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    Tyler Brown • Raymond James

    Tyler Brown's questions to Proficient Auto Logistics Inc (PAL) leadership

    Tyler Brown's questions to Proficient Auto Logistics Inc (PAL) leadership • Q2 2025

    Question

    Tyler Brown of Raymond James inquired about the drivers behind the sequential decline in revenue per unit (RPU), the dynamics of the current OEM bid market, and sought clarification on the company's free cash flow generation potential.

    Answer

    President & COO Amy Rice attributed the RPU decline to a customer mix shift with varying lengths of haul, not core rate weakness. She also described the bid market as active, with OEMs open to share shifts, creating significant growth opportunities. CFO Brad Wight confirmed the annualized free cash flow run rate from operations is expected to be between $30 million and $35 million after accounting for $10 million in CapEx.

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    Tyler Brown's questions to Proficient Auto Logistics Inc (PAL) leadership • Q1 2025

    Question

    Tyler Brown from Raymond James asked for several clarifications, including the company's domestic vs. import vehicle mix, the revenue contribution from the Brothers acquisition, the ramp-up of a $60 million market share gain, and the expected Q2 EBITDA performance.

    Answer

    President and COO Amy Rice estimated a 60% domestic to 40% import mix. CFO Bradley Wright noted Brothers' revenue is slightly less than $30 million and confirmed the $60 million gain is an annualized figure that began ramping in Q1. Wright also projected improved profitability in Q2, with targeted incremental margins of 20-25%.

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    Tyler Brown's questions to Proficient Auto Logistics Inc (PAL) leadership • Q4 2024

    Question

    Tyler Brown of Raymond James asked about real-time trends in the spot market, the revenue floor for the dedicated Pro Fleet service, and what a 'normal' spot premium over contract pricing would be. He also inquired about the amount of slack capacity in both the company-owned and subcontractor fleets and the CapEx outlook for 2025.

    Answer

    President and COO Amy Rice described current spot opportunities as 'episodic' and confirmed the dedicated fleet service is at a minimum run-rate of about $4-5 million per quarter. She estimated a more typical spot premium could be in the 25% to 40% range. Rice also noted Proficient has available assets in its company fleet and significant capacity among its 2,500+ subhaul carriers. Chairman and CEO Richard O'Dell projected 2025 CapEx to be in the $25 million to $35 million range.

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    Tyler Brown's questions to Proficient Auto Logistics Inc (PAL) leadership • Q3 2024

    Question

    Tyler Brown of Raymond James inquired about the profitability of the core business, excluding the volatile spot and Pro Fleet segments, and sought clarification on Q4 guidance for revenue and operating ratio (OR). He also asked about potential capacity leaving the market and what additional cost-saving measures Proficient could implement to stabilize margins in a prolonged weak environment.

    Answer

    CFO Bradley Wright confirmed the core business is profitable but impacted by lower volumes reducing operating leverage. He guided for a 2-5% sequential revenue increase in Q4 with a 100-200 bps OR improvement. Regarding cost controls, Wright stated they are exploring all options, including personnel efficiencies, without harming operations. President & COO Amy Rice added that integration efforts will create soft cost savings, while CEO Richard O'Dell highlighted improving backhauls and mix management through data analytics as key levers for efficiency.

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    Tyler Brown's questions to Construction Partners Inc (ROAD) leadership

    Tyler Brown's questions to Construction Partners Inc (ROAD) leadership • Q3 2025

    Question

    Tyler Brown of Raymond James Financial inquired about Construction Partners' ability to achieve record margins despite severe weather, the meaning of 'full utilization' for future growth, the expected M&A revenue contribution, and whether the company plans to reset its long-term targets after reaching them two years early.

    Answer

    CEO Jule Smith credited the strong margins to the company's three strategic levers (better markets, vertical integration, scale) firing on all cylinders. He clarified that 'full utilization' reflects a full work schedule, not a capacity constraint. CFO Greg Hoffman provided M&A revenue guidance, projecting $270-$280 million in Q4 2025 and a $240-$250 million rollover into fiscal 2026. Executive Chairman Ned Fleming confirmed that the company will update its long-term targets in the coming months, emphasizing their focus on compounding wealth through strategic, long-term decisions.

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    Tyler Brown's questions to Construction Partners Inc (ROAD) leadership • Q1 2025

    Question

    Tyler Brown asked for the incremental revenue contribution from M&A in the fiscal 2025 guidance. He also questioned if the move into Texas and Oklahoma signaled a lack of opportunities in heritage markets and inquired about the strategy for the new Oklahoma platform and the role of liquid asphalt terminals.

    Answer

    CFO Gregory Hoffman quantified the total revenue from acquisitions for the year at approximately $730-$750 million. Executive F. Smith countered that significant 'white space' and opportunities remain in their heritage states, as evidenced by the recent Mobile acquisition. Executive Chairman Ned Fleming added that the M&A pipeline is stronger than ever. F. Smith confirmed the Oklahoma acquisition is a platform for future growth and that liquid asphalt terminals are a key part of their vertical integration strategy.

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    Tyler Brown's questions to Casella Waste Systems Inc (CWST) leadership

    Tyler Brown's questions to Casella Waste Systems Inc (CWST) leadership • Q2 2025

    Question

    Tyler Brown from Raymond James Financial inquired about the performance lag in the Mid-Atlantic region, the potential for future pricing opportunities and synergy benefits, the market dynamics of the Mountain State Waste acquisition, and the reason for a decrease in interest expense guidance.

    Answer

    President Edmond Coletta explained that integration in the Mid-Atlantic was slowed by a legacy GFL billing system and delays in new truck deliveries, but confirmed a significant pricing and synergy opportunity of $5-10 million over a few years exists once their systems are implemented. Chairman & CEO John Casella added that the Mountain State Waste deal provides a strong platform for growth in Pennsylvania and West Virginia. EVP & CFO Bradford Helgeson noted the interest expense guidance was lowered due to refined forecasting and reduced conservatism.

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    Tyler Brown's questions to Casella Waste Systems Inc (CWST) leadership • Q2 2025

    Question

    Tyler Brown inquired about the operational lags in the Mid-Atlantic region, the potential for future pricing opportunities and synergy benefits, the market dynamics of the Mountain State Waste acquisition, and the reason for a decrease in interest expense guidance.

    Answer

    President Edmond Coletta explained that a legacy GFL billing system and truck delivery delays have slowed synergy realization in the Mid-Atlantic, but confirmed a significant pricing opportunity exists once their own system is implemented. He estimated a $5-10 million synergy benefit over a couple of years. CEO John Casella described the Mountain State Waste deal as a strategic platform expansion into West Virginia's growing markets. CFO Bradford Helgeson attributed the lower interest expense guidance to refining forecasts and reducing conservatism.

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    Tyler Brown's questions to Casella Waste Systems Inc (CWST) leadership • Q3 2024

    Question

    Tyler Brown sought clarification on the 2024 guidance, the financial impact of C&D landfill volume weakness, the key drivers for the 2025 outlook, and details on the company's waste internalization strategy, including the use of long-haul trucks versus rail transport.

    Answer

    CFO Bradford Helgeson confirmed that unexpected Q3 insurance costs largely offset the contribution from the Royal acquisition, keeping 2024 guidance stable. President Ned Coletta detailed that the C&D volume drag, caused by a competitor's impending landfill closure, has been significant but is expected to resolve in 2025. He also explained that new long-haul truck lanes are being established to increase internalization, while the McKean rail site is being reserved for higher-value MSW and special waste streams.

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    Tyler Brown's questions to Republic Services Inc (RSG) leadership

    Tyler Brown's questions to Republic Services Inc (RSG) leadership • Q2 2025

    Question

    Tyler Brown of Raymond James Financial inquired about the breakdown of the ~$200 million revenue guidance reduction between the Environmental Solutions (ES) segment and other factors. He also sought more detail on the underlying causes of the slowdown in the ES business, including its E&P exposure.

    Answer

    CFO Brian Delghiaccio explained that approximately 65% of the revenue reduction is from lower volume expectations in the core recycling and waste business, with the rest from Environmental Solutions. CEO Jon Vander Ark attributed the ES slowdown to macro factors like sluggish manufacturing and trade policy uncertainty, which has delayed customer decisions. He also noted some instances of being priced out of opportunities. Delghiaccio added that the E&P business is a mid-single-digit percentage of the total ES portfolio.

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    Tyler Brown's questions to Republic Services Inc (RSG) leadership • Q1 2025

    Question

    Tyler Brown asked about the key performance indicators for the US Ecology business, the details of the Shamrock Environmental acquisition, and sought confirmation that the Q1 M&A spend was already included in the 2025 guidance.

    Answer

    CEO Jon Vander Ark confirmed a 75% recurring and 25% project revenue mix for the Environmental Solutions business is a fair estimate and that they track metrics like PMI. He described Shamrock as a strategic acquisition in commercial water treatment that also brings PFAS technology. CFO Brian DelGhiaccio affirmed that the revenue from Q1's acquisitions was already contemplated in the full-year guidance, contributing about one percentage point.

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    Tyler Brown's questions to Waste Management Inc (WM) leadership

    Tyler Brown's questions to Waste Management Inc (WM) leadership • Q2 2025

    Question

    Tyler Brown of Raymond James Financial sought clarity on the 'lifetime customer value' messaging, the updated 2027 synergy target for Stericycle, its CapEx profile, and the assumptions behind the long-term free cash flow guidance regarding taxes.

    Answer

    CEO Jim Fish explained that 'lifetime customer value' is about service differentiation through technology, which then supports pricing power. SVP Rafael Carrasco confirmed the synergy target includes $50M in cross-sell opportunities. EVP & CFO Devina Rankin noted the healthcare business's long-term capital intensity will be lower (around 8.5% of revenue) and clarified the long-term FCF guidance did not assume bonus depreciation benefits.

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    Tyler Brown's questions to Waste Management Inc (WM) leadership • Q1 2025

    Question

    Tyler Brown asked for the specific amount of synergy capture included in the Q1 EBITDA for WM Healthcare Solutions and sought clarification on the updated annual synergy guidance. He also questioned if the sustainability business (RNG and recycling) was on track to meet its incremental EBITDA targets and confirmed there were no tariff-related CapEx delays.

    Answer

    Executive Rafael Carrasco reported $16 million in synergy value was realized in Q1. EVP and CFO Devina Rankin clarified the guidance of $80-$100 million was to signal that $90 million is the most likely outcome. Executive Tara Hemmer confirmed the sustainability business is performing on plan, with equipment procured in advance, avoiding any tariff impacts on project schedules or costs.

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    Tyler Brown's questions to Martin Marietta Materials Inc (MLM) leadership

    Tyler Brown's questions to Martin Marietta Materials Inc (MLM) leadership • Q1 2025

    Question

    Tyler Brown of Raymond James & Associates, Inc. commented on the solid cost performance in aggregates and asked if, like a peer, Martin Marietta had pushed out any maintenance or stripping costs due to weather. He also requested guidance on the cost inflation outlook for the remainder of the year.

    Answer

    SVP and Interim CFO Bob Cardin credited the 'excellent cost management' by operations teams. He noted that on a per-unit basis, energy and contract services costs were down low-double digits, while supplies and repairs were down mid-single digits, aided by a diesel fuel tailwind. Cardin specified that excluding the $0.72 per ton impact from the inventory drawdown, unit costs were actually down 2.3%. He expects continued healthy gross margin expansion in future quarters.

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    Tyler Brown's questions to Clean Harbors Inc (CLH) leadership

    Tyler Brown's questions to Clean Harbors Inc (CLH) leadership • Q4 2024

    Question

    Tyler Brown of Raymond James inquired about potential incremental opportunities from California wildfires, the company's involvement in bird flu cleanup efforts, inbounds from captive incinerator operators following the Kimball facility launch, and the current M&A environment for specialty waste assets.

    Answer

    Co-CEO Eric Gerstenberg confirmed active participation in the California wildfire cleanup, noting it was a net neutral event for Q1 guidance due to initial business disruption. He stated that while the company could assist with bird flu, there were no material opportunities at present. Regarding captive incinerators, Gerstenberg highlighted ongoing discussions with several operators about their strategic options now that Kimball provides additional capacity. Co-CEO Mike Battles added that the M&A pipeline is very active, and despite higher multiples, the company sees value and will be an active participant in 2025.

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    Tyler Brown's questions to Clean Harbors Inc (CLH) leadership • Q3 2024

    Question

    Tyler Brown asked for clarification on the Q3 performance and Q4 guidance, questioning if the weakness was primarily isolated to the Safety-Kleen Sustainable Solutions (SKSS) segment. He also inquired about the long-term strategy for SKSS, the outlook for 2025, and the potential for strong cash flow generation next year.

    Answer

    Co-CEOs Eric Gerstenberg and Michael Battles confirmed that the guidance revision was almost entirely due to market challenges in the SKSS segment, while the core Environmental Services (ES) business remains strong. They acknowledged the need for aggressive action to stabilize SKSS profitability. For 2025, Battles projected mid-single-digit organic revenue growth and mid-to-high single-digit EBITDA growth, driven by the ES segment. He also affirmed that 2025 cash flow should be a 'really good story' due to lower CapEx and working capital improvements.

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    Tyler Brown's questions to Old Dominion Freight Line Inc (ODFL) leadership

    Tyler Brown's questions to Old Dominion Freight Line Inc (ODFL) leadership • Q4 2024

    Question

    Tyler Brown asked whether a potential change in the U.S. administration could create an opportunity for the trucking industry to revisit the broader use of triple trailers.

    Answer

    President & CEO Marty Freeman responded that the possibility is 'yet to be seen' but remains hopeful for future discussions. He noted that while broader use of triples is uncertain, ODFL is already taking steps to improve linehaul efficiency, such as building a new hub that will accommodate Rocky Mountain doubles on the Turnpike.

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    Tyler Brown's questions to Vulcan Materials Co (VMC) leadership

    Tyler Brown's questions to Vulcan Materials Co (VMC) leadership • Q3 2024

    Question

    Tyler Brown requested an update on the company's plant technology initiative, asking about its implementation progress and its potential impact on unit cost efficiencies.

    Answer

    Chairman and CEO James Hill reported they are in the 'early stages,' with the technology fully deployed at 25-30% of the 110-120 targeted plants. He noted they are seeing double-digit throughput improvements at these sites. The full rollout is expected to be completed by early 2026 and will have a positive impact on costs, though the current focus is on measuring throughput gains.

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