美國廢棄物管理公司 (WM) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the WM First Quarter Earnings Conference Call. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 WM 第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now hand the conference over to your first speaker today, at Ed Egl, Vice President for Investor Relations. Please go ahead.

現在，我將會議交給今天的第一位發言人，投資者關係副總裁 Ed Egl。請繼續。

Thank you, Olivia. Good morning, everyone, and thank you for joining us for our first quarter 2025 earnings conference call. With me this morning are Jim Fish, President and Chief Executive Officer; John Morris, Executive Vice President and Chief Operating Officer; and Devina Rankin, Executive Vice President and Chief Financial Officer.

謝謝你，奧莉維亞。大家早安，感謝您參加我們的 2025 年第一季財報電話會議。今天早上和我一起的還有總裁兼執行長 Jim Fish；約翰‧莫里斯 (John Morris)，執行副總裁兼營運長；以及執行副總裁兼財務長 Devina Rankin。

We will hear prepared comments from each of them today. Jim will cover high-level financials and provide a strategic update. John will cover an operating overview, and Devina will come into details of the financials. Before we get started, please note that we filed a Form 8-K that includes the earnings press release and is available on our website at www.wm.com. Form 8-K, the press release and the schedules of the press release include important information.

今天我們將聽取他們每個人準備好的評論。吉姆將負責高層財務事務並提供策略更新。約翰將介紹營運概況，而德維娜將詳細介紹財務狀況。在我們開始之前，請注意，我們已經提交了一份包含收益新聞稿的 8-K 表格，可以在我們的網站 www.wm.com 上查閱。 8-K 表格、新聞稿和新聞稿附表包含重要資訊。

During the call, you will hear forward-looking statements, which are based on current expectations, projections or opinions about future periods. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties are discussed in today's press release and in our filings with the SEC, including our most recent Form 10-K and Form 10-Qs.

在通話過程中，您將聽到前瞻性陳述，這些陳述是基於當前的預期、預測或對未來時期的意見。所有前瞻性陳述都存在風險和不確定性，可能導致實際結果大不相同。今天的新聞稿和我們向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格和 10-Q 表格）討論了其中一些風險和不確定性。

John will discuss our results in the areas of yield and volume, which unless stated otherwise, are more specifically references to internal revenue growth or IRG from yield or volume. During the call, Jim, John and Devina will discuss operating EBITDA, which is income from operations before depreciation and amortization. References to WM legacy business are total WM results, excluding the WM Healthcare Solutions segment.

約翰將討論我們在收益和數量方面的成果，除非另有說明，否則更具體地指的是收益或數量產生的內部收入增長或 IRG。在通話中，Jim、John 和 Devina 將討論營業 EBITDA，即折舊和攤銷前的營業收入。對 WM 遺留業務的引用是 WM 整體業績，不包括 WM 醫療保健解決方案部門。

Any comparisons, unless otherwise stated, will be with the prior year period. Net income, EPS, income from operations and margin, operating EBITDA and margin, operating expense and margin and SG&A expense margin have been adjusted to enhance comparability by excluding certain items that management believes do not reflect our fundamental business performance or results of operations. These adjusted measures, in addition to free cash flow, are non-GAAP measures. Please refer to the earnings press release and tables, which can be found on the company's website at www.wm.com for reconciliations to the most comparable GAAP measures and additional information about our use of non-GAAP measures.

除非另有說明，任何比較均與去年同期進行。淨收入、每股收益、營業收入和利潤率、營業 EBITDA 和利潤率、營業費用和利潤率以及銷售、一般和行政費用利潤率均已進行調整，以增強可比性，方法是排除管理層認為不能反映我們基本業務表現或經營成果的某些項目。除了自由現金流之外，這些調整後的指標都是非公認會計準則指標。請參閱公司網站 www.wm.com 上的收益新聞稿和表格，以了解與最具可比性的 GAAP 指標的對帳情況以及有關我們使用非 GAAP 指標的更多資訊。

This call is being recorded and will be available 24 hours a day beginning approximately 1:00 p.m. Eastern Time today. To hear a replay of the call access the WM website at www.investor.wm.com. Time-sensitive information provided during today's call, which is occurring on April 29, 2025, may no longer be accurate at the time of a replay. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of WM is prohibited.

此次通話將被錄音，並將於下午 1 點左右開始全天 24 小時提供。今天東部時間。若要收聽電話重播，請造訪 WM 網站 www.investor.wm.com。今天的電話會議（2025 年 4 月 29 日舉行）中提供的時間敏感資訊在重播時可能不再準確。未經 WM 明確書面同意，禁止以任何形式重新分發、重新傳輸或重新廣播此通話。

Now I'll turn the call over to WM's President and CEO, Jim Fish.

現在我將電話轉給 WM 總裁兼執行長 Jim Fish。

Okay. Thanks, Ed, and thank you all for joining us. The WM team again delivered quarterly results that exceeded our expectations. The one thing I'm most proud of over the past few years is that we've truly become a predictably strong performer on a quarter-in and quarter-out basis. So once again, I'm pleased to report that we had a strong start to the year with first quarter results exceeding our expectations on several fronts.

好的。謝謝，艾德，也謝謝大家加入我們。WM團隊再次取得了超出我們預期的季度業績。在過去幾年裡，我最自豪的一件事是，我們在每個季度中都真正成為了一個可預見的強勁表現者。因此，我再次高興地報告，我們今年有一個良好的開端，第一季的業績在多個方面超出了我們的預期。

Total company operating EBITDA grew by more than 12% in the first quarter compared to the first quarter of 2024, driven by solid operational performance in the collection and disposal business, meaningful contributions from WM Healthcare Solutions and increases in our sustainability businesses largely related to our growth investments. Our momentum so far as well as our demonstrated operational execution and the strength and resiliency of our business model gives us confidence in our ability to achieve all of our financial guidance we outlined last quarter.

與 2024 年第一季相比，第一季公司總營運 EBITDA 成長了 12% 以上，這得益於收集和處置業務的穩健營運績效、WM Healthcare Solutions 的重大貢獻以及我們可持續發展業務的成長（這主要與我們的成長投資有關）。我們迄今為止的發展勢頭、我們所展現的營運執行力以及我們商業模式的優勢和彈性使我們有信心實現上個季度概述的所有財務指導。

Our focus remains on growing customer lifetime value while leveraging technology to optimize our cost structure, delivering on our strategic investments in sustainability and attracting increased value from our acquisition investments. At a time when the US workforce is aging and shrinking, moving quickly to deploy technology to supplement our workforce could prove to be a significant differentiator for WM.

我們的重點仍然是提高客戶終身價值，同時利用技術優化我們的成本結構，實現我們在永續發展方面的策略投資，並從收購投資中吸引更多價值。在美國勞動力老化和萎縮的時期，迅速部署技術來補充我們的勞動力可能會成為 WM 的一個重要的差異化因素。

At the same time, the leadership position we've taken with our very profitable sustainability investments is positioning the WM brand to be synonymous with sustainability and is not easily matched by our competitors. Of course, we continue to identify opportunities to scale the core business through acquisitions. We have a very robust pipeline of tuck-in opportunities and anticipate another outsized year of solid waste M&A.

同時，我們憑藉著利潤豐厚的永續發展投資所取得的領導地位，使 WM 品牌成為永續發展的代名詞，我們的競爭對手難以匹敵。當然，我們繼續尋找透過收購擴大核心業務的機會。我們擁有非常強大的收購機會，並預計今年將是固體廢物併購的另一個高峰。

Turning to our sustainability businesses in Q1, combined operating EBITDA from recycling and renewable energy grew by over 20% year-over-year, keeping us on track to meet full year targets. Automated facilities -- automated recycling facilities delivered nearly double the operating EBITDA margin compared to our nonautomated facilities. We added two new facilities in California and Texas with seven more next-gen recycling plants scheduled to come in 2025.

談到我們第一季的永續發展業務，回收和再生能源的綜合營運 EBITDA 年成長超過 20%，使我們有望實現全年目標。自動化設施－與非自動化設施相比，自動化回收設施的營運 EBITDA 利潤率幾乎提高了一倍。我們在加州和德州增加了兩家新工廠，並計劃在 2025 年再增加七家下一代回收工廠。

In renewable energy, growth was fueled by new RNG plants we brought online in late 2024 and strong pricing for natural gas and renewable electricity. We're currently advancing construction on eight additional RNG facilities that are all on track for completion this year. The strategy is working as our investments in sustainability are delivering strong, high-return growth. During the first quarter, we also made significant progress in our integration of WM Healthcare solutions into the broader WM organization.

在再生能源領域，成長得益於我們在 2024 年底上線的新 RNG 工廠以及天然氣和再生電力的強勁價格。我們目前正在推進另外八個 RNG 設施的建設，這些設施預計將於今年完工。該策略正在發揮作用，因為我們在永續發展方面的投資正在帶來強勁、高回報的成長。在第一季度，我們在將 WM Healthcare 解決方案整合到更廣泛的 WM 組織方面也取得了重大進展。

Our new customers are excited by the expanded level of environmental expertise that WM brings to their organizations including an industry-leading reporting and analytics platform and an unmatched asset network that will help health care industry customers manage and track their waste streams more efficiently. We continue to focus on identifying and capturing synergies and are on track to achieve $250 million of annual run rate synergies in 2027. We're very pleased with the progress we've made in a short period of time and are excited about the long-term value we're creating.

我們的新客戶對 WM 為其組織帶來的更廣泛的環境專業知識水平感到興奮，其中包括行業領先的報告和分析平台以及無與倫比的資產網絡，這將有助於醫療保健行業客戶更有效地管理和跟踪他們的廢物流。我們將繼續致力於識別和利用協同效應，並預計在 2027 年實現 2.5 億美元的年運行率協同效應。我們對在短時間內取得的進展感到非常高興，並對我們創造的長期價值感到興奮。

In closing, I want to thank our employees for their dedication and hard work. Your efforts drive our success, and we're grateful for your commitment. Looking ahead, I'm excited about the opportunity to share more about our strategic priorities and long-term vision at our upcoming Investor Day in June. We hope you'll join us in New York or tune in to the event via the webcast.

最後，我要感謝我們的員工的奉獻和辛勤工作。您的努力推動了我們的成功，我們感謝您的承諾。展望未來，我很高興有機會在六月即將到來的投資者日上分享更多關於我們的策略重點和長期願景的資訊。我們希望您能來紐約參加我們的活動或透過網路直播收看此活動。

I'll now turn the call over to John to discuss our operational results.

現在我將把電話轉給約翰來討論我們的營運成果。

Thanks, Jim, and good morning. The first quarter further demonstrates the consistent progress being made in our core collection and disposal business. Through our focus on customer lifetime value and optimization of our cost to serve, we again grew both operating EBITDA and margins in the quarter. First quarter operating EBITDA for the collection and disposal business was up almost 5% and margin expanded 10 basis point. We achieved this growth in what we knew would be the most challenging quarter from a comparison standpoint. The success is particularly impressive when you consider the impacts of tough winter weather in our Southeast and Gulf Coast regions during the quarter and the expiration of the alternative fuel tax credits.

謝謝，吉姆，早安。第一季進一步表明我們的核心收集和處置業務正在取得持續進展。透過專注於客戶終身價值和優化服務成本，我們在本季再次實現了營業 EBITDA 和利潤率的成長。第一季收集和處置業務的營業 EBITDA 成長近 5%，利潤率擴大 10 個基點。我們實現了這一成長，因為從比較的角度來看，我們知道這將是最具挑戰性的季度。如果考慮到本季東南和墨西哥灣沿岸地區嚴酷冬季天氣的影響以及替代燃料稅收抵免的到期，這一成功就顯得尤為令人印象深刻。

Revenue has once again grown across all lines of business, driven by collection and disposal yield of 4% and core price of 6.5% and with churn remaining stable at around 9%. We continue to achieve solid pricing across all of our revenue streams. Commercial collection, transfer stations and landfill core price were particularly strong in the quarter, as we continue to leverage data-driven decision-making to offer pricing that reflects the value of our service, the strength of our asset network and our commitment to providing differentiated customer solutions.

所有業務線的收入再次成長，受 4% 的收款和處置收益率、6.5% 的核心價格以及 9% 左右的流失率穩定成長的推動。我們繼續在所有收入來源中實現穩健的定價。本季商業收集、轉運站和垃圾掩埋場核心價格尤其強勁，因為我們繼續利用數據驅動的決策來提供反映我們服務價值、資產網路實力以及提供差異化客戶解決方案的承諾的定價。

Regarding volumes, our first quarter collection and disposal results were flat on a workday-adjusted basis. Positive landfill and commercial collection volumes were offset by our strategic exit from low-margin residential business as well as continued economic pressure on the temporary segment of our industrial business. While the California wildfire cleanup positively impacted our special waste volumes in Q1, these gains were largely offset by impacts of winter weather events I mentioned earlier.

就數量而言，我們第一季的收集和處置結果按工作日調整後持平。由於我們策略性地退出低利潤的住宅業務，以及工業業務臨時部分持續面臨的經濟壓力，垃圾掩埋場和商業收集量的增加被抵消。雖然加州野火清理工作對我們第一季的特殊廢物量產生了積極影響，但這些增長在很大程度上被我之前提到的冬季天氣事件的影響所抵消。

Overall, we remain confident in our volume outlook for 2025 because our special waste pipelines remain strong, service intervals remain positive, and we expect fire volumes in Southern California to continue through at least the end of the third quarter. Turning to operating costs and margin. Q1 marked our sixth consecutive quarter with operating expenses as a percentage of revenue below 61%. We delivered operating expenses at 60.5% of revenue which is a 40-basis-point improvement from Q1 of 2024.

總體而言，我們對 2025 年的產量前景仍然充滿信心，因為我們的特殊廢物管道仍然強勁，服務間隔仍然保持正值，並且我們預計南加州的火災量至少會持續到第三季末。轉向營運成本和利潤。第一季是我們連續第六個季度的營運費用佔收入的百分比低於 61%。我們的營運費用佔營收的 60.5%，比 2024 年第一季提高了 40 個基點。

Our commitment to the operating fundamentals of the WMA continues to drive margin improvement. The first quarter's performance was driven by focusing on frontline retention and the use of automation and technology to drive efficiency and operating improvements. The investments we have made in our people, including human center, leadership, coaching, and facility upgrades continue to deliver improved driver retention with Q1 seeing an 80-basis-point improvement compared to the prior year period.

我們對 WMA 營運基礎的承諾將繼續推動利潤率的提高。第一季的業績主要得益於對第一線員工留任以及利用自動化和技術來提高效率和改善營運的關注。我們對員工的投資，包括人力中心、領導力、培訓和設施升級，持續提高駕駛員留任率，第一季的駕駛員留任率與去年同期相比提高了 80 個基點。

When retention improves, it benefits safety, customer service and efficiency. We also continue to create an optimized cost to serve with the ongoing adoption of automation and technology, including routing and resource planning tools. Cost optimization focuses combined with targeted contracts renegotiation end the intentional shedding of low-margin customers in the residential line of business continued to deliver strong results. This is evident in our first quarter operating EBITDA margin in the residential line of business, which grew more than 130 basis points achieving 20% for the first time in six years.

當保留率提高時，它有利於安全、客戶服務和效率。我們也將繼續採用自動化和技術（包括路由和資源規劃工具）來優化服務成本。成本優化重點與有針對性的合約重新談判相結合，結束了住宅業務中故意淘汰低利潤客戶的行為，並繼續帶來強勁的業績。這在我們第一季住宅業務的營業 EBITDA 利潤率中得到了明顯體現，該利潤率增長了 130 多個基點，六年來首次達到 20%。

We remain confident in our ability to execute our plans and achieve our full year targets, including operating EBITDA of between $7.45 billion and $7.65 billion. In closing, I would like to extend my sincere gratitude to our employees for their unwavering dedication over the last quarter. Their hard work and commitment to excellence have been instrumental in our success.

我們仍然有信心執行我們的計劃並實現全年目標，包括實現 74.5 億美元至 76.5 億美元的營業 EBITDA。最後，我要向我們的員工在過去一個季度的堅定奉獻表示誠摯的感謝。他們的辛勤工作和對卓越的追求對我們的成功起到了重要作用。

I'll now turn the call over to Devina to discuss our 2025 financial results in further detail.

現在我將把電話轉給 Devina，進一步討論我們 2025 年的財務表現。

Thanks, John, and good morning. We're pleased with our strong start to 2025, which is particularly evident when looking at the drivers of our first quarter operating EBITDA margin results. WM's legacy business achieved 30% margin for the fourth consecutive quarter. This is an increase of 40 basis points compared to the first quarter of 2024 and the improvement was driven by a 50-basis-point contribution from favorable price to cost spread in the collection and disposal business, which is due to our success in optimizing and flexing our cost structure.

謝謝，約翰，早安。我們對 2025 年的強勁開局感到滿意，這一點在查看我們第一季營運 EBITDA 利潤率結果的驅動因素時尤為明顯。WM 的傳統業務連續第四個季度實現了 30% 的利潤率。與 2024 年第一季相比，這一增長增加了 40 個基點，這一改善得益於收集和處置業務中優惠的價格與成本利差貢獻了 50 個基點，這得益於我們成功優化和調整了成本結構。

We also saw a positive 20 basis point contribution from our recycling automation projects. These margin expansion contributions were partially offset by a 30-basis-point headwind from the expiration of alternative fuel tax credit that benefited the prior year period. Total company margin was 28.5% in the quarter due to the 150-basis-point impact of the addition of the WM Healthcare Solutions business.

我們的回收自動化專案也帶來了 20 個基點的正面貢獻。這些利潤率擴張貢獻被去年同期受益的替代燃料稅收抵免到期帶來的 30 個基點的阻力部分抵消。由於 WM 醫療保健解決方案業務的增加帶來了 150 個基點的影響，本季公司總利潤率為 28.5%。

With our focus on optimizing this business, including through synergy capture, we've expanded the margin of WM Healthcare Solutions by 20 basis points in only one quarter's time. There is a clear path to additional cost optimization, and we are on track to achieve our full year expectations.

透過專注於優化這項業務，包括透過協同效應，我們僅在一個季度內就將 WM Healthcare Solutions 的利潤率提高了 20 個基點。我們有一條明確的途徑來實現額外的成本優化，並且我們有望實現全年預期。

As Jim mentioned, we're pleased with the progress we have already made as we begin to integrate and optimize the medical waste and secure information destruction businesses within WM's comprehensive set of offerings. As in other parts of our business, we're committed to using technology to make processes and people more efficient. We've got a cross-functional team engaged to optimize the ERP system as a tool to improve all elements of the customer journey from onboarding to service delivery and then from billing to cash collections. The team is off to a great start, and we're encouraged by their early progress.

正如吉姆所提到的，當我們開始整合和優化 WM 綜合產品中的醫療廢棄物和安全資訊銷毀業務時，我們對已經取得的進展感到滿意。與我們業務的其他部分一樣，我們致力於利用技術來提高流程和人員的效率。我們有一個跨職能團隊致力於優化 ERP 系統，將其作為一種工具來改善客戶旅程的所有要素，從入職到服務交付，再從計費到現金收款。球隊開局很好，他們的早期進步令我們感到鼓舞。

Turning to cash flow results. Operating cash flow was $1.21 billion in the first quarter. This is a decrease compared to the first quarter of 2024, but it is in line with expectations as we had a planned increase in cash interest payments due to additional debt issued last year to fund the acquisition of Stericycle. We also had a headwind from working capital due in part to particularly strong customer receipts at the end of 2024.

轉向現金流結果。第一季經營現金流為12.1億美元。與 2024 年第一季相比，這一數字有所下降，但符合預期，因為我們計劃增加現金利息支付，因為去年我們發行了額外債務來資助收購 Stericycle。我們也面臨營運資金的阻力，部分原因是 2024 年底的客戶收入特別強勁。

We remain confident in our outlook for cash flow from operations for the full year. Capital expenditures totaled $831 million in the quarter, with both capital spending to support the base business and our investments in sustainability growth in line with expectations. Given tariff and trade negotiations, it's worth mentioning that we are particularly well positioned to complete our sustainability growth investments at targeted capital investment levels because we've been deliberate in procuring the equipment needed for these projects ahead of time.

我們對全年經營現金流前景仍充滿信心。本季資本支出總計 8.31 億美元，用於支援基礎業務的資本支出和對永續發展的投資均符合預期。考慮到關稅和貿易談判，值得一提的是，我們特別有能力在目標資本投資水準上完成永續發展成長投資，因為我們已經提前採購了這些項目所需的設備。

We're also well positioned for fleet replacement with first quarter of 2025 being a particularly strong quarter for truck deliveries. First quarter free cash flow of $475 million is also on plan, and we're on track to achieve our full year free cash flow outlook of between $2.675 billion and $2.775 billion. In the first quarter, we returned $336 million to our shareholders through dividends. Share buybacks currently paused as we focus on getting back to targeted level of leverage through a combination of earnings growth and debt reduction. That said, we continue to focus on identifying tuck-in acquisitions in our core business and we currently expect to close on more than $500 million of solid waste acquisitions in 2025.

我們也為車隊更換做好了準備，2025 年第一季將是卡車交付特別強勁的季度。第一季 4.75 億美元的自由現金流也符合計劃，我們預計將實現全年 26.75 億美元至 27.75 億美元的自由現金流預期。第一季度，我們透過股利向股東返還了3.36億美元。目前，我們暫停股票回購，因為我們專注於透過獲利成長和債務削減的組合恢復到目標槓桿水平。儘管如此，我們仍將繼續專注於尋找核心業務中的補充收購，目前我們預計到 2025 年將完成超過 5 億美元的固體廢棄物收購。

This is a nice step change relative to our typical $100 million to $200 million of tuck-in acquisitions each year, showing our continued confidence in identifying attractive transactions at the right price. Our leverage ratio at the end of the quarter was 3.58 times. When considering our earnings outlook, disciplined approach to allocating capital and the healthy acquisition pipeline I mentioned, we expect leverage will be approximately 3.15 times at the end of 2025.

與我們每年典型的 1 億至 2 億美元的臨時收購相比，這是一個不錯的變化，表明我們仍然有信心以合適的價格找到有吸引力的交易。本季末我們的槓桿率為3.58倍。考慮到我們的獲利前景、嚴謹的資本配置方法以及我提到的健康的收購管道，我們預計到 2025 年底槓桿率將達到約 3.15 倍。

In closing, I want to extend my sincere thanks to the entire WM team for all of their hard work thus far in 2025. Our continued ability to deliver strong operational and financial performance puts us on track to achieve all of our financial guidance and this is a testament to the team's dedication, focus and talent.

最後，我要向整個 WM 團隊在 2025 年迄今所做的所有努力表示誠摯的感謝。我們持續提供強勁的營運和財務表現的能力使我們有望實現所有財務指導，這證明了團隊的奉獻精神、專注力和才華。

With that, Olivia, let's open the line for questions.

奧莉維亞，現在讓我們開始提問吧。

(Operator Instructions) Bryan Burgmeier, Citi.

（操作員指示）花旗銀行的 Bryan Burgmeier。

Maybe to start a question for Devina. I was wondering if you could shed a little bit more light on your outlook for 2Q. I know you don't normally give kind of quarterly guidance, but just trying to think through, I suppose, to normal seasonality for health care, considering that's a new business? And then if you have any detail on maybe the quarter-over-quarter kind of margin improvement for solid waste relative to normal seasonality, that would be helpful.

也許可以向 Devina 提出一個問題。我想知道您是否可以進一步闡述您對第二季的展望。我知道您通常不會提供季度指導，但我想，考慮到這是一項新業務，您只是想思考醫療保健的正常季節性？如果您能提供關於固體廢物利潤率相對於正常季節性的季度環比增長情況的詳細信息，那將會很有幫助。

Sure. And great question. So what I would tell you is there's not anything that we're seeing from a seasonality perspective that is really unusual with the exception of the impacts of the California wildfires. In terms of what will drive margin expansion, what I mentioned is that the solid waste business contributed 50 basis points of EBITDA margin expansion in the quarter. And when you consider that that's overcoming 30 basis points from the alternative fuel tax credit, you're looking at an 80-basis-point year-over-year expansion in margins for traditional solid waste businesses.

當然。這個問題問得好。所以我想告訴你的是，從季節性的角度來看，除了加州野火的影響之外，我們所看到的並沒有什麼不尋常的事情。關於推動利潤率擴張的因素，我提到的是固體廢棄物業務在本季貢獻了 50 個基點的 EBITDA 利潤率擴張。當您考慮到這要克服替代燃料稅收抵免的 30 個基點時，您會看到傳統固體廢棄物業務的利潤率年增 80 個基點。

You combine that with the strong execution on recycling automation of another 20 basis points, and that shows you 100 basis points of margin expansion from the base business. So when we look forward to Q2, we're really optimistic that we'll see another step change in margin on a year-over-year basis and normal seasonal uptick in the operating margins of the business.

將其與回收自動化的另外 20 個基點的強勁執行相結合，這表明基礎業務的利潤率擴大了 100 個基點。因此，當我們展望第二季度時，我們非常樂觀地認為，我們將看到利潤率同比再次發生重大變化，並且業務營業利潤率將出現正常的季節性上升。

When I think about the Healthcare Solutions business, particularly, it's not so much site revenue outlook that we're looking at. It really is continued momentum in synergy capture and the realization of incremental value from optimizing the cost structure of that business that will start to accelerate as we approach the second quarter. We think that Q3 will be our strongest quarter from a margin perspective, and that really will show momentum behind the traditional business with value capture running at more peak levels for full realization over the course of the year of that $85 million to $90 million in total synergies for the Stericycle business in 2025.

當我考慮醫療保健解決方案業務時，我們關注的並不是站點收入前景。隨著第二季的臨近，協同效應的持續發揮和透過優化業務成本結構實現增量價值的勢頭將開始加速。我們認為，從利潤率的角度來看，第三季度將是我們表現最強勁的一個季度，這將真正顯示出傳統業務背後的動力，價值獲取將達到更高的峰值水平，從而在全年全面實現 Stericycle 業務 2025 年 8500 萬至 9000 萬美元的總協同效應。

Got it. Got it. And then maybe a question for John. You're just curious how kind of yield in the solid waste business in 1Q compared to your expectations. It just seems like the spread maybe between core price and yield is widening a little bit. So if you can shed any light on kind of what's taking place there, maybe it's kind of just a function of like mix or region. But any detail you had would be great.

知道了。知道了。然後也許可以問約翰一個問題。您只是好奇第一季固體廢棄物業務的收益率與您的預期相比如何。看起來核心價格和收益率之間的差距可能正在擴大一點。因此，如果您可以解釋那裡發生的事情，也許這只是混合或區域的功能。但如果您能提供任何詳細資訊就更好了。

Yes, Brian, I think it dropped about 400 basis points in the quarter. But what I would tell you, what I would point to is that if you look at our core price performance, it was really strong across all lines of business, and it translated to margin expansion. There were some anomalies in there on the yield conversion. I mentioned some of the California wildfire volume, which is hit in special waste, which runs all through volume. And there was a little bit of pressure from some of the industrial business that was a little softer.

是的，布萊恩，我認為本季下降了約 400 個基點。但我想告訴你的是，我想指出的是，如果你看看我們的核心價格表現，你會發現所有業務線的表現都非常強勁，而且這轉化為利潤率的擴大。收益率轉換存在一些異常。我提到了加州野火造成的一些影響，這些影響包括特殊廢棄物的影響，這些影響貫穿了整個火災的總量。一些工業企業的業務稍微疲軟，帶來了一些壓力。

In the quarter. But what I will tell you is even though that trend was negative, it was better quarter-over-quarter. So we're seeing some sequential improvement. That's part of why we feel confident to me to make some comments about how we feel going into Q2. So the yield conversion, it's one data point, but I think margin and core price performance is really where we're focused.

在本季度。但我要告訴你的是，儘管這一趨勢是負面的，但與上一季相比有所改善。因此，我們看到了一些連續的改善。這就是為什麼我們有信心對第二季的感受發表一些評論。因此殖利率轉換是數據點，但我認為利潤率和核心價格表現才是我們真正關注的重點。

Kevin Chiang, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Kevin Chiang。

Maybe, I'll ask a yield question as well. I did notice, I guess the year-over-year increase in your commercial yield was effectively flat from the growth rate you saw in the fourth quarter. Resi though, was down about -- resi and industrial were down a little bit maybe 100, 150 basis points sequentially from the Q4. Just wondering if you could call out anything specific in the commercial pricing strategy that yielded a relatively better performance on a sequential basis?

也許，我也會問一個收益問題。我確實注意到，我猜你們的商業收益同比成長與第四季的成長率實際上持平。不過，住宅和工業則較第四季季減了約 100 到 150 個基點。只是想知道您是否可以指出商業定價策略中的任何具體內容，從而在連續基礎上產生相對較好的表現？

So what I'd point out, I would say that our pricing strategy is strong across all three of those lines of business. It really is a mix difference that John was mentioning that has led to some of the variability, and that's about unit differences, particularly in the industrial business as we've seen some variability in temporary roll-off. And we see that as being largely weather-related.

所以我想指出的是，我們的定價策略在這三個業務線上都很強勁。約翰提到的混合差異確實導致了一些變化，這就是關於單位差異，特別是在工業業務中，我們已經看到臨時滾轉的一些變化。我們認為這很大程度上與天氣有關。

When we think about 2024 and the trends we were seeing, we were seeing some softness in industrial hauls in 2024, but had some enthusiasm about the fact that we had cycled through the worst of those trends, and we're looking for some moderation in those levels in the current year. When we look at March and April, in particular, we're happy to say that those trends are proving to be more consistent with our expectations coming into the year and the extreme winter weather that we saw in February, in particular, really is something that had more of an outsized impact on Q1, but we're moving past that.

當我們思考 2024 年和我們所看到的趨勢時，我們注意到 2024 年的工業運輸量有所疲軟，但對於我們已經度過了這些趨勢中最糟糕的時期這一事實，我們感到有些興奮，我們期待今年這些水平會有所緩和。特別是當我們回顧三月和四月時，我們很高興地說，這些趨勢與我們對今年的預期更加一致，而我們在二月份看到的極端冬季天氣確實對第一季產生了更大的影響，但我們正在克服這一點。

And then the other thing that I would mention on conversion of core price to yield that was particularly interesting for us, and it did have some impact on industrial as well as some unexpected losses from large national accounts customers that experienced bankruptcies and therefore in store closures that we hadn't anticipated in our guidance.

然後，我要提到的另一件事是核心價格轉換為收益率，這對我們來說特別有趣，它確實對工業產生了一些影響，也給大型國家帳戶客戶帶來了一些意外損失，這些客戶經歷了破產，因此導致商店關閉，這是我們在指導中沒有預料到的。

Okay. That's super helpful. And maybe just my second question. It looks like health care Stericycle revenue was down year-over-year. And I know you don't everything the same way Stericycle did. But maybe you can just speak to the volume and pricing trends you saw in the quarter versus year, appreciating that you didn't own the business there? And was there any purposeful shedding as you look to improve the revenue quality within Stericycle or improve the overall margin performance within the health care business?

好的。這非常有幫助。這也許只是我的第二個問題。看起來醫療保健 Stericycle 的收入比去年同期有所下降。我知道你們做事的方式和 Stericycle 不一樣。但也許您可以談談本季與去年同期相比的銷售和價格趨勢，同時意識到您並不擁有那裡的業務？當您尋求提高 Stericycle 的收入品質或改善醫療保健業務的整體利潤表現時，是否有意進行裁員？

Certainly, [Bryan]. This is Rafa. I'll take that one. I just want to remind the group that -- over the course of the quarter, we did shed our Spain and Portugal businesses, and that actually accounts for the majority of the draw on the revenue basis. Actually, the revenue story is not a bad one for us. Actually, the regulated medical waste business is actually slightly up. It's -- we're actually ahead about 1% in regulated medical waste stops, for example, the churn in the national and hospital channels is actually right at 3%, consistent with what it's been despite some of the ERP challenges that Devina actually referenced we're making good headway in putting forward the plan to resolve, we haven't seen an uptick there.

當然，[布萊恩]。這是拉法。我要那個。我只是想提醒集團——在本季度，我們確實剝離了西班牙和葡萄牙的業務，這實際上佔了收入減少的大部分。事實上，我們的收入狀況還不錯。事實上，受監管的醫療廢棄物業務實際上略有成長。例如，在受監管的醫療廢物處理方面，我們實際上領先了約 1%，國家和醫院管道的流失率實際上正好是 3%，這與過去的情況一致，儘管存在 Devina 提到的一些 ERP 挑戰，但我們在提出解決方案方面取得了良好進展，我們還沒有看到任何上升趨勢。

So we feel pretty confident on the revenue side. On the Secure Information Destruction side, we did see a little bit of a dip there. But again, confidence on the fact that it's not structural. It really had to do with a little weakness on the event work, what we call the purchase there. And we've got a good plan to kind of connect our sales and operating folks a little bit better there to perform better on time on that and recapture those volumes.

因此我們對收入方面非常有信心。在安全資訊銷毀方面，我們確實看到了一些下降。但再次強調，我們確信它不是結構性的。這確實與活動工作中的一些弱點有關，我們稱之為購買。我們有一個很好的計劃，可以更好地將我們的銷售人員和營運人員聯繫起來，以便按時更好地完成任務並重新獲得那些銷售。

Tyler Brown, Raymond James.

泰勒布朗、雷蒙詹姆斯。

Rafa, just on that, how much synergy capture was in the $95 million of reported EBITDA in Q1? And I know this is splitting hairs, but I think you guys said the updated synergies are 80 to 100 from up to 100. Are you messaging anything with that?

拉法，就此而言，第一季報告的 9,500 萬美元 EBITDA 中有多少協同效應？我知道這有點吹毛求疵，但我認為你們說的是更新後的協同效應是從 100 到 80。你要用它發送任何訊息嗎？

Not really. Look, we really are feeling very comfortable with achieving that midpoint of the range right now. We produced about $16 million in value capture in Q1, dropping straight into the P&L. That's going to, of course, continue to generate benefits. And I'll tell you, a lot of that came from our first execution on rationalization of SG&A for us, particularly on the sales coverage side.

並不真地。瞧，我們現在確實對實現該範圍的中點感到非常滿意。我們在第一季創造了約 1,600 萬美元的價值，直接計入損益表。這當然會繼續產生效益。我要告訴你，這很大程度上來自於我們首次執行的銷售、一般和行政費用合理化，特別是在銷售覆蓋方面。

I can tell you that -- the reason for the confidence on delivering is that if we just execute on a little bit more of the planned sales coverage optimization there and we execute on our internalization goals, which by the way, contributed very little in Q1, that's probably -- or not probably, that's definitely because we are waiting for contracts to expire, we have to put in line equipment and so forth. That's going to start paying dividends towards the latter part of Q2 and on through the back half of the year. We feel very comfortable with achieving the guidance.

我可以告訴你——我們對交付充滿信心的原因是，如果我們只是在那裡執行更多計劃的銷售覆蓋優化並執行我們的內部化目標，順便說一句，這在第一季度貢獻很小，那可能是——或者可能不是，那肯定是因為我們在等待合約到期，我們必須投入生產線設備等等。這將在第二季後期以及下半年開始產生效益。我們對實現這一指導感到非常滿意。

Okay. And then, Tyler, just really quickly, what I would tell you is we wanted to be clear with the investor community that our targeted execution on value capture for the year is $90 million. And so our midpoint of a range is always our best estimate of the outcome. And so approaching $100 million, we felt like was a little more vague than what would be beneficial. So we wanted to give you clarity that the range is $80 million to $100 million, we think $90 million is the most likely outcome.

好的。然後，泰勒，我想快速告訴你的是，我們想向投資者群體明確表示，我們今年的價值獲取目標執行額是 9000 萬美元。因此，我們的範圍中點始終是結果的最佳估計。因此，我們覺得接近 1 億美元這個數字比實際上能帶來的好處要模糊一些。因此，我們想向您明確說明，範圍是 8000 萬美元到 1 億美元，我們認為 9000 萬美元是最有可能的結果。

Okay. Perfect. We want clarity. So Devina, and I don't know if Tara is in there as well, but I think you guys were expecting, call it, $190 million of incremental EBITDA from R&D and recycling. This is my view. Does it feel like maybe that's a little bit behind schedule in Q1. So I guess a couple of questions. One, are you still confident in that number? Maybe my read is wrong. And two, I think you addressed this upfront, but at this point, you don't expect any RNG CapEx-related delays or increased spend due to tariffs. Would that be correct?

好的。完美的。我們想要清晰的答案。所以 Devina，我不知道 Tara 是否也在其中，但我認為你們預計研發和回收帶來的增量 EBITDA 為 1.9 億美元。這是我的觀點。是不是感覺第一季有點落後於計劃了？所以我想問幾個問題。一、你對這個數字還有信心嗎？也許我的解讀是錯的。其次，我認為您已經提前解決了這個問題，但目前，您預計不會出現與 RNG CapEx 相關的延遲或因關稅而增加的支出。那正確嗎？

Yes. So I am in the room, Tyler. I'll take the back half first. We are very confident because we had both of our equipment delivered well in advance of even any of these tariff discussions happening. So no impacts related to project schedules related to tariffs or related to capital costs. Related to your question about the performance of the business, we are performing according to plan. If you look at the recycling line of business, it contributed about $11 million in EBITDA performance from those growth projects, and that was the majority of the benefits that we saw in recycling.

是的。所以我在房間裡，泰勒。我先拿後半部。我們非常有信心，因為我們的兩台設備甚至在關稅談判開始之前就已經交付了。因此，與關稅或資本成本相關的專案進度不會受到影響。關於您提到的業務表現的問題，我們正在按照計劃進行。如果你看一下回收業務線，你會發現這些成長項目為 EBITDA 業績貢獻了約 1,100 萬美元，而這正是我們在回收領域看到的大部分收益。

And we're delivering on what we said we would deliver 30% improvement in labor, 20%-plus improvement on operating costs and just having visited our Baltimore recycling plant, I mean, these are transformative assets that are delivering volume improvement to communities that need it. On the R&D side, we brought a lot of plans on at the back half of 2024. So what you're seeing in our results is some improved performance related to pricing, also a lot of volume coming online, and some of that was offset by some operating costs in start-up that was planned.

我們正在兌現我們所說的，我們將實現 30% 的勞動力改善、20% 以上的營運成本改善，而且我剛剛參觀了我們的巴爾的摩回收工廠，我的意思是，這些都是變革性資產，它們正在為需要它的社區帶來產量改善。在研發方面，我們在 2024 年下半年制定了許多計畫。因此，您在我們的結果中看到的是與定價相關的一些績效改進，也有大量的線上交易量，其中一部分被計劃啟動的一些營運成本所抵消。

Okay. Okay. So it sounds like it's largely tracking.

好的。好的。因此聽起來它基本上是在進行跟踪。

Yes.

是的。

Real quick. Yes. Okay. Perfect. And then, Devina, just real quick, the 30-basis-point drag in CNG, that's going to be every quarter of the year based on what we know today. Is that right?

真的很快。是的。好的。完美的。然後，德維娜，簡單來說，根據我們今天所了解的情況，壓縮天然氣價格將每季下跌 30 個基點。是嗎？

That's correct. And 30 basis points for the full year was included in our guidance for EBITDA margin for 2025.

沒錯。我們對 2025 年 EBITDA 利潤率的預期中包括全年 30 個基點。

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

Appreciate you taking the questions. I had one on M&A, I guess. If I heard you right, Devina, it sounds like you're now expecting $500 million or so of solid waste acquisitions, which is up from last quarter. So one, I guess, is the full $500 million included in your guidance now. And then two, would just love kind of a qualitative update on what kind of opportunities you're seeing? Are you finding in this type of environment with some additional economic uncertainties? Is there more willingness to sell from some of these smaller companies?

感謝您回答這些問題。我想我有一個關於併購的。如果我沒聽錯的話，德維娜，聽起來你現在預計固體廢棄物收購將達到 5 億美元左右，比上一季增加。因此，我猜，其中之一就是現在您的指導中包含的全部 5 億美元。其次，您是否想了解您所看到的機會有哪些？您是否發現在這種環境下還存在一些額外的經濟不確定性？這些小公司是否更願意出售？

Sure. So I'll take the first part of the question, then turn it over to John in order to address the second part. What I would tell you is when we came into 2025, a lot of this pipeline had developed, but we were in DOJ review processes. We were in contract negotiation processes. And so the pipeline was available to us, but we didn't have it fully have to close wasn't as clear to us as it is today. And so we're really happy with the progression of the transactions that we have in our pipeline and with the benefit of where those things and able to say that those transactions are in the upside of our guidance relative to midpoint, and we had contemplated those, and they scan today.

當然。因此，我將回答問題的第一部分，然後將其交給約翰來解決第二部分。我想告訴你的是，當我們進入 2025 年時，很多管道已經開發完畢，但我們正處於司法部的審查過程中。我們正處於合約談判過程中。因此，雖然我們可以使用管道，但我們還沒有完全關閉它，這對我們來說並不像今天那麼清楚。因此，我們對我們正在進行的交易的進展以及這些交易帶來的好處感到非常高興，並且可以說這些交易相對於中點而言處於我們指導的上行趨勢中，我們已經考慮過這些交易，它們今天進行了掃描。

So what I would say is incremental tuck-in acquisition revenue, depending on the timing of close, could now be in the ballpark of $80 million to $125 million and that's up from about $35 million to $80 million in our original guidance in midpoint.

因此，我想說的是，根據交易完成的時間，增量收購收入現在可能在 8,000 萬美元至 1.25 億美元左右，高於我們最初中期指導的 3,500 萬美元至 8,000 萬美元。

Trevor, I would just add to what Devina said, I think a few things. One, there is some -- certainly some uncertainty out there -- and I think the other challenge as you see is labor, right? The cost of labor and scarcity, I think is certainly something that's pressuring some of the organizations we're looking at.

特雷弗，我只想補充德維娜所說的話，我認為有幾點。首先，肯定存在一些不確定性，而且我認為另一個挑戰是勞動力，對嗎？我認為勞動成本和稀缺性肯定是給我們正在關注的一些組織帶來壓力的因素。

And then lastly, I would say, -- in some of the markets, the value of our network, we talk about that, a lot of our ability to move material in and out of markets is becoming more and more prevalent and more challenging. And I think in some cases, -- the long-term outlook for disposal options is probably pushing some folks to the forefront in terms of now being ready to sell. So as Devina said, the pipeline is strong. We did about $800 million last year. And -- as we said, we've got a good runway between here and the end of the year to close to more of these deals.

最後，我想說，在某些市場中，我們網路的價值，我們談論的很多東西，我們將材料進出市場的能力變得越來越普遍，也越來越具有挑戰性。我認為在某些情況下，處置選擇的長期前景可能會促使一些人現在準備出售。正如 Devina 所說，這條管道非常強大。去年我們的營收約為 8 億美元。而且——正如我們所說，從現在到年底，我們已經擁有了良好的基礎來達成更多此類交易。

Great. That's super helpful. And then for my follow-up, maybe one for -- another one for Rafa, I guess. -- on the Healthcare Solutions business. It's still early, but just wondering if you could share any anecdotes you've had from conversations with customers about sort of the combined value proposition, any early wins or new opportunities? Just we kind of love to hear what customers are saying and how that's tracking.

偉大的。這非常有幫助。然後，對於我的後續行動，也許一個是針對拉法的——另一個是針對拉法的，我想。 ——關於醫療保健解決方案業務。現在還為時過早，但我只是想問一下，您是否可以分享一些與客戶交談時遇到的關於綜合價值主張、早期勝利或新機會的趣聞軼事？我們很想聽聽顧客的意見以及他們的後續進展。

Absolutely, Trevor. I actually participated in an entire West Coast swing recently and talked to several of the very large hospital networks there. I think Jim referenced it in his script, but a lot of folks excited about the increased ability to help them in their sustainability journey about being able to provide sort of that best-in-class reporting and analytics tool that platform that's going to help them manage their waste a lot better. Frankly, I've been surprised about how patient pleasantly should help patient the customer base is. And that has a lot to do with the fact that it is WM stepping into the shoes as the owner and having the ability to provide that increased level of confidence.

當然，特雷弗。事實上，我最近參加了整個西海岸的巡迴活動，並與那裡的幾個大型醫院網絡進行了交談。我認為吉姆在他的腳本中提到了這一點，但許多人對能夠提供那種一流的報告和分析工具平台來幫助他們實現永續發展感到興奮，這個平台將幫助他們更好地管理廢物。坦白說，我對客戶群的耐心程度感到驚訝。這在很大程度上是因為 WM 擔任老闆並有能力提供更高程度的信心。

I can tell you that a lot of the conversation has also centered around that fix to the ERP. We've communicated very transparently that this was about analyzing the entire customer journey and having work streams that would facilitate not only the collections on the billing side, but also the delivery of the service. So lot of excitement there. We've not framed at the moment what the cross-sell opportunity looks completely. We're still working on the playbooks and we're waiting to have the right fixes on -- but again, I'll remind the group, if you look at sort of the shared wallet customers that we have right now, where we have solid waste that WM had and regulated medical waste or site services that Stericycle have, that's only about 17% of the total customer book. That doesn't even include customers that neither of us have.

我可以告訴你，很多討論也都圍繞著 ERP 的修復。我們已經非常透明地傳達了這一點，這是為了分析整個客戶旅程，並擁有不僅有助於計費方面的收款而且有助於服務的交付的工作流程。那裡非常熱鬧。目前我們還沒有完全確定交叉銷售機會的具體內容。我們仍在製定劇本，等待正確的解決方案——但我再次提醒大家，如果您看看我們目前的共享錢包客戶，其中包括 WM 的固體廢物和 Stericycle 的受監管醫療廢物或現場服務，這些僅佔總客戶量的 17% 左右。這甚至還不包括我們都沒有的客戶。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great. I just wanted to get a bit more color on the residential margins and the journey there. It sounds like it's something you've been working on for a while. If you can just maybe talk about how those discussions are going, how -- if there's more volume to shed? Or is it more from a pricing perspective that you want to maybe add those margins higher? Maybe where we are in that journey with the margins there now in and around 20%.

偉大的。我只是想對居住區邊緣和那裡的旅程有更多的了解。聽起來這是你已經研究了一段時間的事情。您能否談談這些討論的進展情況，以及是否還有更多內容需要討論？或者從定價的角度來看，您可能希望提高利潤率？也許我們現在的利潤率在 20% 左右。

Well, I think it's a good question. I think us getting back over 20% for the first time in six years has been a good milestone. I give the team a lot of credit. There's been a lot of work done to do that, both on the revenue quality side and the operating expense side. So I would tell you, I think for '25, we're going to see probably the same level, give or take, 50 basis points of volume that will be negative. And we've always said we want the residential line of business to compete with the others in terms of margin and return.

嗯，我認為這是個好問題。我認為我們六年來首次實現超過 20% 的回報率是一個很好的里程碑。我對這個團隊非常信任。為此，我們已經做了大量工作，包括收入品質方面和營運費用方面。所以我想告訴你，我認為對於 25 年來說，我們可能會看到相同的水平，大約 50 個基點的交易量將為負。我們一直說，我們希望住宅業務線能夠在利潤和回報方面與其他業務競爭。

And while we've made a lot of progress, we still have some work to do there. So I think for '25 and probably into early 2016, we're going to see some additional negative volumes. But again, when you're shedding 3%-plus volume revenue and EBITDA are both up, it's still the right path for us to continue down.

儘管我們已經取得了很大進展，但我們仍有一些工作要做。因此我認為，從 2025 年到 2016 年初，我們將會看到一些額外的負成長。但是，當銷售收入減少 3% 以上，而 EBITDA 卻同時上升時，繼續下滑仍然是正確的選擇。

Great. And then just one quick one. I think, Devina, you mentioned earlier that some of the larger lifting on the synergies related to the Stericycle side is going to be in and around Q2 and Q3. And if we think about the EBITDA flow-through of that business, -- should we expect that to be the Q2 or Q3 to be the biggest quarter? And then just associated if you can just talk about some of the initiatives you are planning on taking media that are going to drive that.

偉大的。然後就簡單說一句。我認為，Devina，您之前提到過，Stericycle 方面的一些較大協同效應的提升將在第二季和第三季左右實現。如果我們考慮該業務的 EBITDA 流轉，我們是否應該預期第二季或第三季將成為最大的季度？然後，如果您可以談談您計劃採取的一些推動這一進程的媒體舉措，那就再好不過了。

Sure. So when we think about value capture, it really is a second half of 2025 ramp for us. Some of the actions will start in the second quarter that will bring a lot of that to bear really beginning in the third quarter. And what I would tell you is it's the things that you have heard Rob talk about whether it's sales coverage optimization efforts or back-office streamlining some of as an example, some of what we're doing in the back office includes migration of systems so that we have one platform for our human capital and all of those processes, and that will unlock some incremental value for us that starts late in the third quarter.

當然。因此，當我們考慮價值獲取時，這對我們來說確實是一個 2025 年下半年的成長。一些行動將在第二季開始實施，其中很大一部分將在第三季真正產生效果。我想告訴你們的是，你們聽到 Rob 談論的事情，無論是銷售覆蓋率優化工作還是後台精簡，例如，我們在後台所做的一些工作包括系統遷移，以便我們為人力資本和所有這些流程提供一個平台，這將為我們在第三季末開始釋放一些增量價值。

So a lot of it has to do with streamlining our back-office processes. And we think that some of the technology steps that we're taking that come in Q3 will really start to create some momentum and long-term value capture in the SG&A part. And I'll remind everyone that we started with this business above 24% SG&A in the fourth quarter of 2024. We got 70 basis points of expansion in that margin sequentially in a single quarter, which is a great result. And we know that there is more to come on our pathway to getting them to 15% at the end of that three-year period that we've got targeted for the $250 million of that value capture.

因此，這在很大程度上與簡化我們的後台流程有關。我們認為，我們在第三季採取的一些技術措施將真正開始在銷售、一般和行政費用部分創造一些動力和長期價值獲取。我要提醒大家，我們在 2024 年第四季開始這項業務時，銷售、一般及行政費用率 (SG&A) 超過 24%。我們在一個季度內連續實現了 70 個基點的利潤率擴張，這是一個很好的結果。我們知道，在三年期末，我們還要繼續努力將這一比例提高到 15%，而我們的目標是實現 2.5 億美元的價值捕獲。

Maybe I will -- this is Rafa. So I'll add one more point. It's not just about value capture in the back end of the year. It's also about process discipline, operational discipline. We also just -- but we're able to put online our McCarran incinerator as of the end of Q1, we are now taking in about 70% of our total incinerator waste generation the West Coast. As you can imagine, that's saving us an enormous amount of transportation for disposal costs. We expect that by the end of the year, we'll be internalizing 100% of that waste.

也許我會——這是拉法。因此我再補充一點。這不僅僅關乎年底的價值取得。這也與流程紀律、操作紀律有關。我們也只是——但截至第一季末，我們能夠將麥卡倫焚化爐投入使用，目前我們接收西海岸焚化爐廢棄物總量的約 70%。你可以想像，這為我們節省了大量的運輸和處理成本。我們預計，到今年年底，我們將實現 100% 的廢棄物內部化。

The other aspect of that is the process discipline around fleet management, the reduction of spare ratios -- those were not optimal in Q1, but that's because we were framing and laying out the groundwork to be able to start doing that in Q2 and beyond.

另一個方面是圍繞車隊管理的流程紀律、備用率的降低——這些在第一季並不是最佳的，但這是因為我們正在製定和奠定基礎，以便能夠在第二季度及以後開始這樣做。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I want to start out with a broad question. Basically, looking at the company and how resilient it is versus prior downturns. And so I wanted to get your updated thoughts on that overall and also maybe specifically how you would expect the sustainability business as well as the new health care business to perform in a potentially slower macro environment.

我想從一個廣泛的問題開始。基本上，就是觀察這家公司以及它相對於先前的經濟衰退的復原力。因此，我想了解您對此的整體最新想法，以及您對於永續發展業務以及新的醫療保健業務在可能放緩的宏觀環境中的表現有何預期。

Great question, Toni, this is Jim. I would tell you, part of the reason we're so happy with the sustainability investments and the health care investments is that they do provide a level of diversification that we may not have had as much of with just a solid waste company. And we like the growth trajectory of both. It tends to be viewed as a bit higher than solid waste. At the same time, this business, whether it's this company or whether it's this industry is very resilient to economic downturn.

問得好，東尼，我是吉姆。我想告訴你，我們對永續發展投資和醫療保健投資如此滿意的原因之一是，它們確實提供了一定程度的多樣化，如果只是一家固體廢棄物公司，我們可能無法獲得這種程度的多樣化。我們看好兩者的成長軌跡。人們往往認為它比固體廢物高一點。同時，無論是這家公司還是這個產業，這個產業對經濟衰退的抵禦能力都很強。

We don't see an economic downturn and maybe I'll reemphasize a couple of Devina and John's comments about volume for the quarter. We weren't sure how much that we were really impacted in January and February by weather versus are we seeing an economic downturn. And I think -- the answer to that question came in our volumes for March and April, which turned back up nicely. That led us to believe that truly was that January, February truly were just two very bad weather months. I know the other guys have talked about it on their calls as well.

我們沒有看到經濟衰退，也許我會再次強調 Devina 和 John 關於本季銷售的幾點評論。我們不確定一月和二月我們受到的天氣影響有多大，以及我們是否經歷了經濟衰退。我認為——這個問題的答案就在我們三月和四月的銷售中，這兩個數字都回升了。這讓我們相信，一月和二月確實只是兩個天氣非常惡劣的月份。我知道其他人也在電話中談論過這個問題。

When you get six inches of snow in Houston, Texas, and I've lived in Houston for 18 years, I've never seen that kind of weather here. And it stayed on the ground. I mean it's not snowing at 32 degrees, it's snowing in 21 degrees. It feels like more like Denver, Colorado than Houston, and then it's spread all the way over to Louisiana. So those areas in the South that don't normally anticipate weather shutdowns. I saw quite a bit of that. So the encouraging part about that was for the quarter was that we saw our volumes turn back up in March and then through the first three weeks of April.

當我在德克薩斯州休斯頓看到六英寸厚的雪時，我已經在休斯頓住了 18 年，我從未在這裡見過這樣的天氣。它留在地上。我的意思是 32 度不會下雪，21 度就會下雪。感覺更像是科羅拉多州的丹佛而不是休士頓，然後一直蔓延到路易斯安那州。因此，南部地區通常不會遭遇惡劣天氣。我見過不少這樣的事。因此，本季令人鼓舞的是，我們的銷量在 3 月以及 4 月的前三週有所回升。

I think we are -- to your question though, I think we're insulated from -- we're not recession-proof as an industry, but we're certainly recession-resistant. And again, not that we see a recession on the horizon, but to the extent that something does turn down, I mentioned in my kind of first statement, we seem to meet the expectations that we provide quarter in and quarter out, regardless of what the economic climate is, or the political climate or what have you. So it's part of why this business -- this company and this industry have done as well as they have. And there's my sales pitch for the industry.

我認為我們是——不過對於你的問題，我認為我們是絕緣的——作為一個行業，我們並不能免受經濟衰退的影響，但我們肯定能夠抵禦經濟衰退。再說一次，我們並不是說看到了經濟衰退的跡象，但是如果情況真的出現惡化，我在我的第一次聲明中提到過，無論經濟環境如何，政治氣氛如何，或者其他什麼，我們似乎都能達到我們每個季度提供的預期。這也是為什麼這個企業、這個公司和這個行業能夠取得如此好成績的部分原因。這是我針對該行業的推銷策略。

Great. And then as a follow-up, I wanted to ask, Devina, you mentioned you're in good shape on the fleet for this year. But maybe how should we think about potential impacts assuming that tariffs are implemented, just maybe it's more of a '26 CapEx kind of question, but any stats or anything you can provide on cost of fleet and how an impact of higher tariffs might be on your business?

偉大的。然後作為後續問題，我想問一下，德維娜，您提到今年您的艦隊狀況良好。但是，假設關稅實施，我們應該如何考慮潛在的影響，也許這更像是一個 '26 資本支出類型的問題，但是您能否提供任何有關車隊成本的統計數據或任何信息，以及更高的關稅可能對您的業務產生什麼影響？

Yes. Toni, this is John. I think Devina made the comment early on. We're in really good shape from a truck delivery standpoint. We front-loaded the schedule, and we've got about a third of our trucks already delivered and on the ground. And for the balance of '25, we don't see very little cost pressure there, heavy equipment, same story. We're in pretty good shape through 2025. And we worked with the supply chain group to really put a ring around what we thought that tariff impact could be in its little low single digits in a few buckets just because we got out in front of it.

是的。東尼，這是約翰。我認為 Devina 很早就發表了這一評論。從卡車運輸的角度來看，我們的狀況非常好。我們提前安排了時間表，大約三分之一的卡車已經交付並投入使用。對於 25 年的剩餘時間，我們認為成本壓力不會很小，重型設備的情況也是如此。到 2025 年，我們的狀況會非常好。我們與供應鏈小組合作，真正估算出關稅的影響可能在幾個方面處於較低的個位數，因為我們走在了前面。

And as Tara mentioned, most of our recycling and RNG assets are already committed to for 2025. So we're in really good shape for '25. To Jim's point earlier and with Devina, if it rolls into '26, we might have to revisit it. But right now, as we sit here in '25, we feel good about our position.

正如塔拉所提到的，我們的大部分回收和 RNG 資產已經承諾將在 2025 年投入使用。所以，我們為 25 年做好了充分的準備。正如吉姆之前和德維娜提到的那樣，如果這種情況持續到 26 年，我們可能必須重新審視它。但現在，當我們坐在這裡，度過 25 年時，我們對自己的處境感到很滿意。

Single digits, you mean like in the millions, not $7.

個位數，你的意思是數百萬，而不是 7 美元。

Yes, no, no, no, no. Yes, yes.

是，不，不，不，不。是的，是的。

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

Hopefully, you had a chance to look at the EPA release yesterday around PFOS. It seemed like the language was pretty conciliatory or constructive around trying to protect passive receivers and really adhering to polluter pays. I wonder if you had a chance to review that, your thoughts on that and what it may mean for the industry in solid waste landfills.

希望您有機會查看 EPA 昨天發布的有關 PFOS 的公告。在試圖保護被動接收者和真正遵守污染者付費原則方面，該措辭似乎相當和解或具有建設性。我想知道您是否有機會回顧一下這個問題，您對此的看法以及它對固體廢物掩埋場行業意味著什麼。

Our team is still looking at it, Noah. We've been very clear all along that passive receiver exemption would be positive for the industry and is warranted for a number of different reasons. So we still believe that PFOS is more broadly an opportunity for WM when you think about special waste and other industrial waste that could come in, and we still believe that.

我們的團隊仍在關注此事，諾亞。我們一直非常清楚，被動接收器豁免將對行業產生積極影響，並且出於多種不同原因都是合理的。因此，我們仍然相信，當你考慮可能產生的特殊廢物和其他工業廢物時，PFOS 對 WM 來說是一個更廣泛的機會，我們仍然相信這一點。

A bit of housekeeping. I just want to make sure I guided on that 1Q synergies number for WHS. Rafa said $60 million of value capture, is that annualized? Are we talking $15 million of synergies captured in the quarter? Or can you give me the real number?

做一點家事。我只是想確保我對 WHS 的 1Q 協同效應數字進行了指導。拉法說價值捕獲額為 6000 萬美元，這是年化價值嗎？我們談論的是本季實現的 1500 萬美元的協同效應嗎？或者你能給我一個真實的號碼嗎？

Those are $16 million of synergy value that's actually dropped into the bottom line in Q1. Does that help?

這些協同價值為 1600 萬美元，實際上已計入第一季的利潤。這樣有幫助嗎？

Yes. 16, 16, right?

是的。 16，16，對吧？

Yes.

是的。

Okay. Great. And then I assume assorted office paper prices being modestly impacted the secure information structure line. Maybe you can confirm or qualify that, but then just talk to us about the game plan for reducing commodity, exposure or really raising the baseline for profitability on that side. Obviously, it's something this company has a lot of experience with.

好的。偉大的。然後我認為各種辦公用紙價格對安全資訊結構線產生了適度影響。也許您可以確認或限定這一點，但請與我們討論減少商品、曝光度或真正提高盈利基礎的計劃。顯然，該公司在這方面擁有豐富的經驗。

Yes, absolutely, Noah. So what I can tell you is, yes, there was an impact on the commodity side a little bit of an impact, as I referred to earlier, also on the volume side, primarily from the event work being down a little bit we've discovered that, that was mostly a bit of a breakdown between the sales and operational channel for delivery of on-time service. We've now corrected that. And actually, we are expecting to be at or slightly above budget on that front in the month of April and beyond.

是的，絕對是，諾亞。因此我可以告訴您的是，是的，對商品方面產生了一點影響，正如我之前提到的，對數量方面也產生了一點影響，主要是因為活動工作量有所下降，我們發現，這主要是銷售和運營渠道在準時交付服務方面出現了一些故障。我們現在已經修正了這個問題。實際上，我們預計四月份及以後的支出將達到或略高於預算。

In terms of what Stericycle had done previously on trying to limit exposure that they had begun to move to a fee-for-service kind of model, but it had some constraints, some limits depending on the fluctuation of the commodity. We, of course, as you pointed out, have experienced driving a full fee-for-service model. And it's early days, but we're beginning to explore on how we're going to be able to do that. Obviously, as we begin to offer services that are part of a broader suite, it will enable us to do that more readily.

就 Stericycle 先前為限制風險所採取的措施而言，他們已經開始轉向按服務收費的模式，但它有一些限制，一些取決於商品波動的限制。當然，正如您所指出的，我們已經經歷過推行完全收費服務模式。雖然現在還處於早期階段，但我們已經開始探索如何做到這一點。顯然，當我們開始提供更廣泛套件中的服務時，我們將能夠更輕鬆地做到這一點。

Konark Gupta, Scotiabank.

加拿大豐業銀行的 Konark Gupta。

Just a quick question on revenue cadence for the full year. The first quarter seasonality was pretty much in line with what you had last year despite some of the headwinds you talked about from better, et cetera. As we look forward from like 360-degree perspective, how should we think about pricing?

我只想問一下關於全年收入節奏的一個簡單問題。儘管您談到了一些不利因素，但第一季的季節性與去年同期基本一致。當我們從 360 度視角展望未來時，我們該如何考慮定價？

And volume, they should be kind of roughly offsetting each other into deserting pricing and accelerating volume and some of the other initiatives you have like recycling, ramping up and Stericycle as well, like should we follow the seasonal patterns we saw last year in revenue? Or we should see some sort of abnormal seasonality in some of the quarters.

而產量方面，它們應該大致相互抵消，放棄定價，加速產量，以及你們的一些其他舉措，例如回收、加大力度和 Stericycle，我們是否應該遵循去年收入的季節性模式？或者我們應該在某些季度看到某種異常的季節性。

Yes. So -- what I would say is the only item that would cause any unusual seasonality is the impact of the LA wildfires, which I mentioned earlier, and -- we do think that the second quarter is a peak quarter for that. So when you step back and think about normal seasonality, we tend to see more Q3 being peak levels for volumes that's the only outlier.

是的。所以 - 我想說的是，唯一會導致任何異常季節性的因素是洛杉磯野火的影響，正如我之前提到的 - 我們確實認為第二季度是該因素的高峰季度。因此，當你退一步思考正常的季節性時，我們傾向於看到第三季的銷售量達到峰值，這是唯一的異常值。

When we look at overall revenue guidance for 2025, really, we always start with the discipline that we have in executing our core price programs and we talked about those being in the range of 5.8% to 6.2% for 2025, and we remain confident in achieving that guidance. On the volume front, we had flat volumes in the collection and disposal business in the first quarter, but we remain confident in our ability to approach the midpoint of our volume guidance of 0.25% to 0.75% for the year.

當我們審視 2025 年的整體收入指引時，實際上，我們總是從執行核心價格計劃的紀律開始，我們談到 2025 年的收入將在 5.8% 至 6.2% 的範圍內，我們仍然有信心實現這一指引。在交易量方面，第一季我們的收集和處置業務交易量持平，但我們仍有信心達到全年交易量預期的中點 0.25% 至 0.75%。

And when you add to that rollover acquisition contributions combined with the incremental tuck-in spending that I mentioned earlier, we really are optimistic that our revenue guidance in total remains intact. There is some small noise associated with our recycling brokerage revenue, and that is down relative to expectations, but I'll remind everyone that, that has very low margin and flow-through EBITDA. It's something that we do to bolster the strength of our recycling business overall.

如果將展期收購貢獻與我之前提到的增量補充支出結合起來，我們確實樂觀地認為我們的總收入預期將保持不變。我們的回收經紀收入存在一些小問題，而且相對於預期有所下降，但我要提醒大家，其利潤率和流通 EBITDA 非常低。我們這樣做是為了增強整體回收業務的實力。

And as Tara has mentioned, we're on track for recycling and renewable energy, both in terms of getting our new facilities online and seeing the profitability and flow-through of those facilities provide the returns that we anticipated. So -- all in all, nothing significant in the recycling business, either from a seasonal perspective other than year-over-year comparisons on commodity prices, which we expected to be more pronounced in the first half of the year than the second half of the year.

正如塔拉所提到的，我們在回收和可再生能源方面進展順利，無論是在新設施上線方面，還是在看到這些設施的盈利能力和流通量提供我們預期的回報方面。所以，總而言之，無論是從季節角度還是從商品價格年比來看，回收業務都沒有什麼顯著的變化，我們預計上半年的變化會比下半年更加明顯。

So just want to add there, and it's on the price side. And we've said this since way back in 2022, which was the peak of CPI, but we've been expecting price to come down as CPI was coming down. Of course, 9.1% was the peak back in '22 and now we're down around 2.5%. So that -- exactly what we said would happen has happened.

所以我只想補充一點，這是關於價格方面的問題。早在 2022 年，也就是 CPI 達到頂峰的時候，我們就說過這一點，但我們一直預期價格會隨著 CPI 的下降而下降。當然，9.1% 是 2022 年的峰值，而現在我們下降了 2.5% 左右。所以——我們所說的話確實發生了。

And what we also said was that we anticipated that price would come down slower than cost has come down and hence, margin growth. And that's exactly what you've seen over the last two years with this company as we've grown margin -- some of it has just been what John Morris has talked about, which is a lot of technology being brought to bear on the OpEx side. But some of it is the fact that we're maintaining price at a slightly higher level than cost in terms of increases, and therefore, you get some margin accretion.

我們也表示，我們預期價格下降的速度將低於成本下降的速度，因此利潤率將會成長。這正是您在過去兩年中看到的，隨著我們利潤率的增長，其中一些正如約翰·莫里斯所談到的，即大量技術被應用於營運支出方面。但部分原因是我們將價格維持在略高於成本的水平，因此，利潤率將會增加。

That's great color. And kind of quickly follow up on Stericycle. So congrats on achieving some of the synergies early on here, but it seems like SG&A improved by 70 bps sequentially, but the Stericycle margin itself was up only 20 bps from Q4. Is there any puts and takes behind the gap and why the margin did not expand to the full 70 bps?

顏色真棒。並快速跟進 Stericycle。因此，恭喜您在早期就實現了一些協同效應，但看起來銷售、一般及行政費用 (SG&A) 環比提高了 70 個基點，而 Stericycle 利潤率本身僅比第四季度提高了 20 個基點。這個差距背後是否有任何利弊？為什麼差距沒有擴大到完整的 70 個基點？

Sure. So really, that had to do with two things, and it was disposal costs and fleet costs. And really, this is about our strategic steps that Rafa mentioned earlier in order to optimize this business and some of the realization of the long-term value creation that we know that we'll get as we internalize the fleet, use our practices with the WM way.

當然。所以實際上，這與兩件事有關，即處置成本和車隊成本。實際上，這與 Rafa 之前提到的我們的戰略步驟有關，目的是優化這項業務，並實現一些長期價值創造，我們知道，當我們內部化船隊並採用 WM 方式實踐時，我們將獲得這些價值。

Think about internalizing disposal volumes. Those things are going to really start to pay dividends as we get more into the second half of the year and to 2026. But that's one of the things that muted the overall expansion of margin for the business from Q4 to Q1.

考慮將處置量內部化。隨著我們進入下半年和 2026 年，這些事情將真正開始帶來回報。但這是導致第四季至第一季業務利潤率整體擴張放緩的因素之一。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Many of my questions have been answered already. I wanted to ask you from a high level. What are the learnings that you have Stericycle? You've given us an awful lot of details, but sort of what's the biggest sort of couple of surprises from when you started looking at the transaction a while ago to where you sit today?

我的許多問題已經得到解答。我想從高層次問你。您從 Stericycle 學到了什麼？您已經向我們提供了大量的細節，但是從您之前開始關注這筆交易到現在為止，最大的驚喜是什麼？

Well, maybe I'll start and maybe Jim can put a button on it or whatnot. This is Rafa, Tobey. I don't know that there's been a huge surprise that we've encountered. We anticipated that there was going to be a significant amount of opportunity on the SG&A side. We just didn't know how much we've been very pleased with how quickly we've been able to optimize, for example, the sales coverage on the secure information destruction side of the business. And how readily our workforce there has moved to use our tools and our processes to actually deliver on that. That's been really good.

好吧，也許我會開始，也許吉姆可以在上面放一個按鈕或諸如此類的東西。這是拉法，托比。我不知道我們是否遇到了巨大的驚喜。我們預期銷售、一般及行政費用方面將會出現大量的機會。我們只是不知道我們對於能夠如此快速地進行優化感到多麼高興，例如，業務中安全資訊銷毀方面的銷售覆蓋率。我們的員工已經積極利用我們的工具和流程來實現這一目標。這真是太好了。

Also the resiliency of the network of Stericycle is really, really strong. And frankly, the customer base, while they had experienced some issues with the ERP continue to do so, although we'll be much more transparent about the way forward. They just find that having that kind of comprehensive ability to cover all of their waste streams on the regular medical waste side, including the Rx Pro, their hazardous waste incinerator waste all of that just provides a tremendous amount of resiliency. So those are things that we expected, but we've been able to confirm.

此外，Stericycle 網路的彈性確實非常強。坦白說，雖然客戶群在 ERP 方面遇到了一些問題，但問題仍然存在，儘管我們將對未來的發展方向更加透明。他們發現，擁有這種全面的能力來覆蓋常規醫療廢物方面的所有廢物流，包括 Rx Pro、危險廢物焚燒爐廢物（所有這些都提供了巨大的彈性）。這些都是我們所預料到的事情，但我們已經能夠確認。

The other aspect I would highlight is that as we move forward with McCarran into the network, providing some capacity there is we're going to be able to expand our Rx Pro initiatives, which is that sort of co-mingle service where it facilitates for nurses and practitioners co-mingling regulated medical waste with biohazardous waste for incineration, that waste actually provides better margin. And as we increase capacity in our incinerator network, that's going to be dropping to the bottom line. Jim, anything from you?

我想強調的另一方面是，隨著我們與麥卡倫一起推進網絡建設，提供一定的容量，我們將能夠擴展我們的 Rx Pro 計劃，這是一種混合服務，它方便護士和從業人員將受管制的醫療廢物與生物危害廢物混合焚燒，這種廢物實際上提供了更好的利潤。隨著我們焚化爐網路容量的增加，這筆成本將會下降。吉姆，你有什麼事嗎？

Well, I think you said it all. The only thing I would say is that you're always coming into an acquisition like this, looking for what are the negatives that we didn't foresee. And to Rafa's point, we haven't found any of those, which is good. But we are seeing that -- Rafa gave me a figure earlier in the week that, I think, Rafa, you're talking about -- you've talked to some hospitals and what they've talked about is they're all talking about adding capacity, the ones that he's spoken to.

好吧，我想你已經說完了。我唯一想說的是，在進行這樣的收購時，我們總是會尋找那些我們沒有預見到的負面因素。至於拉法所說的，我們還沒有發現任何這些問題，這很好。但是我們看到——拉法在本週早些時候給了我一個數字，我想，拉法，你正在談論——你已經與一些醫院進行了交談，他們談論的是他們都在談論增加容量，他所談論的那些醫院。

So I think what we're seeing is that this is even a bigger affirmation of our kind of strategic -- our strategic approach to the business when we came into it, which is this has a stronger growth trajectory than does solid waste, not to take anything away from solid waste, but we were looking for something that had an even stronger growth trajectory. And what you may not see it in the first quarter that we own the business because we're in the process of cleanup, we'll definitely see this over time. And that's -- that affirmation is very important to us.

所以我認為，我們看到的是，這甚至是對我們策略的更大肯定——我們進入該行業時的戰略方針，即它比固體廢物具有更強勁的增長軌跡，並不是要從固體廢物中拿走任何東西，而是我們在尋找具有更強勁增長軌蹟的東西。您可能在第一季看不到我們擁有這項業務，因為我們正在清理過程中，但隨著時間的推移，我們肯定會看到這一點。這一點——這種肯定對我們來說非常重要。

Appreciate that. Can you as my follow-up, could you comment on whether or not we should anticipate ongoing and incremental international divestitures as you look at the portfolio?

非常感謝。作為我的後續問題，您能否評論一下，在審視投資組合時，我們是否應該預期持續且漸進的國際資產剝離？

Yes. Look, we are -- I think I've been asked that question a number of times already. We are actually very happy to observe and see the trajectory of our UK and Ireland business there. There's plenty of opportunity to improve the performance of that business, and it's actually already performing better than it did last year.

是的。瞧，我們是──我想我已經被問過這個問題很多次了。我們實際上非常高興觀察並看到我們在英國和愛爾蘭的業務發展軌跡。有很多機會可以提高該業務的業績，而且實際上其業績已經比去年更好了。

It gives us a very interesting perch from which to observe what is happening in the solid waste business as well. We have a much smaller piece of business in Western Europe, in France and Germany, that, frankly, we're looking at what's the best way to optimize the performance of that business, and we'll consider how that fits within the overall portfolio later on.

它為我們提供了一個非常有趣的視角來觀察固體廢棄物產業正在發生的事情。我們在西歐、法國和德國的業務規模要小得多，坦白說，我們正在研究如何以最佳方式優化該業務的業績，並且稍後我們會考慮如何將其融入整體投資組合中。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

I just want to ask on the legacy business, the costs were really impressive in the quarter, backing out the alternative fuel tax headwind inflation was in the low 3s on what looks like your toughest cost comp of the year. And so -- is it fair to think about inflation as the comps get easier, actually slowing considering the comments you made about having your costs locked in as it relates to tariff and other moving pieces, Devina?

我只是想問一下遺留業務，本季的成本確實令人印象深刻，除去替代燃料稅逆風通膨，通貨膨脹率在 3% 出頭，這看起來是您今年最艱難的成本補償。那麼——考慮到您關於與關稅和其他活動因素相關的成本鎖定的評論，隨著可比價格變得更容易，考慮通貨膨脹是否公平，實際上通貨膨脹正在放緩，德維娜？

Yes. Everything we're seeing, Jerry, I actually think you framed it really well. We were very pleased with our first quarter operating expense margin. And we knew that Q1 was going to be a particularly tough quarter for us on a year-over-year basis. And when you have a headwind like we did from the winter weather volumes, taking margin accretive volume out of the equation, we're even that much more impressed, which gives us confidence going into the second quarter.

是的。傑瑞，我們所看到的一切，我實際上認為你把它框定得非常好。我們對第一季的營業費用利潤率非常滿意。我們知道，與去年同期相比，第一季對我們來說將是一個特別艱難的季度。當我們遇到像冬季天氣那樣的逆風，將利潤增量排除在外時，我們會更加印象深刻，這讓我們對進入第二季度充滿信心。

So I agree with you. I think that when we look forward to achieving our overall margin objectives for 2025, which are to be at the upper end of our long-term range of 50 to 100 basis points in margin expansion in traditional solid waste. We're really feel good about the traction that we made in the first quarter, and we think we're well positioned to continue to build on that for the remainder of the year.

所以我同意你的看法。我認為，當我們展望實現 2025 年的整體利潤目標時，該目標將達到我們長期目標範圍的上限，即傳統固體廢物的利潤率增長 50 至 100 個基點。我們對第一季的進展感到非常滿意，我們認為我們有能力在今年剩餘時間內繼續保持這種勢頭。

Super. And can I ask, Tara, in terms of what we're seeing on the voluntary market pricing for landfill gas looks like that's steady in the low 20s even as rent prices have come down. Is that consistent with what you're seeing in your business? And any views on the biofuel task force and what that could mean?

極好的。塔拉，我可以問一下嗎，就我們所看到的垃圾掩埋氣自願市場定價而言，即使租金價格下降，價格似乎也穩定在 20 美元出頭。這與您在業務中看到的情況一致嗎？您對生物燃料工作小組有何看法？這意味著什麼？

Sure. We're tracking very closely what's happening with the renewable fuel standard, and we do still believe that there's broad bipartisan support for that continuing when we have conversations with Congress. On the voluntary market, as you can imagine, there's a lot of uncertainty in many different markets, not just this market. So the pricing that we've seen has been in the low 20s. A little bit of a holding pattern on buyers right now, but we expect that to pop back once the administration comes out with their new RVO as they're somewhat interrelated.

當然。我們正在密切關注再生燃料標準的進展，我們仍然相信，當我們與國會進行對話時，兩黨將繼續廣泛支持該標準。在自願市場上，你可以想像，許多不同的市場都存在著許多不確定性，而不僅僅是這個市場。因此，我們看到的價格一直在 20 美元出頭。目前買家有點處於觀望狀態，但我們預計，一旦政府推出新的 RVO，這種情況就會恢復，因為它們在某種程度上是相互關聯的。

And just a little -- one other piece of color, Jerry, that I think would be helpful for the group. We have, for 2025, locked in about 75% of our volume, which is up from what we had described in our last call. And so our $0.25 change in RIN pricing now only represents about $5 million. So I think that should give you some confidence on our ability to take care of offtakes.

還有一點——傑瑞，我認為另一種顏色對團隊會有幫助。到 2025 年，我們已鎖定約 75% 的交易量，這比我們上次電話會議中描述的數字有所上升。因此，我們現在對 RIN 定價的 0.25 美元變化僅代表約 500 萬美元。所以我認為這應該會讓你對我們處理承購的能力有信心。

Super, Tara. Can I just ask a clarification? So based on the royalty disclosures that you folks made and the pricing updates, it looks like your volumes were up about 50% in the quarter year-over-year. Is that about right? Just as we think about relative to the full year targets.

太棒了，塔拉。我可以澄清一下嗎？因此，根據你們所做的版稅揭露和價格更新，看起來你們本季的銷量年增了約 50%。是這樣嗎？正如我們考慮全年目標。

Yes, yes. When you look at volume that was monetized, it's an even better number when you look at how much RNG we actually generated and produced, which should give you some confidence in the trajectory for the year. We generated a 75% increase in volume from our R&D plan. So you'll start to see that carry through. It's one of the reasons why we expect more performance really back loaded to the back half of the year as we get more momentum on those plants coming online.

是的，是的。當你查看貨幣化的交易量時，你會發現，與我們實際產生和生產的 RNG 數量相比，這是一個更好的數字，這應該會讓你對今年的發展軌跡充滿信心。我們的研發計劃使產量增加了 75%。因此，您將開始看到這種影響的延續。這也是我們預計下半年業績將進一步成長的原因之一，因為這些工廠的上線將為我們帶來更多動力。

David Manthey, R.W. Baird.

大衛曼西、R.W.貝爾德。

Yes. And thanks for clarifying on the spot versus forward RINs. That was the question I was going to ask. My other question, is there anything relative to tariffs that could impact OCC or other materials in your commodity basket, we should be thinking about pricing as we go forward.

是的。感謝您當場澄清 RIN 與前向 RIN 的差異。這就是我要問的問題。我的另一個問題是，與關稅相關的任何因素是否會影響 OCC 或您商品籃子中的其他材料，我們應該在未來考慮定價。

Sure. This is something that we're obviously tracking closely. And we think that depending upon what happens with tariffs, it could have a positive impact on some of our non-fiber if you think about aluminum and steel as more of that is domestic.

當然。顯然我們正在密切關注此事。我們認為，根據關稅的情況，這可能會對我們的一些非纖維產品產生積極影響，例如鋁和鋼，因為它們更多的是國內產品。

On the OCC and fiber side, the thing that we're really tracking more closely is what could happen with retaliatory tariffs because we do ship materials to other markets in Southeast Asia and India. But again, our team, our brokerage team does a fantastic job really making sure that we have a wide variety of markets that we can tap into. That includes domestic and it includes a whole host of markets across the entire world. So we're in a good spot.

在 OCC 和光纖方面，我們真正密切關注的是報復性關稅可能發生的情況，因為我們確實將材料運往東南亞和印度的其他市場。但再次強調，我們的團隊、我們的經紀團隊做得非常出色，確保我們能夠進入各種各樣的市場。這包括國內市場，也包括全世界的許多市場。所以我們現在處於一個很好的位置。

I'm not sure Tara, whether it was precocious or just luck, but the fact that that's not that long ago, five years ago, all of our OCC was going to China. And now virtually none of it is going to China. Whether it was lock or whether it was intentional, we'll take it.

塔拉，我不確定這是早熟還是運氣好，但事實是，那並不是很久以前，五年前，我們所有的 OCC 都去了中國。而現在，幾乎沒有任何產品流向中國。不管它是鎖還是故意的，我們都會接受。

Yes. And our brokerage team, I can't say enough positive things about them. It's a true differentiator for WM.

是的。對於我們的經紀團隊，我真是讚不絕口。這對於 WM 來說是一個真正的差異化因素。

James Schumm, TD Cowen.

詹姆斯·舒姆（James Schumm），TD Cowen。

Devina, so it's clear on the SG&A opportunity getting down to 15% after three years. But just is there anything structurally different about Stericycle such that you would not be able to get SG&A down to more of your corporate level of 9% or 10% over maybe several years? Or if -- so what's the ultimate destination here and the timing there?

Devina，因此很明顯，銷售、一般和行政費用有機會在三年後降至 15%。但 Stericycle 在結構上是否有什麼不同，以致於你們無法在幾年內將銷售、一般和行政費用 (SG&A) 降至公司 9% 或 10% 的水平？或者如果——那麼這裡的最終目的地和那裡的時間是什麼？

Yes, it's a great question. And the 9.5%, call it, for WM total company that we've talked about would definitely be the ultimate goal. So we've also talked about -- if you think about Stericycle and the WM Healthcare Solutions business is more like one of our geographic areas where ultimately, we should have a corporate back office WM Healthcare Solutions, just the same way that we have a back office that serves our Florida area. That means that the roadway should be to an even lower SG&A as a percentage of revenue. And for context, those businesses operate in sub-5% territory.

是的，這是一個很好的問題。而我們所謂的 WM 整個公司的 9.5% 肯定是最終目標。因此，我們也討論過——如果您認為 Stericycle 和 WM Healthcare Solutions 業務更像是我們的地理區域之一，那麼最終我們應該有一個企業後台辦公室 WM Healthcare Solutions，就像我們有一個服務於佛羅裡達地區的後台辦公室一樣。這意味著道路建設費用佔收入的銷售、一般及行政費用的百分比應該更低。就背景而言，這些企業的營運區域處於 5% 以下。

Structurally, the one thing that is fundamentally going to be different for those two businesses is that run on their own ERP system, and they won't be integrated for some time for the foreseeable future into the WM ERP system. There will be two distinct systems. So that is the one structural difference that I think is important as we've evaluated all other elements. We really do think that total path to realizing an optimized cost structure should exist, and we're working hard to get there.

從結構上看，這兩家企業的一個根本區別在於，它們各自運行自己的 ERP 系統，並且在可預見的未來一段時間內不會整合到 WM ERP 系統中。將會有兩個不同的系統。因此，當我們評估所有其他元素時，我認為這是重要的結構性差異。我們確實認為應該存在實現優化成本結構的整體途徑，並且我們正在努力實現這一目標。

Got it. And then so just on the longer-term outlook for the Stericycle or health care really Stericycle businesses, I mean their outlook was longer-term revenue growth of 3% to 5% on the top line and EBITDA growth of 13% to 17% annually. I know those were their targets, but they were in your slides. Like are those something that we should look at? Or how are you guys thinking about that?

知道了。那麼，就 Stericycle 或醫療保健 Stericycle 業務的長期前景而言，我的意思是，他們的前景是長期收入增長率為 3% 至 5%，EBITDA 增長率為每年 13% 至 17%。我知道這些是他們的目標，但它們就在你的幻燈片裡。這些是我們該看的東西嗎？或者你們對此有何看法？

We don't think we don't think that there's anything wrong or different with those targets. Obviously, -- the first opportunity is that we are taking on is the reduction of the operating expenses and the SG&A. So on the cost side, you're beginning to see that show up a lot sooner. We've talked about the fact that we're still framing the cross-selling opportunities.

我們認為這些目標沒有什麼錯誤或不同之處。顯然，我們面臨的第一個機會就是降低營運費用和銷售、一般及行政費用 (SG&A)。因此，從成本方面來看，你會很快發現這個現象。我們已經討論過我們仍在建立交叉銷售機會的事實。

We think those are going to be vast. I kind of framed for you a little bit of what the shared wallet looks like today. I think to look at it a little bit differently. If you look at the percentage of revenue from our collection and disposal business that comes from the same customer base, it's about 5%, low single digits. So a lot of opportunity there.

我們認為這些將會非常龐大。我為你描述了一下當今共享錢包的樣子。我認為應該從不同角度來看這個問題。如果你看我們收集和處置業務來自同一客戶群的收入百分比，它大約是 5%，低個位數。那裡有很多機會。

I think it's important also to remember that some of what has inhibited sort of the top line growth here has to do with the ERP implementation. What it should be facilitating better delivery of the service, it actually took them backwards. And so now we're kind of unraveling and solving foundationally for that. That is going to unlock a lot of opportunity.

我認為同樣重要的是要記住，一些阻礙營收成長的因素與 ERP 實施有關。它本應促進更好地提供服務，但實際上卻倒退了。所以現在我們正在從根本上解開並解決這個問題。這將會釋放很多機會。

I'll give you one interesting example as we kind of develop the contract data mart, for the WM Healthcare Solutions business. We've now added every single customer over $50,000 in annual revenue. And we're seeing a vast opportunity over 1,000 contracts, almost $200 million in revenue that has lagging PIs or overlooked PIs, for example.

我將給你一個有趣的例子，我們正在為 WM 醫療保健解決方案業務開發合約資料市集。現在，我們每位客戶的年收入都超過了 50,000 美元。例如，我們在 1,000 多個合約中看到了龐大的商機，這些合約中的近 2 億美元的收入都存在滯後的 PI 或被忽視的 PI。

Jim, one thing that I just want to clarify really quickly is in terms of confirming or clarifying what our long-range outlook both for top line and EBITDA growth of the business in the next three to five years we plan to really outline that at the Investor Day. So at this point in time, we don't want to confirm or adopt the previous Stericycle EBITDA growth. We will instead give you specifics about what we see that being in the next three to five years when we're together in June.

吉姆，我想快速澄清的一件事是，在確認或澄清我們對未來三到五年業務收入和 EBITDA 成長的長期展望方面，我們計劃在投資者日上詳細概述這一點。因此，目前我們不想確認或採用先前的 Stericycle EBITDA 成長。我們將在六月聚在一起時向您提供有關未來三到五年的具體展望。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Just one for me. I wanted to touch on maybe the progress you're making on the labor force. I know it's been a multiyear initiative, all in the backdrop of what's been a pretty challenging labor force or labor environment. So can you talk a little bit about where labor turnover stands today, an update on your journey of kind of optimizing labor, I believe, through attrition and other -- and the implementation of technology. So kind of give us an update on the labor journey and then maybe at the same token, technology or any other technology rolled out to help you achieve your targets?

對我來說只有一個。我想談談你們在勞動力方面的進展。我知道這是一項多年的舉措，所有這一切都是在勞動力或勞動環境相當具有挑戰性的背景下進行的。那麼，您能否談談目前勞動力流動的情況，以及您透過自然減員和其他措施以及技術實施來優化勞動力的最新進展。那麼，請向我們介紹一下您的勞動歷程，然後，同樣，請介紹一下技術或任何其他可以幫助您實現目標的技術？

Yes, Stephanie, this is John. A couple of questions there. One, specifically, to date, we've reduced about 2,600 roles or the need to refill 2,600 roles. And that's important because what we've done is done this, as Jim has said, I have said, Devina said at different points, we've done this through natural attrition. And for 2025, we look to have the same repeat to the tune of about 940 roles that we won't replace as we go through 2025 and the majority of that's going to come through the efforts of Tara's team in automating some of the recycling facilities and another large contingent will come from the continued automation of our residential business. So those are two of the big buckets.

是的，史蒂芬妮，這是約翰。有幾個問題。第一，具體來說，到目前為止，我們已經減少了大約 2,600 個職位，或需要補充 2,600 個職位。這很重要，因為我們所做的就是做到這一點，正如吉姆所說的，我所說的，德維娜在不同時候所說的，我們是透過自然減員來實現這一點的。到 2025 年，我們預計將有大約 940 個職位重複這一過程，這些職位在 2025 年期間不會被取代，其中大部分將透過 Tara 團隊的努力來實現部分回收設施的自動化，另一大批職位將來自我們住宅業務的持續自動化。這就是兩個大問題。

But I think when you look further out about what we're doing with technology, I won't bore you with all the details, but there's a lot going on, for instance, in fleet planning and scheduling, we're bringing some technology to bear that's going to allow us to more efficiently move our assets in an out of the repair facilities to improve efficiency, reduce labor dependency, reason technology to help augment some of the skill gaps as we upskill some of these employees and using technology, for instance, to be able to help our technical folks work collectively across the network to be able to make some of the repairs. So I would tell you, we're very excited about what's going on, on the technology front that's going to further augment this effort around reducing labor dependency.

但我認為，當您進一步了解我們在技術方面所做的事情時，我不會用所有細節來煩您，但有很多事情要做，例如，在車隊規劃和調度方面，我們正在採用一些技術，這將使我們能夠更有效地將資產移入和移出維修設施，以提高效率，減少對工作人員的依賴，利用技術幫助彌補一些技能，因為我們提高了其中一些員工的勞動力，以便我們能夠在整個技術中進行工作，以便我們提高了其中一些技能差距，以便我們能夠在整個技術方面進行維修的技能，以便我們提高了其中一些技能差距，以便我們能夠在整個技術方面進行維修的技能，以便我們提高一些技能差距，因為我們提高了其中一些員工的技能。所以我想告訴你，我們對技術方面正在發生的事情感到非常興奮，這將進一步加強減少勞動力依賴的努力。

And I'm showing no further questions on the Q&A queue at this time. I will now turn the call back over to Mr. Jim Fish, President and CEO, for any closing remarks.

目前，問答隊列中沒有其他問題。現在，我將把電話轉回給總裁兼執行長吉姆·菲什先生，請他做最後發言。

Okay. Thank you all for your questions this morning. The themes we really wanted to convey today, I think we did a good job of getting them across. We wanted to convey that we were -- that we were consistent with our performance and have been for quite a long time, and that didn't change this quarter, and we're certainly on track for our guidance for the year. We're encouraged by what we saw in terms of volume in March and April after a couple of pretty tough months in January, February, relatively little impact in 2025, single digits, John, right on tariffs. And then definitely on track for our sustainability investments and our WM Healthcare Solutions. So hopefully, that all came across.

好的。感謝大家今天上午的提問。我認為我們今天真正想要傳達的主題我們已經很好地傳達了。我們想要傳達的是，我們的表現始終如一，並且已經持續了很長一段時間，而本季度也沒有發生改變，而且我們肯定會按照今年的指導方針行事。在經歷了 1 月和 2 月相當艱難的幾個月之後，3 月和 4 月的交易量讓我們感到鼓舞，2025 年的影響相對較小，只有個位數，約翰，關稅就對了。我們的永續發展投資和 WM 醫療保健解決方案肯定也步入正軌。所以希望這一切都能實現。

Thank you all for joining us this morning. We look forward to seeing you in June, hopefully, at our New York City Investor Day.

感謝大家今天上午參加我們的活動。我們期待在六月的紐約市投資者日上見到您。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。