Earnings call transcript Q2 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, everyone, and welcome to the Q2 2023 Stericycle Earnings Conference Call. My name is Nadia, and I'll be coordinating your call today. [Operator Instructions].

I will now hand over to your host, Andrew Ellis, Vice President, Investor Relations, Enterprise Finance to begin. Andrew, please go ahead.

Andrew Ellis

you Stericycle's thank Earnings Second and Call. morning, for XXXX joining Quarter Good

today forward-looking Miller, words will, and expressions, be Officer; the uncertainties. may, forward-looking will On call plan, risks involve Cindy statements. believes, The today Zelenka, are and we expects, Chief statements estimates, that Officer. we and our similar our as Financial goal Information Officer use or Chief When discussion making includes such Janet Executive Chief anticipates,

nature and but uncertainties. in therefore, not based expectations Forward-looking projections facts, prospective statements risks management are, are on historical events rather and and are subject to and current on about of our future

actual in detail within statements. with and discussed release differ Our in are the greater significantly could our described and the Securities in results those such Factors harbor safe our earnings to could in forward-looking in filings U.S. press Commission. statement results cause differ the from that our factors risk Exchange actual

not and reliable performance results past considered investors results accordance statements anticipate not or other use any any to revise indicator performance, legal future than update or be and future obligation Our with of to We historical our regulatory forward-looking disclaim obligations. should financial should trends. in a

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

investors.stericycle.com. Stericycle's most For be also available can found refer the information prepared in additional website. which an Investor is and measures, for press reconciliation Relations Relations earnings comments correspond release, which to on at comparable please our website GAAP U.S. The to at today's to presentation, Investor earnings the call schedules Stericycle's

Any webcast and X the August be call after redistribution, today's available Stericycle's time This Investor will Stericycle consent longer transmission the any of we the no end be without the A in written on available until replay. is this on is will reference of approximately from call, hour at of be presentation. Throughout XX, the will accurate Relations call today XXXX. rebroadcast provided Time-sensitive of occurring prohibited. which recorded, call information XXXX a is being replay website. slides replay form a XX, of call, express during July may the conference the specific or

Cindy. now over to the call I'll turn

Cindy Miller

quarter leverage in leverage we on a major Xx, achieved X.Xx, sheet and that position since ending modernization and X the Thank greater set flexibility milestone below portfolio path today's optimization our focused our Today, balance ERP our lowest and reduction future. strengthening debt to the efficiency, operational The Star true discipline. leverage consistent in have you, have revenue; our welcome organization years priorities our excited unanticipated X headwinds. to share and Quality priorities, XXXX. ago, through and This puts second afford everyone, implementation; at on financial improvement. leverage of leadership us structure reflects this to which and debt call. optimize targeted of morning, of a focus Good on been team investment debt is key pandemic-related macroeconomic business us Andrew. debt ratio and and innovation; These the will our include: a North I'm

and Korea waste businesses. This completed Brazil Destruction Brazil, divestiture million. businesses and and the $XX quarter, optimization of we important our on approximately our operations were progress Secure in were and Information Singapore also Singapore X portfolio initiative as compliance of Australia, made Australia executing services and Korea proceeds we regulated combined countries: net for

the expect on third our United we we quarter. our Additionally, to the Arab recycling dental Destruction of and earlier Emirates sale in Secure this Information the the Netherlands, close business week, divested business in in

staffing revenue as offset consecutive lower indexed organic by by regulated the waste declining increasing the with quarter North trends organic delivered of result and we services market our results. surgeries. revenue X.X% quarter America, growth, We partially hospital XXth Destruction compliance second X.X% of surcharges. of Turning growing X.X%, fuel with and overall of in stabilization to Secure Information our In the encouraged and positive levels environmental are return a elective

have trends, support but ready not we improving to we similar stand Internationally, the observed customers. at our

modernization infrastructure existing base. capacity additional in and future geographic placed Our treatment including areas growth our us to customer in will allow efforts, strategically support

Based milestones, incinerator efficiency, inspections. of to to expect journey phase Turning subject our first ramp the and regulated modernization construction the the processing medical McCarran, to multiphase progress be half our achieving the priority, in on the our waste of through construction we up deliveries test line, critical phase. equipment current successfully completed XXXX, and time of project Nevada operational quality and to continues construct, to passing in innovation

After waste into completed, construction is will up full production. testing review. move which includes testing will complete, eventually into processing of and we Once we the phase, to regulatory able is the be move successfully ramp

many underway, with addition projects projects these quarter XX including to third incinerator autoclave XXXX. finalized have the In improvement several McCarran, expected and projects to other in of of be upgrade infrastructure we

including higher vehicle companies, many fleet are Like we return repairs, fees. and logistics maintenance costs, experiencing

We late outstanding helps costs continue we we driver through fuel anticipate our modernization received of XX% summer. quarter opportunities, expect vehicles orders, and as At to drive Fleet almost the productivity. modernization fleet to and fleet had productivity such by end, receiving savings our remaining other manage savings initiatives. higher these and

ERP. the to Moving

We platform deploy point. subject U.S. decision achieving and remaining the Compliance in successfully the Waste to on the expect go/no-go quarter, to Regulated third Services

team involved for Over members X,XXX launching the and preparing several weeks, in the system. next will approximately be

that pleased line our year guidance, performance our came financial full the I in I'm to to as explain. financial turn she will As call with Janet over half to share our first review results,

Janet Zelenka

results. Cindy. Thank summarizing second by start I will our quarter you,

quarter Slide noted X, $XXX.X XXXX. million $XXX.X on quarter were million As the of in revenues second to second in the compared

organic while million. Destruction and $XX revenues growth impact foreign of organic Information Regulated the revenue Services' million. declined unfavorable rates $XX.X increase, million $X.X $X.X exchange Compliance million, million, $XX.X Excluding revenues net this organic and of of divestitures was increased Of Waste Secure

Slide XXXX. Services' on and Waste Compliance million second million $XXX.X X, compared noted $XXX.X Regulated to revenues were quarter in the As of

in foreign pricing North America, and X.X%, revenues X fees. organic the and rates, increased Services' by In X.X% Excluding of in and Compliance organic pricing mainly exchange or which levers, million existing contracts, quarter. the include driven divestitures and $XX.X surcharges Regulated Waste customer our second increased revenues impact new pricing

the also pleased offset levers, organic by Services' $X.X and are mainly revenues in We medical million Waste collected, lower growth core the organic X/X Regulated to quarter of waste XXXX. of volumes X.X%, contributed year-over-year to growth. Compliance increased partially our with the roughly International positive pricing or which revenue by driven second waste compared

impacted NHS' shortages staffing case strikes XXX% recently medical intermittent have procedures. over Europe. procedures been has increased waste hospital Kingdom, to by million than that the patients throughout needing of International United nursing and since XXXX reported backlog medical was volumes the X.X it and the In more

$XXX.X Destruction compared million in quarter to XXXX. were revenues second Secure $XXX.X of Information million the

Excluding exchange to surcharges. America, the rates, compared fuel organic North Secure or to X.X%. Destruction declined the impact of million XXXX, the foreign $X.X X.X% decreased decline second Information organic revenues mainly due revenues in of In quarter

by recovery were lower was mostly recycling change quarter, by SOP, of includes paper tonnage. $X.X million, Service down second lower due pricing surcharge. SOP mainly approximately In up and The mainly due paper or surcharge, offset expansion the or pricing table beginning the the lower our approximately to X% revenue driven recycling the revenues recycling to million recovery X.X% rate in which levers, the in $X.X June revenue recycling was XXXX.

renew XX% continue current customer in a to America rate. contracts XX% surcharges approximately SOP customer As contracts anticipated and surcharges been offset These North included at business. review of of to working have as contracts service are we are reminder, volatility to we to and win new price add approximately paper now

organic partially and revenue have Information surcharges, down to and fuel revenue or of recycling International, X.X% environmental compared was growth surcharges. Secure to offset second In prices which fuel have lower Our index decreased environmental revenues year-over-year. by million declined the XXXX, fuel $X.X mainly quarter due lower as come Destruction service and

second operations divestiture $XX.X offset net of $X.X compensation quarter of $X.X mainly higher debt decrease million costs Loss of to expense million quarter XXXX in incentive second of of $X.X losses from The partially bad XXXX. stock-based from higher $XX million, lower operations and due income $XX.X million fleet the in of was the to compared $XX.X by million. million, and million was

Although decline fuel costs, the we environmental mirrored surcharges. in it decline roughly fuel saw a in and

same of loss XXXX. period as to of of decrease $XX.X million earnings The Cash from XXXX. $XX.X just lower or the per XX, $XXX.X outflow quarter million, income XXXX, million for compared I $X.XX in income Net or net months to was compared June operations in X $X.XX share $XX million of operations $XX.X million due diluted the second from the flow share to mainly an was explained. was inflow an per loss ended diluted million of $XX.X of

was settlement compensation an million; in improvements by million; of income $XX.X million; million, million. due driven year-over-year annual of mainly accounts days of to The of $XX.X improvements lower payments outstanding; from $XXX.X million $XX.X operating increase capital sales mainly cash and improvement $X FCPA payments of generated higher lower receivable incentive of other $XX.X working

revenues, or income down two, XX million and the higher points XX.X% expense second as stock-based one, percentage compensation revenues costs revenues from points. of million of of of decreased by fleet of XXXX. a points. debt as as following: were XX percentage and of a $XX operations percentage basis was Adjusted XX.X% of from operations XXX from These quarter $XX income a Adjusted due XXX in partially to points; bad lower basis incentive basis offset basis the higher or

adjusted $X.XX earnings XXXX. second in noted of diluted As X, to per was the Slide quarter $X.XX on share compared

higher foreign year-over-year impact $X.XX. driven decline exchange $X.XX the Excluding incentive divestitures of was remaining $X.XX, and and of stock-based by: rates the one, from compensation

fourth $X.XX. year-over-year the partially this expense quarter; of in and, tax of As earnings costs began the $X.XX. were quarter $X.XX higher expense second These incur call, by lower of to debt noted we area, bad expected costs on lower fleet offset higher which two, and XXXX in

X same XX, million of flow X period months inflow million the months for June compared to $XX.X XXXX, $XX.X of cash Capital same $XX the period year. last XXXX. an XX, million was of in the XXXX, June compared were ended ended $XX.X Free million an outflow expenditures for to the for

$XXX.X to from on million. of of year-over-year noted $XXX.X cash million higher due the flow operations X, was As Slide mainly improvement

compared mainly quarter was and of days second in timing Information the Secure driven the days Our XXXX. quarter Destruction XX The difference in by as second year. of DSO, DSO of North to America billing a XX prior customer reported, the was collections

at the end Slide X.Xx. was agreement-defined second on ratio our of the shown leverage As credit debt XX, quarter,

million net Additionally, debt reduced billion. $X.XX second in our approximately by $XXX.X to the we quarter

to used our XXXX we for noted, down with loan of and These million were in Korea, remainder million, and Republic approximately Australia our $XX proceeds million. term million Cindy of entities to Brazil, $XX contributed businesses $XX net in divestiture divested approximately These in revenue to the in our XXXX. divested prior pay by As approximately applied proceeds revenue $XX Singapore revolver.

baseline majority XX, with The the amount EBITDA nominal expected improvement lower XXXX. interest from to a $X be generated we offset Slide a debt. planned in divested in of is adjusted adjusted reduction approximately to $X we're using pay XXXX, On in removed revenue revenue. to to of adjusted expense divestiture XXXX, anticipated million proceeds contribute half by and the our expected second down of divestitures The EBITDA million in have the in XXXX EBITDA

recycling business ventures in pretax venture which million United quarter, and in recycling dental for as approximately June plans accounted quarter investment. our the Netherlands, sold second is and week third as of Arab dental the in EBITDA a Information revenue expected $X this charges divest an in Destruction which Secure Additionally, contributed of Emirates, to nominal the joint million. adjusted in we the close joint business XX, equity was $X.X our in resulting while approved earlier XXXX is to The

aligned XX. Our results guidance, Slide year of our first shown with months X for full the as on the XXXX were year

remain guidance same. Our ranges the

forward end have the capital expenditures, of complete anticipate which which equipment into higher free to minimal of we capital cash occurs, about on fourth of to may projected our If the incinerator guidance expenditure new $XXX outlays pull would flow planned quarter construction look based XXXX improvements. overall million this deliveries. our to range it from anticipate cash on in we we million, XXXX X/X XXXX working Nevada, in XXXX that the timing As would us of impact a capital we put on due $XXX of is

they and to Regarding fourth $XX paid million. excludes flow would our flow now free this reduce items, I third by the it other anticipate turn litigation Cindy. quarters. to cash will which paid call guidance, free back adjusted year, approximately the If may in we million $XX be cash

Cindy Miller

Thank Janet. you,

to against ability continues second our while of year priorities maintaining our team's The key strength our execute quarter to business highlight our ability guidance. achieve the full to

excited the our deployment our U.S. Our on key in our Services priorities of and to look momentum is business quarter. forward build ERP as team to Waste to Regulated of we third Compliance the the business

like and their we the continued serve I'd thank members matters. shareholders protect what and communities always, to As having for customers, our trust our in Stericycle team

Operator, for please open Q&A. the line

Operator

[Operator Instructions].

Our first Sean Dodge question to Markets. today of Capital goes RBC

Sean Dodge

Waste all on all congratulations you ratio. Systems Yes, goes to business expect for October, sounds said pretty Regulated you the are much ERP, Cindy. by leverage to potential the that have I big transitioned well, the from point? great with start risks to if this And by, over behind at get like we on U.S. this, about September. the progress think with we disruption you Yes. that it the to If want the time the the

Cindy Miller

Yes.

I billing couple think October, trends to insightful, have A a more. We'll it's be in we track through analyze. or comparisons we're of do ready the terms of and that cycle update data have things any we that when get we able we to will will to very in of an share that can gone sure make some on Sean.

those So ones. are I big think very

And that of is how the And going and the track the the to then scales material data all reasons? have the operations? the that, need and you keep -- think regulatory all still handheld we after how all of, are nuances do with I transmitting all compliance it for

kind And disruption, But was of talked what I number So good going of because get sure: automatically, there's terms billing a process. myriad servicing revenue care simple going of of; very And things. the taken disruption. are we're buckets. to a at you one, flowing X it through? when think I and terms are mentioned feel three, just in look making our really Number we're we in should we then to customers our of customers be; seeing we is about

report, pretty be So insight. give able think I QX that to good some we'll

Sean Dodge

then are what in actions here about the of pull fully on you last there sequential in leg actions And and half with more into from Great. Okay. pricing Or all some over margins service I the pricing these still now basis? is more the have guess out shifting all of QX? the the you the there SOP the fee, you to of on benefits couple years taken from in table, those – the or levers there the as margins seeing all are year, reflected recovery get lift any we back a think we’re expect

Cindy Miller

that we’ve at much I is state. lift the think gotten pretty steady

if anything to provide if think conditions worsen, happened. I look we would saw else additional we lift had

more, costs normalized. think want the I in where I of relief becoming are are we some portions business seeing say, to

seeing maintenance, of called pressures with an the vehicles, some for fleet, we reference bit. area When vehicle those been our up we a of in increased still being as we are quite return like to rental cost vehicles returning any out repairs. However, have fees

any for us, in don’t of that stay we think added would terms else it. close So anything I pretty I changes. to foresee be

I and raised know by However, the what yesterday. in Fed dictated see all marketplace, are of we those just

see we’ll anything if So drives that else.

the this moving time. just recycling see we And the that we’ve don’t year, last last was anything forward, March the reference waste scarf made year. in but point latest was a on else Sean, of know, a the I update, last fee surcharge Just of as regulated for just October adjustment as the at so fee, changed this time you then

Operator

And next of goes question Manthey to the David Baird.

David Manthey

Yes. Good Thank you. morning.

the experienced First question that RWCS was or with rollout, guidance current question us? in any in of ERP after you have related SID that the factored anything asked, you to efficiencies XXXX just any the in or the you've inefficiencies that given type disruption

Janet Zelenka

put that we go guidance year the the we for going that this. David, out to reflected Yes. were through

to productivity that as that that taken now, will up half go RWCS this in in for will to the significant going live. of be for as that the we the so -- they improvements space able off meant year the be training, actually and they're in drive weren't quarter And doing second ramp actually

Secure ERP sales the pretty I think Information in. if Destruction our see well. but as and will putting year that from that offset just an continue we can to that you what operational by plan drive efficiencies, will, for is for will productivity, reflected the be is in growth guidance reasonable, you and outlook And this

the plan of So short that. some yes, we is answer for

David Manthey

And Janet, given the give of sort past and you the might on come other operating to that? free SID us after you then, the improvement you've improvement ultimately margin you you there, on opportunity again, us thinking implemented that sort about the after expect ERP business, out around this? Any out see magnitude given side? on there. in out of the idea us might year based you've And us based of and you guidance You give of thoughts cadence in the had X the of you thoughts in the trajectory you further, what experience can cash Okay. that be improvement flow addition in of coming some the can an BlueSky the that

Janet Zelenka

And is get productivity improvement it committed half second in Destruction as start improvements while see -- next probably remain RWCS continue to opportunities into guidance, adjusted improved it. that they all year So generate time measures will that we'll find improvement. Information fleet to from XX% we platform and towards the that which year learn our to to still of able the continues idle is will the can the the included platform momentum happen be to what margin Secure we to some reflected then long-term to to using XX% leverage through route we the to will

advantage the work move while X the improvements the is on of it sequencing the taking then the other new driving and keep one and on moving So businesses into improvement. and can driving can is learning

Operator

Schneeberger goes Oppenheimer. Our question to next Scott of

Scott Schneeberger

the the congratulations reducing leverage. echo financial on I'll

like few was you but size, it in perhaps material give you where on proceeds don't you're think curious Emirates divestitures now. the United too I They announcing much meaningful seems quarter. process. in a mentioned, I'm there? optimization just You more just Could and be us quarter update It an portfolio on derived the sound are weeks how each Netherlands can

Cindy Miller

be, Scott, question. pulling the others joint had think well, remains we've period, although dental the great will, will venture of operations. different if of certainly we've But than got Yes. I'm venture. little bit. one because optimization business, the kind business out be XX out key in The a -- -- UAE the acquisition, about time you Portfolio an will it's same that along our But pulling last in of of XX, XX essence, in joint too. divestitures priorities. I

at a size that we for company you us we believe have for if optimization the be we to overall can be where you portfolio I the a position and opportunity a think in of the to think balance our we've look grow that take terms that margins bring had meaningful. markets in, that at the we're terms we would value the the discipline at take continues believe looking of I look if So us, sheet, improving of in fiscally at debt,

we've to where a I from we you look we'll acquisition is well in as answer perspective leads. that as I So as really, portfolio divestiture before see the perspective optimization, a done and continue potential think gave that long

Operator

of question Sommer Truist goes And Securities. the to Tobey next

Jack Wilson

little color This you Summer. the a around decline is on more Jack Information Tobey for give Can sort of Destruction? Secure organic revenue Wilson me in

Cindy Miller

Sure.

driver Information take in I look first I of at half because a year, year, half, we things year, shortages, Last was first more versus believe is really half potential anybody the XX-day the think were XXXX, supply it of of issues, was anybody think I had Omicron simply that need terms the like with first of or with still one COVID. things, get skewed. at early that I exposed it last we the year chain to to to have record think, to Secure quarantines and not, inflation, if look dealing,

stop, year one we've paid had. And when quarters off a in you've recall, based transactional you you the only of difficult you're and got And there shortage operating different was of business probably drivers if that get a with, you lot then driver have rules. last QX a of ever actually begin you of take CDC when to a out says difficulties make you some already most if

Shred So XX.X% business prior as in over this result, QX Information the America our of year, a saw grew Secure year. -- North Destruction

to that So of is an a big back, put up in we last as we up of What year. drivers ready then to had you number. go, for to can and awful drivers seats, get lot made happening ended we those see, what believe get stops started time QX was in pretty ramp-up accelerated, drivers and

So is quarter what now quarter. versus seeing this right comparison overall last the we're

We -- off in and modest decline America but decline are showing it's that of -- just coming X.X% think a comparison. I of a North

fundamentals in we Shred to good. the reaffirm be this that seeing believes year to of the what business So guidance we're our think what ability is continues still

quarter it's continuing story. that us, like We're business, the overall So and for monitor position to we not the in. a we're

Janet Zelenka

our of fuel we in have just cost surcharge a business. fuel the I came revenue, And is down, that in worked add but revenue. core down that it should that would came at as shredded dynamic costs index costs of business down as well as the it the in came and also mostly

what at was do okay. and to supposed it the did level, EBIT still of we're sort So it

to bottom that So filter the line. doesn't dynamic that's a top down line

Operator

question [Operator to goes next of Butler Brian Instructions] Stifel. you Our

Brian Butler

a Destruction meaningful First business, just Information shift are versus the Secure you between shred on stops the question, did seeing off-site? increase? on-site And

Cindy Miller

Yes.

there And the amount I been is in more much customer tremendous think steady now site, made business we versus than earlier are as a off-site, right much issues, on-site vehicle back was vehicles, -- which on when a in I being not brought difficult, with to it's terms back a high we've not progress. very -- lot specialized of been XXXX, purchased maintenance progress where facilities. we of as shredding of making we pretty think

Over the last the specialized the course vehicles as -- of effort there's is a pick processed with facility in years, to several marked of that back volume the majority the been our opposed up we now to on site.

So for me, for really position think I We I improve But a a good think we're there. that. that's in real to us. good look constantly dynamic

terms and reference, on a But organic a business, plan continue how look -- how in drive in take our And I we to And of X% internally we transactional business reaffirming some plan that at we unfortunately, efforts with where to our growth think comparisons. the And means into in space. we I trending our new to dynamics in are I that quarters we're for we've are which X believe we're of we got remember, sales different guidance revenue track. for fits for in stops. towards just growth X% continue company, think, SOPs, overall, terms win think odd we

Brian Butler

I more -- Can flow guess, ERP business Is what that Okay. costs X then IT be fully months? the back does is ERP. the that, next be XX remind the any whether eliminated there shifting through once you rolled the or over to out? And the And are? to duplicative how cost us

Janet Zelenka

you're right. Yes,

to million $XX we're related but has fully is need areas. which deployed, that. other are system legacy we system, And we million our around We $XX the for operating the million new million of maintaining in to achieve into maintaining that RWCS of in is costs of operation, international of the and to was opportunity modernize XXXX about normal some once $XX into put the before go while globally. and expenses we can slipped legacy $XX to away cost IT full costs also which that on costs August that That

on system So but to to will that, globally can on the factored needs achieve that that off And and IT before the as we we're savings well we is that our have our legacy we for path thought work into on space, started turn we international on it through really come costs. long-term guidance over.

Operator

And from Scott of follow-up question we Schneeberger have a Oppenheimer.

Scott Schneeberger

fleet percent sounds on use of here, What with Cindy, wanted of I hone the and you an little like rentals vehicles it bit. up modernizing, are fleeting issue to you're cost a -- being in use where bit a and are now where a you given and day. a on fleet rentals, that to goal? take maybe looking are as of you usage as but fleet your And percent a of

Cindy Miller

Yes. That's Scott. pretty insight, keen, a good

So for rental the been business. we've in -- us, we've had

second vehicle really being last lot and an I being we delayed. our think year, most awful half requests of last talked supply about year -- of the chain of receiving far behind the actual

continue, to to other you've your to that continue on power of order but to to rent a units. grow, to ability see not the for want organic rentals of then result, continue got and lot also trailers your service your growth growth, customers. in you've trailers, able as just So got you in you of to a be terms a tractors, you hold And

a as of year, those the We've this this come beginning amount It an returns, we vehicle. high be And some was used costs terms have reasonable. exponentially increase. in in -- seen pretty going And an we've the returning have. on seen so we to to in. high So vehicle that been set really since vehicles have each pretty that what massive it instances, more of return orders modeling we've quite are pretty some some for some been, opportunity fleet XXX% year, started be and rentals

it's more, and return you're you have to do. job you're a vehicle which equipped frontline order as modernized that a that's because for the going vehicle get more going come a drivers better So new designed to our good and thing in, is

However, you terms do of take a hit in the rental.

your fleet of So the we're estimating do I of have can tell we to you, by many summer, our order how have? is XX% end question completed.

we've than position We've waiting had been vehicles. a a quite much in that's we've on few -- quite better been some time. Now

returns So winding last for bit as rental equipment. think we're the the I of down us, trailers as our the well power on on

has Sean, the I -- the we we leasing. strategy, out even fleet is before think that fleet our of get have business to I or about But talked because leasing think want Scott, the eventually overall I'm right strategy now, overall we've sorry, strategy been

balance I continue for to think be as sheet. longer-term invest to some to generate strength us our cash. looking reasons to fiscally we we a continue a point be in have responsible, push will where We're for

be our I that that we some of trailers buy to sheet. long-term and fleet take advantage so the momentum balance able can our really the think buy to to on of start

think that's to. we'd of like get I where to the future

Operator

have Jack Securities. Wilson from Truist And we of follow-up a

Jack Wilson

So guidance maybe of system a full and moving could of year the bit little EPS walk ERP achieving with fleet of dynamics? the parts you new through just sort the

Janet Zelenka

look where we with first kind first is So year. we the a line half, guidance. delivered at in you if have of half fairly stable But the it

an we the continue in productivity ERP the boat. but the X, of is in uptick into you'll we -- The get probably going in ERP. -- some same second kind quarter just are and we half If fourth to in the drive as guidance you shred, through in split the see

precision the happen full guidance So the is really of in second confident able a put a the out. to to year but we're that being quarterly year the little for we tougher, precision going do and what's on

Operator

questions. any have to back no I'll Cindy comments. closing now hand for further We

Cindy Miller

you, Nadia. Thank

I Stericycle for excitement to we just everyone in shared we -- future. So to and interest always, call, appreciate in want your as share your our listening the that

you talk soon. to you We'll thank So much. all very

Operator

you call. for all today's joining. concludes now This Thank you. Thank

You now lines. your may disconnect

Stericycle (SRCL) 27 Jul 232023 Q2 Earnings call transcript