...We are unsure when and how much operating performance will improve. Operational issues and an unfavorable economic environment, especially related to inflation, have contributed to earnings setbacks in the recent past. WIN Waste Innovation Holdings Inc.'s EBITDA was weak in 2022 and 2023 due to an inability to react quickly to inflationary costs, unexpected operating setbacks, and volume declines, which causes uncertainty regarding its 2024 EBITDA levels. In our base case, however, we don't expect any further operating setbacks, and we believe that the company is in a relatively better position to control or offset costs in a slightly more supportive macroeconomic environment. We will monitor quarterly operating performance to track the rate of improvement. Although the company's earnings improved in second half of 2023, it does not yet have a track record of earnings improvement to suggest it can sustain the very recent stability and improvement in EBITDA. Ongoing negative free cash flow...
