CASELLA WASTE SYSTEMS INC — Call Transcript 2026

Good morning, everybody. I'm Michael Hoffman, President and CEO of the National Waste & Recycling Association. My colleague. Thank you very much. I'm Shlomo Rosenbaum, the Environmental Services and Business Information Services at Stifel. We want to thank all of you for, I think this is the 16th Investor Summit here at the Waste Leadership Summit. We have a fulsome schedule for you. A few opening remarks. First, I want to thank our partners and colleagues at Informa, Rita and her team, Mark, Laura, Deb, Juliana. This has been a terrific two days. I think everybody would agree with that. Let's give them a round of applause for the first ever Waste Leadership Summit. We will be Investor Summit, and WasteExpo is May 3rd, the Investor Summit, West Hall, and the WasteExpo is the 4th through the 6th in Las Vegas in 2027. Safety. NWRA cares a lot about safety. Look around. See the exit signs? That's your exit. Grab your partner next to you. Find your way to an exit. Exit quietly. Hopefully, we won't repeat the correspondence dinner's exit strategy. Why we're here today. We are going to have lunch will be served. There's a break. What I would ask you all to do is get back into the room, and at the last 10 minutes at lunch, we're going to do a check presentation for the Deal Me In winners from our program that we do with our young rising leaders with FILA, and then segue back into the rest of the afternoon's program. Last but not least, we have the gala for, the awards gala is in this very room tonight. At the very end at 3:20 P.M., when the last meeting's done and Shlomo's finishing with Tara with WM, you have to leave really quick. We have two hours to turn this room. If you would kindly get up and get out when we're done so that we can turn this room for the gala tonight. Enjoy your day. Good luck, Shlomo. Thank you very much, everybody. Thank you. First I want to welcome Casella. Ned Coletta, Brad Helgeson from Casella Waste. I appreciate your joining me for the kickoff fireside chat this morning. We're just going to, I guess, go through the questions I think that are topical, when it comes to Casella in general and the waste space, and I thought I'll just kick it off over here and throw it out, and you two could decide which one you feel like answering or which one is going to be taking a sip of water at that time. Thank you very much. I guess maybe I'll just actually start. First, I'm going to start with you, Ned. Just what's your view of the solid waste space right now in the Northeast and Mid-Atlantic, and what are you seeing just in terms of the macro, the client base, and how has the year so far played out versus what you thought coming into it? Thanks, Shlomo, and good morning, everyone. Thanks for joining us. Right now, we're seeing a really stable environment. It's not much different than we expected for the year. We have had diesel spike nearly 50% year-over-year, but we haven't seen that impact the economy to any large extent yet. You could see some inflation emerge across businesses, the economy in the coming months, but at the current time, it's really stable, and our first quarter was a great quarter. We saw MSW volumes up, C&D volumes up, strong business metrics across the board. Coming into the second quarter, we've seen our normal seasonal uptick across the business, and we're feeling pretty confident about our plan for the year. Okay. Great, what about the cyclical parts of the business? Have you noticed any change going into this year or through the first five months of this year? What are you seeing with that? Well, yes and no. This was probably one of the most challenging winters in the Northeast and Mid-Atlantic in 20 years. We saw some depression of seasonal activity through the winter, roll-off, pulls, construction activity. The trends have improved significantly through the spring. As you saw in our first quarter results, it really didn't impact our results in the quarter. We were able to outperform in other areas that made up for any sort of negative operating impacts or lower volumes from the tough winter weather. As we look at specific streams of materials, our construction demo volumes were up over 10% in the first quarter. We are seeing some continued weakness in contaminated soils and special waste streams. It has been a bit sluggish for the last two years. Coming into the spring, not a lot has changed there. It's kind of steady state over the last couple of years. What would you say? How would you characterize it? Yeah, just to add on that, in our business, in our region where we operate, it's very difficult to get a read on the economy in the first quarter because everything's so cold and under snow. What we've seen as we moved into the spring is all of the metrics you would look at for like, okay, what's cyclically sensitive, landfill volumes, MSW, C&D, roll-off, pulls, all are trending positively seasonally. I wouldn't say they're necessarily different than we expected. They're generally in line with our expectations. Our view coming into the year was one of cautious optimism. That's sort of what's playing out so far. Anything getting better, or is it If you just put it all together, a little bit better, a little bit worse, the same? How would you characterize it? Yeah, I would say it's a year as expected, and as we've done for many years, we're having a positive growth year. We've put together 10 years in a row of growing free cash flow 20% a year, and we expect to have another strong year again this year through organic growth programs, positive price-cost spread, our focus on operating initiatives, M&A activity. As we look at the year, it's very much playing out in that regard. We've completed over $150 million of acquired revenues year to date through April, we're off to a strong start there as well. Okay, great. Just how would you characterize the market share of Casella in the Northeast and Mid-Atlantic? Maybe along the lines of collection and landfills or any other way you would like to split it up. How do you view your market position? Over the years, we've had a large focus on secondary, tertiary markets, and in those markets, we strive to have a number one, number two position. As we enter any market, we'd love to be top three over time. It really leads to positive outcomes from a route density and optimization standpoint. We probably don't really get into measuring each market specifically, but as we look at our business plan, getting into that top three is always part of where we'd like to be. On the landfill side of the business and disposal side, we're a top two player in the Northeastern markets today, and we'll continue to be with our great platform of landfills across the market and our long-term disposal capacity. We've got over 25 years of capacity today across our sites, we're in a great position going forward as well, Shlomo. Okay, great. I want to talk a little bit about waste-to-rail, and you guys have your own waste-to-rail solution. Over the last year, there was some discussion with the company about competition impacting third-party tons and the pricing over there. The commentary you had is, you think that we're kind of normalized in the market. I want to ask you how do you see that, and do you expect from time to time, like this is a normalization, but then we should see a pickup in that in a year or two? What's your view on how that kind of trends in the markets that you're in? Yeah. Across our markets, if you look back over the last 30, 35 years, there's only been one new landfill permitted. The public policy in the Northeastern U.S. is such that politicians, regulators for a lot of years have really wanted society to recycle more, reduce their waste consumption, and here we are. We're in a situation where recycling has grown, and it's made a really positive impact, but we're still a consumable society. You look at that, the number of expansions have been quite low as well, but we've seen as much as 30% of total landfill capacity and disposal capacity close over the last 10-15 years in the market. The solution has been putting waste on rail cars and moving it to faraway markets. One of the things I think is probably a little bit misunderstood about this is that's not a low-cost solution or a low-capital solution. It's a very expensive solution. You'd much prefer to just bring waste to a local landfill or a local waste-to-energy facility, but there's just not enough capacity. As we look at these trends, long term, that's not something that will bring the market down. Long term, there's a lot of inflation involved and capital involved with moving waste long distances. We don't think that's a disruptor to overall pricing in the marketplace. In any given year, if you're looking to a long-term strategy to build a waste-to-rail transfer station or acquire additional rail assets, and you bring those online, you might see some step functions in years. We've gone through a couple of years with no landfills permanently closing in the marketplace, while new capacity for rail has come online. That's kept the market a bit more steady from a price-cost spread over that time period. We'll be entering another period in the next couple of years where several sites close in the market, and we'll see contraction again in the amount of capacity and a great pricing backdrop. Do you think that that's going to prompt other competitors to try and invest more in rail as some of the capacity comes off, and then we're going to see a situation where, again, you have a step up in investment in those assets that need to be utilized? Yes, it will. It's a natural thing that there's just no place else to put the waste as sites close. There's not an unlimited supply of landfills around the country that can take waste by rail, and they become less and less economical as you go further away or have drays on either side. In no way, shape, or form is this a low-cost solution, but it's a necessary solution right now. Yeah. By definition, the market will be in equilibrium always, unless there's waste piling up on the street. Right? The market is figuring out how to move the waste to end disposal. The only question is at what price that takes place. At what's the price that's necessary for someone to make the investment, to incur the cost, to move it far away as opposed to a local landfill? Okay. Based on what you're seeing right now, what do you think the pricing should look like for those third-party tons? In general, every company is a little bit different based on where their location of their landfills are around the country. What do you think is, from an investment perspective, an investor's looking at your numbers every quarter, what's a reasonable expectation that they should see for pricing? In 2025, we were a little over 3% for the full year, third-party price. That reflects what Ned was talking about. We were in a bit of a holding pattern, I guess, in terms of prices moving higher as some more capacity for rail export came into the market. This year, we expect to be in the fours, between 4% and 5%. We're at 4.3% in the first quarter. I would characterize that as more of a normalized run rate. As Ned also alluded to, I think there's good reason for us to be bullish about pricing in the coming years. For this year, 4%-5% is probably a reasonable expectation. As far as our competitors, as a reminder, of course, we're in the Northeast. Disposal prices, landfill prices are the highest in the country. Our average disposal price tip fee is over $50. 1% for us means a lot more in dollar terms than 1% for someone with landfill capacity in the South or the West or the Midwest. Right. I hear it. Makes sense. One of the other comments you made on, I guess, the last earnings call is that you're working on managing the quality of the pipeline for what's being landfilled. How does that work? Is that a long process, or is that something that's a strategic plan, or is it something that you can implement quickly? How does that work? If you flash back to, say, 2008-2010 timeframe, we were probably taking about 20% C&D volumes to our sites. You flash forward to today, it's less than 10%, we've consciously moved away from volatile streams that can go up and down with the economy. You also can't get as much compaction with C&D. From a quality of material we're taking into our landfills, we've moved away. Those streams can be costly as well with H2S. We're definitely looking at what types of streams create the most value long term. We've got energy production at almost every one of our landfills today, whether it's landfill gas to energy or RNG facilities. Getting the right mix of waste to produce methane and energy is important as well. Okay, great. I want to pivot a little bit. If I look at the margins of the business, the EBITDA margins have been hovering around 23% since around 2021. I know there's a lot going on there because you make a lot of acquisitions, and those Yeah come in at usually lower margin. When you think about the business going forward, what's the confidence you have that you can increase those margins from that level? If I look, let's say, three to five years forward, if someone's looking at your business saying, "This is a three to five-year investment," how should they be thinking about the margins, like reported margins in three to five years from now? Yeah. I think for margins, there's really two pieces to the story, of course. One is, which you alluded to. I mean, one is our existing base business that's growing organically, same story year-over-year. Then the impact in the near term of acquisitions, is that dilutive to margins in the near term? For the base business, let's just pretend we stopped doing acquisitions. We're looking to grow margins by 50 basis points at a minimum on the EBITDA line year-after-year. A 200 basis point increase over a three to five-year time period is absolutely in our plans. There are things that we've highlighted that we're doing specifically to get there. Reducing G&A as a percentage of revenue, executing on the synergies that we have lined up in the Mid-Atlantic. The other ways that we just generally drive margins higher in our business, like price-cost spread, operating initiatives, and so forth. We certainly feel good about that target. The impact that acquisitions have, it's a little more difficult to predict. We've been growing over 10% a year for 5+ years via acquisition. The acquisitions, based on the businesses we tend to acquire initially, are dilutive to margins. There's obviously that push and pull. Long story short, it's difficult for us to pin to, "Okay, we're going to get here by this year," because look, hopefully, we're more successful with our acquisition pipeline because our view is that those may come in at dilutive margins initially, but there's significant shareholder value there as we execute synergies, and that's regenerative opportunity. Okay. Then you talked a bit about $15 million of G&A savings by 2028. How should we think about that? Is that something that we should expect that the company, you're going to get that, and that's something you're going to try and drop to the bottom line, or is that something where you got it, you want to get it, and reinvest it in the business going forward? Yeah. It's a good question. When we say $15 million, it's going to be hard to sort of track exactly where that $15 million. Did it fall to the bottom line? Was it reinvested? Really, the best way to think about it, I think, is as a percent of revenue. How does $15 million translate to a percent of revenue? That's north of 50 basis points of margin improvement over that three-year period. Some of it we will reinvest, some of it will fall to the bottom line. There are some specific cost initiatives that we're targeting right now. Really, I think the more powerful opportunity from a margin perspective over time is get to a place where we feel like we have a technology-enabled, scalable platform, more so than we have today, so that as we continue to grow, all of that additional revenue falls more to the bottom line from a margin perspective. Maybe you could just do a double click on that. When you're talking about more of your technology and trying to get more out of it, can you give some specific examples? Now, I guess I want to split this into two different things maybe you could go into. One is just kind of a basic, hey, more automation, and the other one is, there's a big talk, a lot of discussion about what people can do with AI. Maybe you can look at it in terms of both of those lenses and how you're implementing those things to improve the margins. Do you want to take that or? I can start, and you can hop in. For us, a lot of it's just been foundational technology work. We've been updating all of our core systems over the last couple of years, from general ledger to procurement. We've been on an initiative for the last year plus to go through our order-to-cash system to modernize it and get a lot more connectivity to our other systems. We've built a new customer payment portal. We have a new app that just launched for our customers. A new website is launching soon. It's just digitizing the full chain through customer acquisition, through payment side and routing and trying to make sure all of it's done exactly the same way across our business with the same stable platforms. That's been a lot of our work. That's the first step along our journey to take a lot of costs out. As a perfect example, our last payment portal did not allow us to charge convenience fees if a customer used a credit card to pay, remarkably. That's really become a staple in all of our lives or where we do business. If you use a credit card, there's a big exchange fee associated with that. Migrating more of our customer base to ACH payments is another strategy that really will take cost out. On the AI side, some of that's kind of next generation for us, where just these really simple foundational elements are taking a lot of cost out. AI is another layer on top of that to look to automate process even further. What about routing and using some of the new technology for improvements in routing and pricing? Maybe you can just dig a little deeper in there in terms of where you expect to get efficiencies and how that should work. The cab of our truck is becoming more and more digital. It's pretty complex, from automated side load trucks that are taking away labor to Routeware and EasyRoute that we use to help us become more efficient in our routing and optimization, and Lytx that we have coming into our cabs, which is helping our drivers to have AI-enabled real-time coaching. All of these things are helping us to drive either efficiency on the street, safety. Our Routeware system also allows us to automatically charge overages to customers if they overload a dumpster or a residential stop. Trying to automate that flow of information and get it into systems to have productive moves in the business is a big goal of ours. A lot of it we've been doing for years, but there's always room to get better. Our number one recurring great operating programs are automating routes, getting more digitization, Routeware, to let us optimize more efficiency, more real time, and those are kind of just recurring things. Especially as we do an acquisition, we'll typically come in in the first year and a half, upgrade the fleet, and drive more of those programs through to get efficiency. Maybe I'll pivot a little bit to going over some of the assets that you purchased from GFL in the mid-Atlantic. Where do you stand with that in terms of the integration? It's been about three years now, the margin expansion of those assets and where does that stand today in terms of your outlook? This was a really good decision for us to step into adjacent geography. We, of course, still have a lot of room to grow in the Northeast, but stepping into new geographies has allowed us to, one, really reinvigorate organic growth and look at our sales pipeline, especially in customer segments that we really excel in, higher education, large industrial. We've also done, since that acquisition in late 2023, 11 additional acquisitions in that marketplace. We're starting to gain more density. We're putting the right assets in place to drive more vertical integration. We're at a point in that journey that we're really starting to yield some great benefits in margin enhancement. As we announced last quarter, we've got $15 million of synergies we're looking to pull out of that business in the next three years. Much of it will start to come the second half of this year. We just completed the overhaul of all of the back-office systems in that marketplace. We're running the way we want to run. We probably hit the brakes a tiny bit just to make sure fuel surcharges were in place across the entire customer base this spring with spiking diesel, we're pushing as fast as we can to drive synergies on the street. We're talking about taking tens and tens of trucks off the road through collapsing business units. As I said, we've done 12 acquisitions, including that one from GFL, we've got a lot of work to do to get routes reestablished, markets reestablished. Pre-synergy, we've been running about 20% EBITDA margin across that region. Our goal is to get into the mid-20s EBITDA margin over the next 3+ years. That was a pretty big bite for you guys to go ahead and take a, what's it called, an acquisition of that size. What would you say were some of the learnings that you took from there that if you were to do that again, you would say, "Hey, I would approach it a little bit like this or like that"? How would you characterize it? Yeah. I think the unique thing there is it was a carve-out. We've done two carve-outs in my time in the industry. One, we bought some assets from one of the big three, and then this set of assets from GFL. It's just a very unique situation because most of the time you're buying a company from an entrepreneur who runs it every day and has the infrastructure, the people, to run a really successful business. Here, you're not getting the complete picture. You're getting maybe not all of the back-office services, the systems, the management team that you need to run it successfully day one. It makes it a little bit more challenging, and I think that's the unique element here. It wasn't something that we had to change in our diligence process. If I had to do it all over again, though, the one thing I would change is just getting more of our team there day one, helping to manage the business. We've done that over the last couple of years. Of our key management roles in that market, probably about 70% of them are people who have been with us for a decade or more now that have moved down there, and we've backfilled them in our legacy markets with great rising stars. Mm-hmm. Okay, great. One key item for investors is just understanding how the closing of the Ontario landfill is going to impact the business. It's a few years down the road- Yeah End of 2028. Can you talk a little bit how your expectation for the impact of the EBITDA and free cash flow lines for that? Yeah. There are a number of moving pieces there in connection with the Ontario landfill. As a reminder, the Ontario landfill is going to close at the end of 2028. At the same time, and prior to that date, we're going to be expanding our Hyland Landfill, taking that from about 460,000 tons of annual throughput to 1 million tons. Essentially, what's going to happen is we're going to swap very expensive capacity at Ontario for very inexpensive capacity at Highland. The net of that, about 300,000 tons will be pushed out of our system, just because Ontario is a very large landfill, The expansion won't make up for all that difference. We expect the market to tighten over that period of time, just with all that capacity coming out of the market. The bogey we have to chase by 2029 is to move revenue and EBITDA higher in that portfolio by about $10 million. We're going to be focused on doing that and plus or minus, we expect to be more or less even. Hopefully, there'll be some benefit, but pretty close to break even. I think the story, without getting into too much detail, the story is very different from an earnings standpoint and a cash flow standpoint with Ontario. I mentioned Ontario is an expensive site. From an operating income basis, net income, a lot of landfill amortization at that site, very expensive accruals for closure liabilities that we're running through the P&L for every ton that we put into the site. The site actually loses money on an operating income line. It's a big EBITDA generator, but it actually loses money on an earnings basis. On a cash flow basis, we're going to spend tens of millions of dollars over the next several years capping and closing the site. Once you get through that period of time, 2029 and beyond, massive tailwind from an earnings perspective and massive tailwind from a cash flow perspective as that site is closed. Got it. Okay, just to be clear, you said that you expect it to be break even on the EBITDA line because you're going to grow into it over the next three years? Yeah. We're talking 2029. Right far over the horizon. Yeah, that's our expectation. Yeah. We have our Highland landfill in New York. We're in the midst of permitting both an annual expansion and overall airspace expansion, and we're adding roughly 60 years of capacity from airspace, and we're more than doubling the annual permit from 460,000 tons a year to a million tons a year. That would be the second-largest landfill in New York when that expansion's completed. As Brad said, we'll ramp that up as we're ramping Ontario down and offset the two sites. Okay, great. I think that's the time we have for today. I want to thank you very much for joining and participating, it looks like it's going to be a great day. Okay, thank you. Thank you.

Speaker 2: Good morning, everybody. I'm Michael Hoffman, President and CEO of the National Waste & Recycling Association. My colleague. Good morning, everybody. good morning everybody I'm Michael Hoffman, President and CEO of the National Waste & Recycling Association. i'm michael hoffman president and ceo of the national waste & recycling association My colleague. my colleague

Speaker 4: Thank you very much. I'm Shlomo Rosenbaum, the Environmental Services and Business Information Services at Stifel. Thank you very much. thank you very much I'm Shlomo Rosenbaum, the Environmental Services and Business Information Services at Stifel. i'm shlomo rosenbaum the environmental services and business information services at stifel

Speaker 2: We want to thank all of you for, I think this is the 16th Investor Summit here at the Waste Leadership Summit. We have a fulsome schedule for you. A few opening remarks. First, I want to thank our partners and colleagues at Informa, Rita and her team, Mark, Laura, Deb, Juliana. This has been a terrific two days. I think everybody would agree with that. Let's give them a round of applause for the first ever Waste Leadership Summit. We will be Investor Summit, and WasteExpo is May 3rd, the Investor Summit, West Hall, and the WasteExpo is the 4th through the 6th in Las Vegas in 2027. Safety. NWRA cares a lot about safety. Look around. See the exit signs? That's your exit. Grab your partner next to you. Find your way to an exit. Exit quietly. We want to thank all of you for, I think this is the 16th Investor Summit here at the Waste Leadership Summit. we want to thank all of you for i think this is the 16th investor summit here at the waste leadership summit We have a fulsome schedule for you. we have a fulsome schedule for you A few opening remarks. a few opening remarks First, I want to thank our partners and colleagues at Informa, Rita and her team, Mark, Laura, Deb, Juliana. first i want to thank our partners and colleagues at informa rita and her team mark laura deb juliana This has been a terrific two days. this has been a terrific two days I think everybody would agree with that. i think everybody would agree with that Let's give them a round of applause for the first ever Waste Leadership Summit. let's give them a round of applause for the first ever waste leadership summit We will be Investor Summit, and WasteExpo is May 3rd, the Investor Summit, West Hall, and the WasteExpo is the 4th through the 6th in Las Vegas in 2027. we will be investor summit and wasteexpo is may 3rd the investor summit west hall and the wasteexpo is the 4th through the 6th in las vegas in 2027 Safety. safety NWRA cares a lot about safety. nwra cares a lot about safety Look around. look around See the exit signs? see the exit signs That's your exit. that's your exit Grab your partner next to you. grab your partner next to you Find your way to an exit. find your way to an exit Exit quietly. exit quietly Hopefully, we won't repeat the correspondence dinner's exit strategy. Why we're here today. We are going to have lunch will be served. There's a break. What I would ask you all to do is get back into the room, and at the last 10 minutes at lunch, we're going to do a check presentation for the Deal Me In winners from our program that we do with our young rising leaders with FILA, and then segue back into the rest of the afternoon's program. Last but not least, we have the gala for, the awards gala is in this very room tonight. At the very end at 3:20 P.M., when the last meeting's done and Shlomo's finishing with Tara with WM, you have to leave really quick. We have two hours to turn this room. Hopefully, we won't repeat the correspondence dinner's exit strategy. hopefully we won't repeat the correspondence dinner's exit strategy Why we're here today. why we're here today We are going to have lunch will be served. we are going to have lunch will be served There's a break. there's a break What I would ask you all to do is get back into the room, and at the last 10 minutes at lunch, we're going to do a check presentation for the Deal Me In winners from our program that we do with our young rising leaders with FILA, and then segue back into the rest of the afternoon's program. what i would ask you all to do is get back into the room and at the last 10 minutes at lunch we're going to do a check presentation for the deal me in winners from our program that we do with our young rising leaders with fila and then segue back into the rest of the afternoon's program Last but not least, we have the gala for, the awards gala is in this very room tonight. last but not least we have the gala for the awards gala is in this very room tonight At the very end at 3:20 P.M., when the last meeting's done and Shlomo's finishing with Tara with WM, you have to leave really quick. at the very end at 3:20 p.m when the last meeting's done and shlomo's finishing with tara with wm you have to leave really quick We have two hours to turn this room. we have two hours to turn this room If you would kindly get up and get out when we're done so that we can turn this room for the gala tonight. Enjoy your day. Good luck, Shlomo. If you would kindly get up and get out when we're done so that we can turn this room for the gala tonight. if you would kindly get up and get out when we're done so that we can turn this room for the gala tonight Enjoy your day. enjoy your day Good luck, Shlomo. good luck shlomo

Speaker 4: Thank you very much, everybody. Thank you. First I want to welcome Casella. Ned Coletta, Brad Helgeson from Casella Waste. I appreciate your joining me for the kickoff fireside chat this morning. We're just going to, I guess, go through the questions I think that are topical, when it comes to Casella in general and the waste space, and I thought I'll just kick it off over here and throw it out, and you two could decide which one you feel like answering or which one is going to be taking a sip of water at that time. Thank you very much. I guess maybe I'll just actually start. First, I'm going to start with you, Ned. Thank you very much, everybody. thank you very much everybody Thank you. thank you First I want to welcome Casella. first i want to welcome casella Ned Coletta, Brad Helgeson from Casella Waste. ned coletta brad helgeson from casella waste I appreciate your joining me for the kickoff fireside chat this morning. i appreciate your joining me for the kickoff fireside chat this morning We're just going to, I guess, go through the questions I think that are topical, when it comes to Casella in general and the waste space, and I thought I'll just kick it off over here and throw it out, and you two could decide which one you feel like answering or which one is going to be taking a sip of water at that time. we're just going to i guess go through the questions i think that are topical when it comes to casella in general and the waste space and i thought i'll just kick it off over here and throw it out and you two could decide which one you feel like answering or which one is going to be taking a sip of water at that time Thank you very much. thank you very much I guess maybe I'll just actually start. i guess maybe i'll just actually start First, I'm going to start with you, Ned. first i'm going to start with you ned Just what's your view of the solid waste space right now in the Northeast and Mid-Atlantic, and what are you seeing just in terms of the macro, the client base, and how has the year so far played out versus what you thought coming into it? Just what's your view of the solid waste space right now in the Northeast and Mid-Atlantic, and what are you seeing just in terms of the macro, the client base, and how has the year so far played out versus what you thought coming into it? just what's your view of the solid waste space right now in the northeast and mid-atlantic and what are you seeing just in terms of the macro the client base and how has the year so far played out versus what you thought coming into it

Speaker 3: Thanks, Shlomo, and good morning, everyone. Thanks for joining us. Right now, we're seeing a really stable environment. It's not much different than we expected for the year. We have had diesel spike nearly 50% year-over-year, but we haven't seen that impact the economy to any large extent yet. You could see some inflation emerge across businesses, the economy in the coming months, but at the current time, it's really stable, and our first quarter was a great quarter. We saw MSW volumes up, C&D volumes up, strong business metrics across the board. Coming into the second quarter, we've seen our normal seasonal uptick across the business, and we're feeling pretty confident about our plan for the year. Thanks, Shlomo, and good morning, everyone. thanks shlomo and good morning everyone Thanks for joining us. thanks for joining us Right now, we're seeing a really stable environment. right now we're seeing a really stable environment It's not much different than we expected for the year. it's not much different than we expected for the year We have had diesel spike nearly 50% year-over-year, but we haven't seen that impact the economy to any large extent yet. we have had diesel spike nearly 50% year-over-year but we haven't seen that impact the economy to any large extent yet You could see some inflation emerge across businesses, the economy in the coming months, but at the current time, it's really stable, and our first quarter was a great quarter. you could see some inflation emerge across businesses the economy in the coming months but at the current time it's really stable and our first quarter was a great quarter We saw MSW volumes up, C&D volumes up, strong business metrics across the board. we saw msw volumes up c&d volumes up strong business metrics across the board Coming into the second quarter, we've seen our normal seasonal uptick across the business, and we're feeling pretty confident about our plan for the year. coming into the second quarter we've seen our normal seasonal uptick across the business and we're feeling pretty confident about our plan for the year

Speaker 4: Okay. Great, what about the cyclical parts of the business? Have you noticed any change going into this year or through the first five months of this year? What are you seeing with that? Okay. okay Great, what about the cyclical parts of the business? great what about the cyclical parts of the business Have you noticed any change going into this year or through the first five months of this year? have you noticed any change going into this year or through the first five months of this year What are you seeing with that? what are you seeing with that

Speaker 3: Well, yes and no. This was probably one of the most challenging winters in the Northeast and Mid-Atlantic in 20 years. We saw some depression of seasonal activity through the winter, roll-off, pulls, construction activity. The trends have improved significantly through the spring. As you saw in our first quarter results, it really didn't impact our results in the quarter. We were able to outperform in other areas that made up for any sort of negative operating impacts or lower volumes from the tough winter weather. As we look at specific streams of materials, our construction demo volumes were up over 10% in the first quarter. We are seeing some continued weakness in contaminated soils and special waste streams. It has been a bit sluggish for the last two years. Coming into the spring, not a lot has changed there. Well, yes and no. well yes and no This was probably one of the most challenging winters in the Northeast and Mid-Atlantic in 20 years. this was probably one of the most challenging winters in the northeast and mid-atlantic in 20 years We saw some depression of seasonal activity through the winter, roll-off, pulls, construction activity. we saw some depression of seasonal activity through the winter roll-off pulls construction activity The trends have improved significantly through the spring. the trends have improved significantly through the spring As you saw in our first quarter results, it really didn't impact our results in the quarter. as you saw in our first quarter results it really didn't impact our results in the quarter We were able to outperform in other areas that made up for any sort of negative operating impacts or lower volumes from the tough winter weather. we were able to outperform in other areas that made up for any sort of negative operating impacts or lower volumes from the tough winter weather As we look at specific streams of materials, our construction demo volumes were up over 10% in the first quarter. as we look at specific streams of materials our construction demo volumes were up over 10% in the first quarter We are seeing some continued weakness in contaminated soils and special waste streams. we are seeing some continued weakness in contaminated soils and special waste streams It has been a bit sluggish for the last two years. it has been a bit sluggish for the last two years Coming into the spring, not a lot has changed there. coming into the spring not a lot has changed there

Speaker 4: It's kind of steady state over the last couple of years. What would you say? How would you characterize it? It's kind of steady state over the last couple of years. it's kind of steady state over the last couple of years What would you say? what would you say How would you characterize it? how would you characterize it

Speaker 1: Yeah, just to add on that, in our business, in our region where we operate, it's very difficult to get a read on the economy in the first quarter because everything's so cold and under snow. What we've seen as we moved into the spring is all of the metrics you would look at for like, okay, what's cyclically sensitive, landfill volumes, MSW, C&D, roll-off, pulls, all are trending positively seasonally. I wouldn't say they're necessarily different than we expected. They're generally in line with our expectations. Our view coming into the year was one of cautious optimism. That's sort of what's playing out so far. Yeah, just to add on that, in our business, in our region where we operate, it's very difficult to get a read on the economy in the first quarter because everything's so cold and under snow. yeah just to add on that in our business in our region where we operate it's very difficult to get a read on the economy in the first quarter because everything's so cold and under snow What we've seen as we moved into the spring is all of the metrics you would look at for like, okay, what's cyclically sensitive, landfill volumes, MSW, C&D, roll-off, pulls, all are trending positively seasonally. what we've seen as we moved into the spring is all of the metrics you would look at for like okay what's cyclically sensitive landfill volumes msw c&d roll-off pulls all are trending positively seasonally I wouldn't say they're necessarily different than we expected. i wouldn't say they're necessarily different than we expected They're generally in line with our expectations. they're generally in line with our expectations Our view coming into the year was one of cautious optimism. our view coming into the year was one of cautious optimism That's sort of what's playing out so far. that's sort of what's playing out so far

Speaker 4: Anything getting better, or is it If you just put it all together, a little bit better, a little bit worse, the same? How would you characterize it? Anything getting better, or is it If you just put it all together, a little bit better, a little bit worse, the same? anything getting better or is it if you just put it all together a little bit better a little bit worse the same How would you characterize it? how would you characterize it

Speaker 3: Yeah, I would say it's a year as expected, and as we've done for many years, we're having a positive growth year. We've put together 10 years in a row of growing free cash flow 20% a year, and we expect to have another strong year again this year through organic growth programs, positive price-cost spread, our focus on operating initiatives, M&A activity. As we look at the year, it's very much playing out in that regard. We've completed over $150 million of acquired revenues year to date through April, we're off to a strong start there as well. Yeah, I would say it's a year as expected, and as we've done for many years, we're having a positive growth year. yeah i would say it's a year as expected and as we've done for many years we're having a positive growth year We've put together 10 years in a row of growing free cash flow 20% a year, and we expect to have another strong year again this year through organic growth programs, positive price-cost spread, our focus on operating initiatives, M&A activity. we've put together 10 years in a row of growing free cash flow 20% a year and we expect to have another strong year again this year through organic growth programs positive price-cost spread our focus on operating initiatives m&a activity As we look at the year, it's very much playing out in that regard. as we look at the year it's very much playing out in that regard We've completed over $150 million of acquired revenues year to date through April, we're off to a strong start there as well. we've completed over $150 million of acquired revenues year to date through april we're off to a strong start there as well

Speaker 4: Okay, great. Just how would you characterize the market share of Casella in the Northeast and Mid-Atlantic? Maybe along the lines of collection and landfills or any other way you would like to split it up. How do you view your market position? Okay, great. okay great Just how would you characterize the market share of Casella in the Northeast and Mid-Atlantic? just how would you characterize the market share of casella in the northeast and mid-atlantic Maybe along the lines of collection and landfills or any other way you would like to split it up. maybe along the lines of collection and landfills or any other way you would like to split it up How do you view your market position? how do you view your market position

Speaker 3: Over the years, we've had a large focus on secondary, tertiary markets, and in those markets, we strive to have a number one, number two position. As we enter any market, we'd love to be top three over time. It really leads to positive outcomes from a route density and optimization standpoint. We probably don't really get into measuring each market specifically, but as we look at our business plan, getting into that top three is always part of where we'd like to be. On the landfill side of the business and disposal side, we're a top two player in the Northeastern markets today, and we'll continue to be with our great platform of landfills across the market and our long-term disposal capacity. We've got over 25 years of capacity today across our sites, we're in a great position going forward as well, Shlomo. Over the years, we've had a large focus on secondary, tertiary markets, and in those markets, we strive to have a number one, number two position. over the years we've had a large focus on secondary tertiary markets and in those markets we strive to have a number one number two position As we enter any market, we'd love to be top three over time. as we enter any market we'd love to be top three over time It really leads to positive outcomes from a route density and optimization standpoint. it really leads to positive outcomes from a route density and optimization standpoint We probably don't really get into measuring each market specifically, but as we look at our business plan, getting into that top three is always part of where we'd like to be. we probably don't really get into measuring each market specifically but as we look at our business plan getting into that top three is always part of where we'd like to be On the landfill side of the business and disposal side, we're a top two player in the Northeastern markets today, and we'll continue to be with our great platform of landfills across the market and our long-term disposal capacity. on the landfill side of the business and disposal side we're a top two player in the northeastern markets today and we'll continue to be with our great platform of landfills across the market and our long-term disposal capacity We've got over 25 years of capacity today across our sites, we're in a great position going forward as well, Shlomo. we've got over 25 years of capacity today across our sites we're in a great position going forward as well shlomo

Speaker 4: Okay, great. I want to talk a little bit about waste-to-rail, and you guys have your own waste-to-rail solution. Over the last year, there was some discussion with the company about competition impacting third-party tons and the pricing over there. The commentary you had is, you think that we're kind of normalized in the market. I want to ask you how do you see that, and do you expect from time to time, like this is a normalization, but then we should see a pickup in that in a year or two? What's your view on how that kind of trends in the markets that you're in? Okay, great. okay great I want to talk a little bit about waste-to-rail, and you guys have your own waste-to-rail solution. i want to talk a little bit about waste-to-rail and you guys have your own waste-to-rail solution Over the last year, there was some discussion with the company about competition impacting third-party tons and the pricing over there. over the last year there was some discussion with the company about competition impacting third-party tons and the pricing over there The commentary you had is, you think that we're kind of normalized in the market. the commentary you had is you think that we're kind of normalized in the market I want to ask you how do you see that, and do you expect from time to time, like this is a normalization, but then we should see a pickup in that in a year or two? i want to ask you how do you see that and do you expect from time to time like this is a normalization but then we should see a pickup in that in a year or two What's your view on how that kind of trends in the markets that you're in? what's your view on how that kind of trends in the markets that you're in

Speaker 3: Yeah. Across our markets, if you look back over the last 30, 35 years, there's only been one new landfill permitted. The public policy in the Northeastern U.S. is such that politicians, regulators for a lot of years have really wanted society to recycle more, reduce their waste consumption, and here we are. We're in a situation where recycling has grown, and it's made a really positive impact, but we're still a consumable society. You look at that, the number of expansions have been quite low as well, but we've seen as much as 30% of total landfill capacity and disposal capacity close over the last 10-15 years in the market. The solution has been putting waste on rail cars and moving it to faraway markets. Yeah. yeah Across our markets, if you look back over the last 30, 35 years, there's only been one new landfill permitted. across our markets if you look back over the last 30 35 years there's only been one new landfill permitted The public policy in the Northeastern U.S. is such that politicians, regulators for a lot of years have really wanted society to recycle more, reduce their waste consumption, and here we are. the public policy in the northeastern u.s is such that politicians regulators for a lot of years have really wanted society to recycle more reduce their waste consumption and here we are We're in a situation where recycling has grown, and it's made a really positive impact, but we're still a consumable society. we're in a situation where recycling has grown and it's made a really positive impact but we're still a consumable society You look at that, the number of expansions have been quite low as well, but we've seen as much as 30% of total landfill capacity and disposal capacity close over the last 10-15 years in the market. you look at that the number of expansions have been quite low as well but we've seen as much as 30% of total landfill capacity and disposal capacity close over the last 10-15 years in the market The solution has been putting waste on rail cars and moving it to faraway markets. the solution has been putting waste on rail cars and moving it to faraway markets One of the things I think is probably a little bit misunderstood about this is that's not a low-cost solution or a low-capital solution. It's a very expensive solution. You'd much prefer to just bring waste to a local landfill or a local waste-to-energy facility, but there's just not enough capacity. As we look at these trends, long term, that's not something that will bring the market down. Long term, there's a lot of inflation involved and capital involved with moving waste long distances. We don't think that's a disruptor to overall pricing in the marketplace. In any given year, if you're looking to a long-term strategy to build a waste-to-rail transfer station or acquire additional rail assets, and you bring those online, you might see some step functions in years. One of the things I think is probably a little bit misunderstood about this is that's not a low-cost solution or a low-capital solution. one of the things i think is probably a little bit misunderstood about this is that's not a low-cost solution or a low-capital solution It's a very expensive solution. it's a very expensive solution You'd much prefer to just bring waste to a local landfill or a local waste-to-energy facility, but there's just not enough capacity. you'd much prefer to just bring waste to a local landfill or a local waste-to-energy facility but there's just not enough capacity As we look at these trends, long term, that's not something that will bring the market down. as we look at these trends long term that's not something that will bring the market down Long term, there's a lot of inflation involved and capital involved with moving waste long distances. long term there's a lot of inflation involved and capital involved with moving waste long distances We don't think that's a disruptor to overall pricing in the marketplace. we don't think that's a disruptor to overall pricing in the marketplace In any given year, if you're looking to a long-term strategy to build a waste-to-rail transfer station or acquire additional rail assets, and you bring those online, you might see some step functions in years. in any given year if you're looking to a long-term strategy to build a waste-to-rail transfer station or acquire additional rail assets and you bring those online you might see some step functions in years We've gone through a couple of years with no landfills permanently closing in the marketplace, while new capacity for rail has come online. That's kept the market a bit more steady from a price-cost spread over that time period. We'll be entering another period in the next couple of years where several sites close in the market, and we'll see contraction again in the amount of capacity and a great pricing backdrop. We've gone through a couple of years with no landfills permanently closing in the marketplace, while new capacity for rail has come online. we've gone through a couple of years with no landfills permanently closing in the marketplace while new capacity for rail has come online That's kept the market a bit more steady from a price-cost spread over that time period. that's kept the market a bit more steady from a price-cost spread over that time period We'll be entering another period in the next couple of years where several sites close in the market, and we'll see contraction again in the amount of capacity and a great pricing backdrop. we'll be entering another period in the next couple of years where several sites close in the market and we'll see contraction again in the amount of capacity and a great pricing backdrop

Speaker 4: Do you think that that's going to prompt other competitors to try and invest more in rail as some of the capacity comes off, and then we're going to see a situation where, again, you have a step up in investment in those assets that need to be utilized? Do you think that that's going to prompt other competitors to try and invest more in rail as some of the capacity comes off, and then we're going to see a situation where, again, you have a step up in investment in those assets that need to be utilized? do you think that that's going to prompt other competitors to try and invest more in rail as some of the capacity comes off and then we're going to see a situation where again you have a step up in investment in those assets that need to be utilized

Speaker 3: Yes, it will. It's a natural thing that there's just no place else to put the waste as sites close. There's not an unlimited supply of landfills around the country that can take waste by rail, and they become less and less economical as you go further away or have drays on either side. In no way, shape, or form is this a low-cost solution, but it's a necessary solution right now. Yes, it will. yes it will It's a natural thing that there's just no place else to put the waste as sites close. it's a natural thing that there's just no place else to put the waste as sites close There's not an unlimited supply of landfills around the country that can take waste by rail, and they become less and less economical as you go further away or have drays on either side. there's not an unlimited supply of landfills around the country that can take waste by rail and they become less and less economical as you go further away or have drays on either side In no way, shape, or form is this a low-cost solution, but it's a necessary solution right now. in no way shape or form is this a low-cost solution but it's a necessary solution right now

Speaker 1: Yeah. By definition, the market will be in equilibrium always, unless there's waste piling up on the street. Right? The market is figuring out how to move the waste to end disposal. The only question is at what price that takes place. At what's the price that's necessary for someone to make the investment, to incur the cost, to move it far away as opposed to a local landfill? Yeah. yeah By definition, the market will be in equilibrium always, unless there's waste piling up on the street. by definition the market will be in equilibrium always unless there's waste piling up on the street Right? right The market is figuring out how to move the waste to end disposal. the market is figuring out how to move the waste to end disposal The only question is at what price that takes place. the only question is at what price that takes place At what's the price that's necessary for someone to make the investment, to incur the cost, to move it far away as opposed to a local landfill? at what's the price that's necessary for someone to make the investment to incur the cost to move it far away as opposed to a local landfill

Speaker 4: Okay. Based on what you're seeing right now, what do you think the pricing should look like for those third-party tons? In general, every company is a little bit different based on where their location of their landfills are around the country. What do you think is, from an investment perspective, an investor's looking at your numbers every quarter, what's a reasonable expectation that they should see for pricing? Okay. okay Based on what you're seeing right now, what do you think the pricing should look like for those third-party tons? based on what you're seeing right now what do you think the pricing should look like for those third-party tons In general, every company is a little bit different based on where their location of their landfills are around the country. in general every company is a little bit different based on where their location of their landfills are around the country What do you think is, from an investment perspective, an investor's looking at your numbers every quarter, what's a reasonable expectation that they should see for pricing? what do you think is from an investment perspective an investor's looking at your numbers every quarter what's a reasonable expectation that they should see for pricing

Speaker 1: In 2025, we were a little over 3% for the full year, third-party price. That reflects what Ned was talking about. We were in a bit of a holding pattern, I guess, in terms of prices moving higher as some more capacity for rail export came into the market. This year, we expect to be in the fours, between 4% and 5%. We're at 4.3% in the first quarter. I would characterize that as more of a normalized run rate. As Ned also alluded to, I think there's good reason for us to be bullish about pricing in the coming years. For this year, 4%-5% is probably a reasonable expectation. As far as our competitors, as a reminder, of course, we're in the Northeast. Disposal prices, landfill prices are the highest in the country. Our average disposal price tip fee is over $50. In 2025, we were a little over 3% for the full year, third-party price. in 2025 we were a little over 3% for the full year third-party price That reflects what Ned was talking about. that reflects what ned was talking about We were in a bit of a holding pattern, I guess, in terms of prices moving higher as some more capacity for rail export came into the market. we were in a bit of a holding pattern i guess in terms of prices moving higher as some more capacity for rail export came into the market This year, we expect to be in the fours, between 4% and 5%. this year we expect to be in the fours between 4% and 5% We're at 4.3% in the first quarter. we're at 4.3% in the first quarter I would characterize that as more of a normalized run rate. i would characterize that as more of a normalized run rate As Ned also alluded to, I think there's good reason for us to be bullish about pricing in the coming years. as ned also alluded to i think there's good reason for us to be bullish about pricing in the coming years For this year, 4%-5% is probably a reasonable expectation. for this year 4%-5% is probably a reasonable expectation As far as our competitors, as a reminder, of course, we're in the Northeast. as far as our competitors as a reminder of course we're in the northeast Disposal prices, landfill prices are the highest in the country. disposal prices landfill prices are the highest in the country Our average disposal price tip fee is over $50. our average disposal price tip fee is over $50 1% for us means a lot more in dollar terms than 1% for someone with landfill capacity in the South or the West or the Midwest. 1% for us means a lot more in dollar terms than 1% for someone with landfill capacity in the South or the West or the Midwest. 1% for us means a lot more in dollar terms than 1% for someone with landfill capacity in the south or the west or the midwest

Speaker 4: Right. I hear it. Makes sense. One of the other comments you made on, I guess, the last earnings call is that you're working on managing the quality of the pipeline for what's being landfilled. How does that work? Is that a long process, or is that something that's a strategic plan, or is it something that you can implement quickly? How does that work? Right. right I hear it. i hear it Makes sense. makes sense One of the other comments you made on, I guess, the last earnings call is that you're working on managing the quality of the pipeline for what's being landfilled. one of the other comments you made on i guess the last earnings call is that you're working on managing the quality of the pipeline for what's being landfilled How does that work? how does that work Is that a long process, or is that something that's a strategic plan, or is it something that you can implement quickly? is that a long process or is that something that's a strategic plan or is it something that you can implement quickly How does that work? how does that work

Speaker 3: If you flash back to, say, 2008-2010 timeframe, we were probably taking about 20% C&D volumes to our sites. You flash forward to today, it's less than 10%, we've consciously moved away from volatile streams that can go up and down with the economy. You also can't get as much compaction with C&D. From a quality of material we're taking into our landfills, we've moved away. Those streams can be costly as well with H2S. We're definitely looking at what types of streams create the most value long term. We've got energy production at almost every one of our landfills today, whether it's landfill gas to energy or RNG facilities. Getting the right mix of waste to produce methane and energy is important as well. If you flash back to, say, 2008-2010 timeframe, we were probably taking about 20% C&D volumes to our sites. if you flash back to say 2008-2010 timeframe we were probably taking about 20% c&d volumes to our sites You flash forward to today, it's less than 10%, we've consciously moved away from volatile streams that can go up and down with the economy. you flash forward to today it's less than 10% we've consciously moved away from volatile streams that can go up and down with the economy You also can't get as much compaction with C&D. you also can't get as much compaction with c&d From a quality of material we're taking into our landfills, we've moved away. from a quality of material we're taking into our landfills we've moved away Those streams can be costly as well with H2S. those streams can be costly as well with h2s We're definitely looking at what types of streams create the most value long term. we're definitely looking at what types of streams create the most value long term We've got energy production at almost every one of our landfills today, whether it's landfill gas to energy or RNG facilities. we've got energy production at almost every one of our landfills today whether it's landfill gas to energy or rng facilities Getting the right mix of waste to produce methane and energy is important as well. getting the right mix of waste to produce methane and energy is important as well

Speaker 4: Okay, great. I want to pivot a little bit. If I look at the margins of the business, the EBITDA margins have been hovering around 23% since around 2021. I know there's a lot going on there because you make a lot of acquisitions, and those Okay, great. okay great I want to pivot a little bit. i want to pivot a little bit If I look at the margins of the business, the EBITDA margins have been hovering around 23% since around 2021. if i look at the margins of the business the ebitda margins have been hovering around 23% since around 2021 I know there's a lot going on there because you make a lot of acquisitions, and those i know there's a lot going on there because you make a lot of acquisitions and those

Speaker 1: Yeah Yeah yeah

Speaker 4: come in at usually lower margin. When you think about the business going forward, what's the confidence you have that you can increase those margins from that level? If I look, let's say, three to five years forward, if someone's looking at your business saying, "This is a three to five-year investment," how should they be thinking about the margins, like reported margins in three to five years from now? come in at usually lower margin. come in at usually lower margin When you think about the business going forward, what's the confidence you have that you can increase those margins from that level? when you think about the business going forward what's the confidence you have that you can increase those margins from that level If I look, let's say, three to five years forward, if someone's looking at your business saying, "This is a three to five-year investment," how should they be thinking about the margins, like reported margins in three to five years from now? if i look let's say three to five years forward if someone's looking at your business saying "this is a three to five-year investment," how should they be thinking about the margins like reported margins in three to five years from now

Speaker 1: Yeah. I think for margins, there's really two pieces to the story, of course. One is, which you alluded to. I mean, one is our existing base business that's growing organically, same story year-over-year. Then the impact in the near term of acquisitions, is that dilutive to margins in the near term? For the base business, let's just pretend we stopped doing acquisitions. We're looking to grow margins by 50 basis points at a minimum on the EBITDA line year-after-year. A 200 basis point increase over a three to five-year time period is absolutely in our plans. There are things that we've highlighted that we're doing specifically to get there. Reducing G&A as a percentage of revenue, executing on the synergies that we have lined up in the Mid-Atlantic. Yeah. yeah I think for margins, there's really two pieces to the story, of course. i think for margins there's really two pieces to the story of course One is, which you alluded to. one is which you alluded to I mean, one is our existing base business that's growing organically, same story year-over-year. i mean one is our existing base business that's growing organically same story year-over-year Then the impact in the near term of acquisitions, is that dilutive to margins in the near term? then the impact in the near term of acquisitions is that dilutive to margins in the near term For the base business, let's just pretend we stopped doing acquisitions. for the base business let's just pretend we stopped doing acquisitions We're looking to grow margins by 50 basis points at a minimum on the EBITDA line year-after-year. we're looking to grow margins by 50 basis points at a minimum on the ebitda line year-after-year A 200 basis point increase over a three to five-year time period is absolutely in our plans. a 200 basis point increase over a three to five-year time period is absolutely in our plans There are things that we've highlighted that we're doing specifically to get there. there are things that we've highlighted that we're doing specifically to get there Reducing G&A as a percentage of revenue, executing on the synergies that we have lined up in the Mid-Atlantic. reducing g&a as a percentage of revenue executing on the synergies that we have lined up in the mid-atlantic The other ways that we just generally drive margins higher in our business, like price-cost spread, operating initiatives, and so forth. We certainly feel good about that target. The impact that acquisitions have, it's a little more difficult to predict. We've been growing over 10% a year for 5+ years via acquisition. The acquisitions, based on the businesses we tend to acquire initially, are dilutive to margins. There's obviously that push and pull. Long story short, it's difficult for us to pin to, "Okay, we're going to get here by this year," because look, hopefully, we're more successful with our acquisition pipeline because our view is that those may come in at dilutive margins initially, but there's significant shareholder value there as we execute synergies, and that's regenerative opportunity. The other ways that we just generally drive margins higher in our business, like price-cost spread, operating initiatives, and so forth. the other ways that we just generally drive margins higher in our business like price-cost spread operating initiatives and so forth We certainly feel good about that target. we certainly feel good about that target The impact that acquisitions have, it's a little more difficult to predict. the impact that acquisitions have it's a little more difficult to predict We've been growing over 10% a year for 5+ years via acquisition. we've been growing over 10% a year for 5+ years via acquisition The acquisitions, based on the businesses we tend to acquire initially, are dilutive to margins. the acquisitions based on the businesses we tend to acquire initially are dilutive to margins There's obviously that push and pull. there's obviously that push and pull Long story short, it's difficult for us to pin to, "Okay, we're going to get here by this year," because look, hopefully, we're more successful with our acquisition pipeline because our view is that those may come in at dilutive margins initially, but there's significant shareholder value there as we execute synergies, and that's regenerative opportunity. long story short it's difficult for us to pin to "okay we're going to get here by this year," because look hopefully we're more successful with our acquisition pipeline because our view is that those may come in at dilutive margins initially but there's significant shareholder value there as we execute synergies and that's regenerative opportunity

Speaker 4: Okay. Then you talked a bit about $15 million of G&A savings by 2028. How should we think about that? Is that something that we should expect that the company, you're going to get that, and that's something you're going to try and drop to the bottom line, or is that something where you got it, you want to get it, and reinvest it in the business going forward? Okay. okay Then you talked a bit about $15 million of G&A savings by 2028. then you talked a bit about $15 million of g&a savings by 2028 How should we think about that? how should we think about that Is that something that we should expect that the company, you're going to get that, and that's something you're going to try and drop to the bottom line, or is that something where you got it, you want to get it, and reinvest it in the business going forward? is that something that we should expect that the company you're going to get that and that's something you're going to try and drop to the bottom line or is that something where you got it you want to get it and reinvest it in the business going forward

Speaker 1: Yeah. It's a good question. When we say $15 million, it's going to be hard to sort of track exactly where that $15 million. Did it fall to the bottom line? Was it reinvested? Really, the best way to think about it, I think, is as a percent of revenue. How does $15 million translate to a percent of revenue? That's north of 50 basis points of margin improvement over that three-year period. Some of it we will reinvest, some of it will fall to the bottom line. There are some specific cost initiatives that we're targeting right now. Yeah. yeah It's a good question. it's a good question When we say $15 million, it's going to be hard to sort of track exactly where that $15 million. when we say $15 million it's going to be hard to sort of track exactly where that $15 million Did it fall to the bottom line? did it fall to the bottom line Was it reinvested? was it reinvested Really, the best way to think about it, I think, is as a percent of revenue. really the best way to think about it i think is as a percent of revenue How does $15 million translate to a percent of revenue? how does $15 million translate to a percent of revenue That's north of 50 basis points of margin improvement over that three-year period. that's north of 50 basis points of margin improvement over that three-year period Some of it we will reinvest, some of it will fall to the bottom line. some of it we will reinvest some of it will fall to the bottom line There are some specific cost initiatives that we're targeting right now. there are some specific cost initiatives that we're targeting right now Really, I think the more powerful opportunity from a margin perspective over time is get to a place where we feel like we have a technology-enabled, scalable platform, more so than we have today, so that as we continue to grow, all of that additional revenue falls more to the bottom line from a margin perspective. Really, I think the more powerful opportunity from a margin perspective over time is get to a place where we feel like we have a technology-enabled, scalable platform, more so than we have today, so that as we continue to grow, all of that additional revenue falls more to the bottom line from a margin perspective. really i think the more powerful opportunity from a margin perspective over time is get to a place where we feel like we have a technology-enabled scalable platform more so than we have today so that as we continue to grow all of that additional revenue falls more to the bottom line from a margin perspective

Speaker 4: Maybe you could just do a double click on that. When you're talking about more of your technology and trying to get more out of it, can you give some specific examples? Now, I guess I want to split this into two different things maybe you could go into. One is just kind of a basic, hey, more automation, and the other one is, there's a big talk, a lot of discussion about what people can do with AI. Maybe you can look at it in terms of both of those lenses and how you're implementing those things to improve the margins. Maybe you could just do a double click on that. maybe you could just do a double click on that When you're talking about more of your technology and trying to get more out of it, can you give some specific examples? when you're talking about more of your technology and trying to get more out of it can you give some specific examples Now, I guess I want to split this into two different things maybe you could go into. now i guess i want to split this into two different things maybe you could go into One is just kind of a basic, hey, more automation, and the other one is, there's a big talk, a lot of discussion about what people can do with AI. one is just kind of a basic hey more automation and the other one is there's a big talk a lot of discussion about what people can do with ai Maybe you can look at it in terms of both of those lenses and how you're implementing those things to improve the margins. maybe you can look at it in terms of both of those lenses and how you're implementing those things to improve the margins

Speaker 1: Do you want to take that or? Do you want to take that or? do you want to take that or

Speaker 3: I can start, and you can hop in. For us, a lot of it's just been foundational technology work. We've been updating all of our core systems over the last couple of years, from general ledger to procurement. We've been on an initiative for the last year plus to go through our order-to-cash system to modernize it and get a lot more connectivity to our other systems. We've built a new customer payment portal. We have a new app that just launched for our customers. A new website is launching soon. It's just digitizing the full chain through customer acquisition, through payment side and routing and trying to make sure all of it's done exactly the same way across our business with the same stable platforms. That's been a lot of our work. I can start, and you can hop in. i can start and you can hop in For us, a lot of it's just been foundational technology work. for us a lot of it's just been foundational technology work We've been updating all of our core systems over the last couple of years, from general ledger to procurement. we've been updating all of our core systems over the last couple of years from general ledger to procurement We've been on an initiative for the last year plus to go through our order-to-cash system to modernize it and get a lot more connectivity to our other systems. we've been on an initiative for the last year plus to go through our order-to-cash system to modernize it and get a lot more connectivity to our other systems We've built a new customer payment portal. we've built a new customer payment portal We have a new app that just launched for our customers. we have a new app that just launched for our customers A new website is launching soon. a new website is launching soon It's just digitizing the full chain through customer acquisition, through payment side and routing and trying to make sure all of it's done exactly the same way across our business with the same stable platforms. it's just digitizing the full chain through customer acquisition through payment side and routing and trying to make sure all of it's done exactly the same way across our business with the same stable platforms That's been a lot of our work. that's been a lot of our work That's the first step along our journey to take a lot of costs out. As a perfect example, our last payment portal did not allow us to charge convenience fees if a customer used a credit card to pay, remarkably. That's really become a staple in all of our lives or where we do business. If you use a credit card, there's a big exchange fee associated with that. Migrating more of our customer base to ACH payments is another strategy that really will take cost out. On the AI side, some of that's kind of next generation for us, where just these really simple foundational elements are taking a lot of cost out. AI is another layer on top of that to look to automate process even further. That's the first step along our journey to take a lot of costs out. that's the first step along our journey to take a lot of costs out As a perfect example, our last payment portal did not allow us to charge convenience fees if a customer used a credit card to pay, remarkably. as a perfect example our last payment portal did not allow us to charge convenience fees if a customer used a credit card to pay remarkably That's really become a staple in all of our lives or where we do business. that's really become a staple in all of our lives or where we do business If you use a credit card, there's a big exchange fee associated with that. if you use a credit card there's a big exchange fee associated with that Migrating more of our customer base to ACH payments is another strategy that really will take cost out. migrating more of our customer base to ach payments is another strategy that really will take cost out On the AI side, some of that's kind of next generation for us, where just these really simple foundational elements are taking a lot of cost out. on the ai side some of that's kind of next generation for us where just these really simple foundational elements are taking a lot of cost out AI is another layer on top of that to look to automate process even further. ai is another layer on top of that to look to automate process even further

Speaker 4: What about routing and using some of the new technology for improvements in routing and pricing? Maybe you can just dig a little deeper in there in terms of where you expect to get efficiencies and how that should work. What about routing and using some of the new technology for improvements in routing and pricing? what about routing and using some of the new technology for improvements in routing and pricing Maybe you can just dig a little deeper in there in terms of where you expect to get efficiencies and how that should work. maybe you can just dig a little deeper in there in terms of where you expect to get efficiencies and how that should work

Speaker 3: The cab of our truck is becoming more and more digital. It's pretty complex, from automated side load trucks that are taking away labor to Routeware and EasyRoute that we use to help us become more efficient in our routing and optimization, and Lytx that we have coming into our cabs, which is helping our drivers to have AI-enabled real-time coaching. All of these things are helping us to drive either efficiency on the street, safety. Our Routeware system also allows us to automatically charge overages to customers if they overload a dumpster or a residential stop. Trying to automate that flow of information and get it into systems to have productive moves in the business is a big goal of ours. A lot of it we've been doing for years, but there's always room to get better. The cab of our truck is becoming more and more digital. the cab of our truck is becoming more and more digital It's pretty complex, from automated side load trucks that are taking away labor to Routeware and EasyRoute that we use to help us become more efficient in our routing and optimization, and Lytx that we have coming into our cabs, which is helping our drivers to have AI-enabled real-time coaching. it's pretty complex from automated side load trucks that are taking away labor to routeware and easyroute that we use to help us become more efficient in our routing and optimization and lytx that we have coming into our cabs which is helping our drivers to have ai-enabled real-time coaching All of these things are helping us to drive either efficiency on the street, safety. all of these things are helping us to drive either efficiency on the street safety Our Routeware system also allows us to automatically charge overages to customers if they overload a dumpster or a residential stop. our routeware system also allows us to automatically charge overages to customers if they overload a dumpster or a residential stop Trying to automate that flow of information and get it into systems to have productive moves in the business is a big goal of ours. trying to automate that flow of information and get it into systems to have productive moves in the business is a big goal of ours A lot of it we've been doing for years, but there's always room to get better. a lot of it we've been doing for years but there's always room to get better Our number one recurring great operating programs are automating routes, getting more digitization, Routeware, to let us optimize more efficiency, more real time, and those are kind of just recurring things. Especially as we do an acquisition, we'll typically come in in the first year and a half, upgrade the fleet, and drive more of those programs through to get efficiency. Our number one recurring great operating programs are automating routes, getting more digitization, Routeware, to let us optimize more efficiency, more real time, and those are kind of just recurring things. our number one recurring great operating programs are automating routes getting more digitization routeware to let us optimize more efficiency more real time and those are kind of just recurring things Especially as we do an acquisition, we'll typically come in in the first year and a half, upgrade the fleet, and drive more of those programs through to get efficiency. especially as we do an acquisition we'll typically come in in the first year and a half upgrade the fleet and drive more of those programs through to get efficiency

Speaker 4: Maybe I'll pivot a little bit to going over some of the assets that you purchased from GFL in the mid-Atlantic. Where do you stand with that in terms of the integration? It's been about three years now, the margin expansion of those assets and where does that stand today in terms of your outlook? Maybe I'll pivot a little bit to going over some of the assets that you purchased from GFL in the mid-Atlantic. maybe i'll pivot a little bit to going over some of the assets that you purchased from gfl in the mid-atlantic Where do you stand with that in terms of the integration? where do you stand with that in terms of the integration It's been about three years now, the margin expansion of those assets and where does that stand today in terms of your outlook? it's been about three years now the margin expansion of those assets and where does that stand today in terms of your outlook

Speaker 3: This was a really good decision for us to step into adjacent geography. We, of course, still have a lot of room to grow in the Northeast, but stepping into new geographies has allowed us to, one, really reinvigorate organic growth and look at our sales pipeline, especially in customer segments that we really excel in, higher education, large industrial. We've also done, since that acquisition in late 2023, 11 additional acquisitions in that marketplace. We're starting to gain more density. We're putting the right assets in place to drive more vertical integration. We're at a point in that journey that we're really starting to yield some great benefits in margin enhancement. As we announced last quarter, we've got $15 million of synergies we're looking to pull out of that business in the next three years. This was a really good decision for us to step into adjacent geography. this was a really good decision for us to step into adjacent geography We, of course, still have a lot of room to grow in the Northeast, but stepping into new geographies has allowed us to, one, really reinvigorate organic growth and look at our sales pipeline, especially in customer segments that we really excel in, higher education, large industrial. we of course still have a lot of room to grow in the northeast but stepping into new geographies has allowed us to one really reinvigorate organic growth and look at our sales pipeline especially in customer segments that we really excel in higher education large industrial We've also done, since that acquisition in late 2023, 11 additional acquisitions in that marketplace. we've also done since that acquisition in late 2023 11 additional acquisitions in that marketplace We're starting to gain more density. we're starting to gain more density We're putting the right assets in place to drive more vertical integration. we're putting the right assets in place to drive more vertical integration We're at a point in that journey that we're really starting to yield some great benefits in margin enhancement. we're at a point in that journey that we're really starting to yield some great benefits in margin enhancement As we announced last quarter, we've got $15 million of synergies we're looking to pull out of that business in the next three years. as we announced last quarter we've got $15 million of synergies we're looking to pull out of that business in the next three years Much of it will start to come the second half of this year. We just completed the overhaul of all of the back-office systems in that marketplace. We're running the way we want to run. We probably hit the brakes a tiny bit just to make sure fuel surcharges were in place across the entire customer base this spring with spiking diesel, we're pushing as fast as we can to drive synergies on the street. We're talking about taking tens and tens of trucks off the road through collapsing business units. As I said, we've done 12 acquisitions, including that one from GFL, we've got a lot of work to do to get routes reestablished, markets reestablished. Much of it will start to come the second half of this year. much of it will start to come the second half of this year We just completed the overhaul of all of the back-office systems in that marketplace. we just completed the overhaul of all of the back-office systems in that marketplace We're running the way we want to run. we're running the way we want to run We probably hit the brakes a tiny bit just to make sure fuel surcharges were in place across the entire customer base this spring with spiking diesel, we're pushing as fast as we can to drive synergies on the street. we probably hit the brakes a tiny bit just to make sure fuel surcharges were in place across the entire customer base this spring with spiking diesel we're pushing as fast as we can to drive synergies on the street We're talking about taking tens and tens of trucks off the road through collapsing business units. we're talking about taking tens and tens of trucks off the road through collapsing business units As I said, we've done 12 acquisitions, including that one from GFL, we've got a lot of work to do to get routes reestablished, markets reestablished. as i said we've done 12 acquisitions including that one from gfl we've got a lot of work to do to get routes reestablished markets reestablished

Speaker 1: Pre-synergy, we've been running about 20% EBITDA margin across that region. Our goal is to get into the mid-20s EBITDA margin over the next 3+ years. Pre-synergy, we've been running about 20% EBITDA margin across that region. pre-synergy we've been running about 20% ebitda margin across that region Our goal is to get into the mid-20s EBITDA margin over the next 3+ years. our goal is to get into the mid-20s ebitda margin over the next 3+ years

Speaker 4: That was a pretty big bite for you guys to go ahead and take a, what's it called, an acquisition of that size. What would you say were some of the learnings that you took from there that if you were to do that again, you would say, "Hey, I would approach it a little bit like this or like that"? How would you characterize it? That was a pretty big bite for you guys to go ahead and take a, what's it called, an acquisition of that size. that was a pretty big bite for you guys to go ahead and take a what's it called an acquisition of that size What would you say were some of the learnings that you took from there that if you were to do that again, you would say, "Hey, I would approach it a little bit like this or like that"? what would you say were some of the learnings that you took from there that if you were to do that again you would say "hey i would approach it a little bit like this or like that" How would you characterize it? how would you characterize it

Speaker 3: Yeah. I think the unique thing there is it was a carve-out. We've done two carve-outs in my time in the industry. One, we bought some assets from one of the big three, and then this set of assets from GFL. It's just a very unique situation because most of the time you're buying a company from an entrepreneur who runs it every day and has the infrastructure, the people, to run a really successful business. Here, you're not getting the complete picture. You're getting maybe not all of the back-office services, the systems, the management team that you need to run it successfully day one. It makes it a little bit more challenging, and I think that's the unique element here. It wasn't something that we had to change in our diligence process. Yeah. yeah I think the unique thing there is it was a carve-out. i think the unique thing there is it was a carve-out We've done two carve-outs in my time in the industry. we've done two carve-outs in my time in the industry One, we bought some assets from one of the big three, and then this set of assets from GFL. one we bought some assets from one of the big three and then this set of assets from gfl It's just a very unique situation because most of the time you're buying a company from an entrepreneur who runs it every day and has the infrastructure, the people, to run a really successful business. it's just a very unique situation because most of the time you're buying a company from an entrepreneur who runs it every day and has the infrastructure the people to run a really successful business Here, you're not getting the complete picture. here you're not getting the complete picture You're getting maybe not all of the back-office services, the systems, the management team that you need to run it successfully day one. you're getting maybe not all of the back-office services the systems the management team that you need to run it successfully day one It makes it a little bit more challenging, and I think that's the unique element here. it makes it a little bit more challenging and i think that's the unique element here It wasn't something that we had to change in our diligence process. it wasn't something that we had to change in our diligence process If I had to do it all over again, though, the one thing I would change is just getting more of our team there day one, helping to manage the business. We've done that over the last couple of years. Of our key management roles in that market, probably about 70% of them are people who have been with us for a decade or more now that have moved down there, and we've backfilled them in our legacy markets with great rising stars. If I had to do it all over again, though, the one thing I would change is just getting more of our team there day one, helping to manage the business. if i had to do it all over again though the one thing i would change is just getting more of our team there day one helping to manage the business We've done that over the last couple of years. we've done that over the last couple of years Of our key management roles in that market, probably about 70% of them are people who have been with us for a decade or more now that have moved down there, and we've backfilled them in our legacy markets with great rising stars. of our key management roles in that market probably about 70% of them are people who have been with us for a decade or more now that have moved down there and we've backfilled them in our legacy markets with great rising stars

Speaker 4: Mm-hmm. Okay, great. One key item for investors is just understanding how the closing of the Ontario landfill is going to impact the business. It's a few years down the road- Mm-hmm. mm-hmm Okay, great. okay great One key item for investors is just understanding how the closing of the Ontario landfill is going to impact the business. one key item for investors is just understanding how the closing of the ontario landfill is going to impact the business It's a few years down the road- it's a few years down the road-

Speaker 1: Yeah Yeah yeah

Speaker 4: End of 2028. Can you talk a little bit how your expectation for the impact of the EBITDA and free cash flow lines for that? End of 2028. end of 2028 Can you talk a little bit how your expectation for the impact of the EBITDA and free cash flow lines for that? can you talk a little bit how your expectation for the impact of the ebitda and free cash flow lines for that

Speaker 1: Yeah. There are a number of moving pieces there in connection with the Ontario landfill. As a reminder, the Ontario landfill is going to close at the end of 2028. At the same time, and prior to that date, we're going to be expanding our Hyland Landfill, taking that from about 460,000 tons of annual throughput to 1 million tons. Essentially, what's going to happen is we're going to swap very expensive capacity at Ontario for very inexpensive capacity at Highland. The net of that, about 300,000 tons will be pushed out of our system, just because Ontario is a very large landfill, The expansion won't make up for all that difference. We expect the market to tighten over that period of time, just with all that capacity coming out of the market. Yeah. yeah There are a number of moving pieces there in connection with the Ontario landfill. there are a number of moving pieces there in connection with the ontario landfill As a reminder, the Ontario landfill is going to close at the end of 2028. as a reminder the ontario landfill is going to close at the end of 2028 At the same time, and prior to that date, we're going to be expanding our Hyland Landfill , taking that from about 460,000 tons of annual throughput to 1 million tons. at the same time and prior to that date we're going to be expanding our hyland landfill taking that from about 460,000 tons of annual throughput to 1 million tons Essentially, what's going to happen is we're going to swap very expensive capacity at Ontario for very inexpensive capacity at Highland. essentially what's going to happen is we're going to swap very expensive capacity at ontario for very inexpensive capacity at highland The net of that, about 300,000 tons will be pushed out of our system, just because Ontario is a very large landfill, The expansion won't make up for all that difference. the net of that about 300,000 tons will be pushed out of our system just because ontario is a very large landfill the expansion won't make up for all that difference We expect the market to tighten over that period of time, just with all that capacity coming out of the market. we expect the market to tighten over that period of time just with all that capacity coming out of the market The bogey we have to chase by 2029 is to move revenue and EBITDA higher in that portfolio by about $10 million. We're going to be focused on doing that and plus or minus, we expect to be more or less even. Hopefully, there'll be some benefit, but pretty close to break even. I think the story, without getting into too much detail, the story is very different from an earnings standpoint and a cash flow standpoint with Ontario. I mentioned Ontario is an expensive site. From an operating income basis, net income, a lot of landfill amortization at that site, very expensive accruals for closure liabilities that we're running through the P&L for every ton that we put into the site. The site actually loses money on an operating income line. It's a big EBITDA generator, but it actually loses money on an earnings basis. The bogey we have to chase by 2029 is to move revenue and EBITDA higher in that portfolio by about $10 million. the bogey we have to chase by 2029 is to move revenue and ebitda higher in that portfolio by about $10 million We're going to be focused on doing that and plus or minus, we expect to be more or less even. we're going to be focused on doing that and plus or minus we expect to be more or less even Hopefully, there'll be some benefit, but pretty close to break even. hopefully there'll be some benefit but pretty close to break even I think the story, without getting into too much detail, the story is very different from an earnings standpoint and a cash flow standpoint with Ontario. i think the story without getting into too much detail the story is very different from an earnings standpoint and a cash flow standpoint with ontario I mentioned Ontario is an expensive site. i mentioned ontario is an expensive site From an operating income basis, net income, a lot of landfill amortization at that site, very expensive accruals for closure liabilities that we're running through the P&L for every ton that we put into the site. from an operating income basis net income a lot of landfill amortization at that site very expensive accruals for closure liabilities that we're running through the p&l for every ton that we put into the site The site actually loses money on an operating income line. the site actually loses money on an operating income line It's a big EBITDA generator, but it actually loses money on an earnings basis. it's a big ebitda generator but it actually loses money on an earnings basis On a cash flow basis, we're going to spend tens of millions of dollars over the next several years capping and closing the site. Once you get through that period of time, 2029 and beyond, massive tailwind from an earnings perspective and massive tailwind from a cash flow perspective as that site is closed. On a cash flow basis, we're going to spend tens of millions of dollars over the next several years capping and closing the site. on a cash flow basis we're going to spend tens of millions of dollars over the next several years capping and closing the site Once you get through that period of time, 2029 and beyond, massive tailwind from an earnings perspective and massive tailwind from a cash flow perspective as that site is closed. once you get through that period of time 2029 and beyond massive tailwind from an earnings perspective and massive tailwind from a cash flow perspective as that site is closed

Speaker 4: Got it. Okay, just to be clear, you said that you expect it to be break even on the EBITDA line because you're going to grow into it over the next three years? Got it. got it Okay, just to be clear, you said that you expect it to be break even on the EBITDA line because you're going to grow into it over the next three years? okay just to be clear you said that you expect it to be break even on the ebitda line because you're going to grow into it over the next three years

Speaker 1: Yeah. We're talking 2029. Yeah. yeah We're talking 2029. we're talking 2029

Speaker 4: Right Right right

Speaker 1: far over the horizon. Yeah, that's our expectation. far over the horizon. far over the horizon Yeah, that's our expectation. yeah that's our expectation

Speaker 3: Yeah. We have our Highland landfill in New York. We're in the midst of permitting both an annual expansion and overall airspace expansion, and we're adding roughly 60 years of capacity from airspace, and we're more than doubling the annual permit from 460,000 tons a year to a million tons a year. That would be the second-largest landfill in New York when that expansion's completed. As Brad said, we'll ramp that up as we're ramping Ontario down and offset the two sites. Yeah. yeah We have our Highland landfill in New York. we have our highland landfill in new york We're in the midst of permitting both an annual expansion and overall airspace expansion, and we're adding roughly 60 years of capacity from airspace, and we're more than doubling the annual permit from 460,000 tons a year to a million tons a year. we're in the midst of permitting both an annual expansion and overall airspace expansion and we're adding roughly 60 years of capacity from airspace and we're more than doubling the annual permit from 460,000 tons a year to a million tons a year That would be the second-largest landfill in New York when that expansion's completed. that would be the second-largest landfill in new york when that expansion's completed As Brad said, we'll ramp that up as we're ramping Ontario down and offset the two sites. as brad said we'll ramp that up as we're ramping ontario down and offset the two sites

Speaker 4: Okay, great. I think that's the time we have for today. I want to thank you very much for joining and participating, it looks like it's going to be a great day. Okay, great. okay great I think that's the time we have for today. I want to thank you very much for joining and participating, it looks like it's going to be a great day. i think that's the time we have for today. i want to thank you very much for joining and participating it looks like it's going to be a great day

Speaker 3: Okay, thank you. Okay, thank you. okay thank you

Speaker 1: Thank you. Thank you. thank you