Pactiv Evergreen Inc (PTVE) 2022 Q4 法說會逐字稿

Good day, and welcome to the Pactiv Evergreen Incorporated Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 Pactiv Evergreen Incorporated 2022 年第四季度收益電話會議。 （操作員說明）在今天的演示之後，將有機會提問。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Curt Worthington, Vice President, Strategy and Investor Relations. Please go ahead.

我現在想將會議轉交給負責戰略和投資者關係的副總裁 Curt Worthington。請繼續。

Thank you, operator, and good morning, everyone. Thank you for your interest in Pactiv Evergreen, and welcome to our fourth quarter 2022 earnings call. With me on the call today, we have Michael King, President and CEO; and Jon Baksht, CFO. Please visit the Events section of our Investor Relations website at www.pactivevergreen.com and access our supplemental earnings presentation. Management's remarks today should be heard in tandem with reviewing this presentation.

謝謝接線員，大家早上好。感謝您對 Pactiv Evergreen 的關注，歡迎來到我們的 2022 年第四季度財報電話會議。今天和我一起打電話的有總裁兼首席執行官 Michael King；和首席財務官 Jon Baksht。請訪問我們的投資者關係網站 www.pactivevergreen.com 的活動部分，並訪問我們的補充收益介紹。管理層今天的評論應該與審閱本演示文稿一起聽取。

Before we begin our formal remarks, I would like to remind everyone that our discussions today will include forward-looking statements, including, but not limited to, statements regarding our guidance for 2023. These forward-looking statements are not guarantees of future performance, and actual results could differ materially from those contemplated by our forward-looking statements. Therefore, you should not put undue reliance on those statements. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

在我們開始正式發言之前，我想提醒大家，我們今天的討論將包括前瞻性陳述，包括但不限於關於我們 2023 年指導意見的陳述。這些前瞻性陳述不是對未來業績的保證，實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異。因此，您不應過分依賴這些陳述。這些陳述還受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。

We refer all of you to our recent SEC filings, including our annual report on Form 10-K for the year ended December 31, 2022 for a more detailed discussion of those risks. The forward-looking statements we make on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements, except as required by law. Lastly, during today's call, we will discuss certain GAAP and non-GAAP financial measures, which we believe can be useful in evaluating our performance. Our non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP, and a reconciliation to the most directly comparable GAAP measures is available in our earnings release and in the appendix to today's presentation. Unless otherwise stated, all figures discussed during today's call are for continuing operations only.

我們建議大家參考我們最近提交給美國證券交易委員會的文件，包括我們截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告，以更詳細地討論這些風險。我們在本次電話會議上所做的前瞻性陳述是基於截至今天日期我們可獲得的信息，除法律要求外，我們不承擔任何更新任何前瞻性陳述的義務。最後，在今天的電話會議中，我們將討論某些 GAAP 和非 GAAP 財務指標，我們認為這些指標有助於評估我們的業績。不應孤立地考慮我們的非 GAAP 措施或替代根據 GAAP 編制的結果，我們的收益發布和今天的報告附錄中提供了與最直接可比的 GAAP 措施的對賬。除非另有說明，否則今天電話會議中討論的所有數據僅適用於持續運營。

With that, let me turn the call over to Pactiv Evergreen's President and CEO, Michael King. Mike?

有了這個，讓我把電話轉給 Pactiv Evergreen 的總裁兼首席執行官邁克爾金。麥克風？

Thank you, Curt, and good morning, everyone. I'd like to start by welcoming Curt to his new role as Vice President, Strategy and Investor Relations. Curt brings more than 25 years of experience in the industrial and finance sectors, and we're excited to have him on the Pactiv Evergreen team.

謝謝你，柯特，大家早上好。首先，我想歡迎 Curt 擔任戰略和投資者關係副總裁一職。 Curt 在工業和金融領域擁有超過 25 年的經驗，我們很高興他能加入 Pactiv Evergreen 團隊。

Yesterday, after the market closed, Pactiv Evergreen released solid fourth quarter and full year 2022 results, which exceeded the high end of our full year guidance range of $760 million to $780 million. Our $785 million of full year adjusted EBITDA highlights the many strengths of our organization as we accomplish numerous goals while managing through the obstacles presented to us over the last couple of years from the onset of the pandemic.

昨天，收盤後，Pactiv Evergreen 發布了穩健的第四季度和 2022 年全年業績，超過了我們 7.6 億美元至 7.8 億美元的全年指導範圍的上限。我們 7.85 億美元的全年調整後 EBITDA 凸顯了我們組織的許多優勢，因為我們實現了許多目標，同時克服了自大流行病爆發以來的過去幾年中給我們帶來的障礙。

Turning to the agenda on Slide 4. I will start today's call with a strategic update as well as some details of the Beverage Merchandising Restructuring Plan that we announced yesterday as a part of our earnings release and related SEC filings. I will then provide some comments on our 2022 full year highlights. Jon will then discuss Q4 results and full year financial performance in more detail. Finally, I will cover our ESG update and our 2023 outlook, and then we'll move to some Q&A.

轉到幻燈片 4 上的議程。我將以戰略更新以及我們昨天宣布的飲料營銷重組計劃的一些細節作為我們的收益發布和相關 SEC 備案文件的一部分開始今天的電話會議。然後，我將對我們 2022 年全年的亮點發表一些評論。然後，喬恩將更詳細地討論第四季度業績和全年財務業績。最後，我將介紹我們的 ESG 更新和我們的 2023 年展望，然後我們將進行一些問答。

On Slide 6, starting with an overview of how we are driving strategic focus at Pactiv Evergreen. We know who we are as an organization and where our strengths are. We intend to continue to execute with a high level of focus on these strategic areas. We are focused on food and beverage. We are #1 or #2 in the majority of our markets, and we have strong relationships with our customers, many of which are large blue-chip companies. We are focused on North America. This is where we see our best opportunities for profitable growth. This is where our operations and our customers are and where we are operating at scale. We are focused on converting operations and are decreasing our exposure to high capital intensity, low-margin raw material operations. We will discuss this further as we get into the details of our Beverage Merchandising Restructuring announcement.

在幻燈片 6 上，首先概述了我們如何推動 Pactiv Evergreen 的戰略重點。作為一個組織，我們知道我們是誰，我們的優勢在哪裡。我們打算繼續高度關注這些戰略領域。我們專注於食品和飲料。我們在大多數市場中排名第一或第二，我們與客戶建立了牢固的關係，其中許多是大型藍籌公司。我們專注於北美。在這裡，我們看到了實現盈利增長的最佳機會。這是我們的業務和客戶所在的地方，也是我們大規模運營的地方。我們專注於轉換業務，並正在減少我們對高資本密集度、低利潤原材料業務的敞口。我們將在深入了解飲料營銷重組公告的細節時進一步討論這個問題。

We are focused on sustainability, making sure that our products are environmentally friendly and anticipate the sustainability desires of our customers. We are on trend. The packaging space is constantly changing. We are constantly innovating to stay ahead of the latest trends. We are a packaging solutions provider. We don't just sell cups or containers. We provide our customers with complete solutions that address their needs across all types of substrates and applications. And importantly, we generate dependable returns. With balanced product and end market exposure, we are focused on driving profitable growth and generating consistent returns for our shareholders.

我們專注於可持續發展，確保我們的產品環保，並預見客戶的可持續發展願望。我們正處於趨勢之中。包裝空間在不斷變化。我們不斷創新以保持領先於最新趨勢。我們是包裝解決方案提供商。我們不只是銷售杯子或容器。我們為客戶提供完整的解決方案，滿足他們對所有類型的基材和應用的需求。重要的是，我們產生可靠的回報。憑藉平衡的產品和終端市場曝光率，我們專注於推動盈利增長並為我們的股東創造穩定的回報。

Moving to Slide 7. We have consistently emphasized several key themes in our communications. We said many times that we would focus on our core North American high-margin business that we would streamline our operations, that we would deleverage and that we would put a high level of focus on ESG. As we stand in early 2023 and look back, we can be proud of what we have done in each of these areas. We've already made great progress in reshaping our portfolio to focus on our core in North America.

轉到幻燈片 7。我們在交流中一直強調幾個關鍵主題。我們多次表示，我們將專注於我們的核心北美高利潤業務，我們將簡化我們的運營，我們將去槓桿化，我們將高度關注 ESG。當我們站在 2023 年初回顧過去時，我們可以為我們在這些領域所做的一切感到自豪。我們已經在重塑我們的投資組合以專注於我們在北美的核心業務方面取得了很大進展。

We have executed multiple divestitures of noncore businesses, including the sale of our Asia Beverage Merchandising business, which realized proceeds of over $330 million. We acquired Fabri-Kal, expanding and strengthening our position in the Foodservice and Consumer Packaged Goods businesses and integrating great brands such as Greenware and Recycleware.

我們對非核心業務進行了多次剝離，包括出售我們的亞洲飲料銷售業務，實現了超過 3.3 億美元的收益。我們收購了 Fabri-Kal，擴大和加強了我們在餐飲服務和包裝消費品業務中的地位，並整合了 Greenware 和 Recycleware 等知名品牌。

We have centralized our organization, reduced our net leverage ratio, both by paying down debt and by increasing adjusted EBITDA, and we are continuing our strong focus on ESG. Today, we will discuss what is next. The Beverage Merchandising Restructuring Plan we announced yesterday is the next big step in our evolution to become a stronger, more competitive business. This will be a significant multiyear effort designed to further advance all priorities that we have established.

我們集中了我們的組織，通過償還債務和增加調整後的 EBITDA 降低了我們的淨槓桿率，並且我們繼續高度關注 ESG。今天，我們將討論下一步。我們昨天宣布的飲料營銷重組計劃是我們發展成為更強大、更具競爭力的企業的下一個重要步驟。這將是一項重要的多年努力，旨在進一步推進我們已確定的所有優先事項。

Moving to Slide 8. We previously announced that we would undertake a long-term strategic review of our Beverage Merchandising segment to identify options to optimize its footprint, implement manufacturing improvements and identify operational efficiencies to help us meet our customers' changing needs and strengthen our leadership position in food and beverage packaging here in North America. This evaluation process has led to a number of significant changes in this segment, including the sale of several international locations, we have progressed our internal strategic review further. And our Board has approved further actions, which include simplifying our production strategy to more effectively align with our strategic focus.

轉到幻燈片 8。我們之前宣布，我們將對我們的飲料銷售部門進行長期戰略審查，以確定優化其足跡、實施製造改進和確定運營效率的選項，以幫助我們滿足客戶不斷變化的需求並加強我們的業務在北美食品和飲料包裝領域處於領先地位。這一評估過程導致該部門發生了一些重大變化，包括出售幾個國際地點，我們進一步推進了內部戰略審查。我們的董事會已批准採取進一步行動，其中包括簡化我們的生產戰略以更有效地與我們的戰略重點保持一致。

Additionally, we will be reorganizing our management structure in combining our Food Merchandising and our Beverage Merchandising businesses. These strategic actions are expected to reduce our ongoing capital intensity and fixed overhead costs. We intend to maintain supply continuity and take measures to ensure that we can continue to support our customers. We believe that these proactive steps will position us to remain competitive and position for sustained profitable growth and returns in the liquid packaging market by increasing our overall productivity and optimizing our manufacturing footprint. Moreover, as part of these actions, we expect to ultimately exit the uncoated freesheet paper market, which is our lowest margin operation.

此外，我們將重組我們的管理結構，將我們的食品營銷和飲料營銷業務結合起來。這些戰略行動有望降低我們持續的資本密集度和固定間接費用。我們打算保持供應連續性，並採取措施確保我們能夠繼續支持我們的客戶。我們相信，這些積極措施將使我們保持競爭力，並通過提高我們的整體生產力和優化我們的製造足跡，在液體包裝市場實現持續盈利增長和回報。此外，作為這些行動的一部分，我們希望最終退出未塗佈的免費紙張市場，這是我們利潤率最低的業務。

Slide 8 shows a high-level view of what our Beverage Merchandising business looked like at the time of our IPO in 2020 and what we project that it will look like in the future. In 2020, this business had a large global footprint and was a low-margin, high CapEx business with vertically integrated manufacturing, including our mills. Since our IPO, the integration of the Beverage Merchandising business, Evergreen into the legacy Pactiv business has been a strategic priority. The business included operations in Asia, Central America and the Middle East, with [14 facilities] and 5 million square feet of manufacturing space.

幻燈片 8 顯示了我們的飲料營銷業務在 2020 年首次公開募股時的樣子以及我們預測它未來的樣子。 2020 年，該業務的全球足跡很大，是一個低利潤、高資本支出的業務，垂直整合製造，包括我們的工廠。自我們首次公開募股以來，將 Evergreen 的飲料銷售業務整合到傳統的 Pactiv 業務中一直是戰略重點。該業務包括在亞洲、中美洲和中東開展業務，擁有 [14 個設施] 和 500 萬平方英尺的製造空間。

We've already executed a number of actions to reshape our portfolio. We've exited the coated groundwood paper business as well as operations in Asia, Central America and the Middle East. The additional restructuring actions we have just announced envisioned an evolution in our business profile to one that is focused on carton converting and filling machinery and is combined with our Food Merchandising business, reducing the number of facilities by approximately 40% and the associated square footage by almost 50%. These changes will drive significant cost benefits with a lower CapEx requirement and increased cash generation.

我們已經採取了一系列行動來重塑我們的投資組合。我們已經退出了塗佈磨木紙業務以及在亞洲、中美洲和中東的業務。我們剛剛宣布的額外重組行動設想將我們的業務發展為專注於紙箱加工和灌裝機械的業務，並與我們的食品銷售業務相結合，將設施數量減少約 40%，相關佔地面積減少將近 50%。這些變化將通過降低資本支出要求和增加現金生成來帶來顯著的成本效益。

Moving to Slide 9. The key steps we plan to take as a part of our Beverage Merchandising Restructuring over the coming months include: we expect to close our mill in Canton, North Carolina during the second quarter of 2023. We expect to close our converting facility in Olmsted Falls, Ohio during the second quarter of 2023 and concurrently reallocate its production to our remaining converting facilities. The plan will result in a workforce reduction of approximately 1,300 positions. We remain committed to doing what's right, treating everyone with respect and delivering on all our commitments. And we will provide outplacement assistance and severance to impacted employees, consistent with the company's policy and labor union agreements.

轉到幻燈片 9。我們計劃在未來幾個月內作為飲料商品重組的一部分採取的關鍵步驟包括：我們預計將在 2023 年第二季度關閉我們在北卡羅來納州坎頓的工廠。我們預計將關閉我們的轉換2023 年第二季度在俄亥俄州奧姆斯特德福爾斯的工廠，同時將其生產重新分配到我們剩餘的加工設施。該計劃將導致裁員約 1,300 個職位。我們仍然致力於做正確的事，尊重每個人並兌現我們的所有承諾。我們將根據公司的政策和工會協議，為受影響的員工提供再就業援助和遣散費。

I also want to take this opportunity here to express my gratitude to our dedicated employees at the affected locations for their years of service. We are investing approximately $60 million in state-of-the-art equipment, which supports our converting strategy for our beverage business. We expect this investment will significantly lower our cost and will position us for growth in 2024. We will combine our Food Merchandising and Beverage Merchandising businesses into a single business starting in Q2 of 2023. As a result of the restructuring, we expect to incur noncash charges in the range of $310 million to $330 million, primarily during 2023 related to the acceleration of depreciation of plant and equipment.

我也想藉此機會在這裡對我們在受影響地點的敬業員工多年來的服務表示感謝。我們正在投資約 6000 萬美元購買最先進的設備，以支持我們飲料業務的轉型戰略。我們預計這項投資將顯著降低我們的成本，並使我們在 2024 年實現增長。我們將從 2023 年第二季度開始將我們的食品營銷和飲料營銷業務合併為一個業務。由於重組，我們預計將產生非現金費用在 3.1 億美元至 3.3 億美元之間，主要在 2023 年期間與廠房和設備加速折舊有關。

We also expect to incur and pay cash charges in the range of $130 million to $185 million during 2023 and 2024 related to severance and associated benefits and exit and disposal and other transition costs. Once these actions are complete, we believe our Beverage Merchandising business will be better equipped to deliver more reliable and sustainable results. While we plan to incur onetime noncash charges and cash outlays primarily during 2023 and 2024 to implement these plans, we expect to begin realizing the benefits to our operating results as we close out 2023 and move into 2024. We are targeting an annualized reduction in our cost of approximately $30 million and approximately $50 million in reduction of CapEx, with full annualized run rate of these benefits expected to be realized beginning in 2024.

我們還預計在 2023 年和 2024 年期間將產生和支付 1.3 億美元至 1.85 億美元的現金費用，這些費用與遣散費和相關福利以及退出和處置以及其他過渡成本有關。一旦這些行動完成，我們相信我們的飲料營銷業務將更有能力提供更可靠和可持續的結果。雖然我們計劃主要在 2023 年和 2024 年期間產生一次性非現金費用和現金支出以實施這些計劃，但我們預計將在 2023 年結束並進入 2024 年時開始實現我們的經營業績收益。我們的目標是每年減少我們的成本約為 3000 萬美元，資本支出減少約為 5000 萬美元，這些收益的全部年化運行率預計將從 2024 年開始實現。

We also intend to continue exploring strategic alternatives for our mill in Pine Bluff, Arkansas and our facility in Waynesville, North Carolina, while we continue to operate them. The company has not yet set a timetable for completion of this review. Overall, we believe our restructuring plans will enhance our ability to deliver shareholder value through reduced operating risk and earnings volatility and will reduce the capital and overhead required to sustain the business, all while maintaining high service levels for our core customer base.

我們還打算繼續為我們在阿肯色州派恩布拉夫的工廠和我們在北卡羅來納州韋恩斯維爾的工廠探索戰略替代方案，同時我們繼續運營它們。該公司尚未確定完成此審查的時間表。總體而言，我們相信我們的重組計劃將通過降低運營風險和收益波動來增強我們為股東創造價值的能力，並將減少維持業務所需的資本和管理費用，同時為我們的核心客戶群保持高水平的服務。

Moving to our full year 2022 highlights on Slide 11. 2022 was another productive year for us. This great organization executed very well on many fronts. We reported full year net revenues of $6.2 billion, a 14% increase over the prior year on strong pricing and cost pass-throughs combined with the benefit from the acquisition of Fabri-Kal. Our sales volumes declined 8%, largely due to the outsized impact of the reopening of the U.S. economy post COVID lockdowns in the prior year and softening sales volumes into year-end. Additionally, the sale of our Beverage Merchandising Asia business in Q3 of 2022 contributed a further 2% decline in volume year-over-year.

轉到幻燈片 11 上的 2022 年全年亮點。2022 年對我們來說又是富有成效的一年。這個偉大的組織在許多方面都表現出色。我們報告全年淨收入為 62 億美元，比上年增長 14%，這得益於強勁的定價和成本轉嫁以及收購 Fabri-Kal 的收益。我們的銷量下降了 8%，這主要是由於上一年 COVID 封鎖後美國經濟重新開放的巨大影響，以及到年底銷量疲軟。此外，我們在 2022 年第三季度出售的 Beverage Merchandising Asia 業務導致銷量同比進一步下降 2%。

Our year-over-year revenue performance highlights our successful efforts to manage price while restoring the business to target customer service levels. We stabilized our workforce, invested in inventory to return to target levels, improved equipment effectiveness and production throughput and effectively managed our pricing amidst a challenging inflationary environment. We ended the year with strong operating results, our full year adjusted EBITDA of $785 million, which exceeded our most recent guidance is a testament to the company's resilience in the face of challenging market conditions brought on value elevated inflation and interest rates, a tight labor market and the resulting market volatility.

我們的同比收入表現突顯了我們成功地管理價格，同時將業務恢復到目標客戶服務水平。我們穩定了我們的員工隊伍，投資於庫存以恢復到目標水平，提高了設備效率和生產吞吐量，並在充滿挑戰的通貨膨脹環境中有效地管理了我們的定價。我們以強勁的經營業績結束了這一年，我們全年調整後的 EBITDA 為 7.85 億美元，超過了我們最近的指導，這證明了公司在面對價值升高的通貨膨脹和利率帶來的具有挑戰性的市場條件時的彈性，勞動力緊張市場和由此產生的市場波動。

During the year, we were able to further divest noncore businesses for aggregate cash proceeds of $383 million. We reduced our net leverage ratio to 4.6x as of year-end, down from 7.6x at the end of 2021. In addition, we transferred an aggregate $1.9 billion of gross pension liabilities off of our balance sheet. I would also note that the legacy Pactiv Evergreen Pension Plan is fully funded. We published our updated ESG report in August 2022, and we remain focused on our ambitious goals, one of which is having 100% of our net revenues in 2030 come from products made from recycled, recyclable or renewable materials compared to 66% in 2022. I want to thank everyone at Pactiv Evergreen for the diligent efforts and focus that helped us achieve these accomplishments.

年內，我們能夠進一步剝離非核心業務，獲得總計 3.83 億美元的現金收益。截至年底，我們將淨槓桿率從 2021 年底的 7.6 倍降至 4.6 倍。此外，我們將總計 19 億美元的養老金負債總額轉出資產負債表。我還要指出，遺留的 Pactiv Evergreen 養老金計劃資金充足。我們在 2022 年 8 月發布了更新後的 ESG 報告，我們仍然專注於我們的宏偉目標，其中之一是到 2030 年我們 100% 的淨收入來自由回收、可回收或可再生材料製成的產品，而 2022 年這一比例為 66%。我要感謝 Pactiv Evergreen 的每一個人，感謝他們的辛勤努力和專注，幫助我們取得了這些成就。

Looking at 2023, we are, of course, well into the year, and we have more work ahead of us to continue delivering on our commitment to streamline our business and enhance shareholder value. Our areas of focus during 2023 will include the efficient management and execution of our restructuring plans, delivering for our customers, proactive [workforce training], productivity and our commitments to sustainability that I will touch on in my concluding remarks.

展望 2023 年，我們當然已經進入了新的一年，我們還有更多的工作要做，以繼續履行我們精簡業務和提高股東價值的承諾。我們在 2023 年的重點領域將包括重組計劃的有效管理和執行、為我們的客戶提供服務、積極主動的[勞動力培訓]、生產力以及我們對可持續發展的承諾，我將在結束語中提到這些。

I will now turn it over to Jon to discuss our fourth quarter highlights, business drivers and fourth quarter segment performance before my discussion on ESG outlook and closing remarks. Jon?

在我討論 ESG 展望和結束語之前，我現在將把它交給 Jon 來討論我們第四季度的亮點、業務驅動因素和第四季度的部門業績。喬恩？

Thanks, Mike. Turning to Slide 12, starting with fourth quarter results. Net revenues were $1.5 billion with adjusted EBITDA of $167 million. Net revenues and adjusted EBITDA were both down versus the prior year quarter and versus Q3. Our fourth quarter performance was impacted by expected seasonal weakness coming off the summer months that typically bring stronger demand, combined with higher manufacturing costs and a broader slowdown in consumer spending that further impacted volumes.

謝謝，邁克。轉到幻燈片 12，從第四季度的結果開始。淨收入為 15 億美元，調整後的 EBITDA 為 1.67 億美元。淨收入和調整後的 EBITDA 均低於去年同期和第三季度。我們第四季度的業績受到夏季月份預期的季節性疲軟的影響，這通常會帶來更強勁的需求，再加上更高的製造成本和消費者支出的更廣泛放緩進一步影響了銷量。

Looking at our business drivers. As noted in our most recent earnings call, 2022 was a challenging year with regard to inflationary cost pressures that affected many aspects of the business, most notably wages, input material and logistics and softening demand late in the year. Generally, on these points, we are seeing a moderation that could indicate that inflation has peaked, although we are cautious because absolute inflation levels remain elevated, which we expect will continue to keep pressure on interest rates and the consumer well into 2023. Moreover, inflation levels in the food sector remained at more elevated levels than general inflation, and we saw the impact to softer sales volume in Q4, and this trend is continuing into the start of the year.

看看我們的業務驅動因素。正如我們在最近的財報電話會議中指出的那樣，2022 年是充滿挑戰的一年，通脹成本壓力影響了業務的許多方面，最顯著的是工資、投入材料和物流以及年底需求疲軟。總的來說，在這些方面，我們看到的緩和可能表明通脹已經見頂，儘管我們持謹慎態度，因為絕對通脹水平仍然很高，我們預計這將在 2023 年繼續對利率和消費者造成壓力。此外，食品行業的通貨膨脹水平仍然高於一般通貨膨脹水平，我們看到了對第四季度銷量疲軟的影響，這種趨勢將持續到年初。

While we have seen pricing traction across most areas in the business, we are also seeing increased pricing pressure from foreign imports driven by the drop in shipping rates and the strength of the dollar. One positive is that resin prices have plateaued, and in some cases, begun to decline modestly. These impacts are mostly passed through to our customers, albeit with a lag. We are seeing declining input costs.

雖然我們已經看到大部分業務領域的定價牽引力，但我們也看到在運費下降和美元走強的推動下，來自外國進口的定價壓力增加。一個積極因素是樹脂價格已經趨於穩定，在某些情況下，開始小幅下跌。這些影響大部分會傳遞給我們的客戶，儘管會有滯後。我們看到投入成本下降。

Transportation costs softened in late 2022 and continue to soften in 2023. Natural gas has seen a meaningful decline. Other input costs such as energy, chemicals and wood have generally stabilized. While U.S. unemployment remains low, wages have generally stabilized. However, employee retention and training at lower skill levels remain a key focus area.

運輸成本在 2022 年底下降，並在 2023 年繼續下降。天然氣出現了顯著下降。能源、化學品和木材等其他投入成本已普遍穩定。雖然美國的失業率仍然很低，但工資總體上已經穩定下來。然而，較低技能水平的員工保留和培訓仍然是一個重點關注領域。

We have noted sales volumes as a recent challenge as consumer demand in many areas is moderating. In our Foodservice segment, we have observed our customers' destocking, combined with reduced foot traffic within the QSR market segment. Our Food Merchandising segment has seen relative strength from the recent shift out of dine-out to dine-in at home by the consumer, combined with continued resilience in retail, notably in the protein and egg channels.

我們注意到銷量是最近的一個挑戰，因為許多地區的消費者需求正在放緩。在我們的餐飲服務領域，我們觀察到客戶的去庫存，以及 QSR 細分市場內客流量的減少。我們的食品營銷部門從最近消費者從外出就餐轉向在家就餐，以及零售業的持續韌性，特別是在蛋白質和雞蛋渠道方面，表現出相對強勁的勢頭。

And our Beverage Merchandising segment continued to see softness in board sales and uncoated freesheet. Finally, Winter Storm Elliott created operational headwinds for our Beverage Merchandising mills during the fourth quarter, and we expect there will be a residual impact during the first quarter of 2023.

我們的飲料營銷部門繼續看到紙板銷售和無塗層免費紙的疲軟。最後，冬季風暴 Elliott 在第四季度對我們的飲料銷售工廠造成了運營阻力，我們預計 2023 年第一季度將產生殘餘影響。

Continuing on Slide 13, fourth quarter year-over-year results. Net revenues were down 3%. Volume was down 10%, primarily due to the market softening and inflationary pressures across all segments, a focus on value over volume and the strategic exit from the coated groundwood business in the Beverage Merchandising segment. Revenue was also impacted by the disposition of Beverage Merchandising Asia and closures businesses. Price/mix was up 11%, primarily due to the contractual pass-through of higher material costs and pricing actions across all segments.

繼續幻燈片 13，第四季度同比結果。淨收入下降了 3%。銷量下降 10%，主要是由於市場疲軟和所有部門的通脹壓力、對價值而非銷量的關注以及飲料商品部門的塗層磨木業務的戰略退出。收入還受到 Beverage Merchandising Asia 的處置和關閉業務的影響。價格/組合上漲 11%，主要是由於合同轉嫁了更高的材料成本和所有部門的定價行動。

Adjusted EBITDA was down primarily due to higher manufacturing costs, lower sales volume and higher employee-related costs, partially offset by favorable pricing net of material cost pass-through. Higher costs included $8 million of additional costs incurred related to the impact of Winter Storm Elliott and $8 million related to scheduled cold mill outage. The increase in cash flow was primarily due to positive working capital changes.

調整後的 EBITDA 下降主要是由於製造成本上升、銷量下降和員工相關成本上升，部分被扣除材料成本轉嫁後的優惠定價所抵消。更高的成本包括與冬季風暴 Elliott 的影響相關的 800 萬美元額外成本和與計劃的冷軋機停機相關的 800 萬美元。現金流量的增加主要是由於積極的營運資本變化。

Moving to Slide 14 for a sequential quarter comparison. Fourth quarter net revenues were $1.5 billion, down 8% versus the prior quarter, largely on declining sales volumes across all segments from slowing consumer spend, seasonality and the sale of the Beverage Merchandising Asia business, partially offset by price/mix in our Food Merchandising and Beverage Merchandising segments due to material cost pass-throughs and other price actions.

轉到幻燈片 14 進行連續季度比較。第四季度淨收入為 15 億美元，比上一季度下降 8%，這主要是由於消費者支出放緩、季節性因素和亞洲飲料營銷業務的銷售導致所有部門的銷量下降，部分被我們食品營銷的價格/組合所抵消由於材料成本轉嫁和其他價格行為，飲料銷售部門。

Adjusted EBITDA was $167 million for the quarter, a $20 million decline from third quarter 2022 levels. Our sequential volume declined as expected due to a combination of shifting consumer trends as a result of the ongoing pressure of elevated inflation, seasonal trends and the sale of our Beverage Merchandising Asia business in the third quarter.

本季度調整後的 EBITDA 為 1.67 億美元，比 2022 年第三季度的水平下降 2000 萬美元。由於通脹上升的持續壓力、季節性趨勢以及第三季度我們 Beverage Merchandising Asia 業務的出售，消費者趨勢不斷變化，導致我們的環比銷量如預期的那樣下降。

Fourth quarter was also impacted by Winter Storm Elliott. In addition, as we reached target inventory levels earlier in the year, we were able to manage production during the quarter to ensure working capital efficiency as illustrated by the slight decrease in inventory at year-end. Fourth quarter free cash flow of $84 million benefited from working capital inflows, largely driven by a $79 million decline in accounts receivable and a $58 million decline in inventory as volume softened versus the third quarter, which were partially offset by a decline in accounts payable.

第四季度也受到冬季風暴埃利奧特的影響。此外，由於我們在今年早些時候達到了目標庫存水平，我們能夠在本季度管理生產以確保營運資金效率，正如年末庫存略有下降所表明的那樣。第四季度 8400 萬美元的自由現金流受益於營運資金流入，這主要是由於應收賬款減少 7900 萬美元和庫存減少 5800 萬美元，因為與第三季度相比銷量下降，這部分被應付賬款的減少所抵消。

While we are focused on methods to gain additional working capital efficiency in the near future, I expect a near-term drag on operating cash flow in early 2023 related to cash payments to be made under our 2022 annual incentive plan in addition to certain onetime cash outlays related to the Beverage Merchandising Restructuring.

雖然我們專注於在不久的將來獲得額外營運資本效率的方法，但我預計 2023 年初運營現金流的短期拖累與根據我們的 2022 年年度激勵計劃進行的現金支付有關，除了某些一次性現金與飲料營銷重組相關的支出。

Continuing on Slide 15 and our results by segment. In our Foodservice segment, year-over-year, net revenues were down 7%. Price/mix was up 6%, primarily due to the contractual pass-through of higher material costs and pricing actions taken to offset higher input costs. Volume was down 12%, primarily due to a continued focus on value over volume and the market softening amid inflationary pressures. Adjusted EBITDA was down 13%. This decrease was primarily due to lower sales volume and higher manufacturing and employee-related costs, partially offset by favorable pricing net of material cost pass-through.

繼續幻燈片 15 和我們的細分結果。在我們的餐飲服務部門，淨收入同比下降 7%。價格/組合上漲 6%，主要是由於合同轉嫁了較高的材料成本，以及為抵消較高的投入成本而採取的定價行動。成交量下降了 12%，這主要是由於繼續關注價值而非成交量以及市場在通脹壓力下疲軟。調整後的 EBITDA 下降了 13%。這一減少主要是由於銷量下降以及製造和員工相關成本增加，部分被扣除材料成本轉嫁後的優惠定價所抵消。

Quarter-over-quarter, net revenues were down $83 million or 11% due to lower sales volume and unfavorable price/mix of 2% amid shift in consumer and seasonal trends and ongoing inflationary pressures driving overall slowing of consumer spend, particularly in the QSR channel. The slowing of consumer spend is also driving our customers to partially destock. Adjusted EBITDA was down $23 million or 20% due primarily to lower sales volume.

由於消費者和季節性趨勢的轉變以及持續的通脹壓力導致消費者支出整體放緩，特別是在 QSR渠道。消費者支出放緩也促使我們的客戶部分去庫存。調整後的 EBITDA 下降了 2300 萬美元或 20%，這主要是由於銷量下降。

On Slide 16, our Food Merchandising segment. Year-over-year, net revenues were up 9%. Price/mix was up 16%, primarily due to pricing actions taken to offset higher input costs and the contractual pass-throughs of higher material costs. Volume was down 8%, primarily due to market softening amid inflationary pressures. Adjusted EBITDA was up 20%. This increase was primarily due to favorable pricing, net of material cost pass-through, partially offset by higher manufacturing costs, lower sales volume and higher employee-related costs. Quarter-over-quarter, net revenues were down slightly by $8 million or 2%, as the decline in sales volume of 6% from seasonal trends, combined with the slowing of consumer spend was mostly offset by a 4% favorable price/mix from higher material costs passed through to customers and other pricing actions. Adjusted EBITDA was up $13 million or 19% due primarily to favorable pricing, partially offset by lower sales volume.

在幻燈片 16 上，我們的食品營銷部分。與去年同期相比，淨收入增長了 9%。價格/組合上漲 16%，主要是由於為抵消更高的投入成本而採取的定價行動以及更高材料成本的合同轉嫁。成交量下降 8%，主要是由於通脹壓力導致市場疲軟。調整後的 EBITDA 增長了 20%。這一增長主要是由於有利的定價，扣除材料成本轉嫁，部分被更高的製造成本、更低的銷量和更高的員工相關成本所抵消。與上一季度相比，淨收入略微下降 800 萬美元或 2%，原因是季節性趨勢導致銷量下降 6%，加上消費者支出放緩，這主要被 4% 的優惠價格/組合所抵消更高的材料成本轉嫁給客戶和其他定價行為。調整後的 EBITDA 增加了 1300 萬美元或 19%，這主要是由於優惠的定價，部分被較低的銷量所抵消。

On Slide 17, our Beverage Merchandising segment. Year-over-year, net revenues were down 7%. Price/mix was up 13%, primarily due to pricing actions taken to offset higher input costs and the contractual pass-throughs of higher material costs. Volume was down 10%, primarily due to the market softening amid inflationary pressures and the strategic exit from the coated groundwood business. The decline of 10% was due to the impact from the disposition of Beverage Merchandising Asia.

在幻燈片 17 上，我們的飲料營銷部分。與去年同期相比，淨收入下降了 7%。價格/組合上漲 13%，主要是由於為抵消更高的投入成本而採取的定價行動以及更高材料成本的合同轉嫁。銷量下降了 10%，這主要是由於市場在通脹壓力下疲軟以及塗層磨木業務的戰略退出。下降 10% 是由於處置 Beverage Merchandising Asia 的影響。

Adjusted EBITDA was down 53%. This decrease was primarily due to higher manufacturing and employee-related costs and the impact from the disposition of Beverage Merchandising Asia, partially offset by favorable pricing net of material costs pass-through. Higher manufacturing costs included the impact of Winter Storm Elliott and a scheduled cold mill outage. Quarter-over-quarter, net revenues were down $37 million or 9%, primarily due to 8% lower sales volume on softening demand, primarily from uncoated freesheet and liquid packaging board and a 3% lower volume due to the sale of the Asia operations in Q3, partially offset by a 2% favorable price/mix due to contractual cost pass-throughs.

調整後的 EBITDA 下降了 53%。這一下降主要是由於更高的製造和員工相關成本以及 Beverage Merchandising Asia 處置的影響，部分被扣除材料成本轉嫁後的有利定價所抵消。更高的製造成本包括冬季風暴 Elliott 的影響和計劃中的冷軋機停機。環比，淨收入下降 3700 萬美元或 9%，主要是由於需求疲軟導致銷量下降 8%，主要來自未塗佈的自由紙和液體包裝紙板，銷量下降 3% 是由於亞洲業務的出售在第三季度，由於合同成本轉嫁，部分被 2% 的優惠價格/組合所抵消。

Adjusted EBITDA was down $5 million or 19% due largely to higher manufacturing costs, primarily due to Winter Storm Elliott and a scheduled cold mill outage and lower sales volume, partially offset by favorable pricing and the collection of $5 million in insurance proceeds related to Winter Storm Uri.

調整後的 EBITDA 下降了 500 萬美元或 19%，這主要是由於製造成本增加，這主要是由於冬季風暴 Elliott 和計劃中的冷軋機停機以及銷量下降，部分被有利的定價和收取與冬季相關的 500 萬美元保險收益所抵消風暴烏里。

Next on Slide 18, we highlight our balance sheet and cash flow items. We ended the year with $531 million in cash, net debt of $3.6 billion and a net leverage ratio of 4.6x, down from 7.6x at the end of 2021. We took additional actions during the fourth quarter to further delever our balance sheet and reduce our interest rate risk. We repurchased $92 million as aggregate principal of our 7.95% and 8.375% debentures due in 2025 and 2027 and 97% of par. During January and February of 2023, we have repurchased or repaid in aggregate $110 million of debt maturing in 2026. These transactions combined reduced our annual cash interest expense by $16 million at current LIBOR rates.

接下來在幻燈片 18 上，我們重點介紹了我們的資產負債表和現金流量項目。我們以 5.31 億美元的現金、36 億美元的淨債務和 4.6 倍的淨槓桿率結束了這一年，低於 2021 年底的 7.6 倍。我們在第四季度採取了額外的行動來進一步去槓桿化我們的資產負債表並減少我們的利率風險。我們回購了 9200 萬美元作為 2025 年和 2027 年到期的 7.95% 和 8.375% 債券的總本金，以及面值的 97%。在 2023 年 1 月和 2 月期間，我們回購或償還了總計 1.1 億美元的 2026 年到期債務。這些交易合計使我們的年度現金利息支出減少了 1600 萬美元（按當前 LIBOR 利率計算）。

With LIBOR rising from a recent low of 0.1% to its current rate of 4.71%, interest on our debt has become a headwind and a source of volatility to our cash outlays. Therefore, we took the opportunity in Q4 to execute $1 billion in notional value of interest rate swaps against our U.S. term loans to fix the LIBOR component at a weighted average rate of 4.12%. When factoring in the interest rate swaps, we have reduced our floating rate exposure from 53% of our total debt to 29% over the past year. Presently, every 100 basis points change in LIBOR has an $11 million annualized impact to interest expense, down from $22 million prior to the aforementioned transactions. We will continue to evaluate our alternatives to further improve our financial position and mitigate volatility. Deleveraging remains a focus area for capital allocation.

隨著倫敦銀行同業拆借利率從近期低點 0.1% 上升至目前的 4.71%，我們的債務利息已成為我們現金支出的不利因素和波動來源。因此，我們利用第四季度的機會對我們的美國定期貸款執行名義價值 10 億美元的利率互換，以將 LIBOR 部分固定在 4.12% 的加權平均利率。在考慮利率掉期時，我們已將浮動利率敞口從占總債務的 53% 減少到過去一年的 29%。目前，LIBOR 每變化 100 個基點對利息支出的年化影響為 1100 萬美元，低於上述交易前的 2200 萬美元。我們將繼續評估我們的替代方案，以進一步改善我們的財務狀況並減輕波動性。去槓桿仍然是資本配置的重點領域。

Lastly, our legacy Pactiv Evergreen Pension Plan is fully funded, and our planned assets are largely allocated into fixed income to derisk volatility with no material funding obligations for the foreseeable future. Full year free cash flow was strong at $156 million despite a significant strategic investment to rebuild our inventory to target inventory levels that we discussed on prior calls.

最後，我們遺留的 Pactiv Evergreen 養老金計劃資金充足，我們的計劃資產主要分配到固定收益中以消除波動風險，在可預見的未來沒有重大融資義務。儘管進行了重大戰略投資以重建我們的庫存以達到我們在先前電話會議上討論的目標庫存水平，但全年自由現金流仍然強勁，達到 1.56 億美元。

I'll now pass it back to Mike for further comments.

我現在將它傳回 Mike 以徵求進一步的意見。

Thank you, Jon. Please turn to Slide 20. Moving on to some updates on our environmental, social and governance efforts. Supporting our purpose of packaging a better future, our ESG efforts are designed to build a more resilient and sustainable Pactiv Evergreen for our employees, our customers, our shareholders and the communities in which we live and work.

謝謝你，喬恩。請翻到幻燈片 20。繼續更新我們的環境、社會和治理工作。為了支持我們打造更美好未來的目標，我們的 ESG 努力旨在為我們的員工、客戶、股東以及我們生活和工作的社區打造更具彈性和可持續性的 Pactiv Evergreen。

The first item I'd like to highlight is the collaboration with AmSty that we announced in February. AmSty is a leading manufacturer of polystyrene in North America and has pioneered the circular recycling of polystyrene. Through this partnership, we will offer recycled polystyrene products, helping our customers and our company progress toward our respective sustainability goals. This important partnership expands our portfolio of circular packaging and helps fulfill our company's purpose of packaging a better future by providing innovative sustainable solutions.

我要強調的第一項是我們在 2 月份宣布的與 AmSty 的合作。 AmSty 是北美領先的聚苯乙烯製造商，率先開展了聚苯乙烯的循環回收。通過這種合作關係，我們將提供回收聚苯乙烯產品，幫助我們的客戶和我們公司朝著各自的可持續發展目標邁進。這一重要的合作夥伴關係擴大了我們的循環包裝產品組合，並通過提供創新的可持續解決方案幫助實現我們公司包裝更美好未來的目標。

Secondly, we are proud to see that our efforts to build a more sustainable company were recognized by prominent ESG rating agencies, which improved our ESG ratings in 2022. To learn more about our ESG activities, we invite you to view our latest disclosures at investors.pactivevergreen.com in the ESG section.

其次，我們很自豪地看到，我們為打造更具可持續性的公司所做的努力得到了知名 ESG 評級機構的認可，這提高了我們 2022 年的 ESG 評級。要了解更多關於我們的 ESG 活動，我們邀請您查看我們在投資者的最新披露ESG 部分中的 .pactivevergreen.com。

Now please turn to Slide 21. I'm pleased with the company's performance during 2022 and excited about our opportunities for further growth. We remain cautious on the macroeconomic backdrop as inflation and interest rates remain elevated amidst the recent pullback in consumer spending and the potential for a slowdown in the broader economy. However, we expect our business to remain resilient with relative stability across our 2 food business units, while we restructure our beverage business. We expect to deliver first quarter adjusted EBITDA of approximately $160 million. This reflects the seasonality we expect to see in the first quarter and the impact of moderated consumer demand, continuing to the softer volumes we saw in the fourth quarter and also includes a trailing impact of Winter Storm Elliott on our Beverage Merchandising mill operations.

現在請轉到幻燈片 21。我對公司 2022 年的業績感到滿意，並對我們進一步增長的機會感到興奮。我們對宏觀經濟背景保持謹慎，因為在近期消費者支出回落和整體經濟放緩的可能性下，通脹和利率仍然居高不下。然而，我們預計我們的業務將保持彈性，我們的 2 個食品業務部門相對穩定，同時我們重組我們的飲料業務。我們預計第一季度調整後的 EBITDA 約為 1.6 億美元。這反映了我們預計第一季度的季節性以及消費者需求放緩的影響，以及我們在第四季度看到的疲軟銷量，還包括冬季風暴 Elliott 對我們飲料商品工廠運營的尾隨影響。

With the announced changes in our portfolio, we know that our earnings journey over the next year or so will be a bit bumpy. In order to position for long-term growth, the company is getting a little bit smaller in the short term. Overall, we believe that with the proper focus on margin and service levels, solid execution of our restructuring plans, our recent improvements in productivity and throughput and the input cost stabilizing, we can deliver full year adjusted EBITDA for 2023 in the range of $755 million to $780 million.

隨著我們投資組合宣布的變化，我們知道我們在未來一年左右的盈利之旅將會有點坎坷。為了為長期增長做好準備，公司在短期內規模有所縮小。總體而言，我們相信，通過適當關注利潤率和服務水平、紮實執行我們的重組計劃、我們最近在生產力和吞吐量方面的改善以及投入成本的穩定，我們可以在 2023 年實現 7.55 億美元的全年調整後 EBITDA到 7.8 億美元。

Looking at our plan, we expect to see modest improvement in the second half of the year compared to the first half. Given the significance of the announced restructuring plan, our goal is to provide further clarity and guidance as the year progresses. This guidance excludes the impact of the previously mentioned onetime cash and noncash charges related to the Beverage Merchandising Restructuring. However, our guidance does reflect the phased benefit from the restructuring.

從我們的計劃來看，我們預計下半年與上半年相比會有小幅改善。鑑於已宣布的重組計劃的重要性，我們的目標是隨著時間的推移提供進一步的清晰度和指導。本指南不包括前面提到的與飲料商品重組相關的一次性現金和非現金費用的影響。但是，我們的指引確實反映了重組帶來的階段性收益。

To further bridge our 2023 adjusted EBITDA guidance relative to 2022 given the restructuring, in 2022, we generated $785 million of adjusted EBITDA. The adjusted EBITDA contributions in 2022 from divested businesses and our Canton mill operations and a partial year like-for-like basis was approximately $30 million. This results in a pro forma base of $755 million of 2022 adjusted EBITDA. So as we bridge from 2022 to our 2023 adjusted EBITDA guidance, we expect our food businesses to remain relatively stable year-over-year, while beginning to pick up some benefit from the Beverage Merchandising Restructuring beginning in the second quarter of 2023.

考慮到重組，為了進一步將我們 2023 年調整後的 EBITDA 指引與 2022 年相關聯，我們在 2022 年產生了 7.85 億美元的調整後 EBITDA。調整後的 EBITDA 貢獻在 2022 年來自剝離業務和我們的 Canton 工廠業務以及部分年度同比基礎約為 3000 萬美元。這導致 2022 年調整後的 EBITDA 的備考基數為 7.55 億美元。因此，隨著我們從 2022 年過渡到 2023 年調整後的 EBITDA 指引，我們預計我們的食品業務將保持同比相對穩定，同時開始從 2023 年第二季度開始的飲料商品重組中獲得一些好處。

Other 2023 guidance points. We expect capital spending to be approximately $280 million, which includes spending on the new Beverage Merchandising converting equipment I previously mentioned and capital to maintain the mills during the transitionary year. We expect to book between USD440 million and USD515 million of restructuring charges, including $130 million to $185 million of cash charges. We fully expect that the hard work we are doing on restructuring will better position the business fundamentals this year and will set us up for a better outlook in 2024. We will continue to focus on executing our strategy and servicing our customers while generating attractive sustained returns for our stakeholders.

其他 2023 指導要點。我們預計資本支出約為 2.8 億美元，其中包括我之前提到的新 Beverage Merchandising 加工設備的支出以及在過渡年期間維護工廠的資金。我們預計將計入 4.4 億美元至 5.15 億美元的重組費用，包括 1.3 億美元至 1.85 億美元的現金費用。我們完全預計，我們在重組方面所做的努力將更好地定位今年的業務基本面，並為我們在 2024 年創造更好的前景做好準備。我們將繼續專注於執行我們的戰略和為客戶提供服務，同時產生有吸引力的持續回報對於我們的利益相關者。

On Slide 22, I'd like to reiterate what makes Pactiv Evergreen a strong, differentiated, growing and socially responsible business. We are an industry leader in Foodservice, Food and Beverage Merchandising and our markets are largely recession resilient. As you saw from our recent announcement, we are taking decisive actions to shape our portfolio and generate profitable growth and returns. We offer a broad array of products and substrates, and we have long-standing strategic partnerships with our customer base, many of which are blue-chip companies. We are constantly working to innovate and develop the highest quality sustainable products.

在幻燈片 22 上，我想重申是什麼讓 Pactiv Evergreen 成為一家強大、差異化、不斷發展和對社會負責的企業。我們是餐飲服務、食品和飲料銷售領域的行業領導者，我們的市場在很大程度上具有抗衰退能力。正如您從我們最近的公告中看到的那樣，我們正在採取果斷行動來塑造我們的投資組合併產生盈利增長和回報。我們提供範圍廣泛的產品和基板，我們與我們的客戶群建立了長期的戰略合作夥伴關係，其中許多是藍籌公司。我們不斷努力創新和開發最高質量的可持續產品。

As mentioned earlier, we set a goal of having 100% of our net revenues in 2030 come from products made from recycled, recyclable or renewable materials. All of this yields strong adjusted EBITDA and free cash flow generation, which we carefully manage to drive deleveraging and further growth through our disciplined capital allocation process.

如前所述，我們設定了到 2030 年 100% 的淨收入來自由回收、可回收或可再生材料製成的產品的目標。所有這些都產生了強勁的調整後 EBITDA 和自由現金流產生，我們通過嚴格的資本配置流程謹慎地管理，以推動去槓桿化和進一步增長。

In closing, I'd like to thank all of the Pactiv Evergreen workforce for their continued commitment and hard work. I would also like to thank our valued customer and vendor partners for their continued commitments to our mutual success.

最後，我要感謝所有 Pactiv Evergreen 員工的持續承諾和辛勤工作。我還要感謝我們尊貴的客戶和供應商合作夥伴對我們共同成功的持續承諾。

With that, let us open it up for questions. Operator?

有了這個，讓我們打開它來提問。操作員？

(Operator Instructions) The first question today comes from Kieran De Brun with Mizuho.

（操作員說明）今天的第一個問題來自 Kieran De Brun 和 Mizuho。

I was just wondering if you can talk a little bit about what you're seeing relative to volumes. I think you mentioned there's still a little bit of destocking, but maybe that seems to be somewhat done in the first quarter. Are there any key pockets of strength? I also think you mentioned kind of reduced foot traffic in QSR, but are there other pockets where maybe you're seeing a little bit more resilience, I think you said no big protein or retail. Any color you can give us in terms of how to think about volumes during the first quarter? And then maybe how you're thinking about that progression throughout the year would be helpful?

我只是想知道您是否可以談談您所看到的與交易量相關的內容。我想你提到還有一點去庫存，但也許這似乎在第一季度就已經完成了。有沒有關鍵的力量？我還認為你提到了 QSR 中的客流量減少，但是否還有其他口袋，你可能會看到更多的彈性，我想你說沒有大蛋白質或零售。關於如何考慮第一季度的銷量，您可以給我們任何顏色嗎？然後，也許您如何考慮全年的進展會有所幫助？

Yes, absolutely. So yes, we did know that we are seeing a moderation of volumes in several of our channels, primarily in our Foodservice business. The destocking largely that we've seen is really a result of a couple of things: a, our ability to service our customers. So as we've improved our service, especially in the distribution space, our customers are taking that opportunity to reduce their inventories. And we don't think that that's something that's sustained or going to be prolonged. We do think that the chop on destocking is coming out or has largely come out.

是的，一點沒錯。所以是的，我們確實知道我們在幾個渠道中看到了交易量的放緩，主要是在我們的餐飲服務業務中。我們所看到的去庫存主要是幾件事的結果：a，我們為客戶提供服務的能力。因此，隨著我們改進服務，尤其是在配送領域，我們的客戶正藉此機會減少庫存。而且我們認為這不會持續或會延長。我們確實認為去庫存的舉措正在或已經基本結束。

We started seeing that in Q4. And with what we're seeing here in Q1, that's where we are. As it relates to any foot traffic related. So if you think about our products in terms of how consumers get their calories, whether it's within their home or outside the home, we are seeing that there is a shift in consumer sentiment between the dine-out versus the dine-in experience. When things are good and economy is booming, mobility is up, people are out and about and they're dining out. And the first step we saw largely in Q4 was people started buying down. So doing more quick-serve restaurant buying. And now what we're seeing is a shift from that quick-serve restaurant buy down to more of a in-store or getting their calories at home.

我們在第四季度開始看到這一點。根據我們在第一季度看到的情況，這就是我們所處的位置。因為它涉及到任何相關的客流量。因此，如果您從消費者獲取卡路里的方式來考慮我們的產品，無論是在家中還是在戶外，我們就會發現消費者的情緒在外出就餐和就餐體驗之間發生了轉變。當情況良好且經濟蓬勃發展時，流動性提高，人們外出並外出就餐。我們在第四季度主要看到的第一步是人們開始購買。所以做更多的快餐店購買。現在我們看到的是從快餐店購買轉變為更多的店內購買或在家獲取卡路里。

So the trends that we know that are kind of a little stronger would be in kind of the egg protein ag space for us. So our Beverage -- our Food and Beverage Merchandising spaces. And that's really driven by people going to the store, buying food and taking it home, which is a trend we're seeing through Q1. As far as the full year, we're not pessimistic. We're not optimistic. But what I'd tell you is we don't expect to see further deterioration as it relates to some big crash in mobility from where it's at in Q1. In fact, we hope that as inventory stabilize at our distribution customers that we start to see that consumer confidence both starting Q2 and strengthening through the back half of the year. So that's kind of our view of 2023 where we stand today. So strength on in-home moderation and kind of outside the home calorie intake.

因此，我們所知道的趨勢會更強一些，這對我們來說是一種雞蛋蛋白 ag 空間。所以我們的飲料 - 我們的食品和飲料銷售空間。這實際上是由人們去商店購買食物並將其帶回家推動的，這是我們在第一季度看到的趨勢。就全年而言，我們並不悲觀。我們並不樂觀。但我要告訴你的是，我們預計情況不會進一步惡化，因為它與第一季度的流動性大跌有關。事實上，我們希望隨著我們分銷客戶的庫存穩定，我們開始看到消費者信心從第二季度開始到今年下半年都在增強。這就是我們對 2023 年的看法。因此，加強在家中的節制和家庭外的卡路里攝入量。

Great. That's fantastic color. And then just maybe a quick follow-up. When you spoke a little bit about the input costs. So if we think about just general input costs coming down, how do we think about pricing in the context of like a falling raw environment like the stickiness of the pricing and some of the pricing that you've got through that you pushed through maybe outside of the pass-through provisions?

偉大的。那是美妙的顏色。然後可能只是快速跟進。當你談到投入成本時。因此，如果我們只考慮一般投入成本的下降，那麼我們如何在原始環境下降的背景下考慮定價，比如定價的粘性，以及你已經通過的一些定價，你可能會通過外部推動的傳遞規定？

Sure. There will be some benefits from some moderation in those input costs. I would say that a lot of that does get eaten up by the contractual pass-throughs. So I don't know -- I wouldn't necessarily count on a lot of benefits from that particularly, but there is still a focus on pricing actions and quality of earnings as we look out to 2023. So there could be some potential pickups there.

當然。這些投入成本的一些節制將會帶來一些好處。我要說的是，其中很多確實被合同傳遞吞噬了。所以我不知道——我不一定特別指望從中獲得很多好處，但在我們展望 2023 年時，仍將重點放在定價行為和收益質量上。因此可能會有一些潛在的回升那裡。

The next question comes from Arun Viswanathan with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Arun Viswanathan。

Great. Congrats on the year and the restructuring announcement. So I guess my first question is just on the guidance. So it looks like you're down maybe on the -- at the midpoint, $17 million or so. And Q1 itself is down about $7 million, so -- sequentially. So I mean it sounds like maybe you could say by Q4, you'd see a net neutral result year-on-year or maybe even some growth. Is that the right way to think about it? And if so, is that mainly driven by the actions that you're taking or maybe some market recovery as well, maybe you can just flesh out some of those assumptions for us?

偉大的。祝賀這一年和重組公告。所以我想我的第一個問題只是關於指南。所以看起來你可能在 - 在中點，1700 萬美元左右。第一季度本身下降了大約 700 萬美元，所以 - 連續。所以我的意思是，聽起來你可能會說到第四季度，你會看到同比淨中性結果，甚至可能出現一些增長。這是正確的思考方式嗎？如果是這樣，這主要是由您正在採取的行動或市場復甦所驅動的，也許您可以為我們充實其中的一些假設？

Yes. Depending on the baseline use, Arun, you're absolutely right. What I would tell you is the way we're kind of looking at it, Q1, we would be up year-over-year had we not had a near $22 million lagging impact from Winter Storm Elliott. So late in the year, you may recall, we had a decrease in the South, similar to Uri, to a lesser extent, we were more prepared, and we came out of that with a lagging in our specific to our Pine Bluff, Arkansas paper mill, several days of lost production in January. So that's one big qualifier in terms of our Q1.

是的。根據基線用途，Arun，你是絕對正確的。我要告訴你的是我們看待它的方式，第一季度，如果我們沒有受到冬季風暴埃利奧特的近 2200 萬美元的滯後影響，我們將同比增長。所以在今年晚些時候，你可能還記得，我們在南部的減少，類似於烏里，在較小程度上，我們準備得更充分，我們在阿肯色州派恩布拉夫的具體情況上落後了造紙廠，一月份有幾天的生產損失。因此，就我們的第一季度而言，這是一個重要的預選賽。

So -- and then for the full year, I would tell you that when you look at our exited operations and divestitures, the baseline of $755 million versus $785 million, we absolutely plan to grow through the Q2 and Q4 in terms of our ability to take it after productivity but also see a return to some volume strength for the moderation at least kind of taper off that we're seeing in Q1. So yes, I would say net neutral to up [back half] certainly is the right way to think about it. But from a year-over-year perspective, I think the understanding of those kind of 2 big basis start points for us. We're managing through the cost of a pretty good start, a whack at the start here with that storm and then getting better as the year progresses.

所以 - 然後對於全年，我會告訴你，當你看看我們退出的業務和資產剝離時，7.55 億美元和 7.85 億美元的基準，我們絕對計劃在第二季度和第四季度實現增長，因為我們有能力在生產率之後採取它，但也會看到一些數量強度的恢復，因為我們在第一季度看到的至少是一種逐漸減少的適度。所以是的，我會說淨中性上升 [back half] 當然是正確的思考方式。但從年復一年的角度來看，我認為對我們的這兩大基礎的理解是起點。我們正在管理一個良好開端的成本，在開始時遭遇風暴，然後隨著時間的推移變得更好。

Okay. And then just on the restructuring announcement. So this has been an ongoing journey for you guys. Just wondering when you look at the current plan or the new plan, should we expect any dispositions? Or I know you're folding in Beverage Merchandising into Food Merchandising. So will you start looking at that as an integrated portfolio that is going to go forward as is or are there other pieces that potentially you'd look to exit? And I know you've said that there's no time line per se. But what are you looking to kind of accomplish as far as -- is this a real core business for you guys as far as Beverage Merchandising? I know you have 4 pillars there. So are you looking to maybe complete some of those pillars as you get through this restructuring plan or is it mainly just getting those savings numbers?

好的。然後就在重組公告上。所以這對你們來說是一個持續的旅程。只是想知道當您查看當前計劃或新計劃時，我們應該期待任何處置嗎？或者我知道您正在將飲料營銷合併到食品營銷中。那麼，您會開始將其視為一個將按原樣向前發展的綜合投資組合，還是有其他可能您希望退出的部分？我知道你說過沒有時間線本身。但是，就飲料營銷而言，您希望完成什麼——這對你們來說是真正的核心業務嗎？我知道你那裡有 4 個支柱。那麼，您是希望在通過此重組計劃時完成其中一些支柱，還是主要只是獲得這些儲蓄數字？

Yes, good question. So over the last 2 years, we've been pretty transparent that it's going to be an iterative process. And as we've tried to be as transparent as possible, and we have things to announce, we've done that. I would say all of our steps thus far have been sequential and enable the next. So if you look at the progress we've made with some of the divestitures, some of the exits, those [teams] set up our ability, whether from a cash flow generation or just a resource management perspective, our ability to take the next big step. And so this recent announcement is a really big step for us in improving our quality of earnings.

是的，好問題。因此，在過去的 2 年中，我們一直非常透明地表明這將是一個迭代過程。由於我們試圖盡可能透明，而且我們有事情要宣布，我們已經做到了。我想說，到目前為止，我們所有的步驟都是按順序進行的，並使下一步成為可能。因此，如果你看看我們在一些資產剝離、一些退出方面取得的進展，那些 [團隊] 建立了我們的能力，無論是從現金流產生還是資源管理的角度來看，我們採取下一個舉措的能力大步。因此，最近的公告是我們提高盈利質量的一大步。

And so when you look at our ability to redeploy capital, which is one of the constraints of the business being transparent, one of the constraints that is no secret that we've had that, that enables us to think more broad about how we execute on those pillars you mentioned. And so no, whether we exit or further divest any other assets, I would tell you, our strategy remains the same. We're North American centric. Our goal is to continue to leverage our ability to manufacture profitably here.

因此，當您查看我們重新部署資本的能力時，這是業務透明的製約因素之一，我們已經知道的製約因素之一，這使我們能夠更廣泛地思考我們如何執行在你提到的那些支柱上。所以不，無論我們退出還是進一步剝離任何其他資產，我都會告訴你，我們的戰略保持不變。我們以北美為中心。我們的目標是繼續利用我們在這裡製造盈利的能力。

Our converting operations are very core to our business. As it relates to anything outside of that in the segment, we do plan to leverage the restructuring to where we operate as one merchandising segment as noted in my prepared remarks. We do see a lot of synergies in terms of that core team, the capabilities, and those are something we expect to unlock in the next kind of 18 months. So you should think of it as a Food and Beverage Merchandising business unit. We do intend starting in April to report that way. And that's kind of how we're looking at it. So really going from 3 businesses, 3 segments to 2 segments as a result of this restructuring.

我們的加工業務是我們業務的核心。由於它涉及該部門以外的任何事情，我們確實計劃將重組用於我們作為一個商品部門運營的地方，如我準備好的評論中所述。我們確實在核心團隊、能力方面看到了很多協同效應，而這些是我們希望在接下來的 18 個月內釋放出來的。因此，您應該將其視為食品和飲料營銷業務部門。我們確實打算從 4 月開始以這種方式進行報告。這就是我們看待它的方式。因此，由於這次重組，真正從 3 個業務、3 個部門變成了 2 個部門。

The next question comes from George Staphos with Bank of America.

下一個問題來自美國銀行的 George Staphos。

This is actually Cashen Keeler on behalf of George. George had a conflict in call this morning. So I guess, first, can you maybe just expand on what you're expecting in terms of interest expense for this year? And then maybe other items like taxes and working capital to help us get to net income and free cash flow for 2023?

這實際上是 Cashen Keeler 代表 George。喬治今天早上在電話中發生了衝突。所以我想，首先，你能否擴大你對今年利息支出的預期？然後也許其他項目，如稅收和營運資金，可以幫助我們獲得 2023 年的淨收入和自由現金流？

Yes, sure. Happy to. Yes. So for 2023, just to give you a bit of a sense of some components of being free cash flow. So you have our EBITDA guidance for $755 million to $785 million, CapEx, the guidance is $280 million for the year. Cash interest given at current LIBOR rates, so we do have some exposure to floating rates, but just given current LIBOR rates is roughly [$265 million]. Cash taxes will be in line with last year. So we called around $70 million. The other cash item guide is $130 million to $185 million for the restructuring.

是的，當然。高興。是的。因此，對於 2023 年，只是為了讓您對自由現金流的某些組成部分有一些了解。因此，我們的 EBITDA 指引為 7.55 億至 7.85 億美元，資本支出，全年指引為 2.8 億美元。以當前 LIBOR 利率給出的現金利息，因此我們確實有一些浮動利率風險，但僅考慮到當前 LIBOR 利率大約是 [2.65 億美元]。現金稅將與去年持平。所以我們調用了大約 7000 萬美元。重組的另一個現金項目指南為 1.3 億至 1.85 億美元。

Now we mentioned that's '23 and '24, but I would tell you that the majority of that is going to be sitting in '23. And then we should pick up a little bit of working capital benefit from the closure of Canton as we release some of that working capital. That could be in the range of $30 million to $40 million. And then as you look at our inventory levels, last year, we had the -- a more strategic inventory build. This year, we'd expect -- we are expecting that we are at target levels. And we -- this year should be around -- there should be a bit of a benefit broadly across working capital otherwise. And then obviously, then we've got the dividend, which will be -- we don't have dividend approved for the remainder of the year from our Board. But if we were to keep the same dividend, it will be around $70 million.

現在我們提到那是 23 年和 24 年，但我會告訴你，其中大部分將坐在 23 年。然後，當我們釋放一些營運資金時，我們應該從廣州的關閉中獲得一點營運資金收益。這可能在 3000 萬到 4000 萬美元之間。然後，當您查看我們的庫存水平時，去年，我們進行了更具戰略性的庫存建設。今年，我們預計 - 我們預計我們會達到目標水平。而且我們 - 今年應該是 - 否則營運資本應該會有一些好處。然後很明顯，然後我們得到了股息，這將是 - 我們沒有在今年剩餘時間內從董事會批准股息。但如果我們要保持相同的股息，它將約為 7000 萬美元。

Great. That's helpful color. And then can you just discuss maybe leverage kind of where you expect to be at the end of the year, especially as you're balancing kind of the restructuring with Beverage Merchandising?

偉大的。這是有用的顏色。然後你能不能討論一下你希望在年底達到什麼程度的槓桿，特別是當你在平衡重組與飲料營銷的時候？

Sure. Now with all these things, there are a lot of moving pieces. But I would tell you our commitment to getting to below 4x remains. And I think over the course of the years, with all the puts and takes, we do expect that we'll be in a position to improve on our net leverage ratio. So we closed the year at 4.6x, and I would expect some modest improvement on that by the end of the year.

當然。現在有了所有這些東西，就有很多動人的片段。但我會告訴你，我們仍然致力於將其降低到 4 倍以下。而且我認為，在這些年的過程中，通過所有的投入和投入，我們確實希望我們能夠提高我們的淨槓桿率。所以我們以 4.6 倍的價格結束了這一年，我預計到今年年底會有一些適度的改善。

The next question comes from Ghansham Panjabi with Baird.

下一個問題來自 Ghansham Panjabi 和 Baird。

Yes. Just to confirm and to make sure I have this right. So once your restructuring/divestment plan is complete, you'll be a pure converting operation on the paper side, but still have dual substrate products across the portfolio. First off, is that right? And also, will this ultimately require to sort of modernize the downstream converting assets? Just trying to get a sense as to how well capitalized the converting assets are at this point.

是的。只是為了確認並確保我有這個權利。因此，一旦您的重組/撤資計劃完成，您將在紙張方面成為純粹的加工業務，但在整個產品組合中仍然擁有雙基材產品。首先，是這樣嗎？而且，這最終是否需要對下游轉換資產進行某種現代化改造？只是想了解此時轉換資產的資本化情況。

Yes. If I -- Ghansham, I understand your first question is, do we intend to have dual substrate, we don't intend to have any change in our portfolio from a substrate perspective at all. So our fiber-based portfolio remain intact with all the announcements. I believe that's what you were looking for. If -- and then your second question was...

是的。如果我——Ghansham，我理解你的第一個問題是，我們是否打算擁有雙基板，從基板的角度來看，我們根本不打算對我們的產品組合進行任何改變。因此，我們的基於纖維的產品組合在所有公告中保持不變。我相信這就是你要找的。如果——那麼你的第二個問題是……

Just in terms of...

單就...而言

Yes. Yes. So yes, we absolutely are leading into our converting operations, not just on the fiber side, but the carton converting as well as the balance of the business. So we also in our release as well as prepared remarks, we mentioned that we are investing in modernizing our converting asset base as we consolidate as well.

是的。是的。所以，是的，我們絕對正在引領我們的轉換業務，不僅僅是在纖維方面，還有紙箱轉換以及業務的平衡。因此，我們也在我們的發布和準備好的評論中提到，我們也在整合的同時投資於我們的轉換資產基礎的現代化。

Okay. Got you. And then the 10% volume decline from 4Q, it looks like 4% was just the divestment. How does the remaining 6% parse-out between end market weakness and just your decisions to manage price or volume? And then separately, your comments on input cost, resin prices are starting to move at least so far this year. How do you sort of expect that to evolve as the year unfolds?

好的。明白了然後是第四季度銷量下降 10%，看起來 4% 只是撤資。剩餘的 6% 如何在終端市場疲軟與您管理價格或數量的決策之間進行解析？然後分別地，你對投入成本的評論，樹脂價格至少今年到目前為止開始移動。隨著時間的推移，你如何看待它的發展？

Yes. In terms of the breakdown of the percentage, we really don't get into the different mixes there. In terms of the resin price movement over the course of the year, we are -- as I mentioned, we're expecting to have general moderation, just some benefit from a resin price movement overall as the year progresses. Although a lot -- some of that benefit or a lot of that benefit will be passed through, through our contractual pass-throughs. But as we look at our broader pricing strategy and our quality of earnings, we will continue to look at places where we can add the most value to the portfolio in terms of our product mix.

是的。就百分比的細分而言，我們真的沒有進入那裡的不同組合。就今年樹脂價格的走勢而言，正如我所提到的，我們預計會有普遍的緩和，隨著時間的推移，樹脂價格的總體走勢只會帶來一些好處。儘管很多——其中一些或大部分收益將通過我們的合同傳遞傳遞。但當我們審視我們更廣泛的定價策略和我們的盈利質量時，我們將繼續尋找我們可以在我們的產品組合方面為投資組合增加最大價值的地方。

Yes. There was no -- in terms of the volume question, yes, there was nothing that happens to our beverage volumes that was unrelated to the discontinuation as well as the retail weakness that we saw. And so if you think about the areas we serve, it's fresh dairy, nondairy and [end-use] spaces. So higher prices on the shelf really, I think were what drove the decline that you saw. It's nothing more than that.

是的。沒有 - 就數量問題而言，是的，我們的飲料數量沒有發生任何與停產以及我們看到的零售疲軟無關的事情。因此，如果您考慮我們服務的領域，那就是新鮮乳製品、非乳製品和 [最終用途] 空間。所以貨架上的價格真的很高，我認為是導致你看到的下降的原因。僅此而已。

The next question comes from Anthony Pettinari with Citi.

下一個問題來自花旗的 Anthony Pettinari。

This is actually Bryan Burgmeier sitting in for Anthony. Considering that customers are still destocking as we get into [Q3], is it fair to think about the magnitude of the year-over-year volume decline in 4Q, maybe being similar in the first half of the year? Is there any reason why that volume trajectory would change meaningfully?

這實際上是 Bryan Burgmeier 代替 Anthony。考慮到我們進入 [Q3] 時客戶仍在去庫存，考慮 4Q 同比銷量下降的幅度是否公平，也許與上半年相似？是否有任何理由說明該交易量軌跡會發生有意義的變化？

Yes. Well, for us, we believe that the destocking largely started in Q4, at least for our customer base. And so as we look at the drivers behind some of that and what's enabled that, we believe that the service levels have returned from not just us, but the broader base. We've seen our distribution specifically, distribution-based customers really kind of rightsize their inventories as they've gotten safety. But we don't expect that to be a reoccurring theme, and we certainly see that, that was met with a softening consumer through the holidays. So that we don't believe that, that's sustained in Q4. That's not a normal Q4. And so outside of normal seasonality, we're not anticipating kind of a year-over-year decline because of those things reoccurring. If that answers your question? To say differently, where are Q4 for 2023 should be a better Q4 than in 2022.

是的。嗯，對我們來說，我們認為去庫存主要是從第四季度開始的，至少對我們的客戶群來說是這樣。因此，當我們審視其中一些背後的驅動因素以及促成這些因素的原因時，我們相信服務水平不僅來自我們，而且來自更廣泛的基礎。我們已經看到我們的分銷特別是基於分銷的客戶在獲得安全後確實在某種程度上調整了他們的庫存。但我們預計這不會成為一個反復出現的主題，而且我們當然看到，在假期期間，消費者的需求正在減弱。所以我們不相信，這在第四季度持續存在。這不是正常的第四季度。因此，在正常的季節性之外，我們預計不會因為這些事情再次發生而出現同比下降。如果這回答了你的問題？換句話說，2023 年 Q4 應該比 2022 年更好。

Okay. Yes, that makes sense. And then last question for me. Just a couple of the year-over-year EBITDA bridge items. Are there any remaining Fabri-Kal synergies that you're still targeting? And how much of a benefit in op cost reduction are you expecting from the restructuring program kind of land in 2023? I know you said $30 million overall, but just thinking about the impact of this year?

好的。是的，這是有道理的。然後是我的最後一個問題。只是幾個同比 EBITDA 橋樑項目。是否還有任何您仍在瞄準的 Fabri-Kal 協同效應？您期望 2023 年的土地重組計劃在降低運營成本方面有多大好處？我知道你說的是 3000 萬美元，但想想今年的影響？

Sure. I'll take that. From the Fabri-Kal piece, we -- I think we mentioned last call, we've effectively integrated that business, and we're at full run rate synergies as of Q4 of last year. So going into Q1 and going into this year, we are -- there's no further uplift from a Fabri-Kal standpoint. So at this point, we have been fully integrated. As it relates to the second part of your question, in terms of the synergy uplift, we are going to phase those in over the course of the year. We mentioned that the Canton closure will be in Q2. We're consolidating the business units starting in Q2 as well. So we would expect some of those synergies to start rolling in the back part of the year. And just to give you some order of magnitude, given that we're going to hit a run rate around $30 million going into 2024, you could probably model about half of that -- approximately half of that value is included in this year's guidance.

當然。我會接受的。從 Fabri-Kal 的文章中，我們 - 我想我們提到了最後一次電話會議，我們已經有效地整合了該業務，並且截至去年第四季度，我們處於全速運行協同效應。所以進入第一季度並進入今年，我們 - 從 Fabri-Kal 的角度來看沒有進一步的提升。所以在這一點上，我們已經完全融合了。由於它與你問題的第二部分有關，就協同提升而言，我們將在一年中分階段實施。我們提到廣州將在第二季度關閉。我們也將從第二季度開始整合業務部門。因此，我們預計其中一些協同效應將在今年下半年開始發揮作用。只是給你一些數量級，鑑於我們將在 2024 年達到約 3000 萬美元的運行率，你可能可以模擬其中的一半——大約一半的價值包含在今年的指導中。

The next question comes from Adam Samuelson with Goldman Sachs.

下一個問題來自高盛的亞當薩繆爾森。

Yes. So I guess the first question is in Foodservice. And as I look at the volumes organically in 2022, the volumes are down 8%. They were up 8% organically in 2021 against kind of the depressed COVID levels. And I appreciate that there's some noise with kind of Fabri-Kal kind of layering in here. But it just would seem kind of striking kind of that on an organic basis, the volumes are back on 2020 kind of performance. And I would love to get your views on kind of market share? And I know you talked about value over volume, so kind of maybe kind of conscious mix shifts that you had in terms of deemphasizing certain product lines. But can you just help us think about kind of the areas of the portfolio where you think you might not have been kind of growing the volumes as fast as the aggregate market has?

是的。所以我想第一個問題是在餐飲服務方面。當我有機地觀察 2022 年的銷量時，銷量下降了 8%。他們在 2021 年有機增長了 8%，而 COVID 水平有所下降。我很欣賞這裡有一些帶有 Fabri-Kal 分層的噪音。但從有機的角度來看，這似乎有點引人注目，銷量回到了 2020 年的表現。我很想听聽您對市場份額的看法？而且我知道你談到了價值而不是數量，所以你在不強調某些產品線方面可能是有意識的混合轉變。但是你能不能幫我們想想你認為你可能沒有像總體市場那樣快速增長的投資組合領域？

Yes. So if you think about our Foodservice volume and the complexion of that business, we're chains or quick-serve and we're also distribution. So historically, I mean if you look at what's happened, you said it properly, we had a snap-back effect with the depressed levels of COVID and that you saw that 8% rebound. On the other side of that, we're greatly influenced. And if you watch our merch -- Food Merchandising business, typically, when a consumer makes a large shift and how they get their calories, there's a buy down between the distribution and the chain restaurant channels for us. So within Foodservice.

是的。因此，如果您考慮我們的餐飲服務量和該業務的面貌，我們是連鎖店或快餐店，我們也是分銷商。所以從歷史上看，我的意思是，如果你看看發生了什麼，你說得對，我們對 COVID 的低迷水平產生了反彈效應，你看到了 8% 的反彈。另一方面，我們受到了很大的影響。如果你看我們的商品——食品營銷業務，通常情況下，當消費者做出重大轉變以及他們如何獲得卡路里時，我們會在分銷渠道和連鎖餐廳渠道之間進行購買。所以在 Foodservice 內。

So that buy down, you wouldn't see a large decrease. But what you see on the other side is when the consumer takes the next step and starts to fill their pantry again, get their calories inside their home, you start to see a lift in our Food Merchandising business. And that's kind of the step we're at within the consumer buying decision cycle is that there a lot of our consumers, our customers are facing the same thing, higher menu prices, lower volumes. And so the tickets are higher. It's more expensive to eat out of the house. And while store shelf pricing is up, it's still the softest landing for the consumer. And that's what you're seeing in Foodservice right now is that choppy consumer buy signal. And it's really driven by decreased mobility in some cases, but also the higher menu costs and prices that are out there versus the retail, the shelf prices and the value they get.

所以買下來，你不會看到大幅下跌。但你在另一邊看到的是，當消費者採取下一步行動並開始再次填滿他們的食品儲藏室，將他們的卡路里攝入家中時，你會開始看到我們的食品營銷業務有所提升。這就是我們在消費者購買決策週期中所處的步驟，我們的很多消費者，我們的客戶都面臨著同樣的事情，更高的菜單價格，更低的數量。所以票價更高。在外面吃飯更貴。雖然商店貨架價格上漲，但對消費者來說仍然是最軟著陸。這就是你現在在 Foodservice 看到的那種不穩定的消費者購買信號。在某些情況下，這確實是由流動性下降驅動的，但也有更高的菜單成本和與零售、貨架價格和他們獲得的價值相比的價格。

Okay. That's helpful. And then just a follow-up on Beverage Merchandising. So with the closure of Canton, I mean the slide talks about kind of not being an integrated mill producer, mill, having integrated mill business anymore. You talked about exploring strategic alternatives for Pine Bluff, but that's obviously still your principal supply of liquid, liquid carton board. And so is the idea there that as you kind of look at potential alternatives, like that the idea would be that mill is still operating in some -- if there's a sale or a divestment or some sort that, that would come in some sort of supply agreement for your converting operations?

好的。這很有幫助。然後只是關於飲料營銷的後續行動。因此，隨著 Canton 的關閉，我的意思是幻燈片談到不再是綜合工廠生產商、工廠、擁有綜合工廠業務。您談到了為 Pine Bluff 探索戰略替代方案，但這顯然仍然是您的主要液體、液體紙板供應。那裡的想法也是如此，當你在尋找潛在的替代方案時，比如這個想法是工廠仍在某些地方運營 - 如果有出售或撤資或某種形式，那將以某種方式出現您的轉換操作的供應協議？

Yes. So as we highlighted in the prepared remarks, Pine Bluff is a critical -- Pine Bluff and Waynesville, both are critical to our ability to operate successfully. And they'll remain critical in whatever future strategic alternative we select. [Sale] is certainly one avenue we could go down, but we continue to own the mill. We're committed to operating the mill and given all the food, water shelter it needs to support our core converting operations. So I think you said it right, anything we do there, we're certainly going to protect our core converting business on the carton side there, and certainly Pine Bluff and Waynesville to a degree are critical in those considerations.

是的。因此，正如我們在準備好的發言中強調的那樣，派恩布拉夫至關重要——派恩布拉夫和韋恩斯維爾對我們成功運營的能力都至關重要。無論我們選擇何種未來戰略選擇，它們都將保持至關重要。 [出售]當然是我們可以走的一條路，但我們繼續擁有這家工廠。我們致力於運營工廠，並為其提供支持我們核心加工業務所需的所有食物和水源。所以我認為你說得對，我們在那裡所做的任何事情，我們肯定會保護我們在紙箱方面的核心轉換業務，當然派恩布拉夫和韋恩斯維爾在某種程度上對這些考慮至關重要。

The next question comes from Ed Brucker with Barclays.

下一個問題來自巴克萊銀行的 Ed Brucker。

My first one is just on -- back to the balance sheet. Specifically on the ratings, it seems like given what you've done with the balance sheet, reducing actual gross debt, getting leverage down and what seems like committed to getting below that 4x, I feel like the ratings may be a bit behind. Just wanted to get your thoughts. I don't know if you've had any questions or excuse me, conversations with the rating agencies and if there's any goals to get to a higher rating?

我的第一個剛剛開始——回到資產負債表。特別是在評級方面，考慮到你對資產負債表所做的工作，減少實際總債務，降低杠桿率以及似乎致力於低於 4 倍的目標，我覺得評級可能有點落後。只是想得到你的想法。我不知道您是否有任何問題或打擾一下，與評級機構的對話以及是否有任何目標來獲得更高的評級？

Sure. So we don't control our ratings. First off, as you know, we do have an active dialogue with both S&P and Moody's, and talk to them about our balance sheet, our plans for capital allocation, cash flow, et cetera. I would say just broadly speaking, again, the ratings is entirely up to them. They tend to look at gross debt more so than net debt. So as we talked about the 4x target, that is a net debt number. And from that perspective, I think the agencies would look to us to use -- we ended the quarter with $500-plus-million of cash. So I think if you look at some of the actions that they're looking for, we did spend $200 million over the -- a bit over the last 3 months of Q4 and into this year, $200 million of cash. I think they've looked for the company to spend more of that cash on delevering as more signals.

當然。所以我們不控制我們的收視率。首先，如你所知，我們確實與標準普爾和穆迪進行了積極對話，並與他們討論了我們的資產負債表、我們的資本配置計劃、現金流等。我想說的是，從廣義上講，收視率完全取決於他們。他們更傾向於關注總債務而不是淨債務。所以當我們談到 4 倍目標時，這是一個淨債務數字。從這個角度來看，我認為這些機構會指望我們使用——我們在本季度末使用了 500 多萬美元的現金。所以我認為，如果你看看他們正在尋找的一些行動，我們確實花費了 2 億美元——在第四季度的最後 3 個月和今年，花費了 2 億美元現金。我認為他們一直在尋找公司將更多現金用於去槓桿化，以作為更多信號。

But I think we -- and if you look at the reports, I think the commentary has been more positive as it relates to our ratings. And I think we're on the right path as it relates to further upgrades there. But again, I can't speak to the agencies and what their actual ratings are. We'll just keep focusing on things we can control, which is continue to delever.

但我認為我們 - 如果你看一下報告，我認為評論更積極，因為它與我們的評級有關。而且我認為我們走在正確的道路上，因為它與那裡的進一步升級有關。但同樣，我無法與這些機構交談，也無法了解他們的實際評級是多少。我們將繼續關注我們可以控制的事情，即繼續去槓桿化。

Got it. And then kind of in relation to that, if you do see some divestitures with the Pine Bluff and Waynesville or really any free cash flow generated or the cash you have on the balance sheet right now, now that you've locked in a more certain interest rate, at least on the term loan. And I know you've paid off debt in January or February. Would you target some of the -- or continue to target, I guess, some of those higher coupon unsecured with gross debt reduction?

知道了。然後與此相關的是，如果你確實看到派恩布拉夫和韋恩斯維爾的一些資產剝離，或者實際上產生的任何自由現金流或你現在資產負債表上的現金，既然你已經鎖定了一個更確定的利率，至少在定期貸款上。我知道你已經在一月或二月還清了債務。你會瞄準一些 - 或者繼續瞄準，我猜，一些沒有擔保的高票息與總債務減少？

Yes. I can't signal any future actions we may or may not take obviously. So all I can leave you with is that deleveraging is still a focus, as I mentioned. And we do have some excess cash. And I think it's a balance of delevering and growth. So we mentioned -- we talked about investments in some of our converting assets, capital that we're seeing this year that is going to position us well for the future all on. And we are focused on returns as we invest in the business, we're sensible. So it will continue to be a balance as we look at where that capital goes.

是的。我無法明確表示我們未來可能會或可能不會採取的任何行動。因此，正如我所提到的，我只能留給您的是，去槓桿化仍然是一個重點。我們確實有一些多餘的現金。我認為這是去槓桿化和增長之間的平衡。所以我們提到 - 我們談到了對我們今年看到的一些轉換資產和資本的投資，這些資本將使我們在未來的所有方面都處於有利地位。我們在投資業務時專注於回報，我們很明智。因此，當我們審視資本的去向時，它將繼續保持平衡。

The next question comes from Kyle White with Deutsche Bank.

下一個問題來自德意志銀行的凱爾懷特。

A lot of moving parts on volumes with consumer behavior shifting inflation as well as destocking. Are you able to just give us a bit more guardrails on volumes and what your expectations are for the company for 2023 on a year-over-year basis that is assumed in the outlook?

隨著消費者行為改變通貨膨脹和去庫存，數量上的許多移動部分。您能否為我們提供更多關於銷量的護欄，以及您對公司 2023 年的預期，與展望中假設的同比相比？

No. I mean, just broadly speaking, if you look at -- we're not -- included in the guidance isn't a material shift in volumes, particularly around the food businesses, beverage as you know there's a lot of moving pieces there. So the beverages take that to the side. But on the food business, volume should be relatively in line with volumes from last year.

不，我的意思是，從廣義上講，如果你看 - 我們沒有 - 包括在指導中的不是數量的實質性變化，特別是圍繞食品行業，你知道飲料有很多移動部分那裡。所以飲料把它放在一邊。但在食品業務方面，銷量應該與去年的銷量持平。

Yes, makes sense. That's helpful. And then on the CapEx this year, I think you said it was $280 million that you're expecting. Is that the right long-term target that we should expect for the business just given the restructuring program or is there another step down later post this year?

是的，有道理。這很有幫助。然後在今年的資本支出上，我想你說過你期望的是 2.8 億美元。考慮到重組計劃，這是我們應該為業務預期的正確長期目標，還是今年晚些時候還會有另一個降級？

We're not providing any future guidance beyond that. As we talked about, the $280 million is inclusive of the $60 million that we talked about in terms of modernizing some of the converting assets on the Beverage Merchandising side. Longer term, by reducing our exposure to mill operations to closing of Canton, we are going to be more capital light, which is one of the goals. But there are opportunities as we talked about for deleveraging and also growth capital. And so on a balanced basis, we'll continue to look at opportunities where we can continue to invest in a sensible basis. But no further guidance from that perspective, but I will say that our maintenance capital is going to be reducing with less exposure to the mill operation.

除此之外，我們不會提供任何未來的指導。正如我們所說，2.8 億美元包括我們在飲料營銷方面的一些轉換資產現代化方面談到的 6000 萬美元。從長遠來看，通過減少我們對工廠運營的敞口以關閉 Canton，我們將更加輕量化資本，這是我們的目標之一。但是，正如我們所談到的去槓桿化和增長資本的機會。因此，在平衡的基礎上，我們將繼續尋找可以在合理基礎上繼續投資的機會。但從這個角度來看沒有進一步的指導，但我會說我們的維護資本將隨著工廠運營的減少而減少。

(Operator Instructions) The next question comes from Curt Woodworth with Credit Suisse.

（操作員說明）下一個問題來自瑞士信貸的 Curt Woodworth。

Yes. So I guess if you're kind of looking at food volumes roughly flat this year and given the pro forma EBITDA. Is it fair to say that from a price cost perspective, you're assuming neutrality or slight benefit? And then when we look at price cost in last year, just looking at the EBITDA bridge, it was about a positive $280 million. And I know part of that was mix management. So any color you can give on that would be helpful?

是的。所以我想如果你看一下今年的食品銷量大致持平，並考慮到備考 EBITDA。可以公平地說，從價格成本的角度來看，您假設中立或略有收益嗎？然後當我們看去年的價格成本時，只看 EBITDA 橋，它大約是正的 2.8 億美元。我知道其中一部分是混合管理。那麼你可以提供的任何顏色都會有幫助嗎？

Yes. Our -- look, our pricing strategy is to stay on the right side of the price cost curve. And so we've positioned ourselves kind of coming out of the pandemic with contracts to support that with our customers. And outside of our index-based movements, that's falling commodity costs and things like that are all considered. So yes, I think the way you said it occur is the right way to think about it. We don't plan to get on the wrong side of the price cost this year.

是的。我們——看，我們的定價策略是保持在價格成本曲線的右側。因此，我們將自己定位為通過與客戶簽訂合同來支持這種流行病。在我們基於指數的走勢之外，商品成本下降和類似的事情都被考慮在內。所以是的，我認為你所說的發生方式是正確的思考方式。今年我們不打算在價格成本上做出錯誤的選擇。

And then in terms of kind of the SKU optimization that you've talked about or the value over volume, is it -- are you kind of done on that front? Do you have the portfolio or the SKU composition about where you want it and therefore, volumetrically going forward, you should more reflect what the market is doing? And then I think you touched on this a little bit earlier, but from a market share perspective or a new product introduction perspective, are there any unique levers you have this year that you could discuss?

然後就您談到的 SKU 優化類型或數量價值而言，它是——您在這方面完成了嗎？您是否擁有關於您想要的產品組合或 SKU 構成，因此，從數量上看，您應該更多地反映市場正在做什麼？然後我想你早些時候談到了這一點，但從市場份額的角度或新產品推出的角度來看，你今年有什麼獨特的槓桿可以討論嗎？

Yes. No. So I would say that we are largely through that process. And certainly, as we look at our 2023 opportunities where we can capitalize on our ability to service and take advantage of areas to push broader product shifts, products in the areas where the consumer is shifting, that's where we're largely looking at capitalizing growth. So whether that's more molded fiber on the [egg] side or shifting substrate on the protein side, anywhere we can lean in and use our ability to be flexible from a substrate perspective is where we're looking to value and really fight off the volume challenges that we're seeing.

是的。不，所以我想說我們基本上已經完成了這個過程。當然，當我們展望 2023 年的機會時，我們可以利用我們的服務能力並利用領域來推動更廣泛的產品轉變，消費者正在轉變的領域的產品，這就是我們主要關注資本化增長的地方.因此，無論是在 [蛋] 側更多的模製纖維還是在蛋白質側轉移底物，我們可以在任何我們可以依靠並利用我們從底物角度靈活的能力的地方尋找價值並真正對抗體積我們看到的挑戰。

This concludes our question-and-answer session. I would like to turn the conference back over to Mike King for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Mike King 的閉幕詞。

Thank you, and thank you all for joining today. We appreciate your interest and your questions. We're excited about the momentum we're building here at Pactiv Evergreen as we continue to execute on our long-term strategy, and we look forward to updating you again in the next quarter. Thank you.

謝謝大家，感謝大家今天的加入。感謝您的關注和提問。隨著我們繼續執行我們的長期戰略，我們對在 Pactiv Evergreen 建立的勢頭感到興奮，我們期待在下一季度再次為您更新。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。