on behalf of our entire management team, we appreciate your listening to and interest in the call today. Mary Anne and Joe Box are available today to answer any direct questions that we did not cover that we are allowed to answer under Regulation FD, Reg G, and applicable securities laws in Canada. Thank you again. We look forward to connecting with you at upcoming investor conferences or on our next earnings call.

好的，如果沒有其他問題，我們代表我們整個管理團隊感謝您收聽今天的電話會議並對此感興趣。Mary Anne 和 Joe Box 今天可以回答我們未涵蓋但根據 FD 法規、G 法規和加拿大適用證券法允許我們回答的任何直接問題。再次感謝你。我們期待在即將舉行的投資者會議或下一次財報電話會議上與您聯繫。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝你，先生。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。