Clearwater Paper Corp (CLW) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Celine, and I will be your conference operator today.

我叫席琳，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Clearwater Paper second quarter 2024 earnings call -- conference call.

此時此刻，我歡迎大家參加 Clearwater Paper 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the call over to Sloan Bohlen, Investor Relations.

我現在想將電話轉給投資者關係部門的 Sloan Bohlen。

Please go ahead.

請繼續。

Thank you, Celine.

謝謝你，席琳。

Good afternoon.

午安.

And thank you for joining Clearwater Papers second quarter 2024 earnings conference call.

感謝您參加 Clearwater Papers 2024 年第二季財報電話會議。

Joining me on the call today are Arsen Kitch, President and Chief Executive Officer; and Sherri Baker, Senior Vice President and Chief Financial Officer.

今天和我一起參加電話會議的還有總裁兼執行長 Arsen Kitch；以及資深副總裁兼財務長 Sherri Baker。

Financial results for the second quarter 2024 were released shortly after today’s market close, along with the filing of our 10-Q.

今天收盤後不久，我們發布了 2024 年第二季的財務業績以及我們提交的 10 季財報。

You will find a presentation of supplemental information, including a slide providing the company’s current outlook posted on the Investor Relations page of our website at clearwaterpaper.com.

您會在我們網站的投資者關係頁面上找到補充資訊的演示，其中包括一張提供公司當前前景的幻燈片，網址為：clearwaterpaper.com。

Additionally, we will be providing certain non-GAAP information in this afternoon’s discussion.

此外，我們將在今天下午的討論中提供某些非 GAAP 資訊。

The reconciliation of the non-GAAP information to comparable GAAP information is included in the press release and in the supplemental information provided on our website.

非公認會計原則資訊與可比較公認會計原則資訊的調節包含在新聞稿和我們網站上提供的補充資訊中。

Please note slide 2 of our supplemental information covering forward-looking statements.

請注意我們包含前瞻性陳述的補充資訊投影片 2。

Rather than rereading this slide, we’re going to incorporate it by reference into our prepared remarks.

我們不會重新閱讀這張投影片，而是將其引用到我們準備好的評論中。

With that, let me turn the call over to Arsen.

現在，讓我把電話轉給阿爾森。

Thank you, everyone, for joining us and good afternoon.

謝謝大家加入我們，下午好。

Let me start with a few comments regarding our recent strategic announcements.

首先讓我就我們最近的策略公告發表一些評論。

As we previously discussed, we believe that both of our businesses require scale to be able to grow and invest, especially given the capital-intensive nature of our industry.

正如我們之前所討論的，我們認為我們的兩家企業都需要規模才能發展和投資，特別是考慮到我們行業的資本密集性質。

We took a big step in that direction in our Paperboard business by acquiring the Augusta facility from Graphic Packaging.

透過收購 Graphic Packaging 的奧古斯塔工廠，我們在紙板業務方面朝這個方向邁出了一大步。

That acquisition closed on May 1, and we’re in the process of integrating the facility into our network and starting to capture synergies.

此次收購於 5 月 1 日完成，我們正在將該設施整合到我們的網路中並開始發揮協同效應。

We took another major step by announcing the agreement to sell our tissue business to Sofidel America, which is expected to close in the fourth quarter of this year, subject to satisfaction of customary closing conditions, including regulatory approval.

我們又邁出了重要一步，宣布達成協議，將我們的衛生紙業務出售給 Sofidel America，該交易預計將於今年第四季度完成，但須滿足慣例成交條件，包括監管部門的批准。

We believe that these are transformational and strategic steps for Clearwater Paper.

我們相信這些是 Clearwater Paper 的轉型和策略步驟。

We’re focused on strengthening our position as a premier independent supplier of paperboard products to North American converters.

我們致力於加強我們作為北美加工商紙板產品主要獨立供應商的地位。

The divestiture of our tissue business will allow us to strengthen our balance sheet and position us for future internal and external investments to grow and diversify our paperboard portfolio.

剝離我們的衛生紙業務將使我們能夠加強我們的資產負債表，並為我們未來的內部和外部投資做好準備，以擴大我們的紙板產品組合併使其多樣化。

We believe that these strategic moves will allow us to continue to grow our business and create long-term value for our shareholders.

我們相信，這些策略舉措將使我們能夠繼續發展業務並為股東創造長期價值。

Let me summarize a few key deal points from the announced divestment.

讓我總結一下宣布的撤資中的幾個關鍵交易點。

We agreed to sell our tissue business to Sofidel America for cash totaling $1.06 billion.

我們同意以總計 10.6 億美元的現金將我們的衛生紙業務出售給 Sofidel America。

We expect net proceeds from the sale to be approximately $850 million, which we intend to use to repay existing debt and meaningfully to leverage our balance sheet.

我們預計此次出售的淨收益約為 8.5 億美元，我們打算用它來償還現有債務並有效利用我們的資產負債表。

The transaction includes our tissue facilities in Shelby, North Carolina; Las Vegas, Nevada; Elwood, Illinois; and the tissue manufacturing facility at our Lewiston, Idaho site.

該交易包括我們位於北卡羅來納州謝爾比的衛生紙工廠；內華達州拉斯維加斯；伊利諾伊州埃爾伍德；以及我們位於愛達荷州劉易斯頓工廠的衛生紙製造工廠。

As many of you know, our Lewiston site also houses a paperboard facility, including a pulp mill, two paper machines and other assets that we are retaining.

眾所周知，我們的劉易斯頓工廠還擁有一家紙板工廠，包括一家紙漿廠、兩台造紙機和我們保留的其他資產。

As part of the proposed transaction, we will be entering into a site-sharing agreement with Sofidel in Lewiston.

作為擬議交易的一部分，我們將與劉易斯頓的 Sofidel 簽訂場地共享協議。

This will include a lease of the land and facilities and a services and use agreement.

這將包括土地和設施的租賃以及服務和使用協議。

Sofidel will also hire our Lewiston Tissue employees at close.

索菲德爾還將在交易結束後聘用我們的 Lewiston Tissue 員工。

We believe that we have come to a good agreement that will allow both companies to operate effectively on the Lewiston site.

我們相信，我們已經達成了一項良好的協議，將使兩家公司能夠在劉易斯頓工廠有效運作。

We look forward to a strong partnership with Sofidel and Lewiston in the years to come.

我們期待在未來幾年與索菲德爾和劉易斯頓建立牢固的合作夥伴關係。

Through this transformation, we’re building a paperboard system that supports the growth of converter customers across North America.

透過這項轉型，我們正在建立一個紙板系統，支援整個北美加工商客戶的成長。

As part of this growth, we will look at opportunities to expand our product offering, which may include additional paperboard products and substrates.

作為這一成長的一部分，我們將尋找機會擴大我們的產品範圍，其中可能包括額外的紙板產品和基材。

We will evaluate internal investments in our assets and external opportunities that are a good strategic fit for our network.

我們將評估對我們的資產的內部投資和與我們的網路策略契合的外部機會。

Our goal is to build on our position as a scaled paperboard packaging supplier in North America with a compelling product offering, outstanding service and a consistent track record of value creation for our shareholders.

我們的目標是鞏固我們作為北美規模化紙板包裝供應商的地位，為我們的股東提供引人注目的產品、卓越的服務和持續的價值創造記錄。

The Augusta acquisition and the expected sale of our tissue business are both significant and transformational transactions for our company.

對奧古斯塔的收購和我們衛生紙業務的預期出售對於我們公司來說都是重大且具有轉型意義的交易。

Accomplishing both over a six-month period is a momentous feat for our team.

在六個月的時間內完成這兩項任務對我們的團隊來說是一項重大的壯舉。

I’m pleased with the progress that we’re making and excited about the next chapter of the Clearwater Paper story.

我對我們正在取得的進展感到高興，並對克利爾沃特紙業故事的下一章感到興奮。

Let me now briefly turn to our second quarter highlights before Sherri dives into the details.

在 Sherri 深入探討細節之前，現在讓我先簡單介紹一下第二季的亮點。

We reported net sales of $586 million, which were up 12% from the second quarter of last year.

我們公佈的淨銷售額為 5.86 億美元，比去年第二季成長 12%。

This was primarily driven by incremental volume from the Augusta acquisition.

這主要是由收購奧古斯塔的增加銷售所推動的。

Adjusted EBITDA was $35 million, which was $36 million below the second quarter of last year, primarily driven by the impact from the planned major maintenance outage at our Lewiston facility.

調整後的 EBITDA 為 3,500 萬美元，比去年第二季減少了 3,600 萬美元，這主要是受到劉易斯頓工廠計劃的重大維護停運的影響。

Let’s continue with a few highlights from our paperboard business.

讓我們繼續介紹我們紙板業務的一些亮點。

These can be found on pages 3 and 4 of our supplementals.

這些可以在我們的補充資料的第 3 頁和第 4 頁上找到。

Net sales were up 23% versus last year.

淨銷售額比去年增長 23%。

This was driven by a 46% increase in shipment volume, primarily due to the Augusta acquisition, offset by a 14% decline in pricing, which is largely consistent with what has been reported previously by RISI.

這是由出貨量成長 46% 推動的，主要是由於收購 Augusta，但被定價下降 14% 所抵消，這與 RISI 之前報告的情況基本一致。

Adjusted EBITDA for the paperboard segment was at $11 million, which included $9 million in insurance recoveries tied to the weather event that impacted us in the first quarter of this year.

紙板業務調整後 EBITDA 為 1,100 萬美元，其中包括與今年第一季影響我們的天氣事件相關的 900 萬美元保險賠償。

The decrease in adjusted EBITDA versus the prior year was driven by the planned major maintenance outage in Lewiston, with a negative impact of approximately $32 million for the quarter.

調整後 EBITDA 較上年下降的原因是劉易斯頓計劃進行的重大維護停電，對本季造成約 3,200 萬美元的負面影響。

The outage proved to be more challenging than we expected and we’re now anticipating total impact to be more than $40 million versus our original estimate of $30 million to $35 million.

事實證明，這次中斷比我們預期的更具挑戰性，我們現在預計總影響將超過 4000 萬美元，而我們最初的估計為 3000 萬至 3500 萬美元。

Beginning in 2025, we will move all of our paperboard facilities to an annual outage schedule, which is a common practice in the industry.

從 2025 年開始，我們將把所有紙板設施改為年度停運計劃，這是業界的常見做法。

We believe that this will lead to smaller, more predictable, and more manageable maintenance outages, and improve our overall operating performance over the course of the year.

我們相信，這將導致維護中斷規模更小、更可預測、更易於管理，並提高我們全年的整體營運績效。

We’ll provide additional information regarding our 2025 outage schedule early next year.

我們將在明年初提供有關 2025 年停電計劃的更多資訊。

Finally, let me provide you with some market insights.

最後，讓我為您提供一些市場見解。

Based on the most recent AFMPA data, SBS industry shipments improved sequentially by about 1% between the first and second quarters of this year.

根據 AFMPA 的最新數據，今年第一季和第二季 SBS 產業出貨量較上季成長約 1%。

Industry operating rates remained flat at around 84% as inventory levels dropped.

隨著庫存水準下降，行業開工率保持在 84% 左右。

While we’re seeing a gradual recovery, it is proving to be slower than expected.

雖然我們看到經濟正在逐步復甦，但事實證明復甦速度比預期慢。

Industry publications are forecasting a continued demand recovery into the second half of this year and into 2025.

行業出版物預測今年下半年和 2025 年需求將持續復甦。

While recovery has been somewhat slow, we remain bullish on the long-term market fundamentals.

儘管復甦有些緩慢，但我們仍然看好長期市場基本面。

We believe that paperboard is well-positioned for growth given consumer preferences and overall sustainability trends.

我們相信，鑑於消費者偏好和整體永續發展趨勢，紙板處於有利的成長位置。

A bright spot in the market today is food service, with solid and growing demand.

當今市場的一個亮點是食品服務，需求穩定且不斷成長。

Our backlogs have grown and we’re becoming capacity constrained.

我們的積壓訂單不斷增加，而我們的產能正受到限制。

As a result, we’re implementing a previously announced price increase to our customers for these grades, including plate and cup stock.

因此，我們正在對這些等級的客戶實施先前宣布的價格上漲，包括板材和杯料。

Let me now provide a brief overview of our quarter for tissue.

現在讓我簡要概述一下我們的衛生紙季度。

This can be found on slides 3 and 5.

這可以在幻燈片 3 和 5 中找到。

The tissue business continued to perform at an outstanding level.

衛生紙業務持續表現出色。

Second quarter revenues were flat compared to last year at $253 million, with 4% volume growth offset by 3% lower cost index-based contractual pricing.

第二季營收與去年持平，為 2.53 億美元，銷量成長 4%，但基於成本指數的合約定價下降 3%，抵消了這一成長。

We continue to deliver strong operating performance that helped offset sequential increases in pull prices.

我們持續提供強勁的經營業績，幫助抵銷了拉價的連續上漲。

Adjusted EBITDA for tissue was $41 million in the second quarter, with a margin of 16.4%.

第二季衛生紙調整後 EBITDA 為 4,100 萬美元，利潤率為 16.4%。

This is the fifth sequential quarter of margins above 15%.

這是利潤率連續第五個季度超過 15%。

As we previously stated, we expect to maintain much of the margin improvement that we achieved in 2023 into 2024.

正如我們之前所說，我們預計 2023 年實現的利潤率改善大部分將維持到 2024 年。

I’m deeply appreciative of the work that our tissue team has done over the last several years to deliver sustained improvements in operating and financial performance.

我非常感謝我們的衛生紙團隊在過去幾年中為實現營運和財務績效的持續改進所做的工作。

With that, let me turn the call to Sherri for additional details on our financial results.

接下來，讓我致電 Sherri，以了解有關我們財務業績的更多詳細資訊。

Thank you, Arsen.

謝謝你，阿爾森。

I’ll begin on slides 6 and 7 with a review of our income statement and segment results.

我將從投影片 6 和 7 開始回顧我們的損益表和部門表現。

In the second quarter, we had a consolidated net loss of $26 million or $1.55 per diluted share.

第二季度，我們的綜合淨虧損為 2,600 萬美元，即稀釋後每股虧損 1.55 美元。

Adjusted loss per share for the quarter was $0.51 per diluted share.

本季調整後每股虧損為稀釋後每股 0.51 美元。

As Arsen mentioned, our adjusted EBITDA was at $35 million, driven by strong results in tissue, an insurance recovery from the weather event in Q1 and contributions from the Augusta acquisition.

正如 Arsen 所提到的，我們調整後的 EBITDA 為 3500 萬美元，這得益於衛生紙業務的強勁業績、第一季天氣事件的保險恢復以及收購奧古斯塔的貢獻。

This was offset by the planned Lewiston major maintenance outage and lower paperboard pricing.

這被計劃中的劉易斯頓重大維護停電和較低的紙板價格所抵消。

Paperboard delivered $11 million of adjusted EBITDA, while tissue delivered $41 million.

紙板帶來了 1100 萬美元的調整後 EBITDA，而衛生紙帶來了 4100 萬美元。

As a reminder, our guidance range was $23 million to $33 million, which excluded contribution from Augusta.

提醒一下，我們的指導範圍是 2300 萬美元至 3300 萬美元，其中不包括奧古斯塔的捐款。

Moving to slide 8, let’s review our year-over-year performance in Paperboard.

轉到幻燈片 8，讓我們回顧一下我們在紙板領域的同比表現。

Lower pricing had a nearly $26 million impact.

較低的定價產生了近 2600 萬美元的影響。

As we previously discussed, this is consistent with publicly reported industry-wide trends.

正如我們之前討論的，這與公開報導的全行業趨勢一致。

Partly offsetting the pricing decrease was higher sales volume, primarily driven by the Augusta acquisition and a modest recovery in demand.

銷售增加部分抵消了價格下降，這主要是由奧古斯塔收購和需求溫和復甦推動的。

The planned major maintenance outage had approximately a $32 million impact in the is reflected in lower production and higher maintenance costs.

計劃中的重大維護停電造成了約 3,200 萬美元的影響，具體表現為產量下降和維護成本上升。

This was partly offset by a $9 million insurance recovery from the severe weather event that we experienced in the first quarter.

這部分被我們第一季經歷的惡劣天氣事件帶來的 900 萬美元保險賠償所抵消。

Moving to slide 9, let’s review our year-over-year performance in tissue.

轉到投影片 9，讓我們回顧一下我們在衛生紙領域的同比表現。

As Arsen mentioned, pricing was slightly lower, driven by cost-index-based contractual pricing adjustments and a higher mix of lower-priced conventional products.

正如阿森所提到的，由於基於成本指數的合約定價調整和低價傳統產品的更多組合，定價略有下降。

This was more than offset by higher shipments and lower costs.

這被較高的出貨量和較低的成本所抵消。

Our utilization rates remained high and overall operating performance was very strong.

我們的利用率仍然很高，整體經營業績非常強勁。

Pulp pricing in the second quarter was lower than the second quarter of last year, but higher sequentially versus the first quarter.

第二季紙漿價格低於去年第二季度，但較上季高於第一季。

We are expecting pulp to be a headwind in the third and fourth quarters of this year, but we are confident that we can maintain much of the margin improvement achieved in 2023.

我們預計紙漿將成為今年第三季和第四季的阻力，但我們有信心維持 2023 年實現的利潤率改善。

Industry publications indicate that pulp prices have peaked and may start easing in the coming quarters with improved supply and demand dynamics.

行業出版物表明，隨著供需動態的改善，紙漿價格已見頂，並可能在未來幾季開始回落。

Turning to our capital structure on slide 10, we ended the second quarter with liquidity totaling $224 million and a debt-to-adjusted EBITDA leverage ratio of 3.58 times.

轉向投影片 10 中我們的資本結構，第二季結束時，我們的流動資金總額為 2.24 億美元，債務與調整後 EBITDA 槓桿率為 3.58 倍。

As Arsen mentioned, the sale of our tissue business is expected to generate net proceeds of approximately $850 million, which will allow us to significantly deleverage our balance sheet.

正如 Arsen 所提到的，出售我們的衛生紙業務預計將產生約 8.5 億美元的淨收益，這將使我們能夠大幅去槓桿化我們的資產負債表。

We are evaluating our view on the appropriate leverage target for a standalone paperboard business in a higher interest rate environment.

我們正在評估對較高利率環境下獨立紙板業務的適當槓桿目標的看法。

We previously stated that our leverage target was 2.5 times across the cycle, but we now believe that we will need to operate with a lower leverage ratio.

我們之前表示，我們的槓桿目標是整個週期的2.5倍，但我們現在認為我們需要以較低的槓桿率進行操作。

We will discuss this further in upcoming earnings calls as we complete the sale of our tissue business.

當我們完成紙巾業務的出售後，我們將在即將召開的財報電話會議上進一步討論這個問題。

We have a proven track record of generating free cash flows and paying down debt.

我們在產生自由現金流和償還債務方面擁有良好的記錄。

This remains our focus in the near-term as we believe that a strong balance sheet is needed to enable us to take advantage of strategic opportunities in the future.

這仍然是我們近期的重點，因為我們認為需要強大的資產負債表才能使我們能夠利用未來的策略機會。

We also repurchased approximately $3 million of our stock during the quarter as part of our ongoing efforts to offset dilution from employee equity grants.

我們也在本季回購了約 300 萬美元的股票，作為我們持續努力抵銷員工股權補助稀釋的一部分。

Lastly, let’s turn to our outlook for the third quarter and full year 2024 on slide 11.

最後，讓我們轉向幻燈片 11 上對第三季和 2024 年全年的展望。

As Arsen mentioned, we are anticipating a continued recovery in paperboard demand in the third quarter, higher production volumes, and a lower outage cost impact.

正如阿森所提到的，我們預計第三季紙板需求將持續復甦，產量更高，停電成本影響更低。

We expect tissue performance to remain strong with some impact from higher pulp prices.

我們預計，受紙漿價格上漲的影響，生活用紙的表現將保持強勁。

With all those components, we believe that third quarter adjusted EBITDA will be in the range of $58 million to $68 million.

考慮到所有這些因素，我們相信第三季調整後的 EBITDA 將在 5,800 萬美元至 6,800 萬美元之間。

Please note that our third-quarter guidance assumes that we will continue to operate the tissue business for the entire quarter.

請注意，我們的第三季指引假設我們將在整個季度繼續經營衛生紙業務。

Full year 2024 operational assumptions now account for Augusta from May 1 through the end of the year.

2024 年全年營運假設現在涵蓋了奧古斯塔從 5 月 1 日到年底的情況。

This includes higher volumes, synergies, and a major maintenance outage in Augusta in the fourth quarter.

這包括銷量增加、協同效應以及第四季度奧古斯塔的重大維護中斷。

Full year 2024 assumptions also include the higher outage costs that we experienced in Lewiston during the second and third quarters.

2024 年全年的假設還包括我們在第二季和第三季在劉易斯頓經歷的更高的停電成本。

Please note that our full-year assumptions do not include the impact of the Tissue divestiture.

請注意，我們的全年假設不包括紙巾剝離的影響。

Other 2024 assumptions have also been updated with the Augusta acquisition.

其他 2024 年假設也隨著奧古斯塔的收購而更新。

This includes higher cash interest expense due to additional debt, higher depreciation expense, and higher cash CapEx.

這包括因額外債務而導致的更高的現金利息支出、更高的折舊費用和更高的現金資本支出。

Augusta cash CapEx is expected to be $25 million to $30 million from May 1 to December 31.

5月1日至12月31日期間，奧古斯塔現金資本支出預計為2,500萬至3,000萬美元。

This includes the planned completion of an environmental compliance project at the mill which was known to us during the acquisition.

這包括工廠計劃完成的環境合規項目，我們在收購期間就知道了這一點。

We previously stated that we expect ongoing repair and maintenance CapEx to be in the range of $60 million to $70 million excluding large projects.

我們之前曾表示，不包括大型項目，我們預計持續維修和維護資本支出將在 6,000 萬至 7,000 萬美元之間。

This included our two legacy paperboard mills and our tissue business.

這包括我們的兩家傳統紙板廠和我們的生活用紙業務。

With the Augusta acquisition and the planned divestiture of tissue, we now expect our ongoing maintenance CapEx to be in the $70 million to $80 million range excluding large maintenance and strategic capital projects.

隨著奧古斯塔的收購和組織的計劃剝離，我們現在預計我們的持續維護資本支出將在 7000 萬至 8000 萬美元範圍內，不包括大型維護和戰略資本項目。

With that, let me turn the call back to Arsen.

說到這裡，讓我把電話轉回給阿爾森。

Thanks, Sherri.

謝謝，雪莉。

The first half of 2024 has proven to be transformational for Clearwater Paper and we couldn’t be more excited about the future.

事實證明，2024 年上半年對 Clearwater Paper 來說是一次變革，我們對未來感到無比興奮。

Looking ahead, our priorities for the balance of 2024 include driving strong operational performance, executing the divestiture of our tissue business, and continuing the integration of the Augusta acquisition.

展望未來，我們 2024 年剩餘時間的優先事項包括推動強勁的營運業績、剝離我們的衛生紙業務以及繼續整合奧古斯塔收購。

I would like to thank our people for their continued focus on safety, strong operating performance, and servicing our customers.

我要感謝我們的員工持續專注於安全、強大的營運績效和為客戶提供服務。

This time of transformational change can be challenging, but we’re fully committed to supporting all of you as we open this next chapter of the Clearwater Paper story.

這次轉型變革可能充滿挑戰，但在我們開啟 Clearwater Paper 故事的下一個篇章時，我們將全力支持你們所有人。

With that, we will end our prepared remarks and take your questions.

至此，我們將結束準備好的發言並回答大家的問題。

(Operator Instructions) Matthew McKellar, RBC Capital Markets.

（操作員說明）Matthew McKellar，RBC 資本市場。

Thanks very much.

非常感謝。

Good afternoon, Arsen and Sherri.

下午好，阿森和雪莉。

Thanks for taking my questions.

感謝您回答我的問題。

First, I’d like to ask if you could provide a little bit of color to the consumer products sale.

首先，我想問一下你們能否為消費品銷售提供一點色彩。

I think you’ve noted that you want to grow and diversify your paperboard product portfolio.

我想您已經注意到您希望擴大紙板產品組合並使之多樣化。

I think your balance sheet should be in a pretty reasonable range, although it sounds like you want to bring that leverage target down a bit.

我認為你的資產負債表應該處於相當合理的範圍內，儘管聽起來你想稍微降低槓桿目標。

But how should we think about how you’ll evaluate your options when it comes to growth going forward?

但是，當涉及未來的成長時，我們應該如何考慮您將如何評估您的選擇？

I think you’ve got to start with what we’re trying to do, which is to build that premier independent supplier of Paperboard Packaging to converters in North America.

我認為您必須從我們正在努力做的事情開始，那就是為北美加工商打造一流的紙板包裝獨立供應商。

Right now, we are providing SBS.

現在，我們提供 SBS。

These converters use other substrates and other products.

這些轉換器使用其他基板和其他產品。

So we will look at opportunities, both internal and external, to have a more complete offering to our converters, whether it’s lightweight products, other substrates, different coatings and so on.

因此，我們將尋找內部和外部的機會，為我們的加工商提供更完整的產品，無論是輕質產品、其他基材、不同的塗層等等。

We want to make sure that we’re providing all the products that our customers need to succeed and win in the market.

我們希望確保我們提供客戶在市場上取得成功和獲勝所需的所有產品。

So it will really depend on what that product strategy is and what opportunities we have available.

因此，這實際上取決於產品策略是什麼以及我們擁有哪些機會。

Would it be fair to think that you’d prefer to grow into other substrates as opposed to continuing to grow in SBS?

您是否更願意在其他基質中生長而不是繼續在 SBS 中生長，這是否公平？

Our customers purchase a variety of substrates and products.

我們的客戶購買各種基材和產品。

So we’re part of their answer today.

所以我們今天就是他們答案的一部分。

We’d like to be a bigger part of answer in the future and have a more complete offering.

我們希望在未來成為答案的更大一部分，並提供更完整的產品。

We have outstanding SBS assets.

我們擁有優秀的SBS資產。

Right now we have three assets that are well-positioned across the country.

目前，我們擁有三項資產，分佈在全國各地。

I think we were able to offer SBS to our customers today and that we’re pretty happy with our assets.

我認為我們今天能夠向客戶提供 SBS，並且我們對我們的資產非常滿意。

So we’ll be looking at other products and other substrates in the future.

因此，我們將來會關注其他產品和其他基材。

Okay.

好的。

Thanks very much for that.

非常感謝。

Next is turning to maintenance.

接下來是轉向維修。

You completed a major plan maintenance at Lewiston Q2.

您完成了 Lewiston Q2 的主要計畫維護。

I think you mentioned it was a bit more challenging than you expected.

我想你提到這比你預期的更具挑戰性。

With that, were there any findings through that maintenance process that would have implications for CapEx levels over the next few years?

那麼，維護過程中是否有任何發現會對未來幾年的資本支出水準產生影響？

No.

不。

We discovered a few things during the outage that we addressed that was part of the cost equation.

我們在停電期間發現了一些問題，這些問題是成本方程式的一部分。

Frankly, we had operational challenges ramping the pulp mill after the outage.

坦白說，停電後我們在提高紙漿廠產量方面遇到了營運挑戰。

We’re still addressing that as we speak.

我們仍在討論這個問題。

We’re still ramping and working through those issues.

我們仍在努力解決這些問題。

But no, nothing that comes to mind that would materially change our outlook on capital in the future.

但不，沒有任何事情會實質地改變我們對未來資本的看法。

Okay.

好的。

Thanks.

謝謝。

And I just want to make sure, excuse me, I understood the comments around $40 million correctly.

對不起，我只是想確保我正確理解了 4000 萬美元左右的評論。

Did I understand that it was a $32 million impact to the quarter and then you’re expecting that incremental $8 million to be specific to Q3?

我是否理解這對該季度產生了 3200 萬美元的影響，然後您預計增量 800 萬美元將專門針對第三季度？

I think what we said is it’s greater than $40 million impact here in Q3.

我認為我們所說的是第三季的影響超過 4000 萬美元。

We are still in the process of ramping the mill.

我們仍在提升工廠產能的過程中。

So the final cost is yet to be determined, but the whole thing will be north of $40 million.

因此，最終成本尚未確定，但整個項目將超過 4000 萬美元。

We’ve done our best to incorporate the total outage cost into the Q3 guidance.

我們已盡力將總停電成本納入第三季指引。

So that’s in there.

這就是其中的內容。

But if something changes materially, we’ll update you after Q3.

但如果出現重大變化，我們將在第三季後向您更新。

Okay.

好的。

Thanks for that.

謝謝你。

Maybe just sticking with the maintenance item.

也許只是堅持使用維修項目。

It sounds like you’re planning to go to annual maintenance cycles.

聽起來您正在計劃進行年度維護週期。

You’re going to be ready to talk about that a bit more at the start of 2025.

2025 年初，您將準備好更多地談論這個問題。

I mean, is it a fair placeholder to think of your downtime next year as being Q2 at Lewiston again and Q4 at Augusta or what should our expectations, I guess, be around those cycles as we wait for the detail?

我的意思是，將明年的停工時間視為劉易斯頓的第二季度和奧古斯塔的第四季度，這是一個公平的佔位符嗎？這些週期的期望應該是什麼？

We’ll work through those.

我們將解決這些問題。

It really depends on -- a lot of it depends on our ability to get contractors in place and also weather at these locations.

這實際上取決於——很大程度上取決於我們讓承包商到位的能力以及這些地點的天氣。

But it’s probably a fair assumption that we would look to do something similar as we did this year, although we will finalize that here in the coming quarters.

但這可能是一個合理的假設，即我們希望做一些與今年類似的事情，儘管我們將在未來幾季內最終確定這一點。

Okay.

好的。

Thanks.

謝謝。

And then just some of the changes in the business now that you’ve acquired Augusta and that the tissue sale should close by year-end, how should we think about where you end up in 2025 in terms of a run rate corporate expense?

然後，既然您已經收購了奧古斯塔，並且紙巾銷售應該在年底前完成，那麼我們應該如何考慮您在 2025 年的企業費用運行率最終會達到什麼水平？

Yeah.

是的。

It’s a good question.

這是一個好問題。

Yeah.

是的。

Matt, I think, what we’re going to be doing is, we’re going to be looking at this really from, I’ll call it, a run rate of what we typically run, which is in the call it 6% to 6.5% of sales from an SG&A perspective.

馬特，我認為，我們要做的是，我們將真正從我們通常運行的運行率（我稱之為）來看待這個問題，這在電話會議中從SG&A 角度來看，它佔銷售額的6 % 至6.5%。

So as we’re moving forward, we will continue to try and right-size those expenses and we’ll update you in the coming quarters as we continue to evaluate that cost structure.

因此，隨著我們的前進，我們將繼續嘗試調整這些費用的規模，並且我們將在未來幾季繼續評估該成本結構，並向您通報最新情況。

Okay.

好的。

Great.

偉大的。

That’s all from me.

這就是我的全部。

I’ll turn it back.

我會把它轉回來。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today’s call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。