Mativ Holdings Inc (MATV) 2024 Q3 法說會逐字稿

Largest film site focused on driving sustainable improved productivity quality and operational performance.

最大的電影網站專注於推動永續提高生產力品質和營運績效。

The advanced film turn around effort is similar to the approach we took over the course of 2023 to improve performance in health care.

先進的薄膜週轉工作類似於我們在 2023 年為提高醫療保健績效而採取的方法。

The year-to-date results of this effort in health care are above market organic sales growth of more than 5% versus prior year and significantly improved profitability that has exceeded our expectations.

今年迄今為止，醫療保健領域的這項努力取得的成果高於市場有機銷售成長率，比上年增長了 5% 以上，獲利能力顯著提高，超出了我們的預期。

Based on this similar effort and the outcome, I'm confident we will successfully improve results in advanced film over the course of the next 12 months, I'll now turn to some of our high growth categories where we are investing for additional capacity.

基於類似的努力和成果，我相信我們將在未來 12 個月內成功提高先進薄膜的業績，我現在將轉向我們正在投資額外產能的一些高成長類別。

We've previously talked about the investments we are making in filtration, specialty tapes and release liners and I just touched on the new investment in the UK to expand our medical film capacity.

我們之前討論過我們在過濾、特種膠帶和離型膜方面的投資，我剛剛談到了在英國擴大醫用薄膜產能的新投資。

We also recently improved an investment in specialty tapes to support our polyplex and athletic tape category with a new line in our facility in Canada.

我們最近還增加了對特種膠帶的投資，以在加拿大工廠建立一條新生產線來支持我們的複合材料和運動膠帶類別。

We are close to capacity in this category and have significant upside opportunities and commitments from key customers for future growth.

我們已接近該類別的產能，並擁有重要的上升機會和主要客戶對未來成長的承諾。

We expect the line to start up in early 2026 and support over $20 million in incremental revenue once fully utilized by the end of year three.

我們預計該生產線將於 2026 年初啟動，並在第三年年底充分利用後支援超過 2,000 萬美元的增量收入。

And with almost 50% of the volume expected to be realized in year one combined, the investments in growth that we've announced throughout 2023 and 2024 are expected to provide incremental revenue of over $115 million in the next three to four years.

由於預計第一年將實現近 50% 的銷量，我們宣布的 2023 年和 2024 年成長投資預計將在未來三到四年內提供超過 1.15 億美元的增量收入。

Additionally, our commercial teams are executing well to drive sustained sales growth.

此外，我們的商業團隊執行得很好，推動了銷售的持續成長。

Here are just a few examples.

這裡僅舉幾個例子。

And SAM, we've realized over $10 million in share gains with a number of HVAC and air pollution control customers.

SAM，我們與許多 HVAC 和空氣污染控制客戶實現了超過 1000 萬美元的份額收益。

We also negotiated over $10 million in new customer agreements that will begin mid 2025 and continue to add to our large pipeline for productive development with key customers and staff.

我們還談判達成了價值超過 1000 萬美元的新客戶協議，該協議將於 2025 年中期開始，並繼續增加我們與主要客戶和員工進行高效開發的龐大管道。

Our momentum is strong.

我們的勢頭強勁。

We talked about a new leader Ryan Ellert that we hired to run this segment earlier this year and he and his staff team are doing exactly what we wanted from them, which is driving our commercial excellence efforts and focusing on new demand generation opportunities.

我們談到了今年早些時候我們聘請來管理該部門的新領導者Ryan Ellert，他和他的員工團隊正在做我們想要從他們那裡得到的事情，這正在推動我們的商業卓越努力並專注於新的需求產生機會。

As evidence of this, We recently signed a new long term commitment for release liners with one of the largest consumer goods companies in North America

作為證明，我們最近與北美最大的消費品公司之一簽署了新的離型紙長期承諾

.In paper and packaging,We previously told you about a major win in our digital print category worth over $10 million annually and I'm happy to share that we have secured additional commitments totaling another $5 million in opportunities starting in Midyear 2025.

在紙張和包裝方面，我們之前曾告訴過您，我們的數位印刷類別取得了每年價值超過1000 萬美元的重大勝利，我很高興地告訴大家，我們已經獲得了額外的承諾，從2025 年年中開始，將再獲得總計500 萬美元的機會。

And in healthcare, we are launching a new sterilizable medical paper product.

在醫療保健領域，我們正在推出一種新的可滅菌醫用紙產品。

This is a reinforced and partially bio based solution for the health care packaging sector and will launch in the first half of next year.

這是針對醫療保健包裝行業的強化且部分基於生物的解決方案，將於明年上半年推出。

I'm very pleased with the sales pipeline that we have in place and with the team driving it. finally, as a manufacturing company, we are always focused on reducing our costs and optimizing our assets.

我對我們現有的銷售管道以及推動它的團隊非常滿意。最後，作為一家製造公司，我們始終專注於降低成本和優化資產。

During this most recent quarter, we added to this list divesting a small non strategic and high cost facility in Massachusetts.

在最近一個季度，我們在該清單中加入了剝離馬薩諸塞州一家小型非戰略性高成本設施的清單。

And this past week, we closed on the sale of our plant in the Netherlands which is expected to have an immediate accretive effect on our operating margin and will further reduce the complexity of our portfolio by exiting a category .with that.

上週，我們完成了荷蘭工廠的出售，預計這將立即對我們的營業利潤產生增值效應，並將透過退出一個類別進一步降低我們投資組合的複雜性。

Since the merger, we have streamlined our footprint from 48 sites to now 35 sites and reduced our outside warehouses by over 25%.

自合併以來，我們已將足跡從 48 個站點精簡為現在的 35 個站點，並將外部倉庫減少了 25% 以上。

Taken together.

一起拍攝。

These actions have and will continue to reduce our cost, improve the customer experience and improve our margins especially as demand returns to more normalized levels.

這些行動已經並將繼續降低我們的成本，改善客戶體驗並提高我們的利潤，特別是當需求恢復到更正常化的水平時。

We will continue to evaluate our portfolio in our manufacturing and warehousing footprint for further opportunities to reduce complexity and unlock incremental value.

我們將繼續評估我們的製造和倉儲足跡中的產品組合，以尋找進一步降低複雜性和釋放增量價值的機會。

With that, I'll turn it over to Greg for a more detailed discussion of our financial performance.

這樣，我將把它交給格雷格，以便更詳細地討論我們的財務表現。

Thanks Julie and good morning, everyone consolidated net sales from continuing operations for the quarter were $498.5 million compared to $498.2 million in the prior year.

謝謝朱莉，大家早安，本季持續營運的綜合淨銷售額為 4.985 億美元，而前一年為 4.982 億美元。

Sales were up 1.4% year over year on an organic basis and selling prices were essentially flat versus prior year.

銷售額年增 1.4%，銷售價格與去年基本持平。

While currency was favorable adjusted EBITDA from continuing operations was $60.8 million up 10% from $55.4 million in the prior year.

在貨幣有利的情況下，來自持續經營業務的調整後 EBITDA 為 6,080 萬美元，比上一年的 5,540 萬美元成長 10%。

Improved distribution and manufacturing costs and lower G&A expenses represented a combined $7 million favorable impact which was partially offset by $2 million of lower contribution from mix adjusted EBITA margin increased 110 basis points year over year.

分銷和製造成本的改善以及一般及行政費用的降低總共產生了700 萬美元的有利影響，但這一影響被混合調整後的EBITA 利潤率同比增長110 個基點帶來的200 萬美元的較低貢獻所部分抵消。

Turning to each of our segments net sales in our filtration and advanced materials segment of [$190 million] were down 3% versus Q3 of 2023.

就我們每個細分市場而言，過濾和先進材料細分市場的淨銷售額為 [1.9 億美元]，與 2023 年第三季相比下降了 3%。

As Julie mentioned, we reported higher volumes in our filtration categories that were more than offset by lower volumes in our advanced films category, as well as lower selling prices in the segment.Fam adjusted EBITA of $36 million was down almost 7% year over year.

正如朱莉所提到的，我們的過濾類別銷量增加，但被我們的高級薄膜類別銷量下降以及該細分市場銷售價格下降所抵消。

Reflecting the effects of lower volumes in our high margin, advanced films category and lower selling prices in the segment.

反映了我們的高利潤、先進電影類別銷售下降以及該領域銷售價格下降的影響。

We partially offset these pressures with higher volumes in our filtration categories.

我們透過提高過濾類別的產量來部分抵消這些壓力。

Lower SDNA expenses and improved manufacturing efficiencies in our sustainable and adhesive solutions segment net sales of 309 million were up more than 4% from last year on an organic basis and up more than 2% on an as reported basis.Organic growth reflected higher volumes across all of our end markets and higher selling prices.

我們的永續和黏合劑解決方案部門的SDNA 費用降低，製造效率提高，淨銷售額為3.09 億美元，較去年有機增長超過4%，按報告增長超過2%。的增加我們所有的終端市場和更高的售價。

SAS generated strong adjusted EBITDA performance of $41 million which was up almost 20% year over year adjusted EBITDA margin increased 200 basis points versus the prior year.

SAS 的調整後 EBITDA 業績強勁，達到 4,100 萬美元，年增近 20%，調整後 EBITDA 利潤率比上年增長 200 個基點。

The year over year performance reflected favorable manufacturing and distribution costs, favorable relative net selling price versus input cost and higher volumes partially offset by unfavorable mix and slightly higher SG&A expenses.

同比業績反映了有利的製造和分銷成本、相對於投入成本而言有利的相對淨售價以及較高的產量，但部分被不利的組合和略高的銷售管理費用所抵消。

Turning to a few of the corporate items, unallocated corporate adjusted EBITDA expense of around $17 million was down more than 7% versus the prior year.

談到一些公司項目，未分配的公司調整後 EBITDA 費用約為 1700 萬美元，比前一年下降了 7% 以上。

As a reminder, we still expect unallocated to be around $80 million for the full year.

提醒一下，我們仍然預計全年未分配資金約為 8000 萬美元。

Interest expense of $18 million increased 9% from the prior year, primarily due to higher interest rates on our floating rate debt in 2024 coupled with a higher revolver balance in the current period.

利息支出為 1,800 萬美元，比前一年增加 9%，主要是由於 2024 年浮動利率債務利率上升，加上本期循環餘額增加。

When taking hedges into account, approximately 75% of our debt is at a fixed rate and matures on a staggered basis between 2027 and 2029.

考慮到對沖，我們約 75% 的債務採用固定利率，並在 2027 年至 2029 年之間分期到期。

In late September, we went to market with a $400 million bond offering that priced at 8% and settled subsequent to the end of the quarter on October 7, we were able to take advantage of the then prevailing market rates and risk premiums that allowed us to reach a favorable outcome from out of essentially providing certainty in what has become a more volatile interest rate environment.

9 月底，我們向市場發行了 4 億美元的債券，定價為 8%，並於 10 月 7 日季度末結算，我們能夠利用當時的市場利率和風險溢價，使我們能夠利用從本質上為日益波動的利率環境提供確定性，從而取得有利的結果。

We used the proceeds from the bond offering to pay off our outstanding $350 million bond that was due in 2026 as well as the $43 million portion of our term loan B. With these changes, we expect our go forward annual interest expense to be [$75 million]per year.

我們使用債券發行所得收益來償還 2026 年到期的未償 3.5 億美元債券以及定期貸款 B 的 4,300 萬美元部分。

Other expense of $12.7 million increased $12.4 million compared with the prior year period, largely due to other asset related charges in connection with the two facility rationalizations julie outlined earlier as well as losses on foreign exchange.

其他費用為 1,270 萬美元，與去年同期相比增加了 1,240 萬美元，主要是由於與朱莉先前概述的兩項設施合理化有關的其他資產相關費用以及外匯損失。

Our tax rate was 13% in the quarter.

本季我們的稅率為 13%。

This low tax rate was driven by onetime tax adjustments which if excluded would yield an effective tax rate of 21% for modeling purposes.

這種低稅率是由一次性稅收調整推動的，如果排除該調整，則出於建模目的，將產生 21% 的有效稅率。

However, we suggest using a normalized tax rate of 24%

但是，我們建議使用 24% 的標準化稅率

.At the end of the quarter Net debt was $981 million and available liquidity was $463 million.

截至本季末，淨負債為 9.81 億美元，可用流動資金為 4.63 億美元。

Our net leverage ratio as defined in our credit agreement was 4.1 times sequentially flat With Q2.

我們的信貸協議中定義的淨槓桿率為 4.1 倍，與第二季持平。

Our number one priority for cash flow utilization is and continues to be deleveraging and debt reduction.

我們現金流利用的首要任務是去槓桿化和減少債務，並將繼續如此。

And our target leverage range is 2.5 to 3.5 times.

我們的目標槓桿範圍是2.5至3.5倍。

We did not repurchase any shares during the quarter.

本季我們沒有回購任何股票。

Our intent continues to be to opportunistically repurchase shares to offset dilution and the priority of cash flow remains on paying down debt.

我們的目的仍然是機會性地回購股票以抵消稀釋，現金流的優先事項仍然是償還債務。

Turning to our outlook for Q4 2024 we do not see evidence of a change in demand from what we have seen in Q3 and we recognize a number of our categories are also subject to normal year end seasonality.

談到我們對 2024 年第四季的展望，我們沒有看到需求與第三季相比變化的證據，並且我們認識到我們的許多類別也受到正常的年終季節性因素的影響。

Therefore, we expect Q4 sales to be up mid single digits versus last year and Q4 adjusted EBITDA to be down low double digits versus last year.

因此，我們預計第四季銷售額將比去年成長中個位數，而第四季調整後 EBITDA 將比去年下降兩位數。

This is driven by timing of incentives, product mix, timing of maintenance outages and extended downtime over the holiday season versus Q4 2023.

這是由激勵措施、產品組合、維護中斷時間以及假期期間與 2023 年第四季相比延長的停機時間所推動的。

We will provide more detail on our expectations on the next fiscal year during our earnings call in February.

我們將在二月的財報電話會議上提供更多有關下一財年預期的細節。

For modeling purposes, We are now planning for 2024 full year capital expenditures of approximately $50 million down from the previously communicated $60 million.

出於建模目的，我們現在計劃 2024 年全年資本支出從先前公佈的 6,000 萬美元減少到約 5,000 萬美元。

And we expect our depreciation and amortization expense to be around $100 million.

我們預計折舊和攤提費用約為 1 億美元。

With that Julie, I'll hand it back over to you for closing remarks.

有了朱莉，我將把它交還給你做結束語。

Thank you, Greg.

謝謝你，格雷格。

What you should take away from this call is that while the pace of demand is slower than expected.

您應該從這個電話中得到的訊息是，雖然需求的成長速度慢於預期。

We are focused and taking actions to offset the impact, grow, share and capture incremental value when markets improve.

當市場改善時，我們集中精力並採取行動抵消影響、成長、分享和獲取增量價值。

This includes new programs, resources and products that result in new business with examples provided earlier today and investments in partnerships in key categories of filtration release liners, specialty tapes and medical and optical films where we have upside growth opportunities.

這包括帶來新業務的新計劃、資源和產品（今天早些時候提供的示例），以及對過濾防粘襯墊、特種膠帶以及醫療和光學薄膜等關鍵類別合作夥伴關係的投資，我們在這些領域擁有上升的成長機會。

We continue to simplify and streamline our operations including divesting noncore business lines and consolidating assets, warehouses and manufacturing plants.

我們繼續簡化和精簡我們的運營，包括剝離非核心業務線以及整合資產、倉庫和製造工廠。

And we've outlined our turnaround plan for an underperforming category, advanced films, which mirrors our demonstrative success within health care.

我們還概述了針對錶現不佳的類別（高級電影）的扭虧為盈計劃，這反映了我們在醫療保健領域的成功。

And lastly, we are aggressively driving out costs with over $20 million of non operating cost reductions this year.All of these actions are the right things to do and I appreciate the support from our board in making these decisions and from our teams and making them happen.

最後，我們今年正積極降低成本，削減了超過2000 萬美元的非營運成本。的支持發生。

One last item to highlight we will be publishing our 2023 ESG report over the course of this month.

最後要強調的是，我們將在本月發布 2023 年 ESG 報告。

We look forward to sharing with you our continued commitment to being responsible stewards of the environment, maintaining a diverse and caring culture and having strong corporate governance practices.

我們期待與您分享我們對成為負責任的環境管理者、維持多元化和關懷文化以及擁有強有力的公司治理實踐的持續承諾。

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。

Thank you, MS Chantelle.

謝謝你，尚特爾女士。

If you would like to ask a question, please press star one on your touchtone phone now .if you change your mind, please press Star two when preparing to ask you a question.

如果您想提問，請立即在按鍵式電話上按星號 1。

Please ensure your devices are moved locally.

請確保您的裝置已移至本機。

We have our first question from Daniel Harriman with the DTI and company.

我們收到 Daniel Harriman 向 DTI 及其公司提出的第一個問題。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Hey, good morning guys.

嘿，早上好，夥計們。

Thanks for taking my questions.

感謝您回答我的問題。

I'll start off with two quick ones and then I'll get back in the queue afterwards.

我將從兩個快速的開始，然後我會回到隊列中。

But Julie, I know you provided a lot of information to us on the Tiger team initiative.

但是朱莉，我知道你向我們提供了很多有關 Tiger 團隊計劃的資訊。

But I'm just wondering if you could just maybe provide a little bit more information about when that process started and maybe what demand generation ideas you're most excited about within that.

但我只是想知道您是否可以提供更多有關該過程何時開始的信息，以及您最感興趣的需求生成想法。

And then on the Q4 guide, the increase in revenue and the decrease in EBITDA year over year that disconnect is that made up mostly just of, expectations for poor performance in films or is there something else to look for there.

然後在第四季度的指南中，收入的成長和 EBITDA 的同比下降，這種脫節主要是由於對電影表現不佳的預期，或者還有其他需要尋找的東西。

Thanks.

謝謝。

Thanks Dan.

謝謝丹。

Let me start with your first question on films from a Tiger team standpoint.

讓我從老虎團隊的角度來回答你關於電影的第一個問題。

It really started this quarter.

這個季度才真正開始。

So films is down about 10% this year versus last year.

因此，今年的電影數量比去年下降了約 10%。

And it's a category that has historically had very high margins.

這是一個歷史上利潤率非常高的類別。

So it has a disproportionate impact on our bottom line.

因此，它對我們的利潤產生了不成比例的影響。

And the Tiger team is really focused around three primary issues, how we, battle the headwinds of just weak markets and automotive and construction.

Tiger 團隊真正專注於三個主要問題，即我們如何應對市場疲軟以及汽車和建築業的逆風。

The second is increased competition from Asia with lower performance alternatives and the third is poor operational performance in one of our largest plants in North America and if I work my way backwards, the most straightforward issue for us to address is the low performance in our own plans.

第二個是來自亞洲的競爭加劇，具有較低性能的替代品，第三個是我們在北美最大的工廠之一的運營績效不佳，如果我倒退下去，我們要解決的最直接的問題是我們自己的低績效計劃。

That's all within the four walls of Matev.

這一切都在馬特夫的四面牆內。

We know what good looks like, we know how to operate.

我們知道什麼是好的，我們知道如何運作。

Well, we have a very strong facility that makes these products in China so that we can share better share best practices to drive improvements in productivity and speed and quality and in overall performance in the supply chain to our customers.

嗯，我們有一個非常強大的工廠在中國生產這些產品，這樣我們就可以更好地分享最佳實踐，以推動客戶生產力、速度、品質以及供應鏈整體績效的提高。

The one is the increased competition from Asia that has accelerated with a lower cost, lower performance alternative.

一是來自亞洲的競爭加劇，成本更低、性能更低的替代方案加速了競爭。

So we are working very hard and have developed a Midtier alternative.

因此，我們正在非常努力地開發一種中端替代方案。

I think even more important than that for us is to ensure that we are showcasing the clear differences between a premium product solution and the Midtier solution because there are clear performance differences that our customers need to have the opportunity to take into consideration.

我認為對我們來說比這更重要的是確保我們展示優質產品解決方案和中階解決方案之間的明顯差異，因為我們的客戶需要有機會考慮到明顯的效能差異。

The second really opportunity there and one that I am most excited about, there's two that I'll talk to you about that.

第二個真正的機會是我最興奮的一個，我會和你談談這兩個機會。

I'm most excited about, but one of them is this one matter potential solution.

我最興奮的，但其中之一就是這個問題的潛在解決方案。

It is a place where I've mentioned a couple of times.

這是我曾經多次提到的地方。

Our customers are buying from three to four different suppliers and we are in a very unique position where we can provide all of those services and capabilities to our customers.

我們的客戶從三到四個不同的供應商購買產品，我們處於非常獨特的地位，可以為客戶提供所有這些服務和能力。

The base film, the top coat, the PSA and the converted product, we've got customers that are very interested and engaged with us on that process.

基膜、面漆、PSA 和轉換產品，我們的客戶對此工藝非常感興趣並與我們互動。

It will take some time because there's a fair amount of qualification that has to happen.

這需要一些時間，因為需要進行大量的資格認證。

But it's a big opportunity, a big idea that can really change the supply chain capabilities for us and our customers in this space.

但這是一個巨大的機會，一個偉大的想法，可以真正改變我們和我們的客戶在這個領域的供應鏈能力。

And then the last is how we battle just kind of weak markets that continue in automotive and construction.

最後是我們如何應對汽車和建築領域持續疲軟的市場。

And you know, as a reminder, about 85% of our films are impacted by the automotive and construction markets and to combat this, we are aggressively expanding our addressable markets in a couple of ways.

提醒您一下，我們大約 85% 的電影受到汽車和建築市場的影響，為了應對這個問題，我們正在透過多種方式積極拓展我們的潛在市場。

One is with an investment into medical films capabilities in the UK that will start up and start qualifications in 2025 and the other one is, and this is the second one I'm I'm most excited about.

其中一項是投資英國的醫療膠片能力，該能力將於 2025 年啟動並開始資格認證，另一項是，這是我最興奮的第二項。

It's in, our optical films business and we recently announced a partnership with a company called Miru and the the technology that we're working on provides glass capabilities that increase energy efficiency.

這是我們的光學薄膜業務，我們最近宣布與一家名為 Miru 的公司建立合作夥伴關係，我們正在研究的技術提供了提高能源效率的玻璃功能。

It reduces carbon footprint and it improves aesthetics and we have a very large manufacturer as our first customer and expect to launch that product in early 2026.

它減少了碳足跡並提高了美觀性，我們有一個非常大的製造商作為我們的第一個客戶，預計在 2026 年初推出該產品。

So again, it's going to take some time.

再說一次，這需要一些時間。

These are highly technical require a lot of qualification but big value opportunities.

這些技術性很強，需要大量資格，但機會巨大。

Paint protection film is still really important to us.

漆面保護膜對我們來說還是非常重要的。

And in the interim, we have the opportunity while the markets are weak before they return because they will return.

在此期間，我們有機會在市場回歸之前表現疲軟，因為它們終將回歸。

But we have the opportunity to provide more resilient in this category by extending our end use applications and markets, like I just described.

但正如我剛才所描述的，我們有機會透過擴展我們的最終用途應用程式和市場來在這一類別中提供更具彈性的產品。

I'm also very confident in the turnaround effort and in the tiger team effort that we have in place.

我對扭轉局面的努力以及我們所做的老虎團隊的努力也非常有信心。

It's a very similar approach to what we use in health care, as I mentioned on the call and the results in health care are exceeding our expectations.

正如我在電話中提到的，這與我們在醫療保健中使用的方法非常相似，醫療保健的結果超出了我們的預期。

So I look forward to, you know, the team's continued performance.

所以我期待著球隊的持續表現。

They've already had key milestone report out to me and they're continuing to make great progress.

他們已經向我提交了關鍵里程碑報告，並且他們正在繼續取得巨大進展。

And then Daniel, this is Greg, I'll take your second question which had to do with the expectations for the fourth quarter and the increased year over year sales, but the decrease year over year but and you are right.

然後丹尼爾，這是格雷格，我將回答你的第二個問題，這與第四季度的預期和同比銷售額的增長有關，但同比下降，但你是對的。

Although we're expecting strong sales primarily driven in the staff segment for Q4, the film's business is definitely weighing down on the on the EBITA addition, that's one of the largest.

儘管我們預計第四季度的強勁銷售主要由員工部分推動，但電影業務肯定會拖累 EBITA 附加價值，這是最大的附加價值之一。

In addition to that, there is some price input timing and there are some pockets of pricing within that we're working on to maintain volume and to gain volume.

除此之外，還有一些價格輸入時間，以及我們正在努力維持成交量和增加成交量的一些定價。

On the cost side, the overhead reduction program that we talked about earlier is flowing through to the P&L from a comp standpoint though, year over year, we did have a much lower incentive accrual last year that we're comping.

在成本方面，我們之前討論的管理費用削減計劃從補償的角度來看正在流入損益表，但逐年計算，我們去年的應計激勵確實要低得多。

And then really finally to a lesser extent, the timing of the holidays and the outage that I mentioned is really the last, last impacting item.

最後，在較小程度上，我提到的假期和停電時間確實是最後一個影響因素。

Perfect.

完美的。

Thanks guys so much and I'll, I'll get back in the queue.

非常感謝大家，我會回到隊列中。

Thanks Dan.

謝謝丹。

Thank you.

謝謝。

The next question is from John TanWanteng with CJS security.

下一個問題來自 CJS 安全部門的 John TanWanteng。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Hi, good morning and thank you for taking my questions.

你好，早安，謝謝你回答我的問題。

I appreciate the detail on, Q4 and all the inputs and the puts and takes going into it.

我很欣賞第四季的細節以及所有的投入和投入。

But I was wondering if you could talk about what your customers are telling you, you know, as you enter '25 they exit the, you know, the Q4 shutdowns and everything.

但我想知道您是否可以談談您的客戶告訴您的內容，您知道，當您進入 25 年時，他們退出了第四季度的停工和一切。

Are they ready to pick back up again?

他們準備好再次振作起來了嗎？

Is it too early to tell?

現在說還太早嗎？

You know, how, should we think about you know, the velocity exiting the holidays?

你知道，我們該如何考慮假期結束的速度？

Yeah.

是的。

Thanks for the question John and I would tell you, demand recovery remains sluggish and I think we're seeing that all around us.

謝謝約翰和我告訴你的問題，需求復甦仍然緩慢，我認為我們在我們周圍都看到了這種情況。

The PMI fell again this month.

本月PMI再次下滑。

I believe it hit the lowest point since COVID.

我相信它已經達到了自新冠疫情以來的最低點。

And that means manufacturing and materials industries are not yet healthy, they're still contracting and we are obviously directly correlated to that.

這意味著製造業和材料業尚未健康，它們仍在收縮，而我們顯然與此直接相關。

We're not seeing indicators of a changing demand profile in the near term.

我們沒有看到短期內需求狀況改變的跡象。

It almost seems like we got a false positive in the spring that quickly returned to a very sluggish environment.

看起來我們在春天得到了一個誤報，很快就回到了非常低迷的環境。

So until we see interest rates decrease more and auto home diy and remodeling start to rebound to a greater degree, we expect to experience a slower level of demand from a customer standpoint.

因此，在我們看到利率進一步下降以及汽車家居DIY和改裝開始更大程度地反彈之前，從客戶的角度來看，我們預計需求水準將會放緩。

They're in the same spot, they're not seeing meaningful indicators, They remain conservative in their willingness to, you know, build inventory.

他們處於同樣的位置，他們沒有看到有意義的指標，他們在建立庫存的意願上仍然保持保守。

Given past supply chain challenges that we had over the last couple of years, there's pockets of strength.

考慮到過去幾年我們面臨的供應鏈挑戰，我們仍有一些優勢。

I would tell you, filtration remains fairly resilient, particularly air filtration and transportation filtration.

我想告訴你，過濾仍然具有相當的彈性，特別是空氣過濾和運輸過濾。

But again, that's driven primarily by the aftermarket.

但同樣，這主要是由售後市場所驅動的。

And then I'm really, excited about the pipeline that we have in our segment.

然後我對我們在這個領域擁有的管道感到非常興奮。

We've got aggressive growth opportunities in release liners, particularly in North America and new commitments and agreements from leading customers in the geography that will launch next year.

我們在離型紙領域獲得了積極的成長機會，特別是在北美，並且來自該地區領先客戶的新承諾和協議將於明年推出。

We've got new commitments in our health care business and we've got big opportunities in our tape business that they may not all hit, but we just need a couple of them to hit that will come mid to late,2025.

我們在醫療保健業務方面做出了新的承諾，在磁帶業務方面也獲得了巨大的機遇，這些機會可能不會全部實現，但我們只需要其中幾個就可以實現，這些機會將在2025 年中後期實現。

So I'm excited about the pipeline, I'm excited about and thrilled with all the efforts the teams have put in place, but I would not suggest there's a healthy demand environment that we're seeing.

因此，我對管道感到興奮，對團隊所做的所有努力感到興奮和激動，但我不認為我們看到了健康的需求環境。

Okay, fair enough and any thoughts on the potential for a more aggressive tariff environment or, perhaps a more left tax environment, how that might affect your business.

好吧，公平地說，關於更激進的關稅環境，或者更左的稅收環境的可能性，這可能會如何影響您的業務。

You're planning for anything like that in, in your strategic level planning.

您正在策略層面的規劃中規劃類似的事情。

Yeah, I mean, I think it's too, if you're talking about potential new administration, I think it's a little too early to speculate what that could do for us.

是的，我的意思是，我也認為，如果你談論的是潛在的新政府，我認為現在猜測這會為我們帶來什麼還為時過早。

From a tariff standpoint, We have pretty low exposure on the cost side, about 88% of our spend is sourced from a site home region.

從關稅的角度來看，我們在成本方面的風險相當低，大約 88% 的支出來自網站所在區域。

So that's a really good spot to be in if we expect incremental tariff on Chinese made goods sold into the US as the most likely scenario.

因此，如果我們預計最有可能出現的情況是對銷往美國的中國製造的商品徵收增量關稅，那麼這確實是一個很好的選擇。

That could be an advantage for us, particularly in the film business that I just talked about where we are seeing an acceleration of lower cost, lower performance products, film products coming to North America and Europe from Asia.

這對我們來說可能是一個優勢，特別是在我剛才談到的電影業務中，我們看到成本較低、性能較低的產品、電影產品從亞洲進入北美和歐洲正在加速。

So there potentially be, you know, advantage for us there.

所以，你知道，我們在那裡有潛在的優勢。

Okay, great.

好的，太好了。

And then just lastly, just an update on how much progress do you think you can make against the the leverage and the debt you know, in the coming year or so?

最後，請更新您認為在未來一年左右的時間裡，您可以在您所知道的槓桿和債務方面取得多少進展？

Sure, I'll take that John, our target still remains the same 2.5 to 3.5 times based on the kind of prolonged market recovery, we expect to still hit that but it probably would be more in the 2026 time frame and that we'd be making progress toward that over the course of 2025.

當然，約翰，我們的目標仍然是 2.5 到 3.5 倍，基於市場的長期復甦，我們預計仍能達到這個目標，但在 2026 年的時間範圍內可能會更高，我們會到2025 年，我們將在這方面取得進展。

Understood.

明白了。

Thank you.

謝謝。

Thanks John.

謝謝約翰。

Thank you.

謝謝。

We have a follow up question from Daniel Harriman with Fidelity and Company.

我們有來自 Fidelity and Company 的 Daniel Harriman 的後續問題。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

You guys just two more quick ones for me if that's okay.

如果可以的話，你們再給我快點兩個。

First, can you expand a little bit upon the the two most recent facility closures?

首先，您能否詳細介紹一下最近關閉的兩個設施？

Maybe just a little bit more detail on the rationale there and the potential for more closures moving forward as you optimize the footprint.

也許只是更詳細地說明其中的基本原理，以及在優化足跡時進一步關閉更多的可能性。

And then with the reduction in CapEx and what are your expectations for the impact on on cash flow for the Year.

然後隨著資本支出的減少，您對今年現金流影響的預期是什麼。

Sure, thanks Dan, the divestitures that we announced this quarter.

當然，謝謝丹，我們本季宣布了資產剝離。

The first one was a site in the Netherlands that we sold, which produced paper for dye sublimation products.

第一個是我們出售的荷蘭工廠，該工廠生產用於染料昇華產品的紙張。

So with the sale of that site, we have exited that business, it was a nonstrategic breakeven type of EBITDA business for us and will be better in the hands of the buyer who has plans to invest in the business.

因此，隨著網站的出售，我們已經退出了該業務，這對我們來說是一種非戰略性的盈虧平衡類型的 EBITDA 業務，並且在計劃投資該業務的買家手中會更好。

We also exited a site in Massachusetts.

我們也退出了馬薩諸塞州的一個站點。

We divested it as well and it supported our paper business too.

我們也剝離了它，它也支持了我們的造紙業務。

I would tell you that, that both sales support our strategy to reduce complexity to prone nonstrategic non acre sites and categories and accelerate growth by focusing our efforts in areas where we have unique capabilities to win in the marketplace.

我想告訴你的是，這兩項銷售都支持我們的策略，即降低易出現的非戰略性非英畝場地和類別的複雜性，並通過將我們的努力集中在我們擁有贏得市場的獨特能力的領域來加速成長。

The impact of those, the revenue and EBITDA impact of those divestitures combined is about $50 million in less revenue that we'll see next year and about a million dollars in more ebida that we'll see next year.

這些資產剝離對收入和 EBITDA 的影響加起來，我們明年將看到收入減少約 5000 萬美元，而明年我們將看到 EBITDA 增加約 100 萬美元。

Yeah, I'll take your second question, John on the update or on the CapEx and the cash flow.

是的，約翰，我將回答你的第二個問題，關於更新或資本支出和現金流。

So yeah, based on the suppressed market that we've been seeing, we continue to revisit the the capital plan for the year.

所以，是的，基於我們所看到的受抑制的市場，我們繼續重新審視今年的資本計畫。

And that is a big reason why we dropped it from $60 million to $50 million this year.

這就是我們今年將其從 6000 萬美元降至 5000 萬美元的一個重要原因。

Primarily in reduction in discretionary sustaining and maintenance, capital and then also some deferral of of it capital spend as far as cash flow Q3 was a relatively strong cash flow quarter for Q4.

主要是減少可自由支配的維持和維護資本，然後也推遲了部分資本支出，因為第三季的現金流是第四季相對強勁的現金流。

Based on the results that we would expect in that lower CapEx spend from previous estimates.

基於我們預期資本支出低於先前估計的結果。

It should still be, it should be a cash flow that's lower than, than Q3, but still in positive territory for Q4.

現金流應該仍然低於第三季度，但第四季仍處於正值。

Great.

偉大的。

Thanks so much guys.

非常感謝你們。

Best of luck in the quarter.

祝本季好運。

Thanks Dan.

謝謝丹。

Thank you.

謝謝。

We currently have no further questions.

目前我們沒有進一步的問題。

I'll hand back to MS Julie Chatal to conclude.

我將把結論交還給 Julie Chatal 女士。

Sure.

當然。

Thank you for joining us this morning on our Q3, 2024 earnings call.

感謝您今天早上參加我們的 2024 年第三季財報電話會議。

We look forward to connecting with you throughout the quarter and on our next earnings call in February, have a wonderful day.

我們期待在整個季度與您保持聯繫，並在二月份的下一次財報電話會議上與您聯繫，祝您度過愉快的一天。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you all for joining you.

感謝大家的加入。

May now disconnect your lines.

現在可以斷開您的線路。