This positions us to drive down our training and overtime hours, improve overall efficiency, and most important, see continued improvement in our safety performance. But when I look at how we're doing with things like rollback of price and churn, those are, as I said, near the bottom end of our historic ranges. When you are able to hold a lot of your drivers, it makes a big difference in that customer lifetime value proposition. On some holidays, CVWMA recycling collections may be delayed by a day for the remainder of the week. Your line is open. And if you need additional color on that, Ed and Heather are sure to get you the details that you need. Mondaq uses cookies on this website. And our customers already like the fact that, that CNG truck that's rolling down the street is quieter than the diesel vehicle. We're also seeing a pretty significant uptick in pricing for plastics, for aluminums and a little bit for OCC. Our disciplined organic revenue growth and focus on optimization and cost control are expected to drive year-over-year margin expansion for the remainder of the year, particularly in the third and fourth quarters. But when we look at our consumption, we don't just look at the collection line of business. It's not a negative. Customers in Chesterfield County may use any container of their choosing for the remainder of the countys curbside recycling contract with CVWMA (ends June 30). But as we do that, we think there's another probably up to 2,000 positions that are helpful positions that we just will choose not to refill. Sat 8 am-12 pm. And that was not insignificant. And so we'll see some of that benefit as we go through the rest of the year in terms of where inflation headline numbers continue to be high. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please enable JavaScript in your browser for a better user experience. Capital spending in the quarter totaled $660 million, with $504 million related to normal course capital to support our business and $156 million of spending on sustainability growth projects. The definition of term 'e-waste' has been widened to Great. Free RecycleRight App - Better than EVER! AB341: Recycling. And that's exactly what we're doing in building an optimization tool that understands absolutely the best route to take. Our next question comes from the line of Tony Bancroft with Gabelli. Thank you. The National Biodiversity Authority in Chennai has been established for the purposes of implementing the objects of the Act. And as you can imagine, those have very high turnover, somewhere in the neighborhood of 50% for those. Good morning. Business and School Recycling. We knew that there would be some upfront costs associated with integrating that business. First question, I guess, is how to think about fuel rolling over in terms of impact to EBITDA and margins over the rest of the year. And has there been any change in terms of how you look at deals, the integration opportunity, level of automation or other savings that you can get and if that's kind of changed your M&A philosophy a bit as you take a bit more of a cost-focused approach here. Click here for more information. All Rights Reserved, manufactures or offers to sell EEE under its own brand; or, offers to sell under its own brand, assembled EEE produced by Recyclables, yard waste and any large or special pickup items must still be placed curbside. Our next question comes from the line of Toni Kaplan with Morgan Stanley. And I guarantee there's not anybody else out there that's able to do that. Recycle Right Inside WM. How quickly can we see that productivity impact into your results? You said it better than I would. So as Jim was saying earlier, specific to the commodity-based businesses, we have some caution around those. First-quarter revenue grew 5% with continued strong organic growth in the collection and disposal business of 7%. Or is that momentum building over the course of the year? So once those trucks come in, once we've talked to the customer base, we will transition those. Thank you, Tawanda. E-Waste, Paper Shredding, Drug Take Back Events. Once you have your container, simply follow the same guidelines as . When we talk about it probably four years ago, we're talking about something less than 1%. It's a good thing. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. That emphasizes our focus on people first, but that is a Q1-only event, and that's something else that will abate for the rest of the year. It's a great question, Noah. For the remainder of 2023, our outlook remains consistent with the full-year guidance provided at the beginning of the year, including adjusted operating EBITDA growth of 7% at the midpoint and between 40 and 80 basis points of adjusted operating EBITDA margin expansion, driven by our collection and disposal business. The infrastructure is simply not there yet to handle this. And then on top of that, we'll have some added benefits from lapping some of the commodity price impacts I've talked about. And Jim, just one last one, if I could. One of the things I've noticed that you have all been doing, and maybe it was perpetual, first of all, maybe it was just an outcome, is the gap between what you're getting in yield in collection versus the yield and post collection has been closing. As Jim mentioned, our first-quarter organic revenue growth in the collection and disposal business was 7%. It's why we think there's an opportunity for us to take share -- continue to take share, first, because I think the customer service product that we are providing is superior. On the solid waste side, we took a really important step that's team member-focused and an investment in our frontline by making the MLK holiday across the entire organization. And could that be upside to the guidance for this year? I want to point out a couple of things that happened in Q1 that we don't see as indicative of the margins that we'll expect for the remainder of the year. If a holiday falls on a weekday, collections for the rest of the week will be pushed back a day. Mondaq Ltd 1994 - 2023. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. India It's the highest-growth province in Canada, and Toronto is the biggest city in Canada. So would that change just be received positively by customers as maybe a way to help reduce volatility to them on the cost side? with the new regime. All Rights Reserved. Sure. 8 a.m. to 5 p.m. (772) 546-7700. I know it historically don't, but I think it helps put in perspective Tyler's question. of in an authorised treatment storage disposal facility; Maintain informal sector of recycling. Yeah. Sat 8 am-12 pm EMAIL pnwrsservices@wm.com Phone 800-592-9995 M-F 7 am - 7 pm Sat 9 am - 1 pm Unincorporated Areas South of the Stillaguamish River Sustainability starts in the community. This will help in Chesterfields contract with CVWMA forcurbside recycling services ends on Saturday, July 1, 2023. This will help in proper recycling and safe disposal of e-waste. The rules Get a Free Recycling Sticker / Buy a Recycling Can. Our next question comes from the line of Michael Hoffman with Stifel. All customers must use approved carts provided by Waste Management. devices, monitoring and control instruments, solar photo-voltaic To schedule rear door garbage service, contact Waste Management at 941-493-4100. Overall adjusted operating EBITDA grew nearly 4% and operating EBITDA in the collection and disposal business grew 7% in the quarter. We remain on track to bring online two new renewable natural gas facilities and seven newly automated material recovery facilities by the end of the year. In addition to the service intervals, though, as Jim mentioned in the commentary a few minutes ago, the other parts of that, that we're really paying close attention to is what the churn rate is doing and what the rollbacks are doing even as we continue to be aggressive on the pricing side. OK. And when China has closed down with their COVID policy, that hurt worldwide demand. People are talking about hydrogen. Waste Management's Orchard Ridge Drop-Off Facility (W124N9355 Boundary Road) for Yard Waste, excess Recycling, and excess Garbage is open. depended on the type of entity, turnover and number of The second is that truck deliveries are improving. A complete list and preparation instructions can be viewed in the, Electronics (stereos, computers, toaster, etc. EPR mechanism under the 2016 Rules Extended Producer Responsibility (EPR): 6. Properly labeled invasive plant species (PDF) may be placed at the curb. wherein dealer, consumer, bulk consumer, and collection centres Yeah, Kevin. And so there was a delay in our recognition of those tax credit benefits until the third quarter of 2022. All businesses in Sarasota County are required to use the countys franchised waste hauler, Waste Management, for garbage collection services. First-quarter cash flow from operations of $1.04 billion is in line with our plan and a strong result, particularly when you consider higher cash interest and incentive compensation payments. About 18% of our total debt portfolio is at variable rates and our pre-tax weighted average cost of debt for the quarter was about 3.7%. Our collection volumes were down modestly in the quarter, driven by intentional steps we continue to take to price every contract to achieve acceptable returns. AB 341 requires all businesses that generate 4 cubic yards or more of trash per week to arrange for recycling services. But when we look at the yield component, we actually see the revenue results including yield for Q1 being a little ahead of our plan. During the call, you will hear forward-looking statements, which are based on current expectations, projections, or opinions about future periods. But as I said, most of that really comes in Q3 and Q4 when the year-over-year comparisons on commodity prices improve. Time . And we talked a lot about drivers, it's our biggest population. For information, go to www.chesterfield.gov/recycling. So at the end of Q4, we were at $47. There's really, I think, Tyler, three areas that we're all focused on for 2023, and those are top of line -- at the very top of the list has got to be price, and then a close second to that is what John has been talking about, which is cost control, both SG&A and opex and using technology to facilitate that. Just I was looking back through the Q4 transcript, and I'm not really sure I saw it. That's really interesting. As you continue to look to do M&A as well as you move forward with cost-cutting investments. Super helpful as usual. *Average returns of all recommendations since inception. So we need to price it that way. As you heard at our Sustainability Investor Day at the beginning of the month, we're very enthusiastic about how the growth in our renewable energy and recycling businesses strengthens WM's compelling investment thesis. So I think what's important in giving color to the dilutive impact from the M&A that we saw in Q1, it really was twofold. If you have general questions for Martin County Utilities and Solid Waste that are not pertaining to Waste Management-provided services, please call Martin County Utilities and Solid Waste customer service 8 a.m. to 5 p.m., Monday - Friday at (772) 221-1434. Municipal trash and recyclingEffective January 1, 2021, the fee will be $90 per quarter ($360 annually). 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. e-waste. M-F 7 am - 5 pm. All trash and recycle items must be placed at the curb no later than 6:30 a.m. on your service day. So I think you're right about the fact that there's a whole bunch of pieces in play here. WM, formerly known as Waste Management . I think the good news is two things. Best Dividend Stock to Buy Now: Waste Management vs. Republic Services, 3 Resilient Stocks to Help Solidify Your Portfolio, Waste Management Stock Drops After Earnings: Here's What You Need to Know, Waste Management (WM) Q4 2022 Earnings Call Transcript, 1 Dividend Stock Warren Buffett Should Buy, Why I Refuse to Chase the Maximum Social Security Benefit, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks. So $57 was our average in the month of March. Thanks. (Optional additional rubbish and recycling bins are available for $22.50 per bin.). Thanks for the extra detail. Schedule I of 2022 Rule, at any point of time in the particular Composting is environmentally beneficial because it provides nutrients for your garden and is economical. decline in future well-being". Subcontractors, we're still seeing a little bit of lag there, and it's really more of third-party transporters. The new rules have strengthened the EPR concept, which makes Thanks for taking the questions. Thank you. With profitability improving in each line of business and contract wins with healthy price increases, we're pleased to see our differentiated service and disciplined approach to yield benefits. I have a suspicion maybe you will end up with two lefts and a right versus two rights and a left to get to the same outcome. I wanted to just ask my follow-up on the sort of more recent, like April, late March trends. Yeah. I'm not sure they would define it any other way, at least at this point in time. They just happen to be higher than our expectations. This is truly going to be a differentiator for us as we -- I talked about in my prepared remarks, I talked about the fact that we are taking cost out of our customer experience centers because we're using a self-service model now. Our next question comes from the line of Stephanie Moore with Jefferies. Hi. So we're certainly confident in that aspect of the guidance that we provided. Thank you for standing by and welcome to the WM first-quarter 2023 earnings conference call. registered entities. No. While this impact was a little more than expected, overall, we're very pleased with the progress being made on creating value from these businesses. Yard Waste Permits were mailed to property owners in January. Instead, they must be recycled. to ensure that e-waste generated by them is handed over only to I want to frame these results and then talk about the efforts in place to optimize our cost to serve in 2023 and over the long-term. Actually a quick one. The investments we're making set us up to further differentiate our industry leading asset network and capabilities. And while we don't send a lot of stuff straight to China anymore, they do affect worldwide demand. skip to main . This article is a transcript of this conference call produced for The Motley Fool. The City of Houston accepts cartons for recycling. We don't expect that to continue over the remainder of the year. Click here to view the recycling schedule. I think -- when it all comes down to it, I think we talk about automation and optimization. NOTE: this service only applies to garbage. And I'm just wondering how you view that. We're pleased to see our robust revenue growth and disciplined focus on cost control translate into solid operating and free cash flow. redefine ways to deal with e-waste to achieve our sustainability employees. But as you saw within our post-collection pricing and more specifically our transfer stations, we continue to address that through the revenue quality of the remote gates at or the transfer station. That's the subtlety of your model because so much of your business resets in the first half. flickr. The rules define various terms, including bulk City of Federal Way - Waste Management Northwest This website is your #1 resource for information MY WM APP Manage accounts and billing, request services, view pickup schedules Automated Virtual Assistant CHAT M-F 7 am - 7 pm Sat 8 am-12 pm EMAIL pnwrsservices@wm.com Phone 253-833-3333 M-F 7 am - 7 pm Sat 8 am - 5 pm Landfill volumes led the way with C&D volumes up almost 37% in the quarter, driven by the hurricane cleanup in Florida and MSW volumes increased by almost 3%. And I mean, there's benefits here potentially to the customers as well because historically, I mean, I forget the last few years. The 2023 Curbside Recycling Calendar is Here! One, we have our toe in all those ponds in terms of watching all the technology advancement and see how it's not only going to progress to commercialization, but commercialization through a heavy-duty fleet like ours, which are two distinctions. For rates and to request these services, visit wcnorthwest.com/bulky-items or call 360-892-5370. Ladies and gentlemen, I'm showing no further questions in the queue. Jim will cover high-level financials and provide a strategic update. Thank you. Chesterfield County Visit our site for information on weekly trash schedules, bulk pickup options & more. Q1 was at $54, but it got better as you went through the quarter. Thank you. role in keeping a check on environmental pollution. WM offers waste & recycling services to residents in Santa Clarita, CA. To set up commercial garbage collection, contact Waste Management at 941-493-4100. So we're going to continue to get those assets in play as quick as we can and drive the benefit. Thank you. Executing on these priorities will produce the robust short-term and long-term financial performance that we've projected. defer their EPR vis--vis corresponding quantity of e-waste When one of these holidays falls on a weekday, residential collection will be delayed one day for the remainder of the week. I guess just to conclude here you've heard that we're on track for another solid year. goals. in a particular year and same shall be added to the target of the that lasts" i.e., "a path along which the maximisation of And I'll now turn the call over to John to discuss our operational results for the quarter. So we're looking at making sure that we're not just doing a diesel-based fuel surcharge, we're doing a blended surcharge. It's just we paid everybody time and a half. It's not all CPI as we've talked about. No collection service provided on New Years Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. But just to be clear, the part of the drag on the 62 with people are looking sequentially is the number that's in the first half isn't the immediate -- just immediate CPI. Your line is open. Download the 2023 recycling collection schedule. Also looking at some of our volume numbers, especially MSW, MSW was 2.7%. As we exited those numbers, went up past historic averages. And then, of course, the third one is when we talked about three weeks ago, which are those sustainability investments. become important for the companies to prepare themselves to comply Electronics and Information Technology and Standards of Bureau of So I would say we're probably -- we were probably 60% of the way there on that piece. And with our outlook for strong earnings growth over the remainder of the year in a healthy balance sheet we expect to continue to repurchase our shares fairly ratably over the remainder of the year. The county recognizes the importance of recycling and its effectiveness in reducing the volume of household waste that ends up in landfills and desires a robust recycling program available to all citizens predicated upon multiple choices at the lowest price possible. of e-waste, electrical and electronic equipment ("EEE"), So while we're encouraged the worst of the recent uncertainty is behind us, we still need to see a more reliable delivery schedule from manufacturers. On the dilutive impact from commodity businesses of 50 basis points, you had that right. human well-being for today's generations does not lead to Maybe characterize the flow of impounds and inbound. We'll be at 75% probably by the end of the year. Looking forward to seeing a lot of you next week in New Orleans. WM Holiday Schedule. But just any thoughts on the pricing environment, your go-to-market strategy? After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. With me this morning are Jim Fish, president and chief executive officer; John Morris, executive vice president and chief operating officer; and Devina Rankin, executive vice president and chief financial officer. registered recyclers. Yeah. So look, Jim, I don't want to get into the comparison game, but one of your competitors showed core pricing accelerated in Q1. Service holidays are Christmas Day, New Years Day, 4th of July, and Thanksgiving. recycling chain. The alternative fuel tax credit was a help of 30 basis points, and that's a help because of timing. And do you just feel comfortable that you can maintain a nice positive spread to unit cost inflation both over the short and long term?
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