美國廢棄物管理公司 (WM) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the third quarter 2019 earnings release conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 2019 年第三季度財報電話會議。（操作員說明）請注意，今天的會議正在錄製中。（操作員說明）

I would now like to hand the conference over to your speaker today, speaker Ed Egl, Senior Director of Investor Relations. Please go ahead, sir.

我現在想把今天的會議交給您的發言人，投資者關係高級總監埃德·埃格爾 (Ed Egl)。請繼續，先生。

Thank you, Nora. Good morning, everyone, and thank you for joining us for our third quarter 2019 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, Senior Vice President and Chief Financial Officer. You'll hear prepared comments from each of them today. Jim will cover our high-level financials and provide a strategic update, John will cover an operating overview, and Devina will cover the details of the financials.

謝謝你，諾拉。大家早上好，感謝您加入我們的 2019 年第三季度財報電話會議。今天早上和我在一起的是總裁兼首席執行官 Jim Fish；執行副總裁兼首席運營官 John Morris； Devina Rankin，高級副總裁兼首席財務官。您今天會聽到他們每個人準備好的評論。Jim 將介紹我們的高級財務狀況並提供戰略更新，John 將介紹運營概覽，Devina 將介紹財務細節。

Before we get started, please note that we have filed a Form 8-K this morning 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 schedule for the press release include important information.

在我們開始之前，請注意我們今天早上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 上找到。8-K 表格、新聞稿和新聞稿時間表包含重要信息。

During the call, you will hear forward-looking statements, which are based on current expectations, projections or opinions about future periods. Such 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 subsequent Form 10-Qs.

在電話會議期間，您將聽到基於當前預期、預測或對未來時期的意見的前瞻性陳述。此類陳述受風險和不確定因素的影響，可能導致實際結果出現重大差異。其中一些風險和不確定性在今天的新聞稿和我們提交給美國證券交易委員會的文件中進行了討論，包括我們最近的 10-K 表格和隨後的 10-Q 表格。

Jim and John will discuss our results in the areas of yield and volume, which unless otherwise stated, are more specifically references to internal revenue growth, or IRG, from yield or volume. All third quarter volume results discussed are on a workday-adjusted basis. During the call, Jim and Devina will discuss our earnings per diluted share, which they may refer to as EPS, or earnings per share, and they will also address operating EBITDA, which is income from operations before depreciation and amortization. Jim and Devina will also be discussing the planned acquisition of Advanced Disposal Services, which they may refer to as Advanced or ADS. Any comparisons, unless otherwise stated, will be with the third quarter of 2018.

吉姆和約翰將討論我們在收益率和數量方面的結果，除非另有說明，否則更具體地參考收益率或數量的內部收入增長或 IRG。討論的所有第三季度銷量結果均基於工作日調整。在電話會議中，Jim 和 Devina 將討論我們的攤薄每股收益，他們可能將其稱為 EPS 或每股收益，他們還將討論運營 EBITDA，即折舊和攤銷前的運營收入。Jim 和 Devina 還將討論收購 Advanced Disposal Services 的計劃，他們可能將其稱為 Advanced 或 ADS。除非另有說明，否則任何比較都將與 2018 年第三季度進行比較。

Net income, EPS, operating EBITDA and SG&A expense results have been adjusted and projected. 2019 measures are anticipated to be adjusted to enhance comparability by excluding certain items that management believe do not to reflect our fundamental business performance or results of operations, including costs incurred in connection with the impending acquisition of ADS and our related reduction of common stock repurchases from planned levels. These adjusted measures, in addition to free cash flow, are non-GAAP measures. Please refer to the earnings press release tables, which can be found on the company's website at www.wm.com for reconciliations to the most comparable GAAP measure and additional information about our use of non-GAAP measures and non-GAAP projections.

淨收入、每股收益、運營 EBITDA 和 SG&A 費用結果已經過調整和預測。預計將調整 2019 年的措施以提高可比性，方法是排除管理層認為不能反映我們基本業務績效或運營結果的某些項目，包括與即將收購 ADS 相關的成本以及我們從普通股回購中減少的相關費用計劃的水平。這些調整後的措施，除了自由現金流之外，都是非 GAAP 措施。請參閱收益新聞稿表，該表可在公司網站 www.wm.com 上找到，以了解與最具可比性的 GAAP 衡量標準的對賬以及有關我們使用非 GAAP 衡量標準和非 GAAP 預測的其他信息。

This call is being recorded and will be available 24 hours a day beginning approximately 1 p.m. Eastern Time today until 5 p.m. Eastern Time on November 6. To hear a replay of the call over the Internet, access the Waste Management website at www.wm.com. To hear a telephonic replay of the call, dial (855) 859-2056 and enter reservation code 2572365. Time-sensitive information provided during today's call, which is occurring on October 23, 2019, may no longer be accurate at the time of the replay. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Waste Management is prohibited.

此通話正在錄音中，從下午 1 點左右開始每天 24 小時可用。東部時間今天至下午 5 點。東部時間 11 月 6 日。要通過互聯網收聽電話重播，請訪問廢物管理網站 www.wm.com。要收聽電話重播，請撥打 (855) 859-2056 並輸入預訂代碼 2572365。在 2019 年 10 月 23 日舉行的今天的電話會議中提供的時間敏感信息在重播時可能不再準確。未經 Waste Management 明確書面同意，禁止以任何形式重新分發、轉發或轉播此電話。

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

現在，我將把電話轉給 Waste Management 的總裁兼首席執行官 Jim Fish。

Thanks, Ed, and thank you for joining us. In the third quarter, the fundamental strength of our collection and disposal business continued to drive positive results for the company, confirming that focusing on our employees and customers and leveraging our asset network is the right strategy. In the third quarter, we generated more than 5% organic revenue in our collection and disposal business with yield of 2.6% and volume of 2.7%. And we had a strong core price of 5.3%, which translated into total company operating EBITDA of more than $1.14 billion, an increase of more than 3% from the third quarter of 2018. We also saw operating EBITDA margin expand 50 basis points in the collection and disposal business, which translated into operating cash growing almost 9%.

謝謝，埃德，感謝您加入我們。第三季度，我們收集和處置業務的基本實力繼續為公司帶來積極成果，證實了以我們的員工和客戶為中心並利用我們的資產網絡是正確的戰略。第三季度，我們的收集和處置業務產生了超過 5% 的有機收入，收益率為 2.6%，數量為 2.7%。我們有 5.3% 的強勁核心價格，轉化為公司總運營 EBITDA 超過 11.4 億美元，比 2018 年第三季度增長超過 3%。我們還看到，收集和處置業務的 EBITDA 營業利潤率擴大了 50 個基點，這轉化為營業現金增長近 9%。

As we reflect on the year so far and develop our plans for next year, a couple of trends are starting to come to light, particularly in our collection and disposal business. Our results across the solid waste business have been strong through the first 9 months of the year, but they've been particularly strong in our lines of business that are driven by the consumer portion of the economy: commercial collection and MSW landfill volumes. We have good visibility into these segments of our business, and all indicators are pointing to continued strength.

在我們回顧這一年並製定明年的計劃時，一些趨勢開始浮出水面，尤其是在我們的收集和處置業務方面。今年前 9 個月，我們在固體廢物業務方面的業績表現強勁，但在我們受經濟消費部分驅動的業務領域尤其強勁：商業收集和 MSW 垃圾填埋場。我們對我們業務的這些部分有很好的了解，所有指標都表明持續強勁。

When we look at the portion of our business driven by the industrial segment of the economy, namely special waste, we continue to see growth. However, the pace of growth is starting to moderate. We're starting to see generators take a more cautious approach to awarding new work. We still see our special waste pipeline as strong, and we're in a solid position to capitalize on these jobs as they occur based on the long-term relationships we build with our large, industrial customers and the strength of our asset network. Overall, our collection and disposal business has performed exceptionally well in 2019, overcoming headwinds in our commodity-sensitive business, recycling and renewable energy. The results in our commodity-sensitive businesses, which make up less than 10% of our total revenue, have been below our expectations. We've discussed all year these historically low recycling commodity prices, but we've also seen a negative $18 million impact in our operating EBITDA plan through the first 9 months of the year related to renewable and natural gas credits. We remain convinced that our strategy to close the loop between our landfill gas and CNG fleet is the right strategy and is an important piece of our commitment to drive sustainability within our operations.

當我們審視由經濟的工業部門驅動的業務部分，即特殊廢物時，我們繼續看到增長。然而，增長速度開始放緩。我們開始看到生成器在授予新工作時採取更加謹慎的方法。我們仍然認為我們的特殊廢物管道很強大，並且根據我們與大型工業客戶建立的長期關係以及我們資產網絡的實力，我們有能力利用這些工作。總體而言，我們的收集和處置業務在 2019 年表現出色，克服了商品敏感業務、回收和可再生能源方面的不利因素。我們對商品敏感的業務（占我們總收入的不到 10%）的業績低於我們的預期。我們全年都在討論這些歷史低位的回收商品價格，但我們也看到今年前 9 個月與可再生能源和天然氣信貸相關的運營 EBITDA 計劃產生了 1800 萬美元的負面影響。我們仍然相信，我們關閉垃圾填埋氣和 CNG 船隊之間循環的戰略是正確的戰略，也是我們在運營中推動可持續發展承諾的重要組成部分。

The good news is that the steps we're taking to transform the recycling business with restructured fee-based contracts and investments in technology will insulate the business from commodity price swings, and we're starting to see results. We saw a 320 basis point improvement in contamination rates at our single-stream MRFs in the third quarter. On a technology front, we began running test material through our MRF of the future and are encouraged by the results. At multiple other facilities, we're testing robotics, advanced optical sorting technology and improving screening processes. We continue to expect meaningful operating cost savings from these advancements in technology, while also creating the best-quality material for sale through positive sorting processes.

好消息是，我們正在採取措施通過重組收費合同和技術投資來改造回收業務，這將使該業務免受商品價格波動的影響，而且我們開始看到結果。第三季度，我們的單流 MRF 污染率提高了 320 個基點。在技術方面，我們開始通過未來的 MRF 運行測試材料，並對結果感到鼓舞。在其他多個設施中，我們正在測試機器人技術、先進的光學分揀技術並改進篩選流程。我們繼續期望從這些技術進步中顯著節省運營成本，同時還通過積極的分類流程創造出最優質的銷售材料。

Finally, I'd like to provide an update on the progress we're making towards the ADS acquisition. As we mentioned last quarter, we continue to make progress towards closing this transaction, and we remain on track to complete the acquisition during the first quarter of 2020. As you might imagine, we received a high level of interest from other companies inquiring any potential businesses we might be required to divest. Our integration team continues to position us to successfully integrate ADS upon close.

最後，我想提供有關我們在 ADS 收購方面取得的進展的最新情況。正如我們上個季度提到的那樣，我們在完成這筆交易方面繼續取得進展，我們仍有望在 2020 年第一季度完成收購。正如您所想像的那樣，我們收到了其他公司的高度興趣，詢問我們可能需要剝離的任何潛在業務。我們的整合團隊繼續幫助我們在收盤後成功整合 ADS。

Overall, we're pleased with our performance in the first 3 quarters of the year, which positions us to achieve our full year goals. The general macro economy seems to be stable, as indicated by our strong price and volume growth, with consumer spending steady, while the industrial segment seems to be taking more of a wait-and-see approach. The overall investment theme for Waste Management remains one where our solid waste business continues to produce excellent results and overcomes challenges in our commodity-based businesses. This is best demonstrated by our 7.8% year-over-year operating EBITDA growth in our collection and disposal business and our 8.9% year-over-year growth in our net cash from operations. These strong results position us to deliver our full year 2019 results.

總體而言，我們對今年前三個季度的表現感到滿意，這使我們能夠實現全年目標。正如我們強勁的價格和數量增長所表明的那樣，總體宏觀經濟似乎是穩定的，消費者支出穩定，而工業部門似乎更多地採取觀望態度。廢物管理的總體投資主題仍然是我們的固體廢物業務繼續取得優異成績並克服我們基於商品的業務的挑戰。我們的收款和處置業務的運營 EBITDA 同比增長 7.8% 以及運營淨現金同比增長 8.9% 就是最好的證明。這些強勁的業績使我們能夠實現 2019 年的全年業績。

In closing, I want to highlight another accomplishment in the quarter that we're particularly proud of. For the second year in a row, we were named sector leader for commercial services on the North American and World Dow Jones Sustainability Indices. This distinction is a reflection of our leadership in sustainability and the continued strides we are making in these areas.

最後，我想強調本季度我們引以為豪的另一項成就。我們連續第二年在北美和世界道瓊斯可持續發展指數中被評為商業服務行業領導者。這一殊榮反映了我們在可持續發展方面的領導地位以及我們在這些領域不斷取得的進步。

And with that, I will turn the call over to John.

有了這個，我會把電話轉給約翰。

Thanks, Jim, and good morning. We're pleased with our third quarter performance, driven by organic revenue growth of 5.3% in the collection and disposal business. The headline here is that landfill MSW yield in the third quarter was 3.7%, a 250 basis point improvement over last year. And if you look at the monthly trend of MSW yield, the highest month in the quarter was September, indicating continued momentum in this area. This has been a focus area for us, and we've made good progress in 2019 with year-to-date MSW yield of 3.6% compared to 2.2% for the full year 2018. This step change increase in pricing helps to overcome rising operating costs and generate appropriate returns on our high-quality, capital-intensive, post-collection assets.

謝謝，吉姆，早上好。我們對第三季度的業績感到滿意，這得益於收集和處置業務的有機收入增長 5.3%。這裡的標題是第三季度垃圾填埋場 MSW 收益率為 3.7%，比去年提高了 250 個基點。而如果看城市固體廢棄物收益率的月度趨勢，本季度最高的月份是 9 月，表明該地區的勢頭持續。這一直是我們關注的領域，我們在 2019 年取得了良好進展，年初至今的城市固體廢棄物收益率為 3.6%，而 2018 年全年為 2.2%。定價的這一階躍變化有助於克服不斷上升的運營成本，並為我們的高質量、資本密集型、收款後資產帶來適當的回報。

We saw commercial volume growth of 3.2% for the quarter and continued MSW volume growth of 1.9%. We also continue to see service increases outpace service decreases in the third quarter, and net new business remained positive, all evidence of a healthy consumer economy.

我們看到本季度商業量增長 3.2%，MSW 量繼續增長 1.9%。我們還繼續看到第三季度服務增長超過服務下降，淨新業務保持正增長，所有這些都表明消費經濟健康。

We've heard from some of our industrial customers that they lack visibility to commit to some event work. However, special waste volume growth of 4% in the third quarter is still healthy growth, especially given the tough comparisons from last year. C&D volume growth of 13.6% was largely driven by fire cleanup activities in California, which wrapped up in August.

我們從一些工業客戶那裡聽說，他們缺乏參與某些活動工作的知名度。然而，第三季度 4% 的特殊垃圾量增長仍然是健康的增長，尤其是考慮到與去年的艱難比較。C&D 銷量增長 13.6%，主要受加利福尼亞州 8 月結束的火災清理活動推動。

Looking at the recycling business, our blended average commodity price in the third quarter was just under $40 per ton, a decline of 40% compared to last year and a further 8% decline from the 10-year low reached in the second quarter, which led to an $86 million decline in our recycling revenue. Despite this precipitous drop, the steps we're taking to improve the recycling business held year-over-year decline to operating EBITDA to $7 million and EPS decline to about $0.01. In past years, an $86 million decline in revenue would have represented about an $0.08 to $0.10 decline in EPS. Mitigating this larger impact demonstrates the success we're having in restructuring contracts and assessing fees for contamination. Given our outlook for continued depressed prices in the fourth quarter, we continue to expect that full year results for recycling will be a $0.01 to $0.02 EPS headwind in 2019 compared to 2018.

看看回收業務，我們第三季度的混合平均商品價格略低於每噸 40 美元，比去年下降 40%，比第二季度達到的 10 年低點進一步下降 8%，這導致我們的回收收入減少了 8600 萬美元。儘管出現了這種急劇下降，但我們為改善回收業務而採取的措施使運營 EBITDA 同比下降至 700 萬美元，每股收益下降至約 0.01 美元。在過去幾年中，收入下降 8600 萬美元意味著每股收益下降約 0.08 美元至 0.10 美元。減輕這種更大的影響表明我們在重組合同和評估污染費用方面取得了成功。鑑於我們對第四季度價格持續低迷的展望，我們繼續預計與 2018 年相比，2019 年全年的回收業績將出現 0.01 美元至 0.02 美元的每股收益逆風。

Turning to operating expenses. In the third quarter, total operating costs as a percentage of revenue were 61.5%, a 50 basis point improvement over last year's adjusted results as our operations continue to improve their efficiency and manage their spending as volumes increase. We are pleased with the improvements that we're seeing in operating costs, particularly with the strong volume growth that we're experiencing. We've been able to manage our labor costs through improved efficiency. And in areas where we have implemented our maintenance service delivery optimization program, metrics are improving. While we are seeing increases in the cost to serve our customers, we are focused both on managing these costs and recovering increases through pricing opportunities. Through the first 9 months of the year, our operations have performed well, and we expect that they will continue to have momentum through the rest of the year and into 2020.

轉向運營費用。第三季度，總運營成本佔收入的百分比為 61.5%，比去年調整後的結果提高了 50 個基點，因為我們的運營繼續提高效率並隨著銷量的增加管理支出。我們對運營成本的改善感到滿意，尤其是我們正在經歷的強勁銷量增長。我們已經能夠通過提高效率來管理我們的勞動力成本。在我們實施維護服務交付優化計劃的領域，指標正在改善。雖然我們看到服務客戶的成本在增加，但我們專注於管理這些成本並通過定價機會收回增加的成本。今年前 9 個月，我們的運營表現良好，我們預計它們將在今年剩餘時間和 2020 年繼續保持勢頭。

I'll now turn the call over to Devina to discuss our third quarter financial results in more detail.

我現在將電話轉給德維納，更詳細地討論我們第三季度的財務業績。

Thanks, John, and good morning, everyone. As Jim and John discussed, the strong performance in our collection and disposal business again translated into solid operating EBITDA growth. As we have seen all year, strong operating EBITDA growth, combined with our disciplined focus on improving working capital, has produced robust cash from operations. In the third quarter, our cash flow from operations grew about 9% to $952 million. Year-to-date, cash from operations as a percentage of revenue has improved 60 basis points to 24.6%. The strong cash flow from operations growth we have seen all year has positioned us to proactively increase our capital expenditures from planned levels. During the third quarter, we spent $483 million on capital expenditures compared to $404 million in the third quarter of 2018.

謝謝，約翰，大家早上好。正如吉姆和約翰所討論的那樣，我們收集和處置業務的強勁表現再次轉化為穩健的運營 EBITDA 增長。正如我們全年所看到的那樣，強勁的運營 EBITDA 增長，加上我們對改善營運資本的嚴格關注，已經從運營中產生了可觀的現金。第三季度，我們的運營現金流增長了約 9%，達到 9.52 億美元。今年迄今，運營現金佔收入的百分比已提高 60 個基點至 24.6%。我們全年看到的運營增長帶來的強勁現金流使我們能夠主動增加計划水平的資本支出。第三季度，我們的資本支出為 4.83 億美元，而 2018 年第三季度為 4.04 億美元。

In 2019, we are benefiting from lower cash taxes for 3 reasons: first, a recently closed investment in low-income housing properties and resulting federal credit; second, benefits related to financing activities we completed last quarter; and third, additional benefits resulting from the filing of our federal income tax return. We are very intentionally investing these cash tax savings in our landfill, fleet and recycling business. We accelerated capital spending in the first 9 months of the year to position our landfills to respond to the higher-than-anticipated volume growth we have been seeing. We also made deliberate investments in our fleet, bringing the percentage of routed trucks running on natural gas to above 60% and increasing the number of automated side loaders in the fleet by about 9%. In addition, as we've completed design and construction of our MRF of the future, we've invested capital in a facility that we think will become the gold standard for sorting and processing technology. As a result of these intentional capital investments, we now expect full year capital expenditures to be above our guidance of $1.75 billion.

2019 年，我們受益於較低的現金稅，原因有 3 個：首先，最近關閉了對低收入住房的投資以及由此產生的聯邦信貸；第二，與我們上個季度完成的融資活動相關的收益；第三，提交聯邦所得稅申報表所帶來的額外利益。我們非常有意地將這些現金稅收節省投資於我們的垃圾填埋場、車隊和回收業務。今年前 9 個月，我們加快了資本支出，以使我們的垃圾填埋場能夠應對高於預期的垃圾量增長。我們還對我們的車隊進行了有意的投資，使使用天然氣的路線卡車的百分比達到 60% 以上，並將車隊中的自動側面裝載機的數量增加了約 9%。此外，隨著我們完成了未來 MRF 的設計和建造，我們已經投資建設了一個我們認為將成為分选和處理技術黃金標準的設施。由於這些有意的資本投資，我們現在預計全年資本支出將超過我們 17.5 億美元的指導。

As Jim mentioned, we've invested in our renewable energy business to close the loop between our landfill gas and CNG fleet. Our capital expenditure guidance excluded the potential increase in renewable energy capital, given the uncertain timing of the potential investment. Because pricing for RINs declined significantly in 2019, we didn't make as large as an investment as we might have otherwise. Full year capital spending for renewable energy plants is expected to be between $35 million and $40 million for the year.

正如吉姆所提到的，我們已經投資於可再生能源業務，以關閉垃圾填埋氣和壓縮天然氣車隊之間的循環。鑑於潛在投資的不確定時間，我們的資本支出指南不包括可再生能源資本的潛在增長。由於 RIN 的定價在 2019 年大幅下降，我們沒有進行原本可能進行的大規模投資。全年用於可再生能源工廠的資本支出預計在 3500 萬至 4000 萬美元之間。

Moving to free cash flow. Third quarter free cash flow was $478 million. And year-to-date, our business has generated $1.349 billion in free cash flow. Despite the elevated capital spending during the first 9 months of the year, we expect to achieve full year free cash flow of between $2.025 billion and $2.075 billion as our rate of capital spending moderates and we realize much of the cash tax benefit that I mentioned earlier. In the third quarter, we used our free cash flow to pay $218 million in dividends and for $76 million in solid waste tuck-in acquisitions. Year-to-date, our acquisitions, excluding the pending acquisition of Advanced Disposal, total to more than $500 million. As we have previously discussed, given the pending acquisition of ADS, we have suspended our normal core share repurchases, other than to offset dilution from equity compensation plans. The share buybacks that we executed during the first half of the year was sufficient to offset dilution, and so we have not repurchased any additional shares since the end of our second quarter. There was a $0.02 impact to EPS in the first 9 months of the year from our reduced level of share repurchases compared to guidance, and we expect a $0.02 impact in the fourth quarter. These amounts are adjusted from our results.

轉向自由現金流。第三季度自由現金流為 4.78 億美元。年初至今，我們的業務產生了 13.49 億美元的自由現金流。儘管今年前 9 個月的資本支出有所增加，但隨著我們的資本支出速度放緩，我們預計全年自由現金流將達到 20.25 億美元至 20.75 億美元，並且我們實現了我之前提到的大部分現金稅優惠.第三季度，我們使用自由現金流支付了 2.18 億美元的股息和 7600 萬美元的固體廢物回收收購。年初至今，我們的收購（不包括對 Advanced Disposal 的未決收購）總計超過 5 億美元。正如我們之前所討論的，鑑於即將收購 ADS，我們暫停了正常的核心股票回購，而不是為了抵消股權補償計劃的稀釋。我們在今年上半年執行的股票回購足以抵消稀釋，因此自第二季度末以來我們沒有回購任何額外的股票。與指導相比，我們降低了股票回購水平，今年前 9 個月對每股收益產生了 0.02 美元的影響，我們預計第四季度將產生 0.02 美元的影響。這些金額根據我們的結果進行了調整。

Our effective tax rate for the third quarter of 2019 was 19.4%. The rate is lower than previously communicated due to tax credits generated from the recently closed low-income housing transactions and benefits resulting from the filing of our federal income tax return, which is typically recognized in the third quarter. We now expect our adjusted full year 2019 tax rate to be about 22%.

我們 2019 年第三季度的有效稅率為 19.4%。由於最近關閉的低收入住房交易產生的稅收抵免以及我們通常在第三季度確認的聯邦所得稅申報表的提交產生的收益，該稅率低於之前公佈的稅率。我們現在預計調整後的 2019 年全年稅率約為 22%。

Our debt-to-EBITDA ratio, measured based on our bank covenants, was about 3.1x at the end of the quarter. The sequential increase in this measure from the end of the second quarter is related to additional debt financing we executed in the quarter to position us to fund the ADS acquisition. While the measure is trending higher as we approach the closing of ADS, it is within our targeted level. This is particularly impressive, given that the measure does not yet have the benefit of ADS EBITDA. Our strong balance sheet continues to afford us the financial flexibility to pursue strategic acquisitions at the right price.

根據我們的銀行契約衡量，我們的債務與 EBITDA 比率在本季度末約為 3.1 倍。從第二季度末開始，這一措施的連續增長與我們在本季度執行的額外債務融資有關，以使我們能夠為 ADS 收購提供資金。雖然隨著我們接近美國存託憑證的關閉，該指標呈上升趨勢，但它在我們的目標水平之內。這尤其令人印象深刻，因為該指標尚未從 ADS EBITDA 中獲益。我們強大的資產負債表繼續為我們提供財務靈活性，以合適的價格進行戰略收購。

Turning to SG&A. For the third quarter, our SG&A costs as a percentage of revenue were 9.7%, an increase over 2018, primarily due to the planned investments we are making in technology. Year-to-date, SG&A as a percentage of revenue is 10.1%, on track to achieve our SG&A spending as a percentage of revenue guidance of about 10%.

轉向 SG&A。第三季度，我們的 SG&A 成本佔收入的百分比為 9.7%，比 2018 年有所增加，這主要是由於我們計劃在技術方面進行投資。今年迄今，SG&A 佔收入的百分比為 10.1%，有望實現我們的 SG&A 支出佔收入指導值約 10% 的百分比。

We're proud of the results we've generated in the first 3 quarters of the year, as we are positioned to achieve our full year goals. I want to thank all members of the Waste Management team. I know they are hard at work on continuing to deliver fantastic results in the fourth quarter and preparing for a great 2020.

我們為今年前三個季度取得的成果感到自豪，因為我們已準備好實現全年目標。我要感謝廢物管理團隊的所有成員。我知道他們正在努力工作，繼續在第四季度取得出色的成績，並為偉大的 2020 年做準備。

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

有了這個，諾拉，讓我們打開問題熱線。

(Operator Instructions) Your first question comes from the line of Brian Maguire of Goldman Sachs.

（操作員說明）你的第一個問題來自高盛的布賴恩馬奎爾。

Wanted to understand the gas credit headwind a little bit more. I think you called out it's a $0.03 to $0.04 headwind for the full year, so I translate that back to about $17 million to $22 million of EBITDA. Maybe you can just kind of confirm that? And I think you mentioned maybe $8 million of it was in 3Q. I think you said $18 million was maybe the year-to-date impact, so just wondering if you can kind of confirm that. And then should we be thinking about a similar impact to 2020? Or will this kind of largely be contained to a 2019 issue?

想更多地了解天然氣信貸逆風。我想你說這是全年 0.03 到 0.04 美元的不利因素，所以我將其轉換回約 1700 萬到 2200 萬美元的 EBITDA。也許你可以確認一下？而且我認為你提到其中可能有 800 萬美元是在第三季度。我想你說 1800 萬美元可能是年初至今的影響，所以只是想知道你是否可以證實這一點。那麼我們是否應該考慮與 2020 年類似的影響？或者這種情況會在很大程度上包含在 2019 年的一期中嗎？

Yes, Brian. Look, we really didn't talk about it in the first quarter or the first 6 months, really, because it was $4 million, so it wasn't really worth the discussion. You're right, it was $8 million in Q3. We expect it to be another $8 million, and we're talking EBITDA here. In Q4, it's -- interestingly, it's something that we -- that's been part of our business for a long time, and we've turned landfill gas energy forever. Mostly, it's been in the form of electricity. We do have, just to give a little context here, 13 of these RNG plants that are owned by third parties. And then we have 3 of our own, soon to be 4. We're building a fourth. We don't have any additional plans to build further plants, but it strategically makes a lot of sense for us to do it because our fleet has gone from 40% CNG to 60% CNG in 2 years.

是的，布萊恩。看，我們真的沒有在第一季度或前 6 個月談論它，真的，因為它是 400 萬美元，所以真的不值得討論。你是對的，第三季度是 800 萬美元。我們預計它會再增加 800 萬美元，我們在這裡談論的是 EBITDA。在第四季度，它 - 有趣的是，這是我們 - 長期以來一直是我們業務的一部分，我們已經永遠轉變了垃圾填埋場氣體能源。大多數情況下，它是以電力的形式出現的。我們確實有 13 家第三方擁有的 RNG 工廠，只是在這裡提供一些背景信息。然後我們有自己的 3 個，很快就會有 4 個。我們正在建造第四個。我們沒有任何額外的計劃來建造更多的工廠，但從戰略上講，我們這樣做很有意義，因為我們的車隊在 2 年內從 40% CNG 增加到 60% CNG。

Regarding your question about what the expectation is for this in 2020, I would tell you that the front half of the year may see some challenges, just on a year-over-year comparative basis. But it's awfully hard to really say with any kind of definitiveness here because, as you probably know, these RINs credits are a bit of a political football, and they've been getting kicked around quite a bit this year. So here's what I would tell you. I think we are much closer to the bottom than we are to the top. I mean, when we -- these plants have really good returns, and when we started building them, we were kind of right in the middle of where RINs credit had been, somewhere in the high of $3. And we were kind of in that $1.85 at the beginning of this year. They dipped down to $0.50, maybe a little bit below $0.50 in August. And then they've come back a bit to -- I think $82.50 was the last number I saw. So they are very volatile, and so it's a bit hard to say what next year looks like. If I had to guess, I would tell you it's going to be a little bit of a tough comparison in Q1 and Q2, and then it gets quite a bit easier in Q3 and Q4. We'll know more as we get to February, and we'll give guidance on that. Hopefully, we're in a position where we don't have to talk about it anymore because it becomes nonmaterial. It's not really material, even with $8 million, but it's just something we felt like was worth calling out.

關於你對2020年的預期是什麼的問題，我會告訴你，今年上半年可能會遇到一些挑戰，只是在同比比較的基礎上。但在這裡真的很難用任何一種確定性的方式說出來，因為正如你可能知道的那樣，這些 RINs 信用有點像政治足球，今年他們已經被踢了很多次。所以這就是我要告訴你的。我認為我們離底部比頂部更近。我的意思是，當我們——這些工廠有很好的回報時，當我們開始建造它們時，我們有點正處於 RIN 信貸的中間位置，在 3 美元的高位。今年年初，我們的股價為 1.85 美元。他們跌至 0.50 美元，8 月份可能略低於 0.50 美元。然後他們又回來了一點——我認為 82.50 美元是我看到的最後一個數字。所以它們非常不穩定，所以很難說明年會是什麼樣子。如果非要我猜的話，我會告訴你，第一季度和第二季度的比較會有點困難，然後第三季度和第四季度就容易多了。到 2 月份時，我們會了解更多信息，並會就此提供指導。希望我們處於一個不必再談論它的位置，因為它變得非物質了。這不是真正的物質，即使有 800 萬美元，但這只是我們覺得值得呼籲的東西。

I do want to clarify really quickly because you did mention the $18 million that we referred to in Jim's prepared remarks, and that was relative to our plan where, when he spoke to the $4 million that we experienced in the first half of the year combines with the $8 million in Q3, that was relative to prior year. So relative to plan, we expect this to be a headwind in the neighborhood of $25 million to $30 million. But relative to prior year, that's more in that $17 million to $22 million range that you referenced.

我確實想很快澄清一下，因為你確實提到了我們在 Jim 準備好的發言中提到的 1800 萬美元，這是相對於我們的計劃而言的，當他談到我們在今年上半年經歷的 400 萬美元時，結合了第三季度為 800 萬美元，與去年同期相比。因此，相對於計劃，我們預計這將成為 2500 萬至 3000 萬美元附近的逆風。但與前一年相比，您提到的 1700 萬至 2200 萬美元的範圍內更多。

Okay. Very clear, makes sense. And just given all that, it's obviously impressive you're able to reiterate the guidance range for the year. But would it -- and I know you don't give quarterly guidance per se, but just would it be right to think about we're now probably moving into the lower end of that range?

好的。很清楚，很有道理。考慮到所有這些，您能夠重申今年的指導範圍顯然令人印象深刻。但它會 - 我知道你本身並沒有給出季度指導，但考慮我們現在可能進入該範圍的低端是否正確？

I think we're comfortable saying we're just going to be within the range. And we've looked at this 15 different ways and feel like it has -- we have the opportunity to finish in the middle of the range. We could finish in the low end. And if things really went right, particularly with special waste, we could actually finish at the higher end of the range. So that's why we didn't change where we were going to finish. We just felt like we were comfortable with the range that we had given originally.

我認為我們很樂意說我們只是在這個範圍內。我們已經研究了這 15 種不同的方式，並且感覺它已經 - 我們有機會在範圍的中間完成。我們可以在低端完成。如果一切順利，尤其是在處理特殊廢物方面，我們實際上可以達到該範圍的較高端。所以這就是為什麼我們沒有改變我們要完成的地方。我們只是覺得我們對最初給出的範圍感到滿意。

Okay, great. And just last one for me before I hand it off. Just your comments on the industrial and special waste volumes slowing down a little bit. I guess that makes sense given the macro news. Can you just kind of remind us your exposure there as a percentage of kind of overall volumes? And is there a potential for that to drive overall volume to a negative number next year at this point? Or are you still kind of thinking preliminarily that volume will be up a little bit next year?

好的，太好了。在我遞交之前給我最後一個。只是您對工業和特殊廢物量有所放緩的評論。鑑於宏觀新聞，我想這是有道理的。您能否提醒我們您在那裡的曝光率佔總交易量的百分比？明年此時是否有可能將整體銷量推至負數？或者你是否仍然初步認為明年的銷量會增加一點？

So Brian, this is John Morris. What I would tell you was, as we looked at quarter-over-quarter over the last handful of years going backwards, and we've had quarters that were negative and some that have been positive double digit. And we think a 4% special waste volume in Q4 on tough comps, we still feel good about that performance. There are certainly some puts and takes there. We don't need to go into detail. But what I would tell you is our pipelines are still healthy. And as Jim and I both commented, there's a little bit of a lack of visibility with some of our industrial customers. But again, we feel confident about where our pipeline is and where our volumes are through 9 months of the year.

Brian，這是 John Morris。我要告訴你的是，當我們回顧過去幾年的季度環比時，我們有幾個季度是負的，有些是正的兩位數。我們認為第四季度在艱難的比賽中有 4% 的特殊浪費量，我們仍然對這種表現感到滿意。那里肯定有一些投入和投入。我們不需要細說。但我要告訴你的是，我們的管道仍然健康。正如吉姆和我都評論的那樣，我們的一些工業客戶有點缺乏知名度。但同樣，我們對我們的管道在哪里以及我們一年中 9 個月的銷量充滿信心。

Yes. I mean historically, that 4% is kind of on a -- it's a number that moves all over the page. I mean when you look back 12 or 16 quarters, I mean, we've had some -- a couple of quarters that were as low as negative 3%, and we've had a couple of quarters that were as high as 18%. So it's a number that bounces around a lot. But with 4%, as John said, still pretty healthy, all things considered.

是的。我的意思是，從歷史上看，4% 有點像——這是一個在整個頁面上移動的數字。我的意思是當你回顧 12 或 16 個季度時，我的意思是，我們有一些 - 幾個季度低至負 3%，我們有幾個季度高達 18% .所以這是一個經常反彈的數字。但正如約翰所說，4% 的人仍然非常健康，考慮到所有因素。

And then one thing that I would point to on your point of relative contribution. As you look at collection revenue, our collection revenue for the quarter was $2.6 billion. Industrial specifically was $766 million on the collection side. And the part that we see variability in is a fraction of that, closer to more the 10% to 20% of industrial on the collection line of business.

然後我要指出關於你的相對貢獻的一件事。當您查看收款收入時，我們本季度的收款收入為 26 億美元。工業在收款方面特別是 7.66 億美元。我們看到的可變性部分只是其中的一小部分，在收集業務中接近 10% 到 20% 的工業。

Your next question comes from the line of Sean Eastman, KeyBanc Capital.

您的下一個問題來自 KeyBanc Capital 的 Sean Eastman。

I guess the first one, I just wanted to understand kind of this dynamic where we saw CapEx come in higher than expected in 3Q. It does make sense that the strong volume growth needs to be matched with some capital investment. But given just kind of a lighter special waste visibility commentary alongside that, I'm wondering if -- I'm just wondering how things are shaping up relative to the kind of 2% volume trajectory that's built into the longer-term target, whether we're looking higher than that or below that at this point.

我想第一個，我只是想了解這種動態，我們看到第三季度的資本支出高於預期。強勁的銷量增長需要與一些資本投資相匹配是有道理的。但是，考慮到與此同時出現的一種較輕的特殊廢物可見性評論，我想知道是否 - 我只是想知道相對於長期目標中內置的那種 2% 的體積軌跡，事情是如何形成的，是否在這一點上，我們看起來高於或低於該水平。

Sure. So I think the best indicator of volume expectations versus where we actually ended up, we started the year expecting volume to be around 2% for the enterprise. And instead, we've, through 9 months, produced 3.8% volume growth in collection and disposal. And in the current quarter, that was 2.7%. And so that really is the primary driver of the capital expenditure acceleration that you've seen in 2019, particularly in the landfill line of business. Landfill volumes are up in the current quarter 3.1% and 5.6% -- I'm sorry, 7.4% for the year-to-date period. So when we look at capital expenditures and what has driven our very proactive and intentional investment, it's been driven by the landfill line of business, where that volume growth has exceeded our expectations.

當然。因此，我認為最好的指標是衡量銷量預期與我們實際結束的位置，我們年初預計企業的銷量約為 2%。相反，在過去的 9 個月裡，我們的收集和處理量增長了 3.8%。而在本季度，這一比例為 2.7%。因此，這確實是您在 2019 年看到的資本支出加速增長的主要驅動力，尤其是在垃圾填埋場業務領域。本季度垃圾填埋量分別增長了 3.1% 和 5.6%——抱歉，年初至今增長了 7.4%。因此，當我們查看資本支出以及推動我們非常積極和有意投資的因素時，它是由垃圾填埋場業務推動的，該業務量的增長超出了我們的預期。

Okay. And I might have missed this, but I'm not sure I totally understand why recycling was worse than expected in 3Q, just given that the underlying commodity basket seemed to have been fairly stable during the quarter. Just trying to understand the moving parts there.

好的。我可能錯過了這一點，但我不確定我是否完全理解為什麼第三季度的回收情況比預期的要差，只是考慮到基礎商品籃子在本季度似乎相當穩定。只是想了解那裡的活動部件。

I think, Sean -- this is John Morris. I mean the prices were down sequentially -- or quarter-over-quarter by 40%. I think it was $86 million of price-related revenue decline, and EBITDA on that was only down $7 million. So we feel like that was a victory. We've done a lot to improve quality. Our residual percentage, as Jim mentioned in his comments, is down over 300 basis points. It's a combination of educating our customers and doing a better job in the plan of controlling quality. So we see that as a victory. It was $86 million. And as I said my comments, in the old model, that could have been $0.08 to $0.10 of a headwind. And instead, it was $0.01. So we view that as a positive.

我想，肖恩——這是約翰·莫里斯。我的意思是價格連續下降——或環比下降 40%。我認為這是與價格相關的收入下降 8600 萬美元，而 EBITDA 僅下降了 700 萬美元。所以我們覺得那是一場胜利。我們為提高質量做了很多工作。正如吉姆在評論中提到的那樣，我們的剩餘百分比下降了 300 多個基點。這是教育我們的客戶和在控制質量計劃中做得更好的結合。所以我們認為這是一場胜利。這是8600萬美元。正如我所說，在舊模型中，這可能是 0.08 美元到 0.10 美元的逆風。相反，它是 0.01 美元。所以我們認為這是積極的。

And I would...

我會...

When we started the year, Sean, I mean, we were at kind of $65 on a weighted average commodity price basis, and we thought we could expect it to stay flat there because that was half of what had been the previous year. It obviously has not stayed flat. So in Q3, as John said, it was down again, not only year-over-year, but sequentially. It was down to $38, which is -- that's our weighted average number, so it's not a number you'd find anywhere. But still, going from $65 to $38 and showing really only $7 million of decline was, we thought, as John said, a win for us in terms of our mitigation efforts.

當我們今年開始時，肖恩，我的意思是，我們的加權平均商品價格為 65 美元，我們認為我們可以預期它會保持平穩，因為這是前一年的一半。它顯然沒有保持平穩。所以在第三季度，正如約翰所說，它再次下降，不僅同比下降，而且環比下降。它降到了 38 美元，這是我們的加權平均數，所以這不是你在任何地方都能找到的數字。但是，正如 John 所說，我們認為，從 65 美元到 38 美元，實際上只下降了 700 萬美元，就我們的緩解努力而言，這是我們的勝利。

Another question from the line of Noah Kaye, Oppenheimer.

另一個問題來自奧本海默的諾亞·凱伊。

Just to pick it up there, to manage the recycling headwind there does appear pretty impressive, especially considering I think you lapped the implementation of the contamination fees this quarter. so I guess what I want to understand is, first, do the contamination fees cover all of your third-party contracted volumes? Or can you do more there? And then as you alluded to in your prepared remarks, how large of a lever do you see some of these technology investments and improving processing costs to improve EBITDA in the recycling line?

只是在那裡接受它，管理那裡的回收逆風確實令人印象深刻，特別是考慮到我認為你在本季度實施了污染費。所以我想我想了解的是，首先，污染費是否涵蓋您所有的第三方合同量？或者你能在那裡做更多嗎？然後正如您在準備好的發言中提到的那樣，您認為這些技術投資和提高加工成本對提高回收生產線的 EBITDA 有多大影響？

So I'll start with the last part first. I think when you look at some of the investments we're making in Chicago and we're making around the rest of the assets around robotics. I mean, we could see, in Chicago, and particularly commented that operating costs, in particular labor, could come down as much as 40%. And I think in terms of the first part of your question, I mean, yes, we have lapping implementation of our battle against contamination and some of the other fees that we're assessing. But again, as evidenced by our results here in the third quarter, even though commodity prices continue to decline, we've been really successful on our view at closing the gap because -- to what otherwise would have been, like I said earlier, $0.08 to $0.10 headwinds on an EPS level.

所以我先從最後一部分開始。我認為當你看一下我們在芝加哥進行的一些投資時，我們正在圍繞機器人技術進行其餘的資產投資。我的意思是，我們可以看到，在芝加哥，特別是評論說，運營成本，尤其是勞動力，可能會下降多達 40%。我認為就你問題的第一部分而言，我的意思是，是的，我們已經逐步實施了我們與污染的鬥爭以及我們正在評估的其他一些費用。但是，正如我們在第三季度的結果所證明的那樣，儘管大宗商品價格繼續下跌，但從我們的觀點來看，我們在縮小差距方面確實取得了成功，因為——如果不是這樣的話，就像我之前說的那樣， EPS 水平上的阻力為 0.08 美元至 0.10 美元。

And so part of that improvement is that now that your contamination is lower, you're getting a higher-quality bail. And so you're just getting more value on a relative basis on what you're seeing coming into the MRF. Is that a fair way to put it?

因此，這種改進的一部分是，現在您的污染較低，您將獲得更高質量的保釋金。因此，在 MRF 中看到的相對基礎上，您只是獲得了更多價值。這樣說公平嗎？

Well, as I mentioned, we've done a nice job of holding kind of our gross operating cost per ton flat, and we're improving residual, which means we'll have more efficiency going through the plant. And it also speaks to the education process and that we're improving the quality coming in the front of the facility as well.

好吧，正如我提到的，我們在保持每噸總運營成本方面做得很好，而且我們正在改善殘差，這意味著我們將提高工廠的效率。這也說明了教育過程，我們也在提高設施前面的質量。

I would add that, while we have anniversaried the more significant steps to roll out the program, we are not at 100% run rate. And so some of what you saw in the third quarter was continued execution on that plan and applying it to more of our customer base. So there was some benefit of step change in the benefit, the battle against contamination and fee-based programs.

我要補充一點，雖然我們已經採取了更重要的步驟來推出該計劃，但我們並未達到 100% 的運行率。因此，您在第三季度看到的一些內容是繼續執行該計劃並將其應用於我們更多的客戶群。因此，在利益、與污染和收費項目的鬥爭中，有一些階梯式變化的好處。

Okay. Maybe just to add one more question. You had a very tough comp this quarter on volume, and you still got this volume growth. The comps get tougher next quarter. As you mentioned, you're lapping the California wildfire, a couple other special items. Can you maybe just talk directionally, I know it's short term, but how we should think about the fourth quarter volume cadence?

好的。也許只是為了增加一個問題。你本季度的銷量非常艱難，但你仍然實現了銷量增長。下個季度的競爭變得更加艱難。正如您提到的，您正在撲滅加州野火，以及其他一些特殊項目。你能不能直接談談，我知道這是短期的，但我們應該如何考慮第四季度的成交量節奏？

Yes. I mean when we look at our volume and we occasionally talk about what we're seeing in the current months, looks -- it's very early in the current fourth quarter, but still looks reasonably good. Looks similar to what we've seen in Q3, which is, as we said in our scripts, strong on those consumer-driven volumes, which are commercial and MSW, and then not as strong on the industrial side.

是的。我的意思是，當我們查看我們的數量時，我們偶爾會談論我們在當前幾個月所看到的情況，看起來 - 目前第四季度還很早，但看起來仍然相當不錯。看起來與我們在第三季度看到的情況相似，正如我們在腳本中所說的那樣，在那些消費者驅動的數量上表現強勁，即商業和城市固體廢棄物，然後在工業方面表現不佳。

I think the big story here is, honestly -- and this report is less about volume, because volume is reasonably consistent for us. It's less about volume, it's more about price, and it's more about disposal pricing. I mean you look at MSW and transfer station, and that's an area that we've talked a lot about. And you guys have asked a lot of questions, which is, "Okay, yes. So you guys talk about it, but when are we going to see the results?" I think 3 consecutive quarters now of MSW yield above 3% and growing, right? I mean MSW yield this quarter, 3.7%. It was 3.6%; last quarter, 3.4%. And then honestly, when I look back, trying to find a number that was above 3.7%, I could not find one for 10 years. I don't know how far back it goes before -- since we last had a 3.7% MSW yield. But I can tell you, it wasn't after 2009. All the other books in my cabinet have been shredded, I think. So the 3.7% MSW yield is the big number, really. The volume number there, approaching -- it's kind of 1.9%, approaching 2%. There was a little bit of volume that we moved out to a third party. Some of that will come back to us. So if you factor that in, we would have been around 2% in MSW volume. But again, the big news in this report is really about disposal pricing. Transfer station pricing was 3.3%. That's on top of 3.4% last quarter. And then if you, again, and similar to MSW, you look back before that, there is not a number on the page in terms of transfer station yield that's approaching those numbers. So I feel good about the volume, but what really gives me real cause for optimism going into 2020 is the fact that we seem to be getting our sea legs in terms of disposal pricing, and that is a big, big change from where we've been over the last decade.

老實說，我認為這裡的大故事是——這份報告與數量無關，因為數量對我們來說是相當一致的。它與數量無關，與價格有關，與處置定價有關。我的意思是你看看 MSW 和轉運站，這是我們討論過很多的領域。你們問了很多問題，就是，“好的，是的。所以你們談論它，但我們什麼時候才能看到結果？”我認為現在連續 3 個季度城市固體廢棄物產量超過 3% 並且還在增長，對吧？我的意思是本季度的 MSW 收益率為 3.7%。為 3.6%；上一季度，3.4%。然後老實說，當我回頭看時，試圖找到一個高於 3.7% 的數字，我找了 10 年都找不到。我不知道它能追溯到多久之前——自從我們上次獲得 3.7% 的 MSW 收益率以來。但我可以告訴你，那不是在 2009 年之後。我想我櫃子裡的所有其他書都被撕碎了。所以 3.7% 的 MSW 產量是一個很大的數字，真的。那裡的數量接近——大約是 1.9%，接近 2%。有一點我們移到了第三方。其中一些會回到我們身邊。因此，如果將其考慮在內，我們的城市固體廢物量將達到 2% 左右。但同樣，這份報告中的重大新聞實際上是關於處置定價的。中轉站定價為 3.3%。這高於上一季度的 3.4%。然後，如果您再次與 MSW 類似，在此之前回顧一下，頁面上沒有接近這些數字的轉運站產量的數字。所以我對銷量感覺很好，但真正讓我對進入 2020 年感到樂觀的真正原因是，我們似乎在處置定價方面取得了成功，這是一個很大的變化，從我們的地方已經過去十年了。

Another question from Michael Hoffman, Stifel.

來自 Stifel 的 Michael Hoffman 的另一個問題。

So you almost stole my thunder because I was going to say why are we focusing so much time on volume, and let's talk about price. So can we talk about core price by line of business? You talked about that occasionally, industrial, commercial, residential landfill?

所以你幾乎搶了我的風頭，因為我要說為什麼我們要花這麼多時間關注數量，讓我們談談價格。那麼我們可以按業務線談談核心價格嗎？你偶爾談到那個，工業、商業、住宅垃圾填埋場？

Yes. I mean, look, I think core price, and John can tack on here. Core price was very strong. I think the core price number for commercial was 6.6%...

是的。我的意思是，看，我認為核心價格，約翰可以在這裡繼續努力。核心價格非常強勁。我認為商業的核心價格數字是 6.6%...

5.7%.

5.7%。

5.7%, okay.

5.7%，好吧。

So commercial core price was 5.7%, industrial was approaching 10%. And residential, which we talked a lot about internally, is 4.5% for the quarter, which is a really good indication of our efforts to continue to price that part of our business effectively, which has certainly been a challenge in the past because of the indexing to CPI that we often talk about. But -- so you see real traction in each of the collection lines of business to price above and beyond cost inflation.

所以商業核心價格為 5.7%，工業接近 10%。我們內部經常討論的住宅本季度為 4.5%，這很好地表明了我們繼續努力有效地為這部分業務定價的努力，這在過去肯定是一個挑戰，因為指數化我們常說的CPI。但是 - 所以你會看到每個收集業務線的真正牽引力是定價高於成本通脹。

And, Michael, this is John. I would add one thing. Obviously, we commented in the prepared remarks about what's happening with margin expansion in the collection and disposal business, but I would point you to the residential line. When you see core price for the quarter of 4.5%, 4.6% year-to-date and yield numbers in residential at 3.2% and 3.4% for the quarter and year-to-date, those are numbers that we've been focused on. We've clearly had challenges moving that in the past. But when you talk about -- I know we're going to get into a prior question around CPI and the mix of how we're -- what rate mechanism we're using. To me, that's a real good bellwether of the progress we're making in residential in terms of changing that model.

邁克爾，這是約翰。我要補充一件事。顯然，我們在準備好的評論中評論了收集和處置業務利潤率擴張的情況，但我會指出住宅線。當您看到本季度的核心價格為 4.5%，年初至今為 4.6%，而本季度和年初至今的住宅收益率分別為 3.2% 和 3.4%，這些是我們一直關注的數字.我們在過去顯然遇到過挑戰。但是當你談論 - 我知道我們將進入圍繞 CPI 的先前問題以及我們如何組合 - 我們正在使用什麼利率機制。對我來說，這是我們在改變這種模式方面在住宅方面取得進展的一個很好的領頭羊。

Yes. I think, Michael, I mean, I know you've spent a lot of time with John. John has a lot of things on his plate as Chief Operating Officer, but one thing that he has really focused on is residential. And so he should be credited for a lot of work well done on that residential line of business, which has been a tough line of business for us over the last 5 or 6 years. And we're -- again, when you look at price, I think you're right. Yes, we can talk about the volume all day long, but -- and volume is okay. It's fine, as we said, but price is the news here. And I didn't say anything about residential price, but boy, he's right about that. That is a really good story for us on residential pricing, in addition to what we talked about on the disposal side.

是的。我想，邁克爾，我的意思是，我知道你和約翰一起度過了很多時間。作為首席運營官，約翰有很多事情要做，但他真正關注的一件事是住宅。因此，他應該因為在住宅業務方面做得很好而受到讚揚，在過去的 5 或 6 年裡，這對我們來說一直是一項艱難的業務。而且我們 - 再一次，當你看價格時，我認為你是對的。是的，我們可以整天談論音量，但是 - 音量還可以。正如我們所說，這很好，但價格是這裡的新聞。我沒有說任何關於住宅價格的事情，但是天哪，他是對的。除了我們在處置方面談到的內容之外，這對我們來說是一個關於住宅定價的非常好的故事。

And your internal cost of inflation is still running somewhere between 2.5% and 3% net of productivity, so there is proof of the operating leverage. And the one number you didn't give me is the landfill core price, but that's [proof showing] the operating leverage.

並且您的內部通貨膨脹成本仍然在淨生產力的 2.5% 到 3% 之間運行，因此有運營槓桿的證據。你沒有給我的一個數字是垃圾填埋場的核心價格，但那是 [proof showing] 運營槓桿。

The landfill core price was 4% in the quarter. Transfer station was 3.1%, going to Jim's comments earlier about disposal pricing really being a bright spot for us in the quarter.

本季度垃圾填埋場核心價格為 4%。轉運站為 3.1%，這是吉姆早些時候關於處置定價確實是我們本季度的一個亮點的評論。

Right. And so, Jim, you've talked about in the past 16 of the 20th largest MSAs, big landfills, they're full every day. When you've -- and you see volume going by you. And when you think about that book alone, what do you -- what's the visibility on how many more years you can be doing this pretty well on the pricing at the disposal because you know this volume is going by you that it allows you to keep pricing until you finally reduce your own volume?

正確的。因此，吉姆，你在過去 20 大 MSA 中的 16 個中談到過，大型垃圾填埋場，它們每天都滿滿的。當你 - 你看到音量在你身邊。當你單獨考慮那本書時，你會怎麼想——你能在多少年內在定價方面做得很好，因為你知道這本書在你身邊，它允許你保持定價，直到你最終減少自己的數量？

I think it will be well outside of my career, and I'm not prepared to say what my career is going to be here. But it will be -- look, we're excited about core price in the -- for landfill, and that's 5.7% range and yields for MSW at 3.7%, the numbers we've talked about. But I would tell you this. As you just said, we have great assets here, and there's no reason to expect that we shouldn't be able to get those kinds of numbers going forward for the foreseeable future. This is not something where I look at it and go, "Okay, yes. Good core price for 3 quarters, but this thing ends in Q2 of next year." No. I think this thing can go on for a long time, driving -- and by the way, it's not like we're -- I'm not expecting to get called in front of a Senate subcommittee any time and be asked why are you throwing 15% on your landfills. It's 3.7% MSW, so it's not obscene at all. It's just really going to recovering cost and hopefully adding a little bit of margin expansion.

我認為這將完全超出我的職業生涯，而且我不准備在這裡說出我的職業生涯。但這將是——看，我們對垃圾填埋場的核心價格感到興奮，這是 5.7% 的範圍，MSW 的收益率為 3.7%，我們已經談到了這些數字。但我會告訴你這個。正如你剛才所說，我們在這裡擁有巨大的資產，沒有理由期望在可預見的未來我們不應該能夠獲得這些數字。這不是我看著它就走的地方，“好吧，是的。3 個季度的核心價格不錯，但這件事要到明年第二季度才能結束。”我認為這件事可以持續很長時間，開車 - 順便說一下，這不像我們 - 我不希望任何時候在參議院小組委員會面前被傳喚並被問到你為什麼將 15% 的垃圾投入垃圾填埋場。這是 3.7% MSW，所以一點也不淫穢。它真的會收回成本，並希望增加一點利潤率。

If I would add one thing, Michael, one thing that we all pay particular attention to. Jim mentioned it, I mentioned it. It's not just the landfills. It's the network and the performance of our transfer stations improving is also another indicator of how well that network's performing.

如果我要補充一件事，邁克爾，我們都特別注意的一件事。吉姆提到過，我也提到過。不僅僅是垃圾填埋場。這是網絡和我們中轉站性能的改進也是該網絡性能如何的另一個指標。

Well, it's an extension to the gate. So by definition, it ought to be in line. If it's not, then you're giving it away at one end and trying to make it up at the other.

好吧，這是大門的延伸。所以根據定義，它應該是一致的。如果不是，那麼您就是在一端放棄它並試圖在另一端彌補它。

Exactly right, which is what we're not trying to do.

完全正確，這不是我們想要做的。

Right. Yes. Don't subsidize the competitor. So let's try and put volume to bed once. You all have an asset mix and geographic concentration that would lend itself to consistently producing a good volume number relative to a comparison because of the nature of that mix. Do you want to sort of refresh us on that, why we ought to remember that? And then put it into the context of volume -- your asset mix is positioned to naturally capture what you should get, and you're well positioned to do a little bit better than the average.

正確的。是的。不要補貼競爭對手。因此，讓我們嘗試將音量放在床上一次。由於這種組合的性質，你們都擁有資產組合和地理集中度，這有助於持續產生相對於比較的良好數量。你想讓我們重溫一下，為什麼我們應該記住這一點？然後把它放在數量的背景下——你的資產組合定位為自然地捕獲你應該得到的東西，而且你有能力做得比平均水平好一點。

So I would say that what we tend to talk about, and you hit on it with the 16 of 20 largest MSAs having the best-placed assets in those markets, what that's about is being well placed in markets that we see growth. And so at Waste Management, we focused extensively on not just leveraging the best asset network in the business today, but thinking about how we will be positioned to leverage that asset network over the long term. And where -- when you look at the North American economy, we see urbanization as a trend and one that is benefiting those well-placed assets.

所以我想說的是，我們傾向於談論的是，20 個最大的 MSA 中有 16 個在這些市場中擁有最佳資產，這就是在我們看到增長的市場中處於有利地位。因此，在 Waste Management，我們不僅廣泛關注利用當今業務中最好的資產網絡，還考慮我們將如何定位以長期利用該資產網絡。在哪裡 - 當你看北美經濟時，我們將城市化視為一種趨勢，並且有利於那些位置優越的資產。

Yes. One thing I would add to that, Michael, is that we talked a lot about the investment we're making in digital, and the digital team's done a great job. And the reason we're doing this is to differentiate ourselves. So we obviously feel differentiated with our asset network. We wanted to add a second form of differentiation, which is bringing a different digital approach to our customers, both internal and external customers. So if you -- a couple of examples here, we rolled out an open market residential tool probably a year or so ago, and now 40% of all of our new open market residential customers are going through that tool. It's been very well received. The feedback from our customer base has been excellent. We think that 40% number will eventually go to a much higher number. In fact, it will -- in short order, I think it will be the majority, meaning over 50% of those customers that come in will go directly through that new customer-facing digital application. The commercial tool, which rolled out only a couple of months ago, has -- it's certainly a much lower number than that 40%, but it is growing at a fast pace. In fact, the last number that I heard was that we -- that, that number is tripling. So we think that in addition to having a really good, in fact, best-in-class network of assets, we are rightly spending dollars in the digital space to differentiate ourselves. So differentiation will not just be in terms of asset location, but it will be in terms of customer-facing technology.

是的。邁克爾，我要補充的一件事是，我們談了很多關於我們在數字方面所做的投資，數字團隊做得很好。我們這樣做的原因是為了讓自己與眾不同。因此，我們顯然對我們的資產網絡感到與眾不同。我們想添加第二種形式的差異化，為我們的客戶（包括內部和外部客戶）帶來不同的數字方法。因此，如果你 - 這裡有幾個例子，我們大約在一年前推出了一個公開市場住宅工具，現在我們所有新的公開市場住宅客戶中有 40% 正在使用該工具。它很受歡迎。我們客戶群的反饋非常好。我們認為 40% 的數字最終會達到更高的數字。事實上，它會——在短期內，我認為這將是大多數，這意味著超過 50% 的進來的客戶將直接通過這個新的面向客戶的數字應用程序。幾個月前才推出的商業工具 - 它肯定比 40% 低得多，但它正在快速增長。事實上，我聽到的最後一個數字是我們——那個數字是原來的三倍。所以我們認為，除了擁有一個非常好的、實際上是一流的資產網絡之外，我們在數字領域投入資金以讓自己脫穎而出是正確的。因此，差異化不僅體現在資產位置方面，還體現在面向客戶的技術方面。

Okay. Devina, on the capital spending cash flow and all of that, can I wrap a ribbon around -- you said we would be higher than $1.75 billion, but you didn't say what the number should be for us to model for the remainder of the year. So what should we be thinking about full year capital spending? And can you do 24% of revenues as cash flow from ops in the fourth quarter?

好的。Devina，關於資本支出現金流和所有這些，我能係上一條絲帶嗎——你說我們將超過 17.5 億美元，但你沒有說我們應該為剩餘時間建模的數字是多少那一年。那麼我們應該如何考慮全年資本支出呢？你能不能在第四季度將 24% 的收入作為來自運營的現金流？

Sure. So I'll take the capital spending piece first. If you look at capital spending through 9 months, we are at $1.532 billion. So rounding out the back part of the year, we think that we'll be around $1.8 billion. We've provided a range in our press release tables that shows $1.775 billion to $1.825 billion as kind of an indication of where we think we will end up. From a cash flow from operations perspective, that really is one of the best indicators of how we're performing, and conversion of revenues and cash from ops is certainly a strength. And we are up 60 basis points through 9 months. I expect you'll see us finish strong. And right now, every indication is 24.6% would effectively -- if we rounded out there, that's a 70 basis point improvement for the full year.

當然。所以我會先考慮資本支出部分。如果您查看 9 個月的資本支出，我們的資本支出為 15.32 億美元。因此，在今年下半年結束時，我們認為我們將達到 18 億美元左右。我們在新聞稿表中提供了一個範圍，顯示 17.75 億美元至 18.25 億美元，以表明我們認為我們最終會在哪裡。從運營的現金流角度來看，這確實是衡量我們表現的最佳指標之一，運營收入和現金的轉化無疑是一種優勢。我們在 9 個月內上漲了 60 個基點。我希望你會看到我們強勢結束。現在，每個跡像都表明 24.6% 有效——如果我們四捨五入，那是全年 70 個基點的改善。

Okay. And to do that, you just have to do 24% in the fourth quarter, just to be clear? I mean you don't -- it doesn't have to improve from here? It just has to hold at the 24%.

好的。要做到這一點，你只需要在第四季度完成 24%，清楚嗎？我的意思是你不需要 - 它不需要從這裡改進？它只需要保持在 24%。

That's right.

這是正確的。

Right. Okay. And then churn in the quarter, how is it compared to year-over-year and sequentially?

正確的。好的。然後在本季度流失，與去年同期和環比相比如何？

Churn was 9.8% in the quarter. That's a little higher than we've been, both year-over-year and sequentially, but it's driven by national accounts losses that we were very intentional and disciplined about ensuring that we were pricing business that was renewing appropriately. And we're satisfied that nonrenewals on those contracts was the right decision for us because it didn't reflect pricing that was representative of our costs.

本季度流失率為 9.8%。這比我們去年同期和環比都高一點，但這是受國民賬戶損失的推動，我們非常有意和有紀律地確保我們為適當更新的業務定價。我們感到滿意的是，不續簽這些合同對我們來說是正確的決定，因為它沒有反映出代表我們成本的定價。

I would say -- and year-to-date, that number is better by about 20 basis points, Michael.

我會說——今年迄今為止，這個數字要好大約 20 個基點，邁克爾。

Your next question comes from the line of Mark Neville, Scotiabank.

你的下一個問題來自加拿大豐業銀行的 Mark Neville。

Maybe if I can just ask pricing sort of another way. You're obviously seeing very good pricing sort of across network. But perhaps maybe industrials -- maybe you're not seeing it, but maybe it's slowing a bit. Maybe some of the other macro could be slowing, but you're doing -- making investments in the business. I'm just curious when you look to 2020, I mean, you've got good visibility, but I'm just curious if the bias you think is higher or lower from 2018 -- or 2019, sorry.

也許我可以用另一種方式詢問定價。你顯然看到了非常好的跨網絡定價。但也許是工業——也許你沒有看到它，但也許它正在放緩一點。也許其他一些宏觀經濟可能正在放緩，但你正在做——對業務進行投資。當你展望 2020 年時，我很好奇，我的意思是，你有很好的能見度，但我只是很好奇你認為的偏見是比 2018 年更高還是更低——或者 2019 年，抱歉。

Yes. So -- and you're talking about specifically around industrial, the industrial side of business with respect to pricing? Is that right, Mark?

是的。所以 - 你是在談論具體圍繞工業，工業方面的定價？是這樣嗎，馬克？

Well, I guess industrial and the other parts of the business as well, industrial and consolidated.

好吧，我想工業和業務的其他部分也是如此，工業和綜合。

Yes. So let's tackle industrial first. I mean core price in industrial is really strong, I mean almost 10%, 9.9%. And that translated into a strong yield as well of 3.8%. So that's for that line of business specifically. And then volume and industrial was maybe a little bit weaker than we might have expected. It was 1.2%. That's not anything to be hugely concerned about, but it certainly is not off the charts. I mean if you look back historically at industrial volume -- and by the way, industrial, we think of it as roll-off. I mean it's called industrial. It's a little bit misleading because that's not necessarily all industrial-type customers. It's the roll-off line of business. 1.2% volume there was nothing to write home about but not anything that was super concerning. It was on top of sequentially 1.2% last quarter, 3.1%, 0.09%. So it's not on track with where we've been for the last 3 or 4 quarters in terms of volume. But again, the price side has been what's the big news for us, and it's almost every line of business, whether it's commercial. And if I walk you down the core price numbers, they are impressive: 5.7% for commercial, 9.9% for industrial, 4.5%. And we've talked about all these numbers today. So all of them show that we still have really good pricing power. A lot of it is in the differentiation that we talked about, whether it is in our asset network or whether it's in the digital or whether it's on the focus on the customer. I mean, it's the third thing that we really are doing differently from 2 or 3 years ago where we're really, really uber-focused on the customer. So I would tell you that the health of the business is, as we said, still very good. And what we hear every day in the news is that the consumer economy is 70% of the overall. It's probably a light percentage for us. So 70% of our overall business feels really good from both a price and volume standpoint. The other 30% feels still very good but just a bit of a wait-and-see mode in some cases with respect to this event pipework. And hopefully, that answered your question.

是的。因此，讓我們首先解決工業問題。我的意思是工業核心價格真的很強勁，我的意思是幾乎 10%、9.9%。這也轉化為 3.8% 的強勁收益率。所以這是專門針對該業務線的。然後數量和工業可能比我們預期的要弱一些。為 1.2%。這沒什麼好擔心的，但它肯定不會超出圖表。我的意思是，如果你從歷史上回顧工業量——順便說一句，工業，我們認為它是滾降。我的意思是它被稱為工業。這有點誤導，因為這不一定是所有工業型客戶。這是下線業務。1.2% 的體積沒有什麼值得大書特書的，但也沒有什麼特別值得關注的。它高於上一季度的 1.2%、3.1%、0.09%。因此，就數量而言，它與過去 3 或 4 個季度的情況不符。但同樣，價格方面對我們來說是個大新聞，它幾乎涉及每一個業務領域，無論是商業領域。如果我向您介紹核心價格數字，它們令人印象深刻：商業 5.7%，工業 9.9%，工業 4.5%。我們今天已經討論了所有這些數字。所以所有這些都表明我們仍然擁有非常好的定價能力。很多都是我們談到的差異化，無論是在我們的資產網絡中，還是在數字化中，還是在對客戶的關注上。我的意思是，這是我們真正做的與 2 或 3 年前不同的第三件事，我們真的非常專注於客戶。所以我會告訴你，正如我們所說，業務的健康狀況仍然非常好。而我們每天從新聞中聽到的是，消費經濟佔整體經濟的 70%。這對我們來說可能只是一個很小的百分比。因此，從價格和數量的角度來看，我們 70% 的整體業務都感覺非常好。其他 30% 感覺仍然非常好，但在某些情況下對於此事件管道只是有點觀望模式。希望這能回答您的問題。

Yes, that's helpful. Maybe another on the recycling. I just want to understand the guide. I believe it's sort of consistent with what you said Q2. So it's not incrementally the $0.01, $0.02. So that would suggest I guess Q4, the headwind is about $0.03 year-over-year, if I'm interpreting that correctly?

是的，這很有幫助。也許另一個關於回收。我只是想了解指南。我相信這與您所說的 Q2 有點一致。所以它不是遞增的 0.01 美元，0.02 美元。所以這表明我猜第四季度，逆風同比約為 0.03 美元，如果我的解釋正確的話？

So yes. The benefit in the first half of the year was $17 million. And in Q3, it was a negative $7 million. So that implies that we think we've got about $0.02 worth of exposure in the back half, $0.02 to $0.03 effectively to get you to the full year guide of $0.01 to $0.02.

所以是的。上半年的收益為 1700 萬美元。而在第三季度，則為負 700 萬美元。因此，這意味著我們認為我們在後半段有大約 0.02 美元的風險敞口，0.02 美元到 0.03 美元有效地讓你達到 0.01 美元到 0.02 美元的全年指導。

Right. And I guess similar to the RIN discussion, first half of next year is tough comps. So a bit of an impact first half next year as well.

正確的。我想與 RIN 的討論類似，明年上半年是艱難的比賽。因此，明年上半年也會產生一些影響。

That's exactly right.

這是完全正確的。

Yes. (inaudible) know, it's hard -- it's so hard predict that. I mean, it literally is -- it's gone from $0.50 to $0.82 in a period of 2 months. So -- and that kind of is the mirror effect from the first 6 months where we took a big slide. So to the extent that this continues to get knocked around politically, then we don't expect much. But we do expect that there probably will be some resolution on this, either as we approach or after the election. So yes, I would say it's probably safe to say on RIN pricing that the first 2 quarters are going to be a difficult comparison, and then it gets much easier as we get into the back half of 2020.

是的。（聽不清）知道，這很難——很難預測。我的意思是，從字面上看，它在 2 個月內從 0.50 美元漲到了 0.82 美元。所以 - 這就是前 6 個月我們大幅下滑的鏡像效應。因此，如果這在政治上繼續受到影響，那麼我們就不會期望太多。但我們確實希望在我們臨近選舉時或選舉之後可能會對此有一些解決方案。所以是的，我可以肯定地說，關於 RIN 定價，前兩個季度將是一個艱難的比較，然後隨著我們進入 2020 年下半年，它會變得容易得多。

All right. Maybe just one last one, then. Just on Advanced acquisition. Is there any sort of milestones or anything we can be looking out for, for the next few months sort of ahead to Q1?

好的。那麼也許只是最後一個。只是高級收購。在接下來的幾個月到第一季度之前，是否有任何里程碑或我們可以尋找的東西？

Yes, Mark. This is John Morris. I mean, honestly, similar to comments in the last quarter, I mean, we continue to work down the path with the regulators. We remain on track and feel good about our timing for Q1 of 2020. There's nothing that we've seen to date that would cause us to amend that time line. But no, we still feel good about the track we're on for Q1. I think in terms if you're asking about a milestone, really, the next significant milestone is to get -- is to clear HSR, and that's what we're working towards right now.

是的，馬克。這是約翰·莫里斯。我的意思是，老實說，與上個季度的評論類似，我的意思是，我們將繼續與監管機構合作。我們保持在正軌上，對 2020 年第一季度的時機感覺良好。迄今為止，我們所看到的任何事情都不會導致我們修改該時間表。但不，我們仍然對第一季度的發展軌跡感到滿意。我認為如果你問的是一個里程碑，真的，下一個重要的里程碑是——清除 HSR，這就是我們現在正在努力的目標。

Another question from the line of Derek Spronck, RBC.

來自 RBC 的 Derek Spronck 的另一個問題。

Just quickly on the coal ash. Any updates on the coal ash opportunity? And any changes in the EPA regulation there?

就快點上煤灰。關於煤灰機會的任何更新？那裡的 EPA 法規有任何變化嗎？

Look, I would tell you that this is something we've talked about in the past. It looks like a great opportunity for us. We've got several -- John talked about our special waste pipeline, and that is included in our special waste pipeline. I mean there's -- we've managed, I think, 33 million tons of CCRs for our electric utility customers. And so I think -- but we see this as a big opportunity for us. We talked a couple years ago about Duke Energy as being one of our customers, and I think that wrapped up earlier this year. But we still -- I think we have, John, a couple of RPs out there that I think we're still on a wait-and-see mode on. And whether those kind of get -- kind of fall in the same bucket as our other special waste type customers where they are in wait-and-see mode, I don't know because some of those, particularly by states, are almost a requirement in terms of getting those ponds cleaned out. So I don't know that those are going to be as discretionary as some of our other special waste volume. But suffice it to say, we feel like we're well positioned, whether it's beneficial reuse, whether it's management and disposal or just straight disposal at our landfills to take advantage of CCRs.

看，我會告訴你，這是我們過去討論過的事情。這對我們來說似乎是一個很好的機會。我們有幾個——約翰談到了我們的特殊廢物管道，它包含在我們的特殊廢物管道中。我的意思是，我認為我們已經為我們的電力客戶管理了 3300 萬噸 CCR。所以我認為 - 但我們認為這對我們來說是一個巨大的機會。幾年前，我們談到杜克能源是我們的客戶之一，我認為今年早些時候結束了。但我們仍然——約翰，我認為我們有幾個 RP，我認為我們仍處於觀望模式。我不知道這些是否會與我們其他處於觀望模式的特殊廢物類型客戶落入同一個桶，我不知道，因為其中一些客戶，尤其是各州的客戶，幾乎是清理這些池塘的要求。所以我不知道這些是否會像我們其他一些特殊廢物量一樣隨意。但我只想說，我們覺得我們處於有利地位，無論是有益的再利用，無論是管理和處置還是直接在我們的垃圾填埋場處置以利用 CCR。

I think that's right, Jim. We offer a full suite of services for those customers, and that's certainly why we've been able to gain some of the traction we have to date.

我認為這是對的，吉姆。我們為這些客戶提供全套服務，這當然是我們能夠獲得迄今為止的一些牽引力的原因。

Okay. That's great. Just moving on to the cost side. I mean we've seen tight labor markets. We've also seen some unionized disruptions at some of the peer firms there. What is the labor inflation looking like? And are you comfortable with the overall ability to attract employees into the firm?

好的。那太棒了。只是轉向成本方面。我的意思是我們已經看到勞動力市場吃緊。我們還看到那裡的一些同行公司出現了一些工會組織的中斷。勞動力通脹情況如何？您對吸引員工進入公司的整體能力是否滿意？

So, Derek, this is John. A couple answers there. One, we've talked a lot about turnover and the impact that that's had on the operation and our efforts around furthering our people-first efforts. The good news is we are starting to see some turnover moderate. Wage inflation is still higher than the average for overall inflation, but the good news is we're starting to see a little bit of moderation there. I wouldn't say it's -- it's not gone down significantly, but it's flattening out and starting to regress in certain markets, which we're encouraged by. The fact that we're not turning over as many people obviously helps as well. I think on the collective bargaining front, thankfully -- I mean we don't want to see any disruption in the industry. Thankfully, for us, we're not in the middle of any of those issues right now.

所以，德里克，這是約翰。那裡有幾個答案。第一，我們已經談了很多關於營業額及其對運營的影響以及我們圍繞進一步以人為本的努力所做的努力。好消息是我們開始看到一些營業額溫和。工資通脹仍高於整體通脹的平均水平，但好消息是我們開始看到那裡有一點緩和。我不會說它是 - 它沒有顯著下降，但它正在趨於平緩並在某些市場開始倒退，我們對此感到鼓舞。事實上，我們沒有交出那麼多的人，這顯然也有幫助。我認為在集體談判方面，謝天謝地——我的意思是我們不希望看到行業出現任何中斷。值得慶幸的是，對我們來說，我們現在不在任何這些問題的中間。

No. I'd say one other thing because this is such an important topic to me. When we think about people, I mean, I've talked a lot about it, and it is the -- really, the core tenet of my kind of CEO-ship, if you will. So we set out 3 years ago to really change the culture here. We hired Tamla Oates-Forney about a year ago, maybe a little less, as a true world-class leader in HR. She has been running hard in the last 10 or 11 months, really changing -- helping me change the culture and helping us transform this. And we -- and she's doing some really innovative things along with her team. So we're super excited about the people side of our business. And while that doesn't necessarily show results on kind of a quarter basis, it will absolutely show results as we get out into 2020, 2021 and beyond.

不。我會說另一件事，因為這對我來說是一個非常重要的話題。當我們想到人時，我的意思是，我已經談了很多，如果你願意的話，這真的是我這種 CEO 職位的核心原則。所以我們在 3 年前就著手真正改變這裡的文化。大約一年前，我們聘請了 Tamla Oates-Forney，作為人力資源領域真正的世界級領導者，時間可能更短一些。在過去的 10 或 11 個月裡，她一直在努力奔跑，真正改變了——幫助我改變文化並幫助我們轉變這種文化。而我們 - 她正在與她的團隊一起做一些真正創新的事情。因此，我們對我們業務的人員方面感到非常興奮。雖然這不一定會以季度為基礎顯示結果，但它絕對會顯示我們進入 2020 年、2021 年及以後的結果。

Okay. And just as quickly, quantitatively, could we -- does 10% SG&A costs as a percent of revenue, does that sound about right?

好的。同樣快速地，從數量上講，我們能否 - 10% 的 SG&A 成本佔收入的百分比，這聽起來正確嗎？

Certainly for 2019. It's too early for us to look too far out because we're making those intentional investments, both in people, as Jim just commented on, but also in technology. And so not specifically speaking to 2020 at this point because it's too early for us to give that kind of guidance. But for 2019, we're confirming -- we expect to hit 10% of -- about 10% of revenue for the year. With commodity price pressure in the current year, that's certainly a little more challenging than we thought it would be when we started the year. But we're certainly happy with the cost control side of the equation.

當然是 2019 年。對於我們來說，現在看得太遠還為時過早，因為我們正在進行這些有意的投資，正如吉姆剛剛評論的那樣，同時也在技術方面。所以現在不具體說到 2020 年，因為我們現在提供這種指導還為時過早。但對於 2019 年，我們正在確認——我們預計將達到全年收入的 10%——大約 10%。鑑於今年的大宗商品價格壓力，這肯定比我們年初時想像的更具挑戰性。但我們當然對等式的成本控制方面感到滿意。

The next question comes from the line of Jeff Silber of BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Jeff Silber。

Recycling, but I just had a one follow-up there. You had mentioned in your remarks about the fact that you've been going back to customers and trying to restructure your contracts with them. Can you give us some sort of order of magnitude, what percentage of those contracts you might be restructuring and where you are along on that phase?

回收，但我只是在那裡進行了一次跟進。你在評論中提到你一直在回到客戶那裡並試圖重組與他們的合同。您能否給我們一些數量級的信息，您可能正在重組這些合同的百分比是多少，以及您在那個階段所處的位置？

Yes. I think the -- a big chunk of the volume that we're addressing through those contracts is franchising municipal contracts, Jeff. We're -- I think by the end of the year, we should be 55%, 60% through those contracts. I will tell you, though, what's important to note, though, more broadly when you talk about Q3's recycling results of $86 million decline and $7 million of EBITDA, as commodity prices continue to move, we continue to address the relationship between us and the customers. But specifically to your question, we're about -- we're probably about halfway through most of those franchise and municipal contracts. And as we spoke about in quarters before, those contracts generally run 3 to 5 years, some a little bit longer, some a little bit less. So it does take some time to work our way through those.

是的。我認為 - 我們通過這些合同解決的很大一部分是特許經營市政合同，Jeff。我們——我認為到今年年底，我們應該完成這些合同的 55%、60%。不過，我會告訴您，需要注意的重要事項是，更廣泛地說，當您談論第三季度的回收結果下降 8600 萬美元和 EBITDA 700 萬美元時，隨著大宗商品價格繼續上漲，我們將繼續解決我們與顧客。但具體到你的問題，我們大約 - 我們可能已經完成了大部分特許經營和市政合同的一半。正如我們之前在幾個季度中談到的那樣，這些合同通常為期 3 到 5 年，有的長一點，有的短一點。所以我們確實需要一些時間來解決這些問題。

Okay. Appreciate the color. And I know you're not giving 2020 guidance. But just for our modeling purposes, what should we be using for tax rate next year? And also for capital expenditures, are you going to be within that 9.5% to 10.5% of revenues that you gave your long-term guidance or high end, low end of that? Any color would be great.

好的。欣賞顏色。我知道你沒有給出 2020 年的指導。但僅出於我們的建模目的，明年我們應該使用什麼稅率？對於資本支出，您是否會在您給出的長期指導或高端、低端收入的 9.5% 至 10.5% 之內？任何顏色都會很棒。

Sure. On the tax rate side this year, we expect it to be at 24%, and we're finishing the year at about 22%. One percentage point of that has to do with the incremental low-income housing tax credit investment that we made. We do have some like amounts that are rolling off in the year ahead. So I would tell you that we expect next year to be in that 23.5% to 24.5% range. I can't put a fine point on it at this point.

當然。在今年的稅率方面，我們預計它會達到 24%，我們今年年底的稅率約為 22%。其中一個百分點與我們所做的增量低收入住房稅收抵免投資有關。我們確實有一些類似的數額將在來年逐漸減少。所以我會告訴你，我們預計明年會在 23.5% 到 24.5% 的範圍內。在這一點上我不能對它提出一個很好的觀點。

But with regard to capital spending, for us, as I mentioned, landfill volume has been the driver of the current year. And while we aren't specifically pointing to expectations for landfill volume in the year ahead, when we look at MSW volumes as a really good indicator of that kind of long-term growth expectation, MSW volumes for the year are at 4.6%. And so while 9.5% to 10.5% would typically reflect our expectations for more like a 2% growth in volume, if we continue to see elevated landfill volumes above that long-term range of 2%, 2.5%, we'll have to consider whether or not 9.5% to 10.5% is representative of what's needed to support the business.

但關於資本支出，正如我所提到的，對我們來說，垃圾填埋量一直是今年的驅動力。雖然我們沒有具體指出對來年垃圾填埋場數量的預期，但當我們將 MSW 數量視為這種長期增長預期的一個非常好的指標時，今年的 MSW 數量為 4.6%。因此，雖然 9.5% 至 10.5% 通常會反映我們對數量增長 2% 的預期，但如果我們繼續看到垃圾填埋場數量增加超過 2%、2.5% 的長期範圍，我們將不得不考慮9.5% 到 10.5% 是否代表支持業務所需的內容。

I think the good news, Devina, is in the collection and disposal business, even though the CapEx isn't a little more intense showing up. Everybody commented that earlier on.

我認為 Devina 的好消息是在收集和處置業務中，儘管資本支出並沒有更強烈地出現。每個人都在早些時候評論過。

Absolutely.

絕對地。

Another question from the line of Tyler Brown, Raymond James.

泰勒布朗雷蒙德詹姆斯的另一個問題。

Devina, just want to talk cash taxes real quick. You noted cash taxes are going to be better this year. Wondering if you could give us what the cash tax as a percentage of the books will roughly be this year. And how do we think about that next year? Will it creep up?

Devina，只想快速談談現金稅。你注意到今年的現金稅會更好。想知道您是否可以告訴我們今年現金稅佔賬簿的大致百分比是多少。明年我們如何考慮？它會爬起來嗎？

So through 9 months, we're at about 73%. I think that we'll finish the year closer to 70%. It will in that range, 70% to 75%, which is about where we expected when we started the year. So in spite of having a $75 million headwind at the beginning of the year on a year-over-year basis in cash taxes, given some of those benefits I mentioned, we think we'll be able to moderate towards the low end of that range. In the year ahead, we do expect cash taxes as a percentage of book to increase. I don't specifically know to what level at this point.

因此，在 9 個月的時間裡，我們的進度約為 73%。我認為我們將在今年結束時接近 70%。它將在 70% 到 75% 的範圍內，這大約是我們年初時的預期。因此，儘管今年年初在現金稅方面遇到了 7500 萬美元的逆風，但考慮到我提到的其中一些好處，我們認為我們將能夠緩和到這一點的低端範圍。在未來一年，我們確實預計現金稅佔賬面價值的百分比會增加。我現在不知道具體到什麼水平。

Okay. So modest headwind, okay. That's helpful. And then, Jim, just -- obviously, the 3.7% on MSW yield is really positive. But I am curious, is it being driven by a specific geography or maybe even a few specific landfills? Or are we talking just really broad-based pricing?

好的。如此溫和的逆風，好吧。這很有幫助。然後，吉姆，很明顯，城市固體廢棄物收益率為 3.7% 確實是積極的。但我很好奇，它是由特定的地理位置驅動的，還是由幾個特定的垃圾填埋場驅動的？或者我們只是在談論真正廣泛的定價？

I don't think -- pricing, I don't think is driven necessarily by a geography. Volume, maybe. I mean the volume has been a bit stronger in the south in those areas you might expect like Florida and Texas and California. But for pricing, I think it's pretty universal. I think we've done a good job across all of our disposal assets in terms of giving strong pricing.

我不認為——定價，我認為不一定是由地理位置驅動的。音量，也許。我的意思是，在您可能期望的那些地區，如佛羅里達州、德克薩斯州和加利福尼亞州，南部的成交量要大一些。但是對於定價，我認為它非常普遍。我認為我們在提供強有力的定價方面對所有處置資產都做得很好。

Okay, that's great. And then just my last one, and John, I hope you can follow me here. But if I was to break your recycling business maybe into 2 buckets, so basically where you own a MRF and you've got a third-party tipping and then maybe where you're hauling and tipping either at your own or another person's MRF. So maybe think about it those 2 ways. So basically, is it the situation that when you're taking in third-party volume into your own MRF, are you guys fully earning an adequate return on that line? And really the pain is in recycling where you sit in an old contract, where you're picking up and hauling and taking it either internally or elsewhere? Is that the right way to think about it?

好的，那太好了。然後是我的最後一個，約翰，我希望你能跟我來。但是，如果我要將您的回收業務分成兩個桶，那麼基本上您擁有 MRF 並且您有第三方小費的地方，然後可能是您在自己或其他人的 MRF 拖運和小費的地方。所以也許可以考慮這兩種方式。所以基本上，當您將第三方數量納入您自己的 MRF 時，你們是否在該生產線上完全獲得了足夠的回報？真正的痛苦在於你坐在舊合同中的回收過程中，你在內部或其他地方撿拾和拖運它？這是正確的思考方式嗎？

Here's the way I would answer that, Tyler, is there are certain aspects of this recycling issue that have been easier to address. Certainly, the open market commercial customers would be one. We kind of refer to that as Phase 2. Phase 1 is more about recycling material coming into our MRF. Where it does get more challenging is where we we're taking the recycling material to a third party or we're, to use your phrase, stuck in a contract. That's what we kind of referred to as Phase 3 in our plan. And to an earlier question, we're about halfway through that process. But that is more the pain point than the first 2 areas that I referenced.

泰勒，我的回答是，這個回收問題的某些方面是否更容易解決。當然，公開市場的商業客戶就是其中之一。我們將其稱為第 2 階段。第 1 階段更多是關於回收材料進入我們的 MRF。真正變得更具挑戰性的地方是我們將回收材料帶到第三方，或者用你的話來說，我們陷入了合同。這就是我們在計劃中所說的第 3 階段。對於之前的一個問題，我們大約已經完成了該過程的一半。但這比我提到的前兩個領域更讓人痛心。

Are you talking about the -- you're talking about basically the processing of our own material at our plants versus third party? Is that what you're kind of asking?

你是在談論 - 你基本上是在談論我們自己的材料在我們的工廠與第三方的加工？這就是你要問的嗎？

Yes. I mean, basically, it seems with the processing fees, it's easier if it's coming in from a third party. That's more addressable quickly. And believe me, I know all about your open market because you guys haul for me. I'm in a resi subscription model, and you've changed my bill. So it's -- I see it getting addressed there.

是的。我的意思是，基本上，從處理費來看，如果它來自第三方，就更容易了。這樣可以更快地尋址。相信我，我對你們的公開市場瞭如指掌，因為你們幫我拖運。我採用的是 resi 訂閱模式，而你更改了我的賬單。所以它 - 我看到它在那裡得到解決。

You're welcome.

不客氣。

Yes, yes. No, but my question is in those where you're in a muni contract that maybe you can't readdress at the moment and you're bringing it in to a third party or you're bringing it even into your own where you're really feeling the pain. And so, John, when you talk about 50% to 60%, is it -- is that the entire book? Or is it just that third phase that you're talking about?

是的是的。不，但我的問題是那些你在市政合同中的人，也許你現在不能重新處理，你把它帶到第三方，或者你甚至把它帶到你自己的地方你真的感到痛苦。所以，約翰，當你談到 50% 到 60% 時，是不是——這就是整本書？還是您所說的只是第三階段？

It's just that third phase, Tyler. But in your point, you've bifurcated that one other time, meaning between -- we have those contracts we're processing or picking up and processing ourselves, and then we have contracts we're picking up. And for whatever the reason, we're having somebody else process that. But that is that third phase, and that is the one that's obviously got a longer tail on it in terms of working their way through all the contract terms.

這只是第三階段，泰勒。但在你的觀點中，你已經分叉了另一次，這意味著 - 我們有我們正在處理或自己挑选和處理的合同，然後我們有我們正在挑選的合同。不管出於什麼原因，我們都會讓其他人來處理。但那是第三階段，而且在完成所有合同條款方面顯然有更長的尾巴。

And to your point about returns, I think what's really important there is it's not just the MRF itself that we're looking for the return on. We're looking at the investments that we make in the truck and the driver in order to provide that (inaudible). And so it's ensuring that we address that part of the business for the long-term returns and viability of recycling overall to get returns, not just on the MRF, but on the collection assets as well.

至於你關於回報的觀點，我認為真正重要的是我們正在尋找回報的不僅僅是 MRF 本身。我們正在研究我們在卡車和司機方面的投資，以提供這一點（聽不清）。因此，它確保我們解決業務的這一部分以獲得長期回報和整體回收的可行性以獲得回報，不僅在 MRF 上，而且在收集資產上。

And the last -- next question comes from the line of Michael Feniger, Bank of America.

最後一個——下一個問題來自美國銀行的 Michael Feniger。

Yes. Just -- I know you mentioned, Jim, I think California you said wrapped up in August. Can you just help us on the wildfires and the cleanup in the first 9 months? Is that close to like a $0.10 EPS benefit? I'm just trying to gauge how much that helped in the last 9 months.

是的。只是——我知道你提到過，吉姆，我想你說的加利福尼亞州在八月份結束了。你能幫我們解決前 9 個月的野火和清理工作嗎？這接近 0.10 美元的 EPS 收益嗎？我只是想衡量這在過去 9 個月中有多大幫助。

I don't have the year number. The quarter number was a $9 million impact on EBITDA and a $10.7 million impact on revenues. So.

我沒有年號。該季度數字對 EBITDA 的影響為 900 萬美元，對收入的影響為 1070 萬美元。所以。

From an EBITDA perspective, it was ballpark $40 million for the year.

從 EBITDA 的角度來看，這一年大概是 4000 萬美元。

I think what's important there, Michael, this is John, is we've called out the wildfires, for sure, really unfortunate circumstances that we are obviously helping those folks clean up. But we kind of look at and we've commented before, we have kind of those puts and takes in the business, it seems like every year in different geographies. So it's easy to strip out California. But to be -- in fairness, we could go back and look at year-to-date '18 and Q3 in '18, and there are some puts and takes there as well. So it is a little bit -- it's hard to just say we're going to strip out California from the math but not look at the past year. But as we've commented, we really haven't adjusted (inaudible) because we look at that as kind of the way the business runs year in and year out, and that's been the historical experience we've had.

我認為重要的是，邁克爾，我是約翰，我們已經撲滅了野火，當然，非常不幸的情況是我們顯然正在幫助那些人清理。但我們有點看，我們之前已經評論過，我們有一些投入和投入業務，似乎每年都在不同的地區。所以很容易去掉加利福尼亞。但是，公平地說，我們可以回頭看看 18 年至今的數據和 18 年的第三季度，那裡也有一些看跌期權。所以這有點——很難說我們要從數學中剔除加州而不是回顧過去的一年。但正如我們所評論的那樣，我們真的沒有調整（聽不清），因為我們將其視為一種年復一年的業務運行方式，這就是我們的歷史經驗。

Well, and to John's point on year in and year out, I do think it's worth commenting that the wildfire impact did start in 2018, and our fourth quarter of 2018 had about $12 million of wildfire impact in it. So when you think about the comps that we had in Q4, that's one of the items that we have our eye on.

好吧，對於約翰年復一年的觀點，我確實認為值得評論的是，野火的影響確實始於 2018 年，我們 2018 年第四季度的野火影響約為 1200 萬美元。因此，當您考慮我們在第四季度擁有的補償時，這是我們關注的項目之一。

That's helpful. And then can you just -- can you remind us how much is CPI? And obviously, this year, CPI has trended lower. So I know this is more of a mechanical question, I guess. How does that impact the pricing? Or how do we think about it in the second half of '20?

這很有幫助。然後你能不能——你能提醒我們 CPI 是多少嗎？顯然，今年 CPI 呈下降趨勢。所以我知道這更像是一個機械問題，我想。這對定價有何影響？或者我們在 20 世紀下半年如何看待它？

I think CPI was -- I think it was 1.9% for the year. And our -- the economist that we use was projecting kind of about that, maybe 2% or 2.1% for next year. So if you look at it very tightly, it could be 10 basis points of help next year. But we're not really -- I think we'll probably bake in flat with CPI when we finalize our plan.

我認為 CPI 是——我認為今年是 1.9%。我們使用的經濟學家對此進行了預測，明年可能會增長 2% 或 2.1%。因此，如果你非常仔細地看待它，明年可能會有 10 個基點的幫助。但我們並不是真的——我認為當我們最終確定我們的計劃時，我們可能會與 CPI 持平。

Fair enough. And then just on my last one, just on recycling. I mean, obviously, it's been asked a lot. I'm just curious, if we just take the price of your basket right now, as of today, and I know there's a lot of moving parts, just run rate it so we just can clear the deck here. Like what would the EBITDA and EPS impact be for 2020, given where the basket is right now if we just run rate it?

很公平。然後是我的最後一個，只是關於回收。我的意思是，很明顯，它被問了很多。我只是好奇，如果我們現在就採取你的籃子的價格，從今天開始，我知道有很多移動部件，只需對其進行評級，這樣我們就可以在這裡清理甲板。考慮到籃子現在的位置，如果我們只對它進行評級，2020 年的 EBITDA 和 EPS 會產生什麼影響？

So I think the easiest way to think about that, Michael, is if you look at, as I mentioned earlier, Q1 and Q2 of this year was a $17 million year-over-year benefit, and Q3 was a $7 million hit. And so if you think about where prices were at the beginning of the year, as Jim mentioned, at kind of that $70, $65 range versus where they are today, I think that's the biggest driver to that variability that I mentioned. So I think you can think of it in terms of aggregating the $17 million as risk and effectively then levelizing the back half of the year. So I would say it's about $20 million of downside running that into the first half of 2020.

所以我認為最簡單的思考方式，邁克爾，如果你看看，正如我之前提到的，今年第一季度和第二季度的同比收益為 1700 萬美元，第三季度為 700 萬美元。因此，如果你想想今年年初的價格，正如吉姆提到的那樣，與今天的價格相比，價格在 70 美元、65 美元的範圍內，我認為這是我提到的這種可變性的最大驅動因素。因此，我認為您可以將 1700 萬美元匯總為風險，然後有效地將下半年拉平。所以我想說，到 2020 年上半年，這將帶來大約 2000 萬美元的下行空間。

Okay. [It appears] there are no further questions over the phone, you may proceed. Thank you.

好的。[看來] 電話中沒有其他問題，您可以繼續。謝謝。

Okay. Thanks. Just wanted to do a quick recap here because we're really proud of the numbers. In an economy that don't know what it is, but I've heard is -- could be as low as 1.5% GDP for the quarter, maybe 2%. Just to kind of recap some numbers we talked about: 9% cash from operations growth; almost 8% collection and disposal EBITDA growth; revenue growth, top line of 3.8%, and that includes an $86 million headwind from recycling on the revenue side. And then overall, EBITDA growth of 3.1% and then all the price stuff that we talked about. And here's where I'm going to give the credit for this. We've got 45,000 employees out there that work really, really hard every day. It's been said that if you're an investor, you should own a trash company. And boy, I could not agree more with that. And I think the big reason for that is that no one in this industry works harder than the employees of Waste Management. And I would tell you that, look, as an industry, not just at Waste Management, but as an industry, this is such a hard-working industry. It makes me proud to be here.

好的。謝謝。只是想在這裡快速回顧一下，因為我們對這些數字感到非常自豪。在一個不知道它是什麼但我聽說的經濟體中 - 本季度 GDP 可能低至 1.5%，也許是 2%。只是為了回顧一下我們談到的一些數字：運營增長帶來 9% 的現金；收集和處置 EBITDA 增長近 8%；收入增長，收入增長 3.8%，其中包括收入方面回收帶來的 8600 萬美元逆風。然後總體而言，EBITDA 增長了 3.1%，然後是我們談到的所有價格因素。這就是我要歸功於此的地方。我們有 45,000 名員工每天都非常非常努力地工作。有人說，如果你是投資者，你應該擁有一家垃圾公司。男孩，我完全同意這一點。我認為其中的一個重要原因是，在這個行業中，沒有人比 Waste Management 的員工工作更努力。我會告訴你，看，作為一個行業，不僅僅是廢物管理，而且作為一個行業，這是一個非常努力的行業。來到這裡讓我感到自豪。

So with that, I would tell you that the Astros need to work a little harder tonight, but thank you very much for joining us. Go Astros.

因此，我要告訴你，太空人隊今晚需要更加努力地工作，但非常感謝你加入我們。去太空人隊。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。

You may now disconnect.

您現在可以斷開連接。