ABM Industries Incorporated (NYSE:ABM) Q1 2024 Earnings Call Transcript

We just haven’t gotten it to scale yet, so super excited about our technology that we’re developing and piloting and how it’s going to result in labor utilization, efficiency, and savings. So more to come on that as we get proof points, but I’m glad you brought it up because I’m challenged to think what we’re doing that’s going to provide more benefit and excitement than getting efficient on labor, which is again what we do. And so that’s where you’re seeing the improvement and that’s how you’re seeing technology tie into that. And then in terms of wage increases, which I think you were hinting at like we are seeing a little bit of release on wage increases as compared to the last couple of years. So if I were to look at our wage increases, sure, it’s still more elevated than probably 2016 or 2017, but as it compares to the last couple of years, we’re seeing the trends go down a bit, which is great because again, it makes it an easier ask when you go to your clients for price increases.

Marc Riddick: Thanks a lot. See you in Queens. Thank you. Thank you. There are no further questions at this time. I would like to turn the floor back over to CEO, Scott Salmirs for closing comments.

A – Scott Salmirs: Yes. I just want to thank everybody for getting on the call and following the story. We’re excited about everything that’s going on here. Again, hopefully the first quarter result shows you that we have the confidence in how we guide it and what we’re doing and enthusiastic about getting back on the call on Q2 and giving you an update and hope to see a bunch of you at our tour at LaGuardia to really get a tangible tactical feel of what we’re doing in the field when we’re self-performing in multiple services. So thanks everybody.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.