When you entertain conversations with smaller players in your M&A outreach, what are you hearing from them about the impact of higher rates and the kind of persistent required tech investments to stay competitive with the market? I want to frame these results and then talk about the efforts in place to optimize our cost to serve in 2023 and over the long-term. interpretation. Recycling 101 Our Service Areas Drop Off Locations Service Notifications 10 Yard Dumpster 20 Yard Dumpster 30 Yard Dumpster Holiday Schedule Facebook Twitter Instagram LinkedIn YouTube Products & Services Trash Collection & Recycling for Home Waste Disposal & Recycling for Business Roll-Off Dumpster Rental Bulk Trash Pickup a proper disclosure and compliance mechanism in place, it has Receive an email reminder a day before your collection. with the new regime. By using our website you agree to our use of cookies as set out in our Privacy Policy. I know you obviously had the curves here versus some of your peers on investing in CNG and RNG suites. OK. We absolutely see that as something that our customers will receive well. So you might recall that last year, we got -- there was a delay in the approval of those tax credits by government. wherein dealer, consumer, bulk consumer, and collection centres Yes! Integration costs and upfront dilutive margins of these acquisitions had about a 35 basis point impact in the quarter. simplified. Frontline wage increases are now in the mid-single-digit range as compared to the high single to low double-digit increases that we saw in late 2021 and 2022. The automotive industry across the world is presently undergoing a paradigm shift in trying to switch towards more energy efficient alternatives for mobility. Yeah. The remaining impact was due to persistent cost inflation, which was most significant in wages, repair and maintenance, and subcontractor costs. flickr. Electrification always comes to mind. Waste Management Home. A complete list and preparation instructions can be viewed in the, Electronics (stereos, computers, toaster, etc. And maybe the most important piece that John mentioned is it helps us from a safety standpoint. We've had a solid start to 2023 and look forward to building on our success. Good morning everyone and thank you for joining us for our first-quarter 2023 earnings conference call. Take a virtual tour of a material recovery facility (MRF, pronounced murf) on CVWMA's Journey to the MRF webpage, which includes a video about recycling in central Virginia. At this point, we're good with each element of the guidance. (Dec. 25), and New Year's . Best Dividend Stock to Buy Now: Waste Management vs. Republic Services, 3 Resilient Stocks to Help Solidify Your Portfolio, Waste Management Stock Drops After Earnings: Here's What You Need to Know, Waste Management (WM) Q4 2022 Earnings Call Transcript, 1 Dividend Stock Warren Buffett Should Buy, Why I Refuse to Chase the Maximum Social Security Benefit, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks. On the labor front, I said in my prepared comments, we were close to high single, low double digits, and that's moderated back down to mid-single digits. 2023 has started off as planned and we're pleased to have achieved our first-quarter targets. These adjusted measures in addition to free cash flow, are non-GAAP measures. So what you're seeing this year is that those are going to be recognized quarter-by-quarter. And that's exactly what we're doing in building an optimization tool that understands absolutely the best route to take. First question, I guess, is how to think about fuel rolling over in terms of impact to EBITDA and margins over the rest of the year. Get a Free Recycling Sticker / Buy a Recycling Can. Learn More, Waste Management(WM 0.45%)Q12023 Earnings CallApr 27, 2023, 10:00 a.m. Q1 was at $54, but it got better as you went through the quarter. Even as these important parts of our operations grow our solid waste business will continue to make up the lion's share of our earnings, projected to generate roughly 85% of operating EBITDA in 2026. And while we don't send a lot of stuff straight to China anymore, they do affect worldwide demand. Yeah. Landfills, transfer stations and waste-to-energy facilities across the Commonwealth will no longer accept mattress and box springs for disposal. depended on the type of entity, turnover and number of NOTE: this service only applies to garbage. OK. And then last one for me. It's a good question because I wouldn't say that our approach has changed. So those are the things that give us so much confidence that Q2 really will be outsized relative to a typical year. I mean, when California is telling people with electric vehicles to not charge their vehicles last summer, and I don't know what the percentage of electric vehicles is in California, it's probably 5%, if that. that lasts" i.e., "a path along which the maximisation of Michael Hoffman -- Stifel Financial Corp. -- Analyst. Garbage, Trash, recycling, Yard and Waste, residential, commercial, multifamily Service - Hansville, Kingston, Manchester, Olalla, Silverdale, Suquamish, Poulsbo, WM provides garbage, recycling and Yard and Waste services for residential, commercial and construction customers including Kitsap County, Washington. Also, please remember that it is never okay to dump yard waste in or near a wetland or body of water.Local sites:Bridgewater Farm Supply, 1000 Plymouth Street, Bridgewater, MA 02379(508) 697-0357 - Leaves and Brush - $10/yardSouth Ridge Farm & Nursery, 399 South Street, Walpole, MA 02181(508) 668-0401 - Leaves and Brush - $11/yard. Further, E-Waste Management Rules, 2022: An Overview, The New EU Carbon Border Tax- Key Points For Consideration Of Indian Exporters To EU, Legal Landscape Governing Manufacturing Of Electric Vehicles And Batteries*, Remedies Available Under Indian Legal Framework vis--vis Environmental Protection: An Overview, New Rules For Management Of Battery Waste: A Much-Awaited Change, Responsibility Of Importers Under E-Waste (Management) Rules, 2016, Patenting Of E-waste Recycling Technology In India, Echo Sierra Golf The Alphabets Of Change, How Carbon Trading Can Benefit The Agriculture Sector, New EV Battery Rules For Enhanced Safety And Performance, Asset Tracing and Fraud: New Challenges in India, Unitary Patent Court: A Step Forward in European Patent Law Harmonization, Mondaq Ltd 1994 - 2023. We expect our investments to continue to drive improvement in SG&A costs and put us on a path toward a permanently reduced SG&A cost structure. Thanks for taking the questions. And could that be upside to the guidance for this year? Recyclables, yard waste and any large or special pickup items must still be placed curbside. So look, Jim, I don't want to get into the comparison game, but one of your competitors showed core pricing accelerated in Q1. Our residential recycling plans offer customers the resources they need to achieve this. On some holidays, CVWMA recycling collections may be delayed by a day for the remainder of the week. Thank you. 2023 to 70% and 80% in 2024 and 2025, respectively only through or less), Over-sized waste* (basketball poles, exercise equipment, swingsets, etc.). Thanks for taking my question here. As a result, our focus on optimizing performance and reducing costs in the solid waste business through technology and automation is critically important and will serve to further separate us from our competition. They just happen to be higher than our expectations. Our next question comes from the line of Michael Hoffman with Stifel. So I think we're in a good spot there regardless of what the technologies. But would a state like California look at your RNG fleet differently than, say, a typical owner operator running a Class A truck just because you're producing on the front end as well when you're creating a circular economy? I'm guessing kind of late 3Q, you probably didn't hear a lot of phones ringing in terms of requests for product. So we're confident that we're going to maintain that true pass-through model that we've had over the last many, many years. of in an authorised treatment storage disposal facility; Maintain The infrastructure is simply not there yet to handle this. WM offers waste & recycling services to residents in Santa Clarita, CA. But how do you see that playing out? Click here to view the recycling schedule. Thank you, Tawanda. And when we look at Q1, it was certainly higher than that. And we talked a lot about drivers, it's our biggest population. And that's, in large part, what you're seeing out of transportation but also largely landfill pricing. Call 311or941-861-5000 In the first quarter of 2023, we saw the best driver retention we've seen in two years. Curbside Recycling | Chesterfield County, VA As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Our disciplined organic revenue growth and focus on optimization and cost control are expected to drive year-over-year margin expansion for the remainder of the year, particularly in the third and fourth quarters. Landfill volumes led the way with C&D volumes up almost 37% in the quarter, driven by the hurricane cleanup in Florida and MSW volumes increased by almost 3%. Thanks so much. 70% our injuries happen in the residential line of business. There are four ways to dispose of these materials. In yet another step towards sustainable growth, Government over the producers of specific category of waste for the treatment EPR, and producer. These delays impact our team's ability to deliver on residential collection optimization objectives and targeted improvements in our maintenance cost per driver hour. I can't thank our hard-working team members enough for all of their contributions to our success. Image source: The Motley Fool. With that said, our first-quarter performance was basically on our budget and our strategic priorities of maintaining strong price discipline, permanently reducing our operating and SG&A cost structure through business optimization, technology and automation, and leveraging our sustainability platform for growth are right on track. We budgeted $2.30, and it's $2. Getting trucks delivered will also be key to residential automation. Support. It also helps that China's open back up. I'm not going to pay three times for an electric vehicle, what I pay for a CNG vehicle. All businesses in Sarasota County are required to use the countys franchised waste hauler, Waste Management, for garbage collection services. And that's some of the analysis we've been particularly honed in and on and looking at. Maybe characterize the flow of impounds and inbound. We recognize that these have a finite life to them. And I would guess that 90% of that 70% are on rear loaders. All right. Incentive compensation was cash flow. And so there was a delay in our recognition of those tax credit benefits until the third quarter of 2022. No loose trash will be accepted. That's the headline. Take your leaves to a site that has been registered with the Massachusetts Department of Environmental Protection. One of the things I've noticed that you have all been doing, and maybe it was perpetual, first of all, maybe it was just an outcome, is the gap between what you're getting in yield in collection versus the yield and post collection has been closing. Discover the Paris metro map. So I think you're right about the fact that there's a whole bunch of pieces in play here. Recycle Coach App. So maybe it doesn't impact the cost line as much, but perhaps a surcharge line. But can you just kind of remind us what is embedded -- or the level of unit cost inflation that's kind of embedded in the 2023 guide and maybe where are you today? Jim Fish -- President and Chief Executive Officer. I mean, I'm just kind of scratching my head a little bit on how to apply some science to the model there. Henrico, Hanover and Goochland Counties So that moderates and really starts to become a tailwind over the remainder of the year. First-quarter revenue grew 5% with continued strong organic growth in the collection and disposal business of 7%. And so why fill them up with kind of low-priced tons when we can fill them up at a slower rate, maybe at higher price tons, preserve some of that airspace. Thanks for the extra detail. So I think what's important in giving color to the dilutive impact from the M&A that we saw in Q1, it really was twofold. OK, perfect. Select your locality from the drop-down menu, then enter your address. And I'm just wondering how you view that. Trash & Recycling Pickup Monterey County, CA | WM - Waste Management [Operator instructions] I would now like to hand the conference over to Ed Egl, senior director of investor relations. It's not all CPI as we've talked about. Welcome to Easton, MA record of e-waste collected, dismantled, recycled, and sent to OK. And then, Devina, can you share something? You reiterated guidance for the 80 basis points improvement for 2023. Or how are you thinking about that opportunity? We're also opening one new MRF in 2023 in the Greater Toronto area, which positions us strongly in the largest growth market in Canada.