Waste Connections Inc (WCN) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Waste Connections, Inc. Q2 2025 earnings call.

大家早安，歡迎參加 Waste Connections, Inc. 2025 年第二季財報電話會議。

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

（操作員指示）請注意，此事件正在被記錄。

I'd now like to turn the floor over to Ron Mittelstaedt, President and CEO. Sir, please go ahead.

現在我想把發言權交給總裁兼執行長 Ron Mittelstaedt。先生，請繼續。

Okay. Thank you, operator, and good morning.

好的。謝謝接線員，早安。

I would like to welcome everyone to this conference call to discuss our second-quarter results and updated outlook for 2025, along with providing a framework for the back half of the year. I'm joined this morning by Mary Anne Whitney, our CFO, and several other members of our senior management.

我歡迎大家參加本次電話會議，討論我們的第二季業績和 2025 年的最新展望，並為下半年提供框架。今天上午，我們的財務長瑪麗安妮惠特尼 (Mary Anne Whitney) 和其他幾位高階主管與我一起出席了會議。

As noted in our release, we once again delivered results above the high end of our outlook for the quarter in spite of incremental headwinds in Q2 from lower-than-expected contributions from higher-margin, commodity-related activities, and continued sluggishness in the economy along with tariff-induced uncertainties. As anticipated, we have already completed an outsized year of acquisition activity at approximately $200 million in annualized revenue with a robust pipeline and almost half the year still ahead of us.

正如我們在新聞稿中指出的，儘管第二季度面臨來自高利潤率、大宗商品相關活動的貢獻低於預期、經濟持續低迷以及關稅引發的不確定性等不利因素，但我們的業績再次超出了本季度預期的高端。正如預期的那樣，我們已經完成了一年規模龐大的收購活動，年收入約 2 億美元，擁有強大的管道，今年還有近一半的時間。

The strength of our financial profile and free cash flow generation keeps us well positioned for additional acquisitions while maintaining the flexibility for increased return of capital to shareholders including through opportunistic share repurchases, which are already underway. Moreover, in spite of incremental and growing headwinds, our full-year 2025 outlook remains within the ranges from February, providing for approximately 6% revenue growth and 50 basis points of adjusted EBITDA margin expansion to 33%. We remain well positioned for upside from contributions from additional acquisitions, improvements in commodity-related activity, and incremental solid waste volumes.

我們強大的財務狀況和自由現金流產生能力使我們在進行額外收購方面處於有利地位，同時保持了增加股東資本回報的靈活性，包括透過已經在進行的機會性股票回購。此外，儘管面臨越來越大的逆風，我們對 2025 年全年的展望仍在 2 月的範圍內，預計營收將成長約 6%，調整後 EBITDA 利潤率將擴大 50 個基點至 33%。我們仍處於有利地位，可以從額外收購、商品相關活動的改善以及固體廢物量的增加中獲得收益。

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.

在我們討論更多細節之前，請允許我先將電話轉給瑪麗安妮，讓她聽取我們的前瞻性免責聲明和其他日常事務。

Thank you, Ron, and good morning.

謝謝你，羅恩，早安。

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.

今天電話會議中的討論包括根據 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的結果有重大差異。

Factors that could cause actual results to differ are discussed both in the cautionary statement included in our July 23 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. 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. 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 7 月 23 日發布的收益報告中的警告聲明以及 Waste Connections 向美國證券交易委員會和加拿大證券委員會或類似監管機構提交的文件中詳細討論了可能導致實際結果不同的因素。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的或我們目前認為無關緊要的額外風險，這些風險可能會對我們的業務產生不利影響。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準則指標，例如調整後的 EBITDA、以美元和每股攤薄收益計算的歸屬於 Waste Connections 的調整後淨收入以及調整後的自由現金流。請參閱我們的收益報告，以了解此類非 GAAP 指標與最具可比性的 GAAP 指標的對照情況。

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.

管理階層使用某些非公認會計準則指標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。

I will now turn the call back over to Ron.

現在我將把電話轉回給羅恩。

Okay. Thank you, Mary Anne.

好的。謝謝你，瑪麗安妮。

We're extremely pleased with our second-quarter results, which reflect the enduring strength and consistency of solid waste regardless of the economic environment. Moreover, our operational execution was augmented by continued improvement in employee retention and safety to support pricing ahead of inflation and effectively manage costs.

我們對第二季的業績感到非常滿意，這反映了無論經濟環境如何，固體廢棄物都具有持久的力量和一致性。此外，透過不斷提高員工留任率和安全性，我們的營運執行力也得到了增強，從而支持通貨膨脹之前的定價並有效地管理成本。

Most notably, we overcame headwinds from incremental weakness in commodities, RINs, and cyclical volumes, and still delivered margins of 32.7%, consistent with our Q2 guidance. Remember, this also includes 20 basis points year-over-year headwinds from our decision to close Chiquita Canyon landfill as of January 1.

最值得注意的是，我們克服了大宗商品、RIN 和週期性交易量逐漸疲軟帶來的阻力，仍然實現了 32.7% 的利潤率，與我們第二季度的預期一致。請記住，這也包括我們決定從 1 月 1 日起關閉 Chiquita Canyon 垃圾掩埋場所帶來的同比 20 個基點的阻力。

During the quarter, revenue growth of 7.1% was driven by 6.6% core solid waste pricing, comfortably exceeding our cost of inflation to drive 70 basis points of underlying adjusted EBITDA margin expansion in solid waste. Reported volume declines of 2.6% reflected the purposeful price volume trade-off and ongoing shedding of underperforming contracts that we have described in previous periods.

本季度，核心固體廢棄物價格上漲 6.6%，推動營收成長 7.1%，輕鬆超過通膨成本，推動固體廢棄物調整後 EBITDA 利潤率擴大 70 個基點。報告的交易量下降了 2.6%，反映了我們在前期描述過的有目的的價格交易量權衡和持續減少表現不佳的合約。

Beyond that, they reflect the trends we've noted over the past several quarters. That is underlying flat to negative volumes from continued sluggishness and roll-off poles and lower disposal volumes primarily from construction-oriented activity, both of which showed continued moderation during the quarter. Most importantly, we saw continued improvement in operating trends and the associated benefits.

除此之外，它們反映了我們在過去幾季注意到的趨勢。這是由於持續低迷和滾裝桿導致成交量持平或為負，以及主要來自建築導向活動的處置量下降，這兩項在本季度均呈現持續放緩。最重要的是，我們看到營運趨勢和相關效益的持續改善。

In Q2, voluntary turnover once again stepped down sequentially, marking our 11th consecutive quarter of improvement.

第二季度，自願離職率再次環比下降，這標誌著我們連續第 11 個季度實現改善。

On total turnover now below 22%, our voluntary turnover of less than 11% is down almost 60% from mid-'22 and has dropped below in voluntary turnover for the first time in recent years. And safety results, which are highly correlated to turnover, once again hit new historic lows. Incident rates were down 15% year-over-year, with momentum for continued improvement. In fact, year-over-year monthly incidents were down over 20% in June on a 5% increase in total employees due largely to acquisitions, which typically come on at higher safety-related incident rates.

目前總離職率低於 22%，而我們的自願離職率不到 11%，較 22 年中期下降了近 60%，是近年來自願離職率首次降至以下水準。與營業額高度相關的安全績效再次創下歷史新低。事故發生率年減15%，且有持續改善的動能。事實上，6 月員工總數增加了 5%，但與去年同期相比，每月事故發生率下降了 20% 以上，這主要是由於公司收購，而收購通常會導致安全相關事故發生率更高。

As anticipated, these improving trends are translating into outside margin expansion. [Timber] late Q1, underlying margins expanded by 70 basis points, about 2x the more normalized margin expansion we would expect from price-led organic solid waste growth. and this is without the benefit of positive volumes. A reminder that when volumes do recover, especially at landfills, they will be nicely accretive. And given our high market share model and broad footprint, we remain well positioned to benefit from any pickup in activity driven by construction or otherwise.

正如預期，這些改善趨勢正在轉化為外部利潤率的成長。 [木材]第一季末，基礎利潤率成長了70個基點，約為我們預期價格驅動的有機固體廢棄物成長帶來的正常化利潤率成長的兩倍。這還沒有考慮到銷量的成長。需要提醒的是，當垃圾量恢復時，尤其是垃圾掩埋場的垃圾量將大幅增加。鑑於我們較高的市場份額模式和廣泛的業務範圍，我們仍然能夠從建築業或其他行業推動的活動回升中受益。

In the meantime, we are focusing on controlling what we can delivering industry-leading margins and positioning ourselves for future growth. We continue to reinvest in the business through CapEx at existing operations and new acquisitions, pursue new organic growth opportunities and advance our sustainability-related projects. We're also focused on leveraging technology to highlight additional avenues for outsized margin expansion using AI-driven applications across multiple platforms from customer retention and pricing to forecasting through data analytics. All of which we will be expanding during '26 and '27 as we look to further digitize. We continue to focus on customer experience and our operations, targeting quality of revenue on the top line and productivity and efficiency gains throughout our cost structure as we position ourselves for growth well beyond our current $10 billion revenue run rate.

同時，我們正專注於控制我們所能提供的一切，以實現領先業界的利潤率，並為未來的成長做好準備。我們繼續透過現有營運和新收購的資本支出對業務進行再投資，尋求新的有機成長機會並推動與永續發展相關的項目。我們還專注於利用技術來突出超額利潤擴張的額外途徑，使用跨多個平台的人工智慧驅動應用程式（從客戶保留和定價到透過數據分析進行預測）。我們將在 26 年和 27 年期間擴大所有這些規模，以進一步數位化。我們將繼續專注於客戶體驗和我們的營運，目標是提高營收品質以及整個成本結構的生產力和效率，以實現遠超過目前 100 億美元營收運行率的成長目標。

To that end, acquisition activity is continuing at an above-average pace, resulting in approximately $200 million in annualized revenues already closed to date. Our balance sheet strength, along with a robust acquisition pipeline built on long-term relationships and a consistent, disciplined approach to market selection, position us for additional activity.

為此，收購活動正以高於平均的速度繼續進行，迄今已實現約 2 億美元的年化收入。我們的資產負債表實力、建立在長期關係基礎上的強勁收購管道以及一致、嚴謹的市場選擇方法，使我們能夠開展更多活動。

In fact, including signed LOIs, we expect to close another $100 million to $200 million in acquisitions later this year or by early 2026, with more to follow. Of course, contributions from any additional deals closing in 2025 would be additive to the outlook we've provided.

事實上，包括簽署的意向書在內，我們預計今年稍後或 2026 年初將完成另外 1 億至 2 億美元的收購，之後還會有更多收購。當然，2025 年達成的任何其他交易的貢獻都會對我們提供的前景有所補充。

And finally, as noted, we've been in the market buying back shares. As we've consistently maintained, we take an opportunistic approach to share repurchases and look to capitalize when we see compelling dislocations across the market or within our sector. To date, we bought back 1.3 million shares or about 0.5 percentage point of shares outstanding pursuant to our normal course issuer bid, which we renew annually in August, providing for annual repurchases of up to 5% of shares outstanding.

最後，如前文所述，我們一直在市場上回購股票。正如我們一貫堅持的那樣，我們採取機會主義的方式回購股票，並在看到整個市場或我們所在行業出現令人震驚的混亂時尋求利用這一機會。到目前為止，我們按照正常的發行人要約回購了 130 萬股股票，約佔流通股的 0.5%，我們每年 8 月更新一次要約，每年回購最多佔流通股的 5%。

And speaking of which, in June, we announced an additional listing and became a founding member of NYSE Texas. A recognition of our corporate presence here in the Woodlands, along with our operations across the state. We've enjoyed tremendous growth as a company since relocating our headquarters from California to Texas, 13 years ago, and appreciate the business supportive environment Texas provides. We recognize the importance of strong community and appreciate the collaborative can-do spirit that Texas is famous for.

說到這，今年 6 月，我們宣布增發上市，並成為紐約證券交易所德州分公司的創始成員。這是對我們公司在伍德蘭茲的存在以及我們在整個州的業務的認可。自 13 年前將總部從加州遷至德州以來，我們公司取得了巨大的成長，並感謝德州提供的商業支援環境。我們認識到強大社區的重要性，並欣賞德克薩斯州聞名的合作進取精神。

Shifting next to an update on our remediation efforts at Chiquita Canyon landfill in Southern California, we continue to make progress managing the elevated temperature landfill or ETLF event. At this time, there is no change to expectations regarding the cash flow or other impacts at the site.

接下來我們將更新南加州 Chiquita Canyon 垃圾掩埋場的修復工作，在管理高溫垃圾掩埋場或 ETFL 事件方面我們繼續取得進展。目前，對於該站點的現金流或其他影響的預期沒有變化。

The most encouraging progress, however, is on the administrative front, with the US EPA taking a more active leadership role in regulatory oversight of the facility. To that end, our team has been engaged in ongoing discussions with Region 9 of the US EPA in an effort to further streamline ongoing regulatory oversight and approvals at the facility and in line with President Trump's and administrator Zelden's stated goals of focusing efforts on powering the great American comeback, Chiquita's requested Region 9's further assistance in minimizing regulatory indecision and in action by taking a more active role at the site.

然而，最令人鼓舞的進展是在行政方面，美國環保署在該設施的監管監督中發揮了更積極的領導作用。為此，我們的團隊一直在與美國環保署第 9 區進行討論，以進一步簡化該設施的持續監管監督和審批，並根據川普總統和管理者澤爾登提出的集中精力推動美國偉大復興的目標，奇基塔請求第 9 區進一步協助減少監管在現場猶豫不決，並通過監管在現場發揮更積極的作用來採取行動。

To be very clear, this is good news and something we requested and will drive continued improvements in the management of the reaction and any impacts to local communities. We expect the results will be a more effective and efficient and ultimately less costly process.

明確地說，這是好消息，也是我們所要求的，並將推動對反應的管理以及對當地社區的任何影響的持續改善。我們期望結果將是一個更有效、更有效率且最終成本更低的過程。

And now I'd like to pass the call to Mary Anne to review more in depth the financial highlights for the second quarter to review the elements of our updated full year 2025 outlook and what that implies for the back half of the year. I will then wrap up before heading into Q&A.

現在，我想請瑪麗安妮更深入地回顧第二季度的財務亮點，以回顧我們更新的 2025 年全年展望的要素及其對下半年的影響。然後我將結束發言，然後進入問答環節。

Thank you, Ron. In the second quarter, revenue of $2.407 billion exceeded the high end of our outlook and was up $159 million or 7.1% year over year. Acquisitions completed since the year ago period contributed about $113 million net of divestitures. Core pricing of 6.6% was as expected in Q2 and reflected the typical cadence of seasonality. For the full year, core pricing of over 6% is now effectively complete or contractually provided for.

謝謝你，羅恩。第二季度，營收 24.07 億美元，超出我們預期的高端，年增 1.59 億美元，增幅 7.1%。自去年同期以來完成的收購貢獻了約 1.13 億美元的淨資產剝離額。第二季核心價格為 6.6%，符合預期，反映了典型的季節性節奏。就全年而言，超過 6% 的核心定價現已有效完成或透過合約規定。

Volumes down 2.6% reflect the following year-over-year results in Q2 on a same-store basis. Roll-off revenue was down about 1% on pulls down 3% and rates per pull up 2%. Looking at regional variances, pulls range from down high single digits in our Southern region to up mid-single digits in our Western region, with most regions down slightly.

銷量下降 2.6% 反映了第二季同店銷售額年減的趨勢。由於拉動量下降 3%，每次拉動的費率上升 2%，因此滾裝收入下降了約 1%。從地區差異來看，南部地區的拉動幅度高達個位數，而西部地區的拉動幅度則達到個位數的中段，大多數地區都略有下降。

Activity levels during the quarter, which would typically reflect a seasonal ramp of as much as 5% showed only about a 1% sequential improvement between April and June. We would note the constantly changing tariff schedules during this period, which we believe contributed to uncertainty for customers. Landfill revenue was up about 4% on tons up 1.5%. Looking by waste type. MSW tons were up 3%.

本季的活動水準通常會反映出高達 5% 的季節性成長，但 4 月至 6 月之間的環比成長僅為 1% 左右。我們注意到，在此期間關稅表不斷變化，我們認為這給客戶帶來了不確定性。垃圾掩埋收入增加了約 4%，噸數增加了 1.5%。依廢物類型查找。都市固體廢棄物噸數上漲了3%。

Special waste was up 7% and C&D tons were down 9%, slightly below recent quarters and indicative of limited construction activity. Values for recycled commodities are already down year-over-year coming into the quarter, declined another 10% to 15% during Q2.

特殊廢棄物增加了 7%，建築垃圾噸數減少了 9%，略低於最近幾季的水平，顯示建築活動有限。進入本季度，再生商品的價值已年減，第二季度又下降了 10% 至 15%。

Renewable energy credits or RINs also stepped down by about 15% during Q2. And our US EPA waste activity, which is highly correlated to crude prices and related drilling activity, was down about 10% year-over-year, most notably in June as crude volatility was magnified by ever-changing policies. By way of contrast, we did not see a corresponding decline in Canada where our business is more production oriented. In fact, our R360 Canada revenue was up year-over-year on both price and volume in line with our expectations, a reinforcing reminder of our rationale for pursuing this business in 2024 with ongoing growth since then to shift the balance of our E&P waste mix from drilling towards production.

再生能源信用額度（RIN）在第二季也下降了約 15%。我們的美國環保署廢棄物處理活動與原油價格和相關鑽井活動高度相關，年減了約 10%，6 月尤為明顯，因為不斷變化的政策加劇了原油波動。相較之下，我們的業務在以生產為導向的加拿大並沒有出現相應的下滑。事實上，我們的 R360 加拿大收入在價格和銷量上都同比增長，符合我們的預期，這進一步提醒了我們在 2024 年開展這項業務的理由，並且自那時起持續增長，將我們的 E&P 廢物組合的平衡從鑽探轉向生產。

Adjusted EBITDA for Q2, as reconciled in our earnings release, was $786.4 million, up 7.5% year-over-year and slightly above the high end of our outlook. At 32.7%, our adjusted EBITDA margin was in line with our outlook and up 10 basis points year-over-year in spite of an extra 20 basis point drag from commodities, which declined during the quarter.

根據我們的收益報告，第二季的調整後 EBITDA 為 7.864 億美元，年增 7.5%，略高於我們預期的高端。我們的調整後 EBITDA 利潤率為 32.7%，與我們的預期一致，儘管本季大宗商品價格下跌，拖累了 20 個基點，但利潤率仍同比增長 10 個基點。

In total, total commodity-driven revenues were a drag of about 60 basis points in the quarter, in addition to Chiquita, which was another 20 basis point drag. Underlying solid waste margins were up 70 basis points, similar to last quarter, as Ron described. Similar to Q1, we saw margin improvement across a range of cost categories related to third-party services, labor and maintenance as we are seeing the benefits of improved employee retention and reduced openings. In contrast, risk management cost reductions continue to lag and remained a headwind in the quarter, providing opportunity for continued outsized underlying margin expansion as we look ahead.

整體而言，本季大宗商品驅動的總收入拖累了公司約 60 個基點，此外，Chiquita 又拖累了公司 20 個基點。正如羅恩所描述的，基礎固體廢物利潤率上漲了 70 個基點，與上一季相似。與第一季類似，我們看到與第三方服務、勞動力和維護相關的一系列成本類別的利潤率有所提高，因為我們看到了員工留任率提高和職缺減少的好處。相較之下，風險管理成本的降低繼續滯後，並在本季度仍然是一個阻力，為我們未來繼續大幅擴大基礎利潤率提供了機會。

Net interest in the quarter was $80.4 million, and our effective tax rate for the second quarter was 25.4%, about 100 basis points above our outlook on higher foreign exchange rates. And finally, year-to-date, we've delivered adjusted free cash flow of $699 million on capital expenditures, up over $110 million year over year. As such, we're well on our way to deliver adjusted free cash flow of $1.3 billion as guided.

本季淨利息為 8,040 萬美元，第二季有效稅率為 25.4%，比我們對更高外匯匯率的預期高出約 100 個基點。最後，今年迄今為止，我們的資本支出調整後自由現金流為 6.99 億美元，年增超過 1.1 億美元。因此，我們預計將按照預期實現 13 億美元的調整後自由現金流。

During the quarter, we completed a public offering of $500 million in senior notes to further diversify our funding sources and maintain optionality for capital allocation. Our weighted average cost of debt is about 4% with an average tenor of over 9 years. We ended the quarter with debt outstanding of about $8.35 billion, about 15% of which was floating rate and liquidity of over $1.1 billion. In spite of acquisition outlays of $582 million through Q2, our leverage ratio as defined in our credit facility has increased only nominally since year-end to 2.9x debt to adjusted EBITDA.

本季度，我們完成了 5 億美元優先票據的公開發行，以進一步實現資金來源多元化，並保持資本配置的可選性。我們的加權平均債務成本約為 4%，平均期限超過 9 年。本季末，我們的未償債務約為 83.5 億美元，其中約 15% 為浮動利率，流動性超過 11 億美元。儘管第二季的收購支出為 5.82 億美元，但我們信貸安排中定義的槓桿率自年底以來僅名義上增加至債務與調整後 EBITDA 的 2.9 倍。

As Ron noted, we have a lot of optionality in terms of capital outlays, including opportunistic share repurchases, which year-to-date have totaled over $240 million. In addition, we look forward to another increase to our dividend, which we will consider when we undertake our annual review in October.

正如羅恩所指出的，我們在資本支出方面有很多選擇，包括機會性股票回購，今年迄今總額超過 2.4 億美元。此外，我們期待再次增加股息，我們將在十月進行年度審查時考慮這一點。

I will now review our updated outlook for the full year 2025 and provide some thoughts about what that implies for the back half of the year. 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.

我現在將回顧我們對 2025 年全年的最新展望，並就其對下半年的影響提出一些看法。在此之前，我們想再次提醒大家，實際結果可能會因我們的安全港聲明以及我們向美國證券交易委員會、證券委員會或加拿大類似監管機構提交的文件中概述的風險和不確定性而有很大差異。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.

我們的展望假設當前的經濟環境或潛在的經濟趨勢不會改變。它還排除了今年剩餘時間內可能完成的額外收購以及期間交易相關項目的費用的影響。

Additionally, our outlook does not anticipate a material impact to our effective tax rate or cash flows as a result of the recent tax bill, except as noted. Looking first at our updated outlook for the full year as provided for and reconciled in our earnings release. Given the strength of our performance in the first half of the year and updating for recent commodity values and RINs and acquisitions completed to date, we are maintaining our full year 2025 outlook as provided in February as follows: Revenue is estimated at approximately $9.45 billion. While within the range of our February outlook, this reflects a different mix of revenue. Incremental acquisition contributions are offset by reductions in commodity-related revenues based on recent values and US E&P waste and solid waste volumes based on recent trends.

此外，除非另有說明，我們預計最近的稅法不會對我們的有效稅率或現金流量產生重大影響。首先來看看我們在收益報告中提供和調整的全年最新展望。鑑於我們上半年的強勁表現，以及根據近期商品價值、RIN 和迄今為止完成的收購進行的更新，我們維持 2 月份提供的 2025 年全年展望，具體如下：收入估計約為 94.5 億美元。雖然這在我們二月的預期範圍內，但它反映了不同的收入組合。增量收購貢獻被基於近期價值的商品相關收入的減少以及基於近期趨勢的美國 E&P 廢物和固體廢物量的減少所抵消。

Adjusted EBITDA is estimated at approximately $3.12 billion or 33%, again, within the range of our February outlook in spite of that mix shift. This reflects 30 basis points higher underlying solid waste margins, overcoming the margin dilutive impact of acquisitions and lower commodity-related revenue and disposal volumes. On a year-over-year basis, adjusted EBITDA margin up 50 basis points, reflects over 100 basis points underlying margin expansion.

調整後的 EBITDA 估計約為 31.2 億美元或 33%，儘管組合發生了變化，但仍在我們 2 月預測的範圍內。這反映出基礎固體廢棄物利潤率提高了 30 個基點，克服了收購和商品相關收入及處置量下降對利潤率的稀釋影響。與去年同期相比，調整後的 EBITDA 利潤率上升了 50 個基點，反映出基礎利潤率擴大了 100 多個基點。

And finally, in the case of adjusted free cash flow at approximately $1.3 billion, within the range of our February outlook, we expect that incremental bonus depreciation associated with the recent tax bill, which we estimate may increase cash flow from operations by about $25 million would be put to work to a corresponding increase in capital expenditures. We are considering opportunistic fleet and equipment purchases to derisk potential tariff-related increases as well as CapEx for growth projects, both related to recent acquisitions and at existing operations.

最後，在調整後的自由現金流約為 13 億美元的情況下，在我們 2 月份的展望範圍內，我們預計與最近的稅收法案相關的增量獎金折舊（我們估計這可能會使經營現金流增加約 2500 萬美元）將用於相應增加資本支出。我們正在考慮機會性地購買船隊和設備，以降低與關稅相關的潛在成長風險以及與最近的收購和現有營運相關的成長項目的資本支出。

The closing of any additional acquisitions would provide upside to our updated 2025 outlook as with improvement in commodities and related activity and any pickup in volumes.

隨著大宗商品和相關活動的改善以及交易量的回升，任何額外收購的完成都將為我們更新後的 2025 年展望帶來上行空間。

Next, looking ahead to Q3 and Q4, as implied by our full-year 2025 outlook, the adjusted EBITDA margin is expected to average 33.6% in the back half of the year, up about 60 basis points year-over-year driven by outsized margin expansion in Q4 from easing comparisons to the prior year for Chiquita and commodities. By quarter, adjusted EBITDA margin is expected to be roughly comparable across Q3 and Q4 due to a limited seasonal ramp in Q3.

接下來，展望第三季度和第四季度，正如我們對 2025 年全年的展望所暗示的那樣，調整後的 EBITDA 利潤率預計在下半年平均為 33.6%，同比增長約 60 個基點，這得益於第四季度的利潤率大幅擴張，與上年相比，Chiquita 和大宗商品的利潤率有所下降。按季度來看，由於第三季的季節性成長有限，預計調整後的 EBITDA 利潤率在第三季和第四季大致相當。

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

現在，讓我將電話轉回給羅恩，讓他在問答之前做些最後的評論。

Thank you, Mary Anne.

謝謝你，瑪麗安妮。

As we have described, we are extremely pleased with our first half results which highlights the strength and resilience of our business and specifically the outperformance of our core solid waste operations and what is arguably a volatile economic backdrop.

正如我們所描述的，我們對上半年的業績感到非常滿意，這凸顯了我們業務的實力和韌性，特別是我們核心固體廢棄物業務的優異表現，以及可以說是動蕩的經濟背景。

In fact, in a more normalized environment, our strong first half performance and operating trends would have prompted us to raise our full year guidance. However, given the uncertainty of today's environment and the impact of lower commodities, we view maintaining our 2025 guidance as prudent and as a win. And while the macro environment remains dynamic, we are well positioned to navigate that uncertainty as our Q2 results demonstrate.

事實上，在更正常的環境下，我們強勁的上半年業績和營運趨勢將促使我們提高全年業績預期。然而，考慮到當今環境的不確定性以及大宗商品價格下跌的影響，我們認為維持 2025 年的指導是審慎的，也是勝利的。儘管宏觀環境依然動態，但正如我們的第二季業績所證明的那樣，我們已做好準備應對這種不確定性。

As we have consistently maintained our greatest differentiator is human capital and a purposeful approach to a culture of accountability. We're most grateful for and extremely proud of the dedication of our over 25,000 employees and the local leadership team is responsible for the consistency of operational execution. We will continue to focus on operational excellence, building on a proven track record and legacy of outsized value creation while also recognizing the value of innovation and the opportunities from leveraging technology and new ideas.

我們始終認為，我們最大的差異在於人力資本和有目的的問責文化。我們非常感謝並非常自豪我們超過 25,000 名員工的奉獻精神，當地領導團隊負責確保營運執行的一致性。我們將繼續專注於卓越運營，在良好的業績記錄和創造超額價值的傳統基礎上，同時也認識到創新的價值以及利用技術和新想法帶來的機會。

Before going into Q&A, I'd like to take a moment to thank and acknowledge my Waste Connections Co-Founder our Executive Vice President and Chief Operating Officer of nearly 28 years and 1 of my closest friends ever, Darrell Chambliss. Darrell has announced his retirement from his role as COO, effective August 8, 2025. While we're not making any other announcements at this time, they will be forthcoming over the next few weeks. Darrell can never truly be replaced. He's been the heartbeat of Waste Connections for 28 years.

在進入問答環節之前，我想花點時間感謝並表揚我的 Waste Connections 聯合創始人、我們共事近 28 年的執行副總裁兼首席營運官以及我最親密的朋友之一 Darrell Chambliss。達雷爾宣布將從 2025 年 8 月 8 日起不再擔任營運長。雖然我們目前沒有發布任何其他公告，但它們將在未來幾週內發布。達雷爾永遠無法被真正取代。28 年來，他一直是 Waste Connections 的核心人物。

Our Board of Directors, our leadership team at every level and all of our 25,000 employees owe an enormous debt of gratitude to Darrell. He will be missed every day and will never be forgotten. There's not enough time on this call for me to adequately express all that Darrell has met to everyone within the Waste Connections family or across the broader solid waste industry. I wish Darrell, his beautiful wife, Andrea, and their son Nate, a wonderful, healthy fun next chapter that is so richly deserved. We'll all miss you terribly Darrell, and we all love you.

我們的董事會、各級領導團隊以及所有 25,000 名員工都對 Darrell 心懷感激。我們每天都會想念他，永遠不會忘記他。這通電話中我沒有足夠的時間向 Waste Connections 家族或整個固體廢棄物行業的每個人充分錶達 Darrell 所遇到的一切。我祝福達雷爾、他美麗的妻子安德里亞和他們的兒子內特在接下來的人生中擁有一個美好、健康、有趣的未來。達雷爾，我們都會非常想念你，我們都愛你。

Now, getting back to all of you, we appreciate all your time today. I will now turn this call over to the operator to open up the lines for your questions. Operator.

現在，回到大家的身邊，我們感謝你們今天抽出的時間。我現在將把這個電話轉給接線員，以便回答你們的問題。操作員。

(Operator Instructions) Tyler Brown, Raymond James.

（操作員指示）泰勒布朗、雷蒙德詹姆斯。

First, congrats, Darrell. Incredible career. See you on an Arkansas Lake 1 day. But curious, we could -- maybe if we could double quick a little bit on capital allocation. Ron, just -- it sounds like the M&A pipeline is solid, but you also restarted to buy back.

首先，恭喜你，達雷爾。令人難以置信的職業生涯。有一天在阿肯色湖見。但奇怪的是，我們可以——也許我們可以在資本配置上稍微快速翻一番。羅恩，聽起來併購通路很穩固，但你也重新開始回購了。

And I just want to make sure that I have the message right here because I think $235 million in the quarter is maybe the second largest repo in your history, and we're only 24 days in. So just to be clear, is this you being more opportunistic versus a change in the M&A opportunities out there?

我只是想確保我在這裡傳達的訊息是正確的，因為我認為本季的 2.35 億美元可能是你們歷史上第二大的回購，而我們才剛開始 24 天。所以要先明確的是，這是你們更加投機取巧，還是外部併購機會改變了？

Yes, Tyler, I mean, number one, it absolutely is. As we tried to say in our remarks, we try to be opportunistic when we think that there are abnormal dislocations in either our or our sector's stock and we feel that as there's been recent pullback for a variety of reasons in the sector and in us as well.

是的，泰勒，我的意思是，首先，絕對是這樣的。正如我們在評論中試圖說的那樣，當我們認為我們或我們行業的股票出現異常錯位時，我們會嘗試抓住機會，我們認為由於該行業和我們自身的各種原因，最近出現了回調。

We have tremendous firepower, both through free cash flow and available capital. As we've demonstrated, we've done a record amount of acquisitions last year. We're on pace to have an enormous year this year, and we've kept leverage flat to down. So it is not a change in capital allocation strategy whatsoever. It's just that we have the capacity to do both.

我們擁有巨大的火力，包括自由現金流和可用資本。正如我們所展示的，我們去年完成了創紀錄數量的收購。我們今年的業績將十分可觀，並且我們的槓桿率一直保持穩定甚至下降。因此，這根本不是資本配置策略的改變。只是我們有能力做到這兩點。

And we believe the combination creates in this environment, even better performance alternative going forward.

我們相信，在這樣的環境下，這種結合將創造出未來性能更佳的選擇。

Okay. Perfect.

好的。完美的。

And then just a little clarification, so I think you said that there was something like $100 million to $200 million under LOI that could close in the second half, but was that a revenue number or an outlay number?

然後稍微澄清一下，我認為您說過，意向書中有大約 1 億到 2 億美元的金額可以在下半年完成，但這是一個收入數字還是支出數字？

That was a revenue number.

這是一個收入數字。

Okay. Perfect. And then just quick modeling, Mary Anne, just so we have it, but what is the expected M&A impact in '25, just basically based on what's in the guidance?

好的。完美的。然後只是快速建模，瑪麗安，就這樣，但是根據指導，25 年預期的併購影響是什麼？

So the -- coming into the original -- the year, the original guidance included $300 million. We've closed about $75 million in deals. And so the acquisition contribution the previous year's rollover and deals done had been $300 million, and that stepped up by $75 million with the incremental closing of $125 million during the course of the first two quarters.

因此，進入最初的年度，最初的指導金額包括 3 億美元。我們已經完成了約 7500 萬美元的交易。因此，上一年的展期和已完成交易的收購貢獻為 3 億美元，並且在前兩個季度中增加了 7,500 萬美元，增量為 1.25 億美元。

Okay, perfect. And then my last one, just can we talk a little bit about E&P. I know it doesn't get a ton of airtime. But actually, if I look at the numbers, it did something like, call it, $180 million in revenue this quarter, which was -- which was really good.

好的，完美。然後是我的最後一個問題，我們可以稍微談談 E&P 嗎？我知道它沒有獲得大量的播出時間。但實際上，如果我看一下數字，我會發現本季的收入約為 1.8 億美元，這真的很不錯。

It was up something like $50 million year-over-year, but that is kind of counter to the cautious rig count. So one, was that secured? Because I thought that we had already lapped that. So I could be wrong there. Was there another acquisition?

與去年同期相比，這一數字增加了約 5,000 萬美元，但這與謹慎的鑽井數量相反。那麼，這安全嗎？因為我認為我們已經完成了這個任務。所以我可能錯了。還有其他收購嗎？

And then two, just given the -- where the rig count is and your US drilling exposure, should we assume that, that hangs around this $180 million per quarter, just for a little help on the model?

其次，僅給出鑽機數量和美國鑽井風險敞口，我們是否應該假設，這個數字大約是每季 1.8 億美元，只是為了給模型一點幫助？

Yes. So a couple of things there, Tyler. Yes, I think that's a fair way to think about the run rate and it reflects to your point, not only secure, but the subsequent acquisitions we did last year, we mentioned that we've done a couple in Canada, and we've also done some in the US And so you're seeing the rollover contribution from those deals. And as we said on the call, what stood out in Q2 was the step down in activity in the US, but that -- it had been more than offset by the increases in Canada, where at the legacy secure business, for instance, we saw growth both in price and volume during the quarter on a year-over-year basis.

是的。泰勒，這裡有幾件事。是的，我認為這是思考運行率的公平方式，它不僅反映了您的觀點，而且反映了我們去年進行的後續收購，我們提到我們在加拿大做了幾項收購，我們也在美國做了一些收購，所以您看到了這些交易的展期貢獻。正如我們在電話會議上所說的那樣，第二季度最突出的是美國活動的下降，但這一下降被加拿大的增長所抵消，例如在傳統安全業務方面，我們看到本季度價格和數量都同比增長。

Okay. So $180 million, though roughly is a good place marker?

好的。那麼，1.8 億美元，大概是個好的標記吧？

I think it's between 160 and 170. I mean depending on seasonality, it's -- I think you got to meter that a little bit.

我認為是在160到170之間。我的意思是，根據季節性，我認為你必須對此進行一點衡量。

Okay. All right, cool. Thank you.

好的。好的，很酷。謝謝。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I wanted to drill down a little bit into the volume shedding. So last quarter, you had called out a large contract from Progressive that you didn't renew in October. So I was wondering if it's fair to assume a similar drag in volume in 3Q similar to 2Q, but then maybe 4Q just gets back to sort of more normal shedding.

我想更深入了解一下銷量下滑的情況。上個季度，您與 Progressive 簽訂了一份大合同，但 10 月份您沒有續約。所以我想知道是否可以合理地假設第三季的銷量拖累與第二季相似，但也許第四季會恢復到更正常的下滑狀態。

And I know Chiquita is also sort of a factor in here? So like maybe they're still a little bit below normal volume in 4Q and then maybe the normal starts in 1Q of '26. I just wanted to understand the dynamics of how you think about the volume?

我知道 Chiquita 也是其中的一個因素吧？因此，也許第四季的交易量仍略低於正常水平，而正常水平可能從 26 年第一季開始。我只是想了解您對音量的看法的動態？

Sure, Toni.

當然，托尼。

So as you know, we think in terms of we have the shedding. Of course, we have Chiquita, which we kind of bucket separately, and that does anniversary at the end of the year, but we started diverting tons in Q4, so the impact is smaller in Q4. But when I think about the ongoing impact, you're right, some of the shedding does anniversary. I think the way to think about it is the most negative quarter would therefore be Q3 because you have the combined impact of those ongoing impacts plus what we talked about that lower seasonal ramp impacting the revenue growth Q3 versus Q2.

所以如你所知，我們認為我們已經有了脫落。當然，我們有 Chiquita，我們將其單獨分類，並在年底週年紀念日，但我們在第四季度開始轉移噸位，因此第四季度的影響較小。但當我考慮到持續的影響時，你是對的，一些脫落確實是周年紀念。我認為最負面的季度應該是第三季度，因為這些持續影響加上我們所說的季節性下降對第三季度相對於第二季度的收入成長的影響是綜合的。

So most negative in getting back to more like Q2 and Q4. And yes, I agree with your expectation that some of those pieces anniversary as we look ahead to '26.

因此，最不利的是回到更像第二季和第四季的情況。是的，我同意你的期望，當我們展望 26 年時，其中一些作品將是周年紀念。

Yes. And, Toni, the one specific contract we did call out last year, former Progressive contract, actually in North Texas, it does anniversary on October 1, as you pointed out.

是的。托尼，我們去年確實提到過一份具體的合同，即前 Progressive 合同，實際上在北德克薩斯州，它的周年紀念日是 10 月 1 日，正如你所指出的。

Great. And I guess maybe just longer term, when you think about volumes, Ron, like I guess you made the comment that when volumes do recover, like that will be accretive. Do you expect like that volumes recover in '26? Or like when does that happen? Or because of all the M&A, like maybe it's even pushed out further than that, just wanted to sort of get a longer-term picture.

偉大的。我想也許只是從長期來看，當你考慮交易量時，羅恩，我想你說過，當交易量確實恢復時，交易量就會增加。您預計 26 年銷售量會恢復嗎？或者什麼時候會發生這種情況？或者因為所有的併購，也許它甚至被推得更遠，只是想獲得一個更長遠的圖片。

Yes. Well, I think you got to break apart the components, Toni, of negative volume. And again, I'm just rounding here. We've said there's been about -- if you take a negative 2.5, I'm rounding for the quarter, that was a little more than that. You've got about 100-point price volume trade-off that's been conscious.

是的。好吧，東尼，我認為你必須把負體積的組成部分分開。再說一遍，我只是在這裡繞一圈。我們說過，如果取負 2.5，那麼這個季度的數字會稍微大一點。您已經有了大約 100 點的有意識的價格成交量權衡。

So depending on how the economy is and how hard we want to push that and where inflationary indexes are that can get better.

因此，這取決於經濟狀況如何、我們想多努力推動經濟復甦以及通膨指數如何改善。

You have about 100 points from purposeful shedding we just outlined that a lot of that will get better, specifically Chiquita and a large contract we did not renew purposely in North Texas. However, we have done a lot of M&A in '24 and continue in '25. So some of that will continue, obviously. And then right now, I'd say you got about 50, 60 basis points of just underlying economic activity that is soft, particularly in construction linked activities.

您從有意放棄中獲得了大約 100 分，我們剛才概述了其中許多都會變得更好，特別是 Chiquita 和我們在北德克薩斯州沒有故意續簽的一份大合約。然而，我們在 2024 年已經進行了大量併購，並將在 2025 年繼續進行。因此，顯然，其中一些情況將會繼續下去。現在，我想說，基礎經濟活動大約有 50 到 60 個基點處於疲軟狀態，特別是與建築相關的活動。

So it affects roll-off and it affects C&D, which you saw down 9% in the quarter. So that is tough to say. We would hope now that the bill has been passed in Congress that maybe as interest rates potentially decrease some over the second half of the year into next year.

因此，它會影響滾轉，也會影響 C&D，您會看到本季度 C&D 下降了 9%。所以這很難說。我們希望，既然該法案已在國會獲得通過，那麼利率可能會在今年下半年至明年下降。

These are somewhat fuel for construction activity at all levels. And then that -- we see a corresponding real-time benefit from that. But we're not obviously sitting here trying to predict that. We've been in effectively a flat to negative take out government spending, take out federal government spending. We've been in a flat to negative GDP environment for approaching three years now. And so is '26 going to break that? Well, I would hope so, but we don't know.

這些在某種程度上為各級建設活動提供了動力。然後——我們就看到了相應的即時利益。但我們顯然不是坐在這裡試圖預測這一點。除去政府支出和聯邦政府支出，我們的經濟其實一直處於持平甚至負成長的狀態。近三年來，我們的 GDP 一直處於持平甚至負成長的環境。那麼 26 年會打破這個現狀嗎？嗯，我希望如此，但我們不知道。

(technical difficulty)

（技術難度）

Noah, (multiple speakers).

諾亞，（多位發言者）

Good morning, can you hear me?

早上好，你聽得到我說話嗎？

Yeah, now --

是的，現在--

Yeah, no. We --

是的，不。我們--

All right. We just didn't hear our name called. So appreciate everyone taking the question. Mary Anne, just maybe trying to bridge from the 9.45 you saw in 4Q on the revenue side to how you see it now, because you pointed out the mix has changed you got the $75 million higher M&A revenues. Maybe give us the other kind of moving pieces here because I think that will help us and investors kind of understand some of the mix shift a little bit better? I mean, how much more is the impact from commodities and potentially kind of underlying volumes versus what you thought?

好的。我們只是沒有聽到有人叫我們的名字。非常感謝大家回答這個問題。瑪麗安，也許只是想將您在第四季度看到的收入 9.45 與您現在看到的收入進行比較，因為您指出組合已經發生了變化，您獲得了 7500 萬美元的更高併購收入。也許可以給我們其他類型的活動部件，因為我認為這將幫助我們和投資者更好地理解一些組合轉變？我的意思是，大宗商品和潛在的潛在交易量的影響與您想像的相比有多大？

Sure.

當然。

So as you pointed, so $75 million incremental and acquisition contribution, a little bit of a good guide from FX because it's in our view, improved by about 1 point, which is about $20 million. And then the offset are primarily those commodity-driven reductions where you've got recycled commodities down about $25 million RINs, down another $5 million. And then we have about 0.5 point less in terms of overall solid waste volumes.

正如您所指出的，7500 萬美元的增量和收購貢獻對於 FX 來說是一個很好的指導，因為在我們看來，它提高了約 1 個百分點，即約 2000 萬美元。然後抵銷主要是那些由商品驅動的減量，其中回收商品減少了約 2500 萬美元的 RIN，又減少了 500 萬美元。就整體固體廢棄物量而言，我們的排放量減少了約 0.5 個百分點。

And so those are the moving pieces that effectively net to neutral. But the really important part of that is the differences in the margin contributions from each of those and the fact that, that -- what that really requires is that the underlying business improved by 30 basis points in order to offset the fact that there's a little margin dilution, sub-10 basis points -- sub-10 basis points from the incremental M&A, but it's primarily the 30 basis points incremental headwinds from those lower recycled commodities and RINs.

因此，這些是有效達到中性的移動部件。但其中真正重要的部分是每個業務的利潤貢獻之間的差異，以及事實上——這真正需要的是基礎業務提高 30 個基點，以抵消利潤率略有稀釋的事實，低於 10 個基點——增量併購帶來的低於 10 個基點，但這主要是來自較低迴收商品和 RIN 的 30 個基點的增量阻力。

And no, I would add that you also have about another approximately $20 million to $25 million in E&P volumes lower in the second half based on current rig count in the US versus Canada. Meaning that's not happening in Canada. It is happening in the Permian and the Louisiana on and offshore.

不，我想補充一點，根據美國和加拿大目前的鑽井數量，下半年的 E&P 交易量還將減少約 2,000 萬至 2,500 萬美元。這意味著這種事情不會發生在加拿大。這現象發生在二疊紀盆地和路易斯安那州的陸上和海上。

Yes. Thanks, Ron, yes.

是的。謝謝，羅恩，是的。

To $20 million, $25 million lower versus what you thought in February?

與您二月預想的相比，這一數字下降了 2000 萬美元、2500 萬美元？

$50 million annualized $25 million in the second half. Yes.

下半年，5,000 萬美元的年化收益為 2,500 萬美元。是的。

Okay. And then for -- again for our models, I appreciate you giving us sort of the margin expectations for 3Q. You did also comment not much of a sort of sequential ramp expected in kind of underlying macro. So -- just some rough guidepost on how to think about the revenue step out because typically, it is a seasonally strong quarter. But between the commodities step down and some of the other headwinds you mentioned, perhaps we don't see as big of a step up as usual.

好的。然後，對於我們的模型，我感謝您給我們第三季的利潤預期。您也確實評論說，底層宏觀層面預計不會出現太多連續上升的趨勢。所以——這只是一些關於如何考慮收入成長的粗略指導，因為通常這是一個季節性強勁的季度。但由於大宗商品價格下跌以及您提到的其他一些不利因素，我們可能看不到像往常那樣大幅上漲。

Yes. That's the right way to think about it because the typical seasonal ramp could be as much as 3% to 4%. And so this would be muted and there would be that step down in commodities. So you could certainly work your way to more like 1.5% in terms of the step up Q3 versus Q2.

是的。這是正確的思考方式，因為典型的季節性增長可能高達 3% 到 4%。因此這種情況將會減弱，大宗商品價格也會下降。因此，就第三季相對於第二季的成長幅度而言，你肯定可以將其提高到 1.5% 左右。

And just one last one. I mean, Tyler, I think, as always, asked a great question earlier around capital allocation. I just want to follow up on the buyback. Should we think about additional buyback activity and any way to dimension that over the back half of the year? I understand that you're being opportunistic.

只剩最後一個了。我的意思是，泰勒，我認為，一如既往，他之前就資本配置提出了一個很好的問題。我只是想跟進回購事宜。我們是否應該考慮額外的回購活動以及在下半年採取什麼措施來實現這一目標？我知道你是在投機取巧。

Yes. We always think in terms of being opportunistic, Noah, rather than being programmatic. And so the way we approach it is that we have tremendous optionality given the magnitude of our free cash flow and where our leverage sits. And we'll continue to evaluate all the alternatives for capital allocation.

是的。諾亞，我們總是以機會主義的角度思考，而不是以程式化的角度思考。因此，我們處理這個問題的方式是，考慮到我們的自由現金流的規模和槓桿率，我們擁有巨大的選擇權。我們將繼續評估所有資本配置的替代方案。

Yes. And the only thing I would say, add, no is, look, you saw us in a very short period of time as we thought there was a disproportionate dislocation spend close to $0.25 billion. And so we remain positioned to do that in the same manner.

是的。我唯一想補充的是，你看，我們在很短的時間內就看到了我們認為不成比例的錯位，花費接近 2.5 億美元。因此，我們將繼續以同樣的方式做到這一點。

Kevin Chiang, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Kevin Chiang。

Congratulations, Darrell. Echoing what others have said already. Maybe just 2 quick ones for me. You're obviously making great progress on your voluntary turnover and safety incident metrics and trends. If memory serves me correct, I think that was a 100 basis point margin opportunity.

恭喜你，達雷爾。重複其他人說過的話。對我來說也許只需要 2 個。您的自願離職和安全事故指標和趨勢顯然取得了巨大進展。如果我沒記錯的話，我認為那是一個 100 個基點的利潤機會。

I think you've achieved about two-third of that. Just given the trends you're seeing, should we expect that additional 1/3 or let's call it 33, 34 basis points. Does that fully materialize in 2026 just given the trends you're seeing through '25 here?

我認為你已經實現了其中的三分之二。僅從您所看到的趨勢來看，我們是否應該預期額外的 1/3 或稱為 33、34 個基點。從您所看到的 25 年趨勢來看，這一目標是否會在 2026 年完全實現？

Sure. So you're right, Kevin. We've talked a lot about -- as we described it, there was about 100 basis points of margin that we thought we'd get unlocked by these improving trends. And then we actually revisited that and said it's probably a little north of that given the magnitude of the headwinds we are still absorbing from those lagging improvements associated with risk management costs.

當然。所以你是對的，凱文。我們已經討論了很多——正如我們所描述的，我們認為這些改善趨勢將解鎖大約 100 個基點的利潤率。然後我們實際上重新審視了這一點，並表示考慮到我們仍在吸收與風險管理成本相關的滯後改進所帶來的不利因素的幅度，實際情況可能略高於此。

I think last quarter, we said we're about halfway through the 100 basis points we realized about 50. And the update is now we're north of that, maybe 60 to 70 basis points in terms of good guys that we're seeing. It's interesting. We look across about 10 different cost items every quarter. And I can't remember a time where they had all been green.

我想上個季度，我們說我們已經完成了 100 個基點的一半，我們實現了約 50 個基點。現在的最新消息是，我們已經超過了這個數字，就我們看到的好人而言，大概有 60 到 70 個基點。這很有趣。我們每季都會審查大約 10 個不同的成本項目。我不記得它們曾經都是綠色的。

Up until now, meaning that margin, the cost as a percentage of revenue was improving, and so many of them are related to third-party costs, whether it's subcontracting, contract labor, whether it's over time compared to street time all the benefits, third-party repairs, et cetera, all the benefits that we thought over time should start to accrue to us.

到目前為止，這意味著利潤率，即成本佔收入的百分比正在提高，其中許多都與第三方成本有關，無論是分包、合約工，還是與街道時間相比隨著時間的推移而產生的所有好處，第三方維修等等，我們認為隨著時間的推移，所有這些好處都應該開始累積到我們身上。

So what we haven't seen yet, as I said, is that risk costs, while they are abating, meaning it's been less of a bad guy, less of a headwind on a year-over-year basis. It hasn't become a tailwind. So to answer your question, there's still more to come. Tough to say that we would get it all in '26, because of the way that the risk costs lag, but we expect to continue to realize the benefits and the trends we've seen make us bullish about seeing more by the end of the year than we're seeing right now.

因此，正如我所說，我們還沒有看到的是，風險成本雖然在減少，但這意味著與去年同期相比，它的負面影響有所減弱，逆風有所減弱。它並沒有成為順風。因此，要回答您的問題，還有更多內容。由於風險成本落後，很難說我們會在 26 年實現所有目標，但我們預計將繼續實現收益，而且我們所看到的趨勢讓我們對今年年底實現的收益比現在更多充滿信心。

That's super helpful. Maybe just my second question here. Ron, you talked about the EPA taking a more active role at Chiquita, and you think that's a favorable outcome or development. Just if you can just provide a little bit of detail in terms of how that benefits your remediation efforts and maybe some of the challenges you have been facing, I suspect, dealing with multiple agencies and trying to deal with the ETF issue at Chiquita?

這非常有幫助。也許這只是我的第二個問題。羅恩，您談到了環保署在 Chiquita 中發揮更積極的作用，您認為這是一個有利的結果或發展。如果您可以提供一些細節，說明這對您的補救工作有何益處，以及您所面臨的一些挑戰，我懷疑，與多個機構打交道並試圖處理 Chiquita 的 ETF 問題？

Sure. Well, we have been dealing with approximately 12 to 13 state and local agencies in California. Each of those have their own staff. Each of those have their own elected Boards and each of those have their own objectives. There is literally no coordination amongst those agencies at any level.

當然。嗯，我們已經與加州大約 12 到 13 個州和地方機構打交道。每個公司都有自己的員工。每個組織都有自己選舉產生的董事會，而每個組織都有自己的目標。各級機構之間其實都不存在協調。

And the objectives from them are often at crosscurrents with the other agencies. So trying to navigate for anyone that morass is extremely difficult and complex and slow at best. You are talking about agencies who would politically and through the media like to describe things as a crisis, but have difficulty responding to an e-mail in an under a 90-day period.

他們的目標往往與其他機構的目標相違背。因此，對於任何人來說，試圖走出這個困境都是極其困難、複雜和緩慢的。您所說的機構在政治上和透過媒體喜歡將事情描述為危機，但很難在 90 天內回覆電子郵件。

I think that indicates to you what real crisis they think it is. So we really sort of need an adult in the room. And that's what the EPA will bring they have -- one of the reasons we wanted their involvement is an ELF is not a new phenomenon in the waste industry, by any means. And the EPA has quite an advanced depth of knowledge on best practices to mitigate, remediate, and move forward in the ELF relative to any other government agency out there. And so it was something that we look forward to and request.

我想這顯示了他們認為這是一個真正的危機。所以我們確實需要一個成年人在房間裡。這就是 EPA 所能帶來的——我們希望他們參與的原因之一是，無論如何，ELF 在廢物行業中並不是一個新現象。與其他政府機構相比，美國環保署在緩解、補救和推進 ELF 的最佳實踐方面擁有相當深入的知識。所以這是我們期待和請求的事情。

We believe that it was, as we said, streamline the process and help determine the prioritization of issues and allow us to make even faster progress that, quite honestly, just -- I don't think I have to explain the California bureaucracy just disallows to be very honest. I mean take no look further than the 4,000 homes burned down in Pacific Palisades, and 95% of those that have applied for a rebuilding permit are nowhere. And that's a housing situation. So imagine their response to a landfill type crisis.

我們相信，正如我們所說的，它簡化了流程，有助於確定問題的優先順序，並使我們能夠取得更快的進展，坦率地說，只是 - 我認為我不需要解釋加州的官僚機構就是不允許非常誠實。我的意思是，只要看看太平洋帕利塞德地區被燒毀的 4,000 棟房屋，95% 申請重建許可證的房屋都不見蹤影。這就是住房情況。想像一下他們對垃圾掩埋場危機的反應。

So yes, this is something we have been seeking for quite some time. The California politicians and tremendous media out there will probably spend that as a negative to bolster their political position, but it is -- we can tell you we are strongly encouraged by it.

是的，這是我們長期以來一直在尋找的東西。加州的政客和廣大媒體可能會利用這一點來鞏固他們的政治地位，但事實是——我們可以告訴你，我們受到了強烈的鼓舞。

That's great color, Ron. Thank you and that's it for me. Thank you very much.

顏色真棒，羅恩。謝謝，我的就這些了。非常感謝。

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

Good morning, Ron and Mary Anne.

早上好，羅恩和瑪麗安。

Thanks so much for taking the questions.

非常感謝您回答這些問題。

Morning.

早晨。

I wanted to hit on price first for solid waste. So still kind of, call it, upper 6s range to start the first half. Anything from a regional or a line of business perspective that you'd call out as kind of stronger than you expected? And then any thoughts on the trajectory of the cadence for the second half? It seems like maybe you're trending above 6% for the full year, even if you do see some deceleration, but maybe any specific thoughts on that would be great.

我想先討論一下固體廢棄物的價格。因此，我們仍然可以稱之為，上半場開始於 6 秒以上範圍。從地區或業務線角度來看，有什麼事情您認為比預期的要強嗎？那麼對於下半場的節奏軌跡您有什麼想法嗎？看起來，即使確實看到了一些減速，全年的成長趨勢似乎仍將維持在 6% 以上，但對此提出任何具體想法或許都會有所幫助。

Sure. So Trevor, as we said, coming into the year, we guided to about 6% price. And then following our Q1 results, we talked about the fact that price retention had been a little better than we had anticipated and therefore, pricing in Q1 at 69 was a little bit higher. We've now since said that pricing effectively done for the year and maintained that it will be above 6%.

當然。因此，正如我們所說，特雷弗，進入今年以來，我們預計價格將達到 6% 左右。然後，根據我們第一季的業績，我們談到價格保留率比我們預期的要好一些，因此第一季的定價為 69 美元，略高一些。我們現在已經表示，今年的定價已有效完成，並維持在 6% 以上。

So really, nothing to point out. Of course, we have our CPI-linked markets, and then we've got our competitive markets. But as I said, we're trending to better than we originally anticipated. We attributed that at least a portion of it to better pricing retention and the fact that all those trends in employee retention and open positions had all improved so well that we're not surprised that retention was a little better than expected.

所以實際上沒有什麼好指出的。當然，我們有與消費者物價指數掛鉤的市場，還有競爭性的市場。但正如我所說，我們的趨勢比我們最初預期的要好。我們認為這至少部分歸功於更好的定價保留，以及員工保留和空缺職位的所有趨勢都有瞭如此好的改善，因此我們並不感到驚訝，保留率比預期要好一些。

As we move through the year, in general, the cadence of our pricing and really the math around what the denominator is that we're measuring the dollar amount of price increases on by math, by definition, that does down sequentially through the course of the year. And that's why you started 69, we did 66. You're right, it implies that it steps down a little bit between now if you are modeling it and you put it somewhere between the 6 and the 6 over the course of the rest of the year. That's probably the right way to think about it.

總體而言，隨著一年的推移，我們的定價節奏以及我們衡量價格上漲金額的分母的數學計算，根據定義，將在一年內連續下降。這就是為什麼你們開始 69，我們做 66。你是對的，這意味著如果你對它進行建模，它會從現在開始稍微下降一點，並且在今年剩餘時間內將它放在 6 和 6 之間的某個位置。這或許是正確的思考方式。

Okay. That is helpful. And then for my follow-up, I just wanted to touch on. I think you mentioned with the bonus depreciation comments, maybe some opportunistic fleet or equipment purchases to get ahead of maybe potential changes with the tariffs. Could you maybe just give a little bit more color or detail on your latest thoughts maybe on what your suppliers are telling you what the potential impact could be with the latest deals and guidance in place?

好的。這很有幫助。對於我的後續問題，我只是想提一下。我認為您在獎金折舊評論中提到，也許是一些機會主義的車隊或設備採購，以便在關稅的潛在變化之前做好準備。您能否更詳細地介紹您的最新想法，例如您的供應商告訴您最新的交易和指導可能產生的影響？

Yes. Trevor, well, as you know, first off, that's dynamic and could change by the end of this call. But the reality is that right now, our suppliers look particularly on the truck and truck body and chassis side, which is obviously the largest part of our capital. They are expecting about a 2% to 3% price increase related to the tariffs for '26 and an overall increase of 4% to 5%, so meaning just a little bit more in addition to the tariff. So 4% to 5% total increase in fleet cost is what they're telling us with about half of that, not quite half being the tariff impact as they know it today.

是的。特雷弗，嗯，正如你所知，首先，這是動態的，可能會在這次通話結束時發生變化。但現實情況是，目前我們的供應商特別關注卡車和卡車車身和底盤方面，這顯然是我們資本的最大部分。他們預計 26 年關稅相關價格將上漲 2% 至 3%，整體漲幅為 4% 至 5%，這意味著除了關稅之外還會有一點上漲。因此，他們告訴我們，車隊成本總共增加了 4% 到 5%，其中約一半是他們今天所知的關稅影響，而還不到一半。

So that is not, by any means. I think we said last quarter, we would expect it to be relatively de minimis in '25 that is the case. But knowing the uncertainty that still exists or potentially exists with things not yet being finalized in many places, we have looked to accelerate some fleet, as Mary Anne mentioned, which that will offset some of that bonus depreciation that we otherwise would have seen in the free cash flow line.

無論如何，事實並非如此。我想我們上個季度就說過，我們預期 25 年這種情況會相對少見。但我們知道，由於許多地方的事情尚未最終確定，仍然存在或可能存在不確定性，正如瑪麗安妮提到的那樣，我們希望加速一些船隊的建設，這將抵消我們原本會在自由現金流中看到的部分獎金折舊。

In order to sort of hedge and blend down our '25, '26 overall cost to something hopefully below that 4% to 5% we would have otherwise expect from the manufacturers. So a number we're very comfortable with. And you have to remember, there was also somewhat of -- there were delays in fleet in '23 and '24 that happened. And so there's still not a catch-up but there was a little bit of a backlog that we were still taking delivery of in '22. So it's a combination of those things.

為了對沖和降低 25、26 年的總成本，希望將其降低到我們原本預期製造商降低的 4% 至 5% 的水平。我們對這個數字感到非常滿意。你必須記住，23 年和 24 年也發生了一些機隊延誤的情況。因此，我們仍然沒有趕上進度，但仍有少量積壓訂單，我們仍在 2022 年處理這些訂單。所以它是這些事物的結合。

That's all very helpful. I appreciate it.

這一切都非常有幫助。我很感激。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Just wanted to revisit the discussion earlier around some of the components around volume. I think before some of the Chiquita volume drag, I think we're talking about the progress or the historical sort of volume shedding, largely getting to the tail end.

只是想重新討論一下之前有關音量的一些組成部分的討論。我認為，在 Chiquita 銷量出現下滑之前，我們討論的是銷量下滑的進程或歷史性下滑，基本上已經到了尾聲。

Can you just help us think through as you get into '26 and beyond putting the GDP or the economic growth aside, how sort of the leftover shedding volume is going to look like in the next couple of years from your vantage point?

您能否幫助我們思考一下，在進入 26 年之後，拋開 GDP 或經濟成長不談，從您的角度來看，未來幾年剩餘的脫落量將會是什麼樣的？

Well, it's obviously a little bit hard to say because that, to an extent, depends on the pace of M&A. As I have said or as we have said, look, you should want us to have a little bit of a higher shedding number because it means that the implied pace of M&A is higher, right? We have said that when we do private company M&A on the solid waste side, somewhere around 10, maybe up to 15%, 20% of that revenue over the first 1 to 3 years post M&A, we will look to either rebid and at a price we make money or walk away. And that is what that shedding is.

嗯，這顯然有點難說，因為這在某種程度上取決於併購的速度。正如我所說的或我們所說的，你看，你應該希望我們的裁員數字稍微高一點，因為這意味著隱含的併購速度更快，對嗎？我們說過，當我們在固體廢棄物方面進行私人公司併購時，在併購後的前 1 到 3 年內，大約 10%，可能高達 15% 或 20% 的收入，我們將考慮以可以賺錢的價格重新競標或放棄。這就是脫落。

So I would tell you, it has been larger to your exact point because of legacy progressive contracts which we do believe we are effectively at the end of as of October of '24, the one we mentioned earlier in this call, that will anniversary this year. And so that will -- that has been the largest piece to answer the question. So I would tell you, I would expect it to come down some 30% to 50% on a go-forward basis because that was the largest piece. That still probably leaves it in that 50 to 75 basis points on a normalized basis if we're doing quite a bit of M&A.

因此，我想告訴您，正如您所說，由於遺留的漸進式合同，我們的規模已經更大了，我們確實相信，截至 24 年 10 月，我們實際上已經處於合同的末尾，也就是我們在本次電話會議中提到的那個，今年將是周年紀念日。因此，這將是回答這個問題的最大部分。所以我會告訴你，我預計它將在未來下降 30% 到 50%，因為這是最大的一塊。如果我們進行大量的併購，那麼在正常情況下，利率可能仍會保持在 50 到 75 個基點之間。

Got it. And then just following up on the E&P side of the business a little bit. As you think about the sort of the volume trends and things like that there, sort of maybe just talk us through sort of the flexibility on the cost structure there, obviously, just small blip here this year. But just over the long run, how do you think about the cost structure there? How much of that is variable and just the ability to sort of tweak that.

知道了。然後稍微跟進一下 E&P 方面的業務。當您考慮那裡的數量趨勢和類似的事情時，也許可以向我們介紹那裡的成本結構的靈活性，顯然，這只是今年的小波動。但從長遠來看，您如何看待那裡的成本結構？其中有多少是可變的，以及對其進行調整的能力。

We're more of a multiyear basis, not just in reaction to the short-term blip we might see in H2 this year. just wanted to understand sort of how you think about that business.

我們更多的是著眼於多年期，而不僅僅是為了應對今年下半年可能出現的短期波動。只是想了解您對這項業務的看法。

We think of it as a very high fixed cost business. The reality is, is that, that is a relatively high fixed asset business, low variable business, and it is a volume throughput business in the US, certainly as it is drilling linked much less so in Canada where it is 85-plus percent production linked. So I wouldn't -- it would be misleading to tell you or anyone that in that 6% of our total revenue, which is E&P that we are expecting margin expansion to come from cost reduction in E&P. That would be misleading. But as that volume improves, whether it's because of crude price and drilling activity or increased production in Canada, you've obviously -- you see the margin contribution in that business. So that's how we do think about the cost in the E&P business.

我們認為這是一項固定成本非常高的業務。實際情況是，這是一個固定資產相對較高的業務，可變資產較少的業務，而且在美國它是一個批量吞吐量業務，當然因為它與鑽井的聯繫要少得多，而在加拿大，它與生產的聯繫高達 85% 以上。因此，我不會——如果告訴您或任何人，我們總收入的 6%（即 E&P）中我們預計利潤率的擴大將來自 E&P 成本的降低，那將是一種誤導。這會產生誤導。但隨著產量的提高，無論是由於原油價格和鑽井活動還是加拿大產量的增加，你顯然會看到該業務的利潤貢獻。這就是我們對勘探與生產業務成本的看法。

And just to be clear, when we think about that business, as I mentioned earlier, that's part of the rationale for derisking the business more broadly because only about half of that 6% or 6.5% is drilling oriented. It's the US piece of the business. And as we mentioned, the Canadian business is holding up fine and in fact, was up year over really in line with our expectations. We haven't seen an impact there.

需要明確的是，當我們考慮這項業務時，正如我之前提到的，這是更廣泛地降低業務風險的部分原因，因為在那 6% 或 6.5% 中只有大約一半是鑽探導向的。這是美國業務的一部分。正如我們所提到的，加拿大業務表現良好，事實上，年成長確實符合我們的預期。我們還沒有看到那裡的影響。

Bryan Burgmeier, Citi.

花旗銀行的 Bryan Burgmeier。

Maybe just on the volume headwinds that are impacting your '25 guidance, is it accurate to say that sort of really concentrated in a 3Q event, just kind of focused on construction activity or did you start to see a slowdown in -- and would you say there's any sort of meaningful difference between the activity in US and Canada? Or is it just kind of the same everywhere?

也許只是就影響您 25 年指引的數量逆風而言，是否可以準確地說這種逆風真的集中在第三季度的事件中，只是專注於建築活動，還是您開始看到放緩 - 您是否認為美國和加拿大的活動之間存在任何有意義的差異？還是說到處都是同樣的情況？

Well, to give you some context, if you look at tons. So that piece of our business year-over-year. Q2 was the seventh quarter in a row for those being down year-over-year, and it's averaged between 7% and 8%. Q1 to Q2. Q1 was down 6%, Q2 was down 8.5%.

好吧，如果你看了很多，我會給你一些背景資訊。因此我們的業務逐年成長。第二季是連續第七個季度年減，平均下降幅度在 7% 至 8% 之間。Q1 到 Q2。第一季下降6%，第二季下降8.5%。

So there was some incremental weakness. But the point is even though the comps are easy, we're not seeing increases year-over-year. So we did see what we called out as being a little different in Q2 where for that activity and also for our roll-off activity, which, again, if I just look at pulls down, this was the sixth quarter in a row where pulls were down and those have been down in the order of kind of an average of about 3% year over year in each of those quarters.

因此，出現了一些漸進性的弱點。但問題是，儘管比較容易，但我們並沒有看到同比增長。因此，我們確實看到了我們所說的第二季度的一些不同，對於這項活動以及我們的滾動活動來說，如果我只看下拉量，這是連續第六個季度下拉量下降，並且每個季度的同比平均下降幅度約為 3%。

So we wouldn't say this is a new trend, but what we saw during the quarter was some continued moderation, as we would say, some incremental weakness, meaning June was tougher than April was, and we called out the fact that ordinarily, between April and June, you would see more of a seasonal ramp and the fact that, that was missing is what informed our expectations for the back half of the year, specifically which is typically your seasonally strongest quarter. These are the pieces of the business where you see it because they're more construction driven.

因此，我們不會說這是一個新趨勢，但我們在本季度看到的是持續的放緩，正如我們所說，一些漸進的疲軟，這意味著 6 月份比 4 月份更艱難，我們指出，通常在 4 月和 6 月之間，你會看到更多的季節性增長，而事實上，這一缺失正是我們對下半年的預期，特別是下半年通常是季節性最強勁的季度。這些都是您能看到的業務部分，因為它們更多是由建築驅動的。

Got it, got it.

明白了，明白了。

And just to follow up, would you say there's any sort of difference between activity in between US and Canada or just kind of the same everywhere. And then just as a follow-up, just kind of for modeling purposes, are you able to share sort of the recycled commodity price assumption that you started the year with? And then what you're kind of assuming now for the back half given the recent decline?

再問一下，您認為美國和加拿大之間的活動有什麼不同嗎？還是各地的活動都差不多？然後作為後續問題，出於建模目的，您能否分享您今年年初提出的再生商品價格假設？那麼，考慮到最近的下滑趨勢，您對下半年的情況有何預測？

Yes. We -- let's take the second part of that first, Bryan. We assumed when we started in February, we assumed a basket of about 105 to 110 on OCC, excuse me, which is the largest piece of our basket. And we're now seeing that more in that 85 to 90, closer to 90 as I look down in sort of the second half in real time right now.

是的。我們——讓我們先討論第二部分，布萊恩。我們假設，當我們在二月開始時，我們假設 OCC 的籃子裡有大約 105 到 110 個，對不起，這是我們籃子裡最大的一塊。而現在，我們看到這個比例更處於 85 到 90 之間，當我即時觀察下半場的情況時，這個比例更接近 90。

And shifting to your question about differences across Canada or other regions, I'd say if I look across, again, these more cyclically exposed pieces, that markets that are holding up a little better on a relative basis do include Canada actually being a little better and our West Coast markets and the softness, the greatest weakness we saw in our Southern region, which includes like Florida, Texas, Louisiana and then also our Eastern region, which includes the Northeast and then some of the Southeastern markets.

至於您關於加拿大或其他地區之間差異的問題，我想說，如果我再次回顧這些受週期性影響較大的市場，就會發現相對錶現較好的市場確實包括加拿大，實際上表現稍好一些，而我們的西海岸市場表現較弱，我們看到的最大弱點是南部地區，包括佛羅裡達州、德克薩斯州、路易斯安那州，還有東部地區，包括東南部和一些東南部市場。

Thanks a lot for that detail. I'll turn it over.

非常感謝您提供的詳細資訊。我把它翻過來。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Hi, good morning. This is Adam on for Jerry today.

嗨，早安。今天是亞當取代傑瑞。

I think the 2025 margin guidance implies over 100 basis points underlying margin expansion compared to 70 basis points in the first half of the year. What are some of the moving pieces driving that accelerating underlying margin expansion in the balance of the year? Is that the improvements in voluntary turnover? Any color there?

我認為 2025 年的利潤率指引意味著利潤率將擴大 100 個基點以上，而今年上半年的利潤率僅為 70 個基點。在今年餘下的時間裡，有哪些因素推動了基礎利潤率的加速擴張？這就是自願離職率的提高嗎？有顏色嗎？

Yes, Adam. Thanks for pointing that out. yes, we are bullish based on the trends we've seen. And as I described, all of those indicators trending positive for us as we move through Q2, that we see acceleration there and see the increased margin expansion. Then, of course, more broadly, you'll see a bigger increase in Q4 because the comps in other areas get easier.

是的，亞當。感謝您指出這一點。是的，根據我們所看到的趨勢，我們持樂觀態度。正如我所描述的，隨著我們進入第二季度，所有這些指標對我們來說都呈現積極趨勢，我們看到了加速發展並看到了利潤率的擴大。當然，從更廣泛的角度來看，你會看到第四季度出現更大的成長，因為其他領域的比較變得更容易了。

And so the headwinds abate. But looking sequentially, we'd expect margin to continue to improve as we move through the year, primarily because of those improving trends.

因此逆風逐漸減弱。但從連續來看，我們預期利潤率會隨著時間的推移而繼續提高，這主要是因為這些改善的趨勢。

Great. And then you closed on the $75 million of annualized revenues, incremental in the quarter and then expect potential to close on the $100 million to $200 million later this or early next year. Can you just comment on the mix and margin profile of these acquisitions and how we should think about the incremental in-year EBITDA associated with the million incremental revenues acquired in 2Q?

偉大的。然後，您完成了 7500 萬美元的年度收入，本季遞增，然後預計在今年稍後或明年年初有可能完成 1 億至 2 億美元的收入。您能否評論一下這些收購的組合和利潤狀況，以及我們應該如何看待與第二季度獲得的數百萬增量收入相關的年度增量 EBITDA？

Sure. Let's take the first part of that first, if we could.

當然。如果可以的話，我們先討論第一部分。

So the $100 million to $200 million that we have, I'm very confident in our closing components of that in Q3 and Q4 is all traditional solid waste. There's no E&P in that or anything else. It is a mix of transactions through several of our geographies, so relatively well dispersed. You have franchises in there on the West Coast, you have competitive markets in the South and Midwest and the East.

因此，我非常有信心，我們擁有的 1 億到 2 億美元中的其中一部分將在第三季和第四季結束，這些部分都是傳統固體廢物。其中沒有 E&P 或其他任何東西。這是我們多個地區的交易組合，因此分散性相對較好。你們在西海岸有特許經營權，在南部、中西部和東部有競爭激烈的市場。

And typically, the margin profile of that comes on nominally dilutive to our corporate average, obviously. We typically tell people to think of that as about 25% as a guideline as an EBITDA margin. You got a few that will be higher. You have some that based on perhaps if they're on the Eastern seaboard with very high tip fees, they are just structurally a little lower on a margin basis. And we have a mix of all of those in there. So I think that was the first part of your question, at least.

通常情況下，其利潤率顯然會對我們的公司平均值產生名義上的稀釋作用。我們通常告訴人們將其視為 EBITDA 利潤率的指導值 25% 左右。你得到的會是一些更高的。您可能會發現，如果他們位於東海岸，小費費用可能很高，但從利潤率來看，他們的結構會更低。我們將所有這些內容都混合在一起了。所以我認為這至少是你問題的第一部分。

I think the second part was the incremental $75 million that has been closed since we reported Q1 and what we would tell you is we -- again, same commentary on margin. We had a smaller, although very nice E&P acquisition in Canada that we did in that $75 million. So that was a little accretive to margins, but it was the smallest component of the $75 million. So again, I would tell you if you use 25% to 30% for that basket because of that E&P acquisition, that would be a fair assumption on that $75 million.

我認為第二部分是自我們報告第一季以來已經完成的 7500 萬美元增量，我們要告訴您的是——再次，對利潤率的評論相同。我們花費 7500 萬美元在加拿大進行了一項規模較小但非常好的 E&P 收購。因此，這對利潤率有一定的增加，但它只是 7500 萬美元中最小的一部分。所以，我再說一次，如果你因為那次 E&P 收購而對該籃子使用 25% 到 30% 的比例，那麼對那 7500 萬美元來說這是一個合理的假設。

If you assume some dilution on the order of 10 to 15 basis points from incremental M&A, given our size and the relative contribution, that's probably the right way to think about it.

如果假設增量併購會導致 10 到 15 個基點的稀釋，考慮到我們的規模和相對貢獻，這可能是正確的思考方式。

Chris Murray, ATB Markets.

克里斯·默里（Chris Murray），ATB Markets。

Maybe -- I don't know who wants to take this one, but we've had a lot of discussion about volumes. But one of the things that at least we've seen is a bit of a split between kind of the construction manufacturing world of services. Just wondering if you have any thoughts about what you're seeing from some of the end markets? If you're seeing kind of some of the volume decline in the services, like I'm thinking like restaurants, different things that we're seeing just on consumer behavior versus what you've been calling out for like C&D and manufacturing?

也許——我不知道誰想拿這個，但我們已經對數量進行了很多討論。但我們至少看到的一個現像是建築製造業和服務業之間存在著一些分歧。只是想知道您對某些終端市場所看到的情況有何看法？如果您發現服務業（例如餐廳）的銷售量有所下降，那麼我們看到的消費者行為與您所呼籲的 C&D 和製造業等有什麼不同？

Yes. Chris, we actually -- it's actually inverse of that question from what we're seeing. We are -- we have fairly nicely positive commercial yardage across our system on commercial yardage growth, commercial customer growth on a net basis and fairly nice revenue growth on the commercial side. So we're not seeing it there. It is the larger manufacturing industry and more cyclical construction activity, both commercially and residentially that the slowing is happening in.

是的。克里斯，實際上，從我們所看到的情況來看，這實際上是這個問題的反面。我們的整個系統在商業碼數成長、商業客戶淨成長和商業收入成長方面都取得了相當不錯的成績。所以我們在那裡看不到它。出現放緩的是規模更大的製造業和更具週期性的商業和住宅建築活動。

We marked -- we noted that special waste, which is -- can be cyclical was up in the quarter, but again, don't get left that mislead you. That can be 1 or 2 big jobs that skew things. We are seeing states that are trying to get budgets passed that have put holds on projects that had been going. So some of that's just a temporary thing. But it's more related to larger projects stalling or not getting released than it is the -- what I'd call Main Street America commercial business.

我們標記了 - 我們注意到特殊浪費，這可能是週期性的，在本季度有所增加，但同樣，不要被誤導。這可能是 1 或 2 個扭曲事物的大任務。我們看到一些州試圖通過預算，但卻暫停了原本正在進行的項目。所以其中一些只是暫時的。但它與大型專案的停滯或無法發布更為相關，而不是我所說的美國大街商業業務。

So I guess the reason I ask the question is, if I think about kind of a volume recovery it feels like we're kind of in a period of -- we get by the uncertainty the whole bit, but the underlying majority of the economy still feels like it's doing okay. Is that the right way to approach it or how you guys are seeing how this happen so that the volume recovery could happen maybe faster than we expect?

所以我想我問這個問題的原因是，如果我考慮某種程度的量復甦，感覺我們正處於一個時期——我們完全擺脫了不確定性，但經濟的基本面仍然感覺良好。這是正確的處理方式嗎？或者你們如何看待這種情況的發生，以便交易量恢復可能比我們預期的更快？

Yes. I mean, again, we are -- we have said for quite some time now, as we pointed out on a few of the comments on the call, it has just been flat sort of up 1%, down 1% for 10 to 11 consecutive quarters with really the economy sort of neutral and that continues to be. We aren't saying there's any difference than that. maybe it's down 1.5% instead of 1. But that can also be -- we've had pretty significant weather in the South, as an example.

是的。我的意思是，我們——我們已經說了相當長一段時間了，正如我們在電話會議中的幾條評論中所指出的那樣，連續 10 到 11 個季度，經濟一直處於平穩狀態，上漲 1%，下跌 1%，經濟實際上處於中性狀態，而且這種情況還在繼續。我們並不是說這有什麼區別。也許它下降了 1.5%，而不是 1%。但這也可能是──例如，我們南方的天氣相當惡劣。

We pointed out the South was weaker in an area I would tell you, which has been very strong. So we're just -- we're hesitant to make a call on what -- look, we have never guided okay? We have never guided saying while our guidance assumes a dramatic recovery in the economy. That -- we don't do that. We're sort of telling you what we're seeing in real time and assuming it marches forward and that if it improves, that's all upside. And so I think we're cautious after 11 quarters of flat line.

我們指出南方在一個領域表現較弱，而我要告訴你，這個領域一直以來都非常強大。所以我們只是──我們猶豫著要不要做出決定──你看，我們從來沒有指導過，好嗎？儘管我們的指導假設經濟將大幅復甦，但我們從未給出指導性說法。那——我們不這麼做。我們正在告訴您我們實時看到的情況，並假設它會向前發展，如果它有所改善，那都是好事。因此，我認為在經歷了 11 個季度的持平之後，我們應該保持謹慎。

Right. Sounds good. Maybe one more question, if you don't mind. As I listen to the call, and I listened to some of the things you talked about in terms of turnover, in terms of technology, we really haven't talked about RNG development and things like that. But you go back a few calls, and we've been talking about outsized margin expansion as we went into '26, '27.

正確的。聽起來不錯。如果您不介意的話，也許我還有一個問題。當我聽到電話會議時，我聽到了您談到的一些有關營業額、技術方面的事情，我們實際上還沒有談論過 RNG 開發之類的事情。但回顧一下幾次電話會議，我們一直在談論 26、27 年的超額利潤擴張。

Given where you're sitting, and I appreciate volumes may be going to hurt, but I think as you pointed out, second half margin expansion is already kind of aiming at 100 basis points, which probably carries you into the early part of '26. How should we be thinking about that margin cadence as we go into sort of the later years as you get some of the benefit of some of the investments you made over the last little while of some of the new initiatives that you're implementing?

考慮到您的處境，我知道交易量可能會受到影響，但我認為，正如您所指出的，下半年的利潤率擴張已經瞄準了 100 個基點，這可能會帶您進入 26 年初。當我們進入後期，當您從過去一段時間實施的一些新舉措中的一些投資中獲得一些收益時，我們應該如何考慮利潤節奏？

Well, we certainly think about setting ourselves to have tailwinds that would be incremental to the typical 20 to 40 basis points of price-led organic growth and you look at this year, delivering 50 basis points in spite of the fact that there are incremental headwinds from commodities.

嗯，我們當然會考慮為自己設定順風，使其逐漸增加到通常的 20 到 40 個基點的價格主導型有機增長，而看看今年，儘管大宗商品方面存在逐漸增加的逆風，我們仍然實現了 50 個基點的增長。

And so talked about that opportunity for just when that normalizes for another, in this case, 50 basis points from commodities alone. So, look, we're -- that is certainly the thought behind making the investments we're making now, Chris, and we do look forward to in subsequent periods, continuing to realize those benefits. And so we're certainly bullish about being north of that 20 to 40 basis points.

因此，我們討論了當情況恢復正常時，僅從大宗商品來看，就可以獲得另一個機會，在這種情況下，可以獲得 50 個基點。所以，你看，我們——這當然是我們現在進行投資背後的想法，克里斯，我們確實期待在隨後的時期繼續實現這些好處。因此，我們當然看好利率將超過 20 至 40 個基點。

Konark Gupta, Scotiabank.

加拿大豐業銀行的 Konark Gupta。

Maybe on the price cost front, it seems like you guys are still heading as an industry, maybe near the high end of the typical ranges or maybe above the 6.5% pricing and whatnot. Heading into '26 like exiting '25, do you feel like the price/cost spread can potentially come down or normalize to what sort of the normal levels? Or is that still kind of like a far-fetched ID? And if at all, the spread narrows or stays the same? Would it be more driven by the price of the cost?

也許從價格成本來看，你們似乎仍處於行業領先地位，可能接近典型範圍的高端，或者可能高於 6.5% 的定價等等。進入 26 年就像退出 25 年一樣，您是否覺得價格/成本差額有可能下降或恢復到正常水平？或者這仍然像是一個牽強的身份證？如果有的話，利差會縮小還是不變？這會更多地受到成本價格的驅動嗎？

Well, I think it would be driven by both to answer the question. I mean, look, if you go back 15 years, so all different types of economic cycles that have happened in that, we've averaged about 150 basis points spread of our price to at least the CPI if you want to use that as a proxy for cost. Some years, costs have been a little higher than CPI, some may be right at, but that's a fair proxy. So as the CPI continues to step down, which it has been and is projected to continue to do so or maybe flatten out in the 2.5% to 3% level coming down from 9%, 24 months -- 24 to 30 months ago, you will see the aggregate price or reported price come down accordingly as you have been.

嗯，我認為兩者都能回答這個問題。我的意思是，如果你回顧 15 年前發生過的所有不同類型的經濟週期，我們的價格與 CPI 的平均價差至少為 150 個基點（如果你想用它作為成本的代理）。有些年份，成本略高於 CPI，有些年份可能正好如此，但這是一個公平的指標。因此，隨著 CPI 持續下降（24 個月到 30 個月前，CPI 一直在下降，預計還會繼續下降，或者可能從 9% 下降到 2.5% 到 3% 的水平），你會看到總體價格或報告價格也隨之下降。

But I think you will see that spread continue because that's what we target as a company and have for long periods. Now I think the higher the CPI that does help a little bit on the margin to increase that spread a bit. that you have. So -- but I think that's pretty de minimis to be honest. We are seeing our costs aggregately fall in total each quarter for the last 1.5 years.

但我認為你會看到這種傳播持續下去，因為這是我們公司長期以來的目標。現在我認為，CPI 越高，對擴大利潤率確實有一點幫助。就是這樣。所以——但老實說，我認為這是相當微不足道的。我們發現，在過去 1.5 年裡，我們的成本每季整體都在下降。

We saw it step down again in aggregate. We saw our labor cost go to the sort of 4.2, 4.3 level, and our total costs come in about 3.4 to 3.5. So still a little bit above the CPI, but coming down. So if you use that as a proxy, 150 to 200 basis points on top of that would get to sort of 5, 5.5 type percent price to get you the same performance that 6.5 had been getting in 2025.

我們看到總體而言它再次下降。我們的勞動成本上升到了4.2到4.3左右，總成本大約在3.4到3.5之間。所以仍然略高於CPI，但正在下降。因此，如果您使用它作為代理，那麼在此基礎上增加 150 到 200 個基點將達到 5% 或 5.5% 左右的價格，從而獲得與 2025 年 6.5% 相同的表現。

That's great color on. And just a follow-up. Chiquita, just kind of like understanding here, you said having the EPA as the all in the room should help. Obviously, do you see an opportunity to reduce your cost obligation for the next several years with the EPA involved here or that's pretty much a given?

顏色真棒。這只是後續行動。Chiquita，就像我理解的那樣，您說讓 EPA 作為房間裡的所有人應該會有所幫助。顯然，您是否認為在 EPA 的參與下，未來幾年有機會減少您的成本義務，或者這幾乎是肯定的？

Well, look, I think what we said is that we don't have any changes to the cost assumptions and the cash outflow assumptions and closure assumptions that we have provided. We do a multiyear model on that. There are quarters that are higher, there are quarters that are lower. But none of the assumptions have materially changed.

嗯，看，我認為我們所說的是，我們對提供的成本假設、現金流出假設和關閉假設沒有任何改變。我們對此做了一個多年模型。有些季度較高，有些季度較低。但所有假設均未發生實質改變。

We just believe that, look, a lot of these costs are legal and consulting and a lot of that is driven by regulatory framework in California. So if that alone is streamlined through the EPA, that will get better right there irregardless of remediation cost.

我們只是相信，這些成本中有很多是法律和諮詢費用，而且很多都是由加州的監管框架所驅動的。因此，如果僅透過 EPA 簡化此流程，那麼無論補救成本如何，情況都會得到改善。

So look, I would tell you we're cautiously optimistic on doing better. But we're going to fulfill whatever our regulatory legal requirements are to whatever agency is over us. and we have been doing that, and we'll continue to do that. So it's a little bit hard to predict, but I would tell you we feel incrementally better.

所以，我想告訴你，我們對做得更好持謹慎樂觀的態度。但我們將履行所有監管機構的法律要求。我們一直在這樣做，並將繼續這樣做。所以這有點難以預測，但我可以告訴你，我們感覺正在逐漸好轉。

Michael Doumet, National Bank.

邁克爾·杜梅特（Michael Doumet），國家銀行。

So obviously, nice job on the employee retention improvement. I wonder if you'd characterize that improvement is largely complete, obviously, understanding the impact to margins lagged. And if that's the case, what are your thoughts on some of the other call it, buckets of potential efficiencies that you can drive incremental price cost spread going forward, I think, such as the AI initiative you mentioned at the top of the call?

顯然，我們在員工留任率提高方面做得很好。我想知道您是否認為改進已基本完成，顯然，對利潤率的影響有所滯後。如果是這樣的話，您對其他一些可以推動未來增量價格成本分攤的潛在效率有何看法，例如您在電話會議開頭提到的人工智慧計畫？

Yes. Well, first, thank you for your comments there. I appreciate it. Well, first, I'd tell you that when you talk about the turnover and the employee piece, it's never done. Obviously, you do get to a point of diminishing returns, but our objective is to drive total turnover below 20% by year-end and into '26 and total voluntary to well under 10% as we go into '26. So we're not done, but we're getting close.

是的。嗯，首先，感謝您的評論。我很感激。嗯，首先，我要告訴你，當你談論營業額和員工問題時，這是永遠不會完成的。顯然，你確實會達到收益遞減的程度，但我們的目標是到年底和 26 年將總營業額控制在 20% 以下，到 26 年將自願離職總人數控制在 10% 以下。雖然我們還沒有完成，但是我們已經接近完成了。

Look, I would tell you that the opportunities that we see that are the largest impact going forward are the use of technology and specifically AI and I wouldn't say that it's necessarily the ability to increase the price cost spread, I think it's the ability to maintain the price cost spread and reduce churn and therefore, impact to reported volumes. That is the opportunity. And that is, we believe, can be fairly significant based on the pilots that we've been doing for the last several quarters.

聽著，我想告訴你，我們看到的對未來影響最大的機會是技術的使用，特別是人工智慧，我不會說它一定有能力增加價格成本差價，我認為它有能力維持價格成本差價並減少客戶流失，從而對報告的數量產生影響。這就是機會。並且，根據我們過去幾季的試點情況，我們認為，這一點可能具有相當重要的意義。

And so that will start to play out fully in '26 as we will be fully using it by the fourth quarter of this year. So those are the projects like that projects like real-time routing, which think of it as sort of way for garbage trucks, which we really don't have the ability to do in our system today in the manner that we want to avoid traffic, to avoid construction, to reroute dynamically to affect productivity and incremental new stops.

因此，這將在 26 年開始全面發揮作用，因為我們將在今年第四季全面使用它。所以這些都是像實時路線這樣的項目，它被認為是垃圾車的一種方式，我們今天的系統實際上沒有能力以我們想要的方式避開交通、避開施工、動態地重新規劃路線以影響生產力和增加新的站點。

So those are the type of things. complete digitization of our maintenance program and systems which I think allow us for greater inventory control, greater projectability and preventative maintenance and scheduled maintenance and a flexing of costs with projectability. These are all things we are rolling out in real time over '26 and '27 that I think are -- may not individually be the margin drivers 100 basis points that turnover reduction has, but combined, they're significant.

所以這些都是事情的類型。我們的維護計劃和系統的完全數位化，我認為這使我們能夠更好地控制庫存，提高可預測性和預防性維護和定期維護，並透過可預測性調整成本。我認為這些都是我們在 26 年和 27 年即時推出的措施——它們可能單獨來看並不是營業額減少 100 個基點的利潤驅動因素，但綜合起來來看，它們意義重大。

Really interesting comments on the price optimization. I mean, Ron, just to follow up on that. Does that in your opinion, could that change the calculus for the typical price cost spread that you guys historically had?

關於價格優化的評論確實很有趣。我的意思是，羅恩，我只是想跟進這一點。您認為這是否會改變你們歷史上典型的價格成本差價計算？

Again, I would want to say if we could maintain the typical price spread we have had, and we could reduce by 20% to 40% the churn impact of that. meaning you have to sell 20% to 50% less customers to stay neutral. I'll take that all day long.

再說一次，我想說如果我們能夠維持現有的典型價差，我們就可以將客戶流失的影響降低 20% 到 40%。這意味著你必須減少 20% 到 50% 的客戶銷售才能保持中立。我會花一整天的時間。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Just one question for me. In this -- it does appear that this current administration could potentially be a little bit more lenient in terms of large M&A than at least the prior administration. So I wanted to maybe ask a higher-level thought and if the current, I guess, backdrop would make you a bit more amenable to doing maybe larger deals or anything that might be outside of kind of the core average deals that you look at on an annual basis.

我只有一個問題。在這方面——看起來現任政府在大型併購方面可能比前任政府稍微寬鬆一些。所以我想問一個更高層次的想法，我想，當前的背景是否會讓您更願意做更大的交易，或者任何可能超出您每年關注的核心平均交易範圍的交易。

Yes.

是的。

No, thank you, Stephanie, for the question. Look, the first thing I would tell you is that in the course of 28 years, we have never been through a second request with the Department of Justice or the antitrust division. And I think that's indicative of our market model, number one. there is nothing that we are looking at that or have been looking at that we have shied away because of fears of Justice Department clearance concentration, et cetera.

不，史蒂芬妮，謝謝你提出這個問題。聽著，我要告訴你的第一件事是，在過去的 28 年裡，我們從未接到司法部或反壟斷部門的第二次請求。我認為這反映了我們的市場模式，首先，我們沒有因為擔心司法部審查集中等原因而迴避正在關注或一直關注的領域。

So I wouldn't want to say that I believe for us, that a more leaning justice process is an accelerant to M&A because it hasn't been an inhibition to M&A.

因此，我不想說我相信對我們來說，更傾向於司法程序是併購的加速器，因為它並沒有抑制併購。

Now I will say that I think, in general, that probably broadens the scope of things in some markets for us. You have to remember that the filing requirement is about $125 million of purchase price, not revenue. Remember sector, that could be $40 million of revenue, okay, depending on profitability of a deal.

現在我想說的是，我認為，總的來說，這可能會擴大我們在某些市場的業務範圍。您必須記住，申報要求是約 1.25 億美元的購買價格，而不是收入。記住，這可能是 4000 萬美元的收入，這取決於交易的盈利能力。

So that's what you got to remember as far as where does this HSR requirement apply to. How low -- that's what it goes down to. But I would not tell you that it has been an inhibition for us, but it's certainly we welcome the more favorable regulatory environment, I would say.

所以這就是你必須記住的，這個 HSR 要求適用於哪裡。多麼低啊——這就是它下降到的程度。但我不會告訴你這對我們來說是一種抑制，但我想說，我們肯定會歡迎更有利的監管環境。

James Schumm, TD Cowen.

詹姆斯·舒姆（James Schumm），TD Cowen。

With respect to free cash flow, you mentioned you're on track to hit your Chiquita Canyon spending guidance. But can you update on your best estimate for next year's spending on Chiquita. Was that $50 million where was that the last update? And can the EPA give you some relief on leachate disposal? Or does that have to come from the state? And maybe just give us a sense of the $100 million to $150 million that you spend this year give us a sense like how much is leachate if you could bucket some of the costs, that would be super helpful.

關於自由現金流，您提到您有望實現 Chiquita Canyon 支出指導。但是您能否更新一下明年 Chiquita 支出的最佳估計。那是 5000 萬美元嗎？最新的更新在哪裡？環保署能否在滲濾液處理上給予一些幫助？還是這必須由國家來決定？也許只需讓我們了解您今年花費的 1 億到 1.5 億美元，讓我們了解一下滲濾液的數量，如果您能分攤其中的一些成本，那將非常有幫助。

Sure. Well, what I would tell you is, I think it's too early to make any changes up or down to our '26, '27 estimates because it is a dynamic situation, and we are looking at this potential sort of lead coordination change, okay? And so it'd be speculative, I think, to do that.

當然。好吧，我想告訴你的是，我認為現在對我們的 26、27 年估計做出任何上調或下調都為時過早，因為這是一個動態的情況，我們正在研究這種潛在的牽頭協調變化，好嗎？所以我認為這樣做只是推測。

To the part of your question regarding how much is leachate, that's about 70% of the cost, okay? The cost of treatment and disposal and transportation. So obviously, any impacts that we can make operationally or outlet-wise or transit wise, help that. We have made some changes that have recently reduced that in real time we will begin seeing throughout this third quarter as somewhat of a step change for us.

關於您提到的滲濾液是多少的問題，這大約佔成本的 70%，好嗎？處理處置和運輸的成本。因此，顯然，我們在營運、出口或運輸方面所能做出的任何影響都對此有所幫助。我們最近做出了一些改變，這些改變實際上已經減少了，我們將在第三季開始看到這些改變，這對我們來說是一個階躍變化。

And they were contemplated by.

並且他們被深思熟慮。

And yes, and they were contemplated. And that is not a result of anything new. That's a result of ongoing efforts. So that is what we can tell you about that, James.

是的，他們也考慮過。這並不是什麼新事物的結果。這是持續努力的成果。這就是我們可以告訴你的，詹姆斯。

And then, Ron, just -- I mean, as you look for different options to sort of ameliorate those costs, like will you be appealing to the EPA? Or would that still have to go through the state? In terms of getting some...

然後，羅恩，只是——我的意思是，當你尋找不同的選擇來改善這些成本時，你會向環保署提出上訴嗎？還是這仍需要經過國家審批？就獲得一些而言...

I think the answer depends on what that cost is, James. I mean, the EPA is not going to come in and direct to direct the state to do things that are against state laws or regulations or objectives. That is not what they are intended to do, okay? So we will still have to and still are in compliance with all of those things. But there are things that reside under the EPA's purview that I would say, it's not clear whether it is a federal state or local issue on some decisions.

我認為答案取決於成本是多少，詹姆斯。我的意思是，環保署不會介入並直接指揮州政府做違反州法律、法規或目標的事情。這不是他們想要做的事，好嗎？因此，我們仍然必須並且仍然遵守所有這些規定。但我想說，有些事情屬於環保署的職權範圍，在某些決定上，不清楚這是聯邦問題還是地方問題。

And in those areas, I think the clarity, the EPA can be helpful to us. So stay tuned for how that plays itself out.

在這些領域，我認為 EPA 的清晰度可以對我們有所幫助。因此請繼續關注事情將如何發展。

Okay. Very good. And then just lastly, for recycling, what does your overall book of business look like right now? Is it majority fee-for-service or are you assuming the full commodity price risk? What does the book look like currently?

好的。非常好。最後，對於回收利用，您目前的整體業務狀況如何？這是按服務收費還是承擔全部商品價格風險？這本書目前看起來怎麼樣？

Yes. Most of the recycling we do as part of a broader service provision. And so we have the exposure, which is why we communicate what the sensitivity is on the total recycling basket. And you see that move through our numbers every quarter.

是的。我們進行的大部分回收工作都是更廣泛的服務提供的一部分。因此，我們有了曝光度，這就是我們傳達整個回收籃的敏感度的原因。你可以從我們每季的數據中看到這種變化。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

It's Henry on for Tobey here. I just have a quick one on M&A. You touched on this briefly before, but what's the typical time line we should look at for tug-ins to reach kind of company average margins? And then has that average time line change to your as you've stepped up these acquisitions?

這裡亨利代替托比。我只是對併購有一個簡短的了解。您之前曾簡要提到過這一點，但是，我們應該考慮什麼樣的典型時間表才能使利潤率達到公司的平均水平？那麼，隨著您加強這些收購的力度，平均時間線是否有所變動？

Yes. Yes. So I would tell you, everybody's definition of the tuck-in is a little different. So a little bit of commentary there. But typically, a tuck-in, we're going to be able to bring up the company margin and average within a 12- to 18-month period.

是的。是的。所以我想告訴你，每個人對收腹的定義都有點不同。這裡有一些評論。但通常情況下，透過加大投入，我們將能夠在 12 到 18 個月內提高公司利潤率和平均值。

It's a relatively quick time frame because you're shutting down a facility that exists, you're consolidating routes you're doing things that happen in a relatively quick order.

這是一個相對較快的時間框架，因為您要關閉現有的設施，要整合路線，要做的事情都是以相對較快的順序發生的。

Now again, that was tend to be your very small transactions where you're just densifying a market area. When you're talking about something that is more of a stand-alone and that could be something $20 million, $30 million in revenue, and you're going to build out around, that's a longer time frame, right? You're probably talking probably more of like a 3- to 4-year type period to move that closer to your -- to the company average. Now remember, if we're buying a company that's a 23%, 24% EBITDA margin, that's 1,000 basis points below our margin. So even if you're moving at 200 basis points a year, you're mathematically 4.5 to 5 years.

再說一遍，這往往是非常小的交易，你只是為了增加市場區域的密度。當您談論的是更獨立的東西，其收入可能達到 2,000 萬美元、3,000 萬美元，而您要圍繞它進行拓展時，這是一個更長的時間框架，對嗎？您可能談論的更像是 3 到 4 年的時間，以使其更接近公司的平均水平。現在請記住，如果我們收購 EBITDA 利潤率為 23% 或 24% 的公司，那麼這比我們的利潤率低 1,000 個基點。因此，即使每年利率變動 200 個基點，從數學上講也需要 4.5 到 5 年的時間。

So it somewhat depends on Henry, on your definition of what a tuck-in is.

所以這在某種程度上取決於亨利，取決於你對「tuck in」的定義。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

I just have one quick clarification question about the opportunistic buyback. So if the $100 million to $200 million M&A in the pipeline closes this year, could we still expect some opportunity repo? Or will it be sort of an either or outcome?

我只想快速澄清一個關於機會性回購的問題。因此，如果今年 1 億至 2 億美元的併購交易完成，我們還能期待一些機會回購嗎？或者這將是一個非此即彼的結果？

We view ourselves as having the optionality to continue to do all aspects of capital allocation. So no, we don't see it as either or.

我們認為自己可以選擇繼續進行資本配置的各個面向。所以，我們不認為這是非此即彼的問題。

Ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Ron Mittelstaedt for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將發言權交還給 Ron Mittelstaedt，請他做最後發言。

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 Ann 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.

如果沒有其他問題，我謹代表我們整個管理團隊感謝您今天的聆聽和對電話會議的關注。今天，Mary Ann 和 Joe Box 可以回答我們未涉及的任何直接問題，而這些問題我們可以根據 FD 規則、G 規則和加拿大適用的證券法進行回答。再次感謝您。我們期待在即將召開的投資者會議或下一次收益電話會議上與您聯繫。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. Thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。感謝您的加入。現在您可以斷開線路了。