Mativ Holdings Inc (MATV) 2024 Q4 法說會逐字稿

Thank you, and welcome to Mativ's fourth-quarter and full-year 2024 earnings conference call.

謝謝，歡迎參加 Mativ 2024 年第四季和全年財報電話會議。

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

Mativ 今天參加電話會議的有執行長 Julie Schertell； Greg Weitzel，財務長；以及投資者關係總監克里斯·庫珀（Chris Cooper）。

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

今天的通話正在錄音，今天下午晚些時候將提供重播。

(Operator Instructions)

（操作員指令）

It is now my pleasure to turn the call over to Mr. Chris Cooper.

現在我很高興將電話轉給克里斯·庫柏先生。

Sir, you may begin.

先生，您可以開始啦。

Good morning, everyone and thank you for joining us for Mativ's fourth-quarter and full-year 2024 earnings call.

大家早安，感謝您參加 Mativ 2024 年第四季和全年財報電話會議。

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

在我們開始之前，我想提醒您，今天的電話會議中包含的評論包括前瞻性陳述。

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，原因在我們提交給美國證券交易委員會的文件中詳細說明，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

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

本次電話會議中討論的一些財務指標是非 GAAP 財務指標。

Reconciliations of these metrics to the closest GAAP metrics are included in the appendix of the earnings release.

這些指標與最接近的 GAAP 指標的對帳包含在收益報告的附錄中。

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，財務和營運指標的比較均與去年同期進行，並與持續經營相關。

The earnings release issued yesterday afternoon is available on our website at ir.mativ.com.

昨天下午發布的收益報告可在我們的網站 ir.mativ.com 上查閱。

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

說完這些，我會把電話轉給朱莉。

Thanks, Chris.

謝謝，克里斯。

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

大家早安，感謝大家參加我們的電話會議。

Before we get into our results, allow me to highlight the three key takeaways from today's call.

在我們討論結果之前，請容許我強調一下今天電話會議的三個關鍵要點。

First, our SAS segment turned in another excellent quarter of results, capping a very strong year in 2024, and we continued to see positive momentum across all categories in the segment.

首先，我們的 SAS 部門又一個季度取得了優異的業績，為 2024 年非常強勁的一年畫上了句號，並且我們繼續看到該部門所有類別的積極勢頭。

SAS' continually improving performance gives us confidence that we can expand the success more broadly across Mativ, which I will cover in my upcoming remarks.

SAS 不斷提升的業績讓我們有信心在 Mativ 範圍內更廣泛地拓展成功，我將在接下來發表的演講中介紹這一點。

Second, as we acknowledged during our previous call, FAM experienced a difficult quarter as we continue to endure sluggish industrial macros together with volume declines in paint protection films stemming from our production quality issue in late 2023.

其次，正如我們在上次電話會議中承認的那樣，FAM 經歷了一個艱難的季度，因為我們繼續忍受低迷的工業宏觀經濟，以及由於 2023 年末生產品質問題導致的漆面保護膜銷量下降。

You'll hear more about this shortly, though rest assured, we have fully addressed the quality issue and are focused on regaining the trust of our key customers in this category.

您很快就會聽到有關此問題的更多信息，但請放心，我們已經完全解決了品質問題，並致力於重新獲得該類別主要客戶的信任。

Third, while we restructured the organization and removed over $20 million of overhead costs in 2024, we are continuing to further reduce costs and streamline operations.

第三，雖然我們重組了組織並在 2024 年取消了超過 2000 萬美元的管理費用，但我們仍在繼續進一步降低成本並精簡營運。

Our prior efforts have proven that we can generate meaningful results from internally focused cost actions, and we are prepared for and acting on what it will take to further improve the profitability of the enterprise.

我們先前的努力已經證明，我們可以透過內部集中的成本行動產生有意義的成果，並且我們已經做好準備並採取行動，進一步提高企業的獲利能力。

With that, let's discuss overall matter results.

那麼，我們來討論一下整體事項的結果。

Sales were up 4% organically.

銷售額有機成長了 4%。

We saw volume improvement in many of our product categories, partially offset by lower demand, again primarily in advanced films.

我們發現許多產品類別的銷售量都有所提高，但部分被需求下降所抵消，這主要體現在高級薄膜方面。

In SAS, our strong performance in Q4 demonstrated continued and increased momentum with volume increases in all categories.

在 SAS，我們第四季度的強勁表現表明，所有類別的銷售量都在增加，且勢頭持續增強。

We had mixed results in FAM, with strength in some of our filtration categories offset by softness in our advanced films business, which we highlighted last quarter and about which I will provide an update momentarily.

我們的 FAM 業績好壞參半，部分過濾類別表現強勁，但被高級薄膜業務的疲軟所抵消，我們在上個季度重點介紹了這一點，我將立即提供最新信息。

The strong momentum that we have seen in SAS since early 2024 continued in the fourth quarter, with sales up almost 13% year over year on an organic basis.

自 2024 年初以來，SAS 一直保持著強勁發展勢頭，並在第四季度延續了這一勢頭，銷售額同比有機增長近 13%。

Adjusted EBITDA was up almost 8% compared to prior year.

調整後的 EBITDA 與上年相比成長了近 8%。

All SAS categories delivered volume improvement in Q4 with tapes, labels, and liners driving the largest gain followed by taper and packaging and healthcare.

所有 SAS 類別的銷量在第四季度均有所增長，其中膠帶、標籤和襯裡增幅最大，其次是膠帶和包裝以及醫療保健。

On a full year basis, SAS produced meaningful reported adjusted EBITDA and margin improvement in all four quarters of 2024, resulting in full-year adjusted EBITDA up almost 19% and margin up 210 basis points.

從全年來看，SAS 在 2024 年四個季度都實現了有意義的調整後 EBITDA 和利潤率改善，導致全年調整後 EBITDA 增長近 19%，利潤率增長 210 個基點。

The strong SAS order pace has continued into Q1, and the team is focused on the opportunities that lie ahead in 2025.

SAS 的強勁訂單成長動能持續至第一季度，團隊專注於 2025 年的未來機會。

One example of the discipline and upside within the staff commercial team is that our 2025 sales pipeline today is more than 50% greater than what it was a year ago.

員工商業團隊的紀律和上進心的一個例子是，我們今天的 2025 年銷售管道比一年前成長了 50% 以上。

We have also expanded our presence in targeted growth categories such as digital prints, e-commerce, and specialty tapes, as well as significantly improved the volume and financial profile of our Healthcare business.

我們還擴大了在數位印刷、電子商務和特殊膠帶等目標成長類別中的業務，並顯著提高了醫療保健業務的規模和財務狀況。

I am very pleased with the progress in this segment.

我對這一領域的進展感到非常高興。

Turning to FAM, our overall results were mixed in Q4, with stable performance and filtration and challenges in advanced films consistent with what we discussed in our previous call in November.

談到 FAM，我們第四季度的整體業績好壞參半，性能穩定，過濾以及先進薄膜面臨的挑戰與我們在 11 月上次電話會議上討論的情況一致。

During that call, we commented on our comprehensive turnaround plan for paint protection film, which is now well underway.

在那次電話會議中，我們對漆面保護膜的全面轉型計劃進行了評論，該計劃目前進展順利。

Our first priority was restoring quality.

我們的首要任務是恢復品質。

Within patent protection film, low demand driven primarily by a quality issue with products manufactured in late 2023 resulted in share loss.

在專利保護膜方面，由於 2023 年底生產的產品存在品質問題，需求低迷，導致了市場份額的損失。

Since mid-2024, our quality has improved significantly with recent investment and visual detection technology in our largest film site and improved process controls to ensure sustainability of our quality improvement.

自 2024 年中期以來，我們最大的電影工廠最近投入了資金並採用了視覺檢測技術，流程控制也得到了改進，以確保品質改進的可持續性，從而實現了品質顯著提高。

We are actively working closely with existing and new customers to qualify our products subject to these new quality control improvements.

我們正在積極與現有客戶和新客戶密切合作，以確保我們的產品符合這些新的品質控制改進要求。

Second, we are focused on growing share in adjacent specialty markets such as medical and optical films.

其次，我們專注於擴大醫療和光學薄膜等鄰近專業市場的份額。

After paint protection, these are our largest film product categories, and I'm pleased to report that volume was up 30% in Q4 versus prior year with stronger order pace carrying into Q1.

在漆面保護之後，這些是我們最大的薄膜產品類別，我很高興地報告，第四季度的銷量比去年同期增長了 30%，並且第一季的訂單速度更加強勁。

We are aggressively adding operator capacity at our largest film plant in the US to keep up with this growing demand.

我們正在美國最大的薄膜工廠積極增加操作員能力，以滿足日益增長的需求。

Third, we have developed a mid-tier price point paint protection product that has similar margin profiles to our existing film products and that we will continue to advance with customers this year.

第三，我們開發了一款中等價位的漆面保護產品，其利潤率與我們現有的薄膜產品相似，今年我們將繼續與客戶一起推進產品。

We expect to gain traction with this initiative throughout the year.

我們希望這項舉措能夠在全年獲得推動。

Fourth, we have replaced and upskilled site leadership as well as sales and quality leadership to drive improvements in this business.

第四，我們已經更換並提升了現場領導以及銷售和品質領導的技能，以推動該業務的改善。

And lastly, in support of our efforts in adjacent categories, we announced new smart glass film partnerships with two companies that create innovative film and glass solutions that reduce cost and improve comfort.

最後，為了支持我們在相鄰類別的努力，我們宣布與兩家公司建立新的智慧玻璃薄膜合作夥伴關係，創造創新的薄膜和玻璃解決方案，以降低成本並提高舒適度。

While early in development, these products have received strong interest from new and existing customers, and we expect these relationships to support longer term growth in optical films in 2026 and beyond.

雖然還處於開發初期，但這些產品已經引起了新舊客戶的濃厚興趣，我們預計這些關係將支持 2026 年及以後光學薄膜的長期成長。

The challenge in paint protection film affects an isolated part of our business, albeit an important part, and we are working expeditiously to recover as well as diversify into strong adjacent film product categories.

漆面保護膜面臨的挑戰只影響到我們業務中一個孤立的部分，儘管它是一個重要部分，我們正在迅速努力恢復，並向強大的相鄰薄膜產品類別多元化發展。

Notably, as we enter Q1, we are seeing sequential improved demand across all film product categories.

值得注意的是，進入第一季度，我們看到所有薄膜產品類別的需求都持續改善。

From a raw material perspective, we are expecting moderate headwinds on input costs to offset expected inflation.

從原物料角度來看，我們預期投入成本將遭遇適度阻力，以抵銷預期通膨。

We have announced selective pricing actions in both segments.

我們已經宣佈在兩個領域採取選擇性定價措施。

These pricing actions will be very targeted to areas where we see the biggest raw material impact and supply chain imbalance.

這些定價措施將針對受原材料影響最大和供應鏈不平衡的地區。

Additionally, we are working on initiatives to further reduce complexity, streamline our organization, and reduce supply chain and operating costs.

此外，我們正在採取措施進一步降低複雜性，精簡組織結構，降低供應鏈和營運成本。

Our commitment and culture of continuous improvement will not slow as we enter 2025.

進入 2025 年，我們的承諾和持續改進的文化不會放緩。

In the last 18 months, we have repositioned the portfolio, divested underperforming and non-strategic assets, reduced our debt by over 35%, streamlined our plant footprint by over 25%, and restructured our organization, reducing non-operating costs by over $20 million in 2024 with plans for an additional $20 million of overhead reduction by the end of 2026.

在過去的 18 個月中，我們重新定位了投資組合，剝離了表現不佳和非戰略性資產，減少了 35% 以上的債務，精簡了 25% 以上的工廠佈局，並重組了組織機構，到 2024 年將非運營成本減少 2000 多萬美元，併計劃到 2026 年底再減少 2000 萬美元的管理費用。

As part of this effort to further unlock cross customer and business opportunities, we have promoted Ryan Elwart, our current leader of staff, to lead the commercial activities across all of Mativ with responsibility for SAS and FAM.

作為進一步發掘跨客戶和商業機會的努力的一部分，我們提拔了現任員工領導 Ryan Elwart，讓他領導整個 Mativ 的商業活動，並負責 SAS 和 FAM。

Ryan joined us in early 2024 and his and his team's strong leadership, commercial discipline, and customer focus has been instrumental in driving our SAS segment to deliver strong results, including three consecutive quarters of sales growth and four consecutive quarters of reported adjusted EBITDA and margin growth.

Ryan 於 2024 年初加入我們，他和他的團隊的強大領導力、商業紀律和客戶關注度對推動我們的 SAS 部門取得強勁業績發揮了重要作用，包括連續三個季度的銷售額增長和連續四個季度的報告調整後 EBITDA 和利潤率增長。

I am confident we will further leverage these capabilities across Mativ and with our most strategic customers.

我相信我們將在 Mativ 以及我們最具戰略意義的客戶中進一步利用這些功能。

Before I turn it over to Greg, I want to end with a few words about our strategy and execution approach in 2025.

在將發言權交給格雷格之前，我想先簡單談談我們 2025 年的策略和執行方法。

We have a clear portfolio strategy with identified growth platforms and investments for the future aligned with our strongest markets and customers.

我們擁有清晰的投資組合策略，確定了成長平台和未來投資，與我們最強大的市場和客戶保持一致。

This includes investments in capacity and capabilities in filtration, release liners, specialty tapes, and healthcare.

這包括對過濾、離型膜、特種膠帶和醫療保健領域的產能和能力的投資。

From an execution approach as we enter 2025, we are laser focused on profit growth, cash flow generation, and reducing our debt and leverage.

從執行方法來看，進入 2025 年，我們將專注於利潤成長、現金流創造以及減少債務和槓桿率。

While I firmly believe the initiatives and successes that the team has achieved in this past year are the right actions, and they set us up for the future, we have been in a low industrial demand environment longer than expected.

雖然我堅信團隊在過去一年中採取的舉措和取得的成功是正確的行動，並且為我們的未來做好了準備，但我們處於低工業需求環境中的時間比預期的要長。

As such, in 2025, you will see us reduce overall capital spending while still investing for growth, be even more aggressive on our footprint efforts, continue to streamline the organization by reducing complexity in how we go to market, and further reduce supply chain and manufacturing costs.

因此，在 2025 年，您將看到我們在仍投資於成長的同時減少整體資本支出，更積極地擴大我們的足跡，透過降低我們進入市場的複雜性來繼續精簡組織，並進一步降低供應鏈和製造成本。

These actions are targeted at reducing costs while simultaneously supporting and improving customer relationships.

這些措施旨在降低成本，同時支持和改善客戶關係。

And based upon our growing momentum and success in SAS as well as our keen awareness and action plans in FAM, we are optimistic about what we can accomplish as we leverage our teams and commercial excellence best practices across Mativ.

基於我們在 SAS 中不斷增長的勢頭和成功以及我們在 FAM 中的敏銳意識和行動計劃，我們對利用我們的團隊和 Mativ 的商業卓越最佳實踐所能取得的成就充滿信心。

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

接下來，我將與格雷格更詳細地討論我們的財務表現。

Thanks, Julie, and good morning, everyone.

謝謝，朱莉，大家早安。

Consolidated net sales from continuing operations for the quarter were $459 million compared to $452 million in the prior year.

本季持續經營業務的綜合淨銷售額為 4.59 億美元，去年同期為 4.52 億美元。

Sales were up 4.3% year over year on an organic basis and 1.4% as reported.

銷售額較去年同期有機成長 4.3%，報告成長 1.4%。

While selling prices were essentially flat versus the prior year, adjusted EBITDA from continuing operations was $44.8 million, down 10% from $50 million in the prior year.

雖然銷售價格與上年基本持平，但持續經營業務的調整後 EBITDA 為 4,480 萬美元，較上年的 5,000 萬美元下降 10%。

Higher input costs and higher manufacturing costs driven by fixed absorption represented a combined $9 million unfavorable impact which was partially offset by $2 million of higher volume mix and a combined $2 million of lower SG&A and distribution costs.

固定吸收導致的投入成本和製造成本上升共造成 900 萬美元的不利影響，但被 200 萬美元的銷售組合增加和 200 萬美元的銷售、一般及行政費用及分銷成本下降合計 200 萬美元所部分抵銷。

In SAS, net sales of $291 million were up almost 13% on an organic basis and up more than $20 million, or almost 8% from last year as reported.

SAS 的淨銷售額為 2.91 億美元，有機成長近 13%，較去年同期成長超過 2,000 萬美元，成長近 8%。

Organic growth reflected higher volumes across all our end markets and higher selling prices.

有機成長反映了我們所有終端市場的銷售增加和銷售價格上漲。

SAS generated strong adjusted EBITDA performance of $36 million, which was up almost 8% year over year.

SAS 調整後 EBITDA 表現強勁，達 3,600 萬美元，較去年同期成長近 8%。

Adjusted EBITDA margin increased slightly versus the prior year.

調整後的 EBITDA 利潤率較上年略有增加。

The year-over-year performance reflected higher volumes across all our categories and favorable distribution costs, partially offset by unfavorable net selling price versus input cost and higher manufacturing costs.

與去年同期相比，我們的所有產品類別的銷量都有所增加，且分銷成本有所降低，但淨銷售價格與投入成本之比不利以及製造成本的上升部分抵消了這一影響。

Net sales in FAM of $168 million were down more than 7% versus Q4 of '23.

FAM 淨銷售額為 1.68 億美元，較 23 年第四季下降超過 7%。

As Julie mentioned earlier, we reported stable volumes in our filtration categories that were more than offset by lower volumes in our advanced films and netting categories along with lower selling prices.

正如朱莉之前提到的，我們報告稱過濾類別的銷量穩定，但高級薄膜和網狀類別的銷售下降以及銷售價格下降抵消了這一影響。

FAM adjusted EBITDA of $26 million was down more than $10 million year over year, reflecting the effects of lower volumes in our high margin advanced films and netting categories, unfavorable net selling price versus input cost, and higher manufacturing costs.

FAM 調整後的 EBITDA 為 2,600 萬美元，較上年同期下降 1,000 多萬美元，反映了我們高利潤率先進薄膜和淨額類別銷售下降、淨銷售價格與投入成本相比不利以及製造成本上升的影響。

We partially offset these pressures with growth in water and air filtration and optical and medical films as well as with lower distribution costs.

我們透過水和空氣過濾、光學和醫用薄膜的成長以及降低分銷成本來部分抵消這些壓力。

Turning to a few of the corporate items, unallocated corporate adjusted even expense of $17 million was down 14% versus the prior year, primarily driven by lower SG&A expenses as our previous overhead reduction efforts continue to deliver.

談到一些公司項目，未分配的公司調整後費用為 1700 萬美元，比上年下降 14%，這主要是由於我們之前的間接費用削減努力繼續發揮作用，導致銷售、一般和行政費用降低。

Interest expense of $20 million increased $6 million from the prior year, primarily due to the allocation of a portion of our interest expense to discontinued operations in 2023.

利息支出 2,000 萬美元，較前一年增加 600 萬美元，主要原因是我們將部分利息支出分配給 2023 年已停止的業務。

When taking hedges into account, over 80% 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 80% 以上的債務都是固定利率，並在 2027 年至 2029 年期間分階段到期。

Other income of $9 million increased $10 million compared with the prior year period, largely due to gains on asset sales related to facility rationalizations as well as gains on foreign exchange.

其他收入為 900 萬美元，比去年同期增加了 1000 萬美元，這主要由於與設施合理化相關的資產出售收益以及外匯收益。

Tax was a 110% benefit in the quarter driven by a one-time tax adjustment which, if excluded, would yield an effective tax rate of 31%.

本季稅收收益為 110%，這得益於一次性稅收調整，如果排除該調整，將產生 31% 的有效稅率。

At the end of the quarter, net debt was $995 million and available liquidity was $451 million.

截至本季末，淨負債為 9.95 億美元，可用流動資金為 4.51 億美元。

Our net leverage ratio as defined in our credit agreement was 4.4 times.

我們的信用協議定義的淨槓桿率為4.4倍。

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並將繼續是去槓桿和減少債務。

We reduced the size of our cash balance by more than $60 million since the end of Q3, in large part through a company-wide repatriation effort.

自第三季末以來，我們的現金餘額減少了 6,000 多萬美元，這在很大程度上是透過全公司範圍的遣返行動實現的。

They reassessed the available cash requirements and consolidated excess balances.

他們重新評估了可用現金需求並合併了超額餘額。

The proceeds from this effort contributed to us paying down more than $50 million of our outstanding debt.

此項努力的收益幫助我們償還了超過 5,000 萬美元的未償還債務。

As a reminder, our target leverage range is 2.5 to 3.5 times.

提醒一下，我們的目標槓桿範圍是 2.5 到 3.5 倍。

Turning to Q1 of 2025, market demand remains challenged, and this will impact our Q1 results.

展望 2025 年第一季度，市場需求仍面臨挑戰，這將影響我們的第一季業績。

I'd also like to remind you that due to our normal seasonality patterns in Q4, our inventory cost that we will be selling through in Q1 is expected to be the highest of this year and higher than prior year.

我還想提醒您，由於我們第四季的正常季節性模式，我們在第一季銷售的庫存成本預計將是今年最高的，並且高於去年。

Additionally, Q1 will likely have higher input costs to be offset with announced pricing that will impact the remainder of the year.

此外，第一季的投入成本可能會更高，但公佈的定價將會影響今年剩餘的時間。

As for the full-year 2025, we're focused on driving profit, cash generation, and further margin improvement, including continued aggressive cost reductions and operational excellence improvements.

至於 2025 年全年，我們專注於推動利潤、現金創造和進一步提高利潤率，包括繼續積極削減成本和改善卓越營運。

For modeling purposes for the full year, we expect adjusted unallocated expenses of around $80 million, depreciation, amortization, and stock based comp to be around $100 million.

為了全年建模的目的，我們預計調整後的未分配費用約為 8,000 萬美元，折舊、攤提和股票補償約為 1 億美元。

Interest expense to be around $70 million plus another $8 million in fees for our AR securitization.

利息支出約 7,000 萬美元，再加上我們的應收帳款證券化費用 800 萬美元。

Capital expenditures of around $50 million.

資本支出約5,000萬美元。

One-time costs to be around $15 million to $20 million.

一次性成本約為1500萬至2000萬美元。

A slight increase in networking capital of around $10 million.

網路資本略有增加，約 1000 萬美元。

FX to be a top $15 million top-line headwind through the year.

FX 將成為全年營收最高的阻力，金額達 1,500 萬美元。

And for our normalized tax rate, we suggest using 24%.

對於我們的標準化稅率，我們建議使用 24%。

From a raw material perspective, we are expecting a $10 million to $15 million headwind on input costs, mainly driven by slight increases in the price of pulp, papers, resins, and polymers.

從原料角度來看，我們預計投入成本將面臨 1,000 萬至 1,500 萬美元的阻力，主要原因是紙漿、紙張、樹脂和聚合物價格略有上漲。

Timing wise, we expect these expense increases to be phased in over the course of the first half of 2025 and then to hold steady across the back half of the year.

從時間上看，我們預計這些費用增加將在 2025 年上半年分階段實施，並在下半年保持穩定。

We expect to fully offset the raw material inflation through pricing actions over the course of the year.

我們預期透過全年的定價行動完全抵銷原物料通膨。

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

說完這些，朱莉，我將把發言權交還給你，請你作最後發言。

Thanks, Greg.

謝謝，格雷格。

What you should take away from this call is that we are executing against initiatives to deliver a more agile operating model, growth share in our current markets, while also expanding our addressable markets, and capture incremental value with new products and partnerships.

您應該從這次電話會議中了解到，我們正在實施計劃，以提供更靈活的營運模式，在現有市場中增加份額，同時擴大我們的潛在市場，並透過新產品和合作夥伴關係獲取增量價值。

These actions include announced price increases, cost reduction programs expected to yield 20% more savings than prior year.

這些措施包括宣布提高價格、削減成本計劃，預計將比前一年節省 20% 以上。

A 50% increase in total company sales pipeline, new leadership across our business and specifically within advanced films, reduced capital spending plans, aggressive footprint optimization, strong progress in our advanced films turnaround effort, and continued steps forward in our overhead reduction efforts.

公司整體銷售管道增加了50%，整個業務尤其是高級薄膜領域的領導班子發生了變化，資本支出計劃減少，足跡積極優化，高級薄膜扭虧為盈工作取得重大進展，並且在降低管理費用方面繼續取得進展。

I look forward to showing what this team can accomplish in 2025.

我期待在 2025 年向大家展示這支球隊能夠取得怎樣的成就。

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

感謝您今天上午加入我們，請開通問答熱線。

(Operator Instructions) John Tanwanteng, CJS Securities.

(操作員指示) John Tanwanteng，CJS Securities。

It's Peter Lukas for John.

彼得盧卡斯 (Peter Lukas) 飾演約翰。

You touched on it at the end in your prepared remarks.

您在最後的準備好的發言中提到了這一點。

Maybe just a little bit more color.

或許只是多一點顏色。

It sounds like once again Q1 going to be impacted by higher inventory and input costs, but it sounds like the input costs over time will start to subside with pricing, kind of maybe give us a little more color on that.

這聽起來好像第一季將再次受到更高的庫存和投入成本的影響，但聽起來隨著時間的推移，投入成本將隨著定價而開始下降，也許可以給我們更多的資訊。

Sure, thanks, Pete.

當然，謝謝，皮特。

Yeah, overall, as we mentioned, we're at this point we're seeing $10 million to $15 million of potential increased input costs really spread across a few different areas.

是的，總的來說，正如我們所提到的，我們目前看到 1000 萬到 1500 萬美元的潛在增加投入成本確實分攤到了幾個不同的領域。

We have plans in place with some announced pricing actions to cover that where, over the course of the year, we'll be net positive again.

我們已經制定了計劃，並宣布了一些定價措施來彌補這一損失，預計在今年內我們將再次實現淨利潤。

That said, yeah, the first quarter, we expect that to be a moderate negative for the quarter.

也就是說，是的，我們預計第一季的業績將略有下滑。

Talked earlier about the higher inventory costs as well that we would be selling through in in Q1.

我們之前也談到了我們將在第一季銷售的更高的庫存成本。

Great, thanks, and I guess you've covered a lot.

太好了，謝謝，我想你已經講了很多了。

Only one left.

只剩下一個了。

I'll just get in the tariff question and just ask any specific strategy.

我只想談關稅問題並詢問任何具體的策略。

I know it's hard to have a strategy for the unknown, but for potential candidate and Mexico tariffs, and have you seen anything from your competitors there?

我知道針對未知的事物製定策略很難，但對於潛在的候選人和墨西哥的關稅，您是否看到那裡的競爭對手有什麼動向？

Yeah, I would say on tariffs from a competitive standpoint we haven't really seen anything yet because of just what you said, the uncertainty in the marketplace, and we have plans in place to mitigate the tariffs depending on where they land.

是的，我想說，從競爭的角度來看，我們還沒有真正看到任何關稅變化，因為正如你所說的，市場存在不確定性，而且我們已經制定了計劃，根據關稅的落地情況來減輕關稅。

The ones that have been implemented so far very minimal impact for us.

迄今為止已實施的措施對我們的影響非常小。

If others get implemented in Canada and Mexico, we have the opportunity to shift our supply chain around quite a bit, as well as look at other options from a pricing standpoint to mitigate those costs.

如果其他項目在加拿大和墨西哥實施，我們就有機會大幅轉變我們的供應鏈，並從定價的角度考慮其他選擇，以降低這些成本。

Very helpful, thanks.

非常有幫助，謝謝。

I'll jump back in the queue.

我將重新回到隊列中。

Daniel Harriman, Sidoti & Company.

丹尼爾·哈里曼 (Daniel Harriman)，Sidoti & Company。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

That's really exciting news about Ryan.

關於瑞安 (Ryan) 的這個消息真是令人興奮。

So Julie, I'm just kind of wondering, what can FAM gain from the successes you've seen within the SAS segment and then, along kind of the same lines, with the with the FAM segment going through the tiger team right now, which you've installed there, you saw great success within the healthcare turnaround in 2023, strong organic growth.

所以朱莉，我只是有點好奇，FAM 可以從您在 SAS 領域看到的成功中獲得什麼，然後，沿著同樣的思路，隨著 FAM 領域現在由您在那裡安裝的老虎團隊管理，您在 2023 年的醫療保健轉型中看到了巨大的成功，強勁的有機增長。

Is the healthcare turnaround sustainable long term?

醫療保健產業的復甦能否長期持續？

And do you expect similar success with the FAM segment and advanced films in particular moving forward?

您是否預期 FAM 領域尤其是高階薄膜領域未來會取得類似的成功？

Sure, thanks, Dan.

當然，謝謝，丹。

Let me start with your first question, which was, what will we leverage in SAS -- I'm sorry, in FAM that we might be leveraging in SAS today.

讓我從您的第一個問題開始，即我們將在 SAS 中利用什麼——抱歉，在 FAM 中，我們今天可能會在 SAS 中利用什麼。

I think there's four key areas that we would focus on.

我認為我們要專注於四個關鍵領域。

The first is demand generation.

首先是需求生成。

That means the pipeline discipline and the tools that we use effectively in staff.

這意味著我們在員工中有效使用的管道紀律和工具。

We target about 50% of our revenue to be in our pipeline, and we'll continue to resign that.

我們的目標是將大約 50% 的收入投入到我們的產品線中，我們將繼續實現這一目標。

In our FAM segment.

在我們的 FAM 部分。

The second one is strategic customer management.

第二個是策略客戶管理。

We have a very mature and effective joint business planning model that customers value and that has opened up several new doors within our SAS segment, and we expect to do the same in FAM.

我們擁有非常成熟且有效的聯合業務規劃模型，受到客戶的高度評價，並且該模型為我們的 SAS 部門開闢了幾扇新的大門，我們希望在 FAM 中也能做到這一點。

The third one is cross business and cross selling opportunities, and that's with customers as a priority, but this will even more so open the door to how we look within customers deep and broadly and across the entire portfolio of Mative to support them in a more holistic manner.

第三個是交叉業務和交叉銷售機會，這是以客戶為優先考慮的，但這將更加有助於我們深入廣泛地了解客戶以及整個 Mative 產品組合，以便以更全面的方式為他們提供支援。

And then the fourth one is really leveraging our talent across segments toward the greatest opportunities, and that could mean, R&D expertise, marketing expertise, selling capabilities that will leverage more broadly within Mativ.

第四個目標是真正利用我們在各個領域的人才來獲得最大的機遇，這可能意味著研發專業知識、行銷專業知識、銷售能力將在 Mativ 內得到更廣泛的利用。

So I'm excited about that.

我對此感到很興奮。

I think we'll see continued improvement and progress in FAM.

我認為我們將看到 FAM 的持續改進和進步。

It really is primarily impacted by one specific market right now, and there's a lot of momentum in some of the other markets within FAM, particularly infiltration and air and water, HVAC, industrial process, and life sciences.

現在它確實主要受到特定市場的影響，而 FAM 中的一些其他市場也具有很大的發展勢頭，特別是滲透和空氣和水、暖通空調、工業過程和生命科學。

If I turn to your second question, which was about the tiger team and the fact that we had referenced previously that we had done a similar exercise on healthcare and is that sustainable and let me just give you a quick update on healthcare.

如果我轉到你的第二個問題，即有關老虎隊的問題，以及我們之前提到過的事實，我們在醫療保健方面做過類似的演習，這是可持續的嗎？

That team was really focused on our Scapa healthcare business, so about 70% of what makes up that category, that reported category, and I would tell you in the last 18 months, the team has completely turned around performance from a stagnant top line to be above 10% growth in 2024 in healthcare and margins that are accretive to the SAS segment.

團隊真正專注於我們的 Scapa 醫療保健業務，因此該類別（報告類別）的約 70% 內容，我想告訴您，在過去 18 個月中，該團隊已完全扭轉業績，從停滯不前的營收增長到 2024 年醫療保健和利潤率增長 10% 以上，這對 SAS 部門來說是增值的。

So I'm really pleased with our results in the healthcare turnaround.

所以我對我們在醫療保健領域的成果感到非常滿意。

That was primarily focused on the commercial side of our business, including new customer programming, revised customer agreements, penetrating new customers, and going more deeply and broadly within those customers.

這主要集中在我們業務的商業方面，包括新客戶編程、修訂的客戶協議、開拓新客戶以及更深入和廣泛地接觸這些客戶。

And I would tell you also healthcare continues to be an area where we've been able to leverage the Mativ portfolio to provide cross buying opportunities for our customers and most notably that's release liners.

我還要告訴您，醫療保健仍然是我們能夠利用 Mativ 產品組合為客戶提供交叉購買機會的領域，最值得注意的是離型膜。

Most healthcare customers also purchase release liners and we're able to provide a more holistic buying option for them and an efficient supply chain.

大多數醫療保健客戶也會購買離型膜，我們能夠為他們提供更全面的購買選擇和高效的供應鏈。

So at this point, with the turnaround and with the growth and with the opportunities and the investments in healthcare, we view it as a key growth platform and we're investing in partnerships with our largest customers as we move forward.

因此，目前，隨著情況的改善、成長、機會和醫療保健領域的投資，我們將其視為一個關鍵的成長平台，並且我們將在未來與最大的客戶建立合作關係。

I'm really, really pleased with it.

我對此非常非常滿意。

I expect similar results in our Tiger team focused on films.

我希望我們專注於電影的 Tiger 團隊能夠取得類似的成果。

It's a little bit more internally focused because the first and biggest issue was the quality disruption that we had in our largest site in late 2023.

它更專注於內部，因為第一個也是最大的問題是 2023 年底我們最大的站點遇到的品質中斷。

So that has been resolved and we've invested in technology, virtual detection technology.

這個問題已經解決了，我們已經對科技、虛擬檢測技術進行了投資。

We've changed out and upgraded our site leadership, our quality leadership, and our selling leadership within that part of the organization.

我們已經改變並升級了組織該部分的站點領導力、品質領導力和銷售領導力。

I think there's a lot of good progress there, but we have to go through the qualifications with our customers because we did stumble on quality, so I would expect that to ramp in more positively in the back half of this year than the first half of this year.

我認為那裡有很多好的進展，但我們必須與客戶一起進行資格審查，因為我們在品質方面確實存在失誤，所以我預計今年下半年的品質會比上半年有更積極的進展。

Perfect.

完美的。

And then if I can, I'm going to sneak in one more quick one.

然後，如果可以的話，我會再偷偷地做一次。

On last quarter's call and then in recent calls in general, you've highlighted some of the investments that you've made into a new filtration line, release liner line, automotive tapes, athletic tapes, and I understand that the CapEx is going to be down in 2025, but could you just update us on the progress of those previous investments and how you see those playing out moving forward.

在上個季度的電話會議以及最近的電話會議中，您強調了對新過濾生產線、離型膜生產線、汽車膠帶、運動膠帶等進行的一些投資，我了解到 2025 年的資本支出將會下降，但您能否向我們介紹一下這些之前投資的進展情況，以及您如何看待這些投資未來的發展。

Sure.

當然。

Most of them are still kind of in the infancy stage.

其中大多數仍處於起步階段。

The melt blown line in our German facility is up and operating and that supports saturated transportation filtration and so we'll continue to optimize the system there.

我們德國工廠的熔噴生產線已經啟動並運行，並支援飽和運輸過濾，因此我們將繼續優化那裡的系統。

The coder in Mexico supports release liner growth, which is growing really well in North America and with great opportunities in South America.

墨西哥的編碼員支持離型膜的成長，離型膜在北美的成長非常好，在南美洲也有很大的機會。

The cape lines that you mentioned in Italy and in Canada are really just in the early phases, so those haven't been installed and started up yet.

您提到的義大利和加拿大的 Cape Lines 實際上還處於早期階段，因此尚未安裝和啟動。

And then we recently invested in healthcare automation in our Knoxville facility to support our largest customer and capacity and capability additions there as well.

最近，我們又在諾克斯維爾工廠投資了醫療保健自動化，以支援我們最大的客戶，並增加那裡的產能和能力。

So even though we are reducing our CapEx spending, I feel very confident we have the right spending in place from a growth standpoint.

因此，儘管我們正在削減資本支出，但我非常有信心，從成長的角度來看，我們已經實施了正確的支出。

We'll cut back them on our cost reduction capital and on our maintenance capital that we can defer into some future years.

我們將削減成本削減資本和維護資本，並將其推遲到未來幾年。

Okay, thanks so much, Julie.

好的，非常感謝，朱莉。

I really appreciate it.

我非常感激。

Best of luck in the coming quarter, guys.

祝大家在下個季度好運。

I can confirm we currently have no further questions registered, so I would like to hand it back to Julie Schertell, Chief Executive Officer, for some final closing comments.

我可以確認，目前我們沒有其他問題，因此我想將會議交還給執行長朱莉·舍特爾 (Julie Schertell)，請她發表最後的總結性評論。

Thank you.

謝謝。

I want to thank everyone for joining us on the call this morning.

我要感謝大家今天早上參加我們的電話會議。

We look forward to talking to many of you later this afternoon and tomorrow.

我們期待今天下午晚些時候和明天與你們中的許多人進行交談。

And I look forward to talking to you in our next call.

我期待下次通話中與您交談。

Thank you.

謝謝。

I can confirm that does conclude today's conference.

我可以確認今天的會議確實結束了。

You may now disconnect your lines and please enjoy the rest of your day.

現在您可以斷開線路並享受剩餘的時光。