It takes 30 to 45 days to get those vehicles sort of on the road and get the older vehicles off. The new rules have set higher collection targets for But everything we're looking at still seems to be OK. We're off to a solid start in 2023 with first-quarter results, delivering on our expectations and keeping us on track to achieve our full-year guidance. registered recyclers. flickr. that lasts" i.e., "a path along which the maximisation of Our business generated free cash flow of $395 million in the first quarter and free cash flow before sustainability growth investments of $551 million, which puts us on track to deliver our full-year guidance on this measure of between $2.6 billion and $2.7 billion. During the call, you will hear forward-looking statements, which are based on current expectations, projections, or opinions about future periods. OK. So it's a good question. Is the opportunity for that maybe near-term dilutive impact from M&A in a given period of time to maybe diminish over time because of this? WM Holiday Schedule. With the mass electrification of transportation, recycling of batteries is a growing concern in India as a significant part of discarded batteries eventually end up in garbage disposals. Thanks, John, and good morning. And that is our expectation, is that the first quarter of 2023 had some margin pressures that we see as more related to 2023 specifically, such that the normal seasonal uptick that we see from a revenue perspective will provide the typical expansion. Very helpful. ("Rules"), superseding the E-waste (Management) Rules, For rates and to request these services, visit wcnorthwest.com/bulky-items or call 360-892-5370. So I'm wondering, as you're thinking about the cadence, is there a potential for margins to be up stronger sequentially than the typical two points that we've seen in the past. 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. focused more on the producer's responsibility to collect back . the constituents of the equipment along with declaration of human well-being for today's generations does not lead to In closing, the WM team has delivered a solid start to the year, which sets us up for another year of strong financial growth in 2023. I can't thank our hard-working team members enough for all of their contributions to our success. And that's really, as Jim mentioned, what we're really focused on for the balance of the year. It's just everybody needs to understand it. To check your recycling day, visit Central Virginia Waste Management Authority (CVWMA). The majority of that, though, really, as we all know, runs through that residential line of business. 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. So would that change just be received positively by customers as maybe a way to help reduce volatility to them on the cost side? For more information, visit www.cvwma.com/recycling-2023. There's a few things that are coming in a little lower than our expectation. Thank you. What we do is try and work ourselves toward providing better clarity about the key drivers of our business. When you sign up for a utility account with the city, you will receive both a garbage and recycling bin for one low monthly price. Use the CVWMA web tool to sign up. Carton Recycling Program. But other than that, it's been -- I think the temp story has been a consistent one. You heard me in my prepared remarks talk about some of the peak wage inflation where it's moderated to now. With WM as your partner, you can count on reliable service and solutions that help keep our community sustainable, clean and safe. And because renewable energy and recycling both have commodity-based impacts, we thought looking at those on a combined basis made some sense. Your line is open. Excellent. And in fact, we do see some of that coming out in Q2, but Q3 and Q4 is really where you start to see some strong results. The rules define various terms, including bulk And when China has closed down with their COVID policy, that hurt worldwide demand. But as I said, most of that really comes in Q3 and Q4 when the year-over-year comparisons on commodity prices improve. Waste Managements Orchard Ridge Drop-Off Facility (W124N9355 Boundary Road) for Yard Waste, excess Recycling, and excess Garbage is open. thousand units of electrical and electronic equipment listed in The term 'bulk consumer' has been widened and 1. Call 941-493-4100. Incentive compensation was cash flow. If a holiday falls on a Saturday or Sunday, there will be no delays. And I would guess that 90% of that 70% are on rear loaders. Sustainable development can be interpreted as "development Perfect. Waste Management will be able to assist businesses in determining the appropriate garbage service levels for number of containers, size of containers and pick-up frequency. This is a much-needed change to the existing regime to put India required to register on a central portal to continue operating and Michael Hoffman -- Stifel Financial Corp. -- Analyst. At this time last year, we have received less than 50 trucks. Thank you, Tawanda. Our team of dedicated experts help learners to work towards a future where they succeed and enjoy communicating with others in French. OK. The growing environmental issue that Good morning everyone and thank you for joining us for our first-quarter 2023 earnings conference call. manner. of e-waste, electrical and electronic equipment ("EEE"), Can I ask just a follow-up on that? On the solid waste side, when I was mentioning the MLK holiday, that was part of the 20 basis point margin headwind that we saw from the solid waste part of the business. Take a virtual tour of a material recovery facility (MRF, pronounced murf) on CVWMA's Journey to the MRF webpage, which includes a video about recycling in central Virginia. I just wanted to confirm that all the guidance is intact, and in particular, including the collection and disposal yield, I think you guys have given us approaching 5.5% number. But at the same time, we are continuing to look at other propulsion techniques, if you will. Your line is open. Municipal trash and recyclingEffective January 1, 2021, the fee will be $90 per quarter ($360 annually). But some of those other positions that we've talked about, John mentioned it, which is replacing reloaders with ASOs. Time . This will help in EPR, and producer. skip to main . So to Devina's point, there's a little pensiveness by the field, and we understand it's to send those trucks back, whether it's rentals or surplus assets. Hi. 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. recyclers; Residue generated during recycling process is disposed To find your collection day or schedule reminders, please visit PGH.ST. Investments we are making in our people and processes are also important. Thank you so much. So you might recall that last year, we got -- there was a delay in the approval of those tax credits by government. consumer, component, dismantler, environmentally sound management No. We're pleased to see our robust revenue growth and disciplined focus on cost control translate into solid operating and free cash flow. I like the way you said that, Michael. We didn't really see any meaningful margin impact in the first quarter, but we do expect that we will see some margin impact over the remainder of the year. For information, go to www.chesterfield.gov/recycling. I think it does, Ken, I think it puts us in a great position there. These margin impacts were offset in part by a 40 basis point improvement in SG&A and a 30 basis point benefit from the timing of alternative fuel tax credit. OK. And then just to settle the on temporal losses. and safe disposal of such waste. It understands things like location of carts. So that moderates and really starts to become a tailwind over the remainder of the year. And that's when you look at the pricing and the yield results in residential, I think for the quarter, we were up $53 million in revenue. So there's a little bit of a lag. And I also was very encouraged to see pricing in two particular places that we're encouraging: residential, which John talked about, and landfill and transfer. Ladies and gentlemen, I'm showing no further questions in the queue. So neither of those really were seeing the full benefit of leverage on the SG&A front -- I'm sorry, it wasn't that they weren't seeing the benefit of the leverage on the SG&A front, we were capturing and realizing that. The alternative fuel tax credit was a help of 30 basis points, and that's a help because of timing. awareness about e-waste management, and file annual and quarterly Just wondering how that positions you given the province -- if Ontario is looking to put in a producer responsibility legislation or as producer responsibility legislation? So we need to price it that way. De nombreux forfaits et billets sont faits pour vous ! NOTE: this service only applies to garbage. Now we tend to be kind of at the back end. For missed pickups of garbage and/or recycling, please contact Waste Management Customer Service or email your address, phone number, and regularly scheduled pick-up day ASAP email us or call 888-960-0008. Even as these important parts of our operations grow our solid waste business will continue to make up the lion's share of our earnings, projected to generate roughly 85% of operating EBITDA in 2026. We were right on plan for the first quarter. It was more about investment in the operations and the long-term viability of each of those businesses. You reiterated guidance for the 80 basis points improvement for 2023. . Sat 8 am-12 pm. But that's because we've needed to be intentional about keeping our vehicles and maintaining them so that we meet all of our service needs for our customers. As we move from traditional rear load to automated side loaders, we're taking a helper off the back and getting about a 30% productivity pickup, which equates to lower driver technician and truck capital needs. Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. (Optional additional rubbish and recycling bins are available for $22.50 per bin.). 2022, SB 1383 requires Californians to sort and separately collect food scraps, yard debris and food-soiled paper from trash and recycling. And we're starting to see truck orders fulfilled, which benefits every aspect of our cost structure because employee engagement is better, downtime on route is minimized, repair costs to reduce, and expensive rentals can be eliminated. What's the temporal loss utilization look like? People are talking about hydrogen. Line map | Line map | Line map | Line map | Line map | Line map | Line map | Line map | Line map | Line map. NOTE: this service only applies to garbage. As a reminder, we closed on about $365 million of acquisitions of solid waste and recycling businesses in the second half of the year. What we intend to do there, at one point, we had moved our renewable energy business into the fuel line, and with some of the noise it was creating in the fuel line, we saw value in pulling that out. decline in future well-being". You can -- we all know that the infrastructure is not prepared to handle electric vehicles. You're right, Michael. Yeah. Can you talk about, did we get a full quarter run rate out of the initiatives that you mentioned on the call center side this quarter? Contact WM at 775-329-8822. 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. The lids on both carts must be closed to ensure litter free service. in a particular year and same shall be added to the target of the Service is provided through Waste Management. And as you can imagine, those have very high turnover, somewhere in the neighborhood of 50% for those. These entities are Sat 9 am - 1 pm. We're down about 29 in volume. And right now, I don't know that we're seeing any progress on infrastructure. We don't expect that to continue over the remainder of the year. We need this to enable us to match you with other users from the same organisation. But this area turned their trucks back in and then we got delayed another 30 or 45 days on some of the delivery. Monthly calendar view. And so asset utilization, not necessarily where we like it to be. One, in the solid waste business, we make investments in our facilities, the fleet, and our people right up front and that's the cost impact that you saw in the first quarter for the solid waste acquisitions. pinterest WM offers waste & recycling services to residents in Santa Clarita, CA. Consulter le plan (PDF 1.09 Mo) Discover the Paris metro map. Particularly when you think about it on the East Coast and on the West Coast, I mean, maybe not quite as much in the middle of the country, but definitely on the East Coast, I mean, you see it. consumers of e-waste. So it becomes a synergy for us as we acquire businesses. Turning to SG&A, we're pleased with the progress we're making to drive leverage from a more efficient cost structure. 2016 with effect from 1st April 2023. That's helpful. Much of the commercial sector waste disposed in landfills is readily recyclable. Sarasota, FL 34236 So we are hearing that, that turnover has become a consistent and recurring problem for a lot of those companies. So we don't have any issue moving the material we're bringing in. 2. Recent tax policy discourse has seen carbon taxes' becoming a popular tool to tackle climate change, especially as a part of environmental, social and governance ("ESG") initiatives. Specialist advice should be sought As a regional leader in environmental stewardship, Chesterfield advocates, along with Central Virginia Waste Management Authority (CVWMA) and our regional partners, for reduction and reuse strategies to lower solid waste generated. And then on the recycling part of the business, the Natura business is in early stages and we're making some investments there, too. Residents are advised that service delays may occur due to weather and are encouraged to register for *Average returns of all recommendations since inception. When we gave our guidance for 2023, we talked about working capital being a headwind in the year. I think, Jerry, it's also worth mentioning that our team is, over the years -- the last couple of years has really come to appreciate the fact that landfill aerospace is a precious commodity and if you think about particularly the East Coast, that space doesn't come cheaply and it's -- there's a finite life to all of those. Recycling 101 Our Service Areas Drop Off Locations Service Notifications 10 Yard Dumpster 20 Yard Dumpster 30 Yard Dumpster Holiday Schedule Facebook Twitter Instagram LinkedIn YouTube Products & Services Trash Collection & Recycling for Home Waste Disposal & Recycling for Business Roll-Off Dumpster Rental Bulk Trash Pickup Please note: this program is ending on Saturday, July 1, 2023. Copy and paste this code into your website. Prefer to use your computer instead? Recycle Coach App. Leaf it Out! Executing on these priorities will produce the robust short-term and long-term financial performance that we've projected. wherein dealer, consumer, bulk consumer, and collection centres Any regular Friday collection delayed by a holiday will occur on Saturday. I would tell you that's something we've been working on, and that's been a tougher hill to climb, obviously, because those are bigger chunks of a volume and big customers when you're making those decisions. So $57 was our average in the month of March. So that one may end up being a little bit of a headwind. 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. And we talked a lot about drivers, it's our biggest population. e-waste to reduce the long-lasting impact on the environment. We're pleased with these results, particularly when you consider the impact of West Coast weather disruptions on our operations. But what's the mix of index versus open market? The good news is we're starting to open up. I'm not going to pay three times for an electric vehicle, what I pay for a CNG vehicle. Any redistribution, retransmission, or rebroadcast of this call in any form without the expressed written consent of WM is prohibited. So that's encouraging. Twitter 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. registered recycler on the portal and make available all records Thanks, Jim and good morning. Click on the map to enlarge. Composting is environmentally beneficial because it provides nutrients for your garden and is economical. Garbage, Trash, recycling, Yard and Waste, residential, commercial, multifamily Service - Hansville, Kingston, Manchester, Olalla, Silverdale, Suquamish, Poulsbo, WM provides garbage, recycling and Yard and Waste services for residential, commercial and construction customers including Kitsap County, Washington. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. SCHEDULE Trash is collected weekly. Beginning July 1, 24-gallon bins and personal containers will no longer be collected curbside. 2. Good morning. Now, I'll turn the call over to WM's President and CEO, Jim Fish. So we've chosen to make that -- it's an incrementally positive step to go to C&G. In closing, I want to thank the entire WM team for the fantastic job they do safely and reliably serving our customers day in and day out. Q1 was at $54, but it got better as you went through the quarter. We'll have another benefit in Q2 and then that moderates in Q3, reverses itself, and then normalizes beginning in Q4. Please click here for the 2023 Waste Management pickup schedule. 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. So we're looking at making sure that we're not just doing a diesel-based fuel surcharge, we're doing a blended surcharge. WM offers waste & recycling services to residents in Moreno Valley, CA. And we're making the progress that we expect to make so that they have incremental value creation for both the market in the solid waste business that we acquired, and then also thinking about the differentiated service model that we will now have in the recycling part of the business because this is a new line of business for us. Maybe just on -- in your prepared remarks, you talked about the MRF you opened in Toronto here. Thanks. widened and simplified. retailer, e-retailer, etc. It's a shrinking labor pool. Bryan, we are still looking to see $70 for 2023. And as John has talked about, in particular, labor and repair and maintenance are expected to benefit from the actions that we saw early signs of as we looked at February, March, but we expect to continue to gain momentum over the remainder of the year. We expect our investments to continue to drive improvement in SG&A costs and put us on a path toward a permanently reduced SG&A cost structure. Super helpful as usual. But just given some of the stuff you've seen, not sure if you think that impacts your fleet strategy or maybe the need to accelerate some of the investments in electrification or other -- or some other type of propulsion system that gets you to some sort of GHG emission target based on the EPA's proposal here. extended. simplified. How Do I Volunteer for a Board or Committee? So yes, that was a cash flow impact. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. GFL will provide you with regular, reliable curbside collection of your recyclables on your scheduled service day, and a suitable bin or container to hold items until they are picked up. The Florida Department of Environmental Protection recognizes businesses, institutions, schools, public organizations and citizens who recycle over 40 percentof their waste. So thanks for joining us this morning, and we'll see you next week. And I'm just wondering how you view that. You mentioned something -- I think you said 30 basis points from a fuel tax credit. From an asset utilization perspective, Michael, I think it's important that as John mentioned, it takes 35 to 40 days to get those new trucks in service and on the road. The Form 8-K, the press release, and the schedules to the press release include important information. We knew that there would be some upfront costs associated with integrating that business. Tobey Sommer -- Truist Securities -- Analyst. So it puts us in a really, really good position add to that -- that this MRF will be one of the new style MRF, so with a lot of automation in it. 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 Residents may also submit concerns or issues to the Village online with GONorthbrook or via phone at 847-664-4010. There are four ways to dispose of these materials. prohibited from dealing with unregistered players. Sure. So as Jim was saying earlier, specific to the commodity-based businesses, we have some caution around those. Yes! Your line is open. Call 941-493-4100. more electrical and electronic equipment, including medical 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. We are hearing that, and some of the companies that we've acquired are showing double the turnover that we're showing. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. And if you need additional color on that, Ed and Heather are sure to get you the details that you need. And it's got to be through technology. All Rights Reserved. And that's some of the analysis we've been particularly honed in and on and looking at. So if you're using a renewable fuel to fuel a CNG truck, I don't think you have to be a mathematician to figure that out. I mean SG&A, is -- I'm not sure we've ever had an SG&A number as a percent of revenue below 10% for the first quarter because the revenue base is always low for Q1. No, that makes a ton of sense. If containers were curbside by the specified time and were not emptied, you can report a missed pickup online with My WM. With that said, our first-quarter performance was basically on our budget and our strategic priorities of maintaining strong price discipline, permanently reducing our operating and SG&A cost structure through business optimization, technology and automation, and leveraging our sustainability platform for growth are right on track. Thank you, Tawanda. 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. In the first quarter of 2023, we saw the best driver retention we've seen in two years. I think as I mentioned, the transportation piece, and a lot of that is labor and fuel, if you will, has continued to persist, which is why one of the reasons why you continue to see us be as aggressive as we are on the transfer station side. It's a good question because I wouldn't say that our approach has changed. Integration costs and upfront dilutive margins of these acquisitions had about a 35 basis point impact in the quarter. Actually a quick one. Visit our site for information on weekly trash schedules, bulk pickup options & more. So look, Jim, I don't want to get into the comparison game, but one of your competitors showed core pricing accelerated in Q1. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. Jim Fish -- President and Chief Executive Officer. So when we think about rentals and surplus assets, we have a clear path for the rest of the year and more confidence in the delivery schedule that we're going to be able to take those out. I think -- when it all comes down to it, I think we talk about automation and optimization. One area that exceeded our expectations was pricing as we continue to execute on our revenue management programs to recover cost increases and improve margins. 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. I think the interesting thing, Jim, I think, touched on this, is that there is some domestic capacity that's opening up here this year. Yeah. Changes to Curbside Recycling in 2023 Beginning July 1, 24-gallon bins and personal containers will no longer be collected curbside. Property owners may continue recycling through the county's curbside recycling program through June 30, 2023, for no charge. All right. Welcome to the Alliance Franaise de Paris! This ordinance applies to all commercial buildings constructed after Dec. 7, 1993 (the date the original Ordinance 92-102 was adopted). So sometimes we don't see the early signs. About 70% of our resets are in the first half of the year, and those are all indexed to a year-ago activity. Our operating EBITDA margin performance for the quarter was generally in line with our expectations. Thank you. e-waste by the bulk consumer has been done away with but they need Thank you. We've talked about it a lot. Additionally, they have to ensure that the refurbished equipment is Yeah. And that's exactly what we're doing in building an optimization tool that understands absolutely the best route to take. We look at the heavy equipment at our landfills and all of that. They have to talk to our customers and make sure that they're comfortable with going to trash just being in one of those totters as opposed to everything sitting on the curve. But when we look at our consumption, we don't just look at the collection line of business. OK. Our next question comes from the line of Kevin Chiang with CIBC. The 2023 Curbside Recycling Calendar is Here! Additional details about the program may be found on the FDEP website. But I don't think -- to John's point, I don't think they look at it that way today. Composting is relatively easy and takes less space than you think. Free RecycleRight App - Better than EVER! I think from a progression standpoint going from diesel to CNG, CNG-RNG, it's certainly going in the right direction. We'll be at 75% probably by the end of the year. Our residential recycling plans offer customers the resources they need to achieve this. during the process of refurbishing and hand over the waste to WM, formerly known as Waste Management . So make sure I've got it. POPULAR ARTICLES ON: Environment from India. So once those trucks come in, once we've talked to the customer base, we will transition those. Waste Connections customers are eligible for one free appliance pickup each year. notified the E-Waste (Management) Rules, 2022 on 2nd November 2022 First-quarter revenue grew 5% with continued strong organic growth in the collection and disposal business of 7%. Yeah. 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.
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