GFL Environmental Inc.

If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to our host, Patrick Dovici, founder and CEO of GFL. Please go ahead.

Thank you, and good morning. I would like to welcome everyone to today's call, and thank you for joining us. This morning, we will be reviewing our results for the second quarter and updating our guidance for the year. I'm joined this morning by Luke Pelosi, our CFO, who will take us through the forward looking disclaimer before we get into the details.

Thank you, Patrick. Good morning, everyone, and thank you for joining. We have filed our earnings press release, which includes important information. The press release is available on our website. During this call, we'll be making some forward looking statements within the meaning of applicable Canadian and U.S. securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set out in our filings with the Canadian and US securities regulators. Any forward-looking statement is not a guarantee of future performance, and actual results may differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements speak only as of today's date, and we do not assume any obligation to update these statements, whether as a result of new information, future events and developments, or otherwise. This call will include a discussion of certain non-IFRS measures. A reconciliation of these non-IFRS measures can be found in our filings with the Canadian and U.S. securities regulators. I will now turn the call back over to Patrick.

Thank you, Luke. This quarter saw the continuation of the broad-based outperformance with which we started the year, driving results ahead of expectations despite multiple external headwinds. We achieved solidly adjusted even in margins in the second quarter of 34.7%, the highest Q2 in our company's history. And our revised outlook for the remainder of the year is better than we originally anticipated. This consistent delivery of record-setting performance once again demonstrates the ongoing dedication and capabilities of our employees, and I want to, again, thank each and every one of them for the commitment to Team Green. Our top to bottom beat against expectations was achieved despite FX rates and commodity prices moving against us since we provided the Q2 guidance back in May. We believe this is a continued demonstration of the quality of our asset base, the effectiveness of our value creation strategies, and the resiliency of our business model. Both pricing and volume were higher than expected for the quarter and continue to trend above our initial guidance. The intentional shedding of lower quality revenue and disciplined pricing strategy ensures we are generating appropriate returns for the high quality services we provide. Because of this, we are increasing our pricing guidance and now expect to deliver over 5.5% pricing for the year. Volume was positive for the third quarter in a row and accelerated 150 basis points over the first quarter. This result was achieved even with macro headwinds impacting construction-oriented volumes and industrial demand. We believe the current tariff environment and broader economic uncertainty are limiting activity levels of many of our industrial customers, having a flow-through impact on volumes, especially in our roll-off collection. Tailwinds from our recent strategic growth investments in EPR, together with the positive underlying trends arising from our market selection, are more than offsetting these demand-side pressures. Although our exposure to cyclical end markets is low overall, we remain well positioned to benefit from any recovery in the macroeconomic environment. The effectiveness of our revenue-related strategies is also reflected in our margins, where we realized a 230 basis point expansion over the prior year. Lower labor turnover together with continuing progress in implementing our self-help initiatives and M&A synergy realization all continue to contribute to our industry-leading organic margin expansion. As highlighted at our investor day, we see a clear path in the near term to low to mid 30% adjusted EBITDA margins, which should result in higher free cash flow conversion and returns across all of our asset base. On M&A, we completed three small token acquisitions for the quarter and are anticipating closing three more tomorrow. Our pipeline remains robust and we remain highly confident in our ability to meet or exceed our M&A capital deployment targets for 2025 and beyond. The back-end weighting of this year's M&A activity gives rise to a lower current year contribution, but sets us up for a larger rollover amount into 2026, positioning us for yet another year of exceptional growth. The strength of our first-half results, together with the opportunities we see in front of us, allow us to increase our full-year guidance. Even in the face of economic uncertainty we see in many of our markets, Our 2025 guidance is industry-leading organic revenue growth and adjusted EBITDA margin expansion. Luke will walk you through the updated guidance in more detail, but we are increasing our adjusted EBITDA target by 50 million, or 2.6%, before considering the translation of impact of FX. I will now turn the call to Luke, who will walk through the corridor in more detail, and then I'll share some closing comments before we open up for Q&A.

Thanks, Patrick. similar to our first quarter discussion all of our financial results in the associated analysis exclude the contribution from es from the comparative prior year period. consolidated revenue for the quarter of 1.675 billion was 9.5% ahead of the prior year pro forma for divestitures. Pricing and volume were both ahead of plan, whereas commodity prices, surcharges, and contribution from FX were all headwinds to plan as the external factors on which these amounts are calculated changed significantly between the time we gave our guidance and the end of the second quarter. Second quarter revenues would have been approximately $10 million higher if not for these exogenous changes. The carry forward of our strong first quarter pricing, along with incremental pricing actions enacted in response to ongoing cost inflation and select markets contributed the pricing of 5.8% 30 basis points ahead of plan for the full year we now expect to realize pricing of 5.5 to 5.75% 25 basis points better than our original guide. Volume was positive in both of our geographies, with over 200 basis points of sequential volume growth acceleration in our U.S. geography as we moved past the weather-related headwinds that impacted the first quarter. The positive volume was achieved inclusive of both roll-off poles and C&D landfill volumes being down in what we ascribe to macro-related slowdowns. Consistent with the first quarter, recyclable volumes associated with EPR-related activities continues to be a tailwind. Second quarter adjusted EBITDA margin was 30.7%, 230 basis points higher than the prior year, and 60 basis points ahead of our guide. The 2024 Michigan residential divestiture, the debt impact of lower fuel prices and R&G contributions were a tailwind to margins, whereas commodity prices and acquisitions were a headwind. Excluding all these items, underlying solid waste margins expanded 170 basis points. Adjusted free cash flow was approximately $137 million, a result better than planned on account of the adjusted EBITDA outperformance and the timing of CapEx. The $190 million year-to-date investment in working capital is consistent with our typical seasonal cadence and is expected to largely reverse by the end of the year, although with the revenue growth outperformance, we now expect a modest investment in working capital for the year as a whole. As Patrick said, despite the multitude of external headwinds, the success of our first half results set us up to increase our guidance for the year. Revenue is now expected to be approximately $6.55 to $6.575 billion based on the FX rate of 1.37 for the remainder of the year. Recall our original revenue guidance of $6.5 to $6.55 billion was based on the then FX rate of 1.41. Every one-point move in FX is about a $30 million impact to annualized revenues. Our updated guidance would have been $6.625 to $6.65 billion on a constant currency basis, representing a 1.7% increase over our original guidance. The updated guidance assumes pricing of 5.5% to 5.75%, volume of positive 25 to 75 basis points, and net M&A contribution of 40 to 50 basis points. The guide assumes today's commodity and RIN prices and the current macro environment persists. Any improvement to these variables will provide upside to the guide. The contribution from M&A incremental to what has been included in the guide will also be additive. Adjusted EBITDA guidance increases to 1.95 to 1.975, a $25 million increase at today's FX rates or a $50 million increase over our original guide on a constant currency basis. At the midpoint, year-over-year margin expansion increases to 120 basis points, an incremental 20 basis points over our original guidance, resulting in consolidated margins of just under 30%, as the strength of our base business performance more than offsets the industry-wide margin headwinds for muted industrial and construction-related volumes and lower commodity prices. In terms of adjusted free cash flow, the $25 million of incremental adjusted EBITDA gets offset by incremental cash interest expense associated with deploying the ES proceeds into share repurchases faster than originally anticipated and capital deployed into M&A. As I previously said, we now expect a modest working capital investment for the year, as well as net capex of approximately $750 million. an increase over our original guidance largely attributable to the acquisition of a strategic property that was previously being leased. The expectation is that these incremental investments will be largely offset by reduced cash taxes from recent changes to U.S. tax legislation. We are therefore reaffirming our $750 million adjusted free cash flow expectation. As to the third quarter of 2025, we expect consolidated revenue of approximately $1.69 to $1.695 billion and adjusted EBITDA of $525 million, which implies an adjusted EBITDA margin of about 31% and continued margin expansion over the prior year pro forma for the ES sale. Q3 adjusted free cash flow is expected to be approximately $175 million, inclusive of $120 million in cash interest, $250 million in base capex, and $20 million net recovery from working capital and other operating cash flow items. I will now pass the call back to Patrick, who will provide some closing comments before Q&A.

Thank you, Luke. As I said in the quarter, our financial performance continues to prove the quality of our assets and market selection and the effectiveness of our strategic plan that we laid out at Investor Day. The operational resiliency of our business in the face of multiple external headwinds that we demonstrated with our results this quarter further reinforces our conviction that GFL is uniquely positioned for industry-leading financial performance and value creation for all of our shareholders in the near term. I'll now turn the call over to the operator to open up the line for Q&A.

Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove your question, press star followed by two. Again, to ask a question, press star one. Please limit to one question and one follow-up. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. We will pause here briefly as questions are registered. Thank you. Our first question comes from Sabahat Khan from RBC Capital. You may now proceed.

Great, thanks and good morning. Just before getting into the business, there are a bunch of headlines in the press over the recent months around the potential options the company might be considering for the GIP business. So maybe just want to give you an opportunity to talk about one, how you're thinking about that business and some options and kind of second part there. Maybe you can just give us some color on the current composition of that business across aggregates and some of the other business lines and just sort of a third clarification question. There was a $24 million monetization or a gain that was reflected in the quarter. If you can just clarify that as well. Thanks.

Yes. Yeah. So as you know, I mean, I think we, we carved that business out of, you know, the GFL book in, in 2022. You know, so I owned it as a private business now for approximately three years. I think, you know, over the, at the time, You know, our equity value in that business was valued, you know, on the books is somewhere around, you know, $250 million. I think you mentioned a footnote of just the rebasing of that. That $25 million is really nothing. It's really because we did an acquisition in one of the principles of that business that we bought. they actually ended up taking equity in GIP. So technically we sold them equity at a, you know, much higher value. So it's sort of got rebates, but by and large, I think what you'll see through the process that, you know, you've seen some headlines recently you know, we're looking to conclude that process over the next two to three weeks. I think we're on the five yard line, you know, we're down to two to two final bidders and you know, we're in the process of just winding that, process down. And I think you'll see a very favorable result, but we'll share that when the final party is selected and we get to the market. But I think what you'll see is a rebate of our equity significantly higher consistent with what we thought values of that business could be over the near to sort of medium term. As we said, I think from our perspective of Partial monetization, not a full monetization. We continue to see a significant amount of opportunities in that business. But there will be a dividend that comes back to GFL to use, again, for further M&A within the existing portfolio. And certainly at these levels, continued share buybacks with the proceeds that we get from that sale process. But like I said, nothing is 100% done until it's done, but we're feeling very good about it. And we think that we'll have something to report in the next coming week.

Great. And then just on the margin side, good progress this quarter. It sounds like your point is 31% for the next quarter. If you can maybe just recap or give us an update on some of the self-help levers and the improvements that you sort of highlighted at the investor day, where you are on those and what you expect to contribute to this full year guidance here for the rest of the year. So just a bit of an update on the margin side, please.

Yeah. Hey, Saba. Good morning. It's Luke. It's a great question and obviously something that we're sort of really excited about. You know, you can see it. in the current quarter results, you know, exceeding what we're already, you know, we think pretty sort of ambitious expectations or goals. And it's, as you said, a function of all of those levers, you know, contributing to the overall sort of cause. You know, it starts at the top line. You can see the pricing outperformance. the current quarter. I mean, one of the self-help levers we had talked about at the investor day was on the surcharges line, right? And there's just a whole host of incremental fees that we should be getting for the services we provide. And we've talked about initiatives to get those in place and go out and harvest that opportunity and while we're early stages, it's starting to contribute. And so some of that price outperformance, I think we had articulated a $40 to $80 million opportunity for surcharges by the time we got to 2028. You know, very early stages, but we're starting to realize some of that benefit. You're seeing that come through on the top line. As you go down the P&L, You know, I think another key opportunity was labor turnover, right? And just the benefits that will come from attracting and retaining talent and keeping them in the doors for longer. And you're seeing that. It continued sequential improvement in the turnover rates. You know, still not where we ultimately want to be, but probably another 100, 200 basis points improvement, you know, in the current quarter versus on a year-over-year basis. And that accrues into that labor line, right? All-in labor, you can think of it as 25%, 35% P&L. Um, and obviously improving that turnover is a key part to driving productivity and cost savings. And you're seeing that come through. And then, you know, as you just think about the broader buckets of costs, we talked about synergy realization, we talked about procurement optimization. Each of those levers are being pulled and the team is being able to deliver, you know, in excess of, as I said, what was already pretty ambitious, 2025 expectations. So you're right, Q3, the expectation is it continues. For the guide, the year as a whole, we now see an incremental 20 basis points at the midpoint over what was already our starting 100 basis points. And we're, you know, really excited for the continued performance and, you know, proud of how well everyone is executing on these strategic plans. Thanks very much.

Thank you. Our next question from Stephanie Moore from Jefferies. You may now proceed. Hi, good morning.

Thank you. You know, Patrick, you noted previously, you know, that your M&A pipeline, you know, the majority of the pipeline you're looking at was, you know, tuck-in acquisitions within existing markets. Just curious if maybe that has changed at all, if you look at the back half, and then if you could maybe speak to the visibility to M&A you have in the second half of this year. Thanks.

Yeah, no problem. Thanks, Stephanie. You know, I think from where we sort of sit today, I mean, it's been a very busy first half of the year. One with the original, you know, the carve-out of the ES business, and then the, you know, I would say the recapitalization of the infrastructure business combined to sort of what we do every day on the solid waste side. I think we've deployed... just over $300 million of capital today into M&A. I think we got it to $700 to $900 million spend this year on M&A, and we're fully on track to do that, fully on track to achieve the high end of that range. So visibility is very good. And although there won't be a large in-year contribution from the M&A I think setting us up perfectly for an outside year of growth in 2026 because of the rollover effect of that M&A that's going to close in the back half of the year here. So very good visibility. In terms of moving to new markets, nothing has changed on that thinking. Again, continued focus is on densifying the existing markets where we have underutilized post-collection assets. We think that's going to get us the highest returns on our invested capital, and if For the time being, that's where we're focused. And we don't see any reason to sort of step outside those markets that we're currently operating in today.

Got it. Thank you. And then maybe just a follow-up to the volume performance. Look, I think at this point, we've all seen or heard that obviously the industrial economy is really weak. There can be lumpiness with special waste volumes. But your volume performance definitely continues to be a clear standout. So if you could just kind of talk about the puts and takes to the volume performance. in the quarter, specifically with, as you noted, both regions seeing positive contribution. Thank you.

Yeah, thanks, Stephanie. It's Luke here. Happy to walk through it because, again, you know, performance that we're sort of proud of. And I think it speaks to some of the strategies that we've been talking about, both in terms of market selection, as well as the strategic investments that we've been sort of making. I mean, on the market selection piece, again, we've spoken to the benefit we have of having large businesses in the U.S. Southeast, where a lot of people are sort of moving to. And, you know, new houses yields new business, which yields new opportunities for us. And then also regulatory environment. Canada as a whole tends to historically have been a good volumetric business just by virtue of increased regulation that drives volumetric opportunities. And we're certainly seeing that with EPR, which ties into the strategic investment. The regulatory change gave opportunity for capital deployment that we saw as attractive return profile. And as you know, we have heavily invested in that. And there's been a couple of years we've been on these calls talking about all this investment we've been making. But now, fortunately, we're finally at the time where we get to reap the rewards from that. And it's sort of playing out as anticipated. I mean, Canadian volume. was 6.3% for the quarter. Now it was 6.9% in Q1, but Q1 benefited from one large event-driven sort of destruction of a car plant, which was about $10 million of transfer station volume we called out. If you exclude that, Q1 was 4.6%. So you're really now sequentially increasing to 6.3% in Canada for Q2. Now, EPR is a big driver of that, as it was intended to be. And so if you back that out for Canada, it's about sort of 2.5% volume growth. um which i think is just a sort of function of the quality of the business that we have and you know a little bit of the catch-up of q1 because recall that was a little bit sort of muted by virtue of the the real sort of winter that was experienced in many markets the u.s is arguably the more sort of shining star in uh in a volume growth we turned positive from uh what we had in q1 now q1 heavily weather related impacts but uh print positive volume growth there, despite the industrial and construction-oriented slowdown, I think it really speaks volumes, pardon the use of that word, to the business that we have there. I mean, if I look at C&D waste, it was down 8% quarter over quarter, which I think is a function of that sort of macro piece. Now, as we said in the prepared remarks, we've never been able to grow a business that had a high degree of exposure to the most cyclical ends of the market. And that's really coming out of our historical leverage profile. So I think we have more de minimis exposure to some of the soft areas, but it's also just a function of benefiting from the investments that we've been made, both organically and inorganically. And we're excited to sort of continue as we go forward.

Thank you. Our next question is from Patrick T. Brum from Raymond James. You may now proceed.

Hey, guys, this is Tyler. Can you hear me?

Yeah, we can hear you.

Hello. All right.

Yeah, Tyler, we can hear you.

Sorry, I don't... Yeah, good deal. Hey, Luke, can we go back to volumes? I just need some clarification because I think it's a little bit confusing. So... You printed 2.5% volumes, but my hunch is the vast majority of that was EPR and RNG investments layering in. Is that correct? And two, on the 25 to 75 basis points on volume guidance, is that excluding EPR and RNG, or is that what we're going to see in the table? Does that make sense?

Yeah, Tyler, I'm not sure if you just heard my response to Stephanie, as I just sort of covered a bunch of that. But just to reiterate... EPR, if you think about for the quarter, EPR is contributing about $20, $25 million of the global volume number, right? So certainly EPR is providing a tailwind to the consolidated volumes. Now, even without that, Canada volumes positive 2.6% and the US volume is also positive. But yes, you got a big chunk of it for being EPR. Now, remember, EPR was in our base guide. So for the year as a whole, the initial guidance was assuming we're going to be, call it roughly flat on volume. I think we said minus 25 to positive 25. The new guide takes that up 50 bps. So now we're saying 25 to 75. A little bit of that outperformance over original guide is incremental EPR benefits. So we're doing a little bit better than what the pro forma was on EPR volume. But the balance of that incremental volumetric guide is just broad-based volume across the system. On RNG, just so you know, by virtue of our arrangement, very de minimis amount of our RNG EBITDA is actually manifested in the revenue line. right it's just all the sort of jv even a pickup so rng really is not factoring in to the volume story but epr is although i would say the guidance raise is less about epr and more about broad-based outperformance okay okay that's very helpful no i appreciate that and then i know the capex is obviously split between us and canada

But just any broad color on the dollars of what bonus depreciation means in 25. And if I go back to the analyst's day, I think you said that you were expecting call it a mid 40s free cash conversion. But with bonus depreciation, does that maybe jog up, say, 100 basis points or something like that? Just any color there?

Yeah, great question, Tyler, and obviously sort of very topical. Um, for the current year, bonus depreciation is supposed to be about 25, $30 million tailwind. Right. And that's really, as you said, coming out of the us dollar CapEx. But as we said in the prepared remarks, I really have a little bit of extra CapEx, really $25 million associated with one transfer stations, right. That we used to lease and we had to buy because we couldn't lose it. Um, and then a little bit of working capital investment. So that's sort of a wash at the free cashflow line, but 25, $30 million bonus depreciation benefit. this year. And that ramps up, you know, 40 million next year, you know, and then grows from there, obviously contingent on the US dollar qualifying capex spend. But to your point on the free cash flow conversion, and I think that's a very important one, you know, if you think about the page that you're referring to in the investor day deck, we said, hey, over the next couple of years, you get up to 28, you got roughly 9 billion revenue, 2.93 billion dollars of EBITDA, And we're going to be converting sort of low to mid 40s free cash flow conversion. And what were the drivers of that? Well, it was the EBITDA margin expansion. Capital intensity is what it is. We're going to enjoy a reduction in cash interest intensity as we migrated towards a more industry norm level of cash interest burden. But partially offsetting that was going to be this ramp in cash taxes. Right. Because we're now sort of cash taxpayer and we're going to go from cash taxes historically being 30 to 40 basis points of revenue. That was going to ramp up to the sort of 200 basis points of revenue that it represents for all of our peers. What the bonus depreciation is going to do is materially slow down that ramp in the cash tax burdens. So all other things being equal, if you go back to that investor day where we said $2.9 to $3 billion of EBITDA and call it 43 to 45% free cash conversion, that would have been 1275 to 13 and a quarter of free cash. And now you'd say you'd be $50 million better than that, right? And so to your point, I think it equals about 200 basis points of incremental free cash flow conversion. That 28 is a long way away and there's obviously a lot of moving pieces. But absolutely, wherever we were going to get to before, we probably now have 100 to 200 basis point tailwind. That's going to allow us to hit that four handle and go through that at a free cash flow conversion faster than we otherwise would have.

Right. Okay. Nope. Great color. Thank you, guys.

Thank you. Our next question is from Kevin Cheyenne from CIBC Woodgundy. You may now proceed.

Hey, thanks for taking my question. And good morning. Luke, you kind of highlighted the strong organic growth in Canada. EPR is obviously a contributor there. It does feel like EPR is coming in, you know, as expected, maybe a little bit better. Just wondering, I know in the past you've talked about as a team kind of upside to EPR, EBITDA, you know, relative to the base cases. Is that kind of what we're tracking to now? Or is that something we could see in future years, like in 26, 27, as you continue to build on this EPR revenue stream?

Yes. So, Kevin, what we're seeing in the current year is not those incremental opportunities. I just want to be clear. This is really... Picture a scenario, Montreal, we open our MRF to deal with EPR. We're expecting to do volume of 100 in the first year, and we're actually doing volume of 110 because our customer base is using our facility on a sort of temporary basis as other sort of components of EPR get up and running. So I think we're benefiting from some transitional style volumes, that effectively are going to allow us to ramp to the $130 million of EBITDA faster than we otherwise would have. Because if I use that Montreal example, this incremental volume that I'm enjoying today, I'm not going to have that necessarily into next year, but incremental contracts are going to come on that will effectively replace it. So I'd say what we're enjoying today is a modest increase sort of pickup of just volume associated with the transition to EPR. Now the broader opportunities remain, and I'm going to let Patrick speak to that, but we still, you know, see across the country, incremental opportunities as we have before. Patrick, you want to provide some color on that?

Yeah. So if you look at EPR, I mean, there was, you know, as we talked about, there was a couple of opportunities. One that was in sort of Maritimes on Canada, which we were not successful on. There's still a couple of opportunities in Quebec that we feel we're very well positioned for. And then as Western Canada comes online, you know, again, very well positioned with our assets. But, you know, everything is tracking the plan. I think the investments we made are going well and are on plan. So I think if we can just keep up this trajectory, you know, it will play out as, you know, we anticipated.

That makes sense. Maybe just a quick modeling question, I guess. Maybe this is for you, Luke. Obviously, a lot of M&A this year, and it seems like the pipeline is huge. You spoke of outside contribution in 26 from M&A completed this year. As I think of how that impacts the corporate line item, should we assume that stays flat? Because if I recall at the investor, you kind of talked about as you build out the platform here, that corporate cost gets a little bit more incremental leverage into the bottom line. Is that kind of the right way to think about it as we think about the earnings contribution on a consolidated basis from this elevated M&A activity?

Absolutely, Kevin. I think you're thinking about exactly right. I mean, we've made investments over the last years into the corporate office, just as we grew as a public company. And then you know, most significantly over the last couple years in IT-related infrastructure and cloud, et cetera. But I think where we're at today is, you know, we have the corporate function that we need, and we do not see the need for material incremental investment. So now is the time to drive meaningful operating leverage on that line. Recall, we had... levered that line down to sort of a 2.5%, 3% of revenue. But then with the divestitures, both the smaller pieces through 23 and then the ES divestiture, that cost bucket sort of jumped back up to the sort of 4% as we retained a lot of that sort of corporate infrastructure. Now, we fully anticipate from a modeling perspective for that item to sort of grow organically at a sort of low to mid single digit number, whereas the top line will be able to grow at a faster clip by virtue of the M&A, and you should get the exact operating leverage that you're describing.

Perfect. That's great clarification. Thank you very much, guys.

Thank you. The next question is from Connor Gupta from Scotiabank. You may now proceed.

Thanks, Inder. Good morning, guys. Just probably first on the guidance for revenue and EBITDA. Looks like, you know, FX is shaving off 50 to like two-thirds, 50% to two-thirds of your revenue and EBITDA bump for the full year. What about the remaining items that are driving the guidance up? I mean, I think you had some M&A sort of catch up from Q1, I guess, and then you had some incremental M&A, I guess. You seem to bump up volume and pricing assumptions as well. Can you put some numbers into the bucket in terms of what's driving those revenue and EBITDA attributions?