Greif Inc (GEF.B) 2023 Q4 法說會逐字稿

Good day and welcome to the Greif fourth quarter 2023 earnings call. (Operator Instructions) As a reminder, this call may be recorded. I would like to turn the call over to Matt Leahy. You may begin.

美好的一天，歡迎參加 Greif 2023 年第四季財報電話會議。 （操作員說明）謹此提醒，此通話可能會被錄音。我想把電話轉給馬特·萊希。你可以開始了。

Thanks, and good morning, everyone. And first, let me apologize for the technical difficulties on our side. We were dialed in and for some reason, we lost audio and troubleshooting for the last several minutes. We truly appreciate your patience.

謝謝，大家早安。首先，我對我們這邊的技術困難表示歉意。我們撥通後，由於某種原因，我們在最後幾分鐘失去了音訊和故障排除。我們衷心感謝您的耐心等待。

Welcome to Chris' fourth quarter fiscal 2023 earnings conference call. This is Matt Leahy, Greif's Vice President of Corporate Development, and Investor Relations, and I'm joined by Ole Rosgaard, Greif's President and Chief Executive Officer, and Larry Hilsheimer, Greif's Chief Financial Officer. We will take questions at the end of today's call and in accordance with regulation fair disclosure.

歡迎參加 Chris 的 2023 財年第四季財報電話會議。我是格瑞夫公司發展和投資者關係副總裁馬特·萊希(Matt Leahy)，格瑞夫總裁兼首席執行官Ole Rosgaard 和格瑞夫首席財務官拉里·希爾斯海默(Larry Hilsheimer) 也加入了我的行列。我們將在今天的電話會議結束時並根據公平披露的規定回答問題。

Please ask questions regarding issues. You consider important because we're prohibited from discussing material nonpublic information with you on an individual basis.

請提出有關問題的問題。您認為很重要，因為我們被禁止與您單獨討論重大非公開資訊。

Please turn to slide 2. As a reminder, during today's call, we will make forward-looking statements involving plans, expectations and beliefs related to future events, and actual results could differ materially from those discussed. Additionally, we'll be referencing certain non-GAAP financial measures and reconciliation to the most directly comparable GAAP metrics can be found in the appendix of today's presentation.

請翻到投影片 2。提醒一下，在今天的電話會議中，我們將做出涉及與未來事件相關的計劃、期望和信念的前瞻性聲明，實際結果可能與討論的結果存在重大差異。此外，我們將參考某些非公認會計原則財務指標，並與最直接可比較的公認會計原則指標進行調節，可以在今天簡報的附錄中找到。

And now with that, I'd like to turn the presentation over to Oli on slide 3.

現在，我想將投影片 3 上的簡報交給 Oli。

Thanks, Matt, and good morning, everyone. And let me also apologize for the technical difficulties we have this morning. Looking back on fiscal year 2023, the second fiscal year under our belt, Celeste strategy, I'm humbled and in all of the progress of our global drive team has made despite extraordinary macroeconomic headwinds.

謝謝馬特，大家早安。我也對今天早上遇到的技術困難表示歉意。回顧 2023 財年，也就是我們的 Celeste 策略的第二個財年，我感到很謙卑，儘管宏觀經濟面臨巨大阻力，但我們的全球驅動團隊仍取得了所有進展。

This year challenge us to execute with continued precision and excellence in a complex operating environment. I'm proud to say that in the face of ongoing demand challenges, the hard work from our teams was solid in the second best year in drive's history on an adjusted EBITDA and adjusted free cash flow basis surpassed only by our exceptional performance in 2022 year over year, we improved both our EBITDA margins and our free cash flow conversion, even as primary product sales declined double digits across our businesses. A true testament to the commitment of our teams to operational excellence and our value over volume philosophy.

今年，我們面臨著在複雜的營運環境中持續精準、卓越執行的挑戰。我很自豪地說，面對持續的需求挑戰，我們團隊的辛勤工作是堅實的，在調整後的EBITDA 和調整後的自由現金流基礎上，我們取得了Drive 歷史上第二好的一年，僅次於我們2022 年的出色表現與去年同期相比，我們的 EBITDA 利潤率和自由現金流轉換率均有所提高，儘管我們業務的主要產品銷售額下降了兩位數。這真正證明了我們團隊對卓越營運的承諾以及我們的價值高於數量的理念。

Fiscal 2023 was a banner year for investing in the long-term health of growth. We launched new organic growth projects in both PPS and GIP, completed four acquisitions and announced the fifth in iPAQ Kim for an aggregate capital commitments of over $1 billion on M&A, we maintained our focus on returning capital to shareholders by increasing dividends per share by 7.5% and completing our $150 million share buyback program earlier in the year. And we did all this while maintaining a leverage rate ratio within our target range of 2 to 2.5 times a growth.

2023 財年對於投資長期健康成長來說是個標誌性的一年。我們在PPS 和GIP 中啟動了新的有機成長項目，完成了四項收購，並宣布了iPAQ Kim 的第五項收購，併購資本承諾總額超過10 億美元，我們透過將每股股息增加7.5 倍，繼續致力於向股東返還資本。% 並在今年稍早完成了我們 1.5 億美元的股票回購計劃。我們在做到這一切的同時，將槓桿率維持在成長 2 至 2.5 倍的目標範圍內。

We often talk about managing the presence while creating the future. We're doing both exceptionally as we close out fiscal 2023. I'm proud of what we have accomplished and where we are going, but make no mistake, managing the person can behalf especially when business is under pressure. And our business has been under pressure for some time. And we are continuing to face near-term headwinds, which Larry will cover with our low end guidance and modeling assumptions for fiscal 2024 for thoughts as proven 2023, we are built to handle Exxaro's impacts to our business by controlling what we can control.

我們經常談論在創造未來的同時管理現狀。在2023 財年結束之際，我們在這兩方面都做得非常出色。我對我們​​所取得的成就和我們的目標感到自豪，但毫無疑問，管理人員可以代表，尤其是在業務面臨壓力時。一段時間以來，我們的業務一直面臨壓力。我們將繼續面臨近期的逆風，拉里將用我們的2024 財年低端指導和建模假設來涵蓋這些逆風，因為2023 年的想法已被證明，我們旨在透過控制我們可以控制的事情來應對Exxaro 對我們業務的影響。

Our execution will remain strong, and we will weather this storm and I have full confidence in our mission and our global growth team.

我們的執行力將保持強勁，我們將渡過這場風暴，我對我們的使命和我們的全球成長團隊充滿信心。

After Larry provides a review of the first the fourth quarter. I will share with you a broader update about our growth strategy for future value creation. On the build to last Larry, please turn to slide 4. Thanks, only.

拉里（Larry）對第一季和第四季度進行了回顧。我將與您分享有關我們未來價值創造成長策略的更廣泛的更新。關於拉里最後的構建，請翻到幻燈片 4。謝謝。

In our fourth quarter, we generated nearly $200 million of adjusted EBITDA, $130 million of adjusted free cash flow and $1.56 of adjusted earnings per share. Despite the complex operating environment, our team's execution from the plant floor through corporate functions over the past year was truly extraordinary, and I would like to thank our colleagues for their hard work and commitment to delivering exceptional results in these difficult times.

第四季度，我們產生了近 2 億美元的調整後 EBITDA、1.3 億美元的調整後自由現金流和 1.56 美元的調整後每股盈餘。儘管營運環境複雜，但我們團隊在過去一年中從工廠車間到企業職能部門的執行力確實非常出色，我要感謝我們的同事在這些困難時期的辛勤工作和承諾，以實現卓越的成果。

Later in the presentation, only will expand commentary around our recent M&A, but for now, I will remind our investors that the cold pack and Reliance acquisitions both occurred during the fourth quarter. Therefore, Q4 results did not include the full contribution of these businesses which, along with Apex cam in early 2024, will provide a benefit to our performance in the coming year.

在稍後的演示中，我們只會圍繞我們最近的併購展開評論，但現在，我將提醒我們的投資者，冷包和 Reliance 收購均發生在第四季度。因此，第四季度的業績並未包括這些業務的全部貢獻，這些業務與 2024 年初的 Apex cam 一起將為我們來年的業績帶來好處。

Let's turn to segment results starting on slide 5. The fourth quarter in GIP saw more of the same challenges we have now faced for five straight quarters and extremely weak industrial sector with demand at staggeringly low levels compared to Q4 of fiscal 22. Global volumes in steel drums were off 8%, large plastics up 14% and fiber drums down 19%.

讓我們從幻燈片5 開始轉向細分市場結果。GIP 第四季度看到了我們連續五個季度面臨的更多相同挑戰，工業部門極其疲軟，與22 財年第四季度相比，需求水平低得驚人。鋼桶下跌 8%，大型塑膠桶上漲 14%，纖維桶下跌 19%。

Only IBCs and small plastic volumes increased year over year on a two year stack basis, nearly all substrates globally and GIP are tracking down mid-10s.

在兩年疊加的基礎上，只有 IBC 和小塑膠產量逐年增加，全球幾乎所有基材和 GIP 都在下降 10 左右。

A reminder for investors related to this historic demand period in GIP., more than 85% of basic and specialty chemicals globally are consumed by the industrial sector. Global PMIs have been trending negatively since December of 2021 and tracking below 50 since September of 2022.

提醒投資者註意這段歷史性的 GIP 需求時期，全球超過 85% 的基礎化學品和特種化學品被工業部門消耗。自 2021 年 12 月以來，全球 PMI 一直呈現負成長趨勢，自 2022 年 9 月以來一直低於 50。

Existing home sales in the US are tracking at the lowest level since 2010. This is truly an unprecedented time with no comparable period, including the Great Recession where we saw steep drop in drawn drum volumes that quickly recovered.

美國現房銷售正處於 2010 年以來的最低水平。這確實是一個史無前例的時期，沒有可比的時期，包括大衰退期間，我們看到房屋銷售量急劇下降，但很快又恢復了。

While this is sobering data, we take pride in the results we have delivered. Those results have enabled us to continue to invest strategically in our Build to Last initiatives focused on the future while managing costs and operations. Effectively, we are excited about the results of our GIP segment, well that and what they will deliver when the industry industrial economy recovers.

雖然這是發人深省的數據，但我們對我們所取得的成果感到自豪。這些成果使我們能夠繼續對著眼於未來的「基業長青」計畫進行策略性投資，同時管理成本和營運。實際上，我們對 GIP 部門的業績以及當工業經濟復甦時它們將帶來的成果感到興奮。

Please turn to slide 6. Paper Packaging's fourth quarter sales declined $84 million year over year, primarily due to lower volumes and growing price cost pressures. We took approximately 62,000 tons of total downtime across our mill system in the fourth quarter compared to 35,000 in Q4 of last year.

請參閱投影片 6。紙包裝第四季銷售額年減 8,400 萬美元，主要是因為銷售下降和價格成本壓力加大。第四季度，我們工廠系統的總停機時間約為 62,000 噸，而去年第四季為 35,000 噸。

Containerboard fared better than new RP with less economic downtime and better volumes in converting. But overall, the continued low volume environment, combined with rising OCC costs during the quarter led to both EBITDA dollars and margin compression compared to the prior year. Our PPS team continues to control the controllables wells and did an extraordinary job of managing working capital to close out the year.

箱板紙的表現優於新 RP，經濟停機時間更短，加工量更大。但總體而言，持續的低產量環境，加上本季 OCC 成本上升，導致 EBITDA 美元和利潤率與上年相比有所壓縮。我們的 PPS 團隊繼續控制可控油井，並在管理營運資金方面表現出色，為這一年畫下句點。

Please turn to slide 7, where I'll discuss 2024 low end guidance assumptions. As I mentioned in his opening remarks and I've covered as well. We are sitting at a truly historic moment in time for great businesses with prolonged volume headwinds across GIP. end markets we serve and now a material price cost headwind in PPS with rising OCC and lower receipt published prices. It's a challenging time to give full year guidance because we do believe the demand environment will turn positively.

請轉到幻燈片 7，我將在其中討論 2024 年低端指導假設。正如我在他的開場白中提到的，我也已經介紹過。對於偉大的企業來說，我們正處於一個真正的歷史性時刻，但全球工業園區的銷售量長期面臨阻力。我們服務的終端市場，現在 PPS 的材料價格成本逆風，OCC 上升，收據公佈價格下降。現在是提供全年指導的充滿挑戰的時刻，因為我們確實相信需求環境將會朝著積極的方向轉變。

We just don't know when given those these multiple near term headwinds and low visibility to a sustained recovery, we made the decision to present a low end guidance to start fiscal 2024 of $585 million in EBITDA and $200 million in free cash flow.

我們只是不知道考慮到這些近期的多重阻力和持續復甦的低迷，我們何時決定提供 2024 財年 EBITDA 5.85 億美元和自由現金流 2 億美元的低端指引。

This guidance methodology is simple. It presents a continuation of demand, price, and cost trends for both businesses through the duration of fiscal 24 at current levels. In addition, this guidance does not include our recently announced price increases in containerboard, which we don't include in guidance until recognized by receipt.

這種指導方法很簡單。它呈現了 24 財年期間兩家企業的需求、價格和成本趨勢的持續情況（按當前水準）。此外，本指南不包括我們最近宣布的箱板紙價格上漲，在收據確認之前我們不會將其納入指南。

And it also excludes any impact from OPEC CAM, which we expect will close sometime in calendar Q1. Our hope is that our actual fiscal 24 results will end up significantly above this low end guidance. However, we've always stated that we do not guide based on how our downside view is driven by current price cost in PPS. and no volume inflections in 2024, we have seen some green shoots, but no identified compelling trends yet to give us conviction that a recovery is emerging.

它還排除了 OPEC CAM 的任何影響，我們預計該會議將在第一季的某個時候結束。我們希望 24 財年的實際業績最終將顯著高於這一低階指引。然而，我們始終表示，我們的指導並非基於當前 PPS 價格成本如何推動我們的下行觀點。而且 2024 年成交量不會出現變化，我們已經看到了一些萌芽，但尚未確定令人信服的趨勢，使我們確信復甦正在出現。

Note that if volumes recovered 50% of the gap to 2022 volumes, our EBITDA would increase approximately $85 million and a 100% recovery would add approximately $170 million. Our business is designed to weather short-term cycles. We continue to delight our customers we are firing on all cylinders and controlling what we can control.

請注意，如果產量恢復到 2022 年銷售缺口的 50%，我們的 EBITDA 將增加約 8,500 萬美元，恢復 100% 將增加約 1.7 億美元。我們的業務旨在應對短期週期。我們繼續讓客戶滿意，我們正在全力以赴並控制我們能控制的事情。

We're proud of our teams and we know that we will continue to execute through this difficult time and come out on the other side, a stronger, better business. The investments we are making under Build to Last are laying out the foundation for breakout performance in the years to come and I'd like to hand it back to Oli to cover more about our long-term strategy and growth plans only.

我們為我們的團隊感到自豪，我們知道我們將繼續度過這個困難時期，並最終走向更強大、更好的業務。我們在「基業長青」下的投資為未來幾年的突破性業績奠定了基礎，我想將其交還給奧利，以詳細介紹我們的長期策略和成長計劃。

Thanks, Larry. If you could please turn to Slide 8. Bill asked about producing quality results on an annual basis, but it's also more than that. It's about leading through our values. Our purpose vision and missions all reflect our goal to better serve our colleagues and customers throughout the world. And I would like to briefly highlight a few achievements in 2023 on each of our missions and how they set us up for future success.

謝謝，拉里。如果可以的話，請翻到投影片 8。Bill 詢問有關每年產生高品質結果的問題，但問題還不止於此。這是關於透過我們的價值觀進行領導。我們的宗旨願景和使命都反映了我們更好地為世界各地的同事和客戶服務的目標。我想簡要地強調 2023 年我們每項使命所取得的一些成就，以及它們如何為我們未來的成功奠定基礎。

Customer Satisfaction Index has long been one of our most reliable measures of success in delivering legendary customer service, which directly aligns to our vision of being the best performing customer service company in the world.

長期以來，客戶滿意度指數一直是衡量我們提供傳奇客戶服務成功與否的最可靠衡量標準之一，這與我們成為全球表現最佳的客戶服務公司的願景直接一致。

Our aspirational target is 95%, and we are proud that in 2023, our average score was 94%. We also recently completed our 13th Net Promoter Score survey of nearly 5,000 customers receiving a result of 68, a new drive record and a leading score within the manufacturing industry. Consider the macroeconomic context of these results.

我們的理想目標是 95%，令我們感到自豪的是，到 2023 年，我們的平均分數為 94%。我們最近也完成了第 13 次淨推薦值調查，對近 5,000 名客戶進行了調查，結果為 68，創下了新的駕駛記錄，在製造業中處於領先地位。考慮這些結果的宏觀經濟背景。

Our customers clearly know we are devoted to serving them with excellence, particularly when times are tough and we have been rewarded for it on the creating thriving communities. We completed our sixth annual gala survey this year with over 90% colleague participation. And the results again showed an improvement in engagement placing us firmly within the top quartile of all manufacturing companies serve it across the world.

我們的客戶清楚地知道我們致力於為他們提供卓越的服務，尤其是在困難時期，我們也因此透過創造繁榮的社區而獲得了回報。今年我們完成了第六次年度盛大調查，超過 90% 的同事參與。結果再次表明，參與度有所提高，使我們在全球所有為其提供服務的製造公司中穩居前四分之一。

We also show our industry leadership through our commitments to sustainability under protect our future. And this year, we published our 14th Annual Sustainability Report with our new 2030 targets around climate waste, circularity, supply chain and DENI. This mission is a foundational element of our long-term success, and I highly encourage our investors to visit the sustainability page of our website to read more about our initiatives.

我們也透過對永續發展的承諾來展示我們的行業領導地位，以保護我們的未來。今年，我們發布了第 14 份年度永續發展報告，其中包含圍繞氣候廢棄物、循環、供應鏈和 DENI 的新 2030 年目標。這項使命是我們長期成功的基礎要素，我強烈鼓勵我們的投資者造訪我們網站的可持續發展頁面，以了解有關我們舉措的更多資訊。

Please turn to slide 9. Now that we have two years under the bill to last strategy, we wanted to provide a broader update on some ongoing internal strategic initiatives that we believe are the pillars of driving long-term value creation for all stakeholders. First, we shared with you the benefits throughout 2023 from centralizing our global operations, supply chain and IT functions. Under the one drive banner, we are building out these functions to serve a larger footprint of businesses in the future with the expectation of a growing scale advantage.

請轉到投影片 9。現在我們的策略還有兩年的時間，我們希望提供一些正在進行的內部策略舉措的更廣泛的更新，我們認為這些舉措是推動所有利害關係人長期創造價值的支柱。首先，我們與您分享了 2023 年集中我們的全球營運、供應鏈和 IT 職能所帶來的好處。在「一盤驅動」的旗幟下，我們正在建立這些功能，以便在未來為更大範圍的企業提供服務，並期望不斷擴大規模優勢。

Second, in alignment with our one growth mentality, we are executing an organizational shift from geography-based operations to substrate based operations. This structure was piloted in 2023 in GIP. North America and resulted in plants and regional level operating efficiencies improved best practice sharing and better decision making around capital investments and growth. We will use this fiscal year to prepare and plan to update you with a more complete picture as we get closer to implementation targeted for the beginning of full year 2025.

其次，為了與我們的單一成長心態保持一致，我們正在實施從基於地理的營運到基於基質的營運的組織轉變。該結構於 2023 年在 GIP 進行了試點。北美地區工廠和區域層面的營運效率得到改善，最佳實踐共享以及圍繞資本投資和成長的更好決策。隨著我們越來越接近 2025 年初的實施目標，我們將利用本財年做好準備併計劃向您提供更完整的最新情況。

Additionally, we plan to change our fiscal year end to September 30th, beginning in fiscal year 2026. This change had been requested by our investors and analysts for years, and we believe it will better align us to the standard industry calendar and increase our exposure to the investment community. Importantly, all these initiatives have been part of our Build to Last strategy from inception and our expectations as they will make us better at driving results, improving transparency and increase equity value creation enacting.

此外，我們計劃從2026 財年開始，將財政年度結束日期更改為9 月30 日。多年來，我們的投資者和分析師一直要求進行這項更改，我們相信這將更好地使我們與標準行業日曆保持一致，並增加我們的風險敞口給投資界。重要的是，所有這些舉措從一開始就是我們「基業長青」策略和我們期望的一部分，因為它們將使我們更好地推動成果、提高透明度並增加股權價值創造。

These changes takes time and effort, which will result in some short-term SG&A cost inflation in the coming fiscal year. But we firmly believe that these changes will lead to a better and more successful growth in the future. In addition to the internal work being done, I'm also excited about our recent growth through targeted M&A.

這些變化需要時間和精力，這將導致下一財年的短期 SG&A 成本上漲。但我們堅信，這些改變將帶來未來更好、更成功的成長。除了正在進行的內部工作之外，我還對我們最近透過有針對性的併購實現的成長感到興奮。

Please turn to slide 10. At our Investor Day in 2022, we outline drives acquisition priorities in three areas unique downstream, converting and paper sustainability, Alliance reconditioning services and pursuing a roll-up acquisition strategy in the resin based generic cans and small plastics markets.

請參閱投影片 10。在 2022 年投資者日，我們概述了獨特下游三個領域的收購優先事項：加工和紙張永續性、聯盟翻新服務以及在樹脂基通用罐和小型塑膠市場推行匯總收購策略。

These acquisition verticals share the same very attractive attributes they are aligned to growing end markets, holds strong circularity characteristics and enjoy an elevated margin profile with a growing addressable dairy can markets of $3.1 billion. We see a great opportunity to be the global leader in this high-performance packaging sector as we have the technical capability, product offering and scale to service customers in all our markets.

這些收購垂直行業具有同樣非常有吸引力的屬性，它們與不斷增長的終端市場保持一致，具有強大的循環特性，並在不斷增長的 31 億美元的乳製品罐頭市場中享有較高的利潤率。我們看到了成為高性能包裝領域全球領導者的絕佳機會，因為我們擁有為所有市場的客戶提供服務的技術能力、產品供應和規模。

We accelerated our growth in this market over the past year with the acquisitions of LHi container Reliance products and look to bolster our position following the close of the IPACM. acquisition, which we anticipate by the end of our fiscal second quarter in summary, we will enter 2024 positions. It will become one of the largest, most technically sophisticated small plastic product offerings in the world.

過去一年，我們透過收購 LHi 貨櫃 Reliance 產品加速了在該市場的成長，並希望在 IPACM 結束後鞏固我們的地位。總而言之，我們預計在第二財季末完成收購，我們將進入 2024 年的位置。它將成為世界上規模最大、技術最先進的小型塑膠產品供應商之一。

Please turn to slide 11 and our objective, our acquisition path is to build greater balance in our portfolio. From an end market and substrate perspective, that transactions announced in fiscal 2023 give drive greater exposure to secular growth trends in agricultural and speciality chemicals as well as exposure to newer markets for us in pharmaceuticals and medical diagnostics.

請參閱投影片 11，我們的目標、我們的收購路徑是在我們的投資組合中建立更大的平衡。從終端市場和基質的角度來看，2023 財年宣布的交易將推動我們更大程度地接觸農業和特種化學品的長期成長趨勢，並讓我們接觸到藥品和醫療診斷領域的新市場。

Jerry can and small plastic product line is extraordinarily versatile and our teams are excited about the follow-on organic growth potential as we serve and grow with customers in these markets. Additionally, you will notice that nearly 75% of the acquisitions completed or announced in fiscal 2023 were resin based improving our overall sustainability profile as most of these products can be recycled and reused and require less energy and materials to manufacture.

簡易罐和小型塑膠產品線用途廣泛，隨著我們為這些市場的客戶提供服務並與客戶共同成長，我們的團隊對後續的有機成長潛力感到興奮。此外，您會注意到，在2023 財年完成或宣布的收購中，近75% 是基於樹脂的，這改善了我們的整體永續發展狀況，因為大多數這些產品可以回收和再利用，並且製造時所需的能源和材料更少。

Please turn to slide 12. A final note on acquisitions. In addition to the improved end market mix and sustainability benefits, we are also buying great businesses. These companies are the companies we are acquiring, and those in our M&A pipeline are materially margin accretive and have better free cash flow characteristics than our legacy DR business over time.

請參閱投影片 12。關於收購的最後說明。除了改善終端市場組合和永續發展效益外，我們還收購了優秀的企業。這些公司是我們正在收購的公司，隨著時間的推移，我們的併購管道中的公司可以大幅增加利潤，並且比我們傳統的災難復原業務具有更好的自由現金流特徵。

This path, along with the work our teams are doing to continuously improve our base business every day will drive our performance towards our long-term goals of 18% plus EBITDA margins and well over 50% free cash conversion. We will continue to utilize our strong balance sheet and remain disciplined on acquisitions going forward, while actively lowering our leverage through a combination of debt paydown and EBITDA growth. Our capital allocation strategy will remain balanced, ensuring the financial strength and growth of the business for years to come.

這條道路，加上我們的團隊每天為不斷改進我們的基礎業務所做的工作，將推動我們的業績實現 18% 加 EBITDA 利潤率和遠超過 50% 的自由現金轉換的長期目標。我們將繼續利用我們強大的資產負債表，並在未來的收購中保持紀律，同時透過債務償還和 EBITDA 成長的結合積極降低我們的槓桿率。我們的資本配置策略將保持平衡，確保未來幾年的財務實力和業務成長。

In closing on slide 14, let me remind you of the reasons I'm so excited for the long-term growth prospects of growth and why we remain well positioned to weather this historically soft demand and pricing environment. I have full confidence in our ability to control what we can control and excel through successful execution of our Build to Lead strategy.

在投影片 14 的最後，讓我提醒大家，我對成長的長期成長前景如此興奮的原因，以及為什麼我們仍然能夠很好地應對這種歷史上疲軟的需求和定價環境。我對我們有能力控制我們可以控制的事情並透過成功執行我們的「建立領先」策略而表現出色充滿信心。

We have proven over the past two years that we have the team and strategy to perform in complex operating environments. We manage the business tightly while also investing for the future. We have accelerated our growth through M&A and high-impact organic growth projects. And lastly, we are keeping a long-term lens regarding our operations and business strategy.

過去兩年我們已經證明，我們擁有在複雜的營運環境中執行任務的團隊和策略。我們嚴格管理業務，同時也為未來進行投資。我們透過併購和高影響力的有機成長項目加速了我們的成長。最後，我們對我們的營運和業務策略保持著長期的眼光。

The cumulative impact of our efforts will result in a more robust, efficient growth-orientated and defensible business model, which we believe positions drive for success and strong earnings growth as the cycle normalizes. We thank you for your interest and drive. And operator, will you please open the line for questions.

我們努力的累積影響將帶來更加穩健、高效、以成長為導向且可防禦的商業模式，我們相信，隨著週期正常化，職位將推動成功和強勁的獲利成長。我們感謝您的興趣和動力。接線員，請打開提問線。

(Operator Instructions) Our first question comes from Ghansham Panjabi of Baird. Your line is open.

（操作員說明）我們的第一個問題來自 Baird 的 Ghansham Panjabi。您的線路已開通。

Hey, guys, good morning.

嘿，夥計們，早安。

I got more investment morning.

早上我得到了更多的投資。

Just making sure the value is working. I guess first off on the EBITDA bridge or Larry, you know, $890 million generated in fiscal year 23. Can you just give us more color in terms of the non-volume variances? I'm just trying to reconcile down to your 595, which would be a pretty significant step down relative to the.

只需確保該值有效即可。我想首先是 EBITDA 橋或拉里，你知道，第 23 財年產生了 8.9 億美元。您能否就非數量差異向我們提供更多資訊？我只是想調低到您的 595，這相對於 595 來說是一個相當重要的下降。

Yes, almost $200 million generated in EBITDA in 4Q.

是的，第四季的 EBITDA 產生了近 2 億美元。

Yes, sure. Thing kind of an obvious question, right, so I'm from walk through it.

是的，當然。這是一個顯而易見的問題，對吧，所以我正在經歷它。

We have a year-over-year impact because of the strengthening dollar against our that bucket of currencies of about $29 million. We also had throughout the year, a series of sort of one-off onetime items.

由於美元兌我們約 2900 萬美元的貨幣走強，我們產生了同比影響。我們全年也擁有一系列一次性物品。

For example, we had insurance recovery of about $6 million related to a fire where the costs were actually in 22 we had another fire recoveries, same thing or we had some legal recoveries and had you already been retimed the issue because of the high cost business and governmental initiatives. And then a tax recovery down in Brazil, about $6 million.

例如，我們有與一場火災相關的約600 萬美元的保險賠償，而成本實際上是22 美元，我們還有另一場火災賠償，同樣的事情，或者我們有一些合法的賠償，並且您是否已經因為高成本業務而重新安排了該問題的時間和政府措施。然後巴西的稅收返還減少了約 600 萬美元。

That was an operating type attack. So all of those were big slowdown throughout the year. They were like big lumps, but they total roughly $29 million. So we don't anticipate those to reoccur. So between those two items have almost $60 million. And we then have the paper pricing and yield element in cost price squeeze in EPS It's roughly $140 million year-over-year of where we are right now. And it does not take into account the price increase we just announced, which will be implemented in January 1. And then the GIP. index timing on our forecast on the cost is about a $17 million drag year-over-year and then we have some investments and only mention that's flowing into the segment structure. We've got cost of that about 6 million that we believe would generate a lot of benefits for us from a concentrated focus on different segments going forward.

那是一次操作型攻擊。因此，所有這些全年都大幅放緩。它們就像一個大塊，但總價值約為 2900 萬美元。所以我們預計這些不會再發生。所以這兩項之間的價值接近 6000 萬美元。然後，我們在 EPS 成本價格擠壓中考慮了紙張定價和收益因素，目前的情況與去年同期相比約為 1.4 億美元。而且這還不考慮我們剛剛宣布的漲價，將於1月1日實施。然後是GIP。我們對成本預測的指數時間約為 1700 萬美元，同比拖累，然後我們有一些投資，只提到這些投資流入了細分市場結構。我們已經獲得了大約 600 萬美元的成本，我們相信，透過集中關注未來的不同細分市場，這將為我們帶來許多好處。

We also are investing, as we've talked a lot about our digitization efforts that in that we anticipate future a strong benefit that the GAAP rules require us to expense it. We view it more as an investment, but it that net of the benefits. So we believe we'll start to see some benefits this year is about $8 million that will turn into a turnaround at the more benefit generation in 25, 26 and going forward. And then there's about $5 million of other inflationary things that those kind of matters. So actually get run in the 95, 85.

我們也在投資，因為我們已經談論了很多我們的數位化工作，我們預計未來會帶來巨大的好處，而公認會計準則規則要求我們將其支出。我們更多地將其視為一項投資，但它是扣除收益的。因此，我們相信今年我們將開始看到一些約 800 萬美元的收益，這些收益將在 25 年、26 年及未來產生更多收益，從而實現扭虧為盈。還有大約 500 萬美元的其他重要的通貨膨脹因素。所以實際上是在95年、85年運行。

Okay. That's super helpful. And then the volume recovery, 100%, that's $100 million like the scale that you gave us. Is that relative to two years ago? Is that just to make sure I have that right.

好的。這非常有幫助。然後銷量恢復，100%，相當於 1 億美元，就像您給我們的規模一樣。這與兩年前相比嗎？這只是為了確保我有這個權利嗎？

That's just relative to 22. So yes, I guess it would be two years going forward, whether it will get back to actually the what we look at sort of the last normalized year, but no. And so they have everything else going on and you go back to 19 divided government even higher numbers, but that you had 174 rates relative to 22.

這只是相對於22年而言。所以，是的，我想未來兩年，它是否會回到我們所看到的上一個標準化年份，但不會。所以他們還有其他事情在發生，你回到 19 個分裂的政府，甚至更高的數字，但你有 174 個利率相對於 22 個。

Okay, got it. Perfect. Thank you. And then in terms of your comments on green shoots, more color there. And then just lastly on the CapEx guidance, is that reflective of the low end assumption? Or is that and if so, is that something that would be scaled up for the year?

好，知道了。完美的。謝謝。然後就你對綠芽的評論而言，那裡有更多的色彩。最後關於資本支出指導，這是否反映了低端假設？或者是這樣嗎？如果是這樣，今年會擴大規模嗎？

Turns out to be better than?

事實證明比？

Yes, the green shoots. It's mostly that probably started to see in our in our containerboard business than certainly we've seen. I don't think we're ready to call it a trend yet or an inflection point. But certainly the last couple of months have been much better in our mill system is full at the moment. Backlogs are good.

是的，綠芽。這主要是在我們的箱板紙業務中開始看到的，而不是我們所看到的。我認為我們還沒有準備好將其稱為趨勢或轉折點。但可以肯定的是，過去幾個月已經好多了，因為我們的工廠系統目前已滿。積壓情況很好。

So that's what we're talking about. We really haven't seen it any place else. And then I'm sorry, what was the second part of the CapEx side?

這就是我們正在討論的。我們真的沒有在其他地方見過它。然後我很抱歉，資本支出的第二部分是什麼？

Probably CapEx, everything to OpEx guidance?

可能是資本支出，營運支出指導的一切？

Yes, Gunjan, we've said, hey, look guys, even if we actually end up with a year that's at the low end, we're going to manage our CapEx spend to just yes, it's not have anything to do with our strength because obviously we could do more but more just to manage it for appropriately for investors.

是的，Gunjan，我們說過，嘿，夥計們，即使我們實際上最終度過了處於低端的一年，我們也會將我們的資本支出管理為是的，這與我們的實力，因為顯然我們可以做得更多，只是為了為投資者提供適當的管理。

So if we do see an inflection point, we would probably up our CapEx but it wouldn't be proportional on that same ratio. And obviously, there's a core amount of CapEx that we have to do every year to make sure we maintain critical maintenance and obviously, that's what impacts our cash generation ratio.

因此，如果我們確實看到拐點，我們可能會提高資本支出，但在相同的比率上它不會成比例。顯然，我們每年都必須進行大量的資本支出，以確保我們維持關鍵的維護，顯然，這會影響我們的現金產生率。

Okay, terrific. Thank you, so much and happy holidays, to all of you that we've gone into.

好吧，太棒了。非常感謝你們，祝我們遇到的所有人節日快樂。

And one moment for our next question our next question will come from cashing killer of Bank of America. Your line is open.

我們的下一個問題將來自美國銀行的現金殺手。您的線路已開通。

Yes, hi, good morning. This is Josh on for George on your conflict this morning, business-related So just on containerboard, you know, I know you're not including it in guidance here, but I guess can you generally just speak to your rationale behind the price increases? And then and you also talked to some improvement just on containerboard. It's trending better relative to your base. So just on the demand front there, can you talk at all just how that maybe trended throughout the quarter? And what are you hearing from your customers on that front as well?

是的，嗨，早安。這是Josh 為George 講述的關於您今天早上的衝突，與業務相關因此，就箱板而言，您知道，我知道您沒有將其納入此處的指導中，但我想您通常可以談談價格上漲背後的理由嗎？然後您也談到了箱板紙的一些改進。相對於你的基礎，它的趨勢更好。那麼，就需求而言，您能談談整個季度的趨勢嗎？您在這方面還從客戶那裡聽到了什麼？

Yes. I mean, we are we are raising the prices because we like everybody else are face inflationary cost pressures. Obviously, OCC is up.

是的。我的意思是，我們之所以提高價格，是因為我們和其他人一樣都面臨通膨成本壓力。顯然，OCC 已經崛起了。

We deliver great services to our customers and demand's been up. So we are we've gone out with that and it will be effective January 1.

我們為客戶提供優質的服務，並且需求不斷增加。所以我們已經這樣做了，並將於 1 月 1 日生效。

Yes, that's essentially it.

是的，本質上就是這樣。

Okay. And then on just on trend, yes, we've done.

好的。然後就趨勢而言，是的，我們已經做到了。

You've got that trends that are clear. It�s normal course in Q4.

你已經看到了明顯的趨勢。這是第四季的正常過程。

Yes, yes.

是的是的。

So in the mills, we see it now, yes, mills a half a percent and in Chico's choice, 2.8%. And boxboard, we were down 6.9% and shouldn't call down 7.6%. Yes, so sequentially, a significant turnaround because we've been running negative.

因此，在工廠中，我們現在看到的是，是的，工廠佔 0.5%，而 Chico 的選擇是 2.8%。至於箱板紙，我們下跌了 6.9%，但不應該下跌 7.6%。是的，所以接下來，這是一個重大的轉變，因為我們一直在負成長。

Okay, understood. I appreciate that color. And then I know you've done a number of acquisitions or announced a number this year. And only you talk to the M&A being part of the story kind of longer term here and on past calls, you've talked to stuff maybe in the kind of immediate term pipeline. So at this point, you know, is there anything that you could potentially execute on in the coming year? Or how can we kind of think about that.

好的，明白了。我很欣賞那種顏色。然後我知道你們今年已經完成了一些收購或宣布了一些收購。只有你談到併購是這裡的長期故事的一部分，在過去的電話中，你可能談論過短期內的事情。那麼在這一點上，你知道，來年你有什麼可能執行的事情嗎？或者說我們該如何思考這個問題。

I mean pick up we haven't closed on a pack of nets that will close here in the first calendar quarter. And we then deep dive back in how they operate in nine countries. And given the volume situation we have at the moment and our guidance, we're not sort of going out aggressively to buy box. We have the means to do something. And we remain opportunistic over the next six-months in terms of what's available. And we're not going to miss a good opportunity to do a good deal?

我的意思是，我們還沒有關閉一批網，這些網將在第一季在這裡關閉。然後我們深入了解他們在九個國家的運作方式。考慮到我們目前的成交量狀況和我們的指導，我們不會積極地購買盒子。我們有辦法做某事。在接下來的六個月裡，我們仍然會在可用的情況下保持機會主義。我們不會錯過達成好交易的好機會嗎？

Yeah the thing I would I would also just share is even if we had hit this low end, if that's all that happens this year, we still are well within well within any of our debt covenants, and we'll be in great shape going forward. I mean, even if we got to just like recovering 50% of our volume this year, we would with IPAC. would still be right around three. I'm on a on a on a leverage ratio. And obviously, as we recover, we think there's significant upside in the pillow point on that. So we're out at 585.

是的，我也想分享的是，即使我們已經達到了這個低點，如果這就是今年發生的一切，我們仍然很好地遵守我們的任何債務契約，我們將處於良好的狀態向前。我的意思是，即使我們今年的銷售量要恢復 50%，我們也會選擇 IPAC。仍然是三點左右。我的槓桿率很高。顯然，隨著我們的康復，我們認為枕頭點有很大的上升空間。所以我們的成績是 585。

If we recovered paper and pricing margins to the average of the last five years, we've picked up $101 million. We recapture the volume. Where is that at $174 million. If we add iPAQ come in there, say roughly 60 for up to $920 million. If those things happen, we're already back down in our that ratio target.

如果我們將紙張和定價利潤率恢復到過去五年的平均水平，我們將獲得 1.01 億美元的收益。我們重新獲得音量。 1.74 億美元在哪裡？如果我們增加 iPAQ，大約 60 個，價值高達 9.2 億美元。如果這些事情發生，我們就已經回落了我們的比率目標。

Got it. Understood. And then just one last one, and I'll turn it over. Just with the change in terms of your fiscal year, is it possible at all to quantify what the inflation might be or what costs you might incur related to that?

知道了。明白了。然後就最後一張，我會把它翻過來。僅根據您的財政年度的變化，是否有可能量化通貨膨脹可能是多少，或者您可能會產生與此相關的成本？

Yes, the fiscal year change thing is relatively minor. It's a couple of million dollars kind of thing for that element of it.

是的，財政年度的變化相對較小。對於其中的那個部分來說，這需要幾百萬美元。

Thanks.

謝謝。

(Operator Instructions) Our next question will come from Eddie thresher of Stifel. Your line is open.

（操作員說明）我們的下一個問題將來自 Stifel 的 Eddie thresher。您的線路已開通。

Good morning. Thanks for taking my questions on if you could just talk about what you're watching as indications of change in the business fundamentals and what needs to happen to support a positive turn is coming and you'd feel more comfortable providing guidance range.

早安.感謝您回答我的問題，您是否可以談談您所看到的業務基本面變化的跡象，以及需要發生什麼來支持即將到來的積極轉變，並且您會更願意提供指導範圍。

Well, what needs to happen is, I mean, obviously, there's a lot of factors involved, but if we see a interest rate reduction, we will probably see some improvements in the housing sector and the housing sector when people move houses drives a lot of the business we see from our paints and segments, but also on containerboards that will be a huge positive and probably the biggest, I would say and then you have all in all the issues on geopolitical in our context we have around the world that has an effect as well. Those will probably be the biggest.

嗯，需要發生的是，我的意思是，顯然，涉及很多因素，但如果我們看到利率下降，我們可能會看到住房部門和當人們搬家開車很多時住房部門的一些改善我們從我們的油漆和細分市場看到的業務，而且在箱板紙上，這將是一個巨大的積極因素，而且可能是最大的，我想說，然後在我們的背景下，你會遇到所有關於地緣政治的問題，我們在世界各地都有也有效果。這些可能是最大的。

Yes, I would just ask you to reflect on last year, we came out in the after our first quarter call with lowering guidance by the second quarter we gave a range.

是的，我只想請您反思去年，我們在第一季電話會議後提出，到第二季我們給了一個範圍，降低了指導。

Yes, so we're not. I mean when we see something we will we will react and get everybody the information that you'd rather see. But I also tell you a year ago on this call at this time, our paper customers were telling us they thought business was going to bounce back in January. Our chemical companies were saying a first or second quarter calendar last year. And by the time we got to that first quarter, everybody was like in, oh, my what's going on and it started extending further and further out.

是的，所以我們不是。我的意思是，當我們看到某些東西時，我們會做出反應，並向每個人提供您希望看到的資訊。但我也告訴你，在一年前的這次電話會議上，我們的紙本客戶告訴我們，他們認為業務將在一月反彈。我們的化學公司去年說的是第一季或第二季的日曆。當我們到達第一季時，每個人都在想，哦，天哪，發生了什麼事，事情開始越來越嚴重。

So it will also reflect on the Great Recession. When we did see an inflection point, it was rapid demand kicked off aggressively. So hopefully, we start to see a recovery on that ties to some of the things that we just mentioned, and we are well positioned to respond.

因此，它也會反映出大衰退。當我們確實看到拐點時，需求迅速啟動。因此，希望我們開始看到與我們剛才提到的一些事情相關的復甦，並且我們已經做好了應對的準備。

And there other tasks for that and then, Matt, so when you just look globally at industrial production, ISMPF, the PMIs were peaking in May of 2021 and trending down almost since then. They've actually been trending negatively globally since September of 2022 in a contractionary period for over 12 months. Our global industrial business is levered to some of those trends, if not directly. So I think if you look for a turn or a recovery in PMI or RISM, that that could also indicate we're probably seeing a demand recovery as well.

還有其他任務，然後，馬特，所以當你看看全球工業生產、ISMPF 時，PMI 在 2021 年 5 月達到峰值，幾乎從那時起就呈下降趨勢。事實上，自 2022 年 9 月以來，全球經濟一直處於負成長趨勢，處於長達 12 個月的收縮期。我們的全球工業業務即使不是直接利用了其中一些趨勢。因此，我認為，如果您期待 PMI 或 RISM 出現轉變或復甦，這也可能表明我們也可能看到需求復甦。

Thanks a lot and team and just about the cadence of price and volume by quarter, maybe within each segment like seems like within both they have the toughest comp in 1Q and sequentially improves and maybe this flat year over year sort of kind of what you built into your guidance.

非常感謝團隊，以及按季度計算價格和銷量的節奏，也許在每個細分市場中，他們在第一季度都有最艱難的競爭，並且逐年提高，也許這種逐年持平的情況就是你所構建的那種進入您的指導。

Am I thinking about this correctly?

我的想法正確嗎？

Yes, we didn't really look at the price cost. I don't I'm not ready to answer that on a quarter-by-quarter basis. I mean, we didn't think that it added adding go back and look at where we were on each. But we I guess just off the top things trended throughout the year. Obviously, with OCC going up on the paper business throughout the year and we got price cuts more on that.

是的，我們並沒有真正考慮價格成本。我不知道，我還沒準備好逐季回答這個問題。我的意思是，我們不認為它增加了返回並查看我們在每個方面的位置。但我想我們只是全年的熱門趨勢。顯然，隨著OCC全年紙張業務的成長，我們在這方面得到了更多的降價。

We had forecast back half of the year. So if you did that, that would say that you'd be better at the end of the year than at the beginning. But then we've got our price increase announced that we are implementing on January 1. So that would obviously help in the in the first and more in the second quarter than the first.

我們曾預測今年下半年。因此，如果你這樣做了，那就意味著你在年底會比年初做得更好。但隨後我們宣布將於 1 月 1 日實施漲價。因此，這顯然對第一季有幫助，對第二季的幫助也比第一季更大。

And I did out of the first quarter tends to be the lowest in our business cycle as well.

我所做的第一季往往也是我們商業週期中最低的。

And then one last one from these two deals that you've already closed on, what is the rollover contribution to sales EBITDA and free cash flow assumed in the guidance from that.

然後是您已經完成的這兩筆交易中的最後一項，即指導中假設的銷售 EBITDA 和自由現金流的展期貢獻是多少。

And I can give you EBITDA is roughly $20 million in terms of the contribution to 2024. We know generally these businesses collectively are running at a 60% free cash flow conversion. We haven't guided to, but I'm not sure of the CapEx you've got next year, but that's directionally accurate in terms from an EBITDA perspective.

我可以告訴你，就 2024 年的貢獻而言，EBITDA 約為 2000 萬美元。我們知道，一般來說，這些企業的自由現金流轉換率為 60%。我們還沒有指導，但我不確定明年的資本支出，但從 EBITDA 的角度來看，這在方向上是準確的。

Thank you for taking my question.

感謝您回答我的問題。

(Operator Instructions) Our next question will come from Roger Spitz of Bank of America. Your line is open.

（操作員指示）我們的下一個問題將來自美國銀行的羅傑·斯皮茨（Roger Spitz）。您的線路已開通。

Thank you and good morning. First one was on IBC's fiscal Q4 volume increase on a percentage basis, would you have first steel plastic fiber and IBCs, the full fiscal year 2024 volume change percentage basis?

謝謝你，早安。第一個是關於 IBC 第四季度產量百分比增長，您是否有第一個鋼塑料纖維和 IBC，2024 年整個財政年度的產量變化百分比？

Hi, Roger. I can give you that the first line in Q4 was a contraction of 4.3% on IBCs.

嗨，羅傑。我可以告訴你，第四季第一條線是 IBC 收縮 4.3%。

Okay. I set up okay, my fault and you don't have the full year and that's what you're saying for all for.

好的。我設定得很好，我的錯，而你沒有全年，這就是你所說的一切。

The full year is a contraction of 9.5%

全年收縮9.5%

On wider small plastic packaging businesses, higher margins than your legacy large packaging. It's a small package, plastic packaging, more fragmented and large, but in large packaging really only has maybe our three producers with maybe 80% global market share.

在更廣泛的小型塑膠包裝業務中，利潤比傳統的大型包裝更高。它是一個小包裝，塑膠包裝，更加分散和龐大，但是在大包裝中實際上只有我們三個生產商，可能擁有全球80％的市場份額。

So on a less fragmented business, yes, number one, it is a less consolidated business across the globe. There's a lot of players. It's also a more sophisticated product to produce than you could on small plastic and Derek, and you could kind of split it up in three buckets you have a commodity markets, then you have the middle in a little bit commodity, little bit premium. And then you have the premium market, which is really where we operate where you have things like barrier technologies, you have special designs and that sort of thing.

因此，對於分散程度較低的業務來說，是的，第一，它是全球範圍內整合程度較低的業務。有很多玩家。這也是一種比用小塑膠和德里克生產的更複雜的產品，你可以把它分成三個桶，你有一個商品市場，然後你有一點點商品，一點點溢價的中間部分。然後是高端市場，這實際上是我們運營的地方，那裡有屏障技術、特殊設計等等。

And one thing to supplement always answer because only was answering on IBCs on a same store basis without the impact of Centurion acquisitions. So on Cinterion with Centurion in our volumes on IBCs, you were up 2% and for 24, we would expect them to be up 12 year over year.

需要補充的一件事是始終回答，因為只有在同一商店的基礎上對 IBC 進行回答，而不受 Centurion 收購的影響。因此，在我們的 IBC 數量中，Cinterion 和 Centurion 增長了 2%，而對於 24，我們預計它們將同比增長 12。

Thank you very much for your time.

非常感謝您的寶貴時間。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Our next question comes from Gabe Hodge of Wells Fargo. Your line is open.

我們的下一個問題來自富國銀行的加布·霍奇。您的線路已開通。

Good morning, guys.

早上好傢伙。

Again, I'm sure you've been called worse from a preference on the contract.

再說一次，我確信你因為合約上的偏好而被認為更糟。

I wanted to ask something a little bit that's been in the publications here recently about imported uncoated recycled board and just historically speaking, not being really a paper grade. That's been important, I think, for a variety of reasons, one of which is and there are probably other paper grades that are higher price points that that can be justified to be imported. I'm just curious if you all have seen this in the past or if in fact you can confirm that it's something that you've seen in the marketplace now, I'll stop there.

我想問一些最近在出版物中出現的關於進口無塗層再生紙板的問題，從歷史上看，並不是真正的紙張等級。我認為，出於多種原因，這一點很重要，其中之一是，可能還有其他等級的紙張價格更高，值得進口。我只是好奇你們過去是否見過這個，或者事實上你們是否可以確認這是你們現在在市場上看到的東西，我就到此為止。

Yes, Gabriel, it's something that there's always been some. It is really minor in the overall market. We've seen a little bit more, but it's not substantial. Okay.

是的，加布里埃爾，這種事情一直都有。它在整個市場中確實很小。我們已經看到了更多，但並不重要。好的。

And I guess to revisit the bridge question on, I apologize in advance, but you Larry laid out, I think a lot of the negative factors on to get to the 585, but we aren't necessarily giving yourselves credit for any of the positives that would be included even taking into account sort of what you're assuming on the guidance and or what you're experiencing today, at least on the containerboard side. What I mean by that is it sounds like the system is full at this point, which would imply no economic downtime in the containerboard mill system.

我想重新審視橋樑問題，我提前道歉，但你拉里列出了，我認為到達 585 有很多負面因素，但我們不一定會給自己帶來任何積極因素的信任即使考慮到您在指南中的假設和/或您今天所經歷的情況（至少在箱板紙方面），也會將其包括在內。我的意思是，聽起來系統此時已滿，這意味著箱板紙廠系統不會出現經濟停機。

So Matt, throughout plus 20 for acquisitions on I don't know if I have the exact number, correct. I want to say there was about 120,000 tons of economic downtime in your Seaboard system. Assuming some of that comes back on, those will all be additive sort of just based on what your assumptions are today?

所以馬特，整個收購加 20，我不知道我是否有確切的數字，是否正確。我想說的是，你們的 Seaboard 系統大約有 12 萬噸的經濟停機時間。假設其中一些重新出現，這些都將只是基於您今天的假設而添加的？

Is that the right way to think about it?

這是正確的思考方式嗎？

Partially, I mean, we are we have built in some relatively minor growth in from containerboard in the year, but it's a Asia and like $60 million now we also are closing down our Santa Clara mill. So that will take a little bit out. But yes, you're right, we're being relatively conservative in that low end guidance. I mean, it's low end because it's low ends.

我的意思是，今年我們在箱板紙方面取得了一些相對較小的增長，但這是亞洲的，大約 6000 萬美元，現在我們也正在關閉我們的聖克拉拉工廠。所以這會花費一點時間。但是，是的，你是對的，我們在低端指導方面相對保守。我的意思是，它是低端的，因為它是低端的。

Okay. Our Santa Clara, remind me, is CRB and that I declare we actually have been. Okay, not at the main airports in Europe for the foreseeable?

好的。提醒我一下，我們的聖克拉拉是 CRB，我聲明我們確實曾經是。好吧，在可預見的時間內不會出現在歐洲的主要機場嗎？

No, it's containerboard.

不，是箱板紙。

Yes, the tonnage on that, what we have that, just let me check.

是的，我們有什麼噸位，讓我檢查一下。

We'll get that data yet.

我們還會得到這些數據。

Okay. All right. That will that will be it.

好的。好的。就這樣吧，就這樣了。

Thank you.

謝謝。

And I'm showing no further questions. I would now like to hand the call back to Matt Lucey for closing remarks.

我沒有再提出任何問題。我現在想將電話轉回給馬特·盧西 (Matt Lucey)，讓其致閉幕詞。

I will thank you, everyone again for your patience today and our challenges at the beginning of the call. We hope you all have a wonderful holiday.

我將再次感謝大家今天的耐心以及我們在電話會議開始時所面臨的挑戰。我們希望大家度過一個愉快的假期。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。