Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $417.1 million, an increase of $76.1 million or 22.3% year over year, with $57.3 million from acquisitions and $18.4 million from organic growth of 5.4% [14] - Adjusted EBITDA was $86.4 million, up $15.4 million or 21.7% year over year, with adjusted EBITDA margins at 20.7%, down 10 basis points year over year [17][18] - Adjusted net income was $12.2 million or $0.19 per diluted share, an increase of $3.5 million or about $0.04 per share [19] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 25.9% year over year, with pricing up 5.6% and volume down 1.7% [14] - In the landfill business, organic growth exceeded 7% with positive contributions from both price and volume, where price was up 3.3% and tons up 3.9% [9][16] - Resource Solutions revenues were up 9.5% year over year, with national accounts up 10.9% [16] Market Data and Key Metrics Changes - Pricing momentum in the collection side of the solid waste business was positive at 5.8%, offsetting a volume decrease of 1.7% [10] - The average price per ton in the landfill business was up 4.8% in the quarter [16] - Commodity prices remained stable, with recent softness in the fiber market offset by strength in plastics and aluminum [17] Company Strategy and Development Direction - The company continues to execute its acquisition strategy, having closed four deals year to date with approximately $50 million in annualized revenues [11] - The active M&A pipeline is over $500 million in revenues in various stages of engagement, focusing on operational fit and margin improvement [25] - The company aims to internalize more of its own tons and is working on expanding fleet automation and improving employee retention [9][10] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the 2025 outlook, seeing opportunities for future value creation despite macroeconomic uncertainties [11][21] - The company has low exposure to tariffs and is closely monitoring vendor pricing related to tariffs [22] - Management noted that the first quarter was a strong start to 2025, with operational strategies working well [11][12] Other Important Information - The company was recognized on Forbes' 2025 America's Best Midsized Employers list, highlighting its core values and culture [7] - The company has approximately $900 million of availability between excess cash and its undrawn revolver, positioning it well for future growth [21][90] Q&A Session Summary Question: How much of the landfill volume increase is due to lost construction and demolition volumes flowing back? - Management indicated that about a third of the increase is from recapturing construction and demolition tons in the New York market, with two-thirds related to efforts to internalize additional tons [30][31] Question: Can you provide an update on landfill capacity for internalization? - Management stated that they are running about 30% excess capacity, primarily in New York State, with opportunities to drive more volume to specific landfills [33][34] Question: What is the expected EBITDA contribution from internalization? - Management noted that the impact of internalization is acquisition-dependent and varies based on specific transactions [78] Question: Why was full-year guidance not changed despite strong Q1 results? - Management explained that it is typical not to change guidance in the first quarter unless there are significant deviations from expectations [99][100] Question: Is there any impact on acquisition candidates due to economic uncertainty? - Management reported no significant impact on M&A activity, maintaining steady engagement with potential candidates [102]