Stericycle (SRCL) 1 Mar 192018 Q4 Earnings call transcript

Company Profile

Participants

Jennifer Koenig	Vice President-Corporate, Communications and Investor Relations
Charlie Alutto	Chief Executive Officer
Dan Ginnetti	Chief Financial Officer
Cindy Miller	President and Chief Operating Officer
Sean Dodge	Jefferies
Nick Spiekhout	William Blair
Gary Bisbee	Bank of America Merrill Lynch
Michael Hoffman	Stifel
David Manthey	Robert W. Baird
Hamzah Mazari	Macquarie Group
Henry Chien	BMO Capital Markets
Scott Schneeberger	Oppenheimer
Kevin Steinke	Barrington Research
Isaac Ro	Goldman Sachs

Call transcript

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Operator

Good day, and my name is Ellen and I will be your conference operator. At this time, I would like to welcome everyone to the Stericycle Fourth Quarter 2018 Earnings Call. [Operator Instructions] I would now like to turn the call over to Jennifer Koenig. Ms. Koenig is the Vice President of Corporate, Communications and Investor Relations. Ms. ahead. go Please Koenig,

Jennifer Koenig

you Stericycle’s thank Earnings Quarter Call. for and Fourth joining XXXX Hello,

call Alutto, President are Dan on and includes today Joining the involve that Charlie Officer. discussion Financial risks and forward-looking statements Operating Ginnetti, Officer; Chief Cindy Chief Miller, and uncertainties. The today Chief Officer; Executive

release in from our Our cause to Securities results the the significantly performance in in not forward-looking the be and Harbor extent forward-looking in law, we permitted and those and results discussed commitment trends considered future statement not Safe results press performance within with should future actual of historical under Factors differ statements. detail such earnings disclose actual Stericycle's differ to use applicable indicator Exchange described in revision Commission. could the no any subsequent investors the Factors to could greater are that U.S. statements. make Past Risk To a to trends. should anticipate reliable filings or

the On discuss measures. financial non-GAAP we call, will

to we unreasonable unanticipated and in be adjusted material. and matters, it's transformation, items could Investor our please in intangible possible business could without measures, to the impact optimization litigations, compliance regulatory certain GAAP of additional can refer on which information reconciliation guidance other reported provide effort note GAAP or reflecting and be certain amortization, a comparable and because to future schedule the release, acquisitions, Please that found results website. settlements divestitures, events, or included most on the Relations which be non-GAAP Stericycle's basis provide an press predict For not reconciliation operational

from Relations Charlie correspond which our also is available turn to fourth earnings slides call, be the the quarter Investor comments Alutto. the our presentation. With Finally, I'll to the over Throughout will that, specific for call we call referencing on prepared today's website. presentation,

Charlie Alutto

Call. Thank Welcome quarter XXXX Conference Earnings fourth Jennifer. you, our everyone to

a and decision President Miller, take She pleased appointed of our transition XX-year want at President become fourth Cindy results, will after my leadership today. of our to Cindy's COO, Before we follows moment to quarter that our to we and CEO next I to that Stericycle. effective also discuss I'm share the May announced wonderful discuss Directors retire has effective the appointment career a been Stericycle today. Board X. to

helm, this now of Given past been Since thoughtful the culmination organization. right an the in her time her and the record the Stericycle Board, that have joining hands Board strong significant the joined change during she and take succession with next since will transition great CEO given Cindy by the of the Cindy throughout voice confident Business at in track UPS; and Transformation be well her proven Company. career as of influence we've XX-year Stericycle are to as caliber experience at to has substantial is foundation delighted executive leadership. management instrumental a the as Cindy's October, undertaken leader planning her and I'm built, I generation appointment to range. to the the is process Cindy's an

take operations Dan core a of of on Ginnetti, transition new understanding Vice experience role. announced Company's CFO. following in-depth our also important him that will President position the and well of We this become today Stericycle's International appointment to the in broad Dan's Executive CFO, businesses to

significantly leadership today's and several Stericycle depth appointments, shortly. experience Cindy team has appointments, the which to strengthened will highlight through addition recent In of

played after distinguished team, announced changes our in Brown, important Chairman service of many the from made two Mark that The and to have Stericycle's XXXX. thank XXXX served our growth. an addition Chair XXXX, has XXXX Board May. as both Tom years executive CEO search the two Compensation and behalf retiring like in An new leadership Board that identify business. the role to these as we on and since Tom will Board Miller of Mark served to dedication Shareholder Tom of from XXXX in decision instrumental their of many potential service as years be directors, Annual the In at have and I'd On the to experience for for they relevant years and Mark Meeting the with to of to last is Stericycle. Board, to underway Committee. our members the from

this out I Cindy, I transition was was the medical the for the worked I for in is Dan When service transition and growth organization who committed great years capable and tremendous joined position I'm Stericycle has and With for is team I've and day members and in seen, turn of to smooth entire our leadership ahead. waste the CEO with hard Board over team company later, deliver lines. of multi-regional organization. work let's This market-leading support to excited of our and company, I'm the coming quarter. multiple a As success what what months. to Cindy, XXXX, firsthand, our the customers. XX due waste to organization continue dedication of, role, a the to Stericycle to know the the every team the compliance a that,

or adjusted for the adjusted our Compliance expectations. report Information Services performance line with by XXXX. Waste in EBITDA Destruction our revenue fourth and that smaller the which growth Secure experience were Destruction Secure our acquired C&RS, notably, revenue strongest offset in business was events. both continued to EPS quarterly since our This we Most and We quarter strong the Recall quarter. was Overall, are met businesses, this Information expectations to Regulated exceeded pleased and core in

XXXX, Business on Stericycle summarized delivered financial commitments the course of on global the Over as for Slide X. our Transformation

strategic pursue was divestiture continue we texting part the that alternatives the today for We UK-based closed business, on C&RS, C&RS. and announced of to which of

I'll and updates geographies, we and turn call continue service pursuing to the Cindy. provide non-core over to now, lines are appropriate. also strategic other We And alternatives will for as

Cindy Miller

our Officer the Charlie. during you, appreciate of role warm and received an vast our am company, months the our XXth anniversary. since thousands the in taking our of of dedicated we year, to joining to position welcome Chief five I've Stericycle the customers infrastructure, given which celebrate in the core early members I breadth work May, in markets, our on capabilities, incredible serve every be Stericycle is day. hard leadership ago. Executive I honored team Thank who

realize and, significant foundation strong remarkably we fullest potential. key is, a The capitalize to have how best turn, opportunity ahead. foundation question in on Stericycle's that do We

experience, anticipation The forecasting; our phases our evolving of easier our realtime the and customers. decentralized benefits will to them growth; update for it XXXX. the to and and the who the does improvements which will for successful bring, those benefits customers across systems, the the members streamlined the drive that provide expertise implementation country on we cost include: and replace Transformation, year in driving To Business starting and with for to Our will and team will build, processes us do enable our is in weeks ERP have platform business our elimination that the utilize the implementation to Business and engaging standardize every perspectives a the our the of planning on make Stericycle. deliver with rollout of XXXX redundancies, and train the efficiencies and change. Business with the meeting data, make future it sure will coming and Canada with Transformation will The the greater company to decision-making; the savings. best ERP for robust employees that. our leadership long-term with of to redundancies. improve Stericycle plan, Successful ERP, why business benefits growth test clear of daily which leadership is strategic throughout and resource implementation successfully and for our right I profitability place coming be team Access prepare to we fresh our day us; substantial U.S. end, and sophisticated over Transformation. will success, disparate more ERP system team processes provide to Central as key, that's from to critical strong implementation foundation To getting our execute will us we is ERP in But of just program continue position effective an and ERP it are on eliminate frontlines

X become efforts. his Financial businesses, His years to and us international our operations ensure As on lead underway search We role. over is global his is broad Stericycle grow Charlie will continuing financial he to earlier, role to a Stericycle's CFO, qualified North experience executive Ginnetti new as key Officer, with familiarity With to Dan will forward business takes when American enable his new a experience transition. for years in contributions international. effective referenced is combined acumen, look seamless new Vice until appointed and Dan in Chief CFO the international his and of remain deep global our with President to of An will markets. currently successful XX uniquely Dan successfully

years more commercial the and service years Bill of line. Bill for as as safety evolve human be driving field, including we've will accelerate driving Transformation. transform years the capital of assignments North responsible advancing as as work growth. to and development, new an track Business team, executive are international expertise, Moore for Executive to as have North Bill role will implementation time. critical Joe and with role, joined In management America. President at resources position support. with and productivity Vice a has be important Reuter and and human Chief on Joe, a Rich joins and working the the comprehensive management added culture team. human and will proven the brand improvements and He across resource Stericycle Together, skills XX his In also, joined multibillion-dollar of technology, advance executives a including Officer. us operational joined nearly newly the global experiences, global Bill Officer. Seward Stericycle human created execution. company's growing processes Stericycle we strategic strategic XX and Stericycle results. management team addition, recently Chief me, Rich XX in of Joe play Like planning brings business strategy, Rich Commercial sales vision set three rest on we well experience in leadership including And focused P&L record A efficiencies has People the as future. He resources joins at implementing experience, of America. company's than and the during

execute we and and bench I'll dedication as addition of members, work the the Dan to of a over to now plan. have the to With our discuss our deep hard of call turn results. new the team continued support talent these executives to we Stericycle financial

Dan Ginnetti

honor I'm Cindy, for I'll Officer the words. Financial Chief as breakdown quarter. and Stericycle, financial now the take international to Charlie, Thanks, our excited on for been kind this to opportunity. of a is an new provide of serve results and It

XX, follows: foreign and million by as of reflected million. Regulated $XX.X Manufacturing quarter Related expected of service the $XXX.X lower a Services, C&RS acquisitions million. to the total last for in revenues fourth $XXX.X million Information lines Communication and and and Secure both and As Services, Destruction exchange and the in Services, in were Compliance Divestitures each Strength by reduced Information Revenues from offset $XX.X Industrial XXXX. Secure on Slide million; reduced revenues X% Medical Waste million, the to same $XX.X quarter Recall million; the Services, quarter Destruction Waste. fourth revenues $XX.X were decrease revenues. Compared was $X.X QX million; contributed SQ year, $XXX.X for by revenues

of acquisitions, quarter, contribute Destruction the These both to closed million. acquisitions States. we Secure businesses revenues are X This $X.X tuck-in United were expected in Information annualized

allocation Services strategy on primarily with Regulated be Waste given leverage. to our current and continues reduction revenues capital were expectations. Our debt focused line Compliance our in

exceeded was XX.X% revenue X.X% or the Organic mitigate are when which the Services strengthening Europe. Destruction of focused This by in we XXXX, we SQ Secure quarter our and are Information encouraged brand growth with our growth SQ, conversion believe in and the on in and adjusted expectations. for within unvended continue introduced see. the initiatives recycled driven was in impact, headwinds customers trends relationships pricing. U.S. by market the we helping Although, paper

business, Recall were of smaller foreign quarter year. As government declined divestitures Communication when organic Waste impact Services Hazardous and events. to of December mentioned, the adversely also of revenues and results. down and to due U.K. the Related impacted Manufacturing continuation Industrial shut same federal The Service X.X% excluding exchange the down last the revenues compared

noncash C&RS share loss $X.XX goodwill and of XX, due guidance America impairments our Looking other plus versus to to items. at $X.XX. Latin was Adjusted was adjusting related GAAP midpoint EPS $X.XX Slide per

bridge see Recall repeat will the depreciation; in of actual on and activity expected to $X.XX favorability you tax As following: Slide We includes operational $X.XX results had between in XXXX; offset from not XX, lower in improvements; from and $X.XX from the $X.XX C&RS. guidance by QX,

was year, or which As includes reported, million in $XXX.X settlement. year, $XX operations the QX, Free debt. again, was came than carry to the includes the timing anticipated will of third SQ in which, revenues, from payment the of million the In X.X% quarter million lower $XXX.X cash quarter SQ settlement. in payments was as into XXXX. for CapEx certain repaid flow third CapEx we cash for spend due the the year approximately payment flow which the $XX.X million of of

to end of X.XX debt The the portion the EBITDA fourth under quarter. quarter. adjusted revolver the at agreement, the debt of million unused at Our amended the ratio, the was end of $XXX.X was

Our back Cindy call XXXX the to was XX Stericycle. now full-year I provide for will guidance turn DSO will days. who

Cindy Miller

XXXX implementation Stericycle planned revenue on provide guidance as metrics predicted, measure our be Recently, of shown enhancing With We Quarter-to-quarter, lines, believe the We will have practices, the team reflect can earnings the accurately to so for provide performance. four is quality our guidance estimates. its performance progress. financial that future appropriately business service portfolio a scenarios efforts; the on company's selected including impact of transformation; now rationalization that our how will qualitative actual information we our may continue company most with changes. Slide measurement indicators results ongoing stakeholders as to our Thanks, leadership reevaluated strategy; company's that, well XX. leadership variety which Dan. appropriate the insights considered factors, long-term of guidance various ERP the and more key

We to using $X.XX of expected XX.X% to margin in expect of EBITDA to to the be be current revenue in Adjusted XX.X%. $X.XX XXXX for rates. full-year the range the foreign exchange is range billion,

XX.X% $X.XX be share using count XX.X%. to adjusted earnings an share expect of shares. in tax will approximately We range a per of of the This million reflects to XX.X adjusted $X.XX rate

for $XXX between the CapEx in expect includes of $XXX as and CapEx payments We XXXX, the and investments well from as million. carried be related spend timing This to million our XXXX. business transformation over

color nonoperational will In let guidance, the Now me the and with on repurchases a add a entry. $X.XX start impacting XXXX. XXXX. Neither from these little favorability depreciation repeat had recorded XXXX, onetime bit share and items of drivers more we I'll from in

our interest a debt fed We anticipated XXXX to expense higher December due plus have rate covenants, the amendment to increases. in

will from than headwind range rates. is the adjusted as foreign our And foreign we use adjusted will higher the which ending Next, exchange tax be current lastly, to rate impact exchange rate. as serve XXXX tax in of XX.X%, our a XX.X%

components the in to operational our outlook. turn let's Now

first business the events, half larger going the of recall second continues be while some to XXXX only C&RS Our included year into of trend the which the in smaller half XXXX. included events,

transformation discussed, we impact continuation by on expect which SQ pressure EBITDA previously offset of partially in As XXXX. margin, has in significant a savings pricing the XXXX,

lower be Stericycle in secure business prices with as information XXXX our XXXX. core on paper destruction, is enhance global we to ahead transformation our important Finally, our year an and focus for closing, in move expect In businesses. we

our filled with year this mentioned starting before, transformation appointments I our with leadership plans. recent will and change, As be

core our team Our committed business our our values and transformation. to customers, remains

as improving in and profitability focus value. shareholder enhancing always, steadfast driving on growth, our are We

questions. now open We happy your for take line Q&A. Ellen, to please the are

Operator

comes [Jefferies]. Yes, [Operator Dodge from instructions] ma'am. line First question the of Sean

line open. Your is

Sean Dodge

all elements maybe laid This of as had transition. starting is part – the on guess sounds Charlie, retirement out appointment. certainly place. Cindy, it afternoon. Good you of lines see Business or should a like new the on like think and previously the as in on, strategy I the remain plan the in going lot time necessary leadership this just going Cindy, Transformation with and the congratulations it? is or our focus we May following expect need transition, changes plan, deviations on execute business? Stericycle, about leadership around to big just the you be think is directional elsewhere we we things the or right lines to any be, business the to

Cindy Miller

thanks that Yes, for I Sean, and thank – think you, question.

rollout to with focus our will think, I our I'm with groundwork this delivering test year phase evaluate will lot as going that confident train very the build, it to there's we that reference and with to Our continuing driving got we've feel a the forward. we're unlock a going business and begins impact to that very, ERP reference look focus successful we're the on implementation, very have through about some fullest right results our laying very to And to optimistic we've and and change, And I'm anticipate happening. forward. XXXX. that's drive change comfortable be that to unleash positions, new to in results. continue a now, positive shareholder successful but order also about lead company's the very got and very of XXXX. excited the team the ERP move strategic potential. value right in are truly, overall, I'm the team in really very in excited we and certainly, we I think leadership And on place the I I –

Sean Dodge

more Are past? you changes a you to you've process. approach from the that's the insulate some in unknowns those there Okay. time the time? Or way XXXX the Is up pop adjusted making mentioned that's about cushion anything from established you to from that the there years against been to what been of on is inevitably different And built bit then changed exclude a guidance, ranges numbers? to help any

Cindy Miller

continue here's great things And the primary I realize we've do. XXXX. we're instability discounting to what really of Sean, is a the obvious But need we that the that drivers that's need we to the to continue trying throughout course, Another seen business it's of very improve. – change. but the – to think, core C&RS SQ – question, I think And be and

revenue we're of want However, from business. also be in the we also want say to that total across not I to where terms

that's going why we're we very Chief I'm on Officer as to drive So excited forward. that profitable also run help a growth we Commercial that. to exactly at And continue look to go really moving

forth. feel in results I feel the quite I we've comfortable. general and in in And of focused given. in on annual delivering change, all this reset, that believe that and positive this confident build, we test So I time delivering put of that phase on train really focused are guidance this we – guidance we've year our

Dan Ginnetti

And to add Sean that. to just

I our what have question think in whether in a methodology you using also we the EPS, adjusted the including we exact as had past. not And or the consistency are as numbers. in is that there's as far a not we're including

Sean Dodge

you. Thank helpful. that’s Okay,

Dan Ginnetti

Thanks Sean.

Operator

question from the comes [William Next line of Daniels Blair]. Ryan

Your line open. is

Nick Spiekhout

This bit growth in revenue of driving. is on Spiekhout going Nick a of Kind Ryan. for that

sales/retention quantity on to have got that wondering Just market? been initiatives small you any drive if you marketing update in the using

Cindy Miller

great a reflect SQ. And that's pressure guidance Nick, the continued our question. does from

our got But move to improving on our and I performance all particular customer And you will is we think of continuing yes, to we've business to to itself addition are the our we really focused that supporting are with segments. think again, component Chief it However, tell we've appropriate revenue, one Officer overall results, continuing point, on of it, I to that our efforts your drive SQ lends growth. that. recently. got of sure all and the I look to that a at But just continue just and Commercial as across make forward we're

Nick Spiekhout

sales cadence year? the Okay, kind have XXXX do for for of EPS or the nuances that's then helpful. in guidance, any you And

Dan Ginnetti

would Yes, no, that I only in share. no, no, nuances sales the

the should You be heavily of the and the continue year. foreign beginning exchange would expect organization impacted for headwinds at that to primarily

as cadence, far As guidance. giving we're annual

looking at when better quarter – year. know that there are issues. last comparable had numbers have a in the should You Recall QX

numbers of As year, then you'll been said, the at have to bigger will of I the the for some occur there the foreign full historically and exchange and beginning impact adjust beginning in does seasonality that use year. accordingly there, has year. be From a your

Nick Spiekhout

Communications look And kind last going divest one of you or there – the business? at sale Any update on business as timing from that on to then sale. milestones key

Charlie Alutto

Yes, Nick. is I'll one. that This take Charlie,

continue declines last the for in We by strategic impacted has process of the C&RS. alternatives the that couple Obviously, to pursue quarters. business been over

that setting the positioning Our we or stabilizing look and But did it to focus business, really announced is on it divest U.K.-based is an we at for the for the strategic strategic the meantime, of enter up in alternatives. that comments that parts business growth, which opening on C&RS. into in part alternatives. we'll And business, of agreement texting

Nick Spiekhout

it. Got

just as come So timing they kind of up? more

Charlie Alutto

As they come correct. up, we'll update,

Nick Spiekhout

Appreciate it. Got you. good. the back right, you, get All queue. thank in I’ll

Charlie Alutto

Thanks Nick.

Operator

Next Gary question America from line Bisbee Merrill comes the of [Bank of Lynch].

open. line is Your

Gary Bisbee

like SQ actually guess gains was the Hi whatnot. what XXXX? first the can of margins out good factors know of the A guidance number few the in into adjusted are key guidance any of you there called we are profitability, just a really I and things expectation at expecting your major as pricing convert weren't called that the Or drag what I end in EBITDA get I moderates the impacting you our depress related things. EBITDA – guess more the EPS out you to step-up you're mid-year. on factors? are the Cindy give comments question, on Is you color afternoon. investment?

Cindy Miller

thanks. Gary,

from couple obviously perspective. – talk a to discounting. SQ driver primary we of We about think continue a I things

of the revenue should offset that these We to just reason we in that is order hence, where think talk and us to C&RS the to change, But year XXXX. the of begin there declines. need what by then the And and the successful ERP, with delivering successful is train improve year got build, which going to the that's excites really positive is understand in gains story of begins, and us we've reset, cost XXXX to revenue. followed It's And of for it's to change. phase continue to side. the the all driving the We a instability test a not question me. I productivity about business. we're rollout the of about

So those things focused the to we've we're moving right get forward, and things I think are really that really on unlock got to these potential. and unleash our fullest

Dan Ginnetti

only months you, other that that headwind paper I consecutive as do Cindy foreign again, think the And we that is thing cover continue well. trend didn't after we that will expect exchange declining anticipate be with a of to four and would

Gary Bisbee

Yes, understand reset – okay. as EBITDA, question follow-up the probably leverage guess, it – bumping against the you goes in for a adjusted I like guidance from I up with not me, looks the covenants already just giving near down you're it. could up term. ratio And then And the

term So have a that amend Are again? is guess can you And try in this to those there to going near potential the anything to is handle do situation? issue? to you I

Dan Ginnetti

Gary, thank you.

strong very reduction. making cash where at cash our A going this of continued be to million portion settlement. won't good year, $XXX debt flow to is go flow have We free we in

guidance in we're our covenants. that going – with compliance in remain expectation remain to Our is

into factored fact, gave. that delevering would we doing be that's the is that In we and guidance anticipation year in our some this

Gary Bisbee

thank you. Okay,

Operator

Michael Next Hoffman question line the [Stifel]. from comes of

open. is line Your

Michael Hoffman

thanks good for and your support. taking questions. Charlie, thanks the Hi, luck for

Charlie Alutto

Mike. Thanks Appreciate it.

Michael Hoffman

Cindy. on welcome in the in And you a couple role, to We'll board see new of weeks. Canada

Cindy Miller

Thanks, Michael.

Michael Hoffman

unless giving have a where $XXX we $XX out million trying The I'm there of out figure guide SQ. midpoint – the million the on on the is paper margin was million, of so of hit versus the guidance the mistaken, on And to million goes? $XXX long-term I'm $XXX EBITDA

take it of So up profitable been very if to offsetting is that I've got low million a may a another is not what million. Business it's The at double-digit. run comm the that business, is $XX think now, $XX middle, Transformation segment I I rate be

maybe So only you're million $XX or if hit. of $XX a million about million I'm revenues, down $XX talking

that So pretty that right are ForEx means and the big. conclusion? paper Is

Dan Ginnetti

to also in are ForEx out and Michael, pricing, that ongoing of SQ I year. over prior have to you Paper want point that certainly was year. the the discounted plus expectation the carry impacting

impact You the that team got have mentioned impact finally, is and we've of lower of operational. things to then the will one get Recall Cindy I think the better And the number.

we've largely that in we'll be down, the carry that to numbers this to table the have the the confident talked things really implementations on with to organization that as come drive headwinds. the to and XXXX from BT that going be are number we benefit train are number means we as that ERP of the to XXXX. process you discounting efficiencies we seen year about, be pounds anticipate from focus if system setting we One test from come of has build overs increased put focusing will and of for very – our throughout stocks, revenue ERP in very able these those and containers an incredible with XXXX, our Also that which continue we to increase of have work and Cindy hard an off

Charlie Alutto

only add I'll and Yes, thing to the comments. your Mike,

I But think large. you are acted the large events very C&RS. on through the blockbuster flow those Recall on

don't we have in platform. when we that. did flows we through quarter the year, high It margins. a have where leveraged the We XXXX had at beginning year – So our Recall we like very a of like you did

flow but we business, is it a lower-margin when benefit through that's is events blockbuster a have certainly those on So the them.

Michael Hoffman

Okay.

midpoint number, little $XX makes I'm I a So I've the up. transparent got about up midpoint a of not I'm that Why – a to given be little bit about specific numbers, million? more know mean, not confused. be the I two the what of us more that? you've take Why year the confused.

Cindy Miller

a now obviously, on to of make earnings trying get We shareholder drive the we’re the we’ll will And access get to all growth. certainly, sure but be our fair that we should real-time at right make �� accurately revenue that’s really a to per a And portfolio Transformation. we the about such in the to Michael, is we gave can that We predict such and talk question. talk to had talk I, of a be then feel operational focus that this when right focused and being focused wanted efficiencies. but and one we’re about data, going look the When things chance of the to measures the And have we’ll ERP, the on during what effort we we post now, a practices up available. of at some things. is readily I to certainly the Business about is margin, that everything lot that evaluate that that of change. Yes, that’s on able We time time rationalization, point, quality of ended we value. other into say we've those take be our leadership But things sure look focus we’re And make to a moment total change. can focus share, sure team executive extreme on of EBITDA to profitability at that

Charlie Alutto

on is and provide business. the I forward And both in qualitatively basis, Michael, trends will all while line visibility, we by of you quantitatively as addition, our reassure that to talked an going well. results the and this annual you transparency that quarter-to-quarter, want you about into service revenue give guidance

us. along on journey you So a will with go

transparency full report each get on. that will with quarter we You

Michael Hoffman

target XXXX? cash flow in What’s free cash for Free the okay. Yes, flow.

Dan Ginnetti

of of we not as a reason saw the a there, unknown the as due on GAAP given far we are And give historically that for Michael, are free nature to guidance. you the guidance. in reasonably as cash couldn’t is, – flow numbers that some that obviously, we number. providing The had guidance,

are we in giving what revenue However, percent we as CapEx and you gave is EBITDA you well.

resettlement, net year, our year. self-funded. cash flow the In legal incurred business And million. one so you the of very I’m the I proud to business. flow calculate tools think some our cash ERP expenses, only The you ongoing the our of we all is things of where in debt implied the have need And up went in ongoing this did $XX pay

are be and pleased with the it. the able to cash have we tools think I So necessary all to calculate flow, you

Michael Hoffman

I’ll ask me question and let one Just then last stop.

my three calculating, at $XXX the you – be free back do add me cash – than It’s that math $XXX is million, the about less? this and So I expecting when if did on million. give you Are million? are to math, puts to flow it I’ll $XX correctly, all this okay, I – you going basically do I be less heard $XXX million

Dan Ginnetti

gave you, that, think, were the you you factor would it and Yes, range in if the that our the and Michael, do higher you if take in I we EBITDA you of the probably expect CapEx, EBITDA to just math.

flow. think than still will cash less be that, very strong I but it’s it

by continuing ability We’re to cash. generate very encouraged

Michael Hoffman

Okay.

Charlie Alutto

Mike. Thanks,

Michael Hoffman

Yes.

Operator

question line Next Baird]. W. comes from the [Robert David Manthey of

open. line Your is

David Manthey

EBITDA one the and intact taking you. leadership fresh year CAGRs EPS reported Thank look be Are from XXXX will growth a new from the at levels? ago still Or those?

Cindy Miller

taking business, are things this the since XXXX. growth, of the improve the is a maximize the in to I early thanks, question. were in good given have Dave, think few But that goal the certainly, back And we profitability. have things and opportunity at a – our changed numbers to a is, we transformation of those look one that’s

an is were much of results First less than expected. the example

will those like rationalization our numbers run our things also, some we naturally, execute But plan. portfolio has as rate So then changes changed. we experience in

a transformed value. out have will successful getting delivering really company can are in the change. and become So drive workforce focused driven engaged and the we so data, be all unleash have we but That’s that there new far a better on thing won’t. change, those is will a company constant we’ll to shareholder we’re making that metrics ERP, The with in order leadership, term when a But focused one thing real-time getting ERP company I we process that long we’ll our on successful that things overall with we certainly, has that fermentation. one And a sure think think remains once we I are potential.

David Manthey

to anyone Okay, I’m they’re are It good and the ERP. using the like data leadership analytics that team you. from implemented UPS. Has come seems most one? thank new people sure at of very

Cindy Miller

a question. good really That’s

great mean, and have plan, down it three I communication strong robust and frontline on train successful a we’re really a to I really build, have successful sales. – they focusing limitations a – ones they very The test ERP think things. what have robust boils and buying,

you the him has of is with One that. team have brought he have things who with on can many we tell do I was brought is that also CIO that a and ERP successful have implementations

with that in continue one I implementation, of of doubt down with and no ERP successful that leaders dealing terms the have we’ll consultants partnering path. We’re

hands tour. communication will understand a get and to all drive to culture chance on experience to communications I continue the have data that going profitability do our and of accountability management actual we and really frontline our and we a need But prior good with the is of to most team coming for where the impressive to to thing drive driving buying. is, explain all improve of and here. the other a responsibility in the UPS getting going XX-city and of good metrics-driven shake change and talk analytics proud experience, And can an view opportunity we’re whys leadership executive reference understand growth. frontline with them The say give I’m I And is one what’s areas us to that’s to Business we things to be of looks particular hows Transformation, The really like. XX% of had back about, what can folks the

prepared a very So overall, lead successful I well think to ERP. we are

David Manthey

on the the you high on a thinking all streamline Okay, thank business? you. of at something stock the EBITDA, or single you trading size digit guidance, new question for impact And specifically. multiple hit Are does take to last divestitures? to willing your that right is is Based Cindy,

Cindy Miller

I ERP. with will growth overall think don’t successful that think once focused get we got and and time, certainly we to be certainly it focus on need this is – I But for capital reduction. We impacts – our the allocation debt unleashed all. that. in primary are continue point potential a divestitures at At unlocked we our fullest

So to really driving that’s great people necessary. out but the in with short come be focused end, in key aligned the on, that’s I we’ve skills to what other place able appropriate in on really we’re term growth putting everybody really order think

David Manthey

I time. appreciate Thank the you.

Charlie Alutto

Thanks, Dave.

Cindy Miller

much. Thank very you

Operator

from line comes Mazari next The of the [Macquarie question Group]. Hamzah

is open. Your line

Hamzah Mazari

evening. Congratulations, new you. Good and touch, Cindy keeping forward the congrats in Charlie role. Thank on your look retirement. I on to

But here? I could talk think ERP the you that running team managed or is there be UPS, you’ve questioning. of, first the Europe of may some exclude if when about the stuff billion there P&L. done similar your implementation, – outpaced restructuring Is are relevant similar here? $X that whatever sort remarks. know I is you’ve bit a prepared talked little this businesses gains done product about is that of transformation that along you of Cindy, of lines my same question or freight business? that any there Anything but to you sort a sort in management ex-ERP at global You wise, your

Cindy Miller

Hamzah, for question. thank and you that, thank that for you

there in an mentioned, previous couple of region and a unsuccessful put I Here’s you thing large bid. international my as was acquisition charge In a put after say. was experience, I can I of

suffering results, to as pivot support inorganic one for way business, focus The – also to we strategy were a I we from my change then leaving. the of transform not record a of mentioned, growth. very record the million unit in during dollars opportunity business and it time, to of dollar that to particular disappointing of had had to to unit, you had and of was go-to-market the I small some and investment it couple on to to well. and an get chance I from technology was customers. change business the the be I us. in profits a the job drive worth change Board had that in plan prior from them but before and multimillion business it the and that needed time things. growth returned But and achieved global be several that U.S. of to And organic took had to hundred where middle results medium into looked And on a really, for been that doing was So really quarter-after-quarter was over just at really

business So familiar things of also I to that and the flow. a the fundamentals important note, things And success, path built going at drive and its helping places generate We I are very I But Stericycle, around free that the clear here very say here. to change. it’s I’m of to off of cash strong very really into a strong still with foundation one and successful is think, the of ERP. turn can see

these And currently me, new, of for combination a a that’s here of Board, our executives with Hamzah, you market of just us successful hold to And got reach units. of here continue levels all is at our right or In a the in combined can many fundamentals one to come other positions any going lot We at Stericycle. going forward. I mention of expertise really the that I’m talent to to have other that trust experience think deep the that leadership enable base note, ERP is and experience there potential. confident great on it’s but business that great us improve my we’ve

times exciting it’s Stericycle. for at us So right now

Hamzah Mazari

is And urgency just seems just to you delever? the is Great, divestitures. management on about it then for assets that’s of I – Could a good be it been know divest the talk there’s divestitures sense we’ve may there to talking Or a been – little change. like hear. them while. about to

the You ERP. have

your you’ve restructuring. some of too much interest had curious Or there’s whether these plate. of in the on have a just I’m lack You disparate whether assets? just

a is this of divestitures? in backseat sense of of urgency taking So terms kind of

Cindy Miller

what reduction, follow debt couple you Hamzah, a that. about. And us thinking for at remains to we’re are and points of different we bring focused on up core very yes, it

are think do that completed, on make to is we some us exploring prompt portfolio we’re – We with rationalization and think anything. I rush can in and of engagement. one awful lot we been has our should I say focusing evaluation However, thought want into going alternatives. thing But strategic we not this sure us that that for to our make

can manage give on detail improve in excited we’ve point count for are part and this Of that they at run Hamzah. when going whole everything got because the Stericycle we appropriate. updates but But – simply we must when at business, course, business, make I have the can’t the to you any we’re to to that’s And about your to sure future. that point, look time

at take moment. off the of the we anything on going that’s ball So our can’t eye really

Hamzah Mazari

Thank Great. Okay. you.

Charlie Alutto

Hamzah. Thanks,

Operator

next The Jeff Silber the Capital Markets]. [BMO line comes from question of

is open. line Your

Henry Chien

Henry Cindy. afternoon. Chien also good or in to Congrats good calling and Hey, evening It’s Charlie for Jeff.

I core coming parts again, congrats I’m But just there’s know operations curious moving would and the seat. to what a growth? lot to Cindy, I into focus just consider of at on question. you here the And had Just a Stericycle on improve

Cindy Miller

important just Information core on of think don’t businesses management Services but we we’ve have the we Secure is U.S. in be are it we business. business, our part part only clear. And SQ. The want the isn’t of that been Destruction and Certainly the very the here that’s waste I unfortunately, focused an focused to but the regulated

person time streams focus SQ Information So which at whether that, think, core, it’s a is is our regional it’s evaluate to need a we we we’re that in value. got when in the all take we really Officer maximizing to to driving core national on got and lines and businesses we’ve we’ve at at sure make sure And our in and of LQ, say other I whether Secure look that revenues right look Chief different our customers, why, when exactly take make our holistically Commercial the Destruction. to I our that right service

Henry Chien

headwind any quantity on on of Got actually Is of – small just estimate estimates I understand any will there’s there amount Great. there this when headwind. the And the pass? Is it, okay. headwind.

Cindy Miller

point. Great

to the focus we so on and Our business, have across from as the guidance SQ. have the I’ve improving said just of really segments, it’s we continued I one that. all also pressure, business mentioned, does performance portion mentioned reflect And

by are trends. We the encouraged

We should are churn evaluating be. what

revenue the of balance and to we’re how going moving balance, evaluating quality the forward. We’re

going. our comparison things lost – trend So the us annual let to insights we’ve guidance. in that some of all sites of seeing that think to we’ll give in got color, positivists quarter-to-quarter I new how those and thing consideration you qualitative sites. taken take give are increasing think to one certainly, is I And know again, into But

Charlie Alutto

Jeff, number And tracking that been some a consistent while. for yes, of number we’ve that we’ve on. that been

think it we’ve we’re I better. handle a shown it correctly, slightly historically, what and that not so coming good if has And got we’ve anticipated, on – modeled has happened it’s as

in shared think So forward, think past we’ve to the going I believe. we staying what I is what consistent

Henry Chien

Okay, great. Thanks so much.

Charlie Alutto

Henry. Thanks,

Operator

comes the Scott The next Schneeberger of line question [Oppenheimer]. from

open. Your line is

Scott Schneeberger

is implementation, increased? done all large ERP few you’re an your to what the have there? now, much. exactly the you was in you. to change. you also, urgency disposition. moving occurred think, when very over Cindy, The – was And Stericycle. new involvement joined thanks I on components Charlie Yes, – it with business texting that? Congratulations And you you everyone a of only of your UK could taking in lot the just roles, mandate, how And the and in obviously, of when it’s Is did And sense have CEO not looking something to role, a CRS you

Charlie Alutto

Scott, of me. when some Yes, yes, C&RS to I will Cindy, report the mean made that. I’ll take we point announcement we did out for that

are we a looking During my very time, leader business. to currently leader through new forward continue in a to transition that I’ll new for see that or active

involved weeks, earlier, couple us alternative. said of and we Certainly, put on continue to become where for in for get that Cindy But business, we more leader that for stabilize months. looking business, a would through which and that as work with – we’re looking actively X next better As a grow I’ve a will in and looking Cindy are transition. I'll the position to strategic

the that. as stats will far Dan As for take business texting the

Dan Ginnetti

was that C&RS. EBITDA. was revenues $XX million It in about Yes, and of over in sold the million that annualized little about the portion business $X we in

Scott Schneeberger

All Dan. right. for Thanks that,

a guidance that. a shifting just lot bit, a obviously, and XXXX – obviously, about Another thing range wide pretty for little it's bridging gears of questions

some with XXXX initiatives the some of there going business. had One reduced in and some investments brand – and just increases relationship customer was pricing certain focus for development, you

a anticipation to XXXX. million revenue $XX million for EBITDA I $XX headwind was think that headwind

share So Dan, occurring And in strategy quantification, you much perpetuation could you of is Thanks. can for it, share how that that up the finished XXXX? if year? how

Cindy Miller

someone focused streams. marketing we're SQ, complete have we needed we to with with Scott, – on taken this that brand bit color, component has portion a it, taken address on our give pressure we it's How revenue management, our focus a the how engagement? across going? make brand That of And can. had exactly sales segments. are if is pieces could efforts of revenue doing on all and relationships? that the focused know customer of who's we in mentioned just business our to Cindy. then total have a we focused sure I'll into our we other you to he and of good to consideration not so improving How maximizing. what the X again But maybe wants those are and we revenue our are earlier, more strategy, Commercial speaks reference to really SQ. our all on all certainly Dan just why directly have maximizing guidance but of bring doing to But Chief Officer on we need But on remember, with the that

I wanted So Dan any share. that's one color? thing to just other

Dan Ginnetti

the relationships would Scott, and with brand we're with that. customers, Yes, again, encouraged the improve trends the initiatives really by those and

the are to we're going able be We that invest that to about to monitor. in specific very amount

Waste performance, If in revenues and you Services in was it look at our line. Compliance to right Regulated close really

Bill happened exactly ongoing can pleased us are continue the to and on with incurred. as determine in we a is dive going Commercial trend very whether invest have really effect those Chief into in. So now to it those Officer who our to that We're as we

Scott Schneeberger

America will please, I If Latin one there? be come? sneak additional can color there right. to impairments and All then C&RS last in indication more quarter, in, one also the And of,

Dan Ginnetti

– impairments. to talk I'll Yes, the

others. the as recognize, for there performance was due to that you Latin to on charge Where to were free reason our well rationalize as So interim C&RS with that due the had total America, for part primary of long-range to stock the $XXX the of a And ongoing impairment in related goodwill impairments final of annual our service business come communication-related as risk is business QX Scott some and noted notated, did million. we – the amount as America flow of number. we our the to well as as that we performance Latin decrease that believed XX-Q. The you price a QX cash the discussed assessment, noncash and we as to

Just a are noncash reminder that answers. those

Scott Schneeberger

Thanks.

Operator

The question Steinke. line Kevin the comes from Research]. of [Barrington next

open. Your is line

Kevin Steinke

Good helping the Waste afternoon, your talked you comments, prepared in in such account everyone. actually business made to offset as Dan, the of are discounting some headwinds. Medical about believe, investments managers the I

of the out little you've couple a And the are you called that. is if than those little that last that So may color the provide on more actually investments you've could coming quarters a less reason in anticipated? discounting be

Cindy Miller

in put one the in But reference the you Kevin, for bring I'll points to And – initiatives just jump to that. with that's that the portion things pricing of great a pressure. again, of really some up of we address place pressure, some SQ the one needed terms we engagement. Bill brought Seward. on more and early commercial days we into reasons the we and why of really it's main which of I more on effort And put Bill's focus strategy, brought energy we our think is overall why in felt on

in we're at difference where making of looking already doing. and is focused he what a However, terms we're

we continue to but that better and of marketing sure with up have customer into and will brought we them can management, that have not – I'm things sorry, with customers here to dive a do actually SQ, making figure all all out just continue for how UPS You Stericycle. are the we to experience, to difference and of for reaching brand that make those and our evaluate

we stay very it's that. sure make for that focused on to important So us

Kevin Steinke

With to there for to Dan international as you have would Okay, vision like business forward? you still going what's accomplish portfolio need taking forward? international, to What that going got it. get it over to the

Cindy Miller

those evaluating that I we things think is uniquely are gets in and to there brought evaluate, for I've take are presence, If be? you to a is, to here opportunity some of that new and Stericycle. And to positioned with to and abroad what we mind, one at in day where there? with we roles the at a core key are one. markets have that we executive to be have in don't I'll quite the many order markets? do had see few years do. he team as Is are we currently we on executives key able the businesses other with Are that going need stages. a of the opportunity right about we of very the reference do live And we have All the the that Dan a And of out early leadership an Dan, around start things to look all of have once that's in look really in we places excited presence globe.

Charlie Alutto

I something think I'll well. Yes, as add

rollout stages obviously through the been the as have ERP. the the for to to the we're has Dan here think I ERP really in Canada in world of U.S. U.S. our prepare we well. knows going of Dan early in with and in XXXX, roll And now the out rest – business the

He well his team processes. knows prepared. those mega have involved. he's those been processes. some helped Folks So build He in of

play we then our role he's we for there alternatives Dan little strategic I a add evaluation, geographies, obviously and – there touched So some bit, value are pursuing to as of going a finished well. think, Cindy will rationalization those also for portfolio and certainly some on

Dan Ginnetti

and when Yes, back as at the I've one opportunity. tenure and I'm to over the and with operational begin about see CFO. But as had tremendous for opportunity on driving drive really there ERP, the the business. things standardization I'm passionate team prepare about of standardize, efficiencies, I profitability excited look I great very great my the here and a in the focused And that. said growth we areas

So excited. I'm very

Kevin Steinke

of Recall One trend were the C&RS mean, I when last XXXX to last in from baking me. to in at the growing. despite the to recalls the smaller good made terms and quarter recall? understand Have fundamentals was those you all terms case? business events smaller still of quarter of events, the that you've since some The stabilize commentary the Okay. that headwind at question that continuing. Is least terms reference the made in still having growing? of I changed in was underlying the event to number last you're number

Charlie Alutto

events quarter prior the Yes, prior take Recall of still to quarter. we look more at I'll year this that the events we The when trend Kevin.

of by Commission than certainly no in that certainly shutdown QX. and So we Recalls continues. We'll that had catch That were the in the talk impact more the QX they opening in slightly We trend will did there in XXXX. that results impacted end XXXX I Consumer XXXX but did departments. impact we in recalls were government up FDA, from did will QX at comments – December, affected the shutdown. about virtually that on have certainly Obviously, well. think Product an as all Safety QX mandated and in those the

Kevin Steinke

Okay. Thank everyone. you

Operator

comes from of line the Isaac question Sachs]. next The [Goldman Ro.

Your line is open.

Isaac Ro

Good one outlook. on the you. few you, Cindy, and ERP growth afternoon, your one questions guys. for on Thank

somewhere XXXX guys U.S. you in that can confirm just us the I done through that the the for ERP, live the guys the know XXXX, expect have aggregate sort and but piecemeal, – $XXX in call go in in this be should spend of sort aggregate On million. you just in to you around of

for to So are those numbers still the program confirm ERP just that accurate? want

Cindy Miller

now bit we're like on are. We've Remember as – part brawn got the be on heavy XXXX. focused. lifting. that again, and we even experience is throughout think long-term opportunity we a It's that done. implementation our And phase, is by is going reap require of January of the flip side hard schedule the rolling test growth. up and an for XXXX. to a success we've done implementing the then it build, the heavy little train have of a work order A a get of okay, us say portion improve phase going to XXXX. the it. that I the of is brains to lot we've of have switch to a very know in going if very that on we wake to awful which got improve lifting be the and shareholder have we our year. on determined And they efficiencies, lot this is ability work we of and and is success able drive analytics. the to and a and it's to that But train customer test build, in I'd to not which remember Yes, we've really X That's XXXX do and And benefits a we're capability have data full sure be front-end, a lot got will will brains brains we ERP, got hard our more to this Isaac, the Brawn, it ERP. side to to into the have we make

all on really we focused deck, very are on hands So it.

Dan Ginnetti

from remains annual both came X cost we time expected, for investor perspective. the project and spend And referenced Slide see the you the and Isaac, our a a line on you deck, in of year as if track,

Isaac Ro

business. Got years. regards Cindy, it. on there's this And just been in company the And with growth couple top line in up Clearly, on is industry medical change of outlook. to lot in the of to and specifically the last core follow waste your a regulated the

cycle want to maybe to articulate period growth you maybe together of As bit a decent to a but transition, at could us if little ask you you past a roll for Understanding of that for me a what over, your philosophy long-term enter think think is long-term fully very within a with that seems for on think you business, record up what this pricing haven't that what you account look to that, that stable growth high-level, you to underlying that business, is should I about rate your any economic normalized trend you still and be want growth to price? make comment think assumption of reasonable? for growth of business we should you for that but as about It taken be would able that. sure a period you should make

Cindy Miller

the the And great is growth. fact long answer that I term a underlying That's on think question. we it focused are to

optimization, are of to That improvements right We quality that operational the are of is is that a churn come on most that help and make what we at but overall fact four be of opening balancing business our one the experience. the will that growth assess that now, the to one improvements. in is as of ERP is I'm the of I network we lines stages said we're benefit to a become I've Certainly that going the really things facilitate successful that. in But customer more before, growth that think to comments, make that focus sure be things going to excited early focused drive should a we we we're all able take out look ERP, going our and revenue. and us profitable is is even going to improvements making appropriate sure making there about on my

and do. growth, what opportunities seeing see we unleashing's get expect,, our a to be what we'll easier I'm and really and now, think point – think should make Stericycle's I certainly we mid to us unlocking we and I minimum do right on customers is bullish need And do that, to to business we're our what think it that's potential. going are fullest low-single-digit very at with to but to for able where when I low to we we're a

Isaac Ro

Thanks guys. you,

Operator

line Merrill Lynch] America Bisbee. Next Gary of Your the [Bank of line open. from question comes is

Gary Bisbee

sort change if just that, doing it by risk that type or something review under quick asked, is right Or better the team either some in it, mid-year potential of one at say expectation increases CPI about that Hey, and it? be that's to think it is of terms will there already still your repricing would given the be but a stabilizes and follow-on what pricing thereafter? right the the SQ on asking is just Cindy of leadership lapsed the that's way largely to been that for

Cindy Miller

Gary, we new to that feel We it comfortable look the and where commercial on deliver at team as guidance color mentioned numbers. at leadership But really, feel are. really like – it's quarter-to-quarter evaluations. with that our officer we confident executive we I some as I and to earlier, think team. continue qualitative annual like posted very that give feel we it. are your executives chief insights, on here look to Gary, keep is leadership sure important we still That that the their think that focused to all how everybody allow I right and we to we as have point, the the I making to at we do looking the take But we a to we're way. go

Gary Bisbee

Thank you. All right.

Operator

of Company]. question [Stifel, from line Hoffman. Nicolaus the Michael Next & comes

open. is line Your

Michael Hoffman

sort you of I answered of kind this one. think

is that. still all you doesn't in SQ. no offer, a things You about what said, Dan quality overall said one it our all revenue asked, before other right? preclude That have hit million was place this, and on improving there the current change When was $XXX growth. that market Is

$XXX think still first million is, round it's we For it million. to the $XXX of,

Dan Ginnetti

we've tracking. Michael, number that's a said, We been

Michael Hoffman

are question. no? yes, no a It's Yes or

Charlie Alutto

track. on It's

Michael Hoffman

it's million yes? to Yes So $XXX $XXX million.

Charlie Alutto

Yes.

Michael Hoffman

or the of up $XXX onetime this we $XXX, spending million, resetting $XX spending? is so Capital to capital midpoint Okay. rate $XXX million,

Dan Ginnetti

is of a Michael, number number of things. that inclusive

performed from spend, CapEx about $XX reason we and guidance cash flow the – of and One of the you includes we business it in see, that we under in why accrued is our the year. That That's there why into about is investments things CapEx from million $XX was our guided yet over and what of also that anticipate on we XXXX. part were transformation. – million carrying not this

in that rate post and that. doing Transformation. have higher anticipated were we Business with then shared we in we investment And run CapEx would you our normal that So have years we the the

run we of between X% think have I and historically And revenue. you'll normalized. see X.X% that number

Michael Hoffman

Okay. That's to Thanks. need what I know.

Dan Ginnetti

Michael. Thanks,

Operator

last that the be for Presenters will today. question

Charlie Alutto

been organization in lead safety an the of its have live fortunate Stericycle, for members, stakeholders. many and the influence serve time, its I people to note, great Over life. life. compliance me which on this and culture. Many I've of I and has shape Thank met to XX the Have the some and waste you, in vendors most our for Ellen. take do and thank have On for memories, have I honor the work we years. impact direction, I evening. been everybody. whom impact am industry my with and including environment a personal in the wonderful that communities I'll the a over It's have customers them work. to been we team chapter accomplished at had things and incredible lasting to a it many on Stericycle. We've me of next positive I proud my want customers, and great

Operator

This fourth you call. participating. XXXX quarter does conclude earnings Thank for Stericycle

disconnect. now may You

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