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Analyst
Konark Gupta
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 20on tracked calls
- Challenge rate
- 5%1 of 20 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 20 of 20 questions from 2 companies
WMWaste Management13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
any thoughts, Jim, on the revenue outlook for that business now? It seems like it's almost fully integrated here.
Show response
Morris pointed to about $40 million of known hospital losses sunsetting and a $15 million national account win, but gave no quantified Healthcare revenue outlook.
The guidance implies, I think, 30 basis points for the second half improvement over last year.
Show response
Reed said margins should progress above the 30.9% Q2 level in the back half without being a straight line, and confirmed the surcharge impact eases late in the year.
Calendar 2026 Q1
where do you see the shedding kind of maybe slowing it down substantially? Is it still more like a second half story or more of a 2027 now
Show response
Morris noted residential volume decline moderation expected in second half but not turning positive. Despite 3 years of volume shedding, EBITDA up 211% from Q1 '23 to Q1 '26. Special waste pipeline optimism from quarterly business reviews.
do you think the top end of the guidance range for margin, which was, I think, 31% for the full year, do you think that still is obtainable
Show response
Reed confirmed comfort with full margin guidance range. Quantified that $1 increase in diesel equals ~$200M annualized surcharge revenue and 20-25bp margin headwind, already factored into forecast.
Calendar 2025 Q4
How should we think about the growth cadence for the year by quarter
Show response
David outlined below-5% first half, above-5% second half revenue cadence. Q2 is toughest comp from wildfire volumes. Residential volume to decline ratably, reaching ~2% by Q4, providing volume tailwind in second half.
Calendar 2025 Q3
What are you seeing now based on the book that you are left with? What kind of basket of commodity prices you're looking at heading into Q4 and early '26
Show response
Tara cited OCC mill closures (10% domestic capacity removed) and weaker box demand. Plastics at all-time lows. Expected bounce back sometime in 2026 based on typical 12-24 month peak-to-trough cycles. Q4 basket expected at $65-68/ton.
your SG&A intensity at Healthcare, if I look at the gap versus the Legacy Business, I think it stood at 10 points in Q3
Show response
Rafa confirmed 700bp SG&A reduction since Q3 2024, with early low-hanging fruit now shifting to more surgical approach. 3-year target remains 17% with opportunities beyond. Jim noted SG&A performance even more impressive given revenue softness.
Calendar 2025 Q2
I'm just wondering if there is a domino effect you would expect from these things in that market
Show response
John expects no domino effect, standalone contracts with upcoming lapses in July and October. Volume loss moderating to sub-3% by Q4 exit rate.
How do you see the bridge to the full $250 million synergy you expect over the next 3 years or 2 years
Show response
Rafa detailed SG&A journey: from ~25% average to 20.9% in Q2, targeting sub-20% by year-end and 17% at 3-year horizon. Long-term aspiration to approach WM legacy sub-10%.
Calendar 2025 Q1
should we follow the seasonal pattern we saw last year in revenue? Or we should see some sort of abnormal seasonality
Show response
Devina confirmed normal seasonality except LA wildfire volumes peaking Q2. Core price 5.8%-6.2% on track. Volume approaching midpoint of 0.25%-0.75% guide.
SG&A improved by 70 bps sequentially, but these Stericycle margin itself was up only 20 bps from Q4. Is there any puts and takes behind the gap
Show response
Devina explained disposal and fleet cost headwinds offset SG&A gains. Internalization and WM fleet practices will drive H2 2025 and 2026 improvement.
Calendar 2024 Q4
how do you guys envision the growth in that business, obviously, including synergies over the next two years, three years
Show response
Devina deferred specific long-term growth rate but signaled step change in 2026. Jim promised more color at June Investor Day.
Can you help us understand how are you kind of tackling that situation and how much of that ERP cutover is baked into your expectations
Show response
Devina described refocusing ERP efforts on change management and process discipline, with $35-40M incremental spend expected.
RSGRepublic Services7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
The spread between open market pricing and restricted pricing this quarter was perhaps one of the smallest we have seen
Show response
CEO attributed the narrow spread to a declining inflationary environment and the ~12-month CPI lag in restricted pricing, with gross price and cost structure both easing.
Calendar 2026 Q1
Are you seeing any implications whatsoever direct or indirect from the CDL regulations that are going through in the U.S. right now?
Show response
CEO confirmed CDL impact de minimis with record-low turnover for 2 consecutive years and potentially a third. Team doing great job finding and retaining frontline colleagues.
if you can talk about the underlying business, how is it performing from a profitability and return standpoint?
Show response
CFO confirmed residential profitability improving from shedding underperforming contracts plus strong pricing well in excess of cost inflation on remaining portfolio.
Calendar 2025 Q2
can you update us where and what agreements are left right now
Show response
Jon reported sympathy strikes resolved and most workers returned, with negotiations continuing in just a few remaining markets.
How much contribution in terms of revenue have you embedded in the guidance for the full year
Show response
Brian quantified 120bps total M&A revenue contribution: 100bps from original guide (Shamrock) plus 20bps incremental (~$35M annual revenue) from Q2 deals.
Calendar 2024 Q4
how should we think about the sensitivity to your earnings from that
Show response
Brian quantified $10/ton commodity move equals ~$10M EBITDA, noting current $145/ton vs $165 average represents $20M headwind.
you're not assuming the credits for this year. And if so, they come through, what is a realistic set of assumptions there
Show response
Brian confirmed CNG tax credits of approximately $20 million per year are not included in 2025 guidance, representing potential upside.
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 | 7 | 0%none of 7 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 | 4 | 0%none of 4 questions | 2 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 4 | 0%none of 4 questions | 2 |
| 2026 Q2 | 3 | 33%1 of 3 questions | 2 |
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q23 questions · challenge rate 33% (1 of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- M&A7
- Margin6
- Pricing5
- Revenue Growth5
- Demand3
- Macroeconomic3
- Cost Pressure3
- Guidance Reliability2
- Labor Market2
- Regulation Policy2
Show all 13 topics
- Competitive Dynamics1
- Supply Chain1
- Innovation & R&D1