Mativ Holdings Inc (MATV) 2025 Q1 法說會逐字稿

Welcome to Mativ's first quarter 2025 earnings conference call. On the call today from Mativ are Shruti Singhal, Chief Executive Officer; Greg Weitzel, Chief Financial Officer; and Chris Cooper, Director of Investor Relations. Today's call is being recorded and will be available for replay later this afternoon.

歡迎參加 Mativ 2025 年第一季財報電話會議。Mativ 今天參加電話會議的有執行長 Shruti Singhal、財務長 Greg Weitzel 和投資者關係總監 Chris Cooper。今天的通話正在錄音，將於今天下午晚些時候重播。

(Operator Instructions) It is now my pleasure to turn the call over to Mr. Chris Cooper. Sir, you may begin.

（操作員指示）現在我很高興將電話轉給克里斯庫柏先生。先生，您可以開始了。

Good morning, everyone and thank you for joining us for Madev's first quarter 2025 earnings call. Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements. 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

大家早安，感謝您參加 Madev 2025 年第一季財報電話會議。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。實際結果可能與這些評論有重大差異，原因已在我們提交給美國證券交易委員會的文件中詳細列出，包括我們 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. Reconciliations of these metrics to the closest GAAP metrics are included in the appendix of the earnings release. Unless stated otherwise, financial and operational metric comparisons are to the prior year period and relate to continuing operations. The earnings release issued yesterday afternoon are available on our website at ir.mativ.com. With that, I'll turn the call over to Shruti.

本次電話會議討論的一些財務指標是非 GAAP 財務指標。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。除非另有說明，財務和營運指標比較均與去年同期進行，且與持續經營有關。昨天下午發布的收益報告可以在我們的網站 ir.mativ.com 上查看。接下來，我將把電話交給 Shruti。

Thanks, Chris. Good morning, everyone, and thank you for joining our call. First, given this is my first time speaking with you as Mativ's CEO, I'll start by saying how excited I am to work with the team and lead our company and our employees. This is an important time for Mativ, as we work to turn around our business performance, accelerate our pace of execution, and materially reduce our leverage.

謝謝，克里斯。大家早安，感謝你們參加我們的電話會議。首先，鑑於這是我第一次以 Mativ 執行長的身份與您交談，我首先要說的是，我很高興能與團隊合作並領導我們的公司和員工。對於 Mativ 來說，這是一個重要的時刻，因為我們正在努力扭轉業務表現、加快執行速度並大幅降低槓桿率。

At Mativ, our purpose-built assets deliver bold, unique, and highly specialized solutions to meet our customers' most complex challenges. Our global capabilities, paired with our localized supply solutions, enable us to partner with and service our customers based on how and where they go to market.

在 Mativ，我們專門打造的資產提供大膽、獨特且高度專業化的解決方案，以應對客戶最複雜的挑戰。我們的全球能力與本地化的供應解決方案相結合，使我們能夠根據客戶的市場進入方式和地點與他們合作並為他們提供服務。

These capabilities and our business model allow us to grow our end markets together with our customers, and are particularly relevant in the current geopolitical and tariff exposed environment. We also recognize that Mativ is facing challenges right now. Many of these are rooted in a continuously suppressed demand environment. As a member of the Mativ Board, I have witnessed firsthand a progression since the merger in 2022.

這些能力和我們的商業模式使我們能夠與客戶一起發展我們的終端市場，這在當前的地緣政治和關稅環境中尤其重要。我們也認識到 Mativ 目前正面臨挑戰。其中許多問題的根源在於持續受到抑制的需求環境。身為 Mativ 董事會成員，我親眼目睹了自 2022 年合併以來的進步。

After the destocking trend over the past few years ended, we expected a solid return to a more normalized demand environment similar to levels before the pandemic. However, we realized that an overall demand pick up is simply not materializing with the additional uncertainty posed by the current macroeconomic environment.

在過去幾年的去庫存趨勢結束後，我們預計需求環境將穩步恢復到與疫情前類似的更正常化的水平。然而，我們意識到，由於當前宏觀經濟環境帶來的額外不確定性，整體需求回升根本無法實現。

The team and I have spent the last 60 days digging deep into our global operations and engaging with our talented employees, key customers, and trusted suppliers, as well as many shareholders and other external stakeholders to help inform my perspective.

過去 60 天，我和我的團隊深入研究了我們的全球營運情況，並與我們優秀的員工、關鍵客戶和值得信賴的供應商以及許多股東和其他外部利益相關者進行了交流，以幫助我了解我的觀點。

Our conversations made clear that this past year has been incredibly difficult for many of our stakeholders and employees. We are simply not where we need to be operationally to navigate the current demand environment or future challenges.

我們的談話清楚地表明，過去的一年對我們的許多利害關係人和員工來說都是極其艱難的一年。我們的營運水準還未達到應對當前需求環境或未來挑戰的水準。

We will not just stand on the sidelines waiting for the demand to come back. We are pivoting to a much higher sense of urgency across our company to act swiftly, comprehensively, and decisively to undertake the necessary changes to grow market share, return to sustainable and profitable growth, and most importantly, restore value to our shareholders.

我們不會只是袖手旁觀，等待需求回升。我們全公司上下正以更高的緊迫感採取行動，迅速、全面、果斷地進行必要的變革，以擴大市場份額，恢復可持續盈利增長，最重要的是，為股東恢復價值。

I'm working hand in hand with the management team and many employees throughout the organization to turn around our performance, leveraging my own experience, and track record of transforming global organizations.

我正在與管理團隊和整個組織的許多員工攜手努力，扭轉我們的業績，利用我自己的經驗和改造全球組織的記錄。

So in line with the board's review of our strategy and support of my recommendations, we have established three near term priorities to drive improved performance and position Mativ for value creation as we navigate these challenges. These are driving enhanced commercial execution, sharpening efforts to delever the balance sheet, and conducting a strategic review of our portfolio.

因此，根據董事會對我們策略的審查和對我的建議的支持，我們確定了三個近期優先事項，以推動績效的提高，並在我們應對這些挑戰時為 Mativ 創造價值。這些措施正在推動商業執行力的增強、加強降低資產負債表槓桿率的力度，並對我們的投資組合進行策略性審查。

Let me start first with talking about driving enhanced commercial execution. We must make sure that every commercially focused function has the right tools, level of empowerment, and organizational support. This will generate new business, expand market share, and stimulate topline growth. We will achieve this by prioritizing growth initiatives, aligning our incentive structures to reward profitable growth, and delayering for faster decision making.

首先，我想談談如何推動商業執行力的提升。我們必須確保每個以商業為中心的職能都有正確的工具、授權等級和組織支援。這將創造新業務，擴大市場份額，並刺激收入成長。我們將透過優先考慮成長舉措、調整激勵結構以獎勵獲利性成長以及精簡層級以加快決策速度來實現這一目標。

From a product perspective, we plan to generate incremental demand and new business. For example, we will move existing products into adjacent applications. We will focus more on cross selling the full Mativ portfolio. And we will make it much easier for our customers to do business with us.

從產品角度來看，我們計劃創造增量需求和新業務。例如，我們會將現有產品移至相鄰的應用程式中。我們將更加專注於交叉銷售整個 Mativ 產品組合。我們將使客戶與我們開展業務變得更加容易。

As we announced on the last call, Ryan Elwart and his team are leading the commercial operations of both FAM and SAS segments. Ryan has put together a team of highly skilled business leaders and assembled a deep bench of subject matter experts with long track records of successful execution at global companies. This will leverage their successful go to market approach across the company and further unlock across customer and business opportunities.

正如我們在上次電話會議上宣布的那樣，Ryan Elwart 和他的團隊正在領導 FAM 和 SAS 部門的商業運作。Ryan 組建了一支由高技能商業領袖組成的團隊，並彙集了一群在全球公司擁有長期成功執行記錄的主題專家。這將充分利用他們在整個公司範圍內成功的行銷策略，進一步釋放客戶和商業機會。

This cross-company go to market strategy has already driven improved outcomes in SAS. Their strong leadership, commercial discipline, and customer focus have been instrumental in delivering strong SAS segment results over the past five quarters, including four consecutive quarters of sales growth and five consecutive quarters of EBITDA and margin growth.

這種跨公司市場策略已經推動了 SAS 績效的改善。他們強大的領導力、商業紀律和客戶關注度對於 SAS 部門在過去五個季度取得強勁業績起到了重要作用，包括連續四個季度的銷售額增長和連續五個季度的 EBITDA 和利潤率增長。

We have also increased the cadence of our sales pipeline reviews, and we are working to ensure alignment of growth opportunities with our supply chain, track performance versus targets, and share pricing and cross-selling best practices across segments.

我們也加快了銷售管道審查的節奏，並致力於確保成長機會與供應鏈保持一致，追蹤績效與目標，並在各個部門之間分享定價和交叉銷售的最佳實踐。

The next area of focus is sharpening our efforts to delever the balance sheet through marginal improvement and free cash flow generation. We have announced pricing actions effective as of March that will positively affect Q2 and the remainder of the year in connection with our commercial efforts.

下一個重點領域是加大努力，透過邊際改善和自由現金流產生來降低資產負債表的槓桿率。我們已宣布自 3 月起生效的定價措施，這將對我們的第二季及今年剩餘時間的商業活動產生積極影響。

The task force is currently underway, comprehensively reviewing our cost and operating structure to further reduce costs, improve margins, and more aggressively pursue our asset optimization efforts. As part of this review, I have asked the team to deliver $10 million to $15 million of additional cost reductions to be realized in 2025, which is in addition to the previously announced $20 million year in 2026 cost reductions.

該工作小組目前正在全面審查我們的成本和營運結構，以進一步降低成本、提高利潤率並更積極地進行資產優化工作。作為此次審查的一部分，我已要求團隊在 2025 年實現 1,000 萬至 1,500 萬美元的額外成本削減，這是在先前宣布的 2026 年 2,000 萬美元成本削減的基礎上實現的。

Think of it as $30 million to $35 million in cost reduction by year end 2026, $10 million to $15 million of which will be realized in 2025. These cost reductions are comprised of SG&A, operations, and procurement savings.

可以想像，到 2026 年底，成本將減少 3,000 萬至 3,500 萬美元，其中 1,000 萬至 1,500 萬美元將在 2025 年實現。這些成本削減包括銷售、一般及行政費用、營運和採購費用的節省。

When it comes to cash flow improvement, I'm challenging the team to further reduce capital spending and inventory levels. In this effort, we will further reduce our capital spending to $40 million per year versus the $55 million incurred in 2024. This level of capital spend will be split between maintenance and growth-oriented CapEx and will allow us to continue to invest in those assets and key categories where we see the market demand.

當談到現金流改善時，我要求團隊進一步降低資本支出和庫存水準。為此，我們將進一步將資本支出從 2024 年的 5,500 萬美元削減至每年 4,000 萬美元。這一水準的資本支出將分為維護和成長導向的資本支出，這將使我們能夠繼續投資於我們看到市場需求的資產和關鍵類別。

We will also reduce our inventory levels by $20 million to $30 million in 2025. The heightened discipline on capital expenditures and inventories will drive significant free cash flow expansion, further helping to accelerate debt reduction and delevering.

我們也將在 2025 年將庫存水準減少 2,000 萬美元至 3,000 萬美元。資本支出和庫存的嚴格約束將推動自由現金流大幅擴張，進一步有助於加速減債和去槓桿。

Last but not the least, along with the board, we will conduct a strategic portfolio review of our assets and business lines. There is a wide range of characteristics on how each product category contributes to Mativ's bottom line, competitive position, margin profile, and portfolio diversity, and I want to make sure that we strategically balance that contribution.

最後但同樣重要的一點是，我們將與董事會一起對我們的資產和業務線進行策略性組合審查。每個產品類別對 Mativ 的底線、競爭地位、利潤狀況和產品組合多樣性的貢獻都有各種各樣的特點，我希望確保我們在策略上平衡這種貢獻。

We will evaluate opportunities to unlock value, to strengthen our balance sheet and go to market positioning. With that, let me turn to the current quarter.

我們將評估釋放價值、加強資產負債表和進入市場定位的機會。現在，讓我來談談本季。

Our overall performance in Q1, while mixed, came in as expected. Results reflected the demand patterns we're seeing in the market right now. Sales were essentially flat organically year over year. SAS continued its strong momentum, including volume improvements, largely offset by FAMs results, which were impacted by continued demand softness across automotive and construction and markets.

我們第一季的整體表現雖然好壞參半，但仍符合預期。結果反映了我們目前在市場上看到的需求模式。銷售額與去年同期相比基本持平。SAS 繼續保持強勁勢頭，包括銷售成長，但這在很大程度上被 FAM 的業績所抵消，後者受到汽車、建築和市場持續需求疲軟的影響。

In our SAS segment, the strong momentum that we have seen over the course of fiscal 2024 continued in the first quarter, with sales up almost 6% year over year on an organic basis. Adjusted EBITDA was up more than 3% compared to the prior year, with margin improving slightly as well.

在我們的 SAS 部門，我們在 2024 財年看到的強勁勢頭在第一季得以延續，銷售額年增近 6%。調整後的 EBITDA 與上年相比成長了 3% 以上，利潤率也略有提高。

We continue to see solid volume improvement in Q1 across many of our SAS's categories, with healthcare and release liners up over 20%, driving the largest gain year over year, followed by significant gains in labels and commercial print versus the market.

我們繼續看到第一季 SAS 許多類別的銷量穩步增長，其中醫療保健和離型紙銷量增長超過 20%，同比增長幅度最大，其次是標籤和商業印刷品相對於市場的顯著增長。

Turning to our FAM segment, our overall performance continues to be mixed, as soft demand in our automotive and construction end markets impacted results across the segment. We saw continued demand headwinds in transportation and water filtration, while there were pockets of growth in our optical, medical, and dental film verticals.

談到我們的 FAM 部門，我們的整體表現仍然好壞參半，因為汽車和建築終端市場的疲軟需求影響了整個部門的表現。我們看到運輸和水過濾領域的需求持續面臨阻力，而我們的光學、醫療和牙科薄膜垂直領域則出現了成長。

Overall FAM results were down versus prior year, driven by lower volumes in automotive, combined with the volume loss of high margin paint protection films. And the fact that a higher price year-end inventory disproportionately affected the FAM segment.

由於汽車銷售量下降，加上高利潤漆面保護膜銷售損失，FAM 整體表現較上年下降。事實上，年終庫存價格上漲對 FAM 部門產生了不成比例的影響。

Let me also provide a few updates on the status of our turnaround efforts underway in our advanced films vertical. In paint protection films, I approved the repurposing of resources to immediately address any commercial capacity and quality issues.

我還想介紹一下我們在高級電影垂直領域正在進行的轉型工作的最新情況。在漆面保護膜方面，我批准重新利用資源，以立即解決任何商業能力和品質問題。

Our customers are already feeling the positive impact of these initiatives as we continue to serve their needs. However, we recognize that we must now focus all our efforts in regaining our customers' trust and commitment. Additionally, we are expanding our paint protection film pipeline and are executing a mid-tier film solution in this faster growing segment.

隨著我們不斷滿足客戶的需求，我們的客戶已經感受到這些措施的正面影響。然而，我們認識到，我們現在必須集中所有精力來重新贏得客戶的信任和承諾。此外，我們正在擴大我們的漆面保護膜產品線，並在這個成長較快的領域實施中端薄膜解決方案。

Accelerating our presence in targeted markets such as medical and optical films is another example of growing our share in adjacent specialty markets, and I am empowering this team to accelerate these efforts. I'm pleased to share that we are seeing a noticeable uptick in demand for these verticals that also carried into Q2. And we are working to unlock capacity to further accelerate growth in the back half of this year.

加快我們在醫療和光學薄膜等目標市場的影響力是擴大我們在鄰近專業市場份額的另一個例子，我正在授權這個團隊加快這些努力。我很高興地告訴大家，我們看到這些垂直產業的需求明顯上升，而這個趨勢也延續到了第二季。我們正在努力釋放產能，以進一步加快今年下半年的成長。

Before turning the call over to Greg, I'll briefly provide some color on tariffs as they relate to our business, which we know is top of mind for many of our stakeholders.

在將電話轉給格雷格之前，我將簡要介紹與我們的業務相關的關稅問題，我們知道這是許多利害關係人最關心的問題。

Given where tariff policy is currently, we believe Mativ is well positioned as the majority of our products sold in a given region are manufactured in the same region. Less than 7% of our annual sales are currently subject to tariff exposure, which is a testament to our ability to provide localized supply chain options that match the geographies, where and how our customers go to market.

考慮到目前的關稅政策，我們認為 Mativ 處於有利地位，因為我們在特定地區銷售的大多數產品都是在同一地區生產的。目前，我們每年的銷售額中只有不到 7% 受到關稅影響，這證明了我們有能力提供與客戶所在的地理位置、市場地點和市場方式相符的本地化供應鏈選項。

First, tariffs to and from China impact about 2% of our sales. Tariffs from Mexico impact about 1% of our sales. While most of our sales from Canada remain exempt under USMCA. Sales from Europe and from the UK to the US comprise another 1.5% and 1% respectively. So in summary, a total sales currently exposed to tariffs with exemptions is less than 7% of sales.

首先，往返中國的關稅影響我們約 2% 的銷售額。墨西哥的關稅影響了我們約 1% 的銷售額。但根據 USMCA，我們在加拿大的大部分銷售仍可享有免稅。來自歐洲和英國到美國的銷售額分別佔1.5%和1%。因此，總而言之，目前受到關稅豁免影響的銷售總額不到銷售額的 7%。

Additionally, we have put together a comprehensive playbook on mitigating the impact of these exposures and identified a number of approaches tailored to each region that includes corresponding pricing decisions, tariff pass throughs, and alternative sourcing strategies. We're also pursuing business and taking share in categories where we are the local supplier and competition is outside the US.

此外，我們還制定了一套全面的方案來減輕這些風險的影響，並確定了針對每個地區的一些方法，包括相應的定價決策、關稅轉嫁和替代採購策略。我們也致力於拓展業務，並在作為本地供應商、競爭對手在美國境外的領域中佔據一定份額。

While we feel that the direct impact of current tariff-related policy and matter is minimal and manageable, we acknowledge that there is a wide range of outcomes when it comes to the indirect impact on demand and commercial activity. As an early indicator though, we have not seen the heightened level of pre-buying that was expected and rather, customers are taking a more cautionary stance.

雖然我們認為目前與關稅相關的政策和事項的直接影響很小且可控，但我們承認，其對需求和商業活動的間接影響有多種結果。不過，作為早期指標，我們並沒有看到預期的預購水準上升，相反，客戶採取了更謹慎的態度。

A very special thanks to the Mativ teams who are planning and reacting in many cases in real time to the ever-shifting tariff dynamics. With that, I'll turn it over to Greg for a more detailed discussion of our financial performance.

非常感謝 Mativ 團隊，他們在許多情況下即時規劃並應對不斷變化的關稅動態。接下來，我將把話題交給格雷格，讓他更詳細地討論我們的財務表現。

Thanks, Shruti, and good morning, everyone. Consolidated net sales from continuing operations for the quarter were $485 million compared to $500 million in the prior year. Sales were down 3% year over year on a reported basis and essentially flat on an organic basis.

謝謝，Shruti，大家早安。本季持續經營業務的綜合淨銷售額為 4.85 億美元，而去年同期為 5 億美元。銷售額年減 3%，有機成長基本持平。

After adjusting for sales associated with closed facilities, Volume mix and selling prices were up slightly versus the prior year, while currency was unfavorable. Adjusted EBITDA from continuing operations was $37.2 million, down 19% from $45.8 million in the prior year.

在對與關閉設施相關的銷售額進行調整後，儘管貨幣不利，但銷售組合和銷售價格與去年相比略有上漲。持續經營業務的調整後 EBITDA 為 3,720 萬美元，較上年的 4,580 萬美元下降 19%。

Higher manufacturing and distribution costs, unfavorable net selling price versus input costs and lower volume and fam represented a combined $13 million unfavorable impact which was partially offset by $2 million of higher volume mix and SAS and $3 million of lower SG&A costs.

製造和分銷成本增加、淨銷售價格相對於投入成本不利以及銷售和家庭支出減少，共計造成 1,300 萬美元的不利影響，但被 200 萬美元的銷售組合和 SAS 增加以及 300 萬美元的銷售、一般和行政費用減少所部分抵消。

Turning to each of our segments, net sales in our filtration and advanced materials segment of $188 million were down more than 7% versus Q1 of 2024. The year over year decrease reflected lower volumes due to continued customer caution and uncertain macroeconomic environment and lower selling prices along with unfavorable currency translation.

談到我們的各個部門，過濾和先進材料部門的淨銷售額為 1.88 億美元，與 2024 年第一季相比下降了 7% 以上。年比下降反映了銷售下降，原因是客戶持續謹慎、宏觀經濟環境不確定、銷售價格下降以及貨幣折算不利。

FAM adjusted EBITDA of $23 million was down $10 million year over year, reflecting the effects of lower volumes, the sell through of higher cost inventory produced in the prior quarter, unfavorable relative net selling price versus input costs and higher distribution costs in the segment partially offset by lower SG&A costs.

FAM 調整後的 EBITDA 為 2300 萬美元，較上年同期下降 1000 萬美元，反映了銷量下降、上一季度生產的成本較高的庫存銷售、相對於投入成本的相對淨售價不利以及該部門分銷成本上升的影響，但銷售、一般及行政費用的下降部分抵消了這些影響。

In our sustainable and adhesive solution segment, net sales of $297 million were up $16 million, or almost 6% on an organic basis and essentially flat from last year on a reported basis. Organic growth reflected higher volumes across key categories and higher selling prices across the segment, partially offset by unfavorable currency translation.

在我們的永續和黏合劑解決方案部門，淨銷售額為 2.97 億美元，成長 1,600 萬美元，即有機成長近 6%，與去年報告的數字基本持平。有機成長反映了主要類別銷售的增加和整個部門銷售價格的上漲，但不利的貨幣換算部分抵消了這一增長。

SAS adjusted EBITDA performance of $33 million was up more than 3% year over year. Adjusted EBITDA (technical difficulty) 30 basis points versus the prior year.

SAS 調整後的 EBITDA 表現為 3,300 萬美元，較去年同期成長 3% 以上。調整後的 EBITDA（技術難度）較上年同期增加 30 個基點。

The year over year performance reflected higher volumes across key categories, higher selling price across the segment, and lower SG&A costs, partially offset by higher manufacturing and distribution costs in an unfavorable relative net selling price versus input cost performance.

同比業績表現反映出主要品類銷售增加、整個部門銷售價格上漲以及銷售、一般及行政費用 (SG&A) 下降，但製造和分銷成本增加導致淨銷售價格與投入成本表現不利，從而部分抵消了這一影響。

This is SAS's fourth consecutive quarter of sales growth and fifth consecutive quarter of adjusted EBITDA and margin growth. And I too am very excited to see the performance Ryan and his team will drive companywide in the coming months and quarters.

這是 SAS 連續第四個季度實現銷售額成長，連續第五個季度實現調整後 EBITDA 和利潤率成長。我也非常高興地看到 Ryan 和他的團隊在未來幾個月和幾個季度內推動全公司取得的成績。

Turning to a few of the corporate items, unallocated corporate adjusted EBITDA expense of $19 million was down versus the prior year, primarily driven by lower SG&A expenses. Interest expense of $18 million decreased $0.5 million from the prior year due to lower average balances and lower average interest rates in the current period.

談到一些公司項目，未分配的公司調整後 EBITDA 費用為 1,900 萬美元，較上年下降，主要原因是銷售、一般及行政費用 (SG&A) 降低。利息支出為 1,800 萬美元，較上年減少 50 萬美元，原因是本期平均餘額較低且平均利率較低。

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. Other expense was $2 million in the current period, which compared to other income of $2 million in the prior year period, largely due to losses on foreign exchange.

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。本期其他支出為 200 萬美元，而去年同期其他收入為 200 萬美元，主要是由於外匯損失所致。

Our tax rate was 5.6% in the quarter. This low tax rate was driven by a change in evaluation allowance and primarily attributable to the non-deductible goodwill impairment.

本季我們的稅率為 5.6%。這一低稅率是由評估準備金的變化引起的，主要歸因於不可扣除的商譽減損。

As seen in our GAAP results, considering the sustained decline in our share price during the first quarter, we performed a goodwill impairment analysis based on current market conditions and risks and recorded pre-tax, non-cash charge of $412 million.

從我們的 GAAP 結果可以看出，考慮到第一季股價持續下跌，我們根據當前市場狀況和風險進行了商譽減損分析，並記錄了 4.12 億美元的稅前非現金費用。

At the end of the quarter, net debt was $1.04 billion and available liquidity was $407 million. Our net leverage ratio as defined in our credit agreement was 4.7 times with about 0.8 times headroom versus our covenant level of 5.5 times.

截至本季末，淨負債為 10.4 億美元，可用流動資金為 4.07 億美元。我們的信貸協議中定義的淨槓桿率為 4.7 倍，其中淨槓桿率約為 0.8 倍，而我們的契約水準為 5.5 倍。

We expect leverage to start improving in Q3 of this year. As a reminder, our target leverage range is 2.5 to 3.5 times, and we expect to make meaningful progress toward this range in the back half of 2025 and be within the range in 2026.

我們預計槓桿率將在今年第三季開始改善。提醒一下，我們的目標槓桿率範圍是 2.5 到 3.5 倍，我們預計在 2025 年下半年朝著這一範圍取得有意義的進展，並在 2026 年進入這一範圍。

Our number one priority for cash flow utilization is and continues to be deleveraging and debt reduction. With that in mind, as Shruti mentioned, we have major strategic initiatives underway to materially improve cash flow generation throughout 2025. This is first and foremost driven by the aforementioned pricing and cost optimization initiatives.

我們對現金流利用的首要任務是、並且將繼續是去槓桿和減少債務。考慮到這一點，正如 Shruti 所提到的，我們正在實施重大戰略舉措，以在 2025 年大幅提高現金流產生率。這首先是由上述定價和成本優化措施所推動的。

And we have further reduced our expected capital expenditures from an annualized rate of $55 million in 2024 to a current target of $40 million. And we are committed to reducing our year-end inventory levels by $20 million to $30 million in 2025 versus 2024. With all that, we expect working capital for the full year to improve significantly from a use of cash to a source of cash of around $10 million. This will drive significant cash flow generation in 2025, which is solely intended to reduce our debt and leverage in the coming months.

我們已將預期資本支出從 2024 年的年化 5,500 萬美元進一步下調至目前目標 4,000 萬美元。我們致力於將 2025 年的年終庫存水準比 2024 年減少 2,000 萬至 3,000 萬美元。綜上所述，我們預計全年營運資金將從使用現金大幅改善至約 1,000 萬美元的現金來源。這將推動 2025 年產生大量現金流，其唯一目的是減少我們未來幾個月的債務和槓桿率。

We did not repurchase any shares during the quarter. Once our leverage returns to our target range, we will continue to opportunistically repurchase shares to offset dilution. But the priority of cash flow until then remains on paying down debt.

本季我們沒有回購任何股票。一旦我們的槓桿率回到目標範圍，我們將繼續適時回購股票以抵消稀釋。但在此之前，現金流的首要任務仍是償還債務。

As we look ahead, we acknowledge that market demand remains uncertain. We have not seen the expected return to pre-pandemic demand levels with additional impact from tariffs and macroeconomic policy in the market, which directly impacts the levels of sales and operating leverage we see.

展望未來，我們承認市場需求仍不確定。我們尚未看到需求恢復到疫情前的預期水平，而且市場也受到關稅和宏觀經濟政策的額外影響，這直接影響了我們看到的銷售水平和營運槓桿。

While we have continued to see softness in demand through early May and expect this will continue to affect our results in Q2, we expect a significant sequential step up in adjusted EBITDA performance. This step up will be similar to last year's step up of $20 million and will be driven by a sequential increase in volume, especially on the SAS side and higher fixed cost absorption as well as improved relative price versus input cost. The seasonally higher production costs that impacted our results at the beginning of the year will not have an impact on our results for the remainder of the year.

儘管我們在 5 月初持續看到需求疲軟，並預計這將繼續影響我們第二季的業績，但我們預計調整後的 EBITDA 業績將出現顯著的連續成長。此次增幅與去年 2,000 萬美元的增幅類似，推動力在於銷量的連續增長，尤其是 SAS 方面，以及更高的固定成本吸收以及相對於投入成本的相對價格的改善。年初因季節性因素導致的生產成本上升對我們業績產生了影響，但這並不會對今年剩餘時間的業績產生影響。

For modeling purposes for the full year 2025, we are now expecting additional cost reductions of $10 million to $15 million realized in 2025; depreciation, amortization, and stock-based comp to be around $100 million; interest expense to be around $75 million plus another $9 million in fees for our AR facility; capital expenditures of around $40 million; one-time costs to be around $15 million to 20 million; working capital to be a $10 million source of cash driven mainly by the previously mentioned inventory reduction of $20 to 30 million; and for our normalized tax rate, we suggest using 24%. With that, Shruti, I'll hand it back over to you for your closing remarks.

為了對 2025 年全年進行建模，我們目前預計 2025 年將實現 1000 萬至 1500 萬美元的額外成本削減；折舊、攤銷和股票補償約為 1 億美元；利息支出約為 7500 萬美元，外加 900 萬美元的應收賬款設施費用；資本支出約為 400 萬美元； 1000 萬美元的現金來源，主要由前面提到的 2000 萬至 3000 萬美元的庫存減少所驅動；對於我們的標準化稅率，我們建議使用 24%。說完這些，Shruti，我將把時間交還給你，請你做最後的總結發言。

Thank you, Greg. What I want you to take away from this call is that to undertake the necessary changes to grow market share. Return to sustainable and profitable growth strengthen the balance sheet and most importantly, restore value to our shareholders. We are pivoting to a much higher sense of urgency across the company.

謝謝你，格雷格。我希望你們從這次通話中得到的啟示是，採取必要的變革來擴大市場份額。恢復可持續和獲利的成長將增強資產負債表，最重要的是，為股東恢復價值。我們正在整個公司範圍內提高緊迫感。

We will act swiftly, comprehensively, and decisively. Our teams understand that the current macro environment will not do us any favors anytime soon, and we are adapting to control our own destiny.

我們將採取迅速、全面、果斷的行動。我們的團隊明白，目前的宏觀環境短期內不會為我們帶來任何好處，我們正在適應並掌握自己的命運。

Our top priority is to accelerate our pace of execution, with a focus on three key areas: driving enhanced commercial execution, sharpening our efforts to de-lever the balance sheet, and conducting a strategic review of our portfolio.

我們的首要任務是加快執行步伐，專注於三個關鍵領域：推動商業執行力提升、加強降低資產負債表槓桿率以及對投資組合進行策略審查。

To drive enhanced commercial execution, we put in place multiple initiatives to align commercial teams and product solutions with new business generation and profitable growth. To sharpen our efforts to de-lever, we are executing on a number of initiatives to materially improve our margins and cash flow generation. And to focus our operations on our core categories, we are conducting a strategic portfolio review of our assets and business loans.

為了推動商業執行力的提升，我們實施了多項舉措，使商業團隊和產品解決方案與新業務的產生和獲利成長保持一致。為了加強去槓桿力度，我們正在實施一系列舉措，以大幅提高利潤率和現金流產生能力。為了將業務重點放在核心類別上，我們正​​在對資產和商業貸款進行策略性組合審查。

These efforts are to ensure Mativ is focused on our highest-value initiatives to enable our long-term success. We are executing against a clear strategic road map and are taking accelerated actions to position Mativ for profitable growth while de-levering our balance sheet and creating sustainable value for our shareholders.

這些努力是為了確保 Mativ 專注於我們最高價值的計劃，以實現我們的長期成功。我們正在按照清晰的策略路線圖執行，並採取加速行動，使 Mativ 實現獲利成長，同時降低資產負債表的槓桿率並為股東創造永續價值。

In closing, I want to thank all our employees for their unwavering passion for Mativ and their efforts to reposition our company for the future. -- our Board for their support and faith in me, and our shareholders for their patience as we accelerate our pace of change in support of our three key initiatives. We look forward to updating you on our progress as we move through the year. Thank you for joining us this morning. Please open the line for questions.

最後，我要感謝我們所有的員工對 Mativ 的堅定熱情以及他們為重塑公司未來所做的努力——感謝董事會對我的支持和信任，感謝股東在我們加快變革步伐以支持我們的三項關鍵舉措的過程中所表現出的耐心。我們期待向您通報我們今年的進展。感謝您今天上午加入我們。請開通熱線以解答疑問。

(Operator Instructions) Daniel Harriman, Siddodi and Co.

（操作員指示）Daniel Harriman，Siddodi and Co.

Thank you. Good morning, guys, and Shruti, congrats on the new position. Two quick questions for me today, one for Shruti and one for Greg. Shruti, obviously you're only 60 days into your tenure and clearly at this stage the level of detail you're able to provide on the portfolio review is rather small. And I was hoping you might be able to kind of provide a little bit more insight or detail into what you're thinking about.

謝謝。大家早安，Shruti，恭喜你獲得新職位。今天我有兩個快速問題，一個問 Shruti，一個問 Greg。Shruti，顯然你任職才 60 天，顯然在現階段你能夠提供的投資組合審查細節相當少。我希望您能夠提供更多見解或細節來說明您的想法。

And then Greg, you've laid out multiple items to improve cash flow generation and expansion. And I was hoping you might be able to give a little bit more color on that and and the timing that you see that happening. Thanks so much, guys.

然後格雷格，您列出了多項措施來改善現金流的產生和擴張。我希望您能對此做出更詳細的說明，並說明您認為發生這種情況的時間。非常感謝大家。

Thanks, Dan, for the question and appreciate your comments. As you know, we've been evaluating our portfolio periodically ever since the merger. Case in point, we took the portfolio action regarding our EP divestiture, so you know that was successfully executed. But along with the board, we are conducting a strategic portfolio review of our assets and business lines, as I mentioned earlier. And Greg also alluded to that.

謝謝丹提出的問題，也謝謝您的評論。如您所知，自合併以來，我們一直在定期評估我們的投資組合。舉個例子，我們針對 EP 資產剝離採取了投資組合行動，所以您知道該行動已成功執行。但正如我之前提到的，我們正在與董事會一起對我們的資產和業務線進行策略性組合審查。格雷格也提到了這一點。

We have a very diverse portfolio, and what we're looking at is how each product category contributes to Mativ's bottom line, its competitive positioning, margin profile, and how it fits into the overall portfolio diversity. So we will certainly evaluate all those factors and opportunities to make sure we unlock and maximize the value to strengthen our balance sheet.

我們擁有非常多樣化的產品組合，我們關注的是每個產品類別如何為 Mativ 的底線、競爭定位、利潤狀況做出貢獻，以及如何融入整體產品組合的多樣性。因此，我們一定會評估所有這些因素和機會，以確保我們釋放並最大化價值，從而加強我們的資產負債表。

However, as you also alluded to, it's early days for me and in this strategic review, but for sure we will keep you updated in progress and opportunities as and when we identify them and are ready to talk about it. For the second question, I'll turn to Greg.

然而，正如您所提到的，對於我來說，這項戰略審查還處於早期階段，但我們肯定會在發現進展和機會並準備討論時向您通報。對於第二個問題，我將向格雷格提問。

Hi Daniel. Yes, on cash flow, we're expecting a significant increase from where we were last year from overall cash flow. I know when you look at the first quarter and with the negative cash flow, it's a steep climb from there. But that's really the seasonality that we see from accounts receivable and the slower volumes in in Q4 and then picking up in Q1.

你好，丹尼爾。是的，就現金流而言，我們預計整體現金流將比去年大幅增加。我知道，當你看第一季的負現金流時，它就會急劇上升。但這實際上是我們從應收帳款中看到的季節性，第四季度的交易量下降，然後第一季回升。

So we should see a significant change from that level already in Q2 with a positive cash flow and would expect with the actions that we're taking on the inventory reductions and the capital reductions as well as the improved sequential that we would see again a significant increase in cash flow year over year.

因此，我們應該看到第二季現金流與該水準相比發生顯著變化，並有望透過採取減少庫存和減少資本的措施以及連續改善，再次看到現金流同比大幅增加。

Okay. Thanks so much guys and best of luck moving forward.

好的。非常感謝大家，祝福大家未來一切順利。

Thank you.

謝謝。

Lars Kjellberg, Stifel.

拉爾斯·謝爾伯格（Lars Kjellberg），Stifel。

Hey, good morning. Thank you for taking my questions. Maybe we can step back a bit and kind of look at the legacy companies and what the margins were prior to the merger and then how they literally halved since the pandemic and where we still sit.

嘿，早安。感謝您回答我的問題。也許我們可以退一步來看看傳統公司，看看合併前的利潤率是多少，看看自疫情爆發以來利潤率是如何下降了一半，以及我們現在的處境。

What in your view, have you been able to identify what are the root causes for that significant margin contraction and we haven't really seen that in some of your peers? So it has this to do with the complexity of the business which are now, of course, we'll try to address through the strategic review of the portfolio or is it just a scale or lack of scale that doesn't necessarily enable you to deal with these extremely disruptive markets? So if you can get some perspective on that, that'd be really interesting to hear.

您認為，您是否能夠確定利潤率大幅下降的根本原因，而我們在某些​​同行中還沒有看到這種情況？所以這與業務的複雜性有關，當然，現在我們會嘗試透過對投資組合的策略審查來解決這個問題，或者僅僅是規模或缺乏規模並不一定能讓你應對這些極具破壞性的市場？因此，如果您能對此有一些看法，那將會非常有趣。

The other thing which I'm thinking a bit about as you're focusing on delivering the balance sheet, why do we continue to pay a dividend? Wouldn't it be more value for shareholders to step away from the dividend and pause it and then really focus on the controllables because the other stuff may change, of course, as markets evolve. That's my first questions please. Thank you.

當您專注於提供資產負債表時，我正在思考的另一件事是，我們為什麼要繼續支付股息？對於股東來說，停止派發股息並真正專注於可控因素不是更有價值嗎？因為隨著市場的發展，其他因素當然可能會改變。這是我的第一個問題。謝謝。

Yeah, I'll start on the on the first one and Shruti you can add in if I missed anything. As far as the margins are, especially if we're comparing to the first quarter of the year, those are going to be by far the most suppressed margins that we have with the seasonality, again, the higher cost inventory that we sell through from the seasonally slower Q4. I would expect the margins for the full year to be, much more in line with where we were last year with some upside to that.

是的，我將從第一個開始，如果我遺漏了什麼，你可以添加 Shruti。就利潤率而言，特別是如果我們與今年第一季進行比較，這些利潤率將是迄今為止受季節性影響最嚴重的利潤率，同樣，我們在季節性較慢的第四季度銷售的較高成本庫存。我預計全年利潤率將與去年持平，並且還會有一定的上漲空間。

As far as what's even brought those levels down, as we've talked with, the FAM business is primarily the biggest impact there with most recently the films putting pressure on the margins.

至於利潤率下降的原因，正如我們所討論的，FAM 業務是主要受到最大影響的業務，最近電影給利潤率帶來了壓力。

Outside of that, we still believe that we are in businesses and categories that are -- where 15% margin is achievable and continuing to work toward that. The cost reductions that we've talked about should also make a nice step forward in improving those margins as well. If you didn't have, then maybe on the dividend -- go ahead, Lars.

除此之外，我們仍然相信我們所處的業務和類別是可以實現 15% 利潤率的，並且我們將繼續朝著這個目標努力。我們所討論的成本削減也應該對提高利潤率起到很大的幫助。如果你沒有，那麼也許就股息而言——繼續吧，拉爾斯。

Yeah, I was going to say, is there anything in this, I mean, essentially from the predecessors markets where you've been only 10% or thereabouts? It's literally half from where the two companies were prior to coming together, right? So, again, is this the scale disadvantage in the disruptive market that doesn't enable you to protect the margins? And can we resolve that with this portfolio review and lessening the footprint in a way?

是的，我想說的是，這其中有什麼，我的意思是，基本上從前代市場來看，你們只佔了 10% 左右？這實際上只是兩家公司合併前的一半，對嗎？那麼，這是否是顛覆性市場中的規模劣勢，導致你無法保護利潤率？我們能否透過這次投資組合審查並在某種程度上減少足跡來解決這個問題？

Yeah, as far as the planned increase again, I think we're working really more toward a 15% margin at this point versus a 20%. The EP divestiture did lower the overall mix, some from where the historic two companies had been in the past from an overall margin standpoint.

是的，就計劃中的增幅而言，我認為我們目前正努力實現 15% 的利潤率，而不是 20%。從整體利潤率的角度來看，EP 的剝離確實降低了整體組合，與過去兩家公司的歷史組合相比有所降低。

As far as the scale, you've mentioned that in the earlier part of your question, that is where we've made significant efforts in reducing non-overhead SG&A costs and have more of that in scope for 2025 and 2026. So I think we're addressing a lot of the scale problem or issue there.

就規模而言，您在問題的前面部分提到，我們在降低非管理費用、銷售、一般及行政費用方面做出了巨大努力，並且在 2025 年和 2026 年將進一步降低非管理費用、銷售、一般及行政費用。所以我認為我們正在解決很多規模問題。

As far as the portfolio, yeah, if there were anything to be done there, it would be focused more on deleveraging. Oh, the other thing too I think I missed was on the pricing actions. Those that went into play toward the end of the first quarter are already being realized in the second quarter and through the remainder of the year, which should also help with the margins in addition to the cost reductions.

就投資組合而言，是的，如果有什麼可做的，那就是更專注於去槓桿。哦，我認為我還錯過的另一件事是定價行動。第一季末開始實施的計劃已在第二季以及今年剩餘時間內得以實現，這除了有助於降低成本外，還有助於提高利潤率。

Very good. And then the dividend question.

非常好。然後是股息問題。

Yeah, on the dividend, we've reviewed that. We have talked with the -- have had discussions with the board on that, and at this point are planning to continue with the dividend.

是的，關於股息，我們已經審查過了。我們已經與董事會就此事進行了討論，目前計劃繼續派發股息。

Okay, thank you. Those are my questions. Thank you.

好的，謝謝。這些都是我的問題。謝謝。

Massimiliano Pilato, Stifel.

馬西米利亞諾·皮拉托（Massimiliano Pilato），Stifel。

Good morning, and thank you for taking my questions. There will be three for me. So I appreciate all the color on the tariff situation. But relative to China, what I would like to understand is if you saw any change in domestic demand in the farming segment or some back-off from Chinese banks given the situation of tariffs between the US and China.

早上好，感謝您回答我的問題。對我來說有三個。因此，我很欣賞有關關稅情況的所有細節。但相對於中國，我想了解的是，鑑於中美之間的關稅形勢，您是否看到農業領域的國內需求發生了任何變化，或者中國銀行是否出現了一些撤資。

The second question relates to inflation. I can understand (inaudible) actually already benefiting Q2, but it seems that energy is now seasonally lower, and we haven't really seen any material inflation ratings. Where do you see the price/cost stride in Q2, as well as for the full year? And maybe I'll ask the third question after this.

第二個問題涉及通貨膨脹。我可以理解（聽不清楚）實際上已經使第二季度受益，但現在看來能源價格季節性較低，而且我們還沒有真正看到任何實質的通膨率。您認為第二季以及全年的價格/成本變化如何？也許我會問第三個問題。

Yeah, I can take the first question on tariffs. So as we mentioned, our exposure to China is very minimal and then we are certainly, whether it's in Europe, as I mentioned, we are local for local in terms of our supply chain and manufacturing. And we're certainly in touch with our customers to see how we can continue to penetrate the market, increase our share in those local markets that are getting impacted by the Chinese tariffs.

是的，我可以回答有關關稅的第一個問題。正如我們所提到的，我們對中國的依賴非常小，而且我們當然是，無論是在歐洲，正如我所提到的，就供應鏈和製造而言，我們都是本地化的。我們當然會與客戶保持聯繫，以了解如何繼續滲透市場，增加我們在受中國關稅影響的本地市場的份額。

And I'll take the second question on the pricing and input costs. So you know we'll continue to manage selling prices to cover input costs. We occasionally do hit timing issues with quarters, and we saw that in the fourth quarter of last year. And then as reported and as expected, still ran a modestly higher input costs than pricing actions.

我將回答有關定價和投入成本的第二個問題。所以你知道我們將繼續管理銷售價格以彌補投入成本。我們偶爾確實會遇到季度時間問題，我們在去年第四季就看到了這種情況。然後，正如報告和預期的那樣，投入成本仍然略高於定價行動。

Our expectation is with the pricing actions in place that we'd be back to where that is a favorable contributor in Q2 and that we would end the year with also favorable pricing input costs as well.

我們的預期是，透過採取定價行動，我們將在第二季度回到有利的貢獻水平，並且在今年年底也能獲​​得有利的定價投入成本。

At this point we're not seeing significant -- we don't have expectations for significant input cost increases. And again, this would be barring any tariffs which then we would also have pricing that would offset that.

目前我們還沒有看到顯著的——我們預計投入成本不會大幅增加。再說一次，這將禁止任何關稅，然後我們也會制定可以抵消這筆關稅的定價。

But when we look across all of our raw materials, it's really pulp, paper, and energy where we're seeing a bit of an uptick in input costs. But not in a significant way and not in a way that we are not able to cover them with price increases.

但當我們審視所有原料時，我們發現紙漿、紙張和能源的投入成本略有上升。但影響不會很大，也不會達到我們無法用漲價來彌補的程度。

Right, thank you. Then I'll finish with that third question, which relates to the FAM segment. So of course there have been a multitude of disruptions and some internal issues which now seems to be resolved. But nonetheless, the underlying markets for automotive in construction seems pretty weak.

好的，謝謝。然後我將以與 FAM 部分相關的第三個問題結束。因此，當然存在著大量的混亂和一些內部問題，但現在似乎已經解決。但儘管如此，汽車建築業的潛在市場似乎相當疲軟。

And if I understand, you were trying to push or to prioritize the optical, medical and dental fields, but the exposure to the transportation and construction is about 85%. So what more can you do to offset the weakness potentially during the year in automotive. And it seems that the business is not enough to offset. Are there any other actions that you can undertake to drive growth in the FAM segment?

如果我理解得沒錯的話，您試圖推動或優先考慮光學、醫療和牙科領域，但交通運輸和建築領域的曝光率約為 85%。那麼，你還能做些什麼來抵銷今年汽車產業可能出現的疲軟呢？而且看起來業務還不足以抵消這一點。您還可以採取其他措施來推動 FAM 領域的成長嗎？

Yeah, so, as I mentioned, there's a couple of things there on the FAM segment. One of this, the optical, medical, and dental, we have a robust pipeline and we're -- those segments are growing. On the automotive and construction segments, with the change in leadership with Ryan coming on board, building a new team, and we have successfully shown in SAS segment that building a pipeline, which is -- we target roughly 50% of our revenues, is having that kind of a discipline on commercial pipeline build.

是的，正如我所提到的，FAM 部分有幾件事。其中之一，就是光學、醫療和牙科，我們擁有強大的產品線，而這些領域正在成長。在汽車和建築領域，隨著 Ryan 的加入和領導層的變動，我們組建了一支新團隊，並且我們已經在 SAS 領域成功證明了建設管道——我們的目標是大約 50% 的收入，在商業管道建設方面有這樣的紀律。

Albeit weaker segments of automotive construction, we still feel we can grow in those segments. So Ryan recently took over. He and his team are building the pipeline. And I expect similar growth patterns as we have demonstrated in in the past.

儘管汽車製造業的領域較弱，但我們仍然認為我們可以在這些領域實現成長。因此瑞安最近接手了。他和他的團隊正在建造管道。我預計我們會出現與過去類似的成長模式。

Thank you for your answer and good luck for the next quarter.

謝謝您的回答，祝您下個季度好運。

Thank you.

謝謝。

Thank you for your questions. That'll conclude today's question and answer session. I'll now pass the call to Shruti for any further remarks.

感謝您的提問。今天的問答環節到此結束。我現在將把電話轉給 Shruti，請她發表進一步的評論。

Thank you for joining us this morning for our Q1 2025 earnings call. We appreciate it. We look forward to connecting with you throughout the coming months and our next earnings call in August. Have a great day, everybody. Thank you.

感謝您今天上午參加我們的 2025 年第一季財報電話會議。我們對此表示感謝。我們期待在接下來的幾個月以及 8 月的下一次財報電話會議上與您保持聯繫。祝大家有個愉快的一天。謝謝。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您今天過得愉快。