Mary Anne Whitney: Well, first of all, I’d say in the guidance we gave for the full year, we acknowledged that in Q3, the seasonally strongest quarter, we would be approaching those levels. Because if you just put 120 basis points on top of each of the four quarters, I think that brought you up to 33.7, right? So, basically we said we’ve outperformed. As I noted, some of that’s commodities, some of it’s the underlying business and some is acquisition contribution. And so those three variables, I would say, will dictate the extent to which we get to that level or somewhere around there. But I don’t disagree with your setup. And again, if things play out in subsequent quarters the way they did in Q1, meaning the outperformance we saw from all of those various drivers, that certainly is in striking distance.
Hillary Lee: Got it. Thank you. And, because the 34% is, well within sight, I guess, do you guys have another target in mind or, anything that you guys are kind of reaching towards after that? I know it might be a little early to comment on that, though?
Mary Anne Whitney: Well, we never meant for 34% to be a limiting factor. It was just almost more conversational because we’ve certainly been there before. But as you may recall, or some folks on the call may recall, we said that before we had closed the secure transaction and we said that secure would be about 50 basis points accretive to overall margins. And so I think that tells you we already have our sights set well north of 34%.
Ron Mittelstaedt: And I would also say, Hillary, that, remember, that does not include $200 million of EBITDA from proposed and planned RNG facility openings in ’26, our contribution that we’ve said. So it also did not include that.
Hillary Lee: Great. Thanks. And just lastly, I just want to know if you guys have an update regarding the New York City franchise process., anything going on there? Any updates?
Ron Mittelstaedt: No real updates. I mean, everything’s moving incrementally forward positive. We start September 4, whatever the day is right after Labor Day. That Tuesday is the first operating day of the beta pilot for several of the zones that the city is going to run for 90 days, basically till almost year end. I would tell you the other update is the city asked us a while back to demo some electric vehicles. And we have taken delivery of some of those in the month of April and have begun operating those for the city to see how that works performance wise in all areas. So, I mean, these are just a little anecdotal updates, but those are really the updates right now.
Operator: Our next question comes from Jerry Revich from Goldman Sachs. Please go ahead with your question.
Adam Bubes: Hi, this is Adam one for Jerry today. Thanks for taking my question. Really strong M&A activity to date. I was just hoping to better understand the makeup of solid waste acquisitions here today. So I think you reference the acquisitions included a new market entry in Indiana, Michigan. Was that one deal or multiple deals? And how large of the 150 million did that represent? Just trying to understand the makeup a little bit better. Thank you.
Ron Mittelstaedt: Sure. Yes. Adam. So the transaction we acquired was a company out of Elkhart, Indiana, which is in north Indiana, approaching the southern Michigan border named WasteAway, a phenomenal nearing third term, third generation company, really very, very well known in our industry. Phenomenal family ownership that was retiring, had an incredible management team in place that we have taken with us. And that represented more than half of the total revenue of that incremental 150 that we reported, a large acquisition by any stretch. It’s certainly in our platform, about 300 employees out of three locations. And I would tell you that and we closed that, obviously in the quarter. I would tell you that we are already in the process of closing our first acquisition in that area as well in the middle of Q2.
Adam Bubes: Great. Appreciate the color. And then you folks have achieved a really strong improvement in employee retention and turnover over the last four quarters or so. Can you just update us on where we are in seeing the benefits of lower turnover flow through the cost structure, given there’s a lag there?
Mary Anne Whitney: Sure. So, what we’ve talked about is that there’s an incremental 100 basis points associated with improvement in several different line items. And as I mentioned earlier, we’re starting to see those, for instance, an overtime and some of our third party costs like subcontracting business. And so if I were to think about it in terms of that 100 in the aggregate, I’d say we’re down at that maybe in the 10bps to 20 basis points of the improvement is what we’ve started to see. Of course, we know that there are pieces of it that will lag even longer. Most notably, the cost of risk, which is, as we’ve described it, you can bring down your incidence in the current period, but you’re still paying for incidence in prior periods. And so we’re not surprised. But that certainly continues to be a headwind rather than a tailwind and anticipate that that takes multiple periods to start being recognized.
Operator: Our next question comes from Tony Bancroft from Genco Investors. Please go ahead with your question.
Tony Bancroft: Thanks so much. Congratulations, Ron and team on the great quarter. Maybe as to more of a long-term question, you’ve made the large acquisition with Secure Energy. I know that you look more into additional solid waste as sort of where you’re focused. But any other opportunities there or maybe even longer term? There’s the large regionals that they’ve always talked about. Is there ever going to be opportunity to do something more transformational there or how do or maybe even not an admissible side? Have you seen anything incremental with maybe higher costs to, to towns and municipalities to transfer those to private operators?
Ron Mittelstaedt: Thanks, Ron. Well, so let’s break that apart a little bit. So on the Secure side, as, we had been in the E&P business strongly since 2012 in the U.S., mostly on the drilling side. The beauty of the Secure transaction was about the exact same size as what we had in the U.S., but it was completely inverse. It was 85% production. And so we like that balance and we like the size that the combination of those are. And as we continue to grow our core solid waste, that will become a smaller percentage just naturally in the company. However, having said that, we have some incremental opportunities, we believe, in that space. They’re smaller, but they’re nice and they’re additive. And we’ll continue to pursue those as we have over the last many years in the U.S. Now we have the Canadian market to look at for this space as well.
