Stericycle, Inc.

Good day, and thank you for standing by, and welcome to the Q1 2024 StairCycle Earnings Conference Call. At this time, our participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would not like to hand the conference Over to your speaker today, Andrew Ellis, Senior Vice President of Finance.

Good morning, and thank you for joining StairCycle's 2024 First Quarter Earnings Call. On the call today will be Cindy Miller, our Chief Executive Officer, Janet Zelenka, our Chief Financial Officer and Chief Information Officer, and Corey White, our Chief Commercial Officer. The discussion today includes forward-looking statements that involve risks and uncertainties. When we use words such as believes, expects, anticipates, estimates, may, plan, will, goal, or similar expressions, we are making forward-looking statements. Forward-looking statements are perspective in nature and are not based on historical facts, but rather on current expectations and projections of our management about future events and are therefore subject to risks and uncertainties. Our actual results could differ significantly from those described in such forward-looking statements. factors that could cause our actual results to differ are discussed in the safe harbor statement and our earnings press release and in greater detail within the risk factors and our filings with the US Securities and Exchange Commission. Our past financial performance should not be considered a reliable indicator of our future performance and investors should not use historical results to anticipate future results or trends. We disclaim any obligation to update or revise any forward-looking statements other than in accordance with legal and regulatory obligations. On the call, we will discuss non-GAAP financial measures, For additional information and reconciliation to the most comparable US GAAP measures, please refer to the schedules in our earnings press release, which can be found on Stericycle's investor relations website at investors.stericycle.com. The prepared comments for today's call correspond to an earnings presentation, which is also available at Stericycle's investor relations website. Throughout the call, we will reference specific slides from the presentation. This call is being recorded and a replay will be available approximately one hour after the end of the conference call today until May 25th, 2024. Our replay of the webcast will also be available on StairCycle's Investor Relations website. Time-sensitive information provided during today's call, which is occurring on April 25th, 2024, may no longer be accurate at the time of our replay. Any redistribution, retransmission, or rebroadcast of this call in any form without the express written consent of StairCycle is prohibited. I'll now turn the call over to Cindy.

Thank you, Andrew. Good morning, everyone. On today's call, I will walk through highlights of our first quarter results. Corey and I will provide an update on our key business priorities and Janet will cover our financial performance. We are pleased with our first quarter results. Adjusted earnings per share was $0.57, an $0.08 improvement, and adjusted EBITDA was $116.2 million, a $4.9 million improvement over the first quarter of 2023. These improvements were driven by disciplined execution across our key priorities, and we are on track to achieve our guidance for full year 2024. First quarter revenues were in line with our internal expectations. Regulated waste and compliance services organic revenues grew for the eighth consecutive quarter, mainly driven by growth in our hospital customers, which is being partially offset by a reduction in the national account footprint we serve, as we have outlined on previous earnings calls. Secure information destruction performed as expected, mainly due to year-over-year anticipated headwinds in commodity indexed revenues in the first half of 2024, as we mentioned in our prior earnings call. I will now turn the call over to Corey to provide an update on our first new key business priority, commercial and service excellence.