Clearwater Paper Corp (CLW) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Clearwater Paper first quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候。此刻，我想歡迎各位參加 Clearwater Paper 2026 年第一季財報電話會議。（接線員指示）

I'd now like to turn the call over to Cheri Ellison, Investor Relations. Cheri?

現在我想把電話交給投資人關係部的 Cheri Ellison。Cheri？

Thank you, Ben. Good afternoon, and thank you for joining Clearwater Paper's first quarter 2026 earnings conference call. Joining me on the call today are Arsen Kitch, President and Chief Executive Officer; and Sherri Baker, Senior Vice President and Chief Financial Officer. Financial results for the first quarter of 2026 were released shortly after today's market close, along with the filing of our 10-Q.

謝謝你，Ben。各位午安，感謝各位參加 Clearwater Paper 2026 年第一季財報電話會議。今天與我一同出席電話會議的有：總裁兼執行長 Arsen Kitch，以及資深副總裁兼財務長 Sherri Baker。我們已在今日收盤後不久公布 2026 年第一季財務結果，並同時提交了 10-Q。

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

您可在 clearwaterpaper.com 我們網站的投資人關係頁面找到補充資訊簡報，其中包含一張提供公司目前展望的投影片。此外，今天下午的討論中我們也將提供若干非 GAAP 財務資訊。

A 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. Please note slide 2 of our supplemental information covering forward-looking statements. Rather than reading this slide, we incorporate it by reference into our prepared remarks. With that, let me turn the call over to Arsen.

非 GAAP 資訊與可比 GAAP 資訊的調節表已包含於新聞稿以及我們網站提供的補充資訊中。請注意我們補充資訊第 2 頁關於前瞻性陳述的內容。我們不逐字朗讀該投影片，而是將其以引用方式納入我們的事先準備發言中。接下來，我把電話交給 Arsen。

Good afternoon, and thank you for joining us today. I'll begin my comments with a brief overview of the first quarter. I will also provide some perspectives on industry conditions and outline the actions that we're taking to navigate the current business environment. I'll then turn the call over to Sherri to walk through the financial results in more detail and discuss our outlook.

各位午安，感謝今天加入我們。我將先以第一季的簡要概述作為開場。我也會分享一些對產業狀況的觀點，並說明我們為因應目前商業環境所採取的行動。接著我會把電話交給 Sherri，請她更詳細說明財務結果並討論我們的展望。

Let's start with the highlights from our first quarter as well as a few updates from April. Our shipment volumes were up 5%, which was more than offset by lower market pricing, resulting in net sales being down 5% compared to the prior year. We increased share in a highly competitive market environment with continued growth in foodservice.

先從第一季的重點以及 4 月的幾項更新談起。我們的出貨量成長 5%，但被較低的市場價格所抵銷，使得淨銷售額較去年同期下降 5%。在競爭激烈的市場環境中，我們提升了市占率，餐飲服務（foodservice）業務也持續成長。

Adjusted EBITDA for the quarter was $2 million, slightly above our guidance of breakeven. This included approximately $15 million in weather-related impacts at our mills earlier in the quarter. Our team effectively navigated difficult operating conditions with a weather event in the Southeast.

本季調整後 EBITDA 為 200 萬美元，略高於我們損益兩平的指引。其中包含本季較早時我們工廠因天候因素造成約 1,500 萬美元的影響。我們的團隊在美國東南部發生天候事件的情況下，有效因應了艱困的營運條件。

We minimized costs, protected our assets and were able to service customers with minimal disruptions. This quarter, we launched Velora, a new lightweight folding carton paperboard brand that is engineered to compete with imported FBB. We restructured our Cypress Bend, Arkansas facility, resulting in a reduction of approximately 20% of roles at the mill. We're planning to run the mill at reduced operating run rates until industry conditions improve.

我們將成本降到最低、保護資產，並能在干擾最小的情況下服務客戶。本季我們推出 Velora——一個新的輕量化摺疊紙盒紙板品牌，旨在與進口 FBB 競爭。我們對阿肯色州 Cypress Bend 廠進行重整，使該廠職位約減少 20%。在產業狀況改善之前，我們計畫以較低的運轉率運行該工廠。

This action will drive an expected cost reduction of approximately $8 million to $12 million on an annualized basis. Our Lewiston, Idaho union ratified a new four-year labor agreement. This agreement combines competitive wages and benefits for our employees with significant additional flexibility in how we can operate the mill.

此舉預期可帶來約 800 萬至 1,200 萬美元的年化成本降低。我們愛達荷州 Lewiston 廠的工會已批准一份新的四年期勞動協議。該協議在為員工提供具競爭力的薪資與福利的同時，也大幅提升了我們在工廠營運方式上的彈性。

Finally, we received $17.5 million in additional representation and warranty insurance proceeds during the first quarter for a total of over $40 million. We continue to pursue claims against $50 million of the remaining policy limit.

最後，我們在第一季額外收到 1,750 萬美元的陳述與保證保險（representation and warranty insurance）理賠款，使累計金額超過 4,000 萬美元。我們仍持續就剩餘保單限額中的 5,000 萬美元提出理賠主張。

Let me now provide some perspectives on industry conditions and the impact on our business. SBS shipments were nearly flat in the first quarter of 2026 versus the first quarter of 2025, outpacing CRB and CUK, which declined by around 3%. SBS shipments are forecasted to grow by 4% in 2026.

接下來我分享一些對產業狀況的觀點以及其對我們業務的影響。2026 年第一季 SBS 出貨量相較 2025 年第一季幾乎持平，表現優於 CRB 與 CUK，後兩者約下滑 3%。SBS 出貨量預估在 2026 年成長 4%。

We believe that at least part of the strength can be attributed to lower imports and substitution effects as SBS is now the low-cost paperboard substrate on a per square foot basis. SBS is highly versatile with diversified end-use applications ranging from high-end folding cartons used in pharmaceuticals and cosmetics to food service items for at-home or QSR consumption.

我們認為，這股強勢至少部分可歸因於進口量下降以及替代效應，因為以每平方英尺計算，SBS 現在是成本最低的紙板基材。SBS 具高度多用途，終端應用多元，從用於藥品與化妝品的高階摺疊紙盒，到供居家或速食餐廳（QSR）消費的餐飲服務用品皆涵蓋在內。

From a supply perspective, we started the year with industry capacity substantially exceeding demand by more than 10%. With recent changes in industry capacity, including our restructuring of the Cypress Bend mill, we now believe that the excess industry supply has been reduced by approximately 50%.

從供給面來看，我們在年初時的產業產能大幅高於需求，超出逾 10%。隨著近期產業產能的變化（包括我們對 Cypress Bend 廠的重整），我們現在認為產業過剩供給已約減少 50%。

RISI is forecasting additional net capacity reductions by the end of this year, resulting in industry operating rates of around 90%. As we've stated previously, margins should start improving to historical cross-cycle averages with industry rates exceeding 90%. Bleached imports were down by 12% in 2025 versus 2024, driven by higher tariffs and a weaker dollar. European producers are facing additional cost pressures this year with higher energy, chemical and transportation costs driven by the conflict in the Middle East.

RISI 預測在今年年底前將有進一步的淨產能削減，使產業開工率約達 90%。如我們先前所述，當產業開工率超過 90% 時，利潤率應會開始改善並回到歷史跨循環平均水準。2025 年漂白紙板進口量較 2024 年下降 12%，主要受較高關稅與美元走弱所驅動。由於中東衝突推升能源、化學品與運輸成本，歐洲生產商今年正面臨額外的成本壓力。

RISI is forecasting total bleached imports to decrease by an additional 12% in 2026 versus 2025. In terms of our business, we're experiencing solid demand with stability in folding carton and strength in foodservice, particularly in cup and plate. Backlogs across our paper machines are strong, and we are sold out on extruded products such as cup and polycoated folding carton.

RISI 預測 2026 年漂白紙板總進口量將較 2025 年再下降 12%。就我們的業務而言，我們正經歷穩健需求：摺疊紙盒需求穩定，餐飲服務需求強勁，尤其是紙杯與紙盤。我們各紙機的訂單積壓（backlog）強勁，且在紙杯與淋膜摺疊紙盒等擠出塗佈（extruded）產品方面已全數售罄。

With our mill restructuring, we have customer demand to run full across our 3-mill network for the remainder of the year. While we're seeing some positive signs of both demand and supply, current industry operating rates are driving margins that don't produce the necessary cash flow or returns to reinvest in our capital-intensive assets in the long run.

隨著我們的工廠重整，客戶需求足以讓我們的三廠網路在今年剩餘期間滿載運轉。儘管我們在需求與供給兩端都看到一些正面跡象，但目前的產業開工率所帶來的利潤率，仍不足以產生必要的現金流或報酬，以在長期重新投資於我們資本密集的資產。

In fact, we believe that today's margin levels are resulting in negative operating cash flow after the CapEx that's required to maintain these assets. This is simply not a sustainable position for us to be in. Against this backdrop, we remain focused on controlling what we can control while anticipating a recovery in industry conditions.

事實上，我們認為以目前的利潤水準，在扣除維持這些資產所需的資本支出（CapEx）後，將導致營運現金流為負。這對我們而言顯然不是可持續的狀態。在此背景下，我們仍專注於掌控可控事項，同時預期產業狀況將會復甦。

First, we're continuing to drive costs out of our business and focusing on operating our assets efficiently. Second, we're protecting share with our strategic customers by delivering the right combination of quality, service and cost. And third, we're looking for ways to recover the increased costs that we've experienced, including the most recent impacts from the Middle East conflict.

第一，我們持續推動業務降本，並專注於高效率地營運資產。第二，我們透過提供品質、服務與成本的適當組合，與策略性客戶共同維持市占。第三，我們正尋求回收我們所承受的成本上升的方法，包括近期中東衝突所帶來的影響。

Let me provide a bit more context on our actions at Cypress Bend. We reduced roles at the mill by about 20% and improved the mill's cost structure by an expected $8 million to $12 million per year. We're prepared to run and reduce production rates until SBS industry conditions improve or we invest in other capabilities such as CUK. Cypress Bend remains a well-invested and cost-competitive mill that provides us with the optionality to grow in the long run.

讓我就我們在 Cypress Bend 的行動提供更多背景說明。我們將該廠的人力職務縮減約 20%，並預期每年可改善該廠成本結構約 800 萬至 1,200 萬美元。在 SBS 產業狀況改善或我們投資其他能力（例如 CUK）之前，我們已準備好在維持運轉的同時降低產量。Cypress Bend 仍是一座投資完善且具成本競爭力的紙廠，為我們提供長期成長的選擇權。

It also provides our customers with North America's largest independent paperboard mill network with capabilities to produce a full range of SBS products. In total, we are now focused on producing and profitably selling approximately 1.2 million tons of SBS across all 3 of our mills versus our stated capacity of around 1.4 million tons.

它也為我們的客戶提供北美最大的獨立紙板紙廠網路，具備生產全系列 SBS 產品的能力。整體而言，相較於我們宣稱的約 140 萬噸產能，我們目前聚焦於在三座紙廠合計生產並以獲利方式銷售約 120 萬噸的 SBS。

In addition to the industry oversupply that we're facing, we're also experiencing significant cost pressures on certain chemical wood and diesel costs because of the conflict in the Middle East. Altogether, we're projecting $3 million to $5 million of quarterly headwinds from these cost increases until the conflict is resolved and global supply chains have returned to normal.

除了我們所面臨的產業供給過剩之外，由於中東衝突，我們也在特定化學品、木材與柴油成本上承受顯著的成本壓力。綜合而言，在衝突解決且全球供應鏈恢復正常之前，我們預估這些成本上升將帶來每季約 300 萬至 500 萬美元的不利因素。

With these additional cost headwinds and due to our sold-out position in our cup business, we have revised our previously announced price increase on cup and other extruded products to $60 per ton effective in May. This increase impacts approximately 70,000 tons of our extruded business not tied to the RISI price index.

在這些額外成本逆風之下，且由於我們的紙杯業務處於滿單狀態，我們已將先前宣布的紙杯及其他擠出產品的漲價幅度修訂為每噸 60 美元，並於 5 月生效。此項調漲影響約 70,000 噸、未與 RISI 價格指數連動的擠出業務。

The rest of our cup and extruded business, which is approximately 150,000 tons, will move within a couple of quarters of any change to the RISI price index. We see momentum in our cup business, while we continue to face a highly competitive environment in our non-extruded grades such as folding and plate.

我們其餘約 150,000 噸的紙杯與擠出業務，將在 RISI 價格指數任何變動後的數個季度內進行調整。我們看到紙杯業務的動能，同時在非擠出等級（如摺盒與紙盤）方面仍面臨高度競爭的環境。

We announced a $50 per ton increase on these grades in March, but we found implementation to be challenging given our industry's current oversupply position. We believe that our margins on these grades aren't sustainable in the long run, and we'll continue to look for ways to recover the cost pressure that we faced over the last couple of years.

我們在 3 月宣布這些等級每噸調漲 50 美元，但在目前產業供給過剩的情況下，落實執行相當具挑戰性。我們認為這些等級的利潤率長期而言並不可持續，並將持續尋求方法以回收過去幾年所承受的成本壓力。

Before I turn the call over to Sherri, I'd like to briefly update you on our strategic initiatives to further build and diversify our product portfolio. We have successfully launched a new lightweight paperboard product line called Velora. We believe that Velora will compete effectively with FBB and support a wide range of general use packaging applications.

在我把電話交給 Sherri 之前，我想簡要更新我們的策略性計畫，以進一步建立並多元化我們的產品組合。我們已成功推出名為 Velora 的新款輕量化紙板產品線。我們相信 Velora 將能有效與 FBB 競爭，並支援廣泛的一般用途包裝應用。

While we believe that this type of product has a place in the market, it is not a replacement for a high-quality SBS offering. We continue to evaluate our CUK investment decision as we navigate current industry conditions. The engineering work is complete with an estimated investment of approximately $60 million and an execution timeline of roughly 12 to 18 months.

雖然我們認為此類產品在市場上有其定位，但它並不能取代高品質的 SBS 產品供應。在因應目前產業環境之際，我們仍持續評估 CUK 的投資決策。工程作業已完成，預估投資金額約 6,000 萬美元，執行時程約 12 至 18 個月。

As a reminder, this project would take place at our Cypress Bend, Arkansas mill, and we would target 100,000 to 150,000 tons of CUK volume with this conversion while maintaining our ability to produce SBS. In addition to our focus on lightweight SBS in CUK, we are evaluating opportunities to add CRB to our product portfolio. We believe that offering a full range of paperboard substrates positions us to better meet the needs of our independent converter customers and expand our share of their overall paperboard spend.

提醒一下，此專案將在我們位於阿肯色州的 Cypress Bend 紙廠進行；在維持生產 SBS 能力的同時，透過此項轉換我們將鎖定 100,000 至 150,000 噸的 CUK 產量。除聚焦於輕量化 SBS 與 CUK 之外，我們也在評估將 CRB 納入產品組合的機會。我們相信，提供完整範圍的紙板基材可使我們更能滿足獨立加工轉換客戶的需求，並擴大其整體紙板採購支出中我們的占比。

With that, I'll turn the call over to Sherri to discuss our first quarter financial results in more detail and provide an outlook for the second quarter.

接下來，我把電話交給 Sherri，請她更詳細說明我們第一季的財務結果，並提供第二季展望。

Thank you, Arsen. Turning to our first quarter financial performance. For the quarter, we reported a net loss from continuing operations of $13 million or $1.29 per diluted share. Our results include $17.5 million of insurance proceeds. Net sales were $360 million, down approximately 5% compared to the first quarter of 2025. Higher shipment volumes were more than offset by lower SBS market pricing. Adjusted EBITDA was $2 million, slightly above our guidance, which contemplated breakeven performance.

謝謝你，Arsen。接著談我們第一季的財務表現。本季我們持續營運的淨損為 1,300 萬美元，或稀釋後每股虧損 1.29 美元。我們的結果包含 1,750 萬美元的保險理賠收入。淨銷售額為 3.60 億美元，較 2025 年第一季約下降 5%。出貨量增加的正面影響，已被 SBS 市場價格下滑所抵銷。調整後 EBITDA 為 200 萬美元，略高於我們原先以損益兩平為假設的指引。

As Arsen mentioned earlier, the weather event at our Augusta and Cypress Bend mills impacted EBITDA by approximately $15 million in the quarter. SG&A as a percentage of sales remained below our target range of 6% to 7%, reflecting continued cost discipline. We believe that this is best-in-class in our industry. The conflict in the Middle East is putting pressure on chemical, wood and transportation costs.

如 Arsen 先前提到的，我們 Augusta 與 Cypress Bend 紙廠的天候事件使本季 EBITDA 約減少 1,500 萬美元。SG&A 佔銷售額比重仍低於我們 6% 至 7% 的目標區間，反映我們持續的成本紀律。我們認為這在本產業中屬於同業最佳水準。中東衝突正對化學品、木材與運輸成本造成壓力。

As Arsen mentioned, we believe that these additional costs will be in the $3 million to $5 million range per quarter. Oil-derived chemicals have experienced increased price volatility and transportation costs have been impacted by higher fuel prices. We are working to mitigate these impacts through targeted pricing actions and operational productivity, but these dynamics remain a near-term headwind to margins. We will continue to monitor developments closely and provide financial updates as appropriate.

如 Arsen 所提，我們認為這些額外成本每季將落在 300 萬至 500 萬美元的區間。石油衍生化學品的價格波動加劇，而運輸成本也受到燃料價格上升的影響。我們正透過精準的定價措施與營運生產力提升來降低這些影響，但這些動態在短期內仍將對利潤率形成逆風。我們將持續密切關注相關發展，並在適當時提供財務更新。

Let me also provide an update on the insurance recovery related to the Augusta acquisition. As a reminder, we obtained representation and warranty insurance with a $105 million limit through multiple insurers. We identified certain matters that were not consistent with representations made to us at the time of the transaction and notified the insurers of these breaches.

我也更新一下與 Augusta 收購案相關的保險理賠進度。提醒一下，我們透過多家保險公司取得上限 1.05 億美元的陳述與保證保險。我們發現若干事項與交易時對我們所作的陳述不一致，並已就這些違反情形通知保險公司。

In the fourth quarter, we received an initial settlement payment of $23 million, including approximately $6 million related to direct operating costs occurred in 2025. In the first quarter, we received a second settlement payment of more than $17 million, of which approximately $6 million relates to direct operating costs incurred in Q1 of fiscal 2026.

在第四季，我們收到第一筆和解款 2,300 萬美元，其中包含約 600 萬美元與 2025 年發生的直接營運成本相關。在第一季，我們收到第二筆和解款超過 1,700 萬美元，其中約 600 萬美元與 2026 會計年度第一季發生的直接營運成本相關。

As of March 31, approximately $50 million of the policy limit remains. We are actively pursuing the recovery of the remaining claim amount with our insurers, and we'll provide updates in future quarters.

截至 3 月 31 日，保單上限尚餘約 5,000 萬美元。我們正積極向保險公司追償剩餘的理賠金額，並將在未來季度提供更新。

Turning now to our outlook. For the second quarter, we expect adjusted EBITDA in the range of breakeven to negative $10 million. This is being driven by our planned major maintenance outage at our Lewiston facility, which will have a direct cost of $22 million to $24 million. In addition, we expect $5 million to $7 million of higher input costs, including the impact from the Middle East conflict.

接著談我們的展望。第二季我們預期調整後 EBITDA 將介於損益兩平至負 1,000 萬美元之間。主要原因是我們位於 Lewiston 廠的計畫性大型歲修停機，直接成本將為 2,200 萬至 2,400 萬美元。此外，我們預期投入成本將增加 500 萬至 700 萬美元，其中包含中東衝突帶來的影響。

Partly offsetting those headwinds will be benefits of our cost reduction initiatives and seasonal uptick in shipment volumes. Our full year assumptions remain as follows: revenue of $1.4 billion to $1.5 billion, flat to modest shipment growth, approximately $70 million carryover impact from 2025 market-driven price decreases, excluding the effect of recent pricing actions or future RISI price index movements productivity gains, including carryover from 2025, offsetting 2% to 3% of input cost inflation.

部分抵銷這些逆風因素的，將是我們成本削減措施的效益以及出貨量的季節性回升。我們對全年之假設維持如下：營收為14億至15億美元，出貨量持平至小幅成長，約7,000萬美元來自2025年市場驅動降價的遞延影響（不含近期定價行動或未來RISI價格指數變動之影響），生產力提升（包含2025年的遞延效益）可抵銷2%至3%的投入成本通膨。

Major maintenance outage costs of $45 million to $50 million, consistent with 2025. Please note that the Cypress Bend outage has been moved from Q2 to Q4 of this year. Approximately $6 million of benefit related to the Cypress Bend restructuring, capital expenditures of $65 million to $75 million, targeted working capital improvement of $20 million to $30 million and SG&A maintained towards the lower end of our target range of 6% to 7% of sales.

大型維修停機成本為4,500萬至5,000萬美元，與2025年一致。請注意，Cypress Bend的停機已由今年第二季移至第四季。與Cypress Bend重組相關的效益約600萬美元，資本支出為6,500萬至7,500萬美元，目標營運資金改善2,000萬至3,000萬美元，且SG&A維持在我們目標區間（銷售額的6%至7%）的較低端。

Importantly, we believe that we have a path to breakeven or better free cash flow for the year. This includes impacts from the cost actions that we are taking, insurance recoveries, a tax refund that we are expecting and reductions in net working capital. As Arsen mentioned earlier, we are focused on controlling the controllables even as we work through a challenging industry environment.

重要的是，我們相信今年有一條路徑可達到損益兩平或更佳的自由現金流。這包括我們正在採取的成本行動、保險理賠回收、我們預期將收到的退稅，以及淨營運資金的降低所帶來的影響。如Arsen先前提到的，即使在充滿挑戰的產業環境中，我們仍專注於控制可控事項。

Let me wrap up with a few comments on our balance sheet. We have ample liquidity available to us and are managing to keep our overall debt levels relatively flat. Our 2020 notes go current in the second half of 2027, while our ABL goes current later this year. It is our intent to extend or refinance both instruments before they go current. We are in active discussions with our banking partners, and we'll provide an update in the coming quarters.

最後我以幾點對資產負債表的評論作結。我們擁有充足的流動性，並且設法讓整體負債水準維持相對持平。我們的2020年票據將於2027年下半年轉為流動負債，而我們的ABL則會在今年稍晚轉為流動負債。我們的意圖是在兩項工具轉為流動負債之前，將其展期或再融資。我們正與銀行合作夥伴進行積極討論，並將在未來幾季提供最新進展。

With that, I'll turn the call back to Arsen for closing remarks.

接下來，我把電話交回給Arsen作結語。

Thank you, Sherri. I'm proud that our team has continued to maintain its focus on running safely and effectively while reducing costs across the business. We are a lean and agile company, which is an advantage regardless of what part of the industry cycle that we're in. We have taken important steps to improve our performance, including restructuring the Cypress Bend mill, implementing pricing actions and advancing our product portfolio diversification.

謝謝你，Sherri。我很自豪我們的團隊在全力維持安全且有效率的營運同時，持續推動全公司範圍的成本降低。我們是一家精實且敏捷的公司，無論處於產業循環的哪個階段，這都是一項優勢。我們已採取重要步驟以改善績效，包括重組Cypress Bend工廠、推動定價行動，以及推進我們產品組合的多元化。

In closing, I'd like to summarize our key priorities for the balance of this year. First, we will continue to focus on operating efficiently and reducing costs. Second, we will protect share with our strategic customers. Third, we're taking actions to be cash flow neutral this year. And finally, we're planning to refinance or extend maturities on our existing debt. I remain confident that this cycle will turn.

在結語中，我想總結今年剩餘時間的關鍵優先事項。第一，我們將持續專注於提升營運效率並降低成本。第二，我們將與策略性客戶一同守住市占。第三，我們正採取行動，讓今年的現金流達到中性。最後，我們規劃對既有債務進行再融資或延長到期日。我仍然有信心，這一輪循環將會反轉。

Over time, we believe we will return to cross-cycle EBITDA margins of 13% to 14% and generate more than $100 million of annual free cash flow. Most importantly, we will continue to make decisions that drive long-term shareholder value while supporting our customers, employees and the communities in which we operate. Thank you for joining us today. We'll now open the call up for questions.

隨著時間推進，我們相信將回到跨循環EBITDA利潤率13%至14%的水準，並創造每年超過1億美元的自由現金流。最重要的是，我們將持續做出能推動長期股東價值的決策，同時支持我們的客戶、員工以及我們營運所在的社區。感謝各位今天加入我們。現在我們開放提問。

(Operator Instructions)

(接線員指示)

Sean Steuart, TD Cowen.

Sean Steuart，TD Cowen。

Thank you. Hi, everyone. Arsen, I want to start with the Cypress Bend restructuring. So you're cutting roll production 20% but the indication was you don't expect any overall impact on shipment volumes, which I suppose implies you'll be adding volume at the other mills. I guess the question is, should we consider this to the extent of Clearwater's supply response to a difficult market environment?

謝謝。各位好。Arsen，我想先從Cypress Bend的重組談起。你們將卷紙（roll）產量削減20%，但先前的說法是你們不預期整體出貨量會受到影響；我想這意味著你們會在其他工廠增加產量。我的問題是，我們是否應將此視為Clearwater在艱困市場環境下的供給面回應？

And if that's the case, I guess your assessment of the overall industry cost curve, you referenced what RISI is forecasting for capacity cuts through the remainder of the year, your impression of how steep that cost curve is and how quickly the supply response could arrive?

如果是這樣，我想請你評估整體產業的成本曲線：你提到RISI對今年剩餘時間產能削減的預測，你對成本曲線陡峭程度的看法，以及供給面回應可能多快出現的印象？

Yes. Thanks, Sean. There's a couple of questions in there, so let me try to tackle them all. So at Cypress Bend, we've reduced our roles at the mill by 20%, so headcount and other and open roles in addition to other costs. So that should drive $8 million to $12 million of annual savings at the mill. We intend to run the mill at reduced operating rates until industry conditions improve.

是的。謝謝你，Sean。你這裡面有幾個問題，我試著一併回答。在Cypress Bend，我們已將工廠的職缺（roles）減少20%，也就是人力編制以及其他與未補職缺相關的項目，並加上其他成本的削減。因此，這應可為該工廠帶來每年800萬至1,200萬美元的節省。在產業狀況改善之前，我們打算以較低的運轉率來運行該工廠。

We are -- given that strategy, we have about 1.2 million tons of volume that we're comfortable with. And at this point, we have about 1.2 million tons of annual production that we're comfortable with after taking this action. So we're now going to be focused on ensuring that we produce that 1.2 million tons and we sell it profitably to our customer base. So given that change, we believe that we're fully utilized for balance of the year.

在這項策略下，我們對約120萬噸的產量規模感到可接受。而在採取這項行動後，目前我們對每年約120萬噸的產量也感到可接受。因此，我們接下來將專注於確保生產這120萬噸，並以獲利的方式銷售給我們的客戶群。基於這項變化，我們相信今年剩餘時間我們的產能利用已達滿載。

In terms of broader industry changes, if you look at the first half, the actions that have taken place have reduced production or capacity by 280,000 to 300,000 tons. And if you recall, we stated that this industry is oversupplied by 500,000 to 600,000 tons. So we think that's about 50% of that oversupplied.

就更廣泛的產業變化而言，如果你看上半年，已發生的行動已使產量或產能減少28萬至30萬噸。而如果你還記得，我們曾表示這個產業供給過剩50萬至60萬噸。因此我們認為，這大約消化了過剩量的50%。

The industry is forecasted to grow by 4%, which should add a couple of hundred thousand tons of demand and imports are forecasted to come down by 12%, which is probably going to be another 50,000 tons or so. So if you pull all those things together, RISI is forecasting a 90-plus percent utilization or industry operating rate by balance of the year, which should put us on a path back to a recovery.

產業需求預測成長4%，這應會增加數十萬噸的需求；而進口預測將下降12%，這大概又會是約5萬噸左右。把這些因素綜合起來，RISI預測今年剩餘時間的產能利用率或產業運轉率將達到90%以上，這應能讓我們走上復甦的道路。

Okay. Okay. I think I get that piece of it. Second question is for Sherri. On the free cash flow bridge commentary, I think I understand the insurance piece of it. But you mentioned the tax refund coming. Can you give us perspective on how much that will be and specific quarterly timing there?

好的。好的。我想我理解這部分了。第二個問題是問Sherri。關於自由現金流橋接（bridge）的說明，我想我理解保險那一塊。但你提到將有退稅進來。你能否讓我們了解金額大概是多少，以及具體會落在哪一季？

Yes. So the overall for the full year would be $27 million to $28 million, of which we received $4 million in the first quarter. So you've got roughly $23 million remaining for the balance of the year.

是的。因此，全年整體會是2,700萬至2,800萬美元，其中我們在第一季已收到400萬美元。所以今年剩餘期間大約還有2,300萬美元。

Okay. And one last question, Sherri. The debt rating downgrade from Moody's, does that have any real bearing on your interest -- your borrowing costs effectively right now? Or is it more subject to future credit facility negotiations, that type of thing?

好的。最後一個問題，Sherri。穆迪（Moody's）下調債務評級，這對你們目前的利息——也就是實際借款成本——有任何實質影響嗎？還是說主要會影響未來的信貸額度談判之類的事項？

It would be the latter. It would be more applicable to any future refinancings.

會是後者。它會更適用於任何未來的再融資。

Okay. That's all I have for now. Thanks, guys.

好的。我目前就這些。謝謝各位。

Thanks, Sean. Thank you.

謝謝你，Sean。謝謝。

Matthew McKellar, RBC.

RBC 的 Matthew McKellar。

Good afternoon. Thanks for taking my questions. First for me, I think you mentioned $3 million to $5 million per quarter of input cost pressure until the conflict is resolved. Is that essentially a comparison of where costs are today versus where they were in February?

下午好。謝謝回答我的問題。第一個問題，我想你提到在衝突解決之前，每季會有300萬到500萬美元的投入成本壓力。這基本上是在比較目前成本相對於2月時的水準嗎？

And does that embed any potential recovery against higher costs that I think you mentioned, whether that be through price or other mechanisms? And if you could speak to what those might be, that would also be helpful.

另外，這是否已包含你提到的、針對較高成本可能的回收（例如透過漲價或其他機制）？如果你能談談可能有哪些方式，也會很有幫助。

Yes. No, good question. So first, yes, it is a sequential comparison. So it's versus where we were at, call it, a month or two ago before the conflict started. There's really three buckets of cost. Number one is chemicals. Number two is transportation, diesel. And the third one, maybe a little surprising was wood.

是的。不錯的問題。首先，是的，這是一個環比比較。也就是相對於我們在大約一兩個月前、衝突開始之前的成本水準。成本大致分成三個類別。第一是化學品。第二是運輸、柴油。第三個可能有點出乎意料的是木材。

We think approximately 20% of wood costs actually have to deal with transportation to get the wood out of the forest. So we are seeing some cost pressure on wood as well related to higher diesel costs. So yes, $3 million to $5 million sequential. In terms of recovery, listen, we're focused on cost reductions.

我們認為木材成本中約有20%其實與把木材從森林運出來的運輸有關。因此，與柴油成本上升相關，我們也看到木材出現一些成本壓力。所以是的，環比增加300萬到500萬美元。至於回收方面，坦白說，我們專注在降本。

So the Cypress Bend restructure should deliver about $2 million a quarter of cost reduction sequentially. As I mentioned on the call, we're also -- we're in the process of implementing a $60 price increase on our extruded products and our extruded products are polycoated.

因此，Cypress Bend 的重整應可在環比上每季帶來約200萬美元的成本降低。如我在電話會議中提到的，我們也——正在推動對我們的擠出產品實施每噸60美元的漲價，而我們的擠出產品是做聚塗（polycoated）的。

So they use more chemicals than non-extruded products for the polycoating. So there we're facing some unique cost pressures on those grades. And we're also sold out on those grades. So I think between the cost reduction in Cypress Bend and the price increase, we are attempting to recover at least some of that cost increase.

因此，相較於非擠出產品，聚塗所需的化學品更多。所以在那些等級上，我們正面臨一些獨特的成本壓力。而且我們在那些等級上也已滿載售罄。因此我認為，透過 Cypress Bend 的降本與這次漲價，我們正嘗試至少回收部分的成本上升。

Great. That's helpful. Then just a quick one on Velora. Could you just help us maybe understand how that fits into the product portfolio? Are you seeing that uptake from customers who had been on FBB so far? And where would your expectations be in terms of what share of your folding carton and foodservice volumes that product would eventually represent?

很好。這很有幫助。接著關於 Velora 的一個簡短問題。你能否協助我們理解它如何融入產品組合？你們是否看到目前採用者主要來自原本使用 FBB 的客戶？以及就你們的預期而言，該產品最終會占你們折疊紙盒與餐飲服務（foodservice）銷量的多少比重？

Good question as well. So we -- I view Velora, like as you'd imagine, it's another tool in our toolkit to work with our folding carton customers. They're obviously -- they're participating in bids and specs with their customers. So we want to put another tool in their toolkit. It is a grade that includes mechanical pulp. It is a lightweight grade. It is not a replacement for SBS, but it's meant to compete with FBB.

也是個好問題。所以我們——我把 Velora 視為如你所想，它是我們工具箱裡的另一個工具，用來與我們的折疊紙盒客戶合作。他們顯然——會與他們的客戶一起參與投標與規格制定。所以我們希望在他們的工具箱裡再多放一個工具。這是一個包含機械漿的等級。它是輕量化等級。它不是用來取代 SBS，而是用來與 FBB 競爭。

So if our customers' customer is looking at a lightweight FBB product, we have a solution for them. It is not incremental growth. It will take up some of our existing SBS capacity, and we haven't sized it yet in terms of number of tons. We don't expect it to be a large number in the near term. We'll monitor it and see what the uptake is and then we'll figure out what -- how much capacity to allocate to it in the long run.

所以如果我們客戶的客戶在尋找輕量化的 FBB 產品，我們就能提供解決方案。這不是增量成長。它會占用我們部分既有的 SBS 產能，而我們目前還沒有以噸數來界定規模。我們預期短期內不會是很大的數量。我們會觀察採用情況，然後再決定——長期要分配多少產能給它。

Great. Thanks for the help. I'll turn it back.

很好。謝謝協助。我把時間交回去。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Thanks, Arsen and Sherri and the team for taking my questions.

謝謝 Arsen、Sherri 以及團隊回答我的問題。

Hey, Mike.

嗨，Mike。

First question, what has the customer response been to the $60 per ton price increase on the extruded products thus far?

第一個問題，到目前為止，客戶對擠出產品每噸60美元的漲價反應如何？

I think we're still working through it with our customers. I'm not prepared to comment on feedback yet. I think the important point that I raised during the call is we're facing unique cost pressure on those grades because they're polycoated.

我想我們仍在與客戶協商推進中。我還不準備評論回饋。我在電話會議中提出的重點是，我們在那些等級上正面臨獨特的成本壓力，因為它們是聚塗（polycoated）的。

And the second piece, we are sold out. So our backlogs on those products are well beyond what we normally see with our customers. So we think between those two variables, I think we have a very strong case to implement this price increase.

第二點是，我們已經售罄。因此，這些產品的積壓訂單遠高於我們平常在客戶那裡看到的水準。所以我們認為，在這兩個變數之下，我們有非常充分的理由來落實這次漲價。

Got it. Were the backlog just as strong a couple of months ago? I mean if I heard you correctly, and I apologize if I didn't, I mean with another price increase, I think, targeting March which you now pushed out, maybe it's one of the same and if not, so my apologies.

了解。那麼，幾個月前的積壓訂單也同樣強勁嗎？我的意思是，如果我沒聽錯——若我聽錯也先致歉——你們之前似乎還有另一個漲價，原本目標在3月，但現在往後延了；也許是同一件事，如果不是的話也請見諒。

But were backlogs the same a couple of months ago, if we're talking about the same price increase? And if not, why do you think the conditions warrant? I mean I understand the wars, you have increasing costs, but why would customers be willing to do it if they're also stretched themself with that?

但如果我們談的是同一次漲價，幾個月前的積壓訂單也一樣嗎？如果不一樣，你認為為什麼條件足以支撐？我的意思是，我理解有戰爭、成本上升，但如果客戶自己也被這些因素拉扯，他們為什麼會願意接受？

Yes. So I think our original price increase back in March was $50 on folding and $60 on cup. This is a revision. We are at $60 across extruded -- all extruded products, which includes some polycoated folding carton as well as polycoated cup.

是的。所以我認為我們在3月最初的漲價是：折疊紙板上調50美元、紙杯上調60美元。這次是修訂。我們把所有擠出塗佈產品——所有擠出產品——統一上調到60美元，其中包括部分聚塗折疊紙盒紙板以及聚塗紙杯。

And yes, our backlogs on those grades have grown, and we're actually -- we're pressured on how to satisfy customer demand at this point. So they've grown since then and costs have also grown. So that's -- so it's a bit of a revision from what we talked about back in March.

是的，這些等級的訂單積壓已經增加，而我們實際上——在目前這個時間點，我們在如何滿足客戶需求方面承受壓力。所以自那之後積壓增加了，成本也增加了。所以——這算是對我們3月所談內容的一點修訂。

Okay. Got it. In terms of CUK, it sounds like you mentioned the engineering work is now complete. It requires investment $60 million with the time line of 12 to 18 months. I mean, can you give a sense as to whether you're willing to -- like what would get you over the hump to pull the trigger and move forward with producing CUK at Cypress Bend? And secondly, what optionality you have also with CRB? And where would you be looking to do that as well?

好的。明白了。就CUK而言，聽起來你提到工程作業現在已完成。需要投資6,000萬美元，時程為12到18個月。我的意思是，你能否說明一下，你是否願意——例如，要什麼條件才能讓你跨過門檻、拍板並推動在Cypress Bend生產CUK？第二，你在CRB方面也有哪些選擇性？以及你也會考慮在哪裡做？

Yes. Good questions, Mike. So on CUK, I think, frankly, it just has to do with the balance sheet and cash flows at this point, right? It's a $60 million investment, when we're working very hard at this point in the cycle to remain cash flow neutral. So it's a matter of allocating the capital and the cash, which at this point, would have to borrow.

是的。好問題，Mike。關於CUK，我想坦白說，現在主要取決於資產負債表和現金流，對吧？這是一筆6,000萬美元的投資，而我們在目前這個景氣循環階段正非常努力維持現金流收支中性。所以這是資本與現金配置的問題，而在目前情況下，將不得不借款。

So that's the CUK decision. I think -- we think it's a good project. We think we have a place in that part of the market. It's just figuring out the right time to make the call. On CRB, as you know, Mike, SBS mills would have a difficult time converting to CRB given the differences in the back end of the mill.

所以這就是CUK的決策。我想——我們認為這是個好專案。我們認為我們在那一段市場有立足點。只是要找出做決定的正確時點。至於CRB，如你所知，Mike，SBS紙廠由於紙機後段差異，要轉換成CRB會很困難。

So it's a matter of either looking at M&A in the long run or looking at some additional partnerships or supply agreements or something along those lines to get some CRB into our portfolio. So that's -- the CRB one around M&A, I think that's a longer-term thinking because, frankly, right now, we're focused on ensuring that we have a strong balance sheet to get through this part of the industry cycle.

因此，長期來看要嘛是考慮併購（M&A），要嘛是尋找一些額外的合作夥伴關係或供應協議，或類似安排，把一些CRB納入我們的產品組合。所以——我認為CRB這塊與併購相關的想法是較長期的，因為坦白說，眼下我們專注於確保資產負債表強健，以度過這一段產業循環。

Got it. I appreciate that, Arsen. One, just a quick follow-up. So even with respect to CUK, $60 million is probably unlikely given that you don't want to stretch -- you would not -- I would assume that you would not want to stretch your balance sheet any further given the fact that there is still risk in SBS and a lot of uncertainty with respect to how this excess capacity is going to be absorbed, right?

了解。謝謝你，Arsen。第一個，快速追問一下。所以即便就CUK而言，6,000萬美元在你不想拉伸——你不——我想你應該不希望再進一步拉伸資產負債表，因為SBS仍有風險，而且對於這些過剩產能將如何被消化仍有很多不確定性，對吧？

So I mean in other words, the conversion to CUK is probably unlikely in the near term as well because you don't want to stretch yourselves further.

所以我的意思是，換句話說，短期內轉換到CUK也可能不太可能，因為你不想讓自己承受更大的壓力。

I think we're going to keep reviewing it. We think it's a good project. I think $60 million right now is a bit of a stretch. So we're going to look really hard to see how we can get CUK into our portfolio. At this point, we have an engineer a project. Frankly, we're pushing the team to figure out what other paths we have to create CUK to make CUK in our facilities maybe spending less than $60 million.

我想我們會持續評估。我們認為這是個好專案。我覺得現在6,000萬美元確實有點勉強。所以我們會非常仔細地研究，看看如何把CUK納入我們的產品組合。目前我們已完成工程專案設計。坦白說，我們正在推動團隊找出其他路徑，看看是否能在我們的設施中生產CUK，且投入可能低於6,000萬美元。

Got it. And one final question, I'll turn it over. Just -- I know you're pretty constructive on maybe the conditions getting better by the end of the year, you're citing RISI. If market conditions remain challenging and let's say the biggest player refuses to do anything further with respect to cutting capacity, what else can be done or what can you do from a portfolio perspective?

了解。最後一個問題，我就交棒了。就是——我知道你對年底前情況可能改善相當正面，你也引用了RISI。如果市場狀況仍然艱困，假設最大的玩家拒絕在減產方面再做任何進一步動作，那還能做什麼，或你能從產品組合角度做些什麼？

Listen, Mike, I'm not going to try to speculate what we would or wouldn't do. I think right now, we focused on a few actions. So we talked about price. We talked about cost reductions. We did the Cypress Bend restructure. I think in the long run, we'll continue to assess our cost structure and our assets to make sure that we're in a good spot. But I think we're optimistic that we're seeing enough green shoots for a recovery in our corner of the market and our industry here as we progress through the year.

聽著，Mike，我不打算去臆測我們會或不會做什麼。我認為目前我們聚焦在幾項行動。我們談了價格。我們談了降本。我們做了Cypress Bend的重整。我想長期來看，我們會持續評估我們的成本結構與資產，確保我們處於良好位置。但我認為，隨著今年進展，我們對於在我們所處的市場角落與本產業看到足夠的復甦萌芽，仍抱持樂觀。

Got it. Understood. Good luck in 2Q and the rest of the year.

了解。明白。祝你們第二季以及今年剩餘時間順利。

Thank you.

謝謝。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。