Jason Mead: Why don’t I start with some of the building blocks, Michael? Hey, Michael. So, for next year, this isn’t as specific as you would like, and we could always follow up after, perhaps. And in our guide for ’23, fuel is actually still a headwind, about 20 basis points. And that’s primarily concentrated into the first quarter, first-half of the year as fuel prices really didn’t ramp fully until late Q1 of 2022. And as the year progressed, we continued to offset more and more of that with our fuel recovery fees, so, fuel, slight headwind next year, of 20 basis points. Acquisition rollover of $15 million — or $15.5 million of revenues, and the associated EBITDA is about a 10 basis point headwind next year. And then recycling on lower commodity prices, again primarily concentrated to the first-half of the year, is about a 15 basis point headwind.
So, those are three of our larger buckets for next year all incorporated into our 50 basis points of margin expansion as part of our guidance.
Michael Hoffman: Okay. So, then the offset to get to the 50 is all price or is there something else?
Jason Mead: Pricing, operating programs, some volume rollover as well as it relates to our Resource Solutions business outside of recycling too, Michael, which has been an area of growth for us multiple asset over the years.
Michael Hoffman: So, if I went into the line of business, just high level, and sort of the ending-year margin was X, solid waste is going to be up — have an above average up because I’ve got offset what I’m assuming is going to be a negative for line of business full-year Resource Solutions?
Ned Coletta: Yes.
Michael Hoffman: It was a powerful statement. You’ve got a lot of operating leverage going through solid waste in ’23 given what you’re doing.
Jason Mead: Yes.
Ned Coletta: I’d say that’s true. I mean, looking at the model across our solid waste regions, we have some nice margin expansion and resource solutions is a margin detractor in the year as currently modeled, given what we mentioned earlier, the commodity size. And frankly, our risk mitigation programs are in great shape. As I mentioned earlier, it really is a handful of contracts have come over for a few of the acquisitions has did us a bit. And you look at the fourth quarter, recycling was down about $2.5 million just on commodities. And almost all of that came from just a couple of handful of contracts. It sounds like Groundhog Day back to like, a number of years ago, where we had a few contracts in our base book of business that we had to reset, we did a great job, move them to a risk mitigating programs and had really nice from that point forward.
Michael Hoffman: So, to that end, could you update for us because we stopped thinking about this for silica, the SRA, and the mix was done in 90:10 SRA versus exposure? What is your $10 move in the commodity basket equals what an EBITDA today since that’s now more refractor?
John Casella: Yes, so it’s for each $10 move, it’s around $900,000. And if you think about it, commodities dropped $110 a ton year-over-year. So, we definitely see that same correlation where we had commodities at about $2.5 million in the quarter. And that’s a pretty significant drop, as you well know, historically high and we shielded the vast majority of it, but all of that dropped right now quite a bit of it’s just coming from a handful of contracts in some of those acquired markets.
Michael Hoffman: Okay. And then, could you share with us what was your average basket in ’22 and what’s implied in guidance for your basket?
John Casella: Yes, so I had the average basket for Q4, Jason, you have it for the full-year?
Jason Mead: I have it where it is today.
