John Casella: Should be the majority of this at least in the first Phase 1.
Michael Hoffman: C&D is majority of it.
Ned Coletta: No, no, MSW — I think John was referring to the capital.
John Casella: To the capital.
Ned Coletta: Yes.
John Casella: $10 million that we have in the plan should be the majority of the capital that we need for phase 1 which is the containerized MSW and getting into some C&D —
Michael Hoffman: And so, that leads to me to my last question — last two, is what’s your thought about a two or three year stack on free cash flow growth, because things like this $10 million — I don’t assume you repeat that $10 million ’24. I just want to understand there is a 10% to 15% CAGR in the milestones where at the very low end of this year. But, my sense is that I get back into the middle of that CAGR or upper end of it even without M&A. But, I would like to hear your thoughts on that.
Ned Coletta: Yes, Michael, I think you are right. We made a comment earlier that we probably stole a tiny bit from 2023 into 2022 just given some of the capital expenditure timing issues. And as we mentioned ago, some of the capping spend is really a little atypical this year. So, I don’t think 2023 is really too far off of that general growth rate. And we don’t see other factors that impact it over the next couple of years. We are really confident that we can continue to grow within that growth rate. The middle-half of the range is an organic growth, switching to the upper-half of the range with acquisitions, were above the range with acquisition activity.
Michael Hoffman: And the last one, just do I think about cadence on pricing, if you have opened the year at an 8%, is it fair to say that maybe 1Qs are 8% 2s are 7%, 3s are 6%, 4s are 5%. And that averages to 6.5%. And I know you said 6% to 6.5% is an average for the second-half or little below that.
Ned Coletta: Yes.
Michael Hoffman: But that’s the way to think?
Ned Coletta: Yes, we are a little ahead of it, the 8’s is a little ahead of what was planned. So, we are planning the first-half of the year like 6.5% to 7%, second-half of the year 6%-6.5%. But, hopefully, with this price fixed in the marketplace and we are able to exceed that plan and drop a bit more to margins.
Michael Hoffman: Okay. That’s it from me.
John Casella: And if we have to react, we will react, right? I mean if we have to react as we did in 2022, we will with additional price if need be from an inflationary standpoint.
Michael Hoffman: Okay, thank you.
Ned Coletta: Thank you, Michael.
John Casella: Thanks, Michael.
Operator: Thank you. Our next question comes from the line of Sean Eastman with KeyBanc. Your line is open.
Unidentified Analyst: Hey, guys, this is Nick on for Sean today. I was just wondering if you could give an update on some of the permitting for Hyland and Hakes, and sort of how that’s going, I know you called out some regulatory issues you are fighting with — just in the previous year, so, any color on that will be appreciated.
John Casella: Yes, I mean it’s Sam and the engineering team, permitting team continue to move forward with permitting. As I said previously we got our wetlands permit for McKean which was a big lift. And now, we are in the solid waste permit which should be somewhat straightforward. And then, with regard to Hyland and Hakes, just continue to move through the process with both facilities, and nothing out of the ordinary, no big surprises, continue to move forward on permitting on both of those facilities.
Unidentified Analyst: Awesome, thank you.
Operator: Thank you. And at this time, I would like to hand the conference back to Mr. John Casella for closing remarks.
