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Analyst
Jim Schumm
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 17on tracked calls
- Challenge rate
- 6%1 of 17 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 17 of 17 questions from 2 companies
WMWaste Management13 questions · 6 reporting periods · 1 of 13 challenging
Calendar 2026 Q1
Just looking at the solid waste volumes up quite a bit and transfer station volumes down. What's driving that?
Show response
Morris attributed transfer volume weakness to Northeast winter weather, particularly New York metro area, not Healthcare business.
on the synergies on the path to [ $300 million ], like roughly, where are you now?
Show response
Fish confirmed on track with $300M synergy target, potentially ahead. Cross-selling producing $27M annualized EBITDA benefit. Could reach $325M.
can you just give us a sense of -- you talked about some customer credits in the past?
Show response
Fish confirmed credits peaked Q4, declining in Q1/Q2 with favorable reversal in Q3/Q4. DSO down 14 days, past due receivables down by 2/3. Only lost 1 of 3 projected hospital customers.
Calendar 2025 Q4
collection and disposal core price in 2026 is expected to be like 5.6% at the midpoint, which seems very conservative
Show response
Jim explained 5.6% reflects CPI index lag of up to 6 months on residential and some other lines. Not conservative, mechanical lag effect. Churn bounces around 10% range. John noted OpEx under 59% in Q4 and C&D margins at all-time high 39% demonstrate pricing effectiveness.
can you give us the revenue split between document destruction and medical waste
Show response
John confirmed 2/3 healthcare, 1/3 document destruction split. Both viewed as core collection/disposal/processing businesses aligned with WM competencies. Healthcare integration into 16 areas in last 120 days creating platform for margin expansion.
Calendar 2025 Q3
you noticed -- you noted like basically Legacy, Stericycle volumes going into your landfills. Are there any -- is there any way you could quantify that benefit for us
Show response
Devina framed internalization as about 1/5 of the $80-100M 2025 synergy value rather than giving a specific volume figure.
I was wondering on the WM Healthcare, would you be able to give us a sense of how the medical waste is performing and how the document destruction businesses are performing
Show response
John detailed: medical waste credits primarily on RMW side from ERP frustration. Some hospital churn but additions remain healthy. $200M renewed at low double-digit PIs. Auto shred purge business fixed after early-year disconnect; sales coverage optimization showing productivity. 'Melting ice cube concern is not that much of a concern for us anymore.'
You were pursuing an incremental hazardous waste landfill. Is that right that didn't come to fruition? Or are you closing an existing hazardous waste landfill
Show response
John clarified site was not operational and had been on life support while pursuing permit expansion. No loss from existing operating portfolio. Devina confirmed hazardous waste landfill count moves from 5 to 4.
Calendar 2025 Q2
I was wondering if you would be willing to provide the revenue split between medical waste and secure information destruction
Show response
Rafa confirmed 2/3 medical waste, 1/3 SID. Long-term aspiration of 5-6% top line growth for both. Devina deferred specific long-term EBITDA growth rate to beyond 2027.
Calendar 2025 Q1
is there anything structurally different about Stericycle such that you would not be able to get SG&A down to more of your corporate level of 9% or 10%
Show response
Devina confirmed ultimate goal is WM-level SG&A. Only structural difference is separate ERP systems for foreseeable future. Geographic areas operate at sub-5%.
their outlook was longer-term revenue growth of 3% to 5% on the top line and EBITDA growth of 13% to 17% annually
Show response
Jim didn't disagree with prior Stericycle targets. Highlighted cross-sell opportunity and $200M in lagging price increases identified. Devina deferred specifics to June Investor Day.
Calendar 2024 Q4
Did you get shovels in the ground for all 20 projects by the end of 2024, such that you believe you will receive the ITC in 2026 as well
Show response
Tara confirmed ITC eligibility. Devina added domestic content focus will maximize ITC, with $220M in 2025 plus $135M captured in 2024 exceeding prior $250-350M range.
can you update us on what are the most significant delays you're facing at the moment? Any change there?
Show response
Tara confirmed no change to projections. All but two plants completed by end of 2025, utility interconnects now have line of sight.
RSGRepublic Services4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
you said you have 250 EV trucks. You’ve been running these for several quarters now.
Show response
CEO said EV truck performance is exceeding expectations; purpose-built EVs avoid the payload penalty of retrofitted diesel trucks.
Calendar 2025 Q2
Are you seeing, as you look at takeover targets that a lot of these sellers are trying to really up their asking price
Show response
Jon acknowledged rising ES multiples driven by value creation but noted bid-ask spread not widening, with returns (not multiples) as the decision framework.
Calendar 2025 Q1
how much of what portion of the mix is a fee-based structure versus the other portion, which would be commodity price sensitive
Show response
Brian described ~50/50 split between fee-for-service and commodity price sensitive revenue in the recycling book of business.
Calendar 2024 Q4
Can you give an update on the truck supply chain? Is that fully resolved? Are you still seeing any issues getting your trucks
Show response
Jon confirmed supply chain resolved with fleet at optimal replacement levels by year-end 2025. Automation at 77% with limited remaining opportunity.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| WM Waste Management | 13 | 8%1 of 13 questions |
| RSG Republic Services | 4 | 0%none of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 3 | 0%none of 3 questions | 2 |
| 2025 Q1 | 3 | 0%none of 3 questions | 2 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 3 | 0%none of 3 questions | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 3 | 0%none of 3 questions | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- M&A9
- Revenue Growth6
- Capex Investment5
- Demand2
- Pricing2
- Competitive Dynamics2
- Regulation Policy2
- Supply Chain2
- Innovation & R&D1
- Margin1
Show all 11 topics
- Cost Pressure1