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Sharps Compliance (SMED)

Participants
Jen Belodeau IMS, IR
David Tusa President, CEO
Diana Diaz EVP, CFO
Gerry Sweeney ROTH Capital
Kevin Steinke Barrington Research
Michael Hoffman Stifel
Rob Brown Lake Street Capital Markets
Call transcript
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Operator

Good morning, ladies and gentlemen. And welcome to the Sharps Compliance First Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Jen Belodeau. Ma'am, the floor is yours.

Jen Belodeau

you. Thank welcome Compliance and XXXX quarter the call. earnings to morning first Sharps fiscal Good

today our David outlook, the P. will we Company's call business Immediately Officer. the On have following the review will call Chief President Chief questions company's Officer; take review David Vice financials. will President operations P. we Executive and Diana Executive formal Diana and participants. remarks, Diaz, performance, and from Financial while and the Tusa, the

forward-looking apply some as factors in in subject in well make during our at and found events, may results the of could and we release, as Web aware, filed and well you're earnings are presentation documents statements Exchange the that are factors this be cause or outlined formal with As to from uncertainties, which Commission. today. differ other materially the risks as to our teleconference. to at actual portion site the as where by question-and-answer company These we statements can Securities These These sec.gov. are future

way, that go me of ahead, the review. to let begin with So, over David. turn the Please David to out call the

David Tusa

the everyone you, good Thank And participating earnings thank quarter morning, Jen. for you in Alright. first call. and

review jump just about right well. first let's talk So, then into the going as and to to we're quarter the outlook business

expectations. our First with were quarter line in results

the preceding did revenue the quarters. immunization for quarter slower sequential Now, versus reflect for they September, September

revenue. administered were slower consistent some million again about the country the million immunization June In provide about to the margin in adjoining September the $XX.X $XX.X orders for million with that about were $X.X and quarter, Just the quarter. billings, business $X.X immunization were mailback rated September at in in And for quarters context, million immunization revenue.

the by labs market we the labs had and were a driven performing COVID increased year at you when looked business, tough COVID, the which On from long-term of bit care comp related prior testing. a year-over-year included route-based the volumes also

there were third waste in our Additionally, first resulting limited quarter, incinerations. our pickups haz delayed billings were from down, industry-wide haz waste party

thought $XXX,XXX So, to up those increase end the talked for which And year-over-year quarter sequentially. I'm those is of that in from a It -- quarters an XX,XXX customer to by We've XX% is location. to increased a about last we to negative did. growth XX.X added and up return that for route-based headwind. sorry, XX.X for Further medications up XX%. to when the we was of They in June up the see the you the a in increase three about use about we supporting XX,XXX and September the XX% couple business locations. items, our customer would that take and September said end quarter medication XX% increased we quarter use

margin. overlay density smaller, synergy about Waste it's our we refocused It So, have but medication. the cost-effective saw retail proper service the EBITDA should and the Affordable in or tuck-in sure very first user growth believe unused care the in It's area consolidated small service pharmacies We in to of be see higher ultimate the the announcement on disposal improves Midwest pleased much deal. it's existing only in long-term our while it I'm to not offering presence post as EBITDA our and And we significantly than year were fiscal enhances this closed for even and Indiana. to area. route our of perfect. but XXXX should you continue Medical acquisition an margins acquisition, our our

to population. make work, states of which of the quite pipeline be we'll the and acquisitions, is close quite we able XX working it's to can't hopeful to a deals infrastructure resources XX% active route-based that'll So, justify existing full our guarantees the lot we again continue been on more but any

bit, So, a talk COVID. let's look forward about let's

XXX adults experts become talking So, bit fourth little they approved, clear, now although the but the that months. say boosters be a could million more of about opinion, my we're landscape, it's for shot the even approved there's six We This number immunocompromised. been next three morning, to it's a to the remaining over the developments. or be fluid, and a were have continues fluid boosters Americans a to starting about

with boosters, a about point let's of talk to respect from just So, reference. from

maybe to have vaccinated. that received a we So, far And of fully Well, as the those XX% have booster. Americans that are polling as of million the so receive Americans booster. only the XX% a shows XXX much X% million XXX would

that regimen So, shot we the we're and of it's more This X-to-XX children just the that a more Yesterday, recommended getting adults million it the as way aged with revenue by see opportunities. represents children for about the hopeful Pfizer and vaccine. XX two was group for X-to-XX. can booster approval the for vaccine age adult FDA

quarters do believe that, more of probably see rolls three all would to considering to the that we country. we quarters, So, this, of COVID-related across have we mailback this next guess for all two had revenue opportunity out maybe the the we has do and that if three over

up. So, let's it sum

are and where we we where So, going. are

route-based and synergy time improve to enhancing significant similar and because acquisitions EBITDA pipeline we're them density. generate the of affordable we And business, growth in margins our quite is bring of can that route with COVID. infrastructure same business the mentioned opportunity the begun the pipeline's existing from strategic our I the can at We where as our post active, looking for in process full. and the complementary the have tuck-in route-based we

and over. ways still with think fiscal on so mean, it's 'XX boosters, COVID, I year and forth. for children consider when June think we don’t we the so September quarters have significant go So, to were slow-down. for our to vaccines we and you But March respect

think see there's So, again there. we we'll but do opportunity more

long-term all return that I a that in think seeing we're unused has really and sectors we're great about what year-over-year heard medication say in growth of the year focused our 'XX fiscal the care the MedSafe. 'XX hoping roll-out care fact and unused the show I excited it's times in a on you revenue The long-term sequentially COVID really seeing sector. that for fiscal reengagement long-term medication medication, care and market. been year good get me can unused is versus many medication the could We're be growth in year some significant unused the but On the it's some

picture. So, that's the big

in over drive more financials turn Let detail. me it a to bit to She's Diana. going the

Diana Diaz

supported decrease an and were $XXX,XXX of of X%. $XXX,XXX Sharps X%. David. revenue of the XXXX, you, a $XX.X or in million $XX.X quarter or fiscal of Thank million first increase billings Customer

compared quarter in $XXX,XXX activity. market, the to until to to manufacture party accepting $X.X lower as is solution decreased when compared liners ancillary David for a $X.X XXXX in to about half XX% in waste million period. the or hazardous XXX Billings market the was to supplies billings anticipated due and quarter the going medications at services quarter XXXX to fiscal for the in inception consistent orders million margin prior installs unused for fiscal the Gross grew is quarter for billings which volumes the route-based $X.X would a this medications over year; MedSafe into immunization-related XXXX. year margin quarter with route-based the in immunization-related market The quarter mentioned, compared waste impacted $X.X September in for Gross and generate quarter billings of mailback's current $XXX,XXX the lines recognition, business Long-term quarter quarter support in million This negatively Total, negatively the inventory solutions. a decrease billings revenue gross in of to Retail temporary million XX% fiscal this million quarter usage year. for September patient our business, the lower programs Professional first customers up a of billings increased to quarter which the drove in XXXX. shift very XXXX in $XXX,XXX the $XXX,XXX there first and heightened of compared This moratoriums to installed to sold XXXX a in to gross down to of care XXXX activity XXXX in grew COVID-XX-related million decreased bills compared $X.X for by was returned $X.X to sequential our gross MedSafe Think prior-year million grew as related the company. MedSafe prior the the period. On our prior period. of decrease compared XXXX or normalized last this for year quarter. XX% as was services saw billings in unused billings first for XX,XXX And XX%. quarter. the streams prior were mailback fiscal to XX% in recognition market impacted exceeded returned a in and grew during the retail to program the compares March third upon and hazardous the in to immunization-related the MedSafe treatment compared $X.X prior-year first XX% number in first of quarter more with market of high X% on as of $X.X period. first of the includes million $X.X XXX processed long-term prior in management the traffic pharmacies Within Pharmaceutical XXXX at year. nationwide X% which been the route-based fiscal same of a decrease for in $XXX,XXX XXXX. the $XXX,XXX $X.X care. reversal decreased was XXXX was an upfront gross the fiscal are margin. compared MedSafe of X% $XXX,XXX first excluding to been proportion XXXX in most in million that the a forecast quarters XXXX unit in the of MedSafe to as of X,XXX of were really timing As in quarter the as year where the first year of return higher have of the mailback of quarter customers the the to billings the to ancillary quarter fiscal quarter. lower about increased immunization million same for XXX first with due of to June and waste of same first margin Sequentially, or incineration. of impact quarter COVID-XX-related the installs $X.X compared up up immunization-related XXth, XXXX as volume the quarter higher of retail first remainder first compared indicating other current source fourth which for this effect billings first total on primarily same than the of margin of mailback in the by impacting June the margin basis a Professional we Related mailback's lab revenue first delayed quarter XXXX. December over fiscal million destined to we the sporadic quarter in billings margin to impacted gross March revenue that's

in an about deluded in compensation. by to of operating XXXX. $X.XX a basic and quarter of a same basic EBITDA loss the per quarter in loss quarter Our quarter net related accrual increase $X.XX loss the to an loss year. of last million $XX.X first compared operating is offering year. of share XXXX, quarter proceeds of of this loss an In after of first of XXXX or compared marketing recorded a primarily $X.X to in million of shares $XXX,XXX first a or the sales the $X to of of to of $XXX,XXX net $XXX,XXX $XX,XXX to $XXX,XXX a to in of management SG&A of share deluded prior investment of the the reported closed August, year in we $XXX,XXX compared We first which that announced of last recorded in loss We XXXX incentive quarter million. a loss SG&A secondary generated on We in we XX% first X.X XXXX $XXX,XXX and fiscal underwritten of about per in quarter. an EBITDA million expenses the quarter first an net increase or The compared and and increased continued the

million as end to we $XX.X over active is of June, million which David end us capital is execute strategy XXth on acquisition the opportunities. And of continue with balance balance $XX.X September $XX.X to to pipeline of September sheet broader of at the XXXX. of million $XX.X strong had opportunity work very with a the working up call I'll The with that, at as million strong as XXXX, sheet the of our mentioned, XXXX. provides And at Our Company XXXX capital back turn to compared XXth, working of cash David. from as our June

David Tusa

make these. our ahead and it of up Operator, Q&A and for remarks just then closing session the open Thanks, after we'll couple Great. go Diana. let's

Operator

coming Sweeney. is Gerry question first from Your Instructions] [Operator Certainly.

Your line is live.

Gerry Sweeney

taking Diana. morning, Thanks for call. Good the David,

David Tusa

Good morning.

Diana Diaz

morning. good Hey,

Gerry Sweeney

route-based little bit out some down probably care David, I our there's of know a customer less locations maybe also at moving can discuss you think but up, parts a very the you it's XX%. saw PPE healthy long-term and some I revenue, testing, coming facilities

David Tusa

Right.

Gerry Sweeney

on also manner scope that customers but customers, of your on existing the that growth little are customer. bit more same a those So, in essentially detail

future put very they growth? So, good into a

David Tusa

Right, increased we prior long-term I'm the volumes sure. all We sure just but remember had quite the and those care. quarter. significant the with of was in in It year PPE out bringing -- experience

of was lab We the the also of high and do lot lab a testing. business because business

they the total regulated This in do we're comp. see we business. waste And spoken the about we're medical $XXX,XXX waste, of waste. pick of of then from negative few $XXX,XXX a of in business we that's other it route-based the up, -- So, haz not type medical they can roughly those the and great I've up pick haz thing a aggregated was $XXX,XXX it taken to then waste And up us. $XXX,XXX part the pick And a maybe waste, were its collectively to lot Its business. and there. quarter is or which do and taking up haz we before we incinerator that our up we is

the reduction was there nationwide haz capacity in So, the a in waste.

from that the in is we down revenues that's big the the So, less have delay three's to here generates what pickups did it had haz up we when we and pick which we waste but here capacity south.

of an overall incineration of We capacity. There over things also in at incinerators of had shutdowns the that number just the time. were converged reduction kind the same

starting quarter. we're to December that see three in Now, up the back

location sure, and on those negative business up route-based those pickups So, small million customer in we hopefully locations. the in are our make medium three quarter, them up take about But in the very able consistent a catchup get you and make we'd of increase were the about on that be a customer of to XX% back $X.X hopefully that didn’t out across with customer quantity the track. September out, the And existing XX% part the a comp. we base. that increase December those when we and items those effect had about picked yes in

Gerry Sweeney

the maybe is that. some Got does This do What forefront, some side lot of then, it. 'XX discussions we the fiscal care look opportunity a with in the and couple restarting how an the obviously and medication. are to discussions just whitespace at care ago that or even move starting not COVID, and into years gears beyond? that backbone of move long-term but we And to spoke sort you a long-term and was switching unused on area of of took about

David Tusa

discussion having pleased which many more moving So, care and long-term very the with we're customers it's to it forefront, with. the we're definitely

save focus away and they looking through. for care, is changing by So, designed in is And care from way, went saver ag then especially to money long-term unused a on all care. the The cost rules any that long-term COVID what with now back medication. rules it’s long-term and originally are were the

cost were a the unused discussions versus a the very patients. to effective facility in talking that care way we're with waste those aggregate they it's way for generated number excited. we're of folks are ways Yes, is the the that medications very So, by and a long-term disposed traditionally and patient engaged,

care look could way rates. the whether long-term close is the the we And of MedSafe's which between when be the I care, XXX,XXX be deploy and from it'd two retail have utilized. always Now, where MedSafe XXXX areas it probably or through pharmacy for at That's dial pharmacy main a in we long-term to retail MedSafe. the facilities

those probably which pharmacy. retail, half more retail So, than of are

ability And the a in another and something something proven typically market. see displacing in see receptacle. We're selling we're significant leader collection cost the the we opportunity we're them further that It's provider that to in effective. or that's that not the them very we're So, again, new, something penetrate marketplace. selling we it's

and again long-term medication see growth working we're to So, the to market. that we with that our contribute revenue care some on in unused hope we

Gerry Sweeney

on care unused hop And last quick you. the quarters, mentioned I'll say in queue. on medication Got rollout there's long-term back not long-term additional about QX. a September for so then track Diana, fiscal I one follow-up December? QX think care, and on in -- specifically December Is of on that MedSafe we and one and still will XXX call units the you

Diana Diaz

XXXX expect compared to to to see activity. installs We levels the similar in September revenue

Gerry Sweeney

thank I'll queue. back it, jump you. the in Got

Operator

Thank you.

Steinke. Your next from question Kevin is coming

is line live. Your

Kevin Steinke

Hey, good morning.

David Tusa

how morning, are good Hey doing? you

Kevin Steinke

thanks. good, Pretty

in how on and and here in of of also anything you're in maybe tuck-in reach to more and you with, us as across pleased you you've a give get terms got together, of with Waste terms what little deal us So, long purchased line came characterize the been which them obviously it a that a terms the colour to quantitatively the price? a revenue maybe you're just size can qualitatively finish talking of deal but you Affordable or how able obviously Medical acquisition,

David Tusa

talk different Right. to we where They hauling triggering there them a business there's we want to trigger and Sure, happy the that. business, more a management at about it's to said in waste closed business. right the to We've seller to And was quick, -- was to into a even LOI always a to been has if into got players at out think get point we're a quickly to I the were days get they've the time. and make heavily reaching medical and we them went LOI. sell It talked sell pretty sense XX moved the the the he a business. after the deal, be

we So, about Because impressed a in multiple done. highly even was revenue. a a it's like But much the more $XXX,XXX to the with drivers as it's the quickly business moved and we tuck-in. need It's much get we on or revenue, don’t in way we're the profitable don’t this to profitable what need the $XXX,XXX really profitability, structure. of it's cost X.X

margin would on it than synergy, higher just be than post-acquisition what synergistic the surface. is So, much even quite EBITDA on the

was get ideal So, the very for them and of tuck-in and we're the we where with it talking a But lot was again perform this and to can to more time pleased, folks although in road smaller, on of we're more standpoint. spending just and we diligence. from one some do need of stage them much trying lot a a

Kevin Steinke

helpful. That's Okay, great.

footprint expand more waste exploring to are the infrastructure? organically the need adding internal acquisitions. you Do continue both treatment possibility through you of route-based and you As the or see

David Tusa

be where country. Texas also treatment some a that the party our fantastic we Right have Pennsylvania we don’t Sure. company owned use facility. do have in haz We would have area and able to especially an currently third we It be treatment. treatment, acquire to our around facilities now,

to on and We a do of already and treatment those go buy medical would So, waste facility. permitting versus able get the you day approval best come out business where has that just the radar have are think it it to process years our ones and go one. all process the with high to that's on that years it. waste medical facility way that's Because through the treatment and being and

Kevin Steinke

Right.

Okay yes, that makes sense.

about XXXX SG&A should move SG&A Just growth me expense lastly terms looking now think expense fiscal you here we in anyway, the or what for this just it's levels forward how just are year? for as of we from in

Diana Diaz

this So, of of at last to all increase quarter don’t year. been year. at fiscal we we still guess quarter an of compared said to quarter SG&A We in our digits that. and single I have we I in somewhere reflected think investments think fully I first year had we're in that the increase 'XX end the beginning expected the the for last still believe SG&A last

Kevin Steinke

very you, great. Okay, Thank much.

Operator

Thank you.

Your from next Hoffman. question is Michael coming

Your line is live.

Michael Hoffman

Diana. and David Hey

David Tusa

morning. Good

Michael Hoffman

amount David, marketplace? as revenue of potential can you the help us you the M&A would that with define addressable dollar

David Tusa

The addressable M&A.

if was end. $X revenue on look pipeline, them on know don’t was on average the you at pipeline XX we way our and million, the million our obviously smaller the probably XX, $X opportunity one So, I opportunities of probably maybe is implied

So, million that them, ones XX that's times we our would a of good in think pipeline initially step. least that really at not have is of them probably we that's be $X all

Michael Hoffman

Okay.

simply somewhere So, is $XXX $XXX your and million between million pipeline? put a

David Tusa

Right.

Michael Hoffman

think hit timeline corporate to it. up your some it's development do buy momentum capacity a you and got your you And integrate. What a once thing, as restarting capacity this to what's team in

the So, not I'm is to it million of or or is but revenue million -- it what's to $X $X year what's the what capacity $X gets can talking a you deals talking your Company the sheet, about infrastructure bigger, once going, about that? absorb is and million, deals I'm it or balance

David Tusa

it's integration this have it four, businesses. just ago We and the an place look So, other acquisitions we point. complicated up that and five in this opportunity brushed plan at We with the did with years same got one. from well integration I these down. in it individual quite We've are

well-run a I to deals be be a don’t we and customer able straightforward our especially and the diligence diligence in shouldn’t loading their routes. quarter. we to pretty tuck-ins if are going and have and the to close came integrate, to then just only mean few but and business, on see easy your close a opportunity are to able I to information to it Straightforward existing So, why ones up not we perform those you're

think landing as deals a similar just that. XXX and a It's location launching really customer it larger of just customer or or XXXX to more it's So, opportunity.

not quarter. So, done simplified do have we'd straightforward, love four but three too pretty it's or it to we and

Michael Hoffman

do think that at And could end actually who you to sellers you the of the mind get where you pace?

David Tusa

really truly one, about deploying here Well valuations it peg there they in we can and a right the capital. I an we really very get interested see they we're triggering to But truly that's active if it And be deals the the shot this. we're the but are we and sometimes maybe at in And one so folks, sellers reasonable they're a it's done. has we with the time helped it's at it I and felt thought not long and shouldn’t have with question. I tough. if really event. maybe back selling, marketplace, or opportunity in We really good it. talk ago say as announced tough truly But interested if too I were think looking to be we they but discussion think not off about they're in that It's that

Michael Hoffman

of side flow. number of kind averaged go an feels growth little bit mailback you're of on settling, back to from we a with $X the it were million sort you pre-COVID, like Okay. I a where it And year if on then,

David Tusa

Right.

Michael Hoffman

start incremental to young is another that gotten we the Now rate? think and should recurring do a it how How a of and and there's through that? an boosters kids got and it's waves related of you, adults, a we've bit about

David Tusa

to could a Yes, ways a And we different couple well a of it it's good really No. look at at just ways, couple question. look it. can you of

we talking year. So, one way I'm of fiscal first all about vast is majority of this the had just

received have billings? we and the revenue. of a in much million have $XX majority of COVID generated? vast has Like the $XX million gained Americans received that the about talked the XXX boosters vast that What as those vaccine, of majority received it's million You the

Diana Diaz

Yes.

David Tusa

the the if the I'm $XX them is booster. roughly that's receive do So, would that revenue. not you potential think would to of saying all this the I issue million received math, another when be going happen if that booster, everyone of

time far as that we mentioned for as last last flu, and the some As think our call, ordered customers flu. in I the in of larger that advance and

the I June quarters March much $X as as So, and million. I've mentioned think

know exact could for I of that made were be But levels. could in mentioned, COVID. to In that in is in revenue the inventory could strong in I two vaccine, portion number it I of the there's the be the addressed already their a be September. from too there point just but So, October you standpoint throw could mentioned, think I could think significant month of children's again entire positive the know flu top had very of immunization-related is going more well. a shots, do of some then at Diana October, And generate a was reference, higher up mentioned significant I many as it revenue. be that flu, the I month that or month billings and COVID COVID, billings I the the think as for don’t

see to with that's come start line, was what that's the at we we'll in quarter. think. hopefully they That back we the it, way look So, December

pretty an that think look we year, be if I the maybe certain even next there further that on that after ongoing will at basis Now, it's least shots. two

being talked right, eight. about flu So is we've so always

it's shot whatever late maybe people that will more too or higher get maybe because would So, little latest be. a bit it's than COVID the

have afterwards. fiscal be years So, the level revenue for year of there'd the COVID still we for and we we rest think still think that billings of incremental the

Michael Hoffman

Okay.

shared just subtract So, let's everything the just I add five then so and assumption whether enough. adults. booster's and you parse kids eight, in say fire for your just hose and now some take and take fairly I'd young drinking try another

David Tusa

Right.

Michael Hoffman

than better I'm eight? but XX not I'm so And

David Tusa

in between. Somewhere

way You're yes think right, look at that's reasonable it's just I it. a but depends to

Michael Hoffman

just October better clarify to September quarter mean you than October September you but or better of what September? said. this than month than was did And better

David Tusa

The September quarter.

Michael Hoffman

what meant. I thought okay, that's Yes you

you, thanks. thank Okay,

David Tusa

Alright, thanks Mike.

Operator

Thank you.

Your Brown. next question is coming from Rob

Your line is live.

Rob Brown

Good morning.

David Tusa

Hey, Rob.

Rob Brown

Michael's calling in Just question.

the about said sort $XX running run annualized mailback is Is of and trending think the current that the that pace rate how I basis. still that million you've or there? what's at a is

David Tusa

about COVID are talking you about Are just you talking without or core?

Rob Brown

the core, without of kind COVID. Yes,

David Tusa

September. -- So, our just so well looking

had September a the in million billings we September in quarter So, and immunization. eight from

Diana Diaz

Yes.

David Tusa

almost the million. ended, three mailback And months when we $X generated revenue

You take so couple a --. out, that's of million

Diana Diaz

Three half. and a

David Tusa

or a Three four three four. four, and or times half

just but that's that think far bit too a maybe off. I So, don’t along

Rob Brown

Okay maybe the great, think inventory that impact And sort just inventory inventory is or to with redone there not here? situation, you sold of much out isn’t maybe December there how is the being how much thank you. still quarter sort if do then, that of then already

David Tusa

Well, just flu. that think as I of they think of part about like that much I out utilize there already maybe as there as is I all mentioned, million X that's inventory

leftover COVID ordered million may that like out of be think Just million X mailbacks have may some you traditional maculated for service the COVID, delayed season. made were with was I that sense, that X

way to look probably best I think it. at the that's

Rob Brown

great, over. I'll turn it thank Okay you.

David Tusa

Okay, great.

Operator

in questions you. further time. this queue are no Thank There at

next Hoffman. Your question's from Michael coming

live. is line Your

Michael Hoffman

Yes.

because what's for in that? a hit Sorry in took million would $X.X about September, then route-based into it how there the I is a follow-up. December I quick the think like here If

Diana Diaz

long-term Despite and September quarter was an upcoming labs So, activity revenue, route-based December to to compared quarter to expect in $XXX,XXX. quarter year's $X.X last in as from December increase COVID-related the the million. year's compared well as which of last care about see December had quarter this current we

of XX% to in December to quarter be Excluding we the between those $XXX,XXX, expect somewhere headwinds growth XX%.

Michael Hoffman

And that? hazardous on of the Got it. would waste make-up of be top

Diana Diaz

It would be within that.

Michael Hoffman

Within.

David Tusa

She estimated included for that incremental additional some for haz there inclusion the waste.

Michael Hoffman

enough. Fair

is EPA waste granting day XX to hazardous So, big extensions there.

Diana Diaz

Yes.

Michael Hoffman

incineration new all as so was through next on leaving and they before So, will spring. pass Right, the don’t the them? of way this middle that we're the parts see

David Tusa

So, we're seeing.

Diana Diaz

we're seeing it. But

David Tusa

it up, we're it open pickup. seeing We're seeing

Diana Diaz

opening For the streams, types of waste it's up.

David Tusa

small quantity generators. We're

Michael Hoffman

Okay.

David Tusa

pickup the but talking not resume. volumes And we're about seeing small massive quantity we're already generators,

Michael Hoffman

cool. you. Thank Okay,

David Tusa

Michael. Alright thanks and

Operator

Yes, queue. are thank you. further no in There questions the

David Tusa

And appreciate support next Thank of Q&A. continuous the Company. forward with talking Right. in We everyone. look on Great the you we call. you, your

Operator

and today's This Thank event. gentlemen. ladies concludes you,

time and You at Thank this your day. a may participation. for have wonderful disconnect you,