美國廢棄物管理公司 (WM) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the WM's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Ed Egl, Vice President, Investor Relations. Please go ahead, sir.

感謝您耐心等候，歡迎參加 WM 2026 年第一季財報電話會議。（接線員指示）提醒您，今日的會議將被錄音。現在我想介紹今日會議的主持人：投資人關係副總裁 Ed Egl。先生，請開始。

Thank you, Jonathan. Good morning, everyone, and thank you for joining us for our first quarter 2026 earnings conference call. With me this morning are Jim Fish, Chief Executive Officer; John Morris, President and Chief Operating Officer; and David Reed, Executive Vice President and Chief Financial Officer. You will hear prepared comments from each of them today. Jim will cover high-level financials and provide a strategic update.

謝謝你，Jonathan。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。今天早上與我一同出席的有：執行長 Jim Fish；總裁兼營運長 John Morris；以及執行副總裁兼財務長 David Reed。各位今天將聽到他們各自的事先準備發言。Jim 將說明高層次的財務表現並提供策略更新。

John will cover an operating overview, and David will cover the details of the financials. Before we get started, please note that we have formed we have filed a Form 8-K that includes the earnings press release and is available on our website at www.wm.com. The Form 8-K, the press release and the schedules of the press release include important information.

John 將提供營運概覽，David 將說明財務細節。在開始之前，請注意我們已提交一份 Form 8-K，其中包含財報新聞稿，並已公布於我們的網站 www.wm.com。該 Form 8-K、新聞稿以及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.

在本次電話會議中，您將聽到前瞻性陳述，這些陳述係基於對未來期間的目前預期、推估或觀點。所有前瞻性陳述均受風險與不確定性影響，可能導致實際結果出現重大差異。其中部分風險與不確定性已在今日新聞稿及我們向 SEC 提交的文件中討論，包括我們最近一期的 Form 10-K 與 Form 10-Q。

Jim and 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 David will discuss operating EBITDA, which is income from operations before depreciation, depletion, amortization and accretion.

Jim 與 John 將討論我們在「收益率」與「量」方面的結果；除非另有說明，這些更具體是指由收益率或量所帶動的內部營收成長（Internal Revenue Growth，IRG）。在本次電話會議中，Jim、John 與 David 也將討論營運 EBITDA，亦即營業利益在扣除折舊、耗竭、攤銷與資產復原（accretion）之前的金額。

Beginning this year, landfill accretion expense was moved from operating expense to depreciation, depletion and amortization and accretion to enhance comparability and better reflect operating performance. For comparability purposes, 2025 actuals have been updated to reflect that change.

自今年起，掩埋場資產復原（accretion）費用已自營運費用移至折舊、耗竭、攤銷與資產復原項下，以提升可比性並更貼切反映營運表現。為了可比性，2025 年實際數已更新以反映此變更。

Any comparisons, unless otherwise stated, will be with the prior year period, net income, EPS and income from operations and margin, operating EBITDA and margin, operating expense and margin and SG&A expense and 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.

除非另有說明，所有比較均以去年同期為基準。淨利、每股盈餘（EPS）、營業利益與其利潤率、營運 EBITDA 與其利潤率、營運費用與其利潤率，以及銷售、一般及管理費用（SG&A）與其利潤率，均已調整以提升可比性，排除管理階層認為無法反映我們基本業務表現或營運結果的特定項目。

These adjusted measures, in addition to free cash flow are non-GAAP measures. Please refer to our 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.

上述調整後指標以及自由現金流均為非 GAAP 指標。請參閱我們的財報新聞稿與表格（可於公司網站 www.wm.com 查閱），以取得與最可比 GAAP 指標的調節表，以及我們使用非 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 accessed the WM website at www.investor.wm.com. Time-sensitive information provided during today's call, which is occurring on April 29, 2026, may no longer be accurate at the time of a replay. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of WM is prohibited.

本次電話會議將被錄音，並自今日美東時間約下午 1:00 起提供 24 小時收聽。若要收聽重播，請至 WM 網站 www.investor.wm.com。今日電話會議（發生於 2026 年 4 月 29 日）所提供的具時效性資訊，在重播時可能已不再準確。未經 WM 明確書面同意，以任何形式重新散布、轉傳或再廣播本次電話會議均被禁止。

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

現在我把電話交給 WM 執行長 Jim Fish。

All right. Thanks, Ed, and thank you all for joining us. The WM team again delivered strong quarterly results with earnings and cash flow results that achieved our expectations. What continues to set us apart is our ability to consistently achieve strong performance regardless of external factors.

好的，謝謝你，Ed，也感謝各位加入我們。WM 團隊再次交出強勁的季度成果，獲利與現金流表現達到我們的預期。讓我們持續脫穎而出的，是我們無論外部因素如何，都能一貫達成強勁表現的能力。

Q1 operating EBITDA grew by nearly 6% compared to the first quarter of 2025, driven by solid performance in our Collection and Disposal business and further supported by growth in our Sustainability businesses and ongoing optimization of health care solutions.

第一季營運 EBITDA 較 2025 年第一季成長近 6%，主要由我們的收運與處置（Collection and Disposal）業務的穩健表現帶動，同時也受惠於永續業務的成長，以及醫療保健解決方案持續優化。

This momentum to start the year, combined with our proven operational execution and resilient business model, reinforces our confidence in achieving our full year financial guidance.

年初的這股動能，加上我們經驗證的營運執行力與具韌性的商業模式，強化了我們達成全年財務指引的信心。

In the first quarter, our results clearly advanced each of our four strategic priorities for 2026. We First, we grew our Collection and Disposal business, achieving 6.4% operating EBITDA growth, supported by our focus on customer lifetime value, operational excellence and network advantages. Our strategically positioned post collection network is driving profitable MSW volume growth, while our technology leadership leads to differentiated services and lower costs.

在第一季，我們的成果清楚推進了 2026 年四項策略優先事項中的每一項。第一，我們擴大收運與處置業務，營運 EBITDA 成長 6.4%，這得益於我們聚焦客戶終身價值、營運卓越與網路優勢。我們策略性布局的後端收運網路正推動具獲利性的 MSW（市政固體廢棄物）量成長，而我們的技術領先也帶來差異化服務與更低成本。

Additionally, our people-first culture and disciplined approach to retention are driving meaningful improvements in safety, service reliability and operational efficiency. As we look ahead, we continue to see opportunities for tuck-in acquisitions that complement our existing portfolio that we expect to close in 2026.

此外，我們以人為本的文化與嚴謹的留任策略，正推動安全、服務可靠度與營運效率的顯著改善。展望未來，我們仍看到可補強既有投資組合的「小型併購」（tuck-in acquisitions）機會，並預期於 2026 年完成交割。

Second, our Sustainability investments continue to generate meaningful returns, underscoring the value of the capital we've deployed over time. In Renewable Energy, operating EBITDA more than doubled in the quarter, driven by the completion of seven new renewable natural gas facilities since the first quarter of 2025.

第二，我們在永續領域的投資持續帶來可觀回報，凸顯我們長期投入資本的價值。在再生能源方面，本季營運 EBITDA 較去年同期成長逾一倍，主要受惠於自 2025 年第一季以來新增完成的 7 座再生天然氣（RNG）設施。

In the Recycling segment, even though pricing for single-stream commodities declined 27%. Operating EBITDA grew by 18% as we realized automation benefits that lower labor costs and higher quality material and processed 9% more volume. In 2026, we're on track to substantially complete the sustainability capital expenditure program we laid out in 2023.

在回收（Recycling）部門，儘管單一流（single-stream）商品價格下跌 27%，營運 EBITDA 仍成長 18%，因我們實現自動化效益，降低人力成本並提升材料品質，同時處理量增加 9%。2026 年，我們正按計畫大致完成 2023 年所規劃的永續資本支出計畫。

Third, in Healthcare Solutions, we continue to advance the business towards a scalable accretive growth. While revenue was impacted by volume losses from last year, Effective cost management and synergy capture drove operating EBITDA growth of nearly 12% in the quarter. Importantly, we expect an inflection in revenue growth in the second half of 2026 as the ERP has stabilized and the benefits of our integrated offering become more evident.

第三，在醫療保健解決方案（Healthcare Solutions）方面，我們持續推動業務朝向可擴張、具增益（accretive）的成長。雖然營收受到去年流失量的影響，但有效的成本管理與綜效擷取，使本季營運 EBITDA 成長近 12%。更重要的是，隨著 ERP 已趨於穩定，且我們整合式方案的效益更為明顯，我們預期 2026 年下半年營收成長將出現轉折點。

And finally, turning to capital allocation. Our strong operating performance translated into significant free cash flow generation with Q1 free cash flow of $920 million, nearly doubling from the prior year.

最後談到資本配置。我們強勁的營運表現轉化為可觀的自由現金流產生，第一季自由現金流達 9.20 億美元，較去年同期幾乎倍增。

This enabled us to return about $730 million to shareholders through dividends and share repurchases. As we close out the first quarter, our performance reinforces both the strength of our strategy and its alignment with the long-term trends shaping our business.

這使我們得以透過股利與庫藏股回購向股東回饋約 7.30 億美元。隨著第一季結束，我們的表現再次印證了策略的強度，以及其與塑造我們業務的長期趨勢高度一致。

We're delivering consistent results in our core operations, realizing return from years of disciplined investment and sustainability, advancing health care solutions towards scalable growth and pairing that execution with a thoughtful shareholder-focused approach to capital allocation.

我們在核心營運中持續交出穩定成果，實現多年來在永續領域紀律投資的回報，推動醫療保健解決方案邁向可擴張成長，並以審慎、以股東為導向的資本配置方式來搭配這些執行。

As we progress through 2026, we're well positioned to continue to produce strong results and harvest the benefits of our investments. I want to thank our employees for their continued dedication and hard work.

隨著 2026 年推進，我們已具備良好定位，能持續產出強勁成果並收割投資效益。我也要感謝我們的員工持續的投入與辛勤付出。

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

現在我把電話交給 John，請他說明我們的營運成果。

Thanks, Jim, and good morning. The first quarter once again demonstrated the strength and resilience of our operating model and the progress we continue to make in optimizing our business. Despite a softer volume environment driven largely by winter weather impacts and the absence of last year's wildfire-related volumes, we delivered strong financial performance by remaining focused on disciplined price execution, technology-enabled efficiency and cost control.

謝謝你，Jim，各位早安。第一季再次展現我們營運模式的強度與韌性，以及我們在持續優化業務方面所取得的進展。儘管受冬季天候影響以及缺少去年野火相關量的因素，整體量的環境較為疲弱，我們仍透過專注於有紀律的價格執行、科技賦能的效率提升與成本控管，交出強勁的財務表現。

This is clearly visible in our Collection and Disposal business where we delivered operating EBITDA growth of more than 6% year-over-year, with margin expanding approximately 110 basis points. From a cost perspective, our focus on operational excellence continues to drive meaningful results. Operating expenses as a percentage of revenue improved 70 basis points and came in below 60% for the fifth consecutive quarter, underscoring the durability of the structural changes we're making across the business.

這在我們的收運與處置業務中表現得非常明顯：營運 EBITDA 年增超過 6%，利潤率擴張約 110 個基點。從成本角度來看，我們對營運卓越的聚焦持續帶來顯著成果。營運費用占營收比重改善 70 個基點，且連續第五季低於 60%，凸顯我們在全公司推動的結構性變革具備持久性。

Automation and Technology continue to help us flex costs and drive efficiency as volumes fluctuate. As an example, whole dollars repair and maintenance costs were actually lower year-over-year and improved by approximately 30 basis points as a percentage of revenue.

自動化與科技持續協助我們在量波動時彈性調整成本並提升效率。舉例而言，以金額計的維修與保養成本實際上較去年同期更低，且占營收比重改善約 30 個基點。

This improvement reflects innovative solutions and disciplined fleet actions, including the use of augmented reality tools to improve technician efficiency and continued benefits from rightsizing the fleet. Together, these initiatives are improving asset utilization and delivering sustainable cost savings.

這項改善反映了創新解決方案與有紀律的車隊管理作為，包括使用擴增實境工具提升技師效率，以及持續受惠於車隊規模最佳化（rightsizing）。綜合而言，這些措施正在提升資產使用率並帶來可持續的成本節省。

Equally important, our people-first approach continues to show up in our results. total driver and technician turnover, both voluntary and involuntary remained low at 17.2%, improving 130 basis points year-over-year. The strong retention supports safer operations, higher service reliability and greater efficiency across the business.

同樣重要的是，我們以人為本的做法也持續反映在成果上。司機與技師的總離職率（含自願與非自願）維持在低檔 17.2%，較去年同期改善 130 個基點。強勁的留任有助於更安全的營運、更高的服務可靠度，以及全公司更高的效率。

And notably, our first quarter safety performance was our best ever Q1 performance for safety-related incidents which is particularly impressive given the challenging winter weather conditions. Together, these results reflect the engagement, consistency and dedication our teams bring to executing our strategy every day.

值得注意的是，我們第一季的安全表現創下歷來第一季最佳的安全相關事件表現，考量到嚴峻的冬季天候條件，這尤其令人印象深刻。綜合來看，這些成果反映了我們團隊在每天執行策略時所展現的投入度、一致性與奉獻精神。

Turning to the top line. Pricing execution remains strong. Each of Collection and Disposal core price of 6.3% and yield of 3.9% exceeded our expectations with pricing dollars up year-over-year. Core price growth in our commercial and landfill lines of business each exceeded 7.5%, reflecting the value of our service offerings, consistent execution in the field and focus on price to cost spread.

回到營收端。定價執行依然強勁。收運與處置（Collection and Disposal）的核心價格上漲6.3%與收益率（yield）3.9%均超出我們預期，且定價金額（pricing dollars）年增。商業與掩埋場（landfill）兩條業務線的核心價格成長皆超過7.5%，反映我們服務方案的價值、現場一致且到位的執行，以及對「價格相對成本差」（price-to-cost spread）的聚焦。

Shifting to volumes. We began the year softer than expected with about half of the shortfall in Collection and Disposal volumes driven by severe winter weather. We did see several areas of underlying strength and stability.

接著談量。年初的表現比預期偏弱，其中約一半的收運與處置量缺口是由嚴峻冬季天候所致。不過，我們也看到幾個基本面強勁且穩定的領域。

MSW volumes were 2.7% and special waste volumes were 6.7% when excluding wildfire volumes from the prior year. Industrial collection volumes returned to modest growth in the quarter, supported by continued internalization of solid waste from Healthcare Solutions customers.

市政固體廢棄物（MSW）量為2.7%；若排除前一年野火帶來的量，特殊廢棄物（special waste）量為6.7%。本季工業收運量回到溫和成長，主要受惠於持續將醫療保健解決方案（Healthcare Solutions）客戶的固體廢棄物內部化處理（internalization）。

While volumes were a headwind early in the year, we expect improvement from seasonality as well as the lapping of a couple of larger low-margin contract losses in the balance of the year.

雖然年初量成為逆風，但我們預期隨著季節性因素改善，以及今年其餘期間將陸續消化（lapping）幾筆較大型、低毛利合約流失的比較基期，量將有所回升。

In Q1, our energy surcharge program recovered the increase in both direct and indirect fuel costs we saw in the first quarter. Higher revenue from fuel recovery created a 20 basis points drag on operating EBITDA margin. Putting together these pieces on pricing, volume and energy surcharges, we expect to achieve our full year revenue guidance in 2026.

在第一季，我們的能源附加費（energy surcharge）方案回收了第一季所見的直接與間接燃料成本上升。燃料回收帶來的較高營收，使營運EBITDA利潤率形成20個基點的拖累。綜合定價、量與能源附加費等因素，我們預期在2026年達成全年營收指引。

Turning to Healthcare Solutions. We continue to see the benefits of integration into our core operating structure. Operating EBITDA margin improved by 200 basis points in the quarter, while SG&A costs decreased roughly 20% year-over-year, reflecting disciplined operational alignment and the benefits of WM's integrated business model. We remain on track to achieve a run rate of $300 million of total synergies at the end of 2027 with results reflected across all of our business segments.

接著談醫療保健解決方案（Healthcare Solutions）。我們持續看到整合進核心營運架構所帶來的效益。本季營運EBITDA利潤率提升200個基點，同時SG&A費用年減約20%，反映嚴謹的營運對齊，以及WM整合式商業模式的效益。我們仍按計畫在2027年底達成總協同效益（synergies）3億美元的運行水準（run rate），且成果將反映在我們所有業務部門。

So in closing, I want to thank our teams for their continued focus, discipline and commitment to serving our customers. The strong start to the year reinforces our confidence in our strategy, operating model and ability to perform consistently in a dynamic operating environment.

最後，我要感謝我們的團隊持續保持專注、紀律，並致力於服務客戶。年初的強勁開局進一步強化我們對策略、營運模式，以及在動態營運環境中持續穩健表現能力的信心。

And with that, I'll turn the call over to David to walk through our financial results in more detail.

接下來，我把電話交給David，請他更詳細說明我們的財務結果。

Thanks, John, and good morning. We are pleased with our strong start to 2026, particularly when looking at the drivers of our first quarter operating EBITDA margin expansion, which reflects solid contributions from across the business.

謝謝你，John，大家早安。我們對2026年的強勁開局感到滿意，特別是從第一季營運EBITDA利潤率擴張的驅動因素來看，這反映了各業務面向的穩健貢獻。

The Collection and Disposal business expanded margin by 110 basis points, driven by strong pricing and our success using Technology and Automation to reduce costs. This growth includes the 20 basis point headwind John mentioned from the impact of higher fuel prices.

收運與處置業務的利潤率擴張110個基點，主要由強勁定價以及我們運用科技與自動化降低成本的成果所帶動。這項成長也包含John提到的、因燃料價格上升所造成的20個基點逆風。

Our Recycling and Renewable energy businesses together contributed approximately 50 basis points of margin expansion reflecting accretive growth from investments in renewable natural gas facilities and recycling automation and new market projects.

我們的回收與再生能源業務合計貢獻約50個基點的利潤率擴張，反映對再生天然氣（renewable natural gas）設施與回收自動化及新市場專案的投資所帶來的增益性（accretive）成長。

Healthcare Solutions contributed another 20 basis points of margin expansion due to effective cost management and synergy capture. These contributions partially offset -- were partially offset by 40 basis points of increased spending on technology initiatives and 70 basis points related to higher cost and timing-related impacts from incentive compensation and employee benefit costs. The strong execution translated into robust cash generation.

醫療保健解決方案另貢獻20個基點的利潤率擴張，來自有效的成本管理與協同效益落地。上述貢獻部分被抵銷——部分被40個基點的科技計畫支出增加，以及70個基點與獎酬（incentive compensation）與員工福利成本較高、以及時點相關影響所抵銷。強勁的執行也轉化為可觀的現金創造。

Operating cash flow was $1.5 billion in the quarter, an increase of nearly $300 million compared to the first quarter of 2025. The increase was driven by working capital improvements and our strong earnings growth. Capital expenditures totaled $650 million in the quarter, including $61 million directed to sustainability growth investments. Capital spending was approximately 22% lower year-over-year as expected, reflecting normalized spend on collection vehicles and lower sustainability capital as several projects reached completion during 2025.

本季營運現金流為15億美元，較2025年第一季增加近3億美元。增加主要由營運資金改善與強勁獲利成長所帶動。本季資本支出合計6.5億美元，其中6,100萬美元投入永續成長投資。資本支出如預期年減約22%，反映收運車輛支出回歸常態，以及多項專案於2025年完工後永續相關資本支出下降。

Combining all of this, first quarter free cash flow nearly doubled to $920 million, putting us on track to achieve our full year guidance. As Jim mentioned, we allocated the majority of our free cash flow to shareholder returns in the first quarter. We returned $385 million to shareholders in dividends, and we resumed share buybacks, repurchasing $344 million of our shares.

綜合以上因素，第一季自由現金流幾乎倍增至9.2億美元，使我們有望達成全年指引。如Jim所提，我們在第一季將大部分自由現金流配置於股東報酬。我們以股利形式回饋股東3.85億美元，並恢復庫藏股買回，回購3.44億美元的股份。

Our leverage ratio at the end of the quarter was 2.94 times, returning to within our target range of between 2.5 times and 3 times. Our effective tax rate was approximately 18% in the first quarter lower than planned, driven largely by the benefit of production tax credits related to our renewable natural gas business.

本季末槓桿比率為2.94倍，回到我們2.5倍至3倍的目標區間內。第一季有效稅率約18%，低於原先規劃，主要受惠於與再生天然氣業務相關的生產稅額抵免（production tax credits）。

During the quarter, the IRS clarified the qualification for these credits and we now expect to realize benefits during the next several years, another value add from our strategic decision to grow our renewable natural gas portfolio.

本季期間，國稅局（IRS）釐清了這些抵免的資格認定，我們現在預期未來數年可持續享有相關效益，這也再次證明我們策略性擴大再生天然氣組合（portfolio）的決策所帶來的價值增益。

That benefit is approximately $27 million for the 2025 tax year and $30 million to $35 million annually from this year through 2029. As a result of receiving 2025 and 2026 production tax credits, we now expect a full year effective tax rate of approximately 23% in 2026.

該項效益在2025稅務年度約為2,700萬美元，並預期自今年起至2029年每年約3,000萬至3,500萬美元。由於取得2025與2026年的生產稅額抵免，我們目前預期2026年全年有效稅率約為23%。

In closing, I want to thank the entire WM team for their continued focus and execution. Their dedication has driven a strong start to the year and positions us well to deliver on our full year financial guidance. Through our disciplined approach to operations, capital allocation and investment, we remain confident in our ability to create long-term value for shareholders.

最後，我要感謝整個WM團隊持續的專注與執行。他們的投入促成了年初的強勁開局，也讓我們處於有利位置以達成全年財務指引。透過對營運、資本配置與投資的紀律性作法，我們仍對為股東創造長期價值的能力充滿信心。

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

接下來，Jonathan，我們開放提問。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行（Wells Fargo）。

Yes, hi. Good morning, everyone. I just want to unpack the really strong margin performance despite the lower volumes in the quarter, really nice price cost. As we think about the volume cadence over the balance of the year, can we just double-click on what gives us confidence that volume trends will be better in the back half of the year? Can we just expand on how you would quantify the weather impact. And I don't know if you want to talk about it month by month or just give us more visibility on that point.

是的，嗨。各位早安。我想拆解一下本季在量較低的情況下仍有非常強勁的利潤率表現，價格相對成本的表現很漂亮。當我們思考今年剩餘期間的量的節奏時，能否再深入說明一下，為什麼我們有信心下半年量的趨勢會更好？也請再具體量化天候影響。我不確定你們想按月說明，或是提供更多可見度來解釋這一點。

Yeah, just in terms of the margin trajectory for the back half of the year, I mean, you do know that Q2 will be a tough comp for us with the wildfire volumes, but we do expect EBITDA margin to lift nicely from there in the second half can follow a pattern similar to what you saw in 2025. And we had obviously a strong start to our pricing plan for the year, and that also gives us confidence with the margin trajectory.

就下半年利潤率走勢而言，我的意思是，你也知道第二季對我們來說會是個艱難的比較基期，因為有野火帶來的量；但我們確實預期EBITDA利潤率在那之後、也就是下半年會明顯回升，走勢可能類似你在2025年看到的型態。而且我們今年的定價計畫開局很強，這也讓我們對利潤率走勢更有信心。

And then, Jerry, as far as volume goes for the remainder of the year, I mean first quarter because of the weather impact and then look, we don't normally talk about weather because it happens every year. But this year, in particular, along that East Coast, three feet of snow in Boston is -- I don't think they've had that in 15 years. So it did impact us, and we had a number of facilities that were shut down. John can tell you the more direct numbers.

至於今年剩餘期間的量，Jerry，第一季確實受到天候影響。你看，我們通常不太談天氣，因為每年都會發生。但今年特別是在東岸一帶，波士頓下了三英尺的雪——我想他們大概15年沒遇過這種情況了。這確實影響到我們，有不少設施被迫關閉。John可以跟你說更直接的數字。

But I think some of our facilities were shut down for as many as 10 days, including, by the way, our Stericycle facilities that we shut down. So it did have a significant impact on volume. As we look at volume going forward, there's a couple of things that give us reason to be optimistic. Specifically, and John mentioned it's special waste, which we knew was going to be a difficult comp because of Southern California fire volume last year, including the fire volume, it was down, I think, about 1.5%.

但我認為我們有些設施最多關閉了10天，順帶一提，也包括我們關閉的Stericycle設施。因此對量的影響相當顯著。展望後續量的表現，有幾點讓我們有理由保持樂觀。具體來說，John提到的特殊廢棄物，我們知道因為去年南加州火災帶來的量，會是一個艱難的比較基期；若包含火災量，特殊廢棄物大概下滑約1.5%。

But excluding, as John mentioned, it was actually up 6.7%. And the reason that's meaningful is because it gives us an indication of what special waste will look like, what's the pipeline look like? And what are the special -- what will they look like?

但如John所說，若排除火災量，實際上成長6.7%。這之所以重要，是因為它讓我們得以判斷特殊廢棄物未來的樣貌、案源管線（pipeline）如何，以及特殊廢棄物——它們會呈現什麼樣的狀況？

What do the special waste volumes look like when we anniversary this fire volume, which is for the most part at the end of Q2, we did get some fire volume in Q3 in the month of July, and then it almost all went away at the end of July.

當我們在比較基期上跨過（anniversary）這些火災量時，特殊廢棄物的量會是什麼樣子？這些火災量大多在第二季末結束；第三季7月我們確實還有一些火災量，然後幾乎在7月底就都消失了。

So we will get to kind of a clean year-over-year for special waste by the time we get to the month of August, and this gives us a bit of an indication that, that special waste volume should be pretty strong for us. 6.7% is a pretty decent number and then John also mentioned MSW volume just looked at the numbers for last week, MSW volume was over 4% positive for us. So that's a positive for us.

因此，等到8月時，特殊廢棄物就會回到相對乾淨的年對年比較，這也讓我們對特殊廢棄物量有一些指標，顯示它對我們而言應該會相當強勁。6.7%是個不錯的數字；另外John也提到MSW量——我剛看了上週的數字，MSW量對我們而言是正成長超過4%。這對我們是個正面訊號。

And then the other one that I would mention is industrial volumes, which have finally shown a reversal of probably a six or seven quarter trend. We've been negative on roll-off volumes for at least kind of 1.5 years. And we finally got to a point where we're showing it was -- I think the real number was like 0.2% positive. So it was just slightly positive. And last year was like 1.5% negative.

然後我還想提到的另一點是工業量，這終於顯示出可能長達六到七個季度趨勢的反轉。我們在 roll-off 量上至少大約 1.5 年一直是負成長。而我們終於來到一個點，顯示——我想實際數字大概是正成長 0.2%。所以只是略為正成長。而去年大概是負成長 1.5%。

So I think we're fairly encouraged with volume numbers. Are we going to hit our guidance for the year? We don't know, and we'll give -- we'll really kind of take a refresh of our guidance numbers at the end of Q2. But we are encouraged with what we're seeing on the volume side.

所以我認為我們對量的數字相當受到鼓舞。我們今年會達到我們的指引嗎？我們不知道，我們會——我們會在第二季結束時，確實重新檢視我們的指引數字。但就量的面向而言，我們對目前看到的情況感到鼓舞。

Okay. I appreciate the color. And then just to unpack the comments about the tough margin comp. And I think normally, you folks are up somewhere around 150 basis points to 200 basis points margins 2Q versus 1Q. And given the weather that we just stepped through, it does look like you should be in a position for good year-over-year margin expansion in 2Q even with the tough comps from wildfire standpoint, just given the run rate in 1Q. I just want to make sure we're on the same page with you and not missing any moving pieces in the 1Q results as we think about the normal seasonality for 2Q.

好的。感謝提供這些細節。然後我想再拆解一下你們對於艱難的利潤率比較基期的評論。我想通常你們第二季相較第一季的利潤率會上升大約 150 個基點到 200 個基點。考量我們剛經歷的天氣狀況，看起來即使有野火因素造成的艱難比較基期，基於第一季的運行水準，你們在第二季仍應該有條件實現良好的年對年利潤率擴張。我只是想確認我們跟你們的理解一致，並且在思考第二季的正常季節性時，沒有漏掉第一季結果中的任何變動因素。

Yeah, Jerry, I would take this, this is John. I think the outsized impact of the wildfires in Q2 is really worth noting again. I think the revenue number was $85 Ish million and probably strong flow-through on that EBITDA. So if you take that out, what I would point you to, if you look back in the table, as you can see, whether it's Collection and Disposal, Recycling and Renewable energy, Health Care, you can see the margin improvement in Q1. But I think net of the buyer headwinds, I think we're going to see good margin from Q1 and Q2, but it will be muted somewhat by that volume out repeating in the landfill line of business.

是的，Jerry，我來回答，這是 John。我認為第二季野火造成的超常影響，確實值得再次強調。我想營收數字大約是 8,500 萬美元左右，而且對 EBITDA 的流入（flow-through）可能相當強。所以如果把那部分拿掉，我會請你回頭看表格，你可以看到，不論是收運與處置（Collection and Disposal）、回收與再生能源（Recycling and Renewable energy）、醫療保健（Health Care），你都能看到第一季的利潤率改善。但我認為在買方逆風（buyer headwinds）扣除後，我們在第一季到第二季仍會看到不錯的利潤率，只是會因為掩埋場（landfill）業務線的量外溢/重複（volume out repeating）而在某種程度上被削弱。

Thank you.

謝謝。

Sure.

不客氣。

Brian, is Brian up next?

Brian，下一位是 Brian 嗎？

Hi, good morning. Can you hear me?

嗨，早安。你們聽得到我嗎？

Yes, we can hear you now.

是的，我們現在聽得到你。

Okay, yes, good morning. Thanks for taking the question. Yeah, overall, really strong margin expansion in the quarter. The only item that sort of jumped out at us in a negative way was just the magnitude of the increase in corporate expense I think you have been flagging that, that was going to be up because of some technology-related investments. Just curious if the level of increase in 1Q is sort of appropriate for 2Q? Or if maybe we think about that sort of moderating throughout the year.

好的，是的，早安。謝謝讓我提問。是的，整體而言，本季利潤率擴張非常強勁。我們唯一覺得有點負面、比較突出的項目，是公司費用增加的幅度。我想你們之前有提示過，因為一些與科技相關的投資，這部分會上升。想請教第一季的增幅水準，對第二季來說是否也算合適？或者我們是否應該預期這在全年會逐步趨緩？

Thanks for the question. Like you said, we did expect Q1 to be a tougher comp in this segment, and I'll break it down into two pieces. There was a health and welfare cost aspect to an unusually favorable Q1 last year. So we had some onetime benefits.

謝謝你的問題。就像你說的，我們確實預期第一季在這個部門會是比較艱難的比較基期，我把它拆成兩部分。第一部分是健康與福利成本（health and welfare cost），去年第一季異常有利，所以我們有一些一次性（onetime）的利益。

And so that made the year-over-year comp a bit difficult. We also had higher annual incentive compensation and annual wage increases along with the increased technology costs that you mentioned.

因此讓年對年的比較變得有點困難。第二，我們也有較高的年度獎酬（annual incentive compensation）與年度薪資調升，再加上你提到的科技成本增加。

And those costs are to support strategic initiatives of other that benefits other segments. And so if you look at the overall performance of those other segments, I think you're seeing some of the returns on those investments.

而這些成本是為了支持能讓其他部門受益的策略性計畫。因此如果你看其他部門的整體表現，我想你會看到這些投資帶來的一些回報。

In terms of your question about kind of the cadence for the rest of the year, Q1 is indicative. It's a normalized kind of rate for the remainder of the year, it's pretty flat throughout the rest of the year at that level in Q1

至於你問到今年剩餘期間的節奏，第一季具有代表性。這是今年剩餘期間的常態化水準，之後大致會維持平坦，全年其餘時間大概都會在第一季這個水準附近。

Okay. Understood. And then just, John, you mentioned some surcharges for rising fuel costs. Do you anticipate any drag on EBITDA in 2Q given maybe potential timing differences between rising costs and surcharge implementation? Or is this sort of happening in real time?

好的。了解。然後再問一下，John，你提到因燃料成本上升而收取一些附加費（surcharges）。你是否預期第二季 EBITDA 會有任何拖累，可能是因為成本上升與附加費落地之間存在時間差？還是這基本上是即時發生的？

It's almost real time. I mean we've got -- there's a little bit of drag, we said 20 basis points on the margin side. But based on the way our billing cycles work, we said it's about a month lag, but it's really from an EBITDA standpoint. It's not going to be anything material.

幾乎是即時的。我的意思是——確實有一點點拖累，我們說在利潤率端大約 20 個基點。但依照我們的開票週期運作方式，我們說大概有一個月的落後期，不過就 EBITDA 的角度來看，不會是任何重大的影響。

Okay, got it. Thank you. I will turn it over.

好的，明白了。謝謝。我把時間交回去。

James Schumm, TD Cowen.

TD Cowen 的 James Schumm。

Hey, good morning, guys. Just looking at the solid waste volumes up quite a bit and transfer station volumes down. What's driving that? Does that have something to do with WM Healthcare?

嘿，各位早安。我看到一般固體廢棄物量增加不少，但轉運站（transfer station）量下降。這是什麼原因？這跟 WM Healthcare 有關嗎？

No, Jim, probably the transfer volume, honestly, that's just probably as much about the Northeast and the weather. I know that in -- for instance, in the New York metro area, there was obviously a significant impact in -- due to the weather. So that's really what's driving the transfer volume, not the Health Care business.

不，Jim，轉運量老實說大概更多是跟東北部和天氣有關。我知道——例如在紐約都會區，顯然因為天氣造成了顯著影響。所以推動轉運量的就是這個，而不是醫療保健業務。

Okay, I see. And then on the Health Care business, can you just give us a sense of -- you talked about some customer credits in the past? And -- just what did that look like in Q1? What does it look like in Q2? How is that trending?

好的，我明白了。那在醫療保健業務方面，你們能否讓我們了解一下——你們過去談到一些客戶折讓/抵扣（customer credits）？——第一季看起來如何？第二季看起來如何？趨勢如何？

Well, so we knew that customer credits, we said they peaked in Q4, which they did, and then fell off a little bit in Q1 and Q2 and then they will really reverse when we get to Q3 and Q4. So the year-over-year comp becomes quite a bit different, quite a bit easier in Q3 and Q4.

嗯，所以我們知道客戶折讓，我們說它們在第四季達到高峰，確實如此，然後在第一季和第二季略有回落，接著等到第三季和第四季時會真正反轉。因此年對年的比較在第三季和第四季會變得相當不同，也會容易很多。

I think overall, Jim, as I look at the health care business, it's really turning out to be exactly where we hoped it would be with EBITDA improving by almost 12%. We're better than our own business plan by about 3%. And just about everything we look at, whether it's pricing, which we did say back last quarter that the year on the top line was largely going to be about price, not about volume, the volume would be negative. And that was mostly a function of losing a couple -- I think we projected to lose three hospitals. We actually ended up losing one.

整體而言，Jim，當我看醫療保健業務時，它的表現確實正如我們所希望的那樣，EBITDA 提升了將近 12%。我們比自己的營運計畫好大約 3%。而且我們看的幾乎每一項，不論是定價——我們上季也說過，今年營收端的成長主要會來自價格，而不是量，量會是負的——而那主要是因為會流失幾家——我想我們原本預估會流失三家醫院，但實際上最後只流失了一家。

So that was a real positive for us. I think the reason we only lost one is because our customers are now getting a very payable invoice. And so all the work that continues to happen, by the way, we're still working on ERP, but all of that is behind the scenes. And so it's kind of invisible to the customers. that's a real positive for them. So the ERP is progressing, but what we really wanted to make sure was that it was not visible to the customer.

所以這對我們來說是很大的正面。我認為我們之所以只流失一家，是因為我們的客戶現在收到的是一張非常可付款（payable）的帳單。因此所有持續進行的工作——順帶一提，我們仍在做 ERP——但那些都在幕後進行，所以對客戶而言幾乎是看不見的。這對他們來說是很大的好處。所以 ERP 正在推進，但我們真正想確保的是，它不會被客戶感受到。

And then we would continue to do the technology work, the systems work and the process work, which is ongoing. We think a lot of that will be done by the end of the year. Some of it will carry over into next year. But my biggest concern was with the customer and now the customer is getting a good bill. So that's why I think we only ended up losing one of the three hospitals.

然後我們會持續進行技術工作、系統工作與流程工作，這些都在進行中。我們認為其中很多會在年底前完成。有些會延續到明年。但我最大的擔憂在於客戶，而現在客戶拿到的是一張好的帳單。所以我認為這就是為什麼我們最後只流失了原本三家中的一家醫院。

And then I guess, as I think about -- you didn't ask about the cross-selling or synergies, but I'll go ahead and as I'm talking about [WHS], cross-selling has been a positive for us, where we had two big cross-selling closes for the quarter that kind of benefited -- half of it benefited the Healthcare Solutions half of a benefited solid waste. Pricing is right on track with where we thought it would be and that's a good thing. And we think pricing continues to improve even as we get into the rest of the year.

然後我想，當我思考——你沒有問到交叉銷售或協同效益，但我在談到 [WHS] 時就順便提一下：交叉銷售對我們是正面的，本季我們完成了兩筆大型交叉銷售成交，帶來的效益——其中一半受益於 Healthcare Solutions，另一半受益於一般固體廢棄物。定價完全符合我們的預期，這是好事。我們也認為即使進入今年剩餘時間，定價仍會持續改善。

Synergies are at or even potentially ahead of plan. We're moving fleet maintenance in-house, that should be a positive on the cost line. So I think overall, we're very pleased with this and you mentioned the credit memos I mean, look, I think the that in large part was -- in Q4 was really kind of cleaning up the mess from prior periods.

協同效益已達到、甚至可能超前計畫。我們正把車隊維修（fleet maintenance）移回內部，這應該會在成本端帶來正面效果。所以整體而言，我們對此非常滿意。你提到的折讓通知單（credit memos）——我的意思是，你看，我認為那在很大程度上——第四季其實是在清理前期期間留下的爛攤子。

And that mass is -- should, for the most part. I mean, we will always have quite members. We have credit memos on our regular business, on the solid waste business. But if you look at things like DSO down 14 days, that is a major, major change for us.

而那個爛攤子——在大多數情況下應該已經處理得差不多了。我的意思是，我們永遠都會有一些——我們在一般業務、在固體廢棄物業務也都會有折讓通知單。但如果你看像是 DSO 下降了 14 天，這對我們來說是非常、非常重大的改變。

If you look at the past due receivables, down by two third. I mean, the balance has come down two third over less than a year. So all of those are positive signs, and we think that the Healthcare Solutions business is shaping up to be exactly what we hoped it would be when we bought it.

如果你看逾期應收帳款，已下降了三分之二。我的意思是，在不到一年的時間裡，餘額已下降了三分之二。所以這些都是正面的跡象，我們認為醫療保健解決方案（Healthcare Solutions）業務正逐步成形，將會完全符合我們收購時的期待。

Great. And Jim, since you brought it up, on the synergies on the path to [$300 million], like roughly, where are you now? Are you in [$130 million, $140 million] or where are you?

很好。Jim，既然你提到了，在協同效益朝著[$300 million]的路徑上，大概你們現在到哪裡了？是在[$130 million, $140 million]左右，還是在哪個水位？

Well, so the total number, which we think we said would be [$300 million]. I think [$50 million] of that was cross-selling benefits. So -- and as I said, we're on track with that number, and you could argue that maybe we're even ahead of that number a little bit. Right now, we're targeting [$300 million] still. But we think that potentially we could end up ahead of that number and maybe as high as [$325 million].

嗯，總體數字，我們認為我們說過會是[$300 million]。我想其中有[$50 million]是交叉銷售帶來的效益。所以——如我所說，我們正按這個數字推進，你也可以說我們可能還略微超前一些。現在我們仍以[$300 million]為目標。但我們認為最終有可能會高於這個數字，甚至可能高到[$325 million]。

Okay, great. Thank you very much.

好的，很棒。非常感謝。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行（Deutsche Bank）。

Yes, hi. Thank you so much. So I wanted to ask what you're seeing from a recycling commodity pricing perspective, just given higher oil prices, I'm curious if you're expecting an improvement in those prices? And if you could help sort of frame that for us in terms of upside? I know you're typically hedged. So just want to understand potential upside to revenue and EBITDA.

是的，你好。非常感謝。我想問的是，從回收商品定價的角度來看，考量到油價走高，你們看到什麼趨勢？我很好奇你們是否預期那些價格會改善？如果可以的話，也請協助我們從上行空間的角度做個框架說明。我知道你們通常有做避險，所以想了解營收與EBITDA的潛在上行空間。

Sure. This is Tara Hemmer. We were pleased with where we exited the quarter. March was at about $69 a ton. And as you recall, what we guided to was $70 a ton.

當然。我是Tara Hemmer。我們對本季末的表現感到滿意。3月大約是每噸$69。你也記得，我們給的指引是每噸$70。

So we feel positive about where that's heading. Two things I just want to point out. One is about 80% of our commodities stay domestic between the US and Canada, but we do have some exposure to what's happening globally, which really is about freight disruptions given what's going on in the Middle East.

所以我們對其走勢感到正面。我想指出兩點。第一，大約80%的商品都在美國與加拿大之間的國內市場流通，但我們確實也有一些全球面的曝險，主要是因中東局勢導致的運輸（freight）中斷。

So we have no qualms about demand for our products. It's really about us tracking what those freight costs might look like, and that's going to be really a function of how long this goes on in the Middle East.

所以我們對產品需求沒有任何疑慮。真正的重點在於我們持續追蹤運費成本可能會是什麼樣子，而這將很大程度取決於中東情勢會持續多久。

So that being said, we feel really positive about the $70 a ton that we guided on. We'll give more of an update in Q2 on where we think it could head up or down.

因此，在此情況下，我們對我們所指引的每噸$70仍然非常有信心。我們會在Q2提供更多更新，說明我們認為它可能往上或往下的方向。

All right. Thank you. And then just a follow-up on the health care cross-selling opportunities. Could you frame for us how much of the improvement that you're seeing on the industrial volume side is kind of related to the cross-selling benefits and kind of how much better are you doing relative to like the underlying market there?

好的，謝謝。接著想追問醫療保健的交叉銷售機會。你能否幫我們說明一下，你們在工業端（industrial）量的改善，有多少是與交叉銷售效益相關？以及相較於該領域的基本市場表現，你們做得好多少？

That's a good question. I don't know that I know the answer to that. So we'll have to get back to you on how much of that cross-selling actually impacts the industrial line of business. I can tell you that the number in terms of an annualized EBITDA benefit was about $27 million from cross-selling. But I can't -- I don't know offhand how much of it was in the industrial line of business.

這是個好問題。我不確定我是否知道答案。所以我們得再回覆你，交叉銷售究竟有多少實際影響到工業這條業務線。我可以告訴你，以年化EBITDA效益來看，交叉銷售大約是$27 million。但我沒辦法——我一時不清楚其中有多少是在工業業務線上。

Okay, so thank you.

好的，謝謝。

Trevor Romeo, William Blair.

Trevor Romeo，William Blair。

Good morning. Thank you for taking the questions here. I wanted to ask one on collection disposal pricing. I think you said both core price and yield were coming in a little bit ahead of what you'd expected. So maybe first, where are you kind of seeing pricing stick a little better than you thought? And what are the drivers of that?

早安。謝謝讓我在這裡提問。我想問一個關於收運與處置（collection disposal）定價的問題。我想你提到核心價格與收益率（yield）都比你們原先預期略好一些。所以首先，你們是在哪些地方看到定價比預期更有黏著度？其驅動因素是什麼？

And then if you think about CPI, maybe starting to trend higher, we'll see what happens with the Middle East and maybe it takes a while for some of your contracts to reset higher CPI.

另外，如果考量CPI可能開始走高，再看看中東局勢的發展，而且你們的一些合約可能需要一段時間才會依較高的CPI重設。

But just let your thoughts on ability to price get into a little bit of a higher inflationary environment. could we see those pricing and spread metrics sort of move up, maybe moving into '27?

想請你談談在較高通膨環境下的定價能力。我們是否可能看到那些定價與價差（spread）指標往上走，甚至延續到'27年？

Sure. So I'll take the second part of your question first on CPI. We tend to say that there's about a two-quarter lag, one to two quarter lag on the adjustments for CPI. So as CPI trends up, which it has a bit that is -- tends to be most of our resets there in terms of price. And about -- I think about 40% to 45% of our total revenue is based on an index those indexes tend to reset on a quarter basis, and it often takes two quarters for that reset to take place.

當然。我先回答你問題的第二部分，關於CPI。我們通常會說，CPI調整大約有兩季的落後期，約一到兩季的落後期。當CPI走高（最近確實有些上升）時——我們大多數的價格重設就是在那裡發生。大約——我想我們總營收約40%到45%是依某個指數計價，而那些指數通常按季度重設，而且往往需要兩季才會完成那次重設。

So any movement in CPI that we would have seen in Q1 probably won't have much of an impact on us. until we get to the back half of the year. So that's the second half of your question. The first half of your question is really about price as a whole. Two of the lines of business that -- I think, first off, everything was on track for us with two exceptions, which are resi and MSW.

所以我們在Q1看到的任何CPI變動，可能不會對我們造成太大影響，直到今年下半年才會反映。這是你問題的後半段。前半段則是整體價格的問題。我想先說，除了兩個例外之外，其他都符合我們的進度，那兩個例外是住宅（resi）與MSW。

Those are actually ahead of our expectations resi yield was up 110 basis points versus Q1 of 2025 and yield was 6.3%. That's really strong for residential. We've been talking about residential for quite a long time as we've really tried to pare down some of the unprofitable business there, and so that is certainly part of that exercise.

這兩個其實都超出我們的預期。住宅的yield相較於2025年Q1上升了110個基點，yield為6.3%。這對住宅業務來說非常強。我們談住宅已經談了很久，因為我們一直在努力縮減一些不具獲利性的業務，所以這當然是那項工作的部分成果。

MSW was another -- MSW might have been the single most kind of impressive performer for the entire quarter, both on the volume line and on the price line. The MSW yield was 6.9%. I think what you're seeing with MSW yield, and this takes place slowly over a period of years, we talked about it last June on Investor Day.

MSW是另一個——MSW可能是整個季度最令人印象深刻的單一表現者，無論是在量的表現或價格的表現。MSW的yield是6.9%。我認為你在MSW yield上看到的情況——而且這是在多年期間慢慢發生的——我們在去年6月的投資人日也談過。

But as you see landfill capacity slowly come offline for the industry or some of it doesn't come offline, but it moves to more kind of center of the US locations away from these big cities. But as you see that happening, we end up in a better position because our landfill lives are a bit longer than the rest of the industry. And it gives us the ability to raise price to preserve airspace really.

但當你看到產業的掩埋場容量逐步下線，或有些並非下線，而是轉移到更偏美國中部、遠離這些大城市的地點。當這種情況發生時，我們會處於更有利的位置，因為我們的掩埋場剩餘年限（landfill lives）比產業其他公司更長。這讓我們有能力提高價格，以實際上來說是為了保留可用掩埋空間（airspace）。

And that's what you're seeing with MSW going up by 6.9% is a bit of cost recovery, but also aerospace preservation. So those were both surprises to the upside. The rest we're pretty much on track.

而你看到MSW上升6.9%，一部分是成本回收，但也包含保留掩埋空間（airspace preservation）。所以這兩項都是超出預期的驚喜。其餘部分我們大致都在軌道上。

Okay, thanks, Jim. That is helpful color. And then I would love to get maybe your perspective or John's perspective on AI and new technologies. Obviously, WM has been living into automation for a long time at this point. But just in terms of AI, there's a lot of hype out there.

好的，謝謝，Jim。這些補充說明很有幫助。接著我也很想聽聽你或John對AI與新技術的看法。顯然，WM在自動化方面已經投入很長一段時間了。但就AI而言，市場上有很多炒作。

So would love your views on whether there are any new tools you're looking at that could accelerate your efficiency going forward. Thank you.

所以很想聽聽你們的觀點：是否有任何你們正在評估的新工具，能在未來加速提升效率？謝謝。

Yeah, that's a good question. I think, obviously, we've spoken to where we've embedded technology into the business, right? And a lot of what we're doing in the recycling facilities that Tara team have talked about with AI and robotics and automation. What we're doing from a routing and logistics perspective with now, call it, 19,000 trucks we have on the street with the Health Care business.

是的，這是個好問題。我想，很明顯地，我們已談過我們如何把科技嵌入到業務中，對吧？而我們在回收設施方面所做的很多事情，Tara的團隊也談過，包括AI、機器人、以及自動化。我們在路線規劃與物流方面所做的事情——現在，算上醫療保健業務，我們在路上運行的卡車大約有19,000輛。

And by the way, worth noting that a lot of the technology benefits that we've we're seeing in our traditional Collection and Disposal business are yet to show up in the Health Care business. So we see some other upside there.

順帶一提，值得注意的是，我們在傳統收運與處置業務中看到的許多科技效益，尚未在醫療保健業務中顯現。所以我們也看到那裡還有一些額外的上行空間。

But I would tell you, we still feel like we're in the early innings in terms of our ability to embed technology to drive not only efficiency, but if you think about things like making these jobs more palatable, look at our turnover at 17% plus that's the lowest it's ever been. I think part of it is we're changing the scope of these roles and making them less labor dependent, if you will.

但我會說，我們仍覺得在運用科技的能力上還在早期階段，不僅是為了提升效率；如果你想到像是讓這些工作更容易被接受——看看我們的離職率在17%以上，這是史上最低。我認為部分原因是我們正在改變這些職務的工作範疇，讓它們更不依賴勞力投入。

If you look at our safety results I mentioned in my earlier comments, that those are -- that's the best Q1 safety numbers we've posted. And part of what's helping us do that is we're using AI is one example from a coaching perspective with the 20-plus thousand drivers we have. So as much benefit as we've seen that showing up on our OpEx numbers in our collection and disposal margins, I think we still see a good bit of runway there to continue to accelerate those investments.

如果你看我們的安全成果，我在先前的評論中提到，那些——那是我們所公布過最好的Q1安全數字。而幫助我們做到這點的一部分，是我們在使用AI；以我們2萬多名駕駛的教練（coaching）角度來說就是一個例子。所以，儘管我們已經看到不少效益反映在收運與處置的營運費用（OpEx）數字與利潤率上，我認為我們仍有相當大的空間可以持續加速這些投資。

That's great. Thank you very much.

太好了。非常感謝。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Well, that last question took a little bit of a thunder, but I'm going to continue on the same threat, John. we're sitting here with risk management at 1.5% of sales, which is very good. But we think about that as a lagging indicator of safety performance. So just how sustainable are some of these gains on safety in your view? Could we get further benefit? And then how should we think about that translating to kind of risk management going forward?

嗯，剛才那個最後的問題有點搶走了風頭，但我會沿著同一個主題繼續問下去，John。我們目前的風險管理費用占銷售額的 1.5%，這非常好。但我們把它視為安全績效的落後指標。所以就你看來，這些安全方面的改善有多可持續？我們還能獲得進一步的效益嗎？另外，我們應該如何看待這些改善在未來轉化為風險管理表現？

Well, I think no, what I would tell you is this is not something that happens over a quarter or two or a year. I think what you've seen is slow and steady improvement in our safety results. And to your point, you're starting to see it show up in the risk numbers over time. So while we're -- I think our recordable injury rate for the quarter was about 2 .7 it was under 3, which is a big milestone for us.

嗯，我想不是——我會告訴你的是，這不是一兩個季度或一年就會發生的事情。我認為你看到的是我們安全結果緩慢而穩健的改善。正如你所說，你開始看到它隨著時間推移反映在風險數字上。所以雖然我們——我想我們本季度的可記錄傷害率大約是 2.7，低於 3，這對我們來說是一個重要的里程碑。

we still see plenty of opportunity with respect to that. And I think to your point, it's going to translate to our risk going forward in a positive way.

我們仍然看到在這方面有很多改善空間。而且我認為正如你所說，這將在未來以正面的方式轉化為我們的風險表現。

Thanks, John. Question on Renewable Energy segment contributions, maybe for David or Tara. Just -- you had the projects come online. But how did sort of the mix of lower RIN and higher energy commodities impact results in the quarter?

謝謝，John。關於再生能源事業部的貢獻，可能想請 David 或 Tara 回答。就是——你們有一些專案上線了。但本季度較低的 RIN 與較高的能源商品價格的組合，對結果造成了什麼影響？

Well, if you look at the quarter, we doubled -- almost doubled our renewable energy production from our renewable natural gas plants, which was excellent in what we were anticipating coming out of 2025 with the plants that had come online in that year. We didn't have any new plants to come online in Q1. We expect three more to come online in Q2 and then the rest of them in the back half of the year.

嗯，如果你看本季度，我們來自可再生天然氣（RNG）工廠的再生能源產量翻倍——幾乎翻倍，這非常出色，也符合我們對 2025 年那些在當年上線的工廠所帶來的預期。本季度 Q1 沒有新的工廠上線。我們預期 Q2 會再有三座上線，其餘則在下半年上線。

We did see higher pricing, and that is a testament to what the team has been able to do locking in volumes, and we are now 80% of our volume is locked in for the year. That's up from 60% when we announced guidance in January. So really pleased with our performance, how we're tracking and seeing the benefit of some higher commodity prices, too.

我們確實看到價格走高，這也證明了團隊在鎖定銷量方面所做的工作；目前我們全年 80% 的銷量已鎖定。相較於我們在 1 月公布財測指引時的 60%，有所提升。所以我們對表現非常滿意，對目前的進度也很滿意，同時也看到部分較高的商品價格帶來的效益。

Okay. Thanks. Just one quick one for David. I just may have missed the exact answer before, but the weather headwinds in the quarter I think you said those were half of the delta on volumes. Was that basically half of the 1.5% volume decline or kind of half of the delta versus what you'd originally thought on volumes? I just want to clarify.

好的，謝謝。再快速問 David 一個問題。我可能漏聽了你剛才的精確回答，但本季度的天氣逆風，我記得你說那大概占了銷量變動差異的一半。那是指 1.5% 銷量下滑的一半，還是指相對於你們原先對銷量預期的差異的一半？我想確認一下。

It's half of the 1.5.

是 1.5% 的一半。

Okay. Thanks very much. I'll turn it over.

好的，非常感謝。我把時間交回去。

Connor Cerniglia, Bernstein.

Connor Cerniglia，Bernstein。

Great. Thanks so much for having me. I know we already had a question on AI investments, but I just wanted to follow up. Others in the industry have talked about some of the benefits they've seen from a pricing standpoint. I think there's been commentary that there's -- they expect a 100 basis point improvement in margins over the next few years. Have you all seen similar benefits mainly on pricing? And do you have a sense of maybe what that number could be? Or it sounds like it's about -- still too early to tell, but any color there would be helpful.

很好。非常感謝讓我提問。我知道我們已經問過 AI 投資的問題，但我想再追問一下。產業內其他公司談到他們在定價方面看到的一些效益。我想也有評論提到——他們預期未來幾年毛利率能改善 100 個基點。你們是否也看到類似的效益，主要來自定價？你們是否能大概估計那個數字可能是多少？或者聽起來——現在可能還太早，但任何補充說明都會很有幫助。

As it relates to AI and pricing, we've been using AI-enabled cameras, for example, on trucks to it both helps us with the quality of the materials. So as you think about can being dumped into a recycle, can being dumped into the top of a truck.

就 AI 與定價而言，我們一直在使用 AI 賦能的攝影機，例如裝在卡車上，這同時有助於提升材料品質。所以當你思考像是罐子被丟進回收桶、罐子被丟到卡車上方這類情境。

We've been using these AI-enabled cameras now for probably six or seven years on and it is interesting watching the word because they're able to identify pretty accurately non-recycled materials coming out of that can. And then we're able to contact a customer and clean up their recycle streams.

我們使用這些 AI 賦能攝影機大概已經六、七年了，而且觀察其運作很有意思，因為它們能相當準確地辨識那些從回收桶裡出來的非可回收材料。接著我們就能聯繫客戶，協助他們改善回收物流中的雜質。

So -- and if they choose not to all have to recycle stream, then we'll build them for it. So it has been a positive on the price line. It's also been a positive on the quality of the material coming into the recycle plants.

所以——如果他們選擇不把回收物流整理乾淨，那我們就會向他們收費。因此這對價格線（price line）是正面的；同時對進入回收廠的材料品質也是正面的。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Hi, thanks. You've touched on healthcare a couple of times, and you mentioned, I think, in your opening remarks, 2H revenue growth as the ERP stabilizes. If you were to sort of break down, is that mostly the absence of customer credit, or are you seeing more price and volume opportunity come through already as you improve service quality? And if not, when do those two factors start to make a bigger difference?

嗨，謝謝。你們提到醫療保健好幾次了，而且我記得你在開場致詞中提到，隨著 ERP 穩定，下半年（2H）營收會成長。如果要拆解一下，這主要是因為客戶抵減（credit）不再發生，還是你們已經因服務品質改善而看到更多的價格與量的機會？如果還沒有，那這兩個因素何時會開始帶來更大的影響？

Thank you.

謝謝。

Yeah, Rob, I think it's all of the above. Certainly, credits improve as these pass-through receivables are cleaned up, and I mentioned that they've dropped by two third in a fairly short period of time. And we will continue to see the year-over-year change on that be positive, particularly as we get to the back half of the year. So that's part of it.

是的，Rob，我想以上皆是。當這些代收代付的應收款被清理後，抵減（credits）當然會改善；我提到它們在相當短的時間內已下降了三分之二。我們也會持續看到其年對年變化轉為正向，特別是進入下半年時。所以這是其中一部分。

But pricing, I mean, if you think about pricing last year, it was -- we were kind of getting our sea legs a little bit last year. And this year, I think we're in a very good spot. We understand the customer a lot better than we did last year. I think our customer service stats are as good, if not better, than some of our solid waste customer service stats, and that gives you the ability to put a price increase. So it's a little hard to put a price increase through to a customer if your customer service has been very poor.

但定價方面，如果你回想去年，當時——我們去年還在逐步站穩腳步。而今年，我認為我們處於非常好的位置。我們對客戶的理解比去年更深入。我認為我們的客戶服務指標不輸、甚至優於我們部分固體廢棄物業務的客戶服務指標，這讓你有能力去做提價。因為如果你的客戶服務一直很差，要把提價落實到客戶身上是有點困難的。

And I think we've completely turned that corner. So part of it is credit part of it is price. And we think part of it is volume as well. I mentioned a couple of the cross-selling opportunities that are starting to manifest themselves and that manifests on not only the top line but on the volume line two. And then, of course, those losses that presented, I think we set a $40 million headwind to us coming into '26. That was mostly going to be a front half of the year issue.

而我認為我們已經完全扭轉了那個局面。所以其中一部分是抵減，一部分是價格。我們也認為其中一部分是量。我提到過幾個交叉銷售機會已開始顯現，而這不僅反映在營收端，也反映在量的表現上。然後，當然，先前出現的那些流失，我想我們說過，進入 2026 年對我們是 4,000 萬美元的逆風。那主要會是上半年要面對的問題。

So if I think about Healthcare Solutions, really, we are super optimistic about this because it really does -- we knew it was going to be a front half versus the back half, whether you look at volume, whether you look at credits, whether you look at just about any metric, and we are encouraged with that. We think it's going -- we absolutely believe that the story we were telling last year of front half and back half is starting to show up for us.

所以如果我看醫療保健解決方案（Healthcare Solutions），我們其實非常樂觀，因為它確實——我們知道會是上半年相對下半年，不管你看量、看抵減、或看幾乎任何指標，都是如此，而我們也因此受到鼓舞。我們認為——我們絕對相信，去年我們所講的上半年與下半年的故事，正開始在我們身上體現出來。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，RBC Capital Markets。

Great. Thanks, and good morning. And maybe if I could just follow up on the discussion there on the health care side. I think you're talking to roughly flattish type volumes, most of the gain coming from pricing this year. And I think longer-term number is about 3% to 5% sort of top line growth.

很好，謝謝，早安。也許我可以就醫療保健那邊的討論再追問一下。我想你們談到今年的量大致持平，主要增長來自定價。而我想長期的數字大約是營收成長 3% 到 5%。

I guess based on what you've learned about the business, the customer mix and the progress you've made, how are you thinking about the price versus volume opportunity going forward? Over the medium term, does this align more with a solid waste business where still made primarily a pricing driven? Just some comments on the long-term mix of the pipeline.

我想根據你們對這個業務、客戶組合以及目前進展的理解，你們如何看待未來的價格與量的機會？在中期來看，這是否更像固體廢棄物業務，也就是仍主要由定價驅動？想請你們評論一下長期管線中價格與量的組合。

Yeah, I think what we're seeing with price, particularly as we think about what Q2, Q3, Q4 will look like, that looks about like what we would expect for the long term.

是的，我認為我們在價格方面看到的情況，特別是當我們思考 Q2、Q3、Q4 會是什麼樣子時，看起來大致符合我們對長期的預期。

Volume, we knew was going to be the one where we have the most ability to improve. And so that's why we're encouraged about that front half, back half. I think the front half we knew was going to be soft from a volume standpoint, whether it was with customer losses, encouraged, by the way, as I mentioned early on, that those customer losses are lower than we thought they would be.

至於量，我們知道那會是我們最有能力改善的部分。所以這也是為什麼我們對上半年、下半年的走勢感到鼓舞。我認為上半年我們知道從量的角度會偏弱，不管是因為客戶流失——順帶一提，如我先前提到的，這些客戶流失比我們原先預期的更少，這點令人鼓舞。

So I do think that this becomes a -- over the -- probably as we get into next year where we don't have this kind of front half, back half thing, a business where we really can expect a nice level of volume growth. And then the top line is not just solely reliant on price. But the price component was quite good. And volume, we see it coming.

所以我確實認為，隨著我們進入明年——那時就不會再有這種上半年、下半年的情況——這會成為一個我們可以期待有不錯量成長的業務，而營收也不會只單靠價格。但價格的部分確實相當不錯；而量的部分，我們也看到它正在到來。

Great. And then just maybe -- so clarifying the commentary for the back half of the year guidance and the outlook there, would RINs and commodities maybe in a better position than we were a few months ago. from your perspective in terms of the guide, are you assuming volume probably okay in line with what you were initially expecting with potential upside from rand commodities through the back half?

了解。那麼再請教一下——針對下半年指引與展望的說明，從您的角度看，RINs 與大宗商品的情況是否可能比幾個月前更有利？就指引假設而言，您是否仍假設量能大致符合您最初的預期，且下半年可能因 RINs 與大宗商品而有上行空間？

Or do you see those maybe as offsetting at this point of the year. Just wondering if there is upside in the back half, could that come from those two sort of areas outside of just the core business.

或者您認為在今年這個時間點，它們可能彼此抵銷？我只是想了解，如果下半年有上行，是否可能來自這兩個領域，而不僅僅是核心業務。

Well, just to clarify on the sustainability-related businesses. We're still expecting to come in at that $240 million to $250 million benefit to EBITDA from the sustainability businesses. And while we expect, at least on the renewable energy side, pricing to come in a bit better. One of the things that we're tracking is we feel confident that our plans will commission. We're just navigating some interconnect delays with the utilities that might have been unexpected.

好的，我先釐清一下與永續相關的業務。我們仍預期永續業務對 EBITDA 的貢獻效益會落在 2.40 億至 2.50 億美元之間。雖然我們預期，至少在再生能源端，價格表現會稍微更好一些，但我們正在追蹤的一件事是：我們對於按計畫完成投運（commission）有信心；只是目前正因公用事業端的併網（interconnect）延遲而在協調，這可能是先前未預期到的。

All of that said, we're in a great spot to achieve our goals for 2026. And really positions us nicely for 2027 when all the plants are online and our ability to meet or exceed the $26 per MMBtu number. So how that stacks with the rest of the business, David can speak to.

即便如此，我們在達成 2026 年目標方面處於非常有利的位置。這也讓我們在 2027 年——當所有工廠都上線後——具備很好的條件，去達成或超越每 MMBtu 26 美元的數字。至於這與其他業務的搭配情況，David 可以補充。

Yeah, I think it's still in line with what we guided to last quarter in terms of -- it's a little bit more weighted in the second half in terms of contribution from EBITDA. And then we talked earlier about the margin trajectory for the remainder of the year does look similar to 2025 in terms of the slope. You do see sequential and year-over-year improvements in the back half of the year on margin as well.

是的，我認為整體仍與我們上季給出的指引一致——就 EBITDA 貢獻而言，下半年權重會稍微更高一些。另外我們先前也談到，今年剩餘期間的毛利率走勢，在斜率上看起來與 2025 年相近。你確實會在下半年看到毛利率的季比與年比改善。

Great. Thanks very much.

很好。非常感謝。

Konark Gupta, Scotia Capital.

Konark Gupta，Scotia Capital。

Thanks for all my condolences for Dean [Bantrock] for his legacy. Maybe the first question on the volume side. The residential volumes had been obviously soft as you guys are sharing. Just curious, where do you see the shedding kind of maybe slowing it down substantially? Is it still more like a second half story or more of a 2027 now. And the industrial rebound wasn't a lot but still positive in Q1.

謝謝，也向 Dean [Bantrock] 的傳承致上哀悼。第一個問題想問量的部分。你們也分享了住宅端量能明顯偏弱。想請教你們認為這種流失（shedding）大概會在什麼時候顯著放緩？仍然比較像是下半年的故事，還是現在看更像要到 2027 年？另外，工業端反彈幅度不大，但 Q1 仍是正成長。

Do you think that would be an indication along with the special waste volume you're seeing of the macro turning more positive?

你是否認為，這再加上你們看到的特殊廢棄物量，代表總體環境正在轉向更正面？

I'll kind of answer those backwards. I think Jim mentioned it and I mentioned in my prepared remarks about what strength we saw in the special waste line net of the benefit of the wildfires last year. And we just did our quarterly business reviews at all our 16 areas last week, and there was some optimism around the special waste pipeline.

我先倒過來回答。我想 Jim 提到過，我在事先準備的發言中也提到，我們在特殊廢棄物產品線看到的強勁表現，是扣除去年野火帶來的效益之後的結果。我們上週也在 16 個區域完成了季度業務檢討，對於特殊廢棄物的案源管線（pipeline）確實有一些樂觀情緒。

So we feel good about that for the balance of the year on residential, I know we posted, I think it was about a 5% negative volume for the quarter. And again, that does fluctuate. But I went back and I looked at 2023 and every quarter since 2023, with about a 3.5% volume decrease, we have seen revenue and EBITDA improvement. And to put it in perspective, if you go to Q1 of '23, to Q1 of '26, our EBITDA was up 211%. And so while we've traded off some volume, we've obviously seen the financial benefit.

因此我們對今年剩餘期間的表現感到樂觀。至於住宅端，我知道我們本季公布的量大概是負 5%，而且這確實會波動。但我回頭看了 2023 年，自 2023 年以來的每一季，即使量約下降 3.5%，我們仍看到營收與 EBITDA 的改善。換個角度看，若從 2023 年 Q1 到 2026 年 Q1，我們的 EBITDA 成長了 211%。所以雖然我們在量上做了一些取捨，但財務上顯然獲得了效益。

We've seen it in a bunch of different ways, we've automated the majority of that fleet, we've seen improved safety numbers, efficiency numbers, we focused on quality of revenue, contract terms, et cetera and to the first part of your question, did say at the end of the year that we do see some moderation of that coming in the second half of the year, not to positive, but we're going to see some positive movement as we move through Q2 and Q3 in terms of the volume degradation.

我們在多個面向都看到了成果：我們已將車隊大多數完成自動化，安全指標與效率指標也改善；我們也更聚焦於營收品質、合約條款等等。回到你問題的第一部分，我們在年底時確實提到，我們預期下半年會看到這種情況有所緩和——不會轉為正成長，但隨著 Q2、Q3 推進，在量的下滑幅度上會出現一些正向變化。

But to this -- to date, if you go back, like I said, every quarter for the last three years, we've shown substantial positive EBITDA dollar and margin improvement. So we feel good about where we are, but we do see it becoming more of a tailwind over the next handful of quarters as opposed to the negative headwind on the volume front.

但截至目前為止，如我所說，過去三年每一季我們都展現了顯著的 EBITDA 金額與利潤率改善。所以我們對現況感到良好；同時我們也認為，接下來幾個季度它會逐步變成助力（tailwind），而不是在量的面向形成負向逆風。

Yeah, thanks. And just to follow-up on the margin side. I think you mentioned the fuel is being a headwind of about 20 basis points for now. When you look out for the full year, I know the EBITDA dollars are not impacted much, given the fuel revenue and the fuel costs are roughly an offset -- but do you think the top end of the guidance range for margin, which was, I think, 31% for the full year, do you think that still is obtainable in the steel environment or that might be a little bit impacted, just given the mathematical influence?

了解，謝謝。再追問一個利潤率的問題。我想你提到燃料目前大約帶來 20 個基點的逆風。展望全年，我知道 EBITDA 金額影響不大，因為燃料附加費收入與燃料成本大致互相抵銷——但你認為全年利潤率指引區間的上緣（我記得大約是 31%）在這樣的環境下仍可達成嗎？還是可能因為數學上的影響而受到一些壓抑？

Yeah, I mean based on where we're at right now, we're very comfortable with the whole range that we gave for margin. Just to give a little bit of context on surcharge revenue, about $1 increase in the price of diesel equates to about $200 million of annualized surcharge revenue. And if you assume like a one-to-one trade-off with fuel cost and surcharge revenue, that's about a 20 basis points to 25 basis points headwind. But we do have that factored into our overall forecast for the remainder of year and still feel comfortable with our guidance range.

是的，以我們目前的狀況來看，我們對所給的整個利潤率區間都很有信心。補充一點燃料附加費收入的背景：柴油價格每上漲 1 美元，大約相當於年化 2 億美元的附加費收入。若假設燃料成本與附加費收入是一比一對沖，那大約會形成 20 到 25 個基點的逆風。不過我們已把這些因素納入今年剩餘期間的整體預測中，因此仍對指引區間感到安心。

Thanks, David. Thank you.

謝謝你，David。謝謝。

Adam Bubes, Goldman Sachs.

Adam Bubes，Goldman Sachs。

Hi, good morning. I appreciate all the clarity on drivers of higher corporate expense year-over-year. How should we be thinking about what normalized corporate expense as a percent of sales looks like beyond 2026 and your ability to achieve leverage on that line item beyond 2026?

嗨，早安。感謝你們清楚說明公司費用年比上升的驅動因素。展望 2026 年之後，我們應該如何看待「常態化」公司費用占銷售額的比例？以及你們在 2026 年之後，對這個科目進一步實現槓桿化（leveraging）的能力如何？

I think because it is showing up in that segment, but the benefits are showing up elsewhere. I do think that at least for the Q1 print that we had in terms of corporate and other for the remainder of this year that is relatively stable. But you kind of have to look at the whole picture in terms of the returns that we're getting, particularly on the technology investments we're making in our business. And so that's where I would point you to.

我認為，因為它反映在該分部裡，但效益其實在其他地方呈現。至少就我們 Q1 的表現來看，今年剩餘期間「公司與其他」這一項相對穩定。不過你必須從整體角度來看我們所獲得的回報，特別是我們在業務中進行的科技投資所帶來的回報；我會請你把重點放在那裡。

It may mean that like SG&A as a percentage of revenue is more in that kind of 10% range long term versus something south of that, but you would hope to see the improvements in OpEx to -- so the overall margin improvement of the business as a result of those investments.

這可能意味著，長期來看，SG&A 占營收比重可能更接近約 10% 的區間，而不是低於這個水準；但你會希望看到營運費用（OpEx）的改善——也就是因這些投資而帶動公司整體利潤率提升。

Part of that 10%, David, is having the Stericycle business onboard because prior to Stericycle, the number was approaching 9%. You recall that Stericycle's number was actually as high as, I think, 25%. So -- now we've chopped away at that. And I think, David, that's down to -- high teens. So -- but it still it's certainly not down where the business was prior to the acquisition.

David，這個 10% 的一部分原因，是因為 Stericycle 業務併入了；在併入 Stericycle 之前，這個數字接近 9%。你應該記得 Stericycle 的數字曾高達——我想——25%。所以——我們現在已經大幅削減。我想，David，現在大概降到——十幾%的高段（high teens）。但它確實還沒有回到併購前我們業務的水準。

So I think David's number of 10% is a reasonable -- actually quite good number considering you've got a high-teens business there in Stericycle as we continue to get synergies and a lot of the synergies do come out of the SG&A line. we think it's possible to get the WM Healthcare Solutions business down in the low teens and maybe even below that David used to talk about getting it down to our own number. And so I think there's a long-term pathway to getting total SG&A back in that kind of low 9s. But for now, we're still focused on sub-10 because of the Stericycle business.

所以我認為 David 提到的 10% 是合理的——考量到你有一個 SG&A 占比在十幾%高段的 Stericycle 業務在裡面，這其實是相當不錯的數字。隨著我們持續取得綜效，而許多綜效確實會反映在 SG&A 這一行，我們認為有機會把 WM Healthcare Solutions 業務的占比降到十幾%的低段，甚至可能更低。David 以前也談過，希望最終能降到與我們自身相同的水準。因此長期來看，確實有一條路徑能把整體 SG&A 拉回到 9% 出頭的低檔區間。但就目前而言，因為 Stericycle 業務的關係，我們仍聚焦在 10% 以下。

Got it. And then just wondering if you could talk about free cash flow conversion trajectory from here. I think excluding growth investments as a percent of EBITDA, you'd be at high 40s this year. Where can that trend beyond 2026, you'll have landfill gas, which is high free cash flow conversion ramping and continuing to focus on working capital improvements. in stair cycle, you talked about some incremental production tax credits. So just wondering about trajectory there.

了解。接著想請教自由現金流轉換率（free cash flow conversion）的走勢。我想若排除成長投資、以 EBITDA 的百分比來看，你們今年會在 40% 高段。那麼 2026 年之後這個趨勢會如何？你們會有掩埋場氣體（landfill gas）這種高自由現金流轉換的業務在爬坡，同時也持續聚焦營運資金改善。在 Stericycle 方面，你們也提到一些額外的生產稅額抵免（production tax credits）。想請你談談這方面的軌跡。

Yes. I mean, obviously, just given the quarter we had with the $920 million of free cash flow is actually close to 50% for the quarter. I know it's just one quarter. But for the year, it's around 46%, including all investments. We do see a path to continuously improve that and I do think 50% is a good number to aspire to. And I think we're charging forth in terms of our plans and our investments that should enable us to do that. .

是的。我的意思是，顯然就本季而言，我們有 9.20 億美元的自由現金流，換算本季其實接近 50%。我知道這只是單一季度。但以全年來看，包含所有投資大約是 46%。我們確實看到一條持續改善的路徑，而且我也認為 50% 是一個值得追求的目標。我們正積極推進相關計畫與投資，這些應該能讓我們朝那個方向前進。.

Great. Thanks so much.

太好了。非常感謝。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

Hey, thanks so much. This quarter, it looks like you started -- restarted your buyback program with over $340 million of buybacks. I was hoping you could just refresh us on your capital deployment strategy going forward and how you're thinking about M&A and also just the pipeline for deals and how you're sort of -- how you'd want to balance M&A versus buybacks?

嗨，非常感謝。本季看起來你們開始——重新啟動了庫藏股回購計畫，回購金額超過3.4億美元。我想請你們再幫我們更新一下未來的資本配置策略，以及你們如何看待併購（M&A），還有交易案源的管線情況，以及你們大致上——你們會如何在併購與回購之間取得平衡？

Sure, yes. We commenced our share repurchase program right after our earnings call last quarter, and we are on track for the $2 billion for the year. It's going to be a little bit more back-end weighted, call it, 55% to 60% in the second half of the year.

當然，可以。我們在上一季財報電話會議後不久就啟動了股票回購計畫，而且我們正按計畫朝全年20億美元的目標前進。回購會稍微偏向下半年，約可說是全年55%到60%會在下半年進行。

Our capital allocation strategy for this year is really balanced. It is a year of harvest, and so we're really focused on returning that cash to shareholders. Over 90% of our free cash flow will be deployed in the form of dividends and share repurchases this year.

我們今年的資本配置策略其實相當均衡。今年是收成的一年，因此我們非常專注於把現金回饋給股東。今年我們超過90%的自由現金流將以股利與股票回購的形式進行配置。

We do have a decent tuck-in pipeline. We previously said $100 million to $200 million. It's likely we'll be at the high end of that, if not above that, but we'll give more guidance next quarter in terms of that and then there was a reference to our leverage target being back within our long-term range. That gives us a lot of capacity and a lot of flexibility in terms of acquisitions longer term. But again, this year, I think it's primarily focused on the harvesting.

我們確實有一個不錯的補強型（tuck-in）併購管線。我們先前提到會在1億到2億美元之間。很可能我們會落在區間高端，甚至可能高於該水準，但我們會在下季就此提供更多指引。另外也提到我們的槓桿目標將回到長期區間內，這讓我們在長期併購方面具備很大的承載能力與彈性。不過再說一次，今年我認為主要重點仍是收成、把現金回饋出去。

David, one thing I'd add to your point on we did talk about a few acquisitions, Tony, that we're going to either close in Q4 or Q1, and they obviously haven't closed yet, but we expect in the next days or weeks, one of those will close. But to one on some of the other questions that was a little bit of the revenue headwind in Q1. It was just under $20 million of a headwind. So we expect to -- we're not going to get that 20% back, but it's going to be part of our run rate going forward here sometime in Q2.

David，我補充你剛才的觀點。我們確實談到幾筆收購案，Toni，預計會在第四季或第一季完成交割；它們顯然還沒完成，但我們預期在接下來幾天或幾週內，其中一筆就會完成。另外，針對其他一些問題，其中之一是第一季營收的逆風，約略不到2,000萬美元的逆風。因此我們預期——我們不會把那20%完全拿回來，但它會在第二季某個時間點開始成為我們未來的常態化營收（run rate）的一部分。

That's helpful. And just as a follow-up on the technology and automation theme, you talked about that few times during the prepared remarks in terms of the benefits that you're seeing in terms of reducing cost from those initiatives. And I was hoping you could maybe just talk about which initiatives, whether it's robotics or automation or the cameras and the coaching that you talked about, just which of the technology benefits are you seeing the most benefit right now? And sort of when you look forward continuing to benefit from those?

這很有幫助。再追問一下關於科技與自動化的主題，你們在事先準備的發言中提到好幾次，談到這些計畫在降低成本方面帶來的效益。我想請你們談談具體是哪些計畫——不論是機器人、流程自動化，或是你們提到的攝影機與教練輔導——目前你們看到哪一類科技帶來的效益最大？以及往前看，你們預期何時能持續受益？

Yeah, I'll try and be brief because that could be a really long answer. But if you think what I commented on earlier, if you look at what we've done in the recycling business, right, and Tara commented on despite really low commodity prices, we're still making more money and better margins.

好的，我盡量簡短，因為這題可以講很久。但如果你回想我先前的評論，看看我們在回收事業做了什麼，對吧？而且Tara也提到，儘管大宗商品價格很低，我們仍然賺得更多、毛利率也更好。

A lot of it has to do with the fact that we've structurally lowered the operating cost model in those recycling plants, and we're a lot less susceptible to commodity prices now than we were and that's really -- that's not so much robotics, but it's automation and forms of artificial intelligence that we've put in those plants.

很大一部分原因在於，我們在那些回收廠已經結構性地降低了營運成本模型，因此相較過去，我們現在對大宗商品價格的敏感度低很多。而這其實不太是機器人，而是我們在廠內導入的自動化與各種形式的人工智慧。

Jim mentioned, you've heard us talk about Smart truck, right? We've got all of our commercial and residential trucks outfitted with technology that allows us to capture over 300 million images a year. We could never do that manually.

Jim提到，你們也聽我們談過智慧卡車（Smart truck），對吧？我們所有商用與住宅用的車輛都配備了科技設備，使我們一年能擷取超過3億張影像。這件事不可能靠人工完成。

We couldn't put enough people anywhere to be able to do that, but we're using different forms of technology and AI to process about 95% of those images without a human having to touch them, and it's given us tremendous amounts of data that we can use, whether it's to evaluate safety, contamination, pricing opportunities, over serviced, under service customers, et cetera. And those have been in place for years.

我們不可能在任何地方配置足夠的人力來做到這點，但我們運用不同形式的科技與AI，在不需要人工介入的情況下處理約95%的影像，並且取得大量可用數據——不論是用來評估安全、污染（contamination）、定價機會、服務過度或服務不足的客戶等等。而這些其實已經導入多年。

That technology on the truck I'm speaking of has been around for probably closer to a decade and then you think from a safety perspective, I think a lot of what we're able to do using artificial intelligence to capture data on how our folks are operating inside the cab has given us the information to go and coach folks. And I do think that's a true contributor to the historically low rates we're seeing or the high retention rates we're seeing, if you will, and turnover rate has been as low as they've ever been.

我剛才提到的車載技術，大概已經存在接近十年了。再從安全角度來看，我認為我們能用人工智慧擷取駕駛室內同仁操作方式的數據，讓我們有資訊去進行輔導。我也確實認為，這是我們目前看到歷史低水準事故率——或你也可以說是高留任率——的真正貢獻因素之一，而且離職率也降到前所未有的低點。

So those are all in place. Going forward, I think we've got tremendous opportunity in terms of routing and logistical capabilities that our folks continue to work on. We're actively right now piloting remote heavy equipment and a number of spots.

所以這些都已經到位。往前看，我認為在路線規劃與物流能力方面，我們還有非常大的機會，我們的團隊也持續在推進。我們目前正在多個地點試行遠端操控重型設備。

We see that as a potential pathway down the road to forms of autonomy at some of our landfills, et cetera, et cetera. I can go on Toni, but those are a few sort of examples that are in place now and a few that we see as driving benefits as we move forward.

我們把這視為未來在部分掩埋場等場域走向某種程度自動化（autonomy）的潛在路徑，等等。我可以繼續講下去，Toni，但以上是幾個目前已經落地的例子，以及幾個我們認為在未來推進時會帶來效益的方向。

That's great. Thank you so much.

太好了。非常感謝。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hey, good morning. Thank you so much. Probably a question for Tara. Your sustainability EBITDA dollars was robust, but margins sequentially ticked down to, I think, 45% from 50% in 4Q. Is that due to seasonality? And related to that, what margin are you expecting in 2Q for the rest of the year for sustainability?

嗨，早安。非常感謝。這題可能問Tara。你們永續業務的EBITDA金額表現強勁，但利潤率季比似乎下滑到我記得約45%，從第四季的50%下來。這是季節性因素造成的嗎？相關地，你們預期第二季以及今年剩餘期間永續業務的利潤率會是多少？

So we saw strong margin improvement year-over-year on both the Renewable Energy business and the Recycling business, and we were really pleased at where we came in. What we had said previously was on the recycling line of business that we would anticipate roughly 300 basis points of margin expansion this year, and we're still on track for that.

我們看到可再生能源業務與回收業務的利潤率都呈現強勁的年增改善，我們對最終表現非常滿意。我們先前提到，在回收這條業務線上，我們預期今年大約會有300個基點的利潤率擴張，而我們仍然按計畫進行。

And the Renewable Energy business, what we were anticipating was 200 basis points of margin expansion related to the growth investments, and that might be offset slightly related to our third-party fuels program.

至於可再生能源業務，我們原先預期會有200個基點的利潤率擴張，主要與成長投資相關；而這可能會因我們的第三方燃料計畫而略有抵銷。

What I'll say is, given that pricing is a bit higher in the renewable energy business than we anticipated, we would expect that margins would tick up a bit based on what we had guided to so all in all, what I would say is we're in a really good spot. We're performing the way that we had anticipated and feel positive about where we're headed this year.

我想說的是，鑑於可再生能源業務的定價比我們原先預期略高，我們預期利潤率會比我們先前指引的水準再上升一些。總體而言，我會說我們目前處在非常好的位置。我們的表現符合先前預期，並且對今年的走勢感到正面。

Understood. That's very helpful. And I appreciate all the color on the health care business. I was wondering if you could quantify the price versus volume you saw in health care this quarter?

了解，這很有幫助。我也很感謝你們對醫療保健業務提供的各種細節。我想請問你們能否量化一下本季醫療保健業務的價格與量（price vs. volume）各自的貢獻？

I probably can't do that. I don't know -- maybe Ed and other could off-line take that.

我可能沒辦法做到。我不知道——也許Ed和其他人可以在會後私下回覆。

Yeah. We can answer offline on how we handle that right now.

是的。我們可以在會後再回答我們目前如何處理那部分。

All right. Thank you so much.

好的。非常感謝。

Seth Weber, BNP.

Seth Weber，BNP。

Hi, thanks. Good morning, and thanks for extending the call. Just a quick one. Just -- I'm curious on the special waste strength, in your experience, is that typically -- have you seen that as a good leading indicator of just sort of the broader macro? Or how do you kind of think about special waste as an indicator of the business? Thanks.

嗨，謝謝。早安，也謝謝你們延長會議時間。我只有一個簡短問題。我想了解一下特殊廢棄物（special waste）表現強勁這件事，以你們的經驗來看，這通常——你們是否把它視為更廣泛宏觀環境的良好領先指標？或者你們如何把特殊廢棄物當作景氣指標來看？謝謝。

Yeah, I think you're right on with that. That is one of the leading indicators for us is the special waste business because the customers, while they have these special waste projects, they have some flexibility in terms of timing. And so when we see that pipeline start to materialize, in the form of volume growth for us, that is a good sign. It tells us that our customer base is relatively optimistic. So yes, I would say that's one of the best forward-looking metrics that we have.

是的，我認為你說得很對。對我們而言，特殊廢棄物業務確實是領先指標之一，因為客戶雖然有這些特殊廢棄物專案，但在時程安排上有一定彈性。因此當我們看到那個管線開始落地、以我們的量成長形式呈現時，這是一個好訊號。它告訴我們客戶群對前景相對樂觀。所以是的，我會說這是我們手上最好的前瞻性指標之一。

Appreciate it. That's all I had. Thank you, guys.

感謝。就這些了。謝謝各位。

Thank you, sir.

謝謝您，先生。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi, thank you very much. Could you talk a little bit about the current price cost spread within collection disposal and where that's looking running versus your outlook and maybe how we should think about that spread running as we go through the year?

嗨，非常感謝。你們能否談談目前在收運與處置（collection disposal）業務中，價格與成本之間的差距（price-cost spread）狀況？目前的走勢相較你們的展望如何？以及我們應該如何看待這個差距在今年接下來的表現？

Yeah, good question. I think first and foremost, you could see what the Collection and Disposal margins have done EBITDA margins up 110 basis points, and that's overcoming a 20 basis points headwind from the fuel side. I think when you look at operating expenses being again, sub-60 and the 5, 9 range for Q1. Obviously, we're showing good spread between the two.

是的，好問題。我想首先，你可以看到收運與處置的利潤率表現——EBITDA利潤率上升110個基點，而且這是在燃料端帶來20個基點逆風的情況下達成的。我認為當你看到營運費用再次低於60%，第一季落在5.9左右的區間時，很明顯我們在兩者之間展現了良好的差距。

I think what we've talked about is 150 basis points to 200 basis points. It's probably a little bit more than that over 200 basis points now. And what that's translated to is the 70 basis points EBITDA margin you saw across the business. And as I mentioned, 110 basis points in the collection and disposal business.

我認為我們談到的是150個基點到200個基點。現在可能已經略高於200個基點。而這轉化為你在整個業務中看到的70個基點EBITDA利潤率。正如我提到的，在收運與處置業務中是110個基點。

I think Jim touched on CPI. I think from an inflationary standpoint, 3%, 3.5% sort of the range that we're still experiencing a little bit more pressure on the labor side, probably closer to four for obvious reasons, just the scarcity of some of that talent we need to keep bringing in. I do think that's part of where the -- we talked about safety and turnover where that's showing up.

我想Jim提到了CPI。從通膨的角度來看，3%到3.5%大概仍是我們正在經歷的區間；在勞動力方面的壓力稍微更大一些，基於顯而易見的原因，可能更接近4%，也就是我們需要持續招募的人才在某些方面相對稀缺。我確實認為這也是我們談到的——安全與人員流動——所反映出來的一部分。

I think what I back up from as I look at what our core price performance has been quarter in and quarter out, how that's translated to yield and how it's translated to margin. And I think we feel good about our ability to still continue to drive some margin expansion as we go forward.

我認為我在回顧時會看的是，我們核心價格表現每一季、每一季的情況，這如何轉化為收益率（yield），以及如何轉化為利潤率。我們對於未來仍能持續推動一定程度的利潤率擴張的能力感到樂觀。

Okay. Thank you. And then if I could just follow up, can you comment a little bit about the churn rate in the quarter versus last quarter then year-over-year? And maybe the role of technology and the AI advancements? And how does that play into the improvements in cost and price stickiness.

好的，謝謝。那如果我可以再追問一下，你能否稍微評論一下本季的流失率（churn rate）相較於上季以及年對年（year-over-year）的情況？以及科技與AI進展所扮演的角色？這又如何影響成本改善與價格黏著度的提升。

So I think from a -- we didn't comment about service increases, we're still positive for the quarter, so that's always something that we look at the churn rate. I don't have it in front of me, but I think it was right around 10%, it varies quarter in and quarter out, national account business can affect that, but we haven't seen any wide swings there.

我想從——我們沒有特別評論服務量增加，但本季我們仍為正，因此流失率一直是我們會關注的指標。我手邊沒有數字，但我認為大約在10%左右；它會隨季度而變動，全國性客戶（national account）業務可能會影響它，但我們沒有看到任何大幅波動。

I think what's encouraging, again, is if you look at our price performance across all the collection and disclose lines, we're driving strong core price, strong yield conversion, and we're dealing without really driving defection and I think, as Jim mentioned, if you look at a few spots, our MSW volume, our special waste volumes continue to be net of some of the anomalies we spoke to continue to be strong.

我認為令人鼓舞的是，再次，如果你看我們在所有收運與處置各條線的價格表現，我們正在推動強勁的核心價格、強勁的收益率轉換（yield conversion），而且在處理這些的同時並沒有真正造成客戶流失。我想，正如Jim提到的，如果你看幾個面向，我們的MSW量、我們的特殊廢棄物量，在扣除我們提到的一些異常因素後，仍然持續強勁。

From an AI perspective, I would tell you it's a little broader. We do use some artificial intelligence in our process, but it's really about our predictive analytical capability that our customer teams worked on building over the years and using a lot of that data that we're gathering filtering it through those technology tools and being able to give our folks a better predictive position to make decisions on when and where pricing is warranted and how it will be received and accepted by the customer. And I think you're seeing the results of that show up in our financial performance.

從AI的角度來看，我會告訴你它的範圍更廣。我們確實在流程中使用一些人工智慧，但更重要的是我們的預測分析能力（predictive analytical capability）——我們的客戶團隊多年來一直在建構這項能力，並運用我們蒐集的大量資料，透過這些科技工具進行篩選，讓我們的同仁能以更好的預測視角來做決策：何時、何地需要定價，以及客戶將如何接收並接受。我想你正在看到這些成果反映在我們的財務表現上。

Okay, great. Thank you.

好的，很棒。謝謝。

William Grippin, Barclays.

William Grippin，Barclays。

Good morning. Thanks for squeezing me in. I'll just keep it to one here. But coming back to the Renewable Energy business, the EPA obviously recently finalized the RVO for '26, and '27. Just wondering if you could provide some color on maybe how that's impacted your discussions with customers in terms of forward selling of RNG and also in terms of pricing expectations on voluntary offtake.

早安。謝謝讓我插進來。我就問一題。回到再生能源業務，EPA最近顯然已敲定2026年與2027年的RVO。想請你分享一些看法：這對你們與客戶討論未來RNG遠期銷售（forward selling）有何影響？以及對自願性承購（voluntary offtake）的定價預期有何影響？

Sure. So we were really somewhat pleased with what the EPA did with the RVO because they slightly raised the renewable volume obligation. And you've really seen prices hold and stay steady at $2.40 per RIN, and that's good. for us and well above what we had anticipated for our long-term investment thesis at $2.

當然。我們對EPA在RVO上的作法其實還算滿意，因為他們小幅提高了再生燃料用量義務（renewable volume obligation）。而你也確實看到價格維持並穩定在每個RIN 2.40美元，這對我們是好事，也明顯高於我們長期投資論點中原先預期的2美元。

You've seen us be able to go into the market and forward sell RINs and the fact that we have 80% of our volume locked up for 2026. Some of that is in the RIN market. What we're tracking more broadly is what's happening in the voluntary market.

你也看到我們能夠進入市場進行RIN的遠期銷售，而且我們已將2026年80%的量鎖定。其中一部分是在RIN市場。我們更廣泛追蹤的是自願性市場的動態。

Roughly half of our long-term offtake will be in the transportation market and the other half in the voluntary market. And we've seen outside the US whether it's Canada, the UK Europe, even Asia have strong voluntary markets that we can tap into.

我們長期承購（offtake）大約一半會在運輸市場，另一半在自願性市場。我們也看到美國以外，不論是加拿大、英國、歐洲，甚至亞洲，都有強勁的自願性市場可供我們切入。

And then we're continuing to look at what public utilities might do in the US they're passing along what they can to rate payers and having more options in the US voluntary market. All that being said, we feel confident that we can sell all of our volume in the voluntary market, and that will come in at or above our $26 investment thesis.

此外，我們也持續關注美國的公用事業可能會怎麼做——他們會把可行的部分轉嫁給費率支付者（rate payers），並在美國自願性市場中提供更多選項。綜合而言，我們有信心能在自願性市場售出我們全部的量，而且價格將達到或高於我們每MMBtu 26美元的投資論點。

I appreciate the color. Thanks very much.

感謝補充說明。非常謝謝。

Kevin Chiang, CIBC.

Kevin Chiang，CIBC。

Hi. Thanks for squeezing in here. Maybe this is also for Tara. Just wondering what you're seeing the recycled plastics market. I mean virgin plastics gone parabolic here since the onset of the conflict in the Middle East. And you did shutter a facility, I guess the Natura plastic film processing facility. Just wondering if the economics of that facility changes just given what we've seen in the broader plastics market.

嗨，謝謝讓我插進來。這題可能也給Tara。想請問你們看到的再生塑膠市場狀況如何？我的意思是，自從中東衝突爆發以來，原生塑膠價格一路飆升。你們也關閉了一座設施，我想是Natura塑膠薄膜處理設施。想請問，鑑於我們在更廣泛塑膠市場看到的情況，那座設施的經濟性是否會有所改變？

Yeah, Brent would love your word, parabolic, that's a new one. We have some other words for what's happened in the plastic market. Clearly what's happening in the Middle East and what's happening with virgin pricing will potentially have some impact on recycled commodities, and it could be positive. We're tracking that closely, and it's starting to creep back up, but the words that I would emphasize is creep.

是的，Brent，我很喜歡你用的「parabolic（拋物線式飆升）」這個詞，這是個新詞。我們對塑膠市場發生的事還有其他一些形容。很明顯，中東的情勢以及原生料定價的變化，可能會對再生商品（recycled commodities）帶來一些影響，而且可能是正面的。我們正密切追蹤，價格也開始慢慢回升，但我想強調的詞是「慢慢（creep）」。

So we're not anticipating any significant benefit from plastics pricing right now nor would it change our tune on some of the facilities that we've shuttered at this point.

因此，我們目前並不預期塑膠價格會帶來任何顯著的好處，也不會因此改變我們對目前已關閉的一些設施的看法。

Perfect. I'll keep it to one. Thank you very much for the color there.

很好。我就問一題。非常感謝你的說明。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Jim Fish, President and CEO, for any further remarks.

謝謝。今天節目的問答環節到此結束。我想把節目交回總裁兼執行長Jim Fish，請他做進一步的結語。

Okay, thank you. Well, I guess one last comment here. We didn't really talk much about kind of the geopolitical environment. But even with all of the geopolitical uncertainty and then some of the -- what we did talk about, which is weather -- what we're most proud of here is that our 60,000 folks have been able to produce good results for us, and we're on track to hit our guidance for the year. So we're very proud of that. Thank you all for joining us, and we look forward to talking to you next quarter.

好的，謝謝。我想最後再補充一點。我們其實沒有太多談到地緣政治環境。但即使面對所有地緣政治的不確定性，以及我們確實談到的一些——也就是天氣——我們最引以為傲的是，我們6萬名同仁仍能為我們交出良好成果，而且我們正按計畫達成今年的財測指引。因此我們對此非常自豪。感謝各位加入，我們期待下季再與各位交流。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的電話會議。本節目到此結束。您現在可以斷線。祝各位有美好的一天。