Magnera Corp (MAGN) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們、先生們，大家好，感謝你們的支持。

Welcome to the Magnera first quarter 2025 earnings call.

歡迎參加 Magnera 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Robert Weilminster.

現在，我想將會議交給今天的發言人羅伯特·韋爾明斯特 (Robert Weilminster)。

Sir, please begin.

先生，請開始。

Thank you, operator, and thank you everyone for joining Magnera's first fiscal quarter 2025 earnings call.

謝謝接線員，也謝謝大家參加 Magnera 2025 財年第一季財報電話會議。

This is our first earnings call update since we combined various health hygiene and specialties global nonwovens and films business with Glatfelter creating Magnera on November 4, 2024.

這是自 2024 年 11 月 4 日我們與 Glatfelter 合併各種健康衛生和特種全球無紡布和薄膜業務並創建 Magnera 以來的首次收益電話會議更新。

Joining me, I have Magnera's Chief Executive Officer, Curt Begle, and Chief Financial Officer, Jim Till.

與我一起的還有 Magnera 的執行長 Curt Begle 和財務長 Jim Till。

Following our prepared remarks today, we will have a question-and-answer session.

今天，在我們準備好的發言之後，我們將進行問答環節。

(Event Instructions) A few things to note before handing the call over on our website at magner.com, you can find today's press release and earnings call presentation under our Investor Relations section.

（活動說明）在我們的網站 magner.com 上轉交電話會議之前，請注意以下幾點，您可以在我們的投資者關係部分下找到今天的新聞稿和收益電話會議簡報。

You can also go directly to ir.magnera.com.

您也可以直接造訪 ir.magnera.com。

As referenced on slide 2 during the call, we will be discussing certain non-GAAP financial measures.

如同電話會議第 2 張投影片中所提到的，我們將討論某些非 GAAP 財務指標。

These measures are reconciled to the most directly comparable GAAP financial measures in our earnings press release and in the appendix of the presentation available on our website.

這些指標與我們收益新聞稿和我們網站上簡報附錄中最直接可比較的 GAAP 財務指標相協調。

Additionally, a reminder that we will make certain forward-looking statements.

此外，請注意我們將做出某些前瞻性陳述。

These statements are made based upon management's expectations and beliefs concerning future events, impacting the company and therefore are subject to risks and uncertainties.

這些聲明是基於管理層對影響公司的未來事件的期望和信念而做出的，因此會受到風險和不確定性的影響。

Actual results or outcomes may differ materially from those expressed or implied in our forward-looking statements.

實際結果或成果可能與我們的前瞻性陳述中所表達或暗示的結果有重大差異。

Some factors that could cause the results or outcomes to differ are in the company's latest SEC filings and our news releases.

一些可能導致結果或成果不同的因素包含在公司最新的 SEC 文件和我們的新聞稿中。

These statements speak only as of today and we undertake no obligation to update them.

這些聲明僅代表今天的觀點，我們不承擔更新它們的義務。

I will now turn the call over to Magnera's CEO, Curt Begle.

現在我將把電話轉給 Magnera 的執行長 Curt Begle。

Thank you, Robert.

謝謝你，羅伯特。

Welcome everyone and thank you for joining us today.

歡迎大家並感謝大家今天的參與。

I would like to start by thanking Magnera's 9,000 employees across the globe for delivering solid financial results in our inaugural quarter while staying focused on our business goals and working tirelessly to drive innovative processes and deliver unique solutions to over 1,000 valued customers.

首先，我要感謝 Magnera 遍布全球的 9,000 名員工，他們在我們的首個季度取得了穩健的財務業績，同時專注於我們的業務目標，並不懈努力地推動創新流程並為 1,000 多位尊貴客戶提供獨特的解決方案。

I also send a special thank you to all the Magnera team members that helped close our transactions successfully on November 4.

我還要特別感謝所有幫助我們在 11 月 4 日成功完成交易的 Magnera 團隊成員。

Over the past several months, I've worked closely with our Board of Directors and our leadership team to ensure an efficient transition to an exciting new era of materials.

在過去的幾個月裡，我與董事會和領導團隊密切合作，確保高效過渡到令人興奮的新材料時代。

It has been energizing to visit our sites while we celebrate our new brand identity, set expectations for 2025, and establish the foundation for the Magnera Way of Excellence.

在我們慶祝新的品牌形象、設定 2025 年的期望以及為 Magnera 卓越之路奠定基礎的同時，訪問我們的網站令人振奮。

Our proud heritage dates back 160 years and I'm thrilled about the possibilities we will bring to the world as a global innovative solutions partner.

我們的驕傲歷史可以追溯到 160 年前，我很高興我們作為全球創新解決方案合作夥伴為世界帶來的可能性。

Slide 6 outlines the underlying framework of who we are at Magnera: centered on purpose, promise, and beliefs that guide our actions.

投影片 6 概述了 Magnera 的基本框架：以目標、承諾和指導我們行動的信念為中心。

Our purpose is to better the world with new possibilities made real.

我們的目標是透過實現新的可能性來讓世界變得更美好。

It drives every action, every innovation and is connected within every single function.

它推動每一個動作、每一項創新並且與每一個功能連結。

We are committed to bettering the world with industry-leading sustainable solutions and crafting a brighter future for generations to come.

我們致力於透過業界領先的永續解決方案改善世界，為子孫後代創造更美好的未來。

We do this through constant innovation brought to life with superior service and industry leading reliability.

我們透過不斷創新、提供優質服務和領先業界的可靠性來實現這一目標。

Our promise is the co-creation of innovative material solutions that propel our customers' goals and solve end user problems.

我們的承諾是共同創造創新的材料解決方案，以推動客戶的目標並解決最終用戶的問題。

We strive every day to earn the trust that our customers partners and team can count on.

我們每天都在努力贏得客戶、合作夥伴和團隊的信任。

We will not only create innovative materials but also create transformative solutions that address real world problems for consumers and end users driving our customer success.

我們不僅會創造創新材料，還會創造變革性的解決方案，解決消費者和最終用戶的實際問題，進而推動客戶成功。

Lastly, our beliefs are the DNA of our culture that guide our actions and shape the way we achieve and deliver our purpose and promise.

最後，我們的信念是我們文化的 DNA，它指導我們的行動並塑造我們實現和實現目標和承諾的方式。

Moving to slide 7.

移至幻燈片 7。

We are sub-straight agnostic and respond to the ever-evolving consumer preferences including a continued focus on sustainability.

我們不拘泥於某一特定事物，而是專注於不斷變化的消費者偏好，包括持續關注永續性。

We are a resource conscious company, and we will continue with that focus our commitment to the environment and our social contract with our employees, investors, stakeholders and communities is unwavering.

我們是一家注重資源的公司，我們將繼續專注於這一目標，我們對環境的承諾以及我們與員工、投資者、利害關係人和社區的社會契約堅定不移。

We are responsible users, the water resources we consume with many sites processing water at drinking level quality.

我們是負責任的用戶，我們消耗的水資源在許多場所都經過加工，達到了飲用級的品質。

We are proud to consume more than 10% of our energy consumption from renewable resources.

我們很自豪，我們的能源消耗中 10% 以上來自再生資源。

We also have a growing list of 15 facilities sending zero waste to landfill with efforts on track for others to achieve the same goal.

我們還有一份不斷增長的名單，其中 15 家設施實現了零廢物填埋，其他設施也在努力實現同樣的目標。

Our global leadership position demands innovation with our technologies to meet the changing needs of our customers.

我們的全球領導地位要求我們不斷創新技術以滿足客戶不斷變化的需求。

On slide 8, you will see Magnera's diverse business and customer mix with a broad platform of technology spread over 46 global manufacturing facilities.

在第 8 張投影片上，您將看到 Magnera 多樣化的業務和客戶組合，其廣泛的技術平台遍布全球 46 個製造工廠。

This combination enables us to draw from our extensive experience while approaching challenges with proactive, results-driven mindset, and a commitment to making a positive impact on the world.

這種結合使我們能夠利用豐富的經驗，同時以積極主動、注重結果的心態應對挑戰，並致力於對世界產生積極影響。

We have a unique value proposition when compared to our competition by offering the widest array of polymer and fiber-based product offerings.

與競爭對手相比，我們透過提供最廣泛的聚合物和纖維產品，擁有獨特的價值主張。

Slides 9 and 10 highlight the specialty materials company created in Magnera with a portfolio that crosses both personal care and consumer solutions.

第 9 和 10 張投影片重點介紹了在 Magnera 創建的特殊材料公司，其產品組合涵蓋個人護理和消費者解決方案。

Our personal care category includes solutions for end use applications in the surgical suite, baby and adult incontinence, and feminine care.

我們的個人護理類別包括手術室、嬰兒和成人失禁以及女性護理等最終用途應用的解決方案。

Our consumer solutions category includes a leading global portfolio of technologies, products for markets such as liquid and air filtration, institutional and retail wipes, laundry care, and infrastructure.

我們的消費者解決方案類別包括全球領先的技術組合、適用於液體和空氣過濾、機構和零售濕紙巾、洗衣護理和基礎設施等市場的產品。

The breadth of our product portfolio is one of our greatest advantages.

我們的產品組合的廣度是我們最大的優勢之一。

Shifting to slide 11.

轉到投影片 11。

We project a long-term growth outlook for these end markets in developed countries at low to mid-single digits with emerging markets growing at a faster pace.

我們預測這些已開發國家終端市場的長期成長前景將維持在低到中等個位數，而新興市場的成長速度將更快。

Magnera's mission critical product offerings and market leading positions will benefit from positive trends tied to a growing middle class, increased life expectancy, sustainability expectations, globalization of supply chains, and the heightened focus for protection of personal and environmental health and wellness.

Magnera 的關鍵產品和市場領先地位將受益於與中產階級不斷壯大、預期壽命延長、可持續發展預期、供應鏈全球化以及對個人和環境健康與保健保護的高度關注相關的積極趨勢。

By leveraging our global market position and innovative capabilities, Magnera will create unique solutions that provide value to our customers, minimize negative environmental impacts, and enhance performance while capitalizing on strategic opportunities in related markets and regions, creating value for our shareholders and stakeholders.

透過利用我們的全球市場地位和創新能力，Magnera 將創造獨特的解決方案，為我們的客戶提供價值，最大限度地減少負面環境影響，提高業績，同時利用相關市場和地區的策略機遇，為我們的股東和利害關係人創造價值。

On slide 12, I would like to briefly speak about how we are positioning Magnera for growth as a global specialty materials leader.

在第 12 張投影片上，我想簡單談談我們如何將 Magnera 定位為全球特種材料領導者。

Our first requirement was for the combined organization to run smoothly without issue on day one and after, which we have accomplished.

我們的首要要求是合併後的組織在第一天以及之後的運作中都能順利進行，不會出現任何問題，而我們已經做到了這一點。

This included completing a successful debt raise, giving us ample liquidity.

其中包括成功完成債務融資，為我們提供充足的流動性。

We have assembled a world class Board and leadership team by drawing from the talent pool from our merged companies.

我們從合併後的公司中吸收人才，組成了世界一流的董事會和領導團隊。

I've laid out clear objectives for our management team and we continue to visit our global facilities to reinforce our priorities.

我為我們的管理團隊制定了明確的目標，我們將繼續訪問我們的全球設施以強化我們的優先事項。

We are actively managing working capital and accelerating global synergy programs to optimize our cash realization.

我們正在積極管理營運資金並加快全球協同計劃以優化我們的現金實現。

We recently hit our 90-day anniversary, and I'm pleased to see our proven management systems driving value.

我們最近迎來了成立 90 天的紀念日，我很高興看到我們經過驗證的管理系統能帶來價值。

Turning to slide 13 and highlights for our first quarter.

翻到第 13 張投影片，這是我們第一季的亮點。

Our team is laser focused on the execution of our integration plan, delivering on our cost saving initiatives, improving our operating margins and meeting our deleveraging commitments all while supporting superior service and safety performance.

我們的團隊專注於執行整合計畫、實現成本節約計畫、提高營業利潤率、履行去槓桿承諾，同時支援卓越的服務和安全績效。

Both regions are off to a solid start with first quarter results above prior year despite FX headwinds.

儘管面臨外匯阻力，但這兩個地區開局良好，第一季業績高於去年同期。

Our team continues to focus with agility as we navigate global markets, still challenged with supply demand dynamics, ongoing inflation, and a volatile geopolitical environment.

當我們探索全球市場時，我們的團隊繼續保持專注和敏捷，但仍面臨著供需動態、持續的通貨膨脹和動盪的地緣政治環境的挑戰。

I'm pleased to report the team is building momentum and on track to our three-year plan to achieve $55 million of net synergies in procurement, G&A, and operational excellence.

我很高興地報告，團隊正在積聚力量並按計劃實現我們的三年計劃，即在採購、一般行政管理費用和卓越運營方面實現 5500 萬美元的淨協同效應。

In addition, we have confidence that the combined strength of our products and technologies will further shift our portfolio to more advantaged and profitable solutions.

此外，我們相信，我們的產品和技術的綜合實力將進一步使我們的產品組合轉向更具優勢和盈利的解決方案。

Now, I will turn the call over to Jim who will review Magnera's financial results.

現在，我將電話轉給吉姆，他將審查 Magnera 的財務結果。

Jim?

吉姆？

Thank you, Kurt.

謝謝你，庫爾特。

When we compare our results to the prior year December quarter, we've adjusted the prior year to present on a constant currency basis and include the impact of the merger since the November 4 closing.

當我們將我們的業績與去年 12 月季度的業績進行比較時，我們已將去年的業績調整為按固定匯率計算的業績，並考慮了自 11 月 4 日收盤以來合併的影響。

Reconciliations to our reported results can be found in the appendix.

我們的報告結果的對帳表可在附錄中找到。

Turning now to slide 14.

現在翻到第 14 張投影片。

Our teams continue to execute well as we focus on post-merger integration activities while meeting customer service expectations.

我們專注於合併後整合活動，同時滿足客戶服務期望，我們的團隊持續表現優異。

As a result of these efforts, the December quarter was better than the prior year, both from a revenue and an earnings perspective despite FX headwinds.

由於這些努力，儘管面臨外匯不利因素，12 月季度的營收和獲利情況均優於去年同期。

Revenues was up 2% to $700 million on overall flat volumes and higher selling prices which were driven by improved product mix.

由於整體銷售持平且產品結構改善推動銷售價格上漲，營收成長了 2%，達到 7 億美元。

From an earnings perspective, the December quarter adjusted EBITDA increased 8% to $84 million with an improved adjusted EBITDA margin of 12%, up 68 basis points compared to the prior year quarter.

從獲利角度來看，12 月季度調整後 EBITDA 成長 8% 至 8,400 萬美元，調整後 EBITDA 利潤率提高至 12%，較去年同期上升 68 個基點。

The increase was primarily driven by favorable price/cost in both Americas and rest of world division.

成長主要得益於美洲和世界其他地區優惠的價格/成本。

Next on slide 15, the Americas division delivered 4% revenue improvement, which included organic growth in our healthcare, infrastructure, and wipes product lines.

接下來在第 15 張投影片中，美洲分部的收入成長了 4%，其中包括醫療保健、基礎設施和濕紙巾產品線的有機成長。

Market conditions continue to stabilize as we are seeing early signals of localizing supply as a result of the incoming administration in the United States being partially offset by competitive pressures from the Asia imports and our South America business.

市場狀況持續穩定，因為我們看到美國新政府上台帶來的在地化供應的早期訊號，但這一趨勢被來自亞洲進口和南美業務的競爭壓力部分抵消。

Adjusted EBITDA showed strong performance increasing by 6% to $56 million with an improved adjusted EBITDA margin of 13%, up 25 basis points compared to the prior year quarter.

調整後的 EBITDA 表現強勁，成長 6% 至 5,600 萬美元，調整後的 EBITDA 利潤率提高至 13%，比去年同期上升 25 個基點。

This growth was primarily attributed to our focus on improving our sales mix to higher value product categories, cost reduction efforts, and improved organic volumes.

這一成長主要歸因於我們專注於改善銷售組合，增加更高價值的產品類別、降低成本以及提高有機銷售。

Moving to slide 16.

移至投影片 16。

Our rest of world division which includes our European and Asia locations delivered year over year consistent revenues as we saw volume growth in all three of our consumer solutions product lines, which includes wipes, infrastructure, and home, food and beverage.

我們包括歐洲和亞洲分公司在內的世界其他地區分部實現了同比穩定的收入，因為我們所有三個消費者解決方案產品線的銷量均實現增長，其中包括濕巾、基礎設施以及家居、食品和飲料。

These gains were offset by softness in our Asia healthcare business which resulted in overall slightly lower volumes for the division.

但這些收益被我們亞洲醫療保健業務的疲軟所抵消，導致該部門的整體銷售量略有下降。

Adjusted EBITDA was up an impressive 12% to $28 million with an improved adjusted EBITDA margin of 10%, up 119 basis points compared to the prior year quarter as the teams continue to drive improved cost productivity from structural cost reductions and delivering differentiated products in end markets with attractive growth.

調整後 EBITDA 大幅上漲 12% 至 2,800 萬美元，調整後 EBITDA 利潤率提升 10% ，較去年同期上漲 119 個基點，這是因為各團隊繼續透過降低結構性成本來提高成本生產率，並在具有誘人增長潛力的終端市場提供差異化產品。

Our fiscal 2025 guidance and capital allocation strategy are shown on slide 17.

我們的 2025 財政年度指導和資本配置策略顯示在投影片 17 上。

The recent combination gives us the opportunity to leverage our combined know how and scale to create value for all stakeholders while taking the necessary steps to integrate the businesses and stand up the new organization.

最近的合併使我們有機會利用我們的綜合專業知識和規模為所有利益相關者創造價值，同時採取必要步驟整合業務並建立新的組織。

At our 2025 midpoint, we'll deliver year over year comparable earnings growth of 7% as our first year at Magnera.

到 2025 年，我們將實現年比 7% 的獲利成長，與 Magnera 成立的第一年相同。

Additionally, we expect post-merger adjusted free cash flow to be in the range of $75 million to $95 million, including $85 million of capital investments, which includes $10 million of IT conversion related CapEx. $130 million of interest, and $60 million of taxes and onetime integration costs.

此外，我們預計合併後調整後的自由現金流將在 7,500 萬美元至 9,500 萬美元之間，其中包括 8,500 萬美元的資本投資，其中包括 1,000 萬美元的 IT 轉換相關資本支出。 1.3 億美元的利息，6,000 萬美元的稅金和一次性整合成本。

At the end of the quarter, we had approximately $500 million of available liquidity and our net debt to proforma adjusted EBITDA was four times which is expected to improve throughout 2025.

截至本季末，我們擁有約 5 億美元的可用流動資金，我們的淨債務與預測調整後 EBITDA 比率為四倍，預計 2025 年將有所改善。

In the near term, we will remain focused on strengthening our balance sheet by prioritizing deleveraging in line with our stated capital allocation strategy as we work towards our targeted leverage goal of three times.

短期內，我們將繼續致力於加強我們的資產負債表，並按照我們既定的資本配置策略優先去槓桿，努力實現三倍的槓桿目標。

This concludes my financial review, and I'll turn it back over to Curt.

我的財務審查到此結束，我將把它交還給 Curt。

Thank you, Jim.

謝謝你，吉姆。

We successfully completed the merger and created Magnera on November 4, 2024.

我們成功完成合併並於 2024 年 11 月 4 日創建了 Magnera。

Our team worked incredibly hard to get us to closing and subsequently hit the ground running as a new company.

我們的團隊付出了極大的努力才促成了這筆交易，隨後我們作為一家新公司迅速開始營運。

Our number one priority is the safety of our employees and our commitment to servicing our customers with high quality products.

我們的首要任務是確保員工的安全並致力於為客戶提供高品質的產品。

We will always strive to delight our customers, enhance the lives of our employees, and create value for our shareholders.

我們將始終致力於取悅客戶、改善員工生活並為股東創造價值。

As we integrate and dig deeper into the highly complementary product capabilities of the combined company including both polymer and fiber-based applications, we are excited about the hybrid technology development potential for innovative sustainable applications and solutions.

隨著我們整合並深入挖掘合併後公司高度互補的產品能力，包括聚合物和基於纖維的應用，我們對創新永續應用和解決方案的混合技術發展潛力感到興奮。

We will commit resources to create a pipeline of profitable growth projects.

我們將投入資源來創造一系列可獲利的成長項目。

As Jim noted in our 2025 guidance and outlook, we will be disciplined in our actions to deliver long-term shareholder value by prioritizing repayment of debt and reducing our leverage to approximately three times.

正如吉姆在我們的 2025 年指引和展望中指出的那樣，我們將嚴守行動，透過優先償還債務並將槓桿率降低至約三倍來實現長期股東價值。

In summary, we are extremely enthusiastic about Magnera's future as we are well positioned to benefit from end market growth trends, commercial and operational execution improvements, growth through targeted capital investments, and strategic customer collaboration for growth in both mature and under penetrated geographies.

總而言之，我們對 Magnera 的未來充滿熱情，因為我們完全有能力從終端市場成長趨勢、商業和營運執行改進、透過有針對性的資本投資實現的成長以及策略性客戶合作中受益，從而在成熟地區和滲透率較低的地區實現成長。

We appreciate your interest in Magnera.

感謝您對 Magnera 的關注。

Jim and I are happy to address any questions you may have.

吉姆和我很樂意解答您的任何問題。

Operator, please open the question queue.

接線員，請打開提問隊列。

(Operator Instructions) Gabe Hajde, Wells Fargo Securities.

（操作員指示） Gabe Hajde，富國證券。

Thank you.

謝謝。

Kurt, Jim, Robert, congratulations on becoming a standalone entity and look forward to working with you guys.

庫爾特、吉姆、羅伯特，恭喜你們成為獨立實體，並期待與你們合作。

Thanks, Gabe.

謝謝，加布。

So first question, I think a lot of us are kind of thinking the same thing on a pro forma basis, Jim, the first quarter, would we be correct in around $92 million of EBITDA, had you completed the GLT acquisition kind of at the beginning of the quarter?

所以第一個問題，我想我們很多人在形式上都有同樣的想法，吉姆，第一季度，如果您在本季度初完成 GLT 收購，EBITDA 約為 9200 萬美元，這是否正確？

And then more importantly, I think when you kind of even annualize that number, it's tucked to bridge to the midpoint $395 million of EBITDA?

然後更重要的是，我認為當你將該數字按年化時，它是否會達到 EBITDA 的中間值 3.95 億美元？

So is there anything unique about this year as it relates to seasonality of the business?

那麼，就業務的季節性而言，今年有什麼獨特之處嗎？

And I appreciate, I'll probably give you a little bit of a lay up.

我很感激，我可能會給你一點上籃的機會。

I know there's synergy capture that's just starting and you'll start to monetize that, but maybe raw material movements or anything like that, that we should be thinking about, mindful of and that 395 number?

我知道協同效應才剛開始，你會開始將其貨幣化，但也許是原材料的流動或類似的東西，我們應該考慮、注意那個 395 數字？

Yeah.

是的。

No, I think that you got it right, Gabe, which is -- so if you look at the reconciliations that are at the back of the presentation, you'll see that there was $84 million that we reported.

不，我認為你說對了，加布，如果你看一下演示文稿後面的對賬，你會發現我們報告的數字是 8400 萬美元。

But as you highlighted, it's -- there's November and December of the Glatfelter acquired business.

但正如您所強調的，Glatfelter 收購的業務是在 11 月和 12 月進行的。

So we're missing a month there and then you have the $8 million pro form added back at the bottom of the table that gets you to the $92 million that you highlighted versus $86 million comparable for the full quarter activity.

因此，我們在那裡遺漏了一個月，然後您在表格底部添加了 800 萬美元的預測值，這樣就得到了您強調的 9200 萬美元，而整個季度的活動為 8600 萬美元。

And yeah, it's exactly what you said, which is the synergies -- our anticipation is the synergies will wrap -- ramp up over the course of the year.

是的，正如您所說的，協同效應——我們預計協同效應將會在一年內逐漸增強。

And the trending will increase, which is required to hit the $395 million.

而且趨勢還會持續增加，達到 3.95 億美元即可。

So Gabe, one other thing to add there is, historically, our business, you know, traditionally in North America is a little softer and this particular quarter due to, Thanksgiving holiday, Christmas, New Year's, etcetera.

所以，加布，還有一件事要補充，從歷史上看，我們的業務在北美傳統上有些疲軟，而這個特定季度由於感恩節假期、聖誕節、新年等原因。

So, we think about a sequential bridge to the next quarter and thereafter, it typically builds up momentum.

因此，我們考慮向下第一季建立一個連續的橋樑，此後，它通常會累積動力。

Got it.

知道了。

Okay.

好的。

And then one on free cash flow and I'll hand it over.

然後我會講一個關於自由現金流的問題。

We're looking at-- I'm looking at slide 17 and then the table that you gave us and in the press release, maybe the best way to ask the question is, what would you anticipate kind of net debt reduction from the December quarter to September of '25?

我們正在看 - 我正在看第 17 張投影片，然後是您給我們的表格，在新聞稿中，也許提出這個問題的最好方式是，您預計從 12 月季度到 25 年 9 月的淨債務減少額是多少？

Because I see $60 million of integration and, and tax expense presented and then the CapEx number, but it would seem like if I just take the face of the cash flow statement, it might be closer to neutral-ish.

因為我看到了 6000 萬美元的整合和稅費，然後是資本支出數字，但如果我只是看現金流量表的表面，似乎它可能更接近中性。

So you know how much cash is available to reduce debt in fiscal '25?

那麼，您知道 25 財年有多少現金可用於減少債務嗎？

Yeah.

是的。

No, thanks for the question, Gabe, there's quite a bit of noise in our first quarter and a lot of that relates to technical accounting requirements is what I would say.

不，謝謝你的提問，加布，我們第一季有很多噪音，我想說的是，其中很多與技​​術會計要求有關。

So as we tried to highlight the post-merger adjusted free cash flow of the quarter, so the deleveraging impact was roughly $16 million from the time we closed.

因此，當我們試圖強調本季合併後調整後的自由現金流時，從我們完成交易之日起，去槓桿的影響約為 1600 萬美元。

There's $90 million of activity in the in the table that we provided, which the easiest way to think about that is there's roughly $75 million of that relates to Berry activity and $15 million of it relates to Glatfelter transaction activity.

我們提供的表格中有 9000 萬美元的活動，最簡單的思考方式是，其中大約 7500 萬美元與 Berry 活動有關，1500 萬美元與 Glatfelter 交易活動有關。

That is just a requirement that we report from a GAAP standpoint.

這只是我們從 GAAP 角度進行報告的要求。

So from a deleveraging standpoint for the quarter, we're roughly $16 million, if you walk that towards our midpoint, you're talking about an incremental $70 million of free cash flow for the remainder of the year towards the deleveraging.

因此，從本季去槓桿的角度來看，我們的去槓桿率約為 1600 萬美元，如果以中間值計算，那麼今年剩餘時間內去槓桿的自由現金流將增加 7000 萬美元。

Edlain Rodriguez, Mizuho.

瑞穗的埃德萊恩·羅德里格斯 (Edlain Rodriguez)。

Thank you and good morning.

謝謝你，早安。

So quick question on the nonwovens market.

那麼，我來快速問一下有關不織布市場的問題。

I mean, my understanding is that the market is somewhat long in terms of supply dynamics.

我的意思是，我的理解是，從供應動態來看，市場有點漫長。

Can you talk about how the company will navigate and manage that situation?

您能談談公司將如何應對和管理這種情況嗎？

You know, if you have like oversupply, especially in some markets?

你知道，如果出現供應過剩的情況，特別是在某些市場？

Yeah, thanks for the question, Edlain.

是的，謝謝你的提問，艾德萊恩。

Appreciate you joining today.

感謝您今天的加入。

You know, as you think about the nonwoven space is you're probably looking at the number of products that we're serving in and across the globe particularly in our consumer solutions and then personal care, it varies by that segment.

您知道，當您考慮無紡布領域時，您可能會關注我們在全球範圍內提供的產品數量，特別是我們的消費者解決方案和個人護理產品，它們因細分市場而異。

Personal care probably has the longest market as it relates to the nonwoven supply demand dynamics.

由於個人護理與不織布的供需動態相關，它可能是擁有最長的市場。

You know, we've articulated some of that, you know, historically, and I think there's certainly some information out there related to it.

你知道，從歷史上看，我們已經闡明了其中的一些內容，而且我認為肯定有一些與此相關的資訊。

We've taken various actions inside of our own network by idling certain facilities and in the process of shutting those down.

我們在自己的網路內部採取了各種措施，包括閒置某些設施以及關閉這些設施。

So, part of that supply-demand balance definitely helps us and helps the industry.

因此，供需平衡的一部分肯定對我們有幫助，也對產業有幫助。

As we, look at the total portfolio, we really have been continuing to pivot our product offerings to where we have more advantaged offerings.

當我們審視整個產品組合時，我們確實一直在不斷調整我們的產品供應，使其更具優勢。

So if you think about just the mix of business and a commodity substrate versus a more value add, the unique thing about Magnera is we do have over 1,000 IP-protected technologies.

因此，如果您只考慮業務和商品基質的組合而不是更多的增值，Magnera 的獨特之處在於我們擁有超過 1,000 項受 IP 保護的技術。

And so, we really focus on finding, the premium applications and filling our lines up with the best mix of products.

因此，我們真正專注於尋找優質的應用程序，並用最佳的產品組合填充我們的產品線。

So long term as you think about the global nonwoven's market, being able to absorb the supply demand dynamics.

因此，從長遠來看，全球不織布市場能夠吸收供需動態。

You know, it has a very strong CAGR over the course of the next five years and we see that supply demand balance getting a little bit tighter in '27, '28 which is what we have forecasted in our reviews.

您知道，它在未來五年內具有非常強勁的複合年增長率，並且我們看到供需平衡在'27，'28年會變得更加緊張，這正是我們在評論中預測的。

Okay, great.

好的，太好了。

And a quick follow up, like when you look at the different regions and the key regions like Europe, North America, and Asia and others, like which one do you find to be more challenging?

簡短的跟進一下，當您查看不同地區以及歐洲、北美、亞洲等主要地區時，您認為哪一個地區更具挑戰性？

I mean, it seems like Europe is -- continues to be headwind.

我的意思是，歐洲似乎仍在繼續遭遇逆風。

And again, how is the company going to navigate those challenges there?

那麼，公司將如何應對這些挑戰呢？

Like what are you doing there to, I guess, improve your situation?

我想，你正在那裡做什麼來改善你的處境？

Yeah.

是的。

So the beauty of what we do is we are a very strong local supplier in all major geographies across the globe.

因此，我們所做工作的美妙之處在於，我們是全球所有主要地區非常強大的本地供應商。

You know, throughout history, you have different levels of opportunity of growth and where the supply-demand dynamics may tick up or tick down in a particular year.

你知道，縱觀歷史，存在不同程度的成長機會，供需動態在特定年份可能會上升或下降。

I think, as you look at our Asia business, it represents roughly less than 10% of our total kind of revenue across the globe.

我認為，看看我們的亞洲業務，它大約占我們全球總收入的 10% 以下。

And I would say it's extremely competitive there given the number of capacity additions that have been put in that region, and just the tempering of some of the historical growth that that region has been experiencing.

我想說，考慮到該地區新增產能數量，以及該地區歷史性成長的緩和，那裡的競爭非常激烈。

So -- versus a double-digit growth, you're talking about markets that are growing mid-single digits, some in high.

因此，與兩位數的成長相比，你所談論的是成長速度為中等個位數的市場，有些甚至是高個位數。

Europe continues to be -- we're well positioned in terms of our product offerings, our locations, but it also, faces some of the headwinds of inflation, consumer spending.

歐洲在產品供應和地理位置方面仍然處於有利地位，但同時也面臨通貨膨脹和消費者支出等一些阻力。

And so what we do is really going back to some of my earlier comments pivoting in our portfolio and really our efforts on where we bring true value at.

因此，我們所做的實際上是回顧我之前的一些評論，重點關注我們的投資組合以及我們為實現真正價值所做的努力。

I think for us, it's the supply chain and business continuity benefit that we do bring because of our local presence and also the long-term relationship that we have with our major CPGs and then also the regional winners inside of those spaces.

我認為對我們來說，這是我們帶來的供應鏈和業務連續性優勢，因為我們在當地有業務，並與主要快速消費品公司以及這些領域的區域贏家建立了長期合作關係。

So as we align, again, it's a heavy focus on identifying where we have differentiation, where we can get true value for the products and services we're providing.

因此，當我們進行調整時，重點要放在確定我們的差異化所在，以及我們可以在何處為我們所提供的產品和服務獲取真正的價值。

The US right now I would say is the most stable just in terms of where we see supply demand outlook for the business.

我想說，從業務的供需前景來看，美國現在是最穩定的。

And then again, we continue to have a very strong position from a manufacturing standpoint service level quality out of our South American business.

從製造角度來看，我們在南美業務的服務水準品質方面繼續保持非常強勢的地位。

But they are experiencing a little bit more competitive threats from say, export, imports from various regions of Asia.

但他們正面臨來自亞洲各地區的出口和進口等競爭威脅。

We continue to fend that off again going back to what we truly have offered our customers is, on time and full high quality response time, extremely important.

我們將繼續抵禦這種局面，再次回到我們真正為客戶提供的服務，那就是準時、完全高品質的回應時間，這極為重要。

And when you're thinking about the type of lines that our products run on, they're highly specified, high-speed lines.

當您考慮我們的產品所運行的線路類型時，您會發現它們都是高度規範的高速線路。

And so, quality service and the ability -- the runability is extremely important to our customers.

因此，優質的服務和能力－運作能力對我們的客戶來說極為重要。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），垂直研究夥伴。

Hi, this is Matt on for Kevin McCarthy.

大家好，我是 Matt，代表 Kevin McCarthy 發言。

Regarding your raw material costs, could you walk us through what some of your most significant raw material purchases are?

關於原料成本，您能否向我們介紹您最重要的原料採購是什麼？

And then how you think about managing supply chain risk for the newly combined company?

那麼您如何看待管理新合併公司的供應鏈風險？

Yeah.

是的。

Hey, Matt, thanks for joining.

嘿，馬特，謝謝你的加入。

So if you're familiar with the legacy businesses on both sides, roughly 75% of our raw material purchases are made up on polyethylene.

如果您熟悉雙方的傳統業務，您就會知道，我們大約 75% 的原料採購都是聚乙烯。

So polypropylene, polyethylene as well as synthetic fibers and then we also have fluff pulp.

因此，我們還有聚丙烯、聚乙烯以及合成纖維，以及絨毛漿。

So that's the majority of, kind of our raw materials there.

這就是我們大部分的原料。

Obviously, there's a number of other components that can go into various products, but that's the most significant.

顯然，還有許多其他組件可以用於各種產品，但這是最重要的。

And I'm sorry, your second part of the question was what?

抱歉，您問題的第二部分是什麼？

Yeah, how do you think about managing supply chain risk for the newly combined company?

是的，您認為如何管理新合併公司的供應鏈風險？

Yeah, so, for us, we are the largest player in what we do.

是的，所以對我們來說，我們是我們所做領域中最大的參與者。

And the relationships we have with our vendors and the ability to lean on all regions of the world gives us a competitive edge simply because business continuity is not only important to our customers, it's extremely important to us.

我們與供應商建立的關係以及依賴世界各地的能力為我們帶來了競爭優勢，因為業務連續性不僅對我們的客戶很重要，對我們也極為重要。

So being able to utilize facilities that have redundant capabilities in different geographies helps bridge some of those challenges.

因此，能夠利用位於不同地區的具有冗餘功能的設施有助於解決其中的一些挑戰。

We also do regular S&OP programs not only with our customers but also our vendors, but our procurement prowess really commands that attention from our major vendors.

我們不僅與客戶而且與供應商開展定期的S&OP計劃，但我們的採購實力確實引起了主要供應商的關注。

Again, we're dealing with as you would expect, all the major players in the space.

再說一次，正如您所期望的，我們正在與該領域的所有主要參與者打交道。

So we keep a very close relationship and really strong procurement discipline within our group and within our sites.

因此，我們在集團內和站點內保持著非常密切的關係和非常嚴格的採購紀律。

Roger Spitz, Bank of America.

美國銀行的羅傑‧史皮茲 (Roger Spitz)。

Thank you very much.

非常感謝。

First, just for the avoidance of doubt, the October Glatfelter, i.e., pre-merger EBITDA, that was $8 million.

首先，為避免疑問，10月份的Glatfelter，即合併前的EBITDA，為800萬美元。

And what was the pre-merger October sales for Glatfelter?

合併前 Glatfelter 十月份的銷售額是多少？

Yeah, the -- let me pull out the sales.

是的，--讓我把銷售額拿出來。

I don't have that the top of my head.

我根本就沒想過這件事。

For October, the $8 million is right for the earnings.

對十月來說，800萬美元是合適的收益。

It was consistent both for 2024 and 2023.

2024 年和 2023 年都是一致的。

But I'll get back to you with, Roger, on the sales number.

但羅傑，我會回覆您銷售數字。

Okay.

好的。

And thank you for giving the volume impacts on a EBITDA dollar basis.

感謝您提供基於 EBITDA 美元基礎的銷售影響。

But is it possible or is it just too complicated with the product mix to give absolute volume in however you like to say it like in pounds, for instance, or some metric in terms of pounds as supposed to dollars.

但是，這是否可能，或者產品組合是否太複雜，無法以任何你喜歡的方式表示絕對數量，例如以磅為單位，或以英鎊為單位的某些度量單位（假設為美元）。

Dollars are very interesting, but it's also interesting to hear about sort of pounds.

美元非常有趣，但了解英鎊也很有趣。

Hey, Roger, thanks.

嘿，羅傑，謝謝。

This is Kurt.

這是庫爾特。

So you know, I think this has been a challenging, particularly the packaging space over time just in terms of, units, pounds, what measure we're using.

所以你知道，我認為這一直是一個挑戰，特別是隨著時間的推移，包裝領域，就單位、磅、我們使用的測量手段而言。

So typically, we in this business, we use metric tons, we also use square meters, linear yards.

通常，在這個產業中，我們使用公噸，也使用平方公尺、線性碼。

So there's a number of different metrics.

因此存在許多不同的指標。

We're also, spending time understanding how Glatfelter measures some of their volume outtakes.

我們也花時間了解 Glatfelter 如何測量他們的一些產量。

It's really important for us to understand what our nameplate capacity and what our ability is to run on those lines.

對我們來說，了解我們的額定容量和我們在這些生產線上的運作能力確實很重要。

And so, we have various mechanisms.

因此，我們有各種機制。

Jim will maybe touch on how we'll be communicating volume from a dollar standpoint, dollar cost average standpoint.

吉姆可能會談談我們如何從美元角度、美元成本平均角度來傳達數量。

I'll turn it over, Jim.

我會把它轉過來的，吉姆。

Hey.

嘿。

We use the dollar adjusted widgets.

我們使用美元調整後的小工具。

Ultimately, we sell -- to highlight, we sell in various units of measure, right?

最終，我們銷售——強調一下，我們以各種計量單位進行銷售，對嗎？

So and then we convert those units of measure into dollars.

然後我們將這些計量單位轉換成美元。

So it's -- it takes a mix into account.

所以 — — 它把混合因素考慮在內。

So that's the best way we've seen to sort of measure our volumes at the top line.

所以這是我們看到的衡量頂線銷售的最佳方式。

And that's -- we're communicating in the release here today.

這就是──我們在今天的記者會上所傳達的訊息。

Gabe Hajde, Wells Fargo Securities.

富國證券的 Gabe Hajde。

Thank you, guys.

謝謝你們。

I wanted to see maybe at the midpoint if you could give us some rough measures, I mean, it was good to see favorable price/cost in the quarter.

我想看看也許在中間點您是否可以給我們一些粗略的衡量標準，我的意思是，很高興看到本季度有優惠的價格/成本。

And I think a lot of packaging companies are talking about seeking a value over volume strategy.

我認為很多包裝公司都在談論尋求「價值重於數量」的策略。

So I'm curious sort of if that was already sort of in flight pre-merger, I'm assuming the answer is yes, but maybe just talk about as you put together the different building block, the mid-point of the guidance range maybe.

所以我很好奇這是否已經在合併前的飛行中了，我假設答案是肯定的，但也許只是談論當你把不同的構建塊放在一起時，也許是指導範圍的中點。

And again, if there's a range that's fine of maybe volume, what you'd expect from price as it sits today.

再說一次，如果成交量有一個可以接受的範圍，那麼你對今天的價格的預期是什麼。

And then Kurt, you made a mention to the synergy realization in you prepared marks.

然後庫爾特，你提到了在你準備的標記中實現協同效應。

I don't see it in the presentation or the slide deck.

我在簡報或幻燈片中沒有看到它。

And again, like, we're all trying to put together a couple different numbers.

再說一遍，我們都在試著把幾個不同的數字放在一起。

I'm seeing a four times pro forma in the leverage number in the press release, if you back into an EBITDA number, that's 445.

我在新聞稿中看到槓桿率數字是四倍，如果回到 EBITDA 數字，那就是 445。

So that would imply again, at the midpoint plus $50 million of synergy.

所以這又意味著，中間值加上 5,000 萬美元的綜效。

So just anything changed with the $55 million.

所以 5500 萬美元就改變了一切。

I'll leave it there.

我就把它留在那裡。

Yeah.

是的。

Just real quick, Gabe, so, just in the presentation when you go back to the reconciliations, we have a walk to the LTM.

很快，Gabe，就在您回到和解的演示中，我們走向了 LTM。

It's roughly 450 million and from the 455 we've communicated previously, it's roughly FX has moved down a little bit, but we haven't walked off of the 55 at all.

大約是 4.5 億，與我們之前溝通的 4.55 億相比，FX 大致有所下降，但我們根本沒有離開 55。

In terms of the number that we communicated for synergies.

就我們為協同效應所傳達的數字而言。

If anything, it's -- we feel very good about the number that we've communicated and the pace in which we're achieving those.

無論如何，我們對我們所傳達的數字以及實現這些目標的速度感到非常滿意。

Yeah, Gabe.

是的，加布。

And so just to speak to the synergies, you know, we did have from a year or so ago that we announced, you know, the combination and the amount of work that the teams put into, identifying -- not only identifying what we had identified pre announcement, but the work that has been done leading up to this point, very pleased with the progress that's being made really on all fronts.

所以，說到協同效應，你知道，我們在大約一年前就宣布了，你知道，團隊的結合和投入的工作量，不僅確定了我們在宣布之前確定的內容，而且確定了到目前為止所做的工作，我們對各方面取得的進展感到非常高興。

So we are looking to accelerate and realize those synergies sooner than maybe what we had anticipated primarily to help offset some of the headwinds that we might experience throughout the year related to just, overall demand dynamics.

因此，我們希望加速並比預期更早實現這些協同效應，主要是為了幫助抵消我們全年可能遇到的一些與整體需求動態相關的阻力。

Again, we're at the mercy of what consumer -- consumption is in certain geographies.

再說一遍，我們受制於特定地區的消費者消費狀況。

We feel a flattish outlook for the globe is one of the areas that we're really honing and, you know, I mentioned mix.

我們認為，全球經濟前景平淡是我們真正需要關注的領域之一，你知道，我提到了混合。

So if you think about from a price standpoint, really pivoting the portfolio to where we have value advantage products and then from a passthrough raw materials, you know, a large portion of our portfolio is a very efficient pass through of raw materials on particularly on polyolefin, polyethylene.

因此，如果你從價格的角度考慮，真正將投資組合轉向我們擁有價值優勢產品的地方，然後從原材料的角度看，你知道，我們投資組合的很大一部分是原材料的非常有效的傳遞，特別是聚烯烴、聚乙烯。

And what I would say that on the other fiber-based business, they've done a really good job of shortening that window as well.

我想說的是，在其他基於光纖的業務方面，他們在縮短這個視窗期方面也做得很好。

So still work to be done in terms of making sure that we're getting those contracts and agreements established to get those any inflationary costs passed along to our customers.

因此，我們仍需努力確保簽訂這些合約和協議，以便將通膨成本轉嫁給我們的客戶。

But I feel good about where we stand today, both from a synergy standpoint, the ability to achieve it.

但我對我們今天的立場感到很滿意，無論是從協同效應的角度，還是從實現這一目標的能力的角度。

As you might recall, we had built in and identified quite a bit more than what we had put out there.

您可能還記得，我們​​內建和識別的內容比我們已發布的內容多得多。

But more importantly for us, it gives us some things to work on and adjust through during, you know, various macroeconomic developments that are going on across the globe.

但對我們來說更重要的是，它為我們提供了在全球各種宏觀經濟發展過程中進行努力和調整的機會。

So I feel really good about where we're at from a synergy capture standpoint.

因此，從協同效應的角度來看，我對我們所處的階段感到非常滿意。

Got it.

知道了。

Okay.

好的。

And then you mentioned contracts there, just maybe high level, I know it's always tough to speak to any one particular customer but maybe explain for us how those work and if there's anything major coming up over the next 12 to 18 months that you guys are working on to renew, and maybe things that you mentioned efficient raw material passthroughs.

然後您提到了合同，可能是高層次的合同，我知道與任何一個特定的客戶交談總是很困難的，但也許可以為我們解釋一下這些合同是如何運作的，以及在未來 12 到 18 個月內你們是否會致力於續簽什麼重大合同，也許還有您提到的高效原材料直通車等事情。

Are there other input costs direct or indirect that you would want to try to work in there or is it best left to be mostly raw materials that you're directly passing through and then go with market price increases.

是否有其他直接或間接的投入成本您想要嘗試納入其中，或者最好主要保留您直接傳遞的原材料，然後隨著市場價格的上漲而變化。

So just a comment on other pass throughs of expenses, if you think about our business, roughly 56% of our cost of goods sold is raw materials.

因此，如果您考慮我們的業務，那麼關於其他費用轉嫁的評論是，我們銷售成本的大約 56％是原材料。

So it's really important that we pass those through efficiently.

因此，有效率地傳遞這些訊息真的非常重要。

You know, a lesson learned for many industry during the aftermath of the COVID pandemic or the amount of inflation that was experienced both from you know, labor, energy things that were maybe less of a total cost in terms of our cost of goods sold.

您知道，在新冠疫情之後，許多行業都吸取了一個教訓，即勞動力、能源等部門所經歷的通貨膨脹可能在我們的銷售成本中所佔比例較低。

So we worked really hard on identifying opportunities for openers within and in contract language with our customers to be able to establish benchmarks and pass those along up or down for future business.

因此，我們非常努力地在與客戶的合約語言中尋找開場白，以便能夠建立基準，並將其傳遞給未來的業務。

You know, the unique thing about our kind of total scope of business, you know, we have a number of contracts and customer relationships that either renew or out for bid for opportunity for growth on an annual basis.

您知道，我們的整個業務範圍的獨特之處在於，我們每年都有許多合約和客戶關係，這些合約和客戶關係要么續簽，要么競標，以獲得成長機會。

A lot of those are staggered out throughout the year.

其中很多都是全年錯開的。

And so, it gives us the ability to take a look at what our overall cost is, what our ability is to drive our own cost reduction into the sites, into our business and be competitive in the marketplace.

因此，它使我們能夠了解我們的整體成本，以及我們降低站點和業務成本的能力，以及在市場上的競爭力。

So, again, on any given quarter, any given year, we have a number of those contracts that we're typically looking to take advantage of now in even broader portfolio and finding other ways for growth inside of those accounts.

因此，再說一次，在任何特定季度、任何特定年份，我們都有許多這樣的合同，我們通常希望在更廣泛的投資組合中利用這些合同，並在這些帳戶中找到其他增長方式。

Again, pivoting toward a more value added technologies that we have available to us.

再次，轉向我們可用的更具附加價值的技術。

Got it one last one for me.

這是我最後一個了。

Some of your big customers have actually reported what I say, stabilization and, maybe dare I say a little bit of growth across on the volume side and on their portfolios.

你們的一些大客戶實際上已經報告了我所說的穩定，或者我敢說在交易量方面和他們的投資組合方面都有所增長。

And I'm just curious when you guys kind of go back and look over long periods of time, sell into the channel versus what your customers report, do you typically leave that dynamic or is it something where we might see an improved volume trajectory?

我只是很好奇，當你們回顧並觀察很長一段時間以來的產品銷售情況，與客戶的報告相比，你們通常會保留這種動態嗎，還是我們可能會看到銷量軌蹟的改善？

Again, appreciating that you guys are doing work to -- up to the margin profile and the mix of the business.

再次感謝你們為提高利潤率和業務組合所做的努力。

Hey, Gabe.

嘿，加布。

I think you're speaking kind of specifically to some of the larger CPGs, particularly in the personal care segment.

我認為您具體指的是一些較大的快速消費品公司，特別是個人護理領域。

We keep a very close eye on that.

我們對此保持密切關注。

You know, one thing that's interesting is we typically will see, and experience what they're going to experience a quarter in advance as they have the low inventory levels and the working out just in time program.

你知道，有趣的是，我們通常會提前一個季度看到並體驗到他們將會經歷的事情，因為他們的庫存水平很低，並且實行準時制計劃。

So we can somewhat anticipate what their prior quarter is going to be about a quarter ahead based on what their polls, we follow them within those specific categories pretty closely.

因此，根據他們的民調結果，我們能夠大致預測出他們前一個季度的業績，我們會密切關注這些特定類別的業績。

So to your point, yes, there's, you know, certain -- we're growing with at the same rates within some of those accounts.

是的，正如您所說，是的，您知道，肯定的是——我們的一些帳戶正在以相同的速度增長。

But you have to also recall, there's a number of other private label businesses within that space.

但您還必須記住，該領域還有許多其他自有品牌企業。

So you look at the category, we kind of know what the total category will do over time, but we keep a close eye on all of that as we go throughout the year.

因此，您看一下類別，我們知道整個類別隨時間的變化情況，但我們全年都會密切關注所有這些情況。

Roger Spitz, Bank of America.

美國銀行的羅傑‧史皮茲 (Roger Spitz)。

Thank you for the follow up.

感謝您的跟進。

Hopefully we're not getting ahead of ourselves, given the products.

希望我們不要因為產品而操之過急。

But can you give an updated thinking on fiscal year 2026 for your models, CapEx, and integration expense in particular?

但是，您能否對 2026 財年的模型、資本支出和整合費用給予最新的思考？

Yeah.

是的。

No, Roger.

不，羅傑。

I appreciate the question.

我很感謝你提出這個問題。

We're not prepared to give 2026 guidance at this time.

目前我們還沒準備好給予 2026 年的指引。

And just a follow up to your earlier question, the Glatfelter October period was around $100 million of sales.

我來回答您之前的問題，Glatfelter 10 月份的銷售額約為 1 億美元。

Perfect and just one more thing for fiscal 2025, how should we think about working capital inflow, flat outflow?

完美，對於 2025 財年還有一件事，我們該如何考慮營運資金流入、平穩流出？

Yeah, we've assumed flat working capital for 2025.

是的，我們假設 2025 年的營運資本維持不變。

We -- Glatfelter, just given their credit profile, they were in some credit situations, some terms where we should have some headwinds.

我們 — — 格拉特費爾特，鑑於他們的信用狀況，他們正處於一些信用狀況，在某些方面我們應該會遇到一些阻力。

I'm sorry, some tailwinds from the Glatfelter business and we'll have a few headwinds offsetting the Berry business.

很抱歉，Glatfelter 業務為我們帶來了一些順風，而 Berry 業務也為我們帶來了一些逆風。

So the way we look at it today and we've had a little bit of time to work through this is -- flat is what we're modeling and we feel pretty good about that assumption.

因此，我們今天看待這個問題的方式，以及我們花了一些時間來解決這個問題的方式是——平坦就是我們所建模的，我們對這個假設感覺相當滿意。

Thank you.

謝謝。

I'm showing no additional questions in the queue at this time.

目前隊列中沒有顯示其他問題。

I'd like to turn the conference back over to Mr. Begle for any closing remarks.

我想將會議交還給貝格爾先生，請他作最後發言。

Yes.

是的。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to speaking to many of you at upcoming investor conferences and of course our next earnings call in May.

我們期待在即將召開的投資者會議以及 5 月的下一次財報電話會議上與大家交談。

So everyone have a great day.

祝大家有個愉快的一天。

Thank you for your interest in Magnera.

感謝您對 Magnera 的關注。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝大家參加今天的會議。

This concludes the program.

本節目到此結束。

You may now disconnect.

您現在可以斷開連線。

Everyone have a wonderful day.

祝大家有美好的一天。