Thank you, Tawanda. We talked a lot about the work we're doing to optimize our cost to serve. Carton Recycling Program. The commercial sector generates nearly three- fourths of the solid waste in California. Residents and businesses may begin transitioning to private haulers at any time by contacting their preferred hauler. And I'll now turn the call over to John to discuss our operational results for the quarter. [Operator instructions] Our first question comes from the line of Bryan Burgmeier with Citi. role in keeping a check on environmental pollution. In addition to the service intervals, though, as Jim mentioned in the commentary a few minutes ago, the other parts of that, that we're really paying close attention to is what the churn rate is doing and what the rollbacks are doing even as we continue to be aggressive on the pricing side. Have you seen those improving? Thank you. There are four ways to dispose of these materials. For holidays on Saturday or Sunday, there are no delays. But just to be clear, the part of the drag on the 62 with people are looking sequentially is the number that's in the first half isn't the immediate -- just immediate CPI. certificate and deferred liability has also been introduced, for This strong core price translated into collection and disposal yield of 6.2%, a 70 basis point improvement compared with Q1 of 2022. *Pickups for over-sized waste must be scheduled at least 48 hours in advance with Waste Management. The majority of that, though, really, as we all know, runs through that residential line of business. You have such a high percentage of the fleet on natural gas versus peers. And it was not -- there wasn't one less workday. Report a Missed Pickup. financial year including the e-retailer, will be considered as bulk So we've chosen to make that -- it's an incrementally positive step to go to C&G. 2023 has started off as planned and we're pleased to have achieved our first-quarter targets. So we are still sticking with our $70 and feel pretty confident in that. registered recycler and upload information on the portal. not recycled in its facility is sent to the respective registered The refurbisher will To print this article, all you need is to be registered or login on Mondaq.com. But just any thoughts on the pricing environment, your go-to-market strategy? We'll be at 75% probably by the end of the year. 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. 2022, SB 1383 requires Californians to sort and separately collect food scraps, yard debris and food-soiled paper from trash and recycling. It understands things like location of carts. EPR, and producer. The new rules have allowed for the refurbishment of e-waste, It doesn't look like a blowout for sure, but it doesn't look like the bottom is falling out. I was trying to figure out a good way to say that. Or is that already embedded in the guide, that it returns to more of a normal trend? And you mentioned a number of one-offs in the first quarter. So, John can address the cost side and what we're seeing so far. New Internship jobs added daily. Our business generated free cash flow of $395 million in the first quarter and free cash flow before sustainability growth investments of $551 million, which puts us on track to deliver our full-year guidance on this measure of between $2.6 billion and $2.7 billion. So neither of those really were seeing the full benefit of leverage on the SG&A front -- I'm sorry, it wasn't that they weren't seeing the benefit of the leverage on the SG&A front, we were capturing and realizing that. But when we look at our consumption, we don't just look at the collection line of business. We expected our first quarter to be the hardest comp on a year-over-year basis from commodity prices, and so we think most of that impact starts to abate beginning in Q2. Henrico, Hanover and Goochland Counties maximum prescribed concentration. OK. Free text and/or email reminders the evening before your scheduled pickup, including holiday delays. 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? Great. This growth was led by core price of 7.4%, which exceeded both last year and our plan for the first quarter. returns. And in fact, we do see some of that coming out in Q2, but Q3 and Q4 is really where you start to see some strong results. statistics indicates that India is the third largest generator of the constituents of the equipment along with declaration of All rights reserved. Thanks for the color and best of luck to 2023 year. Click on the map to enlarge. Yeah. The trend has been good and it's what we anticipated. Right. So I don't know really what the other folks reported, but I would tell you, there's no loss of discipline whatsoever. EPR mechanism under the 2016 Rules focused more on the producer's responsibility to collect back the e-waste introduced in the market and provided collection targets, whereas the EPR regime under 2022 Rules provides an annual e-waste recycling targets to the producers. Right. I would tell you that as far as the overall macro economy, we've been looking at it closely because it seems as if every day, somebody comes out with a different projection. Thanks, Jim and good morning. As Devina mentioned, we almost -- we delivered almost 500 trucks year to date versus 50 last year. and safe disposal of such waste. Chesterfield County currently offers a biweekly curbside recycling program to more than 94,000 homes via a service agreement with the Central Virginia Waste Management Authority and their contracted hauler Tidewater Fibre Corporation (TFC). Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. What's the temporal loss utilization look like? And then you mentioned in higher incentive compensation, I wasn't sure if you were talking cash flow or EBITDA. When you sign up for a utility account with the city, you will receive both a garbage and recycling bin for one low monthly price. So sometimes we don't see the early signs. Capital spending in the quarter totaled $660 million, with $504 million related to normal course capital to support our business and $156 million of spending on sustainability growth projects. Yeah. Discover the Paris metro map. The Houston Apartment Association (HAA) and the City of Houston Solid Waste Management Department (SWMD) launched on November 15, 2011 the Go Green Community initiative to increase recycling in apartment communities. Waste Management requires all garbage and recycling to be placed at roadside for pickup by 5:30 a.m.on your regularly scheduled day. Turning to operating expenses, which increased 70 basis points as a percentage of revenue to 63%. One excellent example of this is the expansion of our customer self-service capabilities where we've reduced our call center department costs in the first quarter by more than 20% compared to last year, while at the same time maintaining or improving our Net Promoter Scores in the commercial and industrial lines of business. Debris must not exceed the lid of the cart or you may experience a delay in service. year in which the extended life of the product is expired. This year, we received about 470. Thanks and I'll turn it over. And it's got to be through technology. Sarasota County I'm not going to pay three times for an electric vehicle, what I pay for a CNG vehicle. Recyclers are required to ensure that the fractions or material They just happen to be higher than our expectations. Take your leaves to a site that has been registered with the Massachusetts Department of Environmental Protection. Follow the journey of items collected in local residential (curbside) and drop-off recycling programs through the MRF and eventually back into retail stores. And Jim mentioned that overall, the whole basket of goods has moved up here a little bit as we exited Q4 into Q1 and then even exiting Q1 into Q2. Recycle Coach App. The investments we're making set us up to further differentiate our industry leading asset network and capabilities. So you're right. as per Compulsory Registration Scheme of the Ministry of 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. thousand units of electrical and electronic equipment listed in Our interactive Paris metro map is designed to make your journeys easier; it is available online and downloadable in PDF format. Visit our site for information on weekly trash schedules, bulk pickup options & more. Jim will cover high-level financials and provide a strategic update. For this reason, CVWMA stopped providing bins as of Nov. 1, 2022. The new rules have expanded the scope of e-waste to include When you combine these strategic positioning -- when you combine this strategic positioning with the essential nature of our service, our diverse customer base and our recurring revenue streams, it provides confidence in our ability to continue to reach our strong financial projections over the long term. That's the subtlety of your model because so much of your business resets in the first half. It's a great question, Noah. And when China has closed down with their COVID policy, that hurt worldwide demand. Share & Bookmark, Press Enter to show all options, press Tab go to next option, Emergency Rental Assistance Program (ERAP), Phillippi Creek Septic System Replacement, Arts and Cultural Alliance of Sarasota County, Proclamations and Certificates of Recognition, Transportation (Hurricane Evacuation Center), A Claim for Property Damage or Personal Injury. So that certainly is a benefit going forward throughout the year. Or is that still kind of an unknown now in terms of how they might treat that? So would that change just be received positively by customers as maybe a way to help reduce volatility to them on the cost side? The new rules put larger responsibility on entities like When we talk about it probably four years ago, we're talking about something less than 1%. With respect to driver retention and overall compensation in that area of your labor force, how do you expect that to trend, and particularly in the macroeconomic headwinds? proper recycling and safe disposal of e-waste. You heard me in my prepared remarks talk about some of the peak wage inflation where it's moderated to now. targets, whereas the EPR regime under 2022 Rules provides an annual Yeah. So maybe it doesn't impact the cost line as much, but perhaps a surcharge line. And when we look at Q1, it was certainly higher than that. Thank you. Property owners may continue recycling through the county's curbside recycling program through June 30, 2023, for no charge. conformance to the reduction of hazardous substances provisions No. But I don't think that California, if it's a combustion engine. Easton's Curbside Trash and Recycling Program: Join Today! recyclers; Residue generated during recycling process is disposed Youtube We knew that there would be some upfront costs associated with integrating that business. NOTE: this service only applies to garbage. You may begin. City of Federal Way - Waste Management Northwest This website is your #1 resource for information MY WM APP Manage accounts and billing, request services, view pickup schedules Automated Virtual Assistant CHAT M-F 7 am - 7 pm Sat 8 am-12 pm EMAIL pnwrsservices@wm.com Phone 253-833-3333 M-F 7 am - 7 pm Sat 8 am - 5 pm For more information regarding yard waste disposal, please visit our Yard Waste Disposal webpage. Any regular Friday collection delayed by a holiday will occur on Saturday. 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. Service holidays are Christmas Day, New Years Day, 4th of July, and Thanksgiving. But maybe you could touch a little bit about if there's any change in your approach to acquisitions as you continue to kind of balance SG&A reduction as well as acquisitions. So I think if you look kind of pre-pandemic through the pandemic, we went from obviously historic averages to historic lows, right, in terms of driver retention and turnover for obvious reasons. For Home. RIN pricing is probably a little bit against us right now. And we talked a lot about drivers, it's our biggest population. POPULAR ARTICLES ON: Environment from India. It's not a negative. The content of this article is intended to provide a general The requirement to qualify as bulk consumer now depends to the amendment, detailed information had to be included in the We'll have another benefit in Q2 and then that moderates in Q3, reverses itself, and then normalizes beginning in Q4. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Can you talk about, did we get a full quarter run rate out of the initiatives that you mentioned on the call center side this quarter? The county recognizes the importance of recycling and its effectiveness in reducing the volume of household waste that ends up in landfills and desires a robust recycling program available to all citizens predicated upon multiple choices at the lowest price possible. SCHEDULE Trash is collected weekly. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Youll only need to do it once, and readership information is just for authors and is never sold to third parties. But that's because we've needed to be intentional about keeping our vehicles and maintaining them so that we meet all of our service needs for our customers. Great. 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. So that kind of naturally slopes down. Good morning. And that is our expectation, is that the first quarter of 2023 had some margin pressures that we see as more related to 2023 specifically, such that the normal seasonal uptick that we see from a revenue perspective will provide the typical expansion. But I do think your point about being kind of an added synergy here is an important one. Tobey Sommer -- Truist Securities -- Analyst. Michael Hoffman -- Stifel Financial Corp. -- Analyst. Maybe characterize the flow of impounds and inbound. Waste Management will be able to assist businesses in determining the appropriate garbage service levels for number of containers, size of containers and pick-up frequency. are: 1. 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. Call 941-493-4100. Recycle Right Inside WM. On the solid waste side, when I was mentioning the MLK holiday, that was part of the 20 basis point margin headwind that we saw from the solid waste part of the business. Residents are advised that service delays may occur due to weather and are encouraged to register for And it's a labor-intensive business, and we have 25% turnover in those driver ranks. But the biggest benefit really is when you can stabilize the workforce, those frontline folks. 2023 to 70% and 80% in 2024 and 2025, respectively only through management policies. Feedback. So when we think about rentals and surplus assets, we have a clear path for the rest of the year and more confidence in the delivery schedule that we're going to be able to take those out. Once you have your container, simply follow the same guidelines as . Our next question comes from the line of Kevin Chiang with CIBC. Good morning. Recyclable materials are collected every other week. Thank you. Contact WM at 775-329-8822. recycling or disposal. Our fleet strategy is evidenced by what we've done from diesel -- gen 1 diesel, gen 2 to CNG/RNG that we have the flexibility within our fleet plan to be able to pivot without really impacting the business. About 18% of our total debt portfolio is at variable rates and our pre-tax weighted average cost of debt for the quarter was about 3.7%. 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. In fact, the transfer station yield is a new high for that line of business, which is helping to offset, increasing cost of labor and transportation. I get that there are a variety of factors at play. Also looking at some of our volume numbers, especially MSW, MSW was 2.7%. flickr. Sure. India And then on the recycling part of the business, the Natura business is in early stages and we're making some investments there, too. AB341: Recycling. See information above regarding program changes effective July 1, 2023. And then my last one, I got to kind of go back over this margin walk, there's a ton in there. And that's, in large part, what you're seeing out of transportation but also largely landfill pricing. 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. Recycle Coach is your go-to source for all garbage, recycling and hazardous waste information. Serving the cities of Colonial Heights, Hopewell, Petersburg and Richmond, the Town of Ashland and the counties of Charles City, Chesterfield, Goochland, Hanover, Henrico, New Kent, Powhatan and Prince George Yeah, Jerry. And maybe the most important piece that John mentioned is it helps us from a safety standpoint. And like I said, we're pleased with the traction that we're seeing in each of those businesses on the recycling side because that business is in a development phase. Pickup Schedule & ETA Pickup Schedule & ETA Continue as Guest To view your pickup schedule or service ETA, please select from the following options to verify your account. product user documentation. Special waste volumes moderated in the quarter due to the timing of event-driven work, but our pipeline remains robust, and we believe that those volumes will provide incremental revenue growth as we progress through Q2 and the balance of the year. Additional details about the program may be found on the FDEP website. Mondaq uses cookies on this website. Thanks for taking the questions. wherein dealer, consumer, bulk consumer, and collection centres For missed pickups, service requests, container swaps, or other issues, contact Waste Management at 800-796-9696 or WM.com. It's a great question. I have a suspicion maybe you will end up with two lefts and a right versus two rights and a left to get to the same outcome. So the service interval piece, Michael, is still positive. Sarasota CountyOrdinance 2006-001outlines the mandatory recycling requirements in unincorporated portions of Sarasota. Producers are required to implement EPR targets, create Extended Producer Responsibility (EPR): 6. Before we get started, please note that we have filed a Form 8-K this morning that includes the earnings press release and is available on our website at www.wm.com. Does this MRF make you more competitive as you think of the opportunities stemming from that legislation? Even as we invest in high-return sustainability growth projects within our business, we continue to demonstrate our commitment to all of our capital allocation priorities. One of the benefits we know that comes from these efforts is improved retention, which then translates into even better customer service and optimized cost structure because our tenured drivers are the safest and most efficient. Richmond, VA 23227, 2023 Central Virginia Waste Management Authority. On the other side, recycle pricing, as we talked about a little bit earlier, is right on our expectations. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Electrification always comes to mind. But can you just expand -- and really nice to see the strong numbers, both in transfer stations and landfills. of refurbished product whereby the life of such product has been Looking forward to seeing you in New Orleans. Our next question comes from the line of Sean Eastman with KeyBanc. consumers of e-waste. It also helps that China's open back up. I just wanted to confirm that all the guidance is intact, and in particular, including the collection and disposal yield, I think you guys have given us approaching 5.5% number. Call 941-493-4100. laboratory instruments etc. All Rights Reserved. Residents who supply the county with a physician's note may have rear door garbage and recycling service provided at no charge. Waste Management staff work all holidays except New Year's Day, Memorial Day, July 4th, Labor Day, Thanksgiving Day, and Christmas Day. So look, Jim, I don't want to get into the comparison game, but one of your competitors showed core pricing accelerated in Q1. I mean, there's a whole bunch of factors that go into a full optimization. So if you're using a renewable fuel to fuel a CNG truck, I don't think you have to be a mathematician to figure that out. No, So I think -- listen, we're thrilled that the supply chain and truck deliveries are starting to abate. registered recycler on the portal and make available all records Search for upcoming holidays that may affect WM trash and recycling service in your area. Devina Rankin -- Executive Vice President, Chief Financial Officer. EMAIL. When one of these holidays falls on a weekday, residential collection will be delayed one day for the remainder of the week. And maybe just the EPA did come out with, I guess, a phase 3 proposal on heavy-duty vehicles, looking to continue to drive to some sort of net zero target over time. Visit our site for information on weekly trash schedules, bulk pickup options & more. Jim Fish -- President and Chief Executive Officer. You reiterated guidance for the 80 basis points improvement for 2023. Getting trucks delivered will also be key to residential automation. So we're going to continue to get those assets in play as quick as we can and drive the benefit. On the dilutive impact of M&A at 40 basis points, that was about half solid waste and half recycling. Get the WM app to make service requests on the go. We returned $639 million to shareholders during the quarter, paying $289 million in dividends and repurchasing $350 million of our stock. But still, I think you're seeing the discipline there around pricing very strong. There's really, I think, Tyler, three areas that we're all focused on for 2023, and those are top of line -- at the very top of the list has got to be price, and then a close second to that is what John has been talking about, which is cost control, both SG&A and opex and using technology to facilitate that. 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. And some of those changes, our customers are going to begin to see in the second quarter. by mandating recycling through formal sector, as entities will be What we intend to do there, at one point, we had moved our renewable energy business into the fuel line, and with some of the noise it was creating in the fuel line, we saw value in pulling that out. Our residential recycling plans offer customers the resources they need to achieve this. The second is that truck deliveries are improving. OK. And then last one for me. for verification or audit as and when required. For this reason, CVWMA stopped providing bins as of Nov. 1, 2022. So there's a little bit of a lag. It's why we think there's an opportunity for us to take share -- continue to take share, first, because I think the customer service product that we are providing is superior. or less), Over-sized waste* (basketball poles, exercise equipment, swingsets, etc.). Anybody who lives in New York sees it, anybody who lives in Boston sees it. E-Waste, Paper Shredding, Drug Take Back Events. Are your RNG or CNG trucks considered essentially net zero? But historically, CNG fuel prices have been more stable relatively. Composting is environmentally beneficial because it provides nutrients for your garden and is economical. Now, any entity which has used at least one The mission of the Solid Waste & Recycling Division is to efficiently manage the solid waste stream and provide high quality residential solid waste management services for the citizens of Richland County in order to enhance public safety, public health and quality of life in the County.
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