He's on the toilet right now - call him again in a bit.
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Casual. Refers both to the floor-level squat toilet (vs. 坐便, sit toilet) and to the act of using it. Also used jokingly online for 'lurking' in the sense of 'parking in this spot' (蹲一个 'I'll squat here for one'), though the toilet sense is primary.
memory
蹲 'to squat' + 坑 'pit/hole.' Literally 'squat over the pit' - the visual is the design itself.