Management remarks
Call period: 2026 Q2 · 2026-07-29
Guidance: John Morris: And as a result, we are narrowing our full year revenue outlook by about 0.5% to $26.275 billion to $26.475 billion.Demand and orders: John Morris: At the same time, volume trends have been softer than planned with Collection and Disposal volumes expected to be relatively flat in the second half, resulting in full year decline approaching 1% or approximately 50 basis points, excluding the impact of 2025 wildfire cleanup activity.Margins: John Morris: In the second quarter, Healthcare Solutions operating EBITDA margin expanded 200 basis points to 19%, while SG&A expense declined 15% and improved 290 basis points as a percentage of revenue, demonstrating the earnings power we expected at acquisition.Analyst Q&A
Analyst Trevor Romeo asked: First one I had was just on the free cash flow outlook. I think just maintaining the guidance despite some strength in the first half. So I think if you look at the last few years, you've generated more than half of the kind of the year's free cash flow in the back half. I think this year, you're already over 50% in the first half. So maybe you could just help us kind of with the cadence you're expecting? Management David Reed answered: As we alluded to in our remarks, Q2 was up 35%. First half was up 57%. Our guide does call for free cash flow being up 29% year-over-year. This will be our third year in a row between 20% and 30% increases. And as we exit this year, we will have doubled the free cash flow in the last 3 years. So those are all really strong points to highlight. This growth is driven by strong earnings growth, lower CapEx, which we alluded to.管理层陈述
电话会期间：2026 Q2 · 2026-07-29
指引：约翰·莫里斯：因此，我们将全年营收预期区间收窄约0.5%，至262.75亿美元至264.75亿美元。需求与订单：约翰·莫里斯：与此同时，业务量趋势弱于计划，不计2025年野火清理活动影响，下半年收集与处置业务量预计基本持平，全年业务量降幅接近1%，约合50个基点。利润率：约翰·莫里斯：第二季度，医疗解决方案部门的营业EBITDA利润率扩大200个基点至19%，同时销售及管理费用下降15%，占营收比例改善290个基点，印证了我们收购时对该业务盈利能力的预期。分析师问答
分析师特雷弗·罗密欧提问：第一个问题关于自由现金流展望，尽管上半年表现强劲但公司仍维持原有指引。过去几年公司全年自由现金流超一半来自下半年，今年上半年该比例已超50%，请说明预期的现金流节奏。管理层戴维·里德回应：如我们在发言中提到的，第二季度自由现金流增长35%，上半年增长57%，指引显示自由现金流同比增长29%，这将是连续第三年实现20%至30%的增长，今年年末我们将在过去3年内实现自由现金流翻倍，该增长由强劲的盈利增长和较低的资本支出驱动。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
