Mativ Holdings Inc (MATV) 2023 Q4 法說會逐字稿

Welcome to Mativ's fourth-quarter and full-year 2023 earnings conference call.

歡迎參加 Mativ 第四季和 2023 年全年財報電話會議。

On the call today from Mativ are Julie Schertell, Chief Executive Officer; Greg Weitzel, Chief Financial Officer; and Chris Kuepper, Director of Investor Relations.

今天，Mativ 執行長 Julie Schertell 接聽了電話；格雷格‧韋策爾，財務長；和投資者關係總監 Chris Kuepper。

Today's call is being recorded and will be available for replay later this afternoon.

今天的通話正在錄音中，將於今天下午晚些時候重播。

(Operator Instructions)

（操作員說明）

I'll now turn the call over to Chris Kuepper.

我現在將把電話轉給克里斯·庫柏。

Sir, you may begin.

先生，您可以開始了。

Good morning, everyone, and thank you for joining us for Mativ's fourth-quarter and full-year 2023 earnings call.

大家早安，感謝您參加 Mativ 的第四季和 2023 年全年財報電話會議。

Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements.

在開始之前，我想提醒您，今天電話會議中的評論包含前瞻性陳述。

Actual results may differ materially from these comments for reasons shown in detail in our Securities and Exchange Commission filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

實際結果可能與這些評論有重大差異，具體原因請參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Some financial measures discussed during this call are non-GAAP financial measures.

本次電話會議中討論的一些財務指標屬於非公認會計準則財務指標。

Reconciliations of these measures to the closest GAAP measures are included in the appendix of the earnings release and accompanying presentation slides.

這些指標與最接近的 GAAP 指標的對照組包含在收益發布的附錄和隨附的簡報幻燈片中。

Unless stated otherwise, financial, and operational metric comparisons are to the prior-year period and relate to continuing operations.

除非另有說明，財務和營運指標與去年同期進行比較，並與持續營運相關。

The earnings release issued yesterday afternoon is available on our website at ir.mativ.com, as are the slides for today's presentation.

昨天下午發布的收益報告以及今天演示的幻燈片均可在我們的網站 ir.mativ.com 上取得。

You can download the slides and/or click through the slides at your own pace during the call using the webcast interface.

您可以在通話期間使用網路廣播介面以自己的步調下載投影片和/或點擊投影片。

Since the SWM and Neenah merger closed on July 6, 2022, the third and fourth quarters of 2023 are the first reporting periods since the merger that are truly comparable.

自 SWM 和 Neenah 合併於 2022 年 7 月 6 日結束以來，2023 年第三季和第四季是合併以來第一個真正具有可比性的報告期。

However, year to date, GAAP results for the first half of 2022 will still only include legacy SWM.

然而，今年迄今為止，2022 年上半年的 GAAP 業績仍僅包括傳統 SWM。

So this was prior to the merger.

所以這是在合併之前。

Comparable performance for year-to-date figures to illustrate how our results compare on a like-for-like basis are shown in tables in our earnings release and the appendix of our presentation slides.

我們的收益報告和簡報幻燈片附錄中的表格顯示了年初至今數據的可比較業績，以說明我們的業績如何在同類基礎上進行比較。

Finally, with the November close of the sale of the Engineered Papers, the results for this business are now being summarized separately as discontinued operations, with all remaining businesses being reported as continuing operations.

最後，隨著工程紙的銷售於 11 月結束，該業務的業績現已單獨匯總為非持續經營業務，而所有剩餘業務均報告為持續經營業務。

With that, I'll turn the call over to Julie.

這樣，我就把電話轉給茱莉。

Thank you, Chris.

謝謝你，克里斯。

Good morning, everyone, and thank you for joining our call.

大家早安，感謝您加入我們的通話。

Greg and I have a lot of topics to cover with you today.

格雷格和我今天有很多話題要跟大家討論。

In addition to our quarterly and full-year financial results, an update on our operating environment, and our thoughts on the path ahead in 2024, we also want to share more details about our restructuring and overhead cost reduction initiatives that we announced in late January of this year.

除了我們的季度和全年財務業績、營運環境的最新情況以及我們對 2024 年未來發展道路的想法之外，我們還想分享有關我們 1 月下旬宣布的重組和管理成本削減計劃的更多詳細信息今年的。

This effort will streamline our organizational size, shape, and complexity, simplify reporting lines, and amplify the way we leverage our business-critical resources to enhance how we serve and support our customers.

這項工作將精簡我們的組織規模、結構和複雜性，簡化報告關係，並擴大我們利用關鍵業務資源的方式，以增強我們服務和支援客戶的方式。

I'm excited to share the details of this comprehensive plan with you and the broader investment community, as I believe it represents a step change in how we run our business and will accelerate our path to growth ahead.

我很高興與您和更廣泛的投資界分享這項全面計劃的細節，因為我相信它代表了我們業務運作方式的一步改變，並將加速我們未來的成長之路。

Let's start with our Q4 and full-year 2023 results.

讓我們從第四季和 2023 年全年業績開始。

Sales from continuing operations are $452 million for the quarter, down 14% year over year and $2 billion for the full year, down 9% on a comparable basis.

本季持續經營業務銷售額為 4.52 億美元，年減 14%；全年持續營運銷售額為 20 億美元，年減 9%。

This performance mainly reflects continued lower volumes due to the challenging macro-economic environment caused by an industry-wide destocking trend, geopolitical adversity, and high interest rates impacting our end markets.

這一業績主要反映了由於全行業去庫存趨勢、地緣政治逆境以及影響我們終端市場的高利率造成的充滿挑戰的宏觀經濟環境，銷量持續下降。

We believe that the overall destocking trend, which has persisted for over a year, is at or near the bottom, and we have line of sight to positive signs of demand momentum in many of our end markets.

我們認為，持續一年多的整體去庫存趨勢已達到或接近底部，我們看到許多終端市場的需求動能出現正面跡象。

We are encouraged by these early indicators and look forward to the opportunities that lie ahead.

我們對這些早期指標感到鼓舞，並期待未來的機會。

Adjusted EBITDA was $50 million for the quarter, down 20% year over year and $213 million for the full year, down 17% on a comparable basis.

本季調整後 EBITDA 為 5,000 萬美元，年減 20%；全年調整後 EBITDA 為 2.13 億美元，較去年同期下降 17%。

The biggest driver of this continues to be low volume as it impacts fixed cost absorption and reduces the realization of our implemented pricing actions and merger synergies.

造成這種情況的最大驅動因素仍然是銷售量低，因為它影響了固定成本的吸收，並降低了我們實施的定價行動和合併綜效的實現。

We combat this trend through a relentless focus on continuous operational improvement and cost minimization throughout the manufacturing process and broader supply chain as well as consistent and disciplined price management.

我們透過不懈地關注整個製造過程和更廣泛的供應鏈的持續營運改善和成本最小化以及一致和嚴格的價格管理來應對這一趨勢。

Especially in this low demand environment, we are laser focused on implementing these actions to deliver immediate and lasting results.

特別是在這種低需求的環境中，我們專注於實施這些行動，以實現即時和持久的成果。

We also expect to realize increased operating leverage when our demand profile improves.

當我們的需求狀況改善時，我們也期望實現更高的營運槓桿。

You can see the impact of these efforts in both segments' ability to drive tangible adjusted EBITDA margin improvement quarter over quarter.

您可以看到這些努力對兩個部門推動調整後 EBITDA 利潤率季度環比改善的能力的影響。

This quarter also marked the finish of our first full fiscal year as Mativ.

本季也標誌著我們作為 Mativ 的第一個完整財年的結束。

A year and a half ago, we set out to combine two separate successful legacy companies into a more powerful and focused specialty materials leader.

一年半前，我們著手將兩家獨立的成功傳統公司合併為更強大、更專注的特種材料領導者。

Today, we look back at an eventful 18 months that included many accomplishments and milestones against a backdrop of a very challenged macro environment.

今天，我們回顧了這不平凡的 18 個月，其中包括在充滿挑戰的宏觀環境背景下取得的許多成就和里程碑。

We started 2023 by setting our enterprise ambition, defining our operating model, and benefiting from the results of early SG&A synergies during our initial integration period.

2023 年伊始，我們設定了企業雄心，定義了營運模式，並在初始整合期間受益於早期 SG&A 協同效應的成果。

This allowed us to press forward to streamline our business operations and procurement activities to deliver on our synergy potential.

這使我們能夠繼續簡化我們的業務運營和採購活動，以發揮我們的協同潛力。

We began the year with a goal of $25 million in realized synergies in 2023.

今年伊始，我們的目標是在 2023 年實現 2,500 萬美元的綜效。

And I am pleased to share that we achieved this goal at a faster pace than initially expected, realizing over $30 million in synergies in the year, and that our journey to achieve our total of $65 million in synergies is ahead of schedule.

我很高興地告訴大家，我們實現這一目標的速度比最初預期的要快，今年實現了超過 3000 萬美元的協同效應，而且我們實現總 6500 萬美元協同效應的進程提前了。

Most of the remaining synergies are focused on efficiencies within our procurement and supply chain areas, and we expect to capture these savings quickly and efficiently over the next 18 months.

剩下的大部分協同效應都集中在我們採購和供應鏈領域的效率上，我們預計在未來 18 個月內快速有效地實現這些節省。

In November, we closed on the sale of our Engineered Papers business to a Singapore-based Evergreen Hill Enterprise.

11 月，我們完成了將工程紙業務出售給新加坡 Evergreen Hill Enterprise 的交易。

The sale of Engineered Papers was the culmination of a strategic initiative that began after the merger to focus our portfolio on our fastest-growing end markets.

工程紙的出售是合併後開始的一項策略性舉措的頂峰，該策略旨在將我們的產品組合集中在成長最快的終端市場。

I'm very pleased with the outcome of this transaction, as I believe we were able to find a great partner for Engineered Papers while significantly enhancing our portfolio mix.

我對這筆交易的結果非常滿意，因為我相信我們能夠為工程論文找到一個優秀的合作夥伴，同時顯著增強我們的產品組合。

Furthermore, the transaction align with our commitment to prioritize debt reduction.

此外，該交易符合我們優先考慮減少債務的承諾。

Net proceeds realized from the Engineered Papers sale were in excess of our initial projections and were used to reduce our outstanding debt balance by more than $600 million or approximately 35%.

工程紙銷售實現的淨收益超出了我們最初的預測，並用於將我們的未償債務餘額減少超過 6 億美元或約 35%。

At the same time, we took a hard look at our capital allocation priorities and decided to further support debt reduction.

同時，我們認真審視了資本配置的優先順序，決定進一步支持減債。

We reduced our dividend effective September 2023, committed to a share buyback program intended to counter dilution and rightsize our capital spending plan by more than 10%.

我們從 2023 年 9 月起減少了股息，承諾實施股票回購計劃，旨在應對股權稀釋​​，並將我們的資本支出計劃調整超過 10%。

In support of our strategy of focused investments to accelerate growth, we announced and are in the process of starting up new assets in our filtration and release liners business.

為了支持我們集中投資以加速成長的策略，我們宣布並正在啟動過濾和防黏襯墊業務的新資產。

These are two of our identified growth platforms where we provide unique solutions to meet our customers' most challenging needs.

這是我們確定的兩個成長平台，我們在其中提供獨特的解決方案來滿足客戶最具挑戰​​性的需求。

Our new filtration meltblown line will start up in Germany in Q1 2024.

我們的新過濾熔噴生產線將於 2024 年第一季在德國投產。

And we added a silicone release coater in Mexico to target growth in North and South America and fast-growing applications such as label, adult care, and composites.

我們在墨西哥增加了有機矽脫模塗層機，以瞄準北美和南美的增長以及標籤、成人護理和複合材料等快速增長的應用。

This new coater in Mexico has started up and is running trial for customer qualifications, performing in line with our investment thesis.

墨西哥的這台新塗佈機已啟動並正在進行客戶資格試運行，其表現符合我們的投資主題。

Combined, these investments will support $50 million of revenue growth as they ramp up, qualify, and become fully utilized.

這些投資加起來，隨著​​它們的增加、合格和充分利用，將支持 5,000 萬美元的收入成長。

Also, as expected, we are continuing to consolidate our asset and warehouse footprint.

此外，正如預期的那樣，我們正在繼續鞏固我們的資產和倉庫足跡。

We are currently in the process of streamlining our operations through the consolidation of three less-profitable manufacturing sites into larger, more scalable facilities.

我們目前正在透過將三個利潤較低的製造基地整合為更大、更具可擴展性的設施來簡化我們的營運。

Among those efforts was the sale of a small facility in the UK and announced closure of a plant and the consolidation of another small facility, both in the US.

其中包括出售英國的小型工廠，並宣布關閉一家工廠並合併另一家位於美國的小型工廠。

We are also actively streamlining our warehousing and distribution network.

我們也積極簡化我們的倉儲和分銷網絡。

For example, we've reduced the number of warehouses by about 10% since the merger and plan to reduce this number by another 10% by the end of this year.

例如，自合併以來，我們已經減少了約 10% 的倉庫數量，並計劃在今年年底前再減少 10%。

Taken together, these long-term decisions will drive benefits in reducing cost, improving the customer experience, and driving margin performance, especially as demand returns to more normalized levels.

總而言之，這些長期決策將帶來降低成本、改善客戶體驗和提高利潤績效的效益，特別是當需求恢復到更正常化的水平時。

With that, I'll turn it over to Greg for a more detailed discussion of our financial performance, and then I'll provide some color on our new structure and Mativ going forward.

接下來，我會將其交給 Greg，以便更詳細地討論我們的財務業績，然後我將提供有關我們的新結構和 Mativ 未來發展的一些資訊。

Thanks, Julie, and good morning, everyone.

謝謝朱莉，大家早安。

Consolidated net sales for the quarter were $452 million compared to $524 million in the prior year, with volume down 14%, partially offset by favorable currency.

該季度的綜合淨銷售額為 4.52 億美元，而去年同期為 5.24 億美元，銷量下降 14%，部分被有利的貨幣所抵消。

Adjusted EBITDA from continuing operations was $50 million, down from $62 million in the prior year.

來自持續經營業務的調整後 EBITDA 為 5,000 萬美元，低於上一年的 6,200 萬美元。

Volume presented a $31 million impact, which was only partially offset by combined net selling price input cost benefits and favorable impacts from a lower SG&A, realized synergies, and currency.

銷售量帶來了 3,100 萬美元的影響，但僅被綜合淨售價投入成本效益以及較低的 SG&A、實現的協同效應和貨幣的有利影響所部分抵消。

Turning to each of our legacy segments, net sales in advanced technical materials of $362 million were down 12% year over year.

至於我們的每個傳統細分市場，先進技術材料的淨銷售額為 3.62 億美元，年減 12%。

This reflected lower volumes due to continued customer caution and the uncertain macroeconomic environment as well as high interest rates that impact our end markets.

這反映出由於客戶持續謹慎、宏觀經濟環境不確定以及影響我們終端市場的高利率而導致銷售下降。

ATM adjusted EBITDA of$56 million was down 9% year over year, reflecting the effects of lower volumes that were partially offset by a positive net selling price input cost, distribution efficiencies, and currency translation.

ATM 調整後 EBITDA 為 5,600 萬美元，年減 9%，反映出銷售量下降的影響，但銷售量下降的影響被正的淨售價投入成本、分銷效率和貨幣換算部分抵銷。

Despite weak demand, we improved adjusted EBITDA margin by 30 basis points year over year and 50 basis points sequentially, mainly due to realized synergies.

儘管需求疲軟，我們的調整後 EBITDA 利潤率同比提高了 30 個基點，環比提高了 50 個基點，這主要是由於實現了協同效應。

In our fiber-based solutions segment comprised solely of Packaging and Specialty Papers, net sales of $90 million were down 22% from last year and in line with the broader market.

在我們僅由包裝紙和特種紙組成的基於纖維的解決方案領域，淨銷售額為 9,000 萬美元，比去年下降 22%，與更廣泛的市場情況一致。

Year-over-year results reflected customer destocking, along with suppressed demand for premium paper and packaging.

年比結果反映出客戶庫存減少，以及對優質紙張和包裝的需求受到抑制。

FBS adjusted EBITDA of $13 million was down 35% year over year.

FBS 調整後 EBITDA 為 1,300 萬美元，年減 35%。

Lower volume and associated manufacturing cost impacts in the current quarter were partially offset by favorable net selling price and input costs.

本季銷售下降和相關製造成本的影響被有利的淨售價和投入成本部分抵銷。

Turning to a few of the corporate items, unallocated corporate adjusted EBITDA expense of around $19 million was flat year over year and interest expense of $13 million was also essentially flat from the prior period.

談到一些公司項目，未分配的公司調整後 EBITDA 費用約為 1,900 萬美元，與去年同期持平，利息費用為 1,300 萬美元，也與上一期間基本持平。

Other expense was down $3 million from 2022 when we recorded gains on foreign currency contracts.

與 2022 年我們錄得外幣合約收益時相比，其他費用減少了 300 萬美元。

Our tax was a 19% benefit in the quarter.

本季我們的稅收收益為 19%。

Julie referenced the successful November close of our Engineered Papers business and the subsequent paydown of more than $600 million in net debt.

Julie 提到我們的工程紙業務在 11 月成功結束，隨後還清了超過 6 億美元的淨債務。

And I'd like to add that while we initially expected net proceeds to be around $575 million when we announced the transaction in August, we actually applied $632 million to debt reduction for more than 35% of our total debt.

我想補充一點，雖然我們在 8 月宣布這項交易時最初預計淨收益約為 5.75 億美元，但實際上我們將 6.32 億美元用於債務減免，佔總債務的 35% 以上。

As expected, we also reduced net leverage sequentially by 0.3 turns to 3.9 times credit agreement EBITDA, At the end of the quarter, our remaining net debt was just under $1 billion and available liquidity was $454 million.

正如預期的那樣，我們還將淨槓桿率連續降低了 0.3 倍，達到信貸協議 EBITDA 的 3.9 倍。截至本季末，我們的剩餘淨債務略低於 10 億美元，可用流動資金為 4.54 億美元。

As a reminder, our debt matures on a staggered basis between 2026 and 2028.

提醒一下，我們的債務在 2026 年至 2028 年期間分期到期。

We also repurchased just under $4 million of shares in the quarter.

本季我們也回購了近 400 萬美元的股票。

Our intent continues to be to opportunistically repurchase shares to offset dilution from stock compensation.

我們的目的仍然是機會性地回購股票，以抵消股票薪酬的稀釋。

And to be clear, the priority of cash flow remains paying down debt.

需要明確的是，現金流的優先事項仍然是償還債務。

While at this point, we are not providing 2024 guidance, let me provide some color on a few assumptions that underlie our 2024 financial plans.

雖然目前我們尚未提供 2024 年指導，但讓我對構成我們 2024 年財務計畫的一些假設提供一些說明。

For Q1 of 2024, while we expect a significant sequential step-up in sales, due to the higher cost of inventory that we'll sell through in Q1, we expect adjusted EBITDA to be similar to Q4.

對於 2024 年第一季度，雖然我們預計銷售額將大幅連續成長，但由於我們將在第一季度銷售的庫存成本較高，我們預計調整後的 EBITDA 將與第四季度相似。

We expect Q1 will still be impacted by the current demand pace, but we continue to get insights from customers that provide confidence in an elevated demand pace in Q2 of 2024.

我們預計第一季仍將受到當前需求成長的影響，但我們繼續從客戶那裡獲得見解，這些見解為 2024 年第二季需求成長率的上升提供了信心。

We are maintaining our expectation of sequential quarterly improvements subject to our normal year-end seasonality, building toward a $70 million run rate at year end.

我們維持對季度連續改善的預期，具體取決於正常的年終季節性因素，年底運行率將達到 7,000 萬美元。

And our previously announced overhead reduction program yielding a $20 million annualized savings run rate by the end of 2024 further solidifies this increased EBITDA level.

我們先前宣布的管理費用削減計劃將在 2024 年底前實現年化 2000 萬美元的節省運行率，進一步鞏固了 EBITDA 水準的提高。

For modeling purposes, going forward, we expect our annual interest expense to be around $70 million, and our depreciation and amortization expense should be around $100 million annually.

出於建模目的，未來我們預計每年的利息支出約為 7,000 萬美元，每年的折舊和攤提費用應約為 1 億美元。

With that, Julie, I'll turn it back to you to talk about our recent announcement and Mativ going forward.

朱莉，接下來我將把話題轉回給您，談談我們最近發布的公告以及 Mativ 的未來發展。

Thanks, Greg.

謝謝，格雷格。

It's no question that the environment in 2023 was not what we expected, and our results are not representative of our future expectations.

毫無疑問，2023年的環境並不是我們所期望的，我們的結果也不能代表我們未來的期望。

As we saw demand continue to weaken, we focused on those areas that we could control and make several meaningful and impactful decisions throughout the year.

當我們看到需求持續疲軟時，我們專注於那些我們可以控制的領域，並在全年做出了一些有意義和有影響力的決定。

Many of those decisions were difficult but necessary as they paved the path for a more successful enterprise that will drive both growth and margin results.

其中許多決策是困難的，但卻是必要的，因為它們為更成功的企業鋪平了道路，從而推動成長和利潤結果。

Since the merger, we've established our company's strategy, defined our operating model, streamlined our operations, and achieved above targeted synergy levels.

自合併以來，我們制定了公司策略，定義了營運模式，簡化了運營，並實現了上述目標協同水準。

We also rightsized our portfolio and oriented it towards stronger end markets that will support our growth and top line and bottom line going forward.

我們還調整了我們的投資組合，並將其面向更強大的終端市場，這將支持我們的成長以及未來的營收和利潤。

With the sale of Engineered Papers and with a lot of integration efforts behind us or in process, now is the right time to streamline our administrative functions in support of a more focused and less complex organization.

隨著工程論文的銷售以及我們身後或正在進行的大量整合工作，現在是簡化我們的管理職能以支持更專注且不太複雜的組織的最佳時機。

As part of this initiative, we have announced two discrete waves of cost reduction efforts focused on non-operating costs.

作為該計劃的一部分，我們宣布了兩波不同的成本削減舉措，並專注於非營運成本。

The first wave is currently underway and consists mainly of workforce reductions that are indexed towards senior levels of the organization that will have an impact on our P&L this year.

第一波浪潮目前正在進行，主要包括裁員，這些裁員與組織高層相關，這將對我們今年的損益產生影響。

We expect to achieve a run rate of $20 million in overhead cost savings by the end of 2024.

我們預計到 2024 年底，管理成本將節省 2,000 萬美元。

The associated expenses are expected to be in the $15 million to $20 million range, comprised mainly of severance costs and will hit the P&L predominantly in the first half of 2024.

相關費用預計在 1,500 萬至 2,000 萬美元範圍內，主要包括遣散費，並將主要在 2024 年上半年影響損益。

The second wave of cost reduction efforts is driven primarily by system integration.

第二波降低成本的努力主要是由系統整合所推動的。

This work will improve transactional efficiencies and further reduce headcount but with longer implementation timelines.

這項工作將提高交易效率並進一步減少員工人數，但實施時間更長。

With the second effort, we expect to achieve an additional $20 million in overhead cost savings by the end of 2026.

透過第二項努力，我們預計到 2026 年底將額外節省 2,000 萬美元的管理成本。

Taken together, both waves will reduce overall non-operating costs by approximately 15% over this timeframe.

總的來說，這兩波浪潮將在這段時間內將整體非營運成本降低約 15%。

As part of these initiatives, we are realigning our operations into two new segments, ultimately simplifying reporting lines and reducing operational complexity.

作為這些措施的一部分，我們正在將我們的業務重新調整為兩個新的部門，最終簡化報告流程並降低營運複雜性。

Our filtration and advanced materials segment or FAM will be focused on filtration and protective coating and film solutions, serving customers that depend on us to make air and water cleaner, optical films sharper, and surfaces more scratch resistant.

我們的過濾和先進材料部門或 FAM 將專注於過濾和保護塗層和薄膜解決方案，為依賴我們使空氣和水更乾淨、光學薄膜更鋒利、表面更耐刮擦的客戶提供服務。

This segment is driven by macro factors such as the increased need for clean air, access to clean water, high-performance protection features that, for example, safeguard products from sunlight, sound, water, and temperature, as well as support the movement to alternative energy sources and infrastructure development.

該細分市場是由宏觀因素驅動的，例如對清潔空氣、清潔水的需求增加、高性能保護功能，例如保護產品免受陽光、聲音、水和溫度的影響，以及支持運動替代能源和基礎設施發展。

Our highly engineered materials and our advanced technologies make us an unmatched and clear choice for our customers to support these megatrends.

我們高度工程化的材料和先進的技術使我們成為客戶支持這些大趨勢的無與倫比的明確選擇。

We consider FAM on a comparative basis to be our higher-growth and higher-margin segments.

相較之下，我們認為 FAM 是我們成長速度更快、利潤率更高的細分市場。

It will represent about 40% of our sales going forward, and we expect it to grow at GDP plus rates with normalized EBITDA margins in the mid to high teens.

它將占我們未來銷售額的 40% 左右，我們預計它將以 GDP 加成的速度成長，正常化 EBITDA 利潤率將達到中雙位數。

FAM will be led by Christoph Stenzel, who has a long and successful track record at Mativ, leading our filtration segment to consistent growth over the last several years.

FAM 將由 Christoph Stenzel 領導，他在 Mativ 擁有長期而成功的業績記錄，帶領我們的過濾部門在過去幾年中持續成長。

Our sustainable and adhesive solutions segment or SAS will be focused primarily on release liner industrial products such as tapes and construction and cable wrap, health care, and packaging and specialty paper end markets.

我們的永續和黏合劑解決方案部門或 SAS 將主要專注於防黏襯裡工業產品，如膠帶、建築和電纜包裝、醫療保健、包裝和特殊紙終端市場。

SAS provides solutions that heal wounds faster, make packaging more sustainable, and ensure paint and DIY projects exceed expectations.

SAS 提供的解決方案可以更快地治癒傷口、使包裝更具永續性，並確保油漆和 DIY 專案超出預期。

This segment will be driven by macro factors such as the adhesive used in permanent and temporary connections, sustainability and eco-friendly alternatives, personal health and wellness, particularly for an aging population, as well as new construction and remodeling.

該細分市場將受到宏觀因素的推動，例如用於永久和臨時連接的黏合劑、永續性和環保替代品、個人健康和保健（特別是針對人口老化）以及新建和改建。

SAS will comprise about 60% of our sales.

SAS 將占我們銷售額的約 60%。

And we expect to grow relatively in line with long-term broad economic growth in the US and Europe and to a smaller degree, Asia.

我們預計，其成長將與美國和歐洲以及較小程度上亞洲的長期整體經濟成長相對一致。

Normalized EBITDA margin for SAS are expected to be in the low to mid teens.

SAS 的標準化 EBITDA 利潤率預計將在十幾歲至十幾歲之間。

SAS will be led by Ryan Elwart, who recently joined us from Georgia-Pacific where he was Chief Customer Officer with a strong track record of fostering long, mutually beneficial customer relationships.

SAS 將由 Ryan Elwart 領導，他最近從 Georgia-Pacific 加入我們，擔任首席客戶官，在培養長期、互利的客戶關係方面擁有良好的記錄。

I'm excited to welcome Ryan to Mativ, and I've personally worked with him before and can attest that he embodies our Win with Customers core value.

我很高興歡迎 Ryan 加入 Mativ，我之前曾與他親自合作過，可以證明他體現了我們「贏得客戶」的核心價值。

This segment realignment has already gone into effect in Q1 2024 and will reduce our organizational complexity, drive substantial cost savings, provide further cross-selling opportunities, and allow us to better leverage technologies, marketing, and R&D.

該部門調整已於 2024 年第一季生效，將降低我們的組織複雜性，大幅節省成本，提供進一步的交叉銷售機會，並使我們能夠更好地利用技術、行銷和研發。

If you look at our journey over the last 18 months, you will realize how much Mativ has evolved in this short period of time.

如果您回顧我們過去 18 個月的歷程，您就會意識到 Mativ 在這短短的時間內發生了多大的變化。

We've transformed Mativ from two legacy companies to a more agile and focused enterprise.

我們已將 Mativ 從兩家傳統公司轉變為更敏捷、更專注的企業。

We've proven our ability to navigate some of the toughest demand and macroenvironment challenges while integrating our teams and businesses.

我們已經證明，我們有能力在整合我們的團隊和業務的同時應對一些最嚴峻的需求和宏觀環境挑戰。

We've made bold decisions on our portfolio, our assets and cost structure and taken action to unlock value that will be further amplified when demand picks up.

我們對我們的投資組合、資產和成本結構做出了大膽的決定，並採取行動釋放價值，當需求回升時，這些價值將進一步放大。

I am encouraged by our position as we enter 2024 and look forward to realizing our remaining synergies as well as our incremental cost savings described earlier today.

進入 2024 年，我對我們的立場感到鼓舞，並期待實現我們剩餘的協同效應以及今天早些時候描述的增量成本節約。

But most of all, I'm encouraged by the early signs of momentum we are seeing in our demand profile as we enter 2024.

但最重要的是，進入 2024 年，我們在需求概況中看到的早期動能跡象令我感到鼓舞。

We are well positioned to take advantage of returning demand, and I'm excited about our second full year as Mativ and demonstrating the results of these decisions and actions.

我們已做好充分準備，能夠利用回返的需求，我對作為 Mativ 的第二個完整年度感到興奮，並展示了這些決策和行動的結果。

Thank you for joining us this morning and please open the line for questions.

感謝您今天早上加入我們，請撥打電話提問。

(Operator Instructions) Daniel Harriman, Sidoti.

（操作員說明）Daniel Harriman，Sidoti。

Thank you.

謝謝。

Good morning, Julie, Greg, and Chris.

早上好，朱莉、格雷格和克里斯。

Thank you so much for all the details on that call and congrats on finishing the first year as a merged company.

非常感謝您在電話會議中提供的所有詳細信息，並祝賀您完成了合併公司的第一年。

On the third quarter call, Julie, you mentioned just the issue with demand generation and how that was affecting obviously company performance.

在第三季的電話會議上，朱莉，您提到了需求產生的問題以及它如何明顯影響公司業績。

Could you provide us a little bit of an update on what you're doing to generate that demand and how you see that playing out thus far into 2024?

您能否向我們提供一些最新信息，說明您正在採取哪些措施來產生這一需求，以及您如何看待迄今為止到 2024 年的情況？

And then maybe just more generally, what's the shape of demand?

也許更一般地說，需求的形式是什麼？

You referenced a little bit with some customer conversations, but what's the shape of demand thus far into the year?

您在一些客戶對話中提到了一些內容，但今年到目前為止的需求狀況如何？

And how do you see that playing out, referencing seasonality or whatever else may be going on?

參考季節性或其他可能發生的情況，您如何看待這種情況的發生？

Sure.

當然。

Thanks for the question, Dan.

謝謝你的提問，丹。

As we enter Q1, we're seeing signs of improved demand in some key areas and end markets in the early days.

進入第一季度，我們看到一些關鍵領域和終端市場早期需求改善的跡象。

And from a shape standpoint, we expect significant sequential revenue increases in Q1 and as we work through the year with a little bit more normal seasonality as we end the year in Q4.

從形狀的角度來看，我們預計第一季的營收將顯著連續成長，並且在第四季結束時，我們全年的季節性會更加正常。

As Greg mentioned, the bottom-line results will take an extra quarter to catch up just because of the high cost inventory and the flow through in Q1.

正如格雷格所提到的，由於第一季的高成本庫存和流通量，底線結果將需要額外一個季度才能趕上。

But I'm encouraged by our demand picture where we sit today.

但我對我們今天的需求感到鼓舞。

And there are some key efforts the team is driving.

該團隊正在推動一些關鍵工作。

I'd say R&D and innovation is one of those key efforts.

我想說研發和創新是這些關鍵努力之一。

The second one is customer programming and alignment with core customers.

第二個是客戶規劃並與核心客戶保持一致。

And then third one is we've altered how we incent some of our teams from a revenue generation standpoint, and we've added capabilities and resources in some of those areas as well.

第三，我們從創造收入的角度改變了激勵某些團隊的方式，我們也在其中一些領域增加了能力和資源。

So we've really focused on how do we make sure our customer-facing resources are best leveraged.

因此，我們真正關注的是如何確保最好地利用面向客戶的資源。

And that goes into some of the reorganization that we've talked about as well, being able to leverage resources broadly across marketing, sales, and R&D, and prioritize where we have the greatest opportunities in those areas.

這也涉及到我們討論過的一些重組，能夠廣泛利用行銷、銷售和研發方面的資源，並優先考慮我們在這些領域擁有最大機會的地方。

Great.

偉大的。

That's super helpful.

這非常有幫助。

Thank you.

謝謝。

And just one more quick one, if I may.

如果可以的話，再快一點。

Julie, last quarter, you referenced some bright spots being health care and hygiene, and then struggling end markets in construction and transportation.

朱莉，上個季度，您提到了醫療保健和衛生方面的一些亮點，以及建築和運輸領域苦苦掙扎的終端市場。

Is that still playing out how you referenced last quarter or has there been some changes in terms of where you may be seeing some bright spots of demand?

這是否仍然是您提到的上個季度的情況，或者您可能會看到一些需求亮點方面是否發生了一些變化？

I think it's starting to turn a bit.

我認為情況開始有所轉變。

As I said, Q1, we're seeing some bright spots, and that's inclusive of our filtration business where we have transportation end markets, as well as life science end markets in clean air and water.

正如我所說，第一季度，我們看到了一些亮點，其中包括我們的過濾業務，我們擁有運輸終端市場，以及清潔空氣和水的生命科學終端市場。

It's inclusive of our release liner business that is driven by health and hygiene and labels and composites, where it's probably still softness that is in some of our commercial print markets.

它包括我們的離型紙業務，該業務是由健康和衛生以及標籤和複合材料驅動的，在我們的一些商業印刷市場中，它可能仍然是柔軟的。

And we're seeing that broadly and in the market data.

我們在市場數據中廣泛地看到了這一點。

But we're seeing nice, I'd say nice demand improvement in Q1.

但我們看到第一季的需求改善很好。

I'm really pleased with the order profile that we have onboard today.

我對今天的訂單資料非常滿意。

Jon Tanwanteng, CJS.

喬恩·譚萬騰，CJS。

Hi, good morning.

早安.

It's Charlie Strauzer actually for John filling in this morning.

今天早上，實際上是查理·斯特勞澤 (Charlie Strauzer) 替約翰代行。

Thank you for taking the questions.

感謝您提出問題。

Can we spend a couple of minutes on the lower interest expense in the quarter and what kind of drove that?

我們能否花幾分鐘談談本季較低的利息支出以及是什麼推動了這一趨勢？

And I know you gave the full year kind of number, but what is the expected run rate going forward after paying down debt and resetting your interest rate swaps with the proceeds?

我知道你給了一個全年的數字，但是在償還債務並用收益重置利率掉期後，預期的運行率是多少？

Yeah.

是的。

Thanks, Charlie.

謝謝，查理。

Yeah.

是的。

So overall, our expectation is that we would be around $70 million in interest for next year.

總體而言，我們預計明年的利息約為 7000 萬美元。

So that would be a pace of about $17 million or $18 million a quarter.

因此，這將是每季 1700 萬美元或 1800 萬美元左右的速度。

This quarter, you're right.

這個季度，你是對的。

We actually were at $13 million.

我們實際上有 1300 萬美元。

It would have been about $17 million to $18 million But ultimately, we had a true up related to the higher price that we received for the EP transaction.

價格約為 1700 萬至 1800 萬美元，但最終，我們獲得了與 EP 交易收到的更高價格相關的真正上漲。

And with that true-up in the movement between discontinued ops and continuing ops, it actually knocked that down to $13 million for the quarter.

隨著停止營運和持續營運之間的調整，該季度的支出實際上已降至 1,300 萬美元。

But ongoing, would expect normally in that $17 million to $18 million a quarter.

但持續進行，通常預計每季 1700 萬至 1800 萬美元。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you very much.

非常感謝。

And just a follow-up there.

只是後續行動。

What end markets in Q1 so far or geographies really are you seeing notable strength or weakness?

到目前為止，您在第一季的哪些終端市場或地區確實看到了顯著的優勢或劣勢？

I'll maybe start there and then Julie can jump in.

我也許會從這裡開始，然後朱莉可以加入。

We -- it's been encouraging, the backlog reports that we have across several of our businesses (technical difficulty) in continued pressure, seeing that come down and down and I -- Julie mentioned the trough that we've hit in Q4.

我們 - 令人鼓舞的是，積壓報告表明我們的幾個業務（技術困難）面臨持續的壓力，看到情況不斷下降，我 - 朱莉提到了我們在第四季度遇到的低谷。

We're seeing that in the backlog of orders now that that is starting to build back.

我們在積壓的訂單中看到這一點現在開始恢復。

It's not roaring back, but we are actually seeing those build in several different areas.

它並沒有捲土重來，但我們實際上看到它們在幾個不同的領域中建立。

Even in Packaging and Specialty Papers, Julie just mentioned still the pressure on commercial print there.

即使在《包裝和特種紙》中，朱莉也提到商業印刷仍然面臨壓力。

But we are seeing the backlog start to build some in Packaging and Specialty Papers.

但我們看到包裝紙和特種紙領域開始積壓訂單。

Also, in our industrials business, which was one of the first ones to start to experienced the destocking, all the way back in late 2022, we are seeing an increase in the backlog of orders there as well.

此外，我們的工業業務是最早開始經歷去庫存的業務之一，早在 2022 年底，我們就看到積壓訂單也在增加。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

We have no further questions registered by the telephone lines.

我們透過電話線路沒有收到任何進一步的問題。

So I'll hand back over to the management team for any further or closing remarks.

因此，我將把任何進一步的或結束語交還給管理團隊。

Yes.

是的。

Just want to say thank you for joining the call today and for your support of Mativ, and we look forward to our next call next quarter.

我只想感謝您今天加入電話會議以及對 Mativ 的支持，我們期待下個季度的下一次電話會議。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。