WEBVTT - ICYMI: WM CEO John Morris

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>Tim Stenoveek on Bloomberg Radio.

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<v Speaker 3>Well shares of Waste Management surged as much as five

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<v Speaker 3>and a half percent today. It's the most intra day

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<v Speaker 3>going back to late January. This after the garbage collection

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<v Speaker 3>and recycling company posted second quarter results that beat estimates.

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<v Speaker 3>It was held by strong landfill volumes that benefited from

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<v Speaker 3>wildfire cleanup in California. There's no other way to say it.

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<v Speaker 3>John Morris loves trash. He's president and COO of WM,

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<v Speaker 3>it's formerly known as Waste Management. Just to give you

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<v Speaker 3>an idea of the context and how big this company is.

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<v Speaker 3>It's got more than five hundred solid and medical waste facilities,

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<v Speaker 3>more than two hundred and sixty active solid waste landfills,

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<v Speaker 3>more than one hundred recycling facilities, close to five hundred

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<v Speaker 3>hauling operations, and more than sixty thousand employees. John joins

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<v Speaker 3>us from Houston, Texas, where Waste Management is headquartered. John,

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<v Speaker 3>good to have you with us. How are you.

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<v Speaker 2>I'm good, I'm great. Thanks for having me today.

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<v Speaker 3>Hey, thanks for joining us. Carol and I love talking

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<v Speaker 3>to executives in this space. We did. We find it

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<v Speaker 3>super interesting, especially given the way that the companies do

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<v Speaker 3>or don't respond to economic conditions. So just give us

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<v Speaker 3>an idea about the way you can you can. I

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<v Speaker 3>don't know think about the economy right now from the

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<v Speaker 3>perspective of trash well, I think.

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<v Speaker 2>It's a great question. I think a lot of ways

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<v Speaker 2>we're assession resistant business, but there are certainly segments of

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<v Speaker 2>the business where I think we're lagging and leading. And

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<v Speaker 2>you mentioned our landfill VOUM. That's certainly one where we

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<v Speaker 2>had a strong quarter and really a strong number of quarters,

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<v Speaker 2>which would suggest there's still some strength in the economy

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<v Speaker 2>if you looking at MSW volumes or construction volume. So

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<v Speaker 2>we're pretty strong for the quarter, and as you mentioned

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<v Speaker 2>some of the special waste lines, we're particularly strongness quarter

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<v Speaker 2>as we benefited from some of that, some of the

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<v Speaker 2>event work you mentioned.

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<v Speaker 1>Thing that in terms of presidential policy and things being done,

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<v Speaker 1>whether it's the EPA and other environmental issues that certainly

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<v Speaker 1>play into your space, any of it that's going to

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<v Speaker 1>change your business dramatically.

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<v Speaker 2>I think for the most part, Carol, we're regulated at

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<v Speaker 2>a state or provincial level. If you look at our

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<v Speaker 2>business up in Canada from an EPA perspective, the one

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<v Speaker 2>topic that gets one acronym that gets a lot of

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<v Speaker 2>tension is p FOS. So we've follown that at a

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<v Speaker 2>federal level very closely to make sure that we've got

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<v Speaker 2>a seat at the table in terms of the which

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<v Speaker 2>way the legislation may or may not go and how

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<v Speaker 2>that would affect the industry and more importantly, our customers.

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<v Speaker 1>What does it mean having a seat at the table.

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<v Speaker 1>What is it that you want to see happen, and

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<v Speaker 1>what are you guys doing to protect all of us?

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<v Speaker 1>Because I think we've done some reporting here at Bloomberg

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<v Speaker 1>about various landfills and seepage and what it does, and

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<v Speaker 1>ground fires and different things that certainly impact environments.

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<v Speaker 2>Sure, what I would tell you is, as you mentioned,

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<v Speaker 2>we have over two hundred and sixty active landfills in

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<v Speaker 2>the portfolio and we're super proud of our environmental record

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<v Speaker 2>with those facilities. The one area I mentioned PFOS really

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<v Speaker 2>has to do with some contaminists that could make their

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<v Speaker 2>way into some of the materials we manage. But we're

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<v Speaker 2>very confident in our ability to handle inside of our

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<v Speaker 2>facilities and make sure that they don't leave our facilities.

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<v Speaker 2>And pfos is one of those top it's got a

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<v Speaker 2>lot of attention, And when I see seed at the table.

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<v Speaker 2>The one thing we've been very active in is making

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<v Speaker 2>sure that there's this concept of a passive receivership, which

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<v Speaker 2>we've been very vocal about. We don't produce pfos, we've

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<v Speaker 2>never produced it, but we manage a lot of material

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<v Speaker 2>that can have some of it in there. So we

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<v Speaker 2>want to make sure that you know, the EPA has

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<v Speaker 2>recognized our landfills as being a repository, safe repository for

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<v Speaker 2>those We just want to make sure that this passive

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<v Speaker 2>receivership concept gets some attention in those conversations.

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<v Speaker 1>And in case you don't know, in case you know,

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<v Speaker 1>pfos are these man made chemicals, they don't break down,

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<v Speaker 1>they're in nonstick cookware, they're in food packaging, there and

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<v Speaker 1>a lot of things. But when you say about containing

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<v Speaker 1>and what does that mean, are they stored somewhere and

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<v Speaker 1>really thick concrete.

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<v Speaker 2>Well, it depends that nobody's ever actually showed me a

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<v Speaker 2>load of p fos. But as you mentioned, it does

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<v Speaker 2>come in some of the materials that we manage, and

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<v Speaker 2>when you think about our landfills, we look at those

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<v Speaker 2>as safe repositories where we manage the material goes in.

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<v Speaker 2>And with respect to this conversation, more importantly, we can

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<v Speaker 2>contain those materials inside the facility and make sure that

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<v Speaker 2>there's not a release of those contaminants.

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<v Speaker 1>But that basically means they're stored somewhere, either underground or whatever. Correct,

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<v Speaker 1>and the idea is that it never gets broken and

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<v Speaker 1>never comes out.

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<v Speaker 2>There are some technologies that we're working with right now

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<v Speaker 2>in order to manage some of the waste to make

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<v Speaker 2>sure that that PFOS doesn't escape from inside of our facilities.

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<v Speaker 2>But to your point, the question is whether if they're

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<v Speaker 2>coming in in a waste stream that we can make

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<v Speaker 2>sure we can safe if we contain those inside our

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<v Speaker 2>facilities and make sure that either through air or through

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<v Speaker 2>the liquids, we manage that it doesn't leave the facility.

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<v Speaker 1>John, I got to ask you. I've got a twenty

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<v Speaker 1>two year o year old at home. It already is

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<v Speaker 1>telling me how my generation is messing up the world

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<v Speaker 1>for them, so I have to ask these question.

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<v Speaker 3>Thanks girl, you're welcome and I thank you to your

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<v Speaker 3>daughter though, but yeah, because she's going to fix it all.

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<v Speaker 1>She's a tough cookie.

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<v Speaker 3>So, John, you know, this is a very acquisitive business.

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<v Speaker 3>And in fact, there's an entire page on WM's website

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<v Speaker 3>about acquisitions and divestitures that asks people if they're thinking

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<v Speaker 3>of selling their company right now, and there's a Western

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<v Speaker 3>tier to get in touch with, in an Eastern tier

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<v Speaker 3>to get in touch with. How are you thinking about

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<v Speaker 3>acquisitions for the remainder of this year and for next year.

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<v Speaker 2>Well, as you probably know, we've been a public company

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<v Speaker 2>for over fifty years, and a big part of our

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<v Speaker 2>growth strategy over five decades has been the fact that

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<v Speaker 2>we've been an inquisitive company. We've been very disciplined about

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<v Speaker 2>where and how we've been acquiring companies, certainly over the

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<v Speaker 2>last number of years, and this year we've, as we

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<v Speaker 2>mentioned earlier today in the earnings call, we expect to

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<v Speaker 2>be over half a billion dollars of sort of what

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<v Speaker 2>we would call tucking acquisitions, where we're buying smaller or

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<v Speaker 2>regional companies and benefiting from some of the synergies that

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<v Speaker 2>come from the SG and A lines and also from

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<v Speaker 2>the operating operating lines as.

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<v Speaker 3>Well geographically what areas are of interest to you?

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<v Speaker 2>You know, honestly, we kind of keep an open aperature.

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<v Speaker 2>But what we want to do is look for acquisitions

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<v Speaker 2>where we can you know, one on one equals more

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<v Speaker 2>than two if you will. We've got a team of

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<v Speaker 2>business development folks who work with our sixteen regional vice

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<v Speaker 2>presidence or we call them areas across the US and

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<v Speaker 2>Canada to make sure that as we're looking at these

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<v Speaker 2>companies that they do fit into a portfolio concept that

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<v Speaker 2>you know, we're going to get more leverage out of

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<v Speaker 2>them than simply buying the company and bolted onto our

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<v Speaker 2>existing business.

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<v Speaker 3>The Stereocycle acquisition, which was completed back in twenty twenty four,

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<v Speaker 3>gave you entry into medical waste. Is that an area

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<v Speaker 3>that you wish to grow in?

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<v Speaker 2>Well right now, we just obviously we purchased what we're

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<v Speaker 2>calling WM Healthcare Services, which was formerly Stericycle. Terrific set

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<v Speaker 2>of assets, great team of folks. Our focus right now

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<v Speaker 2>is really digesting that business. And if you listen to

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<v Speaker 2>the call today, a lot of the conversation was about

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<v Speaker 2>between now in the end or working through some RPIE

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<v Speaker 2>system issues that we knew when we bought the company,

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<v Speaker 2>and more importantly, making sure that we're thoughtful about how

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<v Speaker 2>we integrate those debt team and those assets into our

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<v Speaker 2>network and make sure that we build the right customer relationships.

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<v Speaker 2>I would tell you those are our focal areas right

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<v Speaker 2>now with regard to the healthcare business.

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<v Speaker 1>How does technology and I'm just thinking about AI, like,

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<v Speaker 1>what's the role of it in your world?

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<v Speaker 2>You know, it's a great question, Carol. We've talked a

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<v Speaker 2>lot about that. We had an investor day handful of

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<v Speaker 2>weeks ago up in New York, and a lot of

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<v Speaker 2>what we talked about was using technology, whether you define

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<v Speaker 2>it through AI or automation or optimization. There's a lot

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<v Speaker 2>of phrases you used around it. But one of the

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<v Speaker 2>things that's unique is, you know, we still see, although

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<v Speaker 2>it's moderated, there is still a lot of pressure on

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<v Speaker 2>what we would call these trade type jobs, which we

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<v Speaker 2>have obviously probably about forty thousand of those. So we've

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<v Speaker 2>been looking at ways to take technology broadly and use

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<v Speaker 2>that to augment our labor. Worse one, we can upscale

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<v Speaker 2>a lot of the folks we have on our team today.

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<v Speaker 2>What the reality is that we have seen a strain

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<v Speaker 2>in terms of what that workforce is going to look

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<v Speaker 2>like in the future. So this has really been about

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<v Speaker 2>future proofing our business in the short term, but also

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<v Speaker 2>over time, using automation, using technology actually to structurally lower

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<v Speaker 2>the cost of our operating model and as we've said,

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<v Speaker 2>modernize it to give us a long term differentiated advantage

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<v Speaker 2>in the space.

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<v Speaker 3>Tyl and I are obsessed with self driving cars, and

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<v Speaker 3>I'm wondering when this technology, if you're testing it when

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<v Speaker 3>it comes to WM vehicles that haul trash, are we

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<v Speaker 3>getting to a period of time where we're good this

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<v Speaker 3>part will be automated.

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<v Speaker 1>Because I also saw like I was recently outside Charleston,

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<v Speaker 1>South Carolina, and I think it was the recycling There

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<v Speaker 1>was somebody driving, but it was all automated. It just

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<v Speaker 1>picked up the trash container and just put it in

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<v Speaker 1>like this person didn't even have to get out. I

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<v Speaker 1>was kind of I know, I could have been on

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<v Speaker 1>the beach, but this is what I was watching.

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<v Speaker 2>Well, I happen to have a home in Charleston. That's

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<v Speaker 2>a great part of the country. I would tell you

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<v Speaker 2>that there's different phases. So to answer the question to

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<v Speaker 2>the technology out there, if you think about autonomy, it's there.

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<v Speaker 2>If you look at the mining industry, in some of

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<v Speaker 2>those places, there's autonomous equipment running out there. Now we're

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<v Speaker 2>actually piloting some remote heavy equipment operations at a few

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<v Speaker 2>of our facilities. And I think there's also over the

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<v Speaker 2>road technology, probably more for the long haul tractor trailer

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<v Speaker 2>combination where that technology is more advanced. But I think

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<v Speaker 2>the answer your question is we are looking at opportunities,

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<v Speaker 2>whether it's on remote equipment operation or certainly the pathway

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<v Speaker 2>to autonomy. But to your point, there's also the point

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<v Speaker 2>of Cara made is an important one. There's also components

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<v Speaker 2>of the jobs that used to be very manually reliant

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<v Speaker 2>are now being automated. And I think the example you

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<v Speaker 2>gave is a great one where you used to have

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<v Speaker 2>two folks on the back of a truck you're kind

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<v Speaker 2>of tossing the material into the back, when now we

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<v Speaker 2>have one person in there and it's a fully automated job.

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<v Speaker 2>And that's important because it does a couple of things. One,

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<v Speaker 2>it makes the job less physically demanding. Its certainly reduces

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<v Speaker 2>our labor dependency, and it also makes the job a

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<v Speaker 2>little bit more appealing. And when you look at what's

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<v Speaker 2>happened to the company. We are experiencing the lowest turnover

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<v Speaker 2>rates we've seen in an industry that's been twenty five

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<v Speaker 2>to thirty percent. We're now SOB twenty. So there's a

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<v Speaker 2>confluence of where all these technology advancements started are benefiting us.

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<v Speaker 2>And I do think down the road we're going to

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<v Speaker 2>continue to press on remote operation as well as autonomous capabilities.

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<v Speaker 1>All right, John, just got about forty fifty seconds left here.

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<v Speaker 1>I mean, I've got a recycling bin, I've got another bin.

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<v Speaker 1>I know Tim's got a compost bin. How much really

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<v Speaker 1>gets recycled because we've had some reality techs here, And

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<v Speaker 1>forgive me for just giving you about forty seconds here.

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<v Speaker 2>No, that's okay. Well, we are and have been the

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<v Speaker 2>largest recycler in North America for decades, and we manage

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<v Speaker 2>about twelve million tons a year. About half of that

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<v Speaker 2>get's processed directly in one of our facilities, and half

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<v Speaker 2>of it we manage for some of some of our

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<v Speaker 2>big customers. Generally, when you put material into one of

0:10:59.800 --> 0:11:03.280
<v Speaker 2>our traditional single stream recycling facilities. We've actually done a

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<v Speaker 2>great job in partnership with our customers and the technology

0:11:06.160 --> 0:11:08.880
<v Speaker 2>providers to really get that residual rate down south of

0:11:08.960 --> 0:11:11.280
<v Speaker 2>twenty percent. So think about one hundred percent of the

0:11:11.280 --> 0:11:14.640
<v Speaker 2>recycling that goes in, about seventeen or eighteen percent could

0:11:14.679 --> 0:11:17.040
<v Speaker 2>come out as residual. The rest of it, Carol, though,

0:11:17.200 --> 0:11:19.080
<v Speaker 2>in our facilities is absolutely recycled.

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<v Speaker 1>Good to know. I'm going to save you ten fifteen

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<v Speaker 1>seconds if you have one piece of advice about what

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<v Speaker 1>we do with our garbage, that would make it a

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<v Speaker 1>better process for you guys and maybe help clean up

0:11:29.160 --> 0:11:32.120
<v Speaker 1>our environment. What would it be real quickly, I think.

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<v Speaker 2>Is what you just mentioned is the fact that we

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<v Speaker 2>can do a lot in partnership with our customers, both

0:11:36.240 --> 0:11:38.960
<v Speaker 2>residential and commercial to recycle right. And you know, one

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<v Speaker 2>of the things we talked about is we're always working

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<v Speaker 2>for sustainable tomorrow.

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<v Speaker 1>John Morris, thank you so much, so appreciate a President

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<v Speaker 1>chief operating officer at WM joining us on Business Weekdaily