Packaging Corp of America (PKG) 2025 Q2 法說會逐字稿

Thank you for joining Packaging Corporation of America's second-quarter 2025 earnings results conference call.

感謝您參加美國包裝公司 2025 年第二季收益結果電話會議。

Your host today will be Mark Kowlzan, Chairman and Chief Executive Officer of PCA.

今天的主持人是 PCA 董事長兼首席執行官 Mark Kowlzan。

Upon conclusion of his narrative, there will be a question-and-answer session.

他的敘述結束後，將有一個問答環節。

I will now turn the conference call over to Mr. Kowlzan. Please proceed when you're ready.

現在我將電話會議交給柯爾贊先生。您準備好後請繼續。

Thank you, Joe. Good morning, everyone, and thank you, all for participating in Packaging Corporation of America's second quarter 2025 earnings release conference call today.

謝謝你，喬。大家早安，感謝大家參加今天美國包裝公司2025年第二季財報電話會議。

I'm Mark Kowlzan, Chairman and CEO of PCA; and with me on the call today is Tom Hassfurther, President; and Kent Pflederer, our Chief Financial Officer.

我是 PCA 董事長兼執行長 Mark Kowlzan；今天與我一起參加電話會議的還有總裁 Tom Hassfurther 和財務長 Kent Pflederer。

I'll begin the call with an overview of our second quarter results, and then I'm going to be turning the call over to Tom and Kent who will provide further details. I will then wrap things up and then we'll be glad to take questions.

我將首先概述我們第二季度的業績，然後我將電話會議轉給湯姆和肯特，他們將提供更多詳細資訊。之後我將結束本次會議，然後歡迎大家提問。

Yesterday, we reported second quarter net income of $242 million or $2.67 per share. Excluding the special items, second quarter 2025 net income was $224 million or $2.48 per share compared to the second quarter of 2024 net income of $199 million or $2.20 per share.

昨天，我們公佈了第二季淨利2.42億美元，合每股2.67美元。扣除特殊項目，2025年第二季淨利為2.24億美元，合每股2.48美元，而2024年第二季淨利為1.99億美元，合每股2.20美元。

Second quarter net sales were $2.2 billion in 2025 and $2.1 billion in 2024. Total company EBITDA for the second quarter, excluding the special items, was $451 million in 2025 and $404 million in 2024. Second quarter net income included special items income of $0.19 per share primarily for gains on the sale of real estate for corrugated products facilities that were previously closed which were partially offset by costs relating to the pending acquisition of Greif containerboard business.

2025 年第二季淨銷售額為 22 億美元，2024 年為 21 億美元。不包括特殊項目，第二季公司總 EBITDA 在 2025 年為 4.51 億美元，在 2024 年為 4.04 億美元。第二季淨收入包括每股 0.19 美元的特殊專案收入，主要來自出售先前關閉的瓦楞產品工廠的房地產所得，但部分被即將收購 Greif 箱板紙業務的相關成本所抵消。

Details of the special items for both the second quarter of 2025 and 2024 were included in the schedules that accompanied our earnings press release. Excluding the special items, the $0.28 per share increase in second quarter 2025 earnings compared to the second quarter of 2024 was driven primarily by higher prices and mix in the packaging segment $0.98, lower fiber costs, $0.13, higher prices and mix in the Paper segment, $0.04, and a lower tax rate $0.02.

2025年第二季和2024年第二季特殊項目的詳細資訊已包含在我們收益新聞稿的附表中。不計特殊項目，2025年第二季每股收益較2024年第二季增加0.28美元，主因是包裝部門價格及產品組合上漲0.98美元，纖維成本下降0.13美元，造紙部門價格及產品組合上漲0.04美元，以及稅率降低0.02美元。

Partially offsetting these improvements were higher operating costs of $0.30 and higher annual outage expenses, $0.21, with the change in the timing of the Filer City outage from later in the year, which we moved up to the second quarter.

部分抵消了這些改進的是更高的 0.30 美元的營運成本和更高的 0.21 美元的年度停電費用，因為 Filer City 停電時間從當年晚些時候提前到第二季度。

Other offsetting factors included lower production and export sales volume in the Packaging segment $0.13, higher depreciation expense, $0.10, higher fixed and other expense, $0.09, lower Paper segment volume, $0.02, higher freight expense, $0.02, and higher interest expense, $0.02.

其他抵銷因素包括包裝部門生產和出口銷售量下降 0.13 美元、折舊費用增加 0.10 美元、固定費用和其他費用增加 0.09 美元、造紙部門銷售下降 0.02 美元、運費增加 0.02 美元以及利息費用增加 0.02 美元。

The results were $0.07 above the second quarter guidance of $2.41 per share primarily due to lower operating costs and lower fiber costs. Looking at the Packaging business, EBITDA, excluding special items in the second quarter of 2025 of $453 million with sales of $2 billion resulted in a margin of 22.6% versus last year's EBITDA of $400 million and sales of $1.9 billion, or 21%.

業績較第二季每股2.41美元的預期高出0.07美元，主因是營運成本和纖維成本下降。包裝業務方面，2025年第二季度，扣除特殊項目後的息稅折舊攤銷前利潤（EBITDA）為4.53億美元，銷售額為20億美元，利潤率為22.6%，而去年同期EBITDA為4億美元，銷售額為19億美元，利潤率為21%。

Corrugated products price and volume were generally consistent with our expectations, and as expected, export containerboard sales were lower. We ran to demand during the quarter, producing 85,000 fewer tons of containerboard than the second quarter of 2024 and 55,000 fewer tons of containerboard than the first quarter of 2025.

瓦楞產品的價格和銷售量基本上符合我們的預期，出口箱板紙銷量也如預期般下降。本季，我們供不應求，箱板紙產量比2024年第二季減少了8.5萬噸，比2025年第一季減少了5.5萬噸。

We drew down 17,000 tons of containerboard inventory from the end of the first quarter, putting us in excellent shape for the rest of the year. We operated exceptionally well during the quarter in all aspects of our business to control our operating costs, helping offset the effects of continued inflationary pressures across our cost structure, as well as the negative effects of lower containerboard production.

自第一季末以來，我們已減少1.7萬噸箱板紙庫存，為今年剩餘時間的營運奠定了良好的基礎。本季度，我們在各方面均表現優異，有效控制了營運成本，有效抵消了成本結構中持續的通膨壓力以及箱板紙產量下降的負面影響。

Our employees continued to perform at the highest level, delivering cost and efficiency improvements, outstanding sales performance, and capital projects execution to deliver best-in-class results. On the strategic front, we're very pleased to have announced our agreement to acquire the Greif containerboard business and look forward to working with our new colleagues and serving our new customers at the highest level.

我們的員工繼續保持最高水平，實現了成本和效率的改進，銷售業績優異，資本項目執行也達到了行業領先水平。在策略方面，我們非常高興地宣布已達成收購格瑞夫箱板紙業務的協議，並期待與新同事攜手合作，以最高水準服務新客戶。

It is a well capitalized business that complements us nicely and will provide us with a very good growth platform for both containerboard and corrugated products. We're targeting completion of the transaction by the end of the third quarter, subject obviously to customary conditions, including regulatory approval.

這項業務資本充足，與我們形成良好互補，並將為我們的箱板紙和瓦楞紙產品業務提供良好的成長平台。我們計劃在第三季末完成交易，但需遵守包括監管部門批准在內的慣例條件。

I'll now turn the call over to Tom, who will provide further details on containerboard sales and corrugated business in general.

現在我將把電話轉給湯姆，他將提供有關箱板紙銷售和瓦楞紙業務的更多詳細資訊。

Thanks, Mark.

謝謝，馬克。

The performance of the Packaging business was largely as we expected, and it was a very strong quarter. We fully realized our earlier announced price increases and domestic containerboard and corrugated products prices and mix were $0.95 per share above the second quarter of 2024 and up $0.41 per share compared to the first quarter of 2025.

包裝業務的業績基本上符合我們的預期，本季表現非常強勁。我們完全實現了先前宣布的價格上漲，國內箱板紙和瓦楞紙產品價格及產品組合比2024年第二季每股上漲0.95美元，比2025年第一季每股上漲0.41美元。

Export containerboard prices were up $0.03 per share versus last year's second quarter, and up $0.01 per share compared to the first quarter of 2025. While customer ordering patterns remained somewhat cautious, corrugated demand remained solid and steady throughout the quarter.

出口箱板紙價格與去年第二季相比上漲了 0.03 美元/股，與 2025 年第一季相比上漲了 0.01 美元/股。儘管客戶訂購模式仍有些謹慎，但整個季度瓦楞紙需求依然保持穩健。

Shipments per day in our corrugated products plants were up 1.7% versus last year's very strong second quarter when per day shipments were up more than 9% over the previous year so a pretty tough comparable.

與去年非常強勁的第二季相比，我們瓦楞紙製品工廠的每日出貨量增長了 1.7%，而去年第二季的每日出貨量比上一年增長了 9% 以上，因此這是一個相當困難的對比。

Shipments also exceeded the first quarter of 2025. Total shipments were flat with 2024, which had one more workday. Our continued sales growth and full realization of our price increases helped drive higher margin performance in the Packaging segment.

出貨量也超過了2025年第一季。總出貨量與2024年持平，但2024年比2024年多了一天工作日。我們持續的銷售成長以及價格上漲的全面實現，推動了包裝業務利潤率的提升。

As expected, outside sales volume of containerboard was down 30,000 tons from the first quarter of 2025 and down 24,000 tons from the second quarter of 2024. While domestic sales have been on plan, even with relatively low exposure to China and Europe, we've seen noticeably lower export sales with the global trade tensions overhanging the market.

正如預期的那樣，箱板紙的外部銷售量比 2025 年第一季下降了 30,000 噸，比 2024 年第二季度下降了 24,000 噸。儘管國內銷售一直按計劃進行，即使對中國和歐洲的敞口相對較低，但我們看到出口銷售明顯下降，因為全球貿易緊張局勢籠罩著市場。

I'd like to echo Mark's commentary on the pending Greif acquisition. We see tremendous strategic opportunities with the acquired business. In the corrugated network, there will be great potential to expand in areas where we would have needed to deploy considerable additional capital to grow and where Greif has well capitalized facilities.

我想贊同馬克關於即將進行的Greif收購的評論。我們看到收購業務蘊含著巨大的戰略機會。在瓦楞紙網路中，在我們原本需要投入大量額外資本才能實現成長的領域，以及Greif擁有充足資本的領域，將擁有巨大的擴張潛力。

The business provides a complimentary product offering and long standing customers with deep relationships who we look forward to serving. Perhaps most importantly, this will be a great cultural fit with PCA, particularly with our shared dedication to serving the needs of our customers.

這項業務提供互補的產品，並擁有深厚的長期客戶關係，我們期待為他們提供服務。或許最重要的是，這將與PCA的文化高度契合，尤其是我們共同致力於滿足客戶需求。

And I'll turn it back to Mark.

我會把它交還給馬克。

Thanks, Tom.

謝謝，湯姆。

Looking at the Paper segment, EBITDA, excluding special items in the second quarter, was $30 million with sales of $146 million or a 20.8% margin compared to the second quarter of 2024's EBITDA of $31 million and sales of $150 million, or a 20.4% margin.

就造紙部門而言，第二季不包括特殊項目的 EBITDA 為 3,000 萬美元，銷售額為 1.46 億美元，利潤率為 20.8%，而 2024 年第二季的 EBITDA 為 3,100 萬美元，銷售額為 1.5 億美元，利潤率為 20.4%。

We successfully and safely completed our maintenance outage at the International Falls mill in June which affected our volumes. Sales volume was 5% below the second quarter of 2024 and 7% below the first quarter of 2025.

6月份，我們成功安全地完成了國際瀑布工廠的維護停機，這影響了我們的銷售。銷量較2024年第二季下降5%，較2025年第一季下降7%。

We've completed the implementation of our price increases during the quarter with paper prices and mix up 3% from the second quarter of 2024 and 1% from the first quarter of 2025.

我們已在本季完成了紙張價格上漲的實施，混合價格從 2024 年第二季起上漲 3%，從 2025 年第一季起上漲 1%。

I'll now turn it over to Kent.

現在我將把發言權交給肯特。

Thanks, Mark.

謝謝，馬克。

Cash provided by operations was $300 million in the quarter, and free cash flow was $130 million. The primary payments of cash during the quarter included capital expenditures of $170 million, dividends of $112 million and federal income tax payments of $109 million.

本季經營活動產生的現金為3億美元，自由現金流為1.3億美元。本季主要現金支出包括1.7億美元的資本支出、1.12億美元的股利以及1.09億美元的聯邦所得稅。

Our quarter in cash balance, including marketable securities, was $956 million with liquidity of approximately $1.3 billion.

本季我們的現金餘額（包括有價證券）為 9.56 億美元，流動性約為 13 億美元。

I'll now turn it back over to Mark.

現在我將把話題交還給馬克。

Thank you, Kent.

謝謝你，肯特。

For our third quarter, profitable volume is going to be the key driver as it will affect our mill production and cost absorption. While we saw our corrugated customers remain cautious in June into early July, over the last couple of weeks, we've seen steady improvement with our bookings and shipments as July has progressed, which we expect to continue for the remainder of the quarter.

對於我們第三季而言，獲利量將成為關鍵驅動力，因為它將影響我們的工廠產量和成本吸收。雖然我們看到瓦楞紙客戶在6月至7月初仍保持謹慎，但在過去幾週，隨著7月份的推進，我們的訂單量和出貨量穩步提升，我們預計這種勢頭將在本季度剩餘時間內持續下去。

Therefore, we expect higher corrugated shipments which will deliver higher containerboard production across our mill system. However, we will continue to see lower export containerboard sales driven by the global trade environment.

因此，我們預計瓦楞紙出貨量將增加，這將提高我們整個工廠系統的箱板紙產量。然而，受全球貿易環境的影響，我們將繼續看到箱板紙出口銷售下降。

We will build some more inventory ahead of the fourth quarter DeRidder maintenance outage as planned. We expect prices and mix in the packaging segment to remain relatively flat. In the Paper segment, we expect flat pricing and higher production and sales volume with the completion of the International Falls outage in June, which impacted the second quarter as well as seasonal back to school orders.

我們將按計劃在第四季度德里德爾工廠維護停運前增加庫存。我們預計包裝部門的價格和產品組合將保持相對穩定。在紙張部門，隨著6月國際瀑布工廠停運的結束，我們預期價格將持平，產銷售量將會提升。此次停運對第二季以及季節性返校訂單產生了影響。

We have no scheduled maintenance outages during the third quarter and expect maintenance outage expense to be lower. Freight costs will be higher with the full effect of the rail rate increases at our mills. Operating costs will be near second quarter levels, and fiber costs will be slightly lower.

第三季我們沒有規劃停機維護，預計停機維護費用將會降低。受鐵路運價上漲的影響，我們工廠的貨運成本將會上升。營運成本將接近第二季的水平，纖維成本將略有下降。

Considering these items, we expect third quarter earnings of $2.80 per share, excluding special items. Our guidance does not include any possible impact from the pending acquisition of the Greif containerboard business, which is subject to satisfaction of certain conditions including regulatory approval.

考慮到這些項目，我們預計第三季每股收益為2.80美元（不包括特殊項目）。我們的預期不包含即將進行的格瑞夫箱板紙業務收購可能帶來的影響，該收購需滿足包括監管部門批准在內的特定條件。

And with that, we'd be happy to entertain any questions, but I must remind you that some of the statements we've made on the call today constituted forward-looking statements. The statements were based on current estimates, expectations, and projections of the company and do involve inherent risks and uncertainties, including the direction of the economy and those identified as risk factors in our annual report and on Form 10-K, which is on file with the SEC. Actual results could differ materially from those expressed in the forward-looking statements.

就此而言，我們很樂意解答您的任何問題，但我必須提醒您，我們今天電話會議上所做的一些陳述構成了前瞻性陳述。這些陳述基於公司目前的估計、預期和預測，確實包含固有風險和不確定性，包括經濟趨勢以及我們年度報告和提交給美國證券交易委員會的10-K表格中列明的風險因素。實際結果可能與前瞻性陳述中所表達的結果有重大差異。

And with that, Joe, I'd like to have you go ahead and open up the call, and we'll take questions.

喬，我想請你繼續通話，我們會回答問題。

(Operator Instructions)

（操作員指示）

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Couple of questions for me, Mark. First of all, can you or Tom talk a little bit about, traditionally, your comment on bookings and billings to start the new quarter? What are you seeing there? And you mentioned that you were better than expected on guidance in the second quarter on operations and fiber cost and while that gives us some color, if you can give us a little bit more detail in terms of what was behind the better performance and I have one quick follow on.

馬克，我有幾個問題。首先，你或湯姆能否談談你們對新季度初的訂單和賬單情況的評價？你們看到了什麼？你提到，第二季的營運和光纖成本指引好於預期，這給了我們一些線索，能否請你更詳細地說明業績改善背後的原因？我還有一個簡短的後續問題。

Yeah. I'll let Tom talk about where we are with cut-up.

是的。我會讓湯姆談談我們剪輯的進展。

Yeah. George, bookings right now are trending at 2% over the Q2 of 2024 which is a very good start considering the enormous increase we had in the third quarter of last year. So I remind everybody we've got some very, very tough comps.

是的。喬治，目前的預訂量比2024年第二季度增長了2%，考慮到我們去年第三季度的大幅增長，這是一個很好的開始。所以我要提醒大家，我們面臨的競爭非常非常激烈。

But interestingly enough, is that, as the last quarter really kind of tailed off a little bit in volume, we're starting out this quarter sequentially looking about 10% above what we did in the last month of 2025. So I think things are looking pretty decent.

但有趣的是，由於上個季度的交易量確實有所下降，因此從本季開始，我們的交易量較上季成長了約 10%，比 2025 年最後一個月高出 10%。所以我認為情況看起來相當不錯。

And George, regarding the second part of your question with the operations, there are two things. One, we -- as you would expect, we operated at extremely high efficiencies, approximately 99% uptime performance across the system.

喬治，關於你問題的第二部分運營，有兩點需要注意。第一，正如你所期望的，我們的營運效率極高，整個系統的正常運作時間大約達到 99%。

But in fact, if you think about that we did run to demand, so we had a couple of the smaller machines down during the quarter, one at Filer and one out at Wallula. And so with that, there was obviously the uncertainty about how the operating costs would look.

但事實上，想想看，我們確實滿足了需求，所以本季我們有幾台小型機器停駛了，一台在Filer，一台在Wallula。因此，營運成本的前景顯然存在不確定性。

And in fact, the organization executed extremely well and we're able to really run the mills very efficiently in spite of having some of the operations down for lack of demand. And so we're very pleased with the outcome from the organization's efforts.

事實上，該組織執行得非常好，儘管由於需求不足導致部分業務停工，但我們仍然能夠有效地運作工廠。因此，我們對該組織的努力成果非常滿意。

And that's really -- that's what was going on.

事實確實如此——事情就是這樣的。

Thanks, Mark. The last one for me, I -- when we look at revenue per ton and EBITDA per ton, they were up year on year. They were up a little bit versus where we were forecasting, which is neither here nor there. I think we should have had a little bit higher forecast, but was that just a function of mix, i.e., there was less external sales because you would pull back some of -- as you said, you took some downtime at Filer and that Wallula was mixed more or less comparable across the box system or did you actually see a bit of an uptick and could you provide some narrative in terms of the whys and wherefores there?

謝謝，馬克。最後一個問題，當我們查看每噸收入和每噸息稅折舊攤提前利潤 (EBITDA) 時，它們比去年同期增長了。與我們預測的水平相比，它們略有上升，但預測水平與實際情況不符。我認為我們的預測應該略高一些，但這是否只是產品組合的影響？也就是說，由於您撤回了一些產品，外部銷售額有所減少——正如您所說，Filer 停產了一段時間，而 Wallula 的產品組合在整個包裝系統中的銷量大致相當。或者說，您實際上看到了一些上漲，能否解釋一下其中的原因？

Good luck in the quarter.

祝本季好運。

It's Tom. I'll handle this.

我是湯姆。我來處理這件事。

No, I wouldn't really say it's a function of mix. It's a function of a number of different things, primarily, if you think about the fact that, and I'm going to remind everybody what we've talked about many, many times regarding price increases. When we go into price increase mode, we're in total price increase mode.

不，我不會真的說這是混合因素的函數。它是由許多不同因素共同作用的結果，首先，如果你考慮到這一點，我想提醒大家，關於漲價，我們已經討論過很多次了。當我們進入漲價模式時，我們實際上就處於總價格上漲模式。

That's where we are. And so you're seeing that reflected in the -- not only the revenue per ton but also the EBITDA per ton if that's the way you want to measure it, and we're certainly in our margins. So I think any sales that are down, i.e., export, would have helped contribute to that revenue and EBITDA.

這就是我們現在的狀況。所以你會看到，這不僅體現在每噸收入上，也體現在每噸EBITDA上（如果你想用EBITDA來衡量的話），而且我們的利潤率肯定還在。所以我認為，任何銷售額的下降，例如出口額，都會對收入和EBITDA有所貢獻。

So when that -- when those do come back and we get this -- get some of the global issues behind us, that's a good upside for us.

所以，當這些真的回來時，當一些全球性問題解決時，這對我們來說是一個很好的好處。

Mike Roxland, Truist.

麥克·羅克克蘭（Mike Roxland），Truist。

First question, I just wanted to follow up. You said it sounds like box shipments sort of stated in June. Wondering what's happened there. Is that a function of the consumers increasing tariff concerns? I just want to understand how the trajectory of box shipments is playing out during the quarter.

第一個問題，我只是想跟進一下。您說6月的貨櫃出貨量似乎有回升。我想知道發生了什麼事。這是消費者對關稅日益擔憂的結果嗎？我只是想了解本季貨櫃出貨量的走勢。

And Tom, you also sort of indicated, I want to make sure I heard this correctly, that bookings are up 10% versus the last month of Q2. If you could clarify that.

湯姆，你剛才好像也提到了，我想確認一下我沒聽錯，訂單量比第二季上個月增加了10%。你能解釋一下嗎？

Yes. That's -- they are up 10% versus the last month of Q2, and so we're off to a good start in comparison. And remember, we're running at record volume rates as it is. So we got to keep all that in mind. I think your question around why did it fade a little bit in the second quarter, I think you saw a little bit of that in the first quarter as well.

是的。也就是說，與第二季最後一個月相比，我們的銷量成長了10%，所以相比之下，我們的開局不錯。記住，我們的銷量目前正處於創紀錄的水平。所以我們必須牢記這一點。我想你問的為什麼第二季銷量會略有下降，我想你在第一季也看到了一些這樣的情況。

I still think there's a lot of questions around tariffs and what's happened globally, and everybody's just kind of waiting for something to that they can count on long term. So we've got a lot of customers who are managing their inventories very closely.

我仍然認為圍繞關稅和全球局勢仍有許多疑問，大家都在等待一些可以長期依賴的方案。所以我們有很多客戶都在密切管理庫存。

So we're seeing some spikes and then some valleys during the quarter in terms of ordering patterns. And I think the other thing is you got to remember that there's a number of industries that have been quite impacted by just the global economy, the questions in the economy, those sorts of things.

因此，就訂單模式而言，我們在本季度看到了一些高峰和低谷。我認為另一件事是，你必須記住，許多行業都受到了全球經濟、經濟問題等因素的嚴重影響。

And so we've got some areas that are off, some segments that are off, automotive being one. Building products being off very highly because of this housing market that's existed that's basically stagnant. And then in the food and beverage area, the salty snacks and the sugary beverages, obviously have been under some duress, and that's been in the news at lots of times.

所以，有些領域、有些細分市場表現不佳，汽車產業就是其中之一。由於房地產市場基本上停滯，建築產品銷售下滑嚴重。此外，在食品飲料領域，鹹味零食和含糖飲料顯然也面臨一些壓力，這在新聞中屢見不鮮。

So you got some puts and takes here, but we're still advancing and moving forward and feel good about where we are.

因此，您在這裡會遇到一些困難，但我們仍在不斷進步和前進，並且對我們所處的位置感到滿意。

One of the indicators that I always look at in that regard too is what's our cut-up look like on Friday going into a Saturday period. In the last couple of weekends, we've seen a nice movement upward in the volume that's coming out of the plants on Fridays and Saturdays.

在這方面，我經常關注的一個指標是，週五到週六的分類情況如何。過去幾個週末，我們看到週五和週六工廠的出貨量呈現良好的上升趨勢。

So that's been, again, compared to the the month of May into June, when things had declined these last couple of weekends of the first Friday, Saturday periods, we've seen that are really looking really strong.

因此，與 5 月到 6 月相比，情況有所下降，但在前幾個週末的周五和周六，我們看到情況確實非常強勁。

Just one quick follow up. In terms of auto being off, building products being off, food and bev being off, is that a 2Q phenomenon was that it's been off for a year and maybe last year? Just wondering if that's -- if something -- if those people and markets have worsened relative to the recent times.

再問一個問題。汽車、建築產品和食品飲料產業都陷入低迷，這是不是第二季才出現的現象？這種情況已經持續了一年，甚至可能是去年？我想知道，這些人和市場相對於近期而言是否已經惡化了。

And then just one quick question on the Greif acquisition. Can you talk about the capital avoidance that you'll be -- on the capital that you'll be avoiding spending by acquiring those assets and any initial expectations on 2026 CapEx?

然後，關於 Greif 收購，我只想問一個簡單的問題。您能否談談透過收購這些資產，您將如何避免資本支出？以及 2026 年資本支出的初步預期？

I'll take the -- Mike, I'll take this question.

我會回答——麥克，我會回答這個問題。

When you ask about automotive and building products and some of these other segments, some have gotten worse, some have been kind of like that for quite some time, but even in the building products as an example, I mean that part of the industry has really struggled for quite some time now as we've said here with these interest rates that some would argue are quite high and haven't quite opened up markets, if you will.

當你問到汽車和建築產品以及其他一些領域時，有些領域的情況變得更糟，有些領域這種情況已經持續了相當長一段時間，但即使以建築產品為例，我的意思是該行業的一部分確實已經掙扎了相當長一段時間，正如我們在這裡所說的那樣，有些人會認為這些利率相當高，而且還沒有完全開放市場，如果你願意的話。

So I think there's a tremendous upside for us relative to getting these tariffs behind us and some interest rate movement, which will really catapult us going forward. Obviously, all of our assets are dedicated to America, and we'll be the ultimate winner out of this.

所以我認為，如果關稅措施得以落實，利率也得到一定程度的調整，對我們來說將有巨大的好處，這將真正推動我們向前發展。顯然，我們所有的資產都致力於美國，我們將是最終的贏家。

So I think there's some really good upside for us there. And that kind of leads us into the Greif acquisition as well. So when we talk about capital avoidance, I want to remind everybody, and we've been talking about this for quite some time, that the capital intensity in this business is tremendous.

所以我認為這對我們來說確實有一些好處。這也促使我們考慮收購Greif。所以，當我們談到資本規避時，我想提醒大家，而且我們已經討論了很長時間，這個行業的資本密集度非常高。

And what used to be being able to put a box plant together for $100 million is now closer to $300 million and a mill used to be $300 million on the cheap, and now you can -- now, it's no -- it's going to cost you every bit of $1 billion.

以前，建立一個紙箱廠只需花費 1 億美元，而現在則需要花費近 3 億美元，而建立一個工廠則需要花費 3 億美元，而現在 — — 不是 — — 則需要花費 10 億美元。

So things have changed quite dramatically from a capital point of view. And so the number is quite significant for us in terms of capital avoidance with the Greif assets.

所以從資本角度來看，情況已經發生了巨大的變化。因此，就Greif資產的資本規避而言，這個數字對我們來說意義重大。

The one example is the Dallas Metroplex region. And we're currently finishing out a project in Ohio that will start up next summer, and then we'd already been looking at what we would be doing down in the Dallas region, which would have entailed more than likely building out a new very large plant down there, similar to what we just did in Arizona, what we're doing in Ohio, and yet with the acquisition with Greif, we got the platform already sitting there that we can build out with just some converting equipment going into the new plant that Greif has down in Dallas.

一個例子就是達拉斯都會區。我們目前正在完成俄亥俄州的一個項目，該項目將於明年夏天啟動。我們一直在考慮在達拉斯地區進行哪些工作，這很可能意味著在那裡新建一個非常大的工廠，類似於我們剛剛在亞利桑那州和俄亥俄州所做的。然而，透過收購Greif，我們已經擁有了一個平台，只需將一些加工設備運送到Greif在達拉斯的新工廠，我們就可以進行建造。

So that's another example of where we'll avoid some big capital.

這是我們避免一些大資本的另一個例子。

Yeah. And also I'd say the Greif integration level is very good and although it'll give us some additional tons, which we will need, we can manage that quite elegantly, I think, going forward.

是的。而且我想說的是，Greif 的整合程度非常好，雖然它會為我們帶來一些額外的需求，但我認為，我們可以相當優雅地管理這些需求。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

I apologize, for the avoidance of doubt, I think you said bookings up 2% versus Q224. I presume you meant Q324, and same day shipments were up 11.5% in that period?

抱歉，為了避免疑問，您說的是訂單量比2024年第二季增加了2%。我猜您指的是2024年第三季度，當時當日出貨量增加了11.5%？

Yes. I did. I'm sorry. I misstated there. Thank you, Gabe.

是的，我說過。抱歉，我記錯了。謝謝你，Gabe。

No. I wasn't trying to -- I just want to make sure that we're clear. Up 10 versus what could have been a depressed June number, I think is causing a little bit of confusion for folks, so that's why I asked the question.

不，我不是想問——我只是想確保我們清楚。相較於6月可能低迷的數據，今年的GDP成長了10%，我認為這會給大家帶來一些困惑，所以我才問了這個問題。

Yeah. I was just trying to indicate -- Gabe, I was just trying to indicate that the trend is clearly up from the trend that was taking place in Q2.

是的。我只是想表明——加布，我只是想表明，這一趨勢明顯高於第二季的趨勢。

Anything specific on the growth acquisition from a financial standpoint, cash tax specifically, that could be advantageous to you on the acquisition?

從財務角度來看，成長型收購有什麼具體內容，特別是現金稅，對您的收購有利嗎？

As far as CapEx?

就資本支出而言？

No. Cash taxes, Mark.

不，現金稅，馬克。

I'm sorry. We couldn't hear you. You're not coming through clearly, Gabe. What was that?

抱歉，我們聽不見你說話。 Gabe，你說話不太清楚。剛才那是什麼？

I apologize. Cash tax.

抱歉，現金稅。

On tax?

稅？

Yeah and the Big Beautiful Bill.

是的，還有《大美人比爾》。

Okay. So yeah, two things there. Yeah, Gabe, two things. It's Kent. Number one, the acquisition will largely be structured as an asset acquisition, meaning that we will -- we'll get the depreciation shield there. So that's number one.

好的。是的，有兩件事。是的，加布，有兩件事。我是肯特。第一，此次收購將主要建構為資產收購，這意味著我們將獲得折舊保護。這是第一點。

Number two, yes, we're going to get an opportunity with the bill to take bonus depreciation at the higher level than what was in force. So yes.

第二，是的，透過這項法案，我們將有機會將獎金折舊率提高到比現行水準更高的水準。所以是的。

And then I guess last one back to the nuts and bolts of what you guys do on a day to day basis, making boxes and keeping customers happy. We read about a large e-commerce customer potentially moving suppliers.

最後我想談談你們日常工作的具體細節，例如製作包裝盒和確保顧客滿意。我們了解到一家大型電商客戶可能正在更換供應商。

I'm just curious if you're seeing more instances of bidding out there given sort of what appears to be a little bit of a volatile environment.

我只是好奇，考慮到目前看起來有點不穩定的環境，你是否看到了更多的競標案例。

Gabe, I would say, no, I think it's just basically kind of business as usual from the customer's point of view. But I will remind everybody that with the recent announcements in the industry relative to mills and box plants, I think that supply has become very much in line with demand as it exists today.

加布，我想說，不，從客戶的角度來看，這基本上只是照常營業。但我要提醒大家，鑑於業內最近發布的有關工廠和紙箱廠的消息，我認為目前的供應已經與需求基本一致。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

I wanted just to follow up a little bit on the Greif acquisition. I know the press release, et cetera had talked about the run rate of that business having been $212 million during that May through April period and that you had outlined $60 million in synergy potential.

我想稍微跟進一下Greif收購案。我知道新聞稿等都提到了該業務在5月至4月期間的營運率為2.12億美元，而且您還概述了6000萬美元的協同潛力。

Two points of clarification. one, you just raised the Dallas facility. I know that Greif had talked about that potentially making $30 million but I don't think it was making much money in the time period which covered the $212 million.

需要澄清兩點。第一，您剛才提到了達拉斯工廠。我知道格雷夫曾提到該工廠可能獲利3000萬美元，但我認為在涵蓋2.12億美元的時間段內，該工廠的獲利並不多。

So I just wanted to clarify that and whether you think that's a reasonable type of number and whether that was included in your synergies or not. And then I guess that $212 million is sort of backward looking. Is it fair to say that given the price increases and some other variables, that's sort of the look forward run rate you would anticipate at this point to be higher than that and if we kind of talk about what the key variables we should be focused on as we do that analysis, that'd be super helpful.

所以我只是想澄清一下，您是否認為這是一個合理的數字，以及這是否包含在您的協同效應中。然後我想2.12億美元有點像是回顧性的數字。考慮到價格上漲和其他一些變量，您是否可以公平地說，目前預期的預期運行率會高於這個數字？如果我們討論一下在進行分析時應該關注的關鍵變量，那將非常有幫助。

This is Tom.

這是湯姆。

First of all, the $212 million, is there an upside to that? Yes. Did they capture some upside to that? Yes. So we'll be -- we're heading in better shape there. Did we build Dallas into our synergies? Yes, to some extent, quite conservatively, but we see some tremendous upside with that Dallas facility as Mark mentioned, because it can be expanded dramatically beyond where it is right now with Greif.

首先，2.12億美元，這筆投資有好處嗎？有。他們從中獲利了嗎？有。所以我們會——我們在這方面的進展會更好。我們是否將達拉斯工廠納入了我們的協同效應？是的，在某種程度上，我們的做法相當保守，但正如馬克所提到的，我們看到達拉斯工廠的巨大潛力，因為它可以大幅擴張，超越目前與格瑞夫的合作規模。

So does that essentially answer your question, Mark?

那麼這基本上回答了你的問題嗎，馬克？

It does. And then I guess the last part, and maybe you did sort of address it obviously and we've had some price increase. I guess it wasn't quite clear when you say that they -- so they're already making -- it's already making most of the benefit of the price increases are already visible and showing up. I wasn't quite clear what you meant by that.

確實如此。我想，關於最後一部分，您似乎確實提到了這一點，而且價格確實有所上漲。我想，當您說他們已經…所以他們已經…已經…價格上漲的大部分好處已經顯現出來了，這話可能不太清楚。我不太清楚您這是什麼意思。

Well, we know what the estimates are. That's all we know at this stage of the game, but the estimates were for greater than the $212 million. So obviously, they were still flowing through price increase after that -- after our agreement.

嗯，我們知道預算是多少。目前我們知道的就這些，但預算比2.12億美元還要高。所以很明顯，在我們達成協議之後，價格還在上漲。

And then just last thing. I mean one thing is when I look at last year, there was like a 4% step up in your box shipments from the second quarter to the third quarter. And so you presumably have a pretty tough comp this quarter, even tougher than the second quarter as well.

最後一點。我的意思是，回顧去年，你們的盒子出貨量從第二季到第三季成長了4%。所以，你們本季的業績應該相當艱難，甚至比第二季還要艱難。

And so I think you had talked about still expecting to be up year over year in the third quarter, so that would actually seem to suggest continued sequential -- pretty strong sequential improvement. And I just want to make sure I'm getting that right and the comment about improving to the third quarter wasn't just a sequential comment.

所以，我想您之前提到過，預計第三季的業績仍將同比增長，這實際上似乎表明業績將持續環比增長——相當強勁的環比改善。我只是想確認一下我理解的是否正確，關於第三季度業績改善的評論並非僅僅是環比增長的評論。

The improvement of the third quarter was a sequential comment, but the -- and so the third quarter of '25 over the third quarter of '24 will be relatively flat. I mean it might be up just a little hair, but it's going to be relatively flat as we estimate right now.

第三季的改善是一個連續的評論，但2025年第三季與2024年第三季相比將相對持平。我的意思是，它可能只是略有上升，但正如我們目前估計的那樣，它將相對持平。

And again, as we indicated, our estimates are based on a lot of unknowns right now with the tariffs and the global structures and things like that, so that could change quite dramatically, I think, by the end of the third quarter.

正如我們所指出的，我們的估計是基於目前的許多未知因素，如關稅、全球結構等，因此我認為到第三季末，情況可能會發生巨大變化。

And in terms of change, risk to the upside or downside and maybe (multiple speakers)

就變化而言，風險可能是上漲的，也可能是下跌的，也許（多位發言者）

To the upside because I think as soon as we get some certainty to some of these issues that exist out there, and this is -- and I'm just telling you what our customers are telling us as well, is that, they can try to get back to what we would consider more business as usual and have more predictability going forward and all of that's to the upside.

好的一面是因為我認為，一旦我們確定了存在的一些問題，這就是——我只是告訴你我們的客戶也在告訴我們，他們可以嘗試恢復到我們認為的正常業務狀態，並對未來有更多的可預測性，所有這些都是好的一面。

I think most are all operating on a very conservative nature right now.

我認為現在大多數人的行事方式都非常保守。

And Mark, as I said a few minutes ago, the last few Friday, Saturday periods, we've had the best couple of Friday, Saturday periods that we've had in four months. You'd have to go back to the March, April period. And so we've seen that significant movement just through the end of the week cut-up.

馬克，正如我幾分鐘前所說的，最近幾個週五和週六時段，我們的業績是四個月以來最好的。這得追溯到三月和四月。所以，我們在周末的收盤價就出現了顯著的波動。

Yeah. And what Mark's really talking about is having to work into Saturdays as opposed to just being off, being straight five days a week. We're getting into six days a week now.

是的。馬克真正想說的是星期六也要加班，而不是像以前那樣休息，一週五天都工作。現在我們每週工作六天了。

So I mean it sounds to me like you think maybe there's this like pent up demand that's potentially there, but that you want to see the green lights on tariffs and then people would actually --

所以我的意思是，在我看來，你認為可能存在這種被壓抑的需求，但你希望看到關稅獲得批准，然後人們實際上會——

Yes. And I think one of the things that you -- that really exist is, and you've seen it in other downturns is when people pull their -- pull in their horns and really manage their inventory incredibly tight. Because they can't really predict what's going to happen to their business over the long haul, those inventories change almost overnight to the upside.

是的。我認為確實存在這樣的情況，而且你在其他經濟低迷時期也看到過，那就是人們會收斂情緒，嚴格管理庫存。因為他們無法真正預測長期業務的走向，這些庫存幾乎在一夜之間就上漲了。

And then our customers can get out and start moving product forward. I mean, just think as an example, if interest rates come down and that impacts the housing market, I mean, just a building products segment is going to just jump dramatically because it's down double digits in the last few years.

然後我們的客戶就可以開始推進產品開發了。舉個例子，如果利率下降，影響到房地產市場，那麼建築產品領域就會大幅成長，因為過去幾年該領域已經下降了兩位數。

Anojja Shah, UBS.

瑞銀的 Anojja Shah。

I wanted to clarify, you said that you expect prices in the packaging segment to be flat in Q3 sequentially. I thought there was a little bit of the February price increase that was rolling into Q3. Is that right? And if so, are there puts and takes for that flat estimate, that flat guidance?

我想澄清一下，您之前說過，預計包裝部門的價格在第三季將環比持平。我以為2月的價格上漲會延續到第三季。是這樣嗎？如果是這樣，那麼對於這個持平的預估和指導價，有什麼利弊嗎？

We're putting it in as flat right now because arguably, we've got the complete pass through done. Typically, in our fashion, we get it faster than the rest of the industry, but -- so we've essentially got that price increase in place. There may be a slight upside, but that's it.

我們現在把它設定為平價，因為可以說我們已經完成了全部的轉嫁。通常情況下，我們比業內其他公司更快地完成轉嫁，但是——所以我們基本上已經實現了價格上漲。可能會有一點上漲，但僅此而已。

And then just going back to the e-commerce question, can you give a sense of what the growth in e-commerce has been like so far this year? And maybe if you can, your outlook for the rest of the year?

回到電子商務的問題，您能否介紹一下今年迄今為止電子商務的成長？如果可以的話，您對今年剩餘時間的電子商務發展有何展望？

I can't tell you exactly what the entire e-commerce industry has done. I can tell you that our customers continue to grow, and that's a good thing. So if you went indicated off of our customers, they're still growing mid single digits so far this year.

我無法確切地告訴你整個電子商務行業的情況。我可以告訴你，我們的客戶數量持續成長，這是一件好事。所以，如果你關注我們的客戶，你會發現今年到目前為止，他們的成長速度仍在維持中等個位數。

And it's going to be really -- e-comm is, when you talk about this year, it's a little more difficult because e-comm is more of a second half business. And that's really kind of driving our industry to be more of a second half industry, quite frankly.

今年電子商務確實會更難一些，因為它更像是下半年的行業。坦白說，這實際上會推動我們的行業更像一個下半年的行業。

So that creates again, perhaps a little more upside to where we are right now in terms of this questionable environment. But so I can answer the e-comm question a lot easier at the end of the year than I can mid-year. But so far, it's still up and obviously it's a big part of the box business today given the way people shop.

所以，就目前這種充滿不確定性的環境而言，這或許會為我們帶來一些好處。但也因為如此，我在年底回答電子商務問題時，會比在年中回答容易得多。到目前為止，電子商務仍在成長，考慮到人們的購物方式，電子商務顯然是如今盒子業務的重要組成部分。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

I'm wondering if you can say where PCA's recycled mix will be before and after the Greif acquisition. And then just from a high level, the Greif's recycled capabilities open up, new customer sets or were they hitting some segments of the markets where you really couldn't compete before. Just any thoughts there?

我想知道您能否透露一下PCA在收購Greif前後的再生料組合情況。從宏觀層面來看，Greif的再生料能力是否會開拓新的客戶群，或者是否會進入一些之前你們無法競爭的細分市場。您對此有何看法？

Yeah. I'll comment and then Tom can add to that. We've historically been around that 20% level, depending on time of year and price of OCC might be as low as 15%, but with Greif, we'll theoretically be moving up to around that 30% level.

是的。我會評論一下，然後湯姆可以補充一下。我們歷史上的利率水準一直在20%左右，具體時間取決於一年中的不同時期，OCC的價格可能低至15%。但有了Greif，理論上我們的利率水準會升至30%左右。

Yeah. And I'll just add that does it -- yeah, I mean, it's going to -- it's not -- we've never been prevented from certain markets, but it's going to provide some better opportunities for us, especially since they've got 100% recycled mill in Massillon.

是的。我還要補充一點，是的，我的意思是，這不會——我們從未被禁止進入某些市場，但這會為我們提供更好的機會，尤其是他們在馬西隆擁有100%再生紙工廠。

And we can swing that between liner and medium if we want. We can do a lot of things and we've got a lot of plants strategically located very close by. So we'll be freight positive and fiber positive, quite frankly, out of that facility.

如果我們願意，我們可以在中型和中型之間靈活切換。我們可以做很多事情，而且我們有很多工廠策略性地分佈在附近。所以坦白說，有了那個工廠，我們的貨運量和纖維產量都會增加。

What Tom's saying is that our big Ashland plant is like 44 miles away from Massillon, and the new plant down in Newark is like 90 miles away, so we'll be in a position just to shuttle -- PCA shuttle, roll stock in and out, so we'll be -- again, considerable savings right there.

湯姆的意思是，我們的大型阿什蘭工廠距離馬西隆有 44 英里，而位於紐瓦克的新工廠距離馬西隆有 90 英里，所以我們只需通過穿梭巴士——PCA 穿梭巴士，滾動貨物進出，這樣我們就能——再次，在那裡節省大量成本。

And then just following up on Gabe's question, I mean we have seen a number of closure announcements this year, some of them pretty large, and not asking you to comment on your competitor's business, but I'm just wondering if any of these closures have allowed you to pick up some business or impacted you in other ways or if there's any maybe specific regions that are performing better than others, just any follow up there.

然後繼續回答 Gabe 的問題，我的意思是，今年我們已經看到了許多關閉公告，其中一些規模相當大，我不是要求您對競爭對手的業務發表評論，但我只是想知道這些關閉是否讓您獲得了一些業務或以其他方式影響了您，或者是否有任何特定地區的表現優於其他地區，請繼續關注。

A difficult question to respond to, Anthony, but a good one from your standpoint. Much more difficult for me to respond to, but I would say that no, it's hard to tell at this point, quite frankly, because I think what you're looking at is you're looking at what we've been talking about for a long time, and that is that it's a very small limited outside market for a containerboard today in the United States.

安東尼，這個問題很難回答，但從你的角度來看，這個問題問得很好。對我來說，這個問題更難回答，但坦白說，目前很難說，因為我認為你關注的是我們長期以來一直在討論的問題，那就是目前美國箱板紙的外部市場非常小，非常有限。

And so if there -- if you're focused on that, that there's little upside to that. And then of course, you've got the export situation and what's going on globally, and if you're focused in that market, you've got some real challenges as well.

所以，如果你專注於此，那就沒什麼好處了。當然，你也要考慮出口狀況和全球情勢，如果你專注於這個市場，你也會面臨一些真正的挑戰。

So I think those two things wrapped together along with where we are in current demand, probably led to some of those decisions. And obviously, it's positive to us, going forward, but that's just with the way we see it.

所以我認為，這兩件事，加上我們目前的需求狀況，可能促成了我們所做的一些決定。顯然，這對我們未來發展有利，但這只是我們的看法。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

This is John on for Phil.

這是約翰，代替菲爾。

I wanted to start off just kind of going back to the volumes on a year over year basis. I mean, you called out box shipments were going to be about flat year over year, but is the containerboard production expected to be down?

我想先回顧一下同比產量。您之前說過，紙箱出貨量比去年同期基本持平，但箱板紙產量預計會下降嗎？

I know you talked about a little bit of a ramp up sequentially ahead of DeRidder, but I'm thinking about on a year over year basis, with some of the economic downtime that you've been taking, is that something that's going to be down year over year?

我知道您談到了在德里德之前銷量會逐漸增加，但我考慮的是，與去年同期相比，由於您經歷了一些經濟低迷期，銷量是否會逐年下降？

Well, what -- we're probably 25,000 to 30,000 tons down compared to last year, and that's primarily via the export sales in containerboard that we again, under the current market situation with tariff, we choose not to participate in right now.

嗯，與去年相比，我們的出口量可能減少了 25,000 到 30,000 噸，這主要是透過箱板紙的出口銷售來實現的，在當前的關稅市場形勢下，我們選擇現在不參與。

And then from your perspective on the demand front, are your customers done destocking? Like, do you have any insights on their inventory levels and just thinking about as we maybe get some clarity on these tariff negotiations and maybe we see some pullback in rates, if that could lead to a good amount of torque coming through maybe back after this year going into next year?

那麼，從您需求的角度來看，您的客戶去庫存完成了嗎？您對他們的庫存水準有什麼了解嗎？隨著關稅談判逐漸明朗，關稅可能會有所回落，這是否會導致今年之後到明年出現較大的扭力？

Yeah. Our customers are through the destocking part. As I said, they're carrying incredibly lean inventories and going forward, if we just get some certainty in the global economy and of course get any kind of interest rate movements here domestically, I think things are going to open up quite dramatically.

是的。我們的客戶正在經歷去庫存階段。正如我所說，他們的庫存非常少。展望未來，如果我們對全球經濟情勢有所把握，當然，國內利率也有一定的波動，我認為情況將會有顯著的改善。

Charlie Muir-Sands, BNP Paribas.

法國巴黎銀行的查理‧繆爾-桑茲 (Charlie Muir-Sands)。

Firstly, just on the Greif acquisition, I'm not too familiar with the assets. You've obviously just disclosed the 800,000 tons of mill capacity and alluded to the integration rate, but can you just clarify how much corrugated production or capacity or both the company has or what levels of integration that operation had?

首先，關於格瑞夫收購案，我對相關資產不太了解。您顯然剛剛披露了80萬噸的工廠產能，並提到了整合率，但您能否澄清一下，該公司的瓦楞紙產量或產能是多少，或者兩者兼而有之，或者該業務的整合程度如何？

And then secondly on that, obviously it's a $1.8 billion acquisition funded from cash and borrowing. Can you just give any kind of steer on the marginal cost of that for our modeling? And then I have one follow up question.

其次，顯然這是一筆18億美元的收購，資金來自現金和借款。您能否就這筆收購的邊際成本，為我們的建模提供一些指引？然後我還有一個後續問題。

Yeah. Charlie, it's Kent. We are modeling about 5.5% interest rate on the new debt, so around $100 million incremental interest there.

是的。查理，我是肯特。我們為新債務建模的利率約為5.5%，所以增量利息約為1億美元。

And regarding the Greif assets and the integration level, the integration level is probably in that 70%, 75% range. So as I said, there'll be some available tons that we're going to need in this acquisition.

至於Greif資產和整合程度，整合程度大概在70%到75%之間。所以正如我所說，這次收購中我們確實需要一些可用的資源。

And given your comments about seeing a pick up in demand and therefore extra shifts coming on late on Fridays or into Saturdays, can you just talk about how we should think about operational leverage or deleverage on that marginal growth if you do see a demand pick up with the leverage of the fixed costs mean that it's an incrementally more profitable business, or do you end up having to pay overtime and therefore, it doesn't really sort of drop through a greater than your EBITDA margin?

鑑於您所說的看到需求回升，並因此在周五晚些時候或週六增加班次，您能否談談我們應該如何看待營運槓桿或去槓桿化這種邊際增長？如果您看到需求回升，固定成本的槓桿是否意味著這是一項利潤更高的業務，或者您最終是否需要支付加班費，因此，它實際上並沒有超過您的 EBITDA 利潤率？

Just any color there?

那裡有任意顏色嗎？

Well, Charlie, the only thing I'd tell you is that most of our costs are covered at some point. And so when you go beyond that point, I mean, a lot of that falls directly to the bottom line because we've already covered those costs.

查理，我只想告訴你，我們大部分的成本在某個時候都會被收回。所以，當你超過這個點時，很多成本就會直接計入利潤，因為我們已經拿回了這些成本。

So you might get a small incremental addition in overtime or something like that, but that's minuscule compared to all the other costs you've already absorbed.

因此，您可能會在加班費或類似費用方面獲得少量的增量，但與您已經吸收的所有其他成本相比，這微不足道。

Anything else, Charlie?

還有什麼嗎，查理？

That was it.

就是這樣。

Joe, any more questions?

喬，還有其他問題嗎？

Mr. Kowlzan, I see that there are no more questions.

科爾贊先生，我看沒有其他問題了。

Do you have any closing comments?

您還有什麼結束語嗎？

Yes. I'd like to thank everybody for joining us today on the call and look forward to speaking with you in October when we will cover the third quarter.

是的。感謝大家今天參加電話會議，期待10月與大家見面，屆時我們將討論第三季的業績。

Have a nice day. Thank you very much.

祝您有愉快的一天。非常感謝。

Thank you.

謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。