ADES - Earnings call transcript Q4 2018

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Operator

Good morning. My name is Denise, and I will be your conference operator today. At this time, I would like to welcome everyone to the Advanced Emissions Solutions Q4 2018 Earnings Conference Call. [Operator Instructions] Thank you. Ryan Coleman, Investor Relations, you may begin your conference.

Ryan Coleman

Denise. you, Thank and fourth everyone, call. joining today us Good and thanks full our quarter results year for morning, for XXXX earnings With Greg today Chief me call Sampson, on and President are Executive Chief Marken, Heath and Financial Officer. Officer; the live as being our a well. of call version Investors will presentation and the webcast conference section in This be downloadable today's is of website, available there support also you Group replay will be XXX-XXX-XXXX. Relations can for the webcast our and available A site IR contact Alpha Investor at on

Slide reflect factors factors Commission. filings with opportunities implied any Let the could but as XXE and expressed and year involve These undertakes other XX, and forward-looking Securities me no that are information the made and to remarks for presentation actual Act. by on not remind XXXX, uncertainties slide materially on those ended you XX-Q the and limited and defined cause the that December currently in These from Except forward-looking identified by the include, company today or expressly and X include these to Form today's or us update those statements other as laws, uncertainties results, risks available and obligation statements Exchange of performance changed developments statements are statements. or based future risks reason. differ Section required securities to future in to to circumstances our and prospects Exchange business any presentation events, Securities of or the for

the with in presentation the and the to remarks addition, In important it's GAAP in references statements. very conjunction financial review today's

Heath? turn I'd over the that, to Heath like Sampson. call So to with

Heath Sampson

us everyone Thanks, for this and Ryan, to morning. thanks joining

flow X facilities. idle the quarter cash begin and year on supporting Heading tax equity the quarter XXXX, XXXX. our remaining Tinuum RC into for full investors driving identify of our final RC remain and to review on fourth focus and Slide Let's

that announced, the are as and coal previously year. leased the previously in coal in incremental the -- we The and per of burned distributions. tonnage to previously installation the royalty closure therefore, of in last As efforts power XXXX. both as units facilities $X Both XX burning year, January the part the had between X.X this to these that reduced well tons have plant XXth are in January to expectations per facility of has million with facilitated slightly year. and million RC costs engineering of XXth into facility, entered phase installed bearing has close near-term million Tinuum the than This progression Installation company. $X historically are tons of is at October was and million more of that highly identified costs facility a these

has step improved we the discussions the the XXXX. of taking contributed to pipeline as cadence progress However, of momentum and the into

capital doors cost utilities XXXX. existing leasing attractive extremely marketplace coal-fired to over for It mercury market and opens lowest significantly the other we're for This announcing to an patience flow makes that in to the industrial American integration we to market the while and continue Solutions, customer feedback certainly emphasis Solutions the and was attractive initial asset producer Carbon our quarter overwhelmingly PAC. though our acquire our activated to We companies. company RC between of the growing that and dividend to capital to and for XXXX we believe now simultaneously units paid-off officially leader the share assets Notwithstanding both, discussions the today increasing returning synergies we're quarterly carbon are enhanced ultimately dynamic products, in acquire during employee be the shareholders. expertise the space treatment positive one other to for operating in acquisition, program and us returned selling steps or future the been shareholders closed needed cash revenue end remains the realized. and expenditures highlight to remaining X, The acquire third American XXXX and the to Solutions Carbon in overall a a fiscal our RC to the control. intention $XX our confident immediately November, remain Carbon of and as about during after as Solutions The or This acquisition powdered Shortly in the earnings committed announced mercury process of to and And market carbon opportunistic leader able on opportunities activated say acquisition proud North through complementing to we price. December our opportunities these and North segment us. and number repurchases. year on even our market encouraging. excited attractive. us our has and to both, the company were Carbon of and we have We over welcomed the for suite presented and I'm back offering the million more products

remain million in last X year. revisit out let's that at priorities to high With forward, and we have dividend to to committed beginning that strategic Slide level and new Going laid option turn buy announced authorization back continue under review, $XX the stock the the the November. we to we of

half respective or as nuanced the tax investors included corporate tax platform, alongside on businesses. First, efforts Erosion digested our This commented RC our Tinuum to changes impact focus Anti-Abuse turned both we the internal as emissions facilities. with existing to equity controlled remaining resources as potential de-emphasis old XXXX to investors reform the support customers, the for numerous the RC and Base our impacts. the add as Tinuum BEAT optimizing as on tax publicly of the February we to worked our well we well of first of rate XXXX, other which the Throughout Tax

bit slower June of these progressed January with well the closures the kick-off result, with liked, however, RC a October, As we to in as XXXX. have as would and into working year of momentum clarity, further to after in the attain first than half another investors second XXXX a accelerated half

result our to our operating costs, our cost for full changes sales, severance-related operating lower a and total excluding year resources, expense of XXXX. the of acquisition As was than XXXX

goal strategic our next commitment we out shareholders. returning our was to Our laid capital to

And and During we dividends additional XXXX Under million million, the in $XX.X we shares total $XX.X share an purchased return. out per a $X for year returned allocation X.X full for for discussed plan, that in million [indiscernible] $XX of we capital the for paid we nearly shareholders emissions technologies our and plan's evaluate our our million our would to million platform. $XX XXXX inception. of options control chemical since suite the finally, on

met future. profitable and tax pleased of the sustainable along with with also path new Solutions stated allow opportunity. to balance provide the we the revenue balance RC provides providing our a acquisition had realize Our the beyond each of on mercury us sizeable even acquisition the by control criteria. and lastly, XXXX. market exploration at And a us business attractive of deferred revenue the operating Overall, offering. end and our the opportunities credits will sheet enhances of I'm will This excited to scalable significantly It about adjacent our synergies Carbon of and year more assets monetize tax earnings stream,

on Carbon while and American focus space. our We will within market the flows addressing Solutions maximizing PAC opportunities to RC integrating continue North cash

to facilitate Our our Marken, over further and financial Greg will position allocation now to to we turn review healthy, financial call plan. CFO; our very is continue before our I'll some results providing capital the detail.

Greg Marken

you, Thank Heath.

review our and year. quarter results on and Let's financial the fourth X start the Slide entire from

of Our and XX% $X.X cash the was million, a balance costs million of total incurred as of of XX, outstanding Carbon shares, and a primarily by dividends XXXX driven The of XX, December cash $XX.X decline lower as than our Solutions. position of end result as September decrease roughly was acquisition XXXX. from of XXXX our repurchases

to as During program we continue Heath the million million fourth end $X.X reduce XXXX a we remaining for and X.X our throughout us mentioned, million the of of share to we utilized opportunistically the repurchased $XX.X of leaving outstanding the shares million $XX.X repurchase And year. total account. under quarter, repurchase as shares roughly will

$X.X current cash box, million the the minimum of million senior materially $X cash balance includes term loan. restricted orange as related balance total the of shown in to cash Our part as

notice highlight added You slide this our long-term we will forward. going and to to borrowings current continue have we will which

incurred and our senior period part to had finance to acquisition. assumed Our of debt. million borrowings no acquisition, of capital which obligations $X.X totaled or loan term is leases comprised we $XX this reporting long-term the to million related of $XX Prior as million the our

long-time of and a coal the lower modestly XXXX. requirements. distributable to install largely earnings in Tinuum's during their Tinuum of which period. totaled additional was result lowering feel comfortable the the Tinuum million Fourth as covenance observed a flow loan fourth members. million is quarter and higher tonnage in in $XX.X X-years $X.X customary Group a quarter coal November, million, On higher slight installation the call given year grateful by XXXX million, As mentioned term by increased stated increase quarter to was Near-term and financial expenditures by are X-years on earnings has method full this million to method than offset This the and XXXX. earnings year revenues from carries at basis, our loan equity We million and than totaled our earnings standard the of a were facilities support. the investment provided were leading pay-off institution capital projections, balance equity previously amortization cash consumables lower incurred auto-refined by expect penalty. robust total loan and the driven the facilities during with royalties mandatory without $XX.X the term by refined costs. the compared and for Equity driven to revenues in $XX.X prior in slightly partially we $XX.X The under itself of $XX.X very fourth special shareholder,

XXXX. the of revenue partially the by decline was prior year, in was legacy consumables million, That consumables prior sales equipment was more $X.X full than as royalties amount $X.X twice million million, work million revenue year revenue the million Full decline year to by The a offset For in higher year we to the $XX.X higher and revenue business. $XX.X business income more full Royalty million year-over-year than recognition for our $X.X our totaled that of in Carbon was contributed than and XX% the commitments result XXXX. compared through Solutions. in was from XXXX. $XX.X year

$X.X primarily exclusive well as as the quarter, year which comparable sales higher related were total to acquisition fourth operating costs $X.X incurred other by both both million. of cost were well periods as the Solutions, roughly the and acquisition Carbon of The at of million throughout of reductions our driven the of expenses Our as to expenses in operating XXXX. full XXXX personnel as increases acquisition occurring represent to in the prior relative part

million earnings, tax was net higher would and XX% lower lower higher the royalty $XX.X than roughly higher lower income XXXX. year million Excluding personnel been than costs, quarter consumables $X prior reported. equity the was roughly driven improvement acquisition while income year in full $XX.X The compared million, compared the expense Fourth of the operating revenue or have XXXX. net and million to year was in related million to $XX.X flat year by interest full expenses expense XX% full $XX.X income,

impacted The as and a XXXX during purchase value of accounting, cost of quarter a on million. revenue this sales by of will balance the amortized million. inventory the $X in we has earnings lease standard. fourth be the roughly adopted acquisition was finished Tinuum remaining which During step-up Also to XXXX, as as January reported the year year, X goods accounting and during in of XXXX million $X of of amortized part $X end be negatively the price and of and new

Group today, are manner our Now in we in will the Tinuum impact investment this report the affect change our the which not and future. financial reporting it results earnings we does in

will result us an go-forward in remove prorata our [ph] our share adoption in on and Tinuum investment a this memo and of account basis. that us Group expect We historical from Tinuum reporting earnings Group

to want to flows expected impact However, this the brief discuss total Carbon emphasize the does cash of nor flows related projected not a XXXX. it like entities, RC do Tinuum moment process Solutions the through Tinuum I'd integration amount of thus from timing adoption I to cash far. does or the impact to take

well During contributed the deal the pretax contribution of inventory as from would Carbon revenue, Exclusive on the of been previously X have Solutions our year, pretax $X.X abbreviated in $X.X step-up, period million. close mentioned as the million $XXX,XXX. income end December to of

results annual XXXX, $XX EBITDA were million Carbon Carbon capital have From period transaction would million costs Solutions perspective an expenditures SG&A Solutions non-recurring incurred. compliance shorten driven results are million nature. optimization of were approximately items EBITDA revenue that $X and The efficiencies were negligible. volumes the in and expected variance supported efforts $X which between actual programs and severance and During exclusive of from the of in driving their by been for lower anticipate we customer of

contracts to we we in that to As grow historical cost look were business year synergies. signed XXXX, this last based expect on

formal provide As expect earnings we continue to outlook our we call. a to more during quarter integrate second the business,

to synergies. over the I'll Heath satisfied walk been turn have very as through strategy. our call go-forward we our with to the have integration we back to-date now expected progress However, captured

Heath Sampson

I'd coal to to like moment take the environment. Greg. Thanks, a refined discuss

Slide X the coal refined and to backdrop. turn discuss Let's

As continue IRS achieved the bill within few we last additional efforts tax provisions grow tax credit quarters, see businesses. clarification tailwinds reform early facilities. XXXX tax impact true better the of the the to on discussed are have equity over our Tinuum's the understand the tax increasing we results These helped to of to has investor on tailwinds around certain in clarity and which

are On investors, our other of public to the risk new biggest and obtaining equity the being and pertinent intolerant stigma political enabling environmental prospective our our hard emissions. to truly tax challenge health tax prospective current the adverse with power associated reputation for Tinuum co-fire instrumental equity All investors to a technologies refine more reduced investors and mercury with investors works whole, to risk. any tax the generation. and this remains harmful hand, of educate incentive to development control as stigma

XX, the facilities installed our that tax facility. note, is XXth as X, see versus XXXX, of as thus invested this graphic XX, the to or closure include does you XXXX. not awaiting can number of Turning investors Slide number for equity of December be the to waiting December of RC Please and January

the secure units, today, uninvested. and in So refined and for proactively invested coal investment, phase. three have maximize opportunity and as additional XX this installed remaining currently To installation has for preparation of facilities X Tinuum facilities investors we the in are

installation future $XX that roughly engineering would was to would capital us, During it's these not expenditures, incurring all costs. members, nearly facilities. were which and if Tinuum XXXX, these Tinuum be we certainly including spent related million into of we and RC the costs confident not translate

active million the with We additional invested potential in finalize add bringing in to more discussions, Tinuum's X XX%. increase X current to we deals our tax equity investors than tons Should million have have conversations total an tonnage This on to to could approximately XXXX the facilities. ongoing potential for full Tinuum's by they year XX annual several million tons.

future cash of Slide RC Let an flow. XX to expected our update us turn for

Also guidance. truly an ideal is is not one facility inclusive is our coal are between core that acquisition of committed that our and run individually leasing expect coal investors, refined oversight Solutions. this RC million to As in investors refined and critical and ADES. January flows coal number Carbon facilities us to of to additive $X $XXX net with cash to XX strategic continue furnace now coal our management is which our the unaffected could through and and the execute third-party million our of by the the allow researches owners by experienced been each to flows annual $X of priority refined structure to ADES This additional devoting million range XXXX. we of $XXX December Solutions. or integration inclusive invested closure selling has units of Carbon business. XX, remember will million our to our refined and including to between while with incremental us involves This for understand cash add is end team necessary It win Again, XXXX

and of Now will acquisition. leader to form may Generation briefly let's Solutions segment XX by and we selling or both, highly of is this Carbon technologies. North Industrial PGI, acquired legacy review refer as win our business, This integration of as makes generation mercury company's to contracts. [indiscernible]. comprise market to and including this that carbon by American The controlled as carbon us significant was segment long-term referred such sales power mercury the now industrials, move and of The segment smaller market To activated an emissions our and as forward. North control supported the was activated Carbon also will control. addition going now component well previously as plant on need is to American consumable This Slide technology in Power back-end the much newly in markets, Solutions recurring front-end supported which

only that spent is and suite downside to integrated technology and these price retention. that of recurring We significant to either are opportunity vertically This visibility facility. comfortable platform. full believe asymmetric win, and provides a feel of now has million with The in and million customer cost ability or nature also of Further, solutions. but in an for collection assets. highly based contract our truly service on manufacturing has products operating premium commodity it we makes very upside for requirements on $XXX We've status of superior unique set products. $XX is the limited we truly unique The revenue this assets strategic state-of-the-art business acquire a company low this

valued and contracts expectations. signed durations have of brief all XX X our the new period had in success of company volume varying with existing with contracts already customers, renewing We and combined

industry the has last have we industry believe been just that for We've and as we due few have incremental the for in executed Fifth future. this oriented. expect excited few of acquisition we in as this has this fit broader Fourth, Last years XX%, and asset. this to even advantage demand now the utilization year added at we further. adjacent through supply transitioning as stuck consumer and point. market. pronounced that a view to believe increases significant growth the taken for been we municipal to and order growing reunite drive of strategic company, inflection an such discussing evaluating levels were imbalances work years, months and commercial been industries has ready the of cost part and have as As average expansion finally, we strategic channels our this the and Solution unique compound we markets, at closer we already opportune capacity In industry to and have that terrific. time the first feedback out and the we plant while utilization share and brings, as as the as We'll buyer been geographic well believe for price other ran been modest the many market, employee natural Carbon are our rejoined this adjacent platform

off emissions new to associates Our current at to pairing all The been sharing industry ownership customers has Solutions. rightsize opportunities knowledge the offering brings and asset treatment our the are well and now value of received well. by complete growth controlled market as the Carbon new

level off. of customer to base. Integration granted has customers and with for which better and underestimate it paying discipline expansion take respective our of companies and employees, vendors customer haven't of to our expand needed; people, focused attention and we our offerings many opportunities we fact, have bases facilitated In product potential the sustained requires begun recognize is which effort organic

our volumes credit is Another that opportunity partners tax to able we better will the end at that we the refined transition utility the coal as expires XXXX. when XX only of be possess Section unique buyer

country capture well taken tons refined mercury. XX our comply year. As out as coal approximately installations per are mercury market these Tinuum We retire. Carbon incremental of with we positioned incremental solution their XXX words, other these than their credit lose better well suite, will existing as and that to mercury will million will is when to refined there related service, significant this will coal-fired sponsors volume be product across eligibility, incremental the This to utilities the coal in units products our are control ownership users opportunity to need regulations generating grow positioned coal million Solutions, through nobody to this units go refined our these control contribution units $XX the to Many of to approximately coal volume need will bottom-line million a There RC and believe and margins. market annually. In $XX demand tax is capture given refined us. as

significant to and our We shows XX diversified Slide Let's strategy. already and leader move mercury our be leverage as in solidification the has in slide a North natural burned the industry, shifted in assets The to to try to and to quickly our we American segment. This tomorrow. past positioned within of for carbon new growth America the for position both review become gas. profitable undergone to leading activated years new has ADES coal is roadmap and over competitive multiple new today North few how controlled plan our changes due market

for looking have anymore. fewer reduced power cost savings. and They vendors do for not are for can continuously They have now As a generators that the coal-fired looking are result, strategic dramatically less. or provide more simply resources headcount many bandwidth

share changing pricing positioned with premium service best either driving mercury the are to or for the by by supplier power be North products We priority incremental market. control of power Gaining this is American one. choice performance or

points. U.S. the is positive and grow lead position our we Longer we to today to into term space further limited believe [indiscernible] to also and addressable term £XXX municipal aim providing have Next, This and industry penetration in market estimated we treatment the We market the demand environment water of achieve and £XXX are existing market. is thus million growing, in our this in not premium focused of premium ourselves see better share grow this price investments that commands longer It resellers. employees year. water opportunity opportunity in The highly in expand require will fragmented To the per consumer here and also the incremental market this to a bigger initial market any commercial million is a comprised a base producers to results. within. adjacent broader position will products purpose. to number many be plant

As XX% increasingly everyone compared years to over clean has and higher the seen growth here to the globe; approximately press, is water rates. market in has demand XX% both margins higher in the by this across combines mercury control and

However, to entering feedstock capital existing this market will would take the while and require investments. additional facility additional upgrades

beverage, In addition in international water of food are various less, market well consumer market and evaluate initiatives to as like and these we the control outside and nothing markets capture as position pursuing leader mercury other and opportunities higher margins; The and adjacent specialized ourselves adjacent higher broader tomorrow. rates water, mercury adjacent market U.S. also other markets products as more and such of as American have regulations carbon, mature, others. opportunities North growth as activated

have growth immediately mercury organic space. We water municipal within the removal on and focused

to we paid Since our XX. has utilized our cash of We commitments shares. paid we XX, Moving and initiatives first a sufficient key the These the in December million of March of $XX.X capital repurchase XXXX, ours in on the capital remain let's to to Slide plan. and on allocation fourth capital dividend quarter and of flows as second quarter generate on both, $XX.X start focus on of quarter investment return our shareholders X dividend million program company believe of of business. recap dividends and to February X our return capital XXXX to record the

is Slide to XX. secure RC cash investors. our to our XXXX our efforts priorities from introduce tax Tinuum be and leasing flows focus. will additional Unchanged Maximizing to continue commitment facilities supporting let's first prior Finally, ongoing years for RC equity

Our assets, and will be to PAC goal second North newly people operations, of integration space. the our share American immediately mercury capture the control strategic in acquired

as growth we margin to as opportunities during verticals on We commitment opportunities the water. our finally, adjacent revenue. the program, utilization a compelling simultaneously We recently build excited like our half the through generate continued higher and of attractive continue accumulated increase shareholders will see acquired opportunistic outstanding I'm And will our pursue rates shares. return well evaluate high second quarterly to dividend capital incredibly we momentum our to of within to to XXXX. assets repurchasing in

a We value. continue truly of entering shareholder we to believe driving phase our new commitment are to

that, with some take So we will questions.

Operator

[Operator first with Wainwright Amit Instructions] Dayal Your question comes from H.C.

Amit Dayal

Congratulations on the made. progress being all

you revenues over Just Carbon to in quarters? play regards million recognize in sort here? levels to $XX comment And the you Solutions that million to come this on million four could how -$XX $XX are of $XX growth the expect beyond million the could what into drivers

Heath Sampson

a of now. recurring I'm we'll do from on second here this right this good into I'm that we and expectations on We'll Carbon what it, Solutions XX% because our really margin saying more that XXX have you're days get guidance more everything is excited -- just we about have touch the opportunity. contracts in excited The and we're really what confident acquisition, about revenue to we're plus quarter. recurring, and even doing on give of and chunk But revenue is want to

to that growth see all technology expect control the So combining is solutions we of together, or the PAC set of those emissions to out place. and current providing our market there full whether products that's

commodity lot of on cost do for to from a So and we're can we competitors lowest provider the be products. that price share them because by competing market gain will

reducing premium team many I we service costs. for within share utilities also are to drive great compliance allow to are great are of that products. looking assets as premium in going the better that, us their and all so because a in be well, to better operating and is needs, as market in able actually and And we're as they products cheaper mentioned their help combined priority big many a better and actually win a these addition so looking In number on cases products these higher one have team they sales the solutions through change, to great to compliance. costs, And to course are them gaining lower as R&D well

So with services. and additional competitors price, we will products gain competing market share and premium then from also on competing

addition focusing XXXX. U.S. than assets to XX% we rest in refined say rolling In addition coal see lastly, are us base that's a and space that's And to The grow and and refined there and I'd million. the allowing positioned space the $XX water within that municipal right now mercury and well both in which in to that. as globally; unique we million that coal XX% in growing unique we're growth off a so in $XX we much opportunity space then I the utilizing is roll in And XXXX run is segment starting as that, well. on our seeing again, few revenue current probably like to is rolling committed control mentioned, space. larger, between and of of off as or really and less the XXXX, majority to knowledge begins the control, them of of refined utilities we off, to coal I will probably our then -- XX% customer because need said Those have of mercury understanding in also are

we so year for growth is I So think on mentioned, volume, reasonable be this is large, we growth our to have within forward. expected as And going are our and market expectations that high space. relatively the expectations low our fairly

detail on that why on that's to So to but here. hopefully we you give what sharing about excited I we're with have clarity helpful you look more forward

Amit Dayal

RC And you how facilities, then not many in of now remaining deployed? could are remind terms the us

Heath Sampson

for and/or and -- waiting Yes, be to investors. then we XX we waiting invested, operating that installed X XX have installed and X have and are

Amit Dayal

you deployment? Do in these some [indiscernible] come to play terms see into of of

Heath Sampson

so we Yes, interesting. it's do,

Tinuum these out the when were corporations coal and of over that market. back the team these large did job, position completely understanding especially incredible So half of got many saw comfortable with come an in. their refined market last We XXXX participants tax were of

for as great So the that's industry whole. a

have last tailwinds quarters, discussions expect So of lot are these happen. a of and really we for and closures these more in started to couple

see we X.X on it about get aligned to one, closed million we million and As to stated, it's XX tons within we XXXX.

that Tinuum but that nail and job and various market that we in they are they million here say in and is understanding will so comfortable team to close tough our on, in we're are discussions more we're with early that those where comfortable closures the timing, ever It's with XX of again, where the great close, to tough has, are but We we're beyond it's to the discussions, have. down until we have XXXX. we going that commitment

Operator

Wainwright. next Sameer from question with comes Your Joshi H.C.

Sameer Joshi

there penalty the prepayment Since Just following or of have, would loan the be no is buying that prioritizing payment dividends? questions. you of share back Amit's compared up loan you on some issuing to as

Heath Sampson

at. the is with the dividend strategic do have the can we're priority main but that Yes, to will and that repurchases, and And pay the debt all looking down to a flow sure obviously we're coming. make so cash way for have us. -- aggressively three do in we we the we we'll repayment evaluate going when we look We're additional believe we evaluate that then, cash to that share

Sameer Joshi

expect acquisition any of the at Solutions. you capital capacity or think that? Carbon do for plant Red When time the additional I of had expected said that under-utilized is and are that you there be for has announcement to there to River incurred utilize And expenditures that

Greg Marken

Yes.

that plant. one XXX an that base is million we sellout exciting the capacity. asset has over that acquire that is to priority able a and to of It's were number So has

up water us priority priority is When this so are great, more up, that the guidance come XX%, quarter. mercury in straight question, the second have after improvements current do any our priority. you that be for for To going going to and margins and goes not into incremental filling could to important, is do get it that we it's make to costs major near-term. we as range us it we're little incremental more years a your fill that following to markets really the especially markets hopefully imagine, feed and now, up, plant top XX% we after so rate have Obviously, CapEx to the because and assets really to utilization are normal municipal that year bottom-line. that And The from second we filled that a is it's So it of operating take a give go on and investments. anywhere any for we'll margin and the need in. not a but you recurring we this

Sameer Joshi

going And system clean just like steady do some consolidation, expect to one state costs last one; there you and to that have would the -- through be some forward? when acquisition run related

Greg Marken

of the belief of plan. working is in our expect a there aspects the all would that to current but roll costs vast would that lot those and year XXXX, the in capture we're would that on materially hard we within that year. Obviously, through current We majority is integration

Heath Sampson

as case so and our incurring that to all as costs we're expected synergy addition well. those earlier, related we that mentioned we business achieved have the all Greg In in

through work great beyond XXXX don't expect more team. XXXX. a And it's So any the again, by we

Operator

turn this time, call Heath Sampson. There the to are I At no will further questions. back over

Heath Sampson

support. Great. everyone great today updating and Well, next everyone. I a look Have forward you time continued on our your day, thank your quarter. you for to

Operator

conference This today's call. concludes

You may now disconnect.

Arq (ARQ) 19 Mar 192018 Q4 Earnings call transcript