Pactiv Evergreen Inc (PTVE) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Pactiv Evergreen, Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, '(Operator Instructions)'. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Curt Worthington, Vice President, Strategy and Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Pactiv Evergreen 2023 年第二季度收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。要在會議期間提問，“（操作員說明）”。請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、戰略和投資者關係副總裁科特·沃辛頓 (Curt Worthington)。請繼續。

Thank you, Operator, and good morning, everyone. Thank you for your interest in Pactiv Evergreen, and welcome to our second quarter 2023 earnings call.

謝謝接線員，大家早上好。感謝您對 Pactiv Evergreen 的關注，歡迎參加我們的 2023 年第二季度財報電話會議。

With me on the call today, we have Michael King, President and CEO; and Jonathan 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.

今天與我一起參加電話會議的有總裁兼首席執行官邁克爾·金 (Michael King)；和首席財務官喬納森·巴克什特 (Jonathan Baksht)。請訪問我們投資者關係網站 www.pactivevergreen.com 的“活動”部分，並訪問我們的補充收益演示。管理層今天的講話應與審查本演示文稿同時聽取。

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.

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聲明，包括但不限於有關我們 2023 年指導的聲明。這些前瞻性聲明並不能保證未來的業績，實際結果可能與我們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。

These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. 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, and our quarterly reports on Form 10-Q for the quarters ended March 31 and June 30, 2023, for a more detailed discussion of those risks.

這些陳述還受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。我們請大家參閱我們最近向SEC 提交的文件，包括截至2022 年12 月31 日的年度10-K 表格年度報告，以及截至2023 年3 月31 日和6 月30 日的季度10-Q 表格季度報告，有關這些風險的更詳細討論。

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.

我們在本次電話會議中做出的前瞻性陳述基於截至今日我們掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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 reconciliations to the most directly comparable GAAP measures are 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.

最後，在今天的電話會議中，我們將討論某些公認會計原則和非公認會計原則財務指標，我們相信這些指標有助於評估我們的業績。我們的非公認會計原則措施不應被孤立地考慮或作為根據公認會計原則準備的結果的替代品。我們的收益報告和今天演示文稿的附錄中提供了與最直接可比的公認會計準則衡量標準的對賬。除非另有說明，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?

接下來，讓我將電話轉給 Pactiv Evergreen 總裁兼首席執行官 Michael King。麥克風？

Thank you, Curt. Good morning, everyone. Yesterday after market closed, Pactiv Evergreen reported solid second quarter results, including adjusted EBITDA of $217 million, with margin expansion relative to the first quarter. We generated strong free cash flow of $74 million. We reduced our debt, and we achieved important milestones in our beverage merchandising restructuring.

謝謝你，柯特。大家，早安。昨天收盤後，Pactiv Evergreen 公佈了穩健的第二季度業績，其中調整後 EBITDA 為 2.17 億美元，利潤率較第一季度有所擴大。我們產生了 7,400 萬美元的強勁自由現金流。我們減少了債務，並在飲料銷售重組方面實現了重要的里程碑。

Our performance in the quarter reflected a return to more traditional seasonality, disciplined cost control across the organization as well as we adapted to the current environment and continued our multiyear journey to eliminate waste and improve our productivity. Throughout the first half of the year, the consistent theme across our industry has been the uncertain macroeconomic environment and the impact of persistent inflationary headwinds on consumer spending.

我們本季度的業績反映了整個組織對更傳統的季節性、嚴格的成本控制的回歸，以及我們適應當前環境並繼續我們多年來消除浪費和提高生產力的旅程。整個上半年，整個行業的一致主題是宏觀經濟環境的不確定性以及持續的通脹逆風對消費者支出的影響。

As our second quarter performance demonstrates, our company continues to execute on the strategic priorities and deliver solid results despite these headwinds. Turning to Slide 4. I I'll start today's call with a brief review of our key strategic priorities. I will also provide an update on the beverage merchandising restructuring, including an overview of our new segment reporting structure. John will then discuss our second quarter results in detail and cover our updated 2023 outlook before moving to a question-and-answer session.

正如我們第二季度的業績所表明的那樣，儘管存在這些不利因素，我們公司仍繼續執行戰略優先事項並取得穩健的業績。轉向幻燈片 4。 I 在今天的電話會議開始時，我將簡要回顧一下我們的關鍵戰略重點。我還將提供有關飲料銷售重組的最新信息，包括我們新的分部報告結構的概述。然後，約翰將詳細討論我們第二季度的業績，並在進入問答環節之前介紹我們更新的 2023 年展望。

Moving to Slide #6. I've now been with the company as the CEO for just over two years. So, I wanted to take a moment to reflect on how far we've come and highlight some of the successes we have had since launching our transformational journey. We acknowledge that we faced challenges over the last few years and the journey is far from over. That said, we are extremely proud of the great strides the organization has made in the early stages of our transformation.

轉到幻燈片 #6。我在公司擔任首席執行官已經兩年多了。因此，我想花點時間反思一下我們已經取得的進展，並重點介紹自啟動轉型之旅以來我們取得的一些成功。我們承認，過去幾年我們面臨著挑戰，旅程還遠未結束。儘管如此，我們對該組織在轉型早期階段所取得的巨大進步感到非常自豪。

This slide really puts the transformation into perspective. Our underlying value proposition remains the same. We have the broadest product and substrate offering in our markets with leading positions in most of our core product categories and the commitment to expand our sustainable offerings with an unrivaled production and distribution footprint that allows us to deliver any product to any place anytime. With long-standing relationships with blue-chip customers and brands.

這張幻燈片確實讓我們對這一轉變有了更深入的了解。我們的基本價值主張保持不變。我們擁有市場上最廣泛的產品和基材產品，在大多數核心產品類別中處於領先地位，並致力於通過無與倫比的生產和分銷足跡來擴展我們的可持續產品，使我們能夠隨時隨地向任何地方交付任何產品。與藍籌客戶和品牌建立了長期合作關係。

Over the years, we've built partnerships with our customers to help them see to meet the changing needs of the consumer. And as a result, we are uniquely positioned to capitalize on favorable long-term fundamentals across our end markets, generating attractive free cash flows and EBITDA growth. These core strengths underpin the base of our transformation that will propel profitable growth into the years to come, to provide you with some perspective on how far we've come.

多年來，我們與客戶建立了合作夥伴關係，幫助他們滿足消費者不斷變化的需求。因此，我們處於獨特的地位，可以利用終端市場有利的長期基本面，產生有吸引力的自由現金流和 EBITDA 增長。這些核心優勢是我們轉型的基礎，將推動未來幾年的盈利增長，讓您了解我們已經走了多遠。

At the beginning of the transformation, we were a global company. We are vertically integrated from paper mills to converting operations. At the same time, our operations were fairly decentralized, and our plant operated somewhat independently.

在轉型之初，我們是一家全球性公司。我們是從造紙廠到加工業務的垂直整合。與此同時，我們的業務相當分散，我們的工廠在某種程度上獨立運營。

Lastly, we had an elevated net leverage profile, reflecting our previous private company structure. What we've built is a best-in-class team and implemented a number of operational strategic initiatives to strengthen the business and put us in the best position to execute this transformation.

最後，我們的淨槓桿率較高，反映了我們之前的私營公司結構。我們建立了一支一流的團隊，並實施了許多運營戰略舉措來加強業務，並使我們處於執行這一轉型的最佳位置。

On the right side of the slide, you'll see where we're moving through, some of which we've already achieved in some areas are still in flight. We have streamlined the organization to focus on the regions and businesses that are best positioned to drive shareholder value. We concluded that we do not have the necessary scale outside of North America, and our paper mills require significant capital investment to generate attractive returns for our shareholders.

在幻燈片的右側，您會看到我們正在經歷的事情，其中​​一些我們在某些領域已經取得的成就仍在進行中。我們精簡了組織結構，專注於最有能力推動股東價值的地區和業務。我們的結論是，我們在北美以外的地區沒有必要的規模，而且我們的造紙廠需要大量的資本投資才能為股東創造有吸引力的回報。

So, we made the decisions to reduce our exposure in these areas. These were not easy decisions, but we strongly believe that resulting focus in the more capital-efficient business profile is more compelling for our stakeholders. We also created centers of excellence across manufacturing, engineering, logistics, supply chain and finance to reduce waste and drive continuous improvement across the enterprise.

因此，我們決定減少在這些領域的投資。這些不是容易做出的決定，但我們堅信，對資本效率更高的業務狀況的關注對我們的利益相關者來說更具吸引力。我們還在製造、工程、物流、供應鍊和財務領域創建了卓越中心，以減少浪費並推動整個企業的持續改進。

Operational excellence is a very important component of our journey, and we have begun reaping the productivity and efficiency benefits of those efforts. These advances have already contributed to our performance over the course of 2022 and into 2023. We're going to highlight those efforts today because they are central to our ongoing transformation, and we still have significant room for additional gains.

卓越運營是我們旅程中非常重要的組成部分，我們已經開始收穫這些努力所帶來的生產力和效率優勢。這些進步已經為我們 2022 年和 2023 年的業績做出了貢獻。我們今天將重點強調這些努力，因為它們是我們持續轉型的核心，而且我們仍有巨大的額外收益空間。

We've invested in our product portfolio to stay on trend and increase our sustainable offerings with the acquisition of Fabric Cal in 2021. This acquisition increased our exposure to consumer product packaging and brought sustainable brands like Green wear and the Pactiv Evergreen.

通過2021 年收購Fabric Cal，我們對產品組合進行了投資，以緊跟潮流並增加我們的可持續產品。此次收購增加了我們在消費品包裝領域的曝光度，並帶來了Greenwear 和Pactiv Evergreen 等可持續品牌。

Finally, we have significantly reduced our net leverage ratio. We're on pace to be in the low 4s by the end of the year and have line of sight to be under 4x next year. Of course, we wouldn't be doing all this if we didn't believe that the resulting business profile put us in the best position to drive profitable growth in the future. The fact remains that we have the leading positions in almost all of our product categories and are well positioned to capitalize on favorable secular growth drivers.

最後，我們大幅降低了淨槓桿率。我們預計到今年年底將達到 4 倍以下，明年視線將低於 4 倍。當然，如果我們不相信由此產生的業務狀況使我們處於推動未來盈利增長的最佳位置，我們就不會做這一切。事實仍然是，我們在幾乎所有產品類別中都處於領先地位，並且處於有利的長期增長動力的有利位置。

I strongly believe in celebrating our successes and our company has achieved many impressive milestones. But in order to put all this together to a proper context, it's important to explain the foundational work that has made this all possible.

我堅信慶祝我們的成功，我們公司已經取得了許多令人印象深刻的里程碑。但為了將所有這些放在適當的背景下，解釋使這一切成為可能的基礎工作非常重要。

Please turn to Slide 7. Those who know me know that I'm really honest about admitting when issues need to be addressed. I'm very passionate about building a winning high-performing organization. For Pactiv Evergreen, it's not a stretch to say that we are effectively reimagining our company from the ground up, beginning with our mission, purpose and values and extending through our key strategic initiatives.

請翻到幻燈片 7。認識我的人都知道，當問題需要解決時我會很誠實地承認。我非常熱衷於建立一個成功的高績效組織。對於 Pactiv Evergreen 來說，可以毫不誇張地說，我們正在從頭開始有效地重新構想我們的公司，從我們的使命、目的和價值觀開始，一直延伸到我們的關鍵戰略舉措。

Firstly, we had to reestablish our common purpose, packaging a better future. It's the foundation for everything we do, and it's the compass for all aspects of our organization. Next, our values are the very fabric of our business. Together with our purpose, they act as our DNA. We recognize the entire organization needed to adapt and buy into these foundational beliefs to build an accountable high-performing culture ultimately resulting in improving our results in all areas of the business.

首先，我們必須重新確立我們的共同目標，打造更美好的未來。它是我們所做一切的基礎，也是我們組織各個方面的指南針。其次，我們的價值觀是我們業務的基礎。它們與我們的目標一起構成了我們的 DNA。我們認識到整個組織需要適應並接受這些基本信念，以建立負責任的高績效文化，最終改善我們在所有業務領域的業績。

For Pactiv Evergreen employees, our purpose goes far beyond making great products for great customers and brands. This is our joint belief that we can make this world better every single day through our efforts as a Pactiv Evergreen family. We make our communities, our neighborhoods and those around us better using our efforts, and this business is a springboard for a better future.

對於 Pactiv Evergreen 員工來說，我們的目標遠遠超出了為偉大的客戶和品牌製造偉大的產品。我們共同相信，通過 Pactiv Evergreen 大家庭的努力，我們每天都能讓這個世界變得更加美好。我們用我們的努力讓我們的社區、我們的社區和我們周圍的人變得更好，而這項業務是通往更美好未來的跳板。

Our purpose is truly becoming an inspiring heartbeat of this great organization. From there, we define our key strategic initiatives with the goal of reinventing our business and ultimately unlocking Pactiv Evergreen full potential as an excellent focused winning business. Over the past two years, there really has been a grassroots effort across all aspects of our organization as everyone has embraced our journey towards excellence, particularly within the operational excellence pillar.

我們的目標是真正成為這個偉大組織的鼓舞人心的心跳。在此基礎上，我們制定了關鍵戰略舉措，目標是重塑我們的業務，並最終釋放 Pactiv Evergreen 的全部潛力，成為一家卓越、專注的製勝企業。在過去的兩年裡，我們組織的各個方面確實做出了基層努力，因為每個人都接受了我們邁向卓越的旅程，特別是在卓越運營支柱方面。

In 2021, we started by stabilizing our operations and focusing on eliminating value leakage within our facilities. We recognize that we needed to do a better job of balancing our cost of demand levels, managing our production schedules and optimizing the flow of product across our network. Today, our plants are more agile and are better equipped to scale with changing market conditions. We've seen better overall equipment effectiveness, lower unplanned downtime and higher productivity across the board.

2021 年，我們首先穩定運營，並專注於消除設施內的價值洩漏。我們認識到，我們需要更好地平衡需求成本水平、管理生產計劃以及優化整個網絡的產品流程。如今，我們的工廠更加靈活，並且能夠更好地適應不斷變化的市場條件。我們看到設備整體效率更高、計劃外停機時間更少、生產率全面提高。

To put this into perspective, our journey from $531 million of adjusted EBITDA in 2021 to a $785 million adjusted EBITDA last year would not have been possible without these efforts. While we have made significant progress in our journey, the more exciting part for Pactiv Evergreen is that we have a great deal of opportunity continue growing and unlocking our full potential. With this foundation, we are now focused on applying these improvements to a platform that serves as the springboard for future value creation.

從這個角度來看，如果沒有這些努力，我們就不可能從 2021 年調整後 EBITDA 5.31 億美元增至去年 7.85 億美元調整後 EBITDA。雖然我們在這一過程中取得了重大進展，但對 Pactiv Evergreen 來說更令人興奮的是，我們有大量機會繼續發展並釋放我們的全部潛力。有了這個基礎，我們現在專注於將這些改進應用到一個平台上，作為未來價值創造的跳板。

Moving to Slide #8. The next phase of our journey kicked off this year with the implementation of the Pactiv Evergreen Production System, also known as PEPS. This really institutionalized and standardized everyone's efforts across the organization. PEPS isn't just a production system. It's a whole list of management philosophy that touches all aspects of our operations.

轉到幻燈片 #8。我們的下一階段旅程從今年開始實施 Pactiv Evergreen 生產系統（也稱為 PEPS）。這確實使整個組織中每個人的努力製度化和標準化。 PEPS 不僅僅是一個生產系統。這是一整套管理理念，涉及我們運營的各個方面。

The measures performance across all of our facilities in a consistent and standardized method, it drives accountability through all levels of our manufacturing plan warehouses and centers of excellence. It also promotes best practices and continuous improvement. In short, PEPS is an investment into a road map that leads our facilities to success while inspiring the company's strategic goal of eliminating waste.

它以一致和標準化的方法衡量我們所有設施的績效，它推動了我們各級製造計劃倉庫和卓越中心的問責制。它還促進最佳實踐和持續改進。簡而言之，PEPS 是對路線圖的投資，該路線圖可引導我們的設施取得成功，同時激勵公司實現消除浪費的戰略目標。

This slide provides an overview of the key elements of pets, how we measure success and where we are in the journey. PEPS consists of six elements, environmental health and safety, quality, people, asset care, continuous improvement and supply chain management. These elements are supported by a total of 250 concrete directions and expectations for implementing the system called requirements.

這張幻燈片概述了寵物的關鍵要素、我們如何衡量成功以及我們目前所處的階段。 PEPS由六大要素組成，環境健康與安全、質量、人員、資產關懷、持續改進和供應鏈管理。這些元素由總共 250 個實施系統的具體方向和期望（稱為需求）支持。

In order for a plan to become test certified, it must demonstrate documented policies and procedures as well as operational adherence with an at least 70% score of the PEPS' requirements, including 100% of the requirements related to EH&S and quality. Each certification level raises the bar for adherence with the pets requirements. With each plant that becomes pet certified, we increase our opportunity to share best practices and improve our ability to replicate operational excellence across the organization. As you can see, we have a total of five certification levels, starting with brands and concluding with Diamond.

為了使計劃獲得測試認證，它必須證明記錄在案的政策和程序以及操作遵守情況，且得分至少達到 PEPS 要求的 70%，其中包括 100% 與 EH&S 和質量相關的要求。每個認證級別都會提高遵守寵物要求的標準。隨著每家工廠獲得寵物認證，我們都增加了分享最佳實踐的機會，並提高了在整個組織內復制卓越運營的能力。如您所見，我們總共有五個認證級別，從品牌開始，到鑽石結束。

Now, I should stress that it requires a full commitment from everyone at the facility to achieve any level of PEP certification. From brown to diamond, this is also a multi-year effort as we move all of our plants to a unified production system. We must all recognize this doesn't happen overnight.

現在，我要強調的是，要獲得任何級別的 PEP 認證，都需要工廠中每個人的充分承諾。從棕色到鑽石，這也是我們多年努力的結果，因為我們將所有工廠轉移到統一的生產系統。我們都必須認識到這不會在一夜之間發生。

With that said, all of our locations have completed their self-assessment, which is the critical first step in their path to operational excellence. Within that, 27 have completed the first formal PEP assessment, and the those 27, six of the production facilities have achieved brand status in just the first six months of rolling out the PEPS program, and we are hoping to reach a total of eight plants certified by year-end. This is a tremendous accomplishment in the very short period of time, and we hope to build on that momentum by having 75% of our plants certified by next year and 100% by 2025.

儘管如此，我們所有的分支機構都已完成自我評估，這是其實現卓越運營的關鍵的第一步。其中，27 家工廠已完成首次正式 PEP 評估，而這 27 家工廠中，有 6 家在推出 PEPS 計劃的前六個月內就獲得了品牌地位，我們希望工廠總數達到 8 家年底前通過認證。這是在很短的時間內取得的巨大成就，我們希望在此基礎上再接再厲，到明年讓我們 75% 的工廠獲得認證，到 2025 年讓 100% 的工廠獲得認證。

We anticipate three to five sites that will achieve silver next year and have the goal of having our first gold site certified before 2025. We are still early in the PEPS journey, but the operational improvements at our facilities are significant, and we're excited about the impact this will have throughout the organization in terms of waste elimination and improving our scalability in our operations.

我們預計明年將有三到五個站點獲得銀牌，並目標是在2025 年之前讓我們的第一個金級站點獲得認證。我們仍處於PEPS 旅程的早期階段，但我們設施的運營改進非常顯著，我們很興奮關於這將對整個組織在消除浪費和提高運營可擴展性方面產生的影響。

Please turn to Slide 9. Another team that I would like to highlight is our ESG team, which continues to execute on our sustainability goals. As a reminder, our sustainability missions provide innovative products that deliver safe, fresh, convenient food and beverages while evaluating a planet, people and our communities. We've set the ambitious goal of having 100% of our net revenue coming from products made using recyclable or renewable materials by 2030.

請參閱幻燈片 9。我想強調的另一個團隊是我們的 ESG 團隊，該團隊將繼續執行我們的可持續發展目標。謹此提醒，我們的可持續發展使命提供創新產品，提供安全、新鮮、方便的食品和飲料，同時評估地球、人類和我們的社區。我們制定了雄心勃勃的目標，即到 2030 年，我們 100% 的淨收入來自使用可回收或可再生材料製造的產品。

An important enabler of our sustainability journey, is our ability to develop sustainable solutions for our customers and help them meet their sustainability goals, making us a trusted partner and supplier of choice. In an effort to help our customers make educated buying decisions, we commissioned two studies to measure the environmental impact of several products we offer.

我們可持續發展之旅的一個重要推動因素是我們為客戶開發可持續解決方案並幫助他們實現可持續發展目標的能力，使我們成為值得信賴的合作夥伴和首選供應商。為了幫助我們的客戶做出明智的購買決定，我們委託進行了兩項研究來衡量我們提供的幾種產品對環境的影響。

One study compared our fresh beverage cartons to alternative formats and found that our currents have less overall environmental impact. The other study compared Metras made from seven different materials, and the results show that our phone versions with recycled content offer our customers a product with the lowest overall environmental impact.

一項研究將我們的新鮮飲料紙盒與其他格式進行了比較，發現我們的電流對整體環境的影響較小。另一項研究比較了由七種不同材料製成的 Metra，結果表明，我們採用回收材料的手機版本為客戶提供了總體環境影響最低的產品。

Second, we know that investors, regulators and other key stakeholders are increasingly emphasizing finite risk related disclosures, and we are executing on our plans to achieve greater transparency when it comes to these matters. Perhaps the most significant step we've taken is to identify and disclose our climate-related risks, which you'll find in our climate-related financial disclosures report released earlier this year, along with our CDP disclosure, which was submitted just last week.

其次，我們知道投資者、監管機構和其他主要利益相關者越來越強調與有限風險相關的披露，並且我們正在執行我們的計劃，以在這些問題上實現更大的透明度。也許我們採取的最重要的一步是識別和披露我們的氣候相關風險，您可以在我們今年早些時候發布的氣候相關財務披露報告以及上周剛剛提交的 CDP 披露中找到這一點。

Turning to Slide 10. Our beverage merchandising restructuring continues to progress on schedule, and we remain on pace to achieve the operational milestones that we communicated from the LSE. As a reminder, this is an effort to streamline our physical footprint to focus on converting operations, resulting in lower operating costs and a more capital-light operating structure, both of which supports an increased free cash flow generation.

轉向幻燈片 10。我們的飲料銷售重組繼續按計劃進行，並且我們繼續努力實現我們從倫敦證券交易所傳達的運營里程碑。提醒一下，這是為了簡化我們的物理足跡，專注於轉換業務，從而降低運營成本和更加輕資本的運營結構，這兩者都支持增加自由現金流的產生。

We successfully ceased operations at the Canton mill and Olmsted Falls facility on May 24, which was ahead of our previous guidance that we discussed in the first quarter. We continue to review strategic alternatives for Pangasinan as well. We do not have a definitive timetable for this process. We intend to provide additional updates on the status of that review throughout the balance of this year.

我們於 5 月 24 日成功停止了廣州工廠和奧姆斯特德福爾斯工廠的運營，這超出了我們在第一季度討論的先前指導。我們還將繼續審查邦阿西楠省的戰略替代方案。我們沒有這個過程的明確時間表。我們打算在今年餘下時間提供有關該審查狀態的更多最新信息。

Lastly, as we previewed in our first quarter results, the Food merchandising and Beverage merchandising businesses have been combined, and we are now reporting the results for the new segment this quarter. We remain on pace to achieve the expected $30 million in run rate cost benefits from the restructuring in 2024, and we are excited about the company's enhanced competitive position in food and beverage merchandising as a result of this streamlined operations and lower CapEx requirements.

最後，正如我們在第一季度業績中預覽的那樣，食品銷售和飲料銷售業務已合併，我們現在報告本季度新部門的業績。我們將繼續努力實現 2024 年重組帶來的預期 3000 萬美元的運行成本效益，我們對公司由於精簡的運營和較低的資本支出要求而在食品和飲料銷售領域的競爭地位得到增強感到興奮。

Overall, it has taken a tremendous effort for all of our employees, particularly the employees in the impacted facilities to help us achieve these very important milestones. I'm proud of everyone's dedication, commitment and continued hard work along the way.

總體而言，我們所有員工，特別是受影響設施中的員工付出了巨大的努力，才幫助我們實現了這些非常重要的里程碑。我為每個人一路上的奉獻、承諾和持續努力感到自豪。

Turning to Slide 11. Now that we have combined our food and beverage merchandising businesses into one reporting segment, our company now consists of two reporting segments with a fit service in our Food and Beverage merchandising businesses. Based on our 2022 results, our Food service segment accounts for approximately 44% of our consolidated revenue. Likewise, the new Food and Beverage Merchandising segment accounts for the remaining 56% or consolidated revenue. In the following slides, I'll provide an overview of each segment in more detail.

轉向幻燈片 11。既然我們已將食品和飲料銷售業務合併為一個報告分部，我們公司現在由兩個報告分部組成，並為我們的食品和飲料銷售業務提供合適的服務。根據我們 2022 年的業績，我們的食品服務部門約占我們合併收入的 44%。同樣，新的食品和飲料銷售部門佔合併收入的剩餘 56%。在下面的幻燈片中，我將更詳細地概述每個部分。

Slide 12. This shows an overview of our new Food and Beverage Merchandising segment, which combines the broad product lineup of our food merchandising business with the fresh beverage cartons and filling equipment from our legacy beverage merchandising businesses. These businesses serve grocery stores, meat, egg, agriculture and CPG processors as well as beverage companies. We expect our Food and Beverage Merchandising segment to benefit from changing consumer behavior that drives long-term growth.

幻燈片 12。這顯示了我們新的食品和飲料銷售部門的概述，該部門將我們食品銷售業務的廣泛產品系列與我們傳統飲料銷售業務的新鮮飲料紙盒和灌裝設備相結合。這些企業為雜貨店、肉類、雞蛋、農業和消費品加工商以及飲料公司提供服務。我們預計我們的食品和飲料銷售部門將從推動長期增長的消費者行為變化中受益。

Our customers are expanding the range of prepared food offerings to address the consumers' desire for fast, fresh and convenient meals. Consumers are also increasing their consumption of fresh proteins and produce as well as non-dairy and specialty beverages in support of a more healthy active lifestyle. We're extremely proud of our strong position in the food and beverage market with customers, including nine of the top ten U.S. grocery retailers and eight of the top ten largest new companies in the U.S.

我們的客戶正在擴大預製食品的範圍，以滿足消費者對快速、新鮮和方便膳食的渴望。消費者還增加了新鮮蛋白質和農產品以及非乳製品和特色飲料的消費，以支持更健康積極的生活方式。我們對自己在食品和飲料市場的強大地位感到非常自豪，客戶包括美國十大雜貨零售商中的九家和美國十大新公司中的八家。

Slide 13 includes an overview of our Food Service segment, which produces food containers, drinkware, tableware and service wear. Food Services primary channels are chain restaurants, food distributors, convenience stars and institutional food service outlets like airports, schools and hospitals. We expect our Foodservice segment to capitalize on secular tailwinds such as the expansion of takeout, curbside pickup and delivery facilitated by e-commerce as well as changing consumer eating habits that benefit restaurants and convenience stores.

幻燈片 13 概述了我們的食品服務部門，該部門生產食品容器、飲料用具、餐具和工作服。食品服務的主要渠道是連鎖餐廳、食品經銷商、便利明星以及機場、學校和醫院等機構食品服務網點。我們預計我們的餐飲服務部門將利用長期的有利因素，例如電子商務推動的外賣、路邊取貨和送貨的擴張，以及消費者飲食習慣的改變，這有利於餐館和便利店。

Our food service customers are also trending towards products with better performance and sustainability features. We expect this to drive incremental value for our business. We are proud to be a top supplier to many of our customers across our product categories in the aggregate, including four of the largest QSR groups. In addition, we are a top supplier of exclusive branded items for the top broadline distributors in the U.S.

我們的食品服務客戶也傾向於購買具有更好性能和可持續性特徵的產品。我們預計這將為我們的業務帶來增量價值。我們很自豪能夠成為我們產品類別中許多客戶的頂級供應商，其中包括四個最大的 QSR 集團。此外，我們還是美國頂級寬線分銷商的獨家品牌產品的頂級供應商。

With that, I would now like to turn the call over to Jon to discuss our second quarter results in detail, including our segment performance. Jon?

現在，我想將電話轉給喬恩，詳細討論我們第二季度的業績，包括我們的部門業績。喬恩？

Thanks, Mike. I'll start with our second quarter highlights on Slide 16. We reported net revenues of $1.4 billion for the quarter. As expected, this represents a decrease compared to the second quarter of last year, which benefited from a combination of tight supply and favorable timing on contractual pass-throughs to generate historically strong spreads.

謝謝，邁克。我將從幻燈片 16 上的第二季度亮點開始。我們報告該季度的淨收入為 14 億美元。正如預期的那樣，這比去年第二季度有所下降，這得益於供應緊張和合同傳遞的有利時機，從而產生了歷史上強勁的價差。

Similar to last quarter, the year-over-year comparison was also impacted by divestitures that occurred during 2022 as well as fewer operating days at our Canton mill, which ceased operations in May. Second quarter adjusted EBITDA was $217 million as we were successful in high-grading our volume mix while maintaining cost discipline across the enterprise. This also allowed us to expand adjusted EBITDA margin by 200 basis points compared to the first quarter and matched the very strong adjusted EBITDA margins from the second quarter of last year.

與上季度類似，同比比較也受到 2022 年期間發生的資產剝離以及我們的廣州工廠運營天數減少的影響，該工廠於 5 月份停止運營。第二季度調整後 EBITDA 為 2.17 億美元，因為我們成功地提高了銷量組合，同時保持了整個企業的成本控制。這也使我們能夠將調整後 EBITDA 利潤率比第一季度擴大 200 個基點，與去年第二季度非常強勁的調整後 EBITDA 利潤率相匹配。

As we previewed on our first quarter earnings call, we increased free cash flow with $74 million in the second quarter, which includes $42 million of restructuring-related cash outflows. Excluding those outflows, free cash flow was over $110 million, reflecting a strong inherent cash generating potential of our platform. This helped us repay $180 million of our debt during the quarter. Free cash flow benefited this quarter from $47 million of inventory reduction, the majority of which was related to closing the can mill during the quarter. This brings us to $166 million of benefit over the last three quarters.

正如我們在第一季度財報電話會議上預覽的那樣，第二季度的自由現金流增加了 7400 萬美元，其中包括 4200 萬美元的重組相關現金流出。排除這些流出，自由現金流超過 1.1 億美元，反映出我們平台強大的固有現金產生潛力。這幫助我們在本季度償還了 1.8 億美元的債務。本季度自由現金流受益於 4700 萬美元的庫存減少，其中大部分與本季度關閉罐頭廠有關。這為我們在過去三個季度帶來了 1.66 億美元的收益。

To put this into context, we completed our strategic inventory build about a year ago with the goal of increasing our service levels, which was needed during a period of higher market uncertainty. We have better alignment with our customers today, which has allowed us to work towards a more normalized inventory level and free up cash along the way.

考慮到這一點，我們大約一年前完成了戰略庫存建設，目標是提高我們的服務水平，這是市場不確定性較高時期所需要的。今天，我們與客戶有了更好的協調，這使我們能夠努力實現更加正常化的庫存水平，並在此過程中釋放現金。

As expected, net leverage increased to 4.7x in the quarter due to the second quarter of 2022 rolling off our LTM adjusted EBITDA figure. As year-over-year comparisons ease during the second half of the year, we remain confident that we will achieve net leverage in the low 4s by year-end. Further, we expect that the actions taken this year will allow us to continue driving free cash flow generation and de-levering in 2024 and beyond.

正如預期的那樣，由於 2022 年第二季度我們的 LTM 調整後 EBITDA 數據被淘汰，本季度淨槓桿率增加至 4.7 倍。隨著下半年同比比較的緩和，我們仍然有信心到年底我們將實現淨槓桿率在 4 左右。此外，我們預計今年採取的行動將使我們能夠在 2024 年及以後繼續推動自由現金流的產生和去槓桿化。

Turning to Slide 16. Our end markets are showing signs of stabilizing and supply chains continue to normalize. In addition, we are driving alignment with our customers to meet consumers' changing demands. This comes against the backdrop of inflationary impacts on consumer spending, raw material costs and interest rates. While each of these areas has moderated sequentially, they remain elevated compared to last year.

轉向幻燈片 16。我們的終端市場顯示出穩定的跡象，供應鏈繼續正常化。此外，我們正在推動與客戶的協調，以滿足消費者不斷變化的需求。這是在通貨膨脹對消費者支出、原材料成本和利率產生影響的背景下發生的。雖然這些領域都已連續放緩，但與去年相比仍然較高。

However, the company has responded effectively to these challenges by managing our controllable costs to maximize profitability and free cash flow. As expected, overall customer demand rose in the second quarter compared to the first quarter as our business benefited from the traditional seasonal uplift caused by warmer weather, which tends to increase demand for cold beverages, fresh produce and outdoor entertaining, which in turn drives demand for our products.

然而，公司通過管理可控成本來有效應對這些挑戰，以最大限度地提高盈利能力和自由現金流。正如預期，第二季度整體客戶需求較第一季度有所上升，因為我們的業務受益於天氣變暖帶來的傳統季節性增長，這往往會增加對冷飲、新鮮農產品和戶外娛樂的需求，從而推動需求對於我們的產品。

Additionally, customer inventory stocking was mostly complete by the end of the first quarter, so we did not experience material headwinds on that front during the second quarter. Outside of our material cost pass-throughs, pricing levels generally reflect the cumulative effect of our value over volume strategy over the past year as we focus on meeting our customers' needs. But the last quarter, we benefited from lower transportation costs at in line haul rates continue to improve compared to this time last year.

此外，客戶庫存庫存在第一季度末基本完成，因此我們在第二季度沒有遇到這方面的重大阻力。除了我們的材料成本轉嫁之外，定價水平通常反映了我們過去一年中價值超過數量策略的累積效應，因為我們專注於滿足客戶的需求。但上個季度，我們受益於較低的運輸成本，與去年同期相比，內線運輸費率繼續改善。

In addition, we are seeing benefits from managing controllable costs by improving the efficiency of our internal logistics network and scheduling our production labor more effectively. Finally, we continue to manage our interest rate exposure by proactively paying down floating rate debt, including repaying $180 million of debt during the second quarter.

此外，我們還看到了通過提高內部物流網絡的效率和更有效地調度生產勞動力來管理可控成本的好處。最後，我們繼續通過主動償還浮動利率債務來管理我們的利率風險，包括在第二季度償還 1.8 億美元的債務。

Now turning to Slide 17. Before I discuss our second quarter results in detail, I wanted to provide a brief explanation to the new segment financial reporting using our full year 2022 results as a reference point. Starting with Food and Beverage Merchandising. Revenue and adjusted EBITDA mostly consists of legacy food merchandising business and legacy beverage merchandising business. Although it's better aligned with our customers, we reorganized the management of a handful of product lines from our Food Service segment to the new Food and Beverage Merchandising segment.

現在轉向幻燈片 17。在詳細討論第二季度業績之前，我想以 2022 年全年業績為參考，對新部門的財務報告進行簡要說明。從食品和飲料營銷開始。收入和調整後的 EBITDA 主要由傳統食品銷售業務和傳統飲料銷售業務組成。雖然它更好地與我們的客戶保持一致，但我們重組了一些產品線的管理，從我們的食品服務部門到新的食品和飲料銷售部門。

Based on full year 2022 results, that reorganization amounted to $169 million of revenue and $21 million of adjusted EBITDA that was added to food and beverage merchandising results. Likewise, the only change to the food service report financial results was the reduction of revenue and adjusted EBITDA by the same amount. Our results for the second quarter of 2023 reflect this new reporting structure.

根據 2022 年全年業績，此次重組帶來了 1.69 億美元的收入，以及 2100 萬美元的調整後 EBITDA（已計入食品和飲料銷售業績）。同樣，食品服務報告財務業績的唯一變化是收入和調整後的 EBITDA 減少了相同的金額。我們 2023 年第二季度的業績反映了這種新的報告結構。

Continuing on Slide 18, second quarter year-over-year results. To set the stage, the second quarter of 2022 represented the seasonal high point for the year, which impacts our year-over-year comparisons. The second quarter of last year benefited from historically favorable spreads, driven by the timing of our contractual past dues, coupled with general supply tightness to benefit the second quarter market dynamics relative to the rest of the year.

繼續幻燈片 18，第二季度同比業績。首先，2022 年第二季度代表了當年的季節性高點，這影響了我們的同比比較。去年第二季度受益於歷史上有利的利差，這是由我們的合同逾期付款時間推動的，加上總體供應緊張，有利於第二季度相對於今年剩餘時間的市場動態。

The second quarter of 2023 reflects the more traditional seasonal trends. Net revenues were down 13%, volume was down 6%, mainly due to the focus on value over volume and the market softening amid inflationary pressures. Price/mix was flat. Revenues were down 7% due to the divestiture of Beverage Merchandising Asia in August 2022 and the Canton mill impact in second quarter 2023. Adjusted EBITDA decreased 13% due to lower sales volume and higher manufacturing costs, driven by inflationary impacts on conversion costs and lower absorption. This also reflects the impact from the divestiture of beverage merchandising Asia and the closure of the can mill, partially offset by lower transportation costs.

2023 年第二季度反映了更為傳統的季節性趨勢。淨收入下降 13%，成交量下降 6%，主要是由於對價值的關注超過了成交量，以及通脹壓力下市場疲軟。價格/組合持平。由於2022 年8 月剝離Beverage Merchandising Asia 以及2023 年第二季度廣州工廠的影響，收入下降了7%。由於通貨膨脹對轉換成本的影響和較低的成本，調整後的EBITDA 下降了13%，原因是銷量下降和製造成本上升。吸收。這也反映了亞洲飲料銷售業務剝離和罐頭廠關閉的影響，但運輸成本下降部分抵消了影響。

Free cash flow increased due to a net working capital benefit, driven by inventory reductions and lower capital expenditures, partially offset by restructuring-related cash outflows and higher interest expense. Moving to Slide 19, for sequential quarter comparison. Second quarter net revenues were $1.4 billion, approximately flat versus the prior quarter. Higher sales volumes due to seasonal trends were offset by the closure of the Canton mill during the second quarter of 2023 and unfavorable pricing driven by the contractual past-dues on lower material costs.

由於庫存減少和資本支出減少推動淨營運資本效益增加，自由現金流量增加，但部分被重組相關現金流出和利息支出增加所抵消。轉到幻燈片 19，進行連續季度比較。第二季度淨收入為 14 億美元，與上一季度基本持平。季節性趨勢帶來的銷量增加被 2023 年第二季度廣州工廠的關閉以及材料成本下降導致的合同逾期未付導致的不利定價所抵消。

Adjusted EBITDA was $217 million for the quarter, a $28 million increase from first quarter of 2023 levels. Despite revenue being approximately flat, we benefited from higher sales volume, lower manufacturing costs and lower transportation costs, partially offset by unfavorable pricing and cost pass-through and the closure of the Canton mill.

本季度調整後 EBITDA 為 2.17 億美元，比 2023 年第一季度的水平增加 2800 萬美元。儘管收入大致持平，但我們受益於更高的銷量、更低的製造成本和更低的運輸成本，部分被不利的定價和成本轉嫁以及廣州工廠的關閉所抵消。

Free cash flow increased due to the timing of annual incentive compensation payments, improved operating results and net working capital benefit, driven by the closure of our can mill, partially offset by restructuring-related cash outflows and the timing of interest and tax payments.

由於年度激勵補償金的支付時間、經營業績的改善和淨營運資本效益的增加（由我們的製罐廠關閉推動），自由現金流有所增加，但部分被重組相關的現金流出以及利息和稅款支付的時間所抵消。

Continuing on Slide 20 and our results by segment. Within Foodservice, we continue to have positive momentum with our key strategic customers, and we are effectively balancing production costs with demand levels. This has helped offset to traffic in quick service restaurants and full-service restaurants, which were lower than last year as consumers responded to higher menu prices across the retail spectrum. This dynamic has been partially offset by consumers shifting their spend for in-restaurant dining to fast food and from high end to low rent QSRs and fast food outlets. But in general, market volumes are lower than last year.

繼續幻燈片 20 和我們按細分市場劃分的結果。在餐飲服務領域，我們繼續與主要戰略客戶保持積極的勢頭，並且我們正在有效地平衡生產成本與需求水平。這有助於抵消快餐店和全方位服務餐廳的客流量，由於消費者對整個零售領域更高的菜單價格做出反應，客流量低於去年。這種動態已被消費者將餐廳內就餐的支出轉向快餐、從高端快餐店轉向低租金快餐店和快餐店而部分抵消。但總體而言，市場成交量低於去年。

Pricing in food service was lower than last year, mainly due to the timing of contractual pass-throughs on our key resins like polypropylene, which was lower than second quarter of last year. Starting with year-over-year, huge service comps are difficult due to the favorable market dynamics last year. Net revenues were down 12%. Volume was down 6%, largely due to a continued focus on value over volume and overall declines in market demand. Price/mix was down 6%, partially due to the lower input costs. Adjusted EBITDA was down 20% due to unfavorable pricing comparison and a cost pass-through, lower sales volume and higher manufacturing costs, partially offset by lower transportation costs.

食品服務價格低於去年，主要是由於聚丙烯等關鍵樹脂的合同傳遞時間低於去年第二季度。從去年開始，由於去年有利的市場動態，巨大的服務競爭很困難。淨收入下降 12%。成交量下降 6%，主要是由於繼續關注價值而非成交量以及市場需求整體下降。價格/組合下降了 6%，部分原因是投入成本降低。由於不利的定價比較和成本轉嫁、銷量下降和製造成本上升，調整後的 EBITDA 下降了 20%，但運輸成本下降部分抵消了這一影響。

Quarter-over-quarter benefited from seasonality, primarily in cold cuts. Net revenues were up $42 million or 7%, mostly due to higher volume, partially offset by price. Adjusted EBITDA was up $22 million or 21% due to higher volume and lower manufacturing costs, partially offset by unfavorable pricing of cost pass due and higher employee-related costs.

季度環比受益於季節性，主要是冷盤。淨收入增長了 4200 萬美元，即 7%，主要是由於銷量增加，但部分被價格所抵消。由於銷量增加和製造成本降低，調整後 EBITDA 增長了 2200 萬美元，即 21%，但部分被成本轉嫁不利定價和員工相關成本上升所抵消。

On Slide 21, in Food and Beverage Merchandising. The business unit executed well as we completed the Canton mill closure and integrated food and beverage into a single business unit, all while maintaining high service levels. We are seeing elevated inflation caused consumers to reallocate their food spending within the retail channel to favor certain product categories like protein and eggs while reducing spend on categories like favorable containers.

在幻燈片 21 的食品和飲料營銷中。我們關閉了廣州工廠，並將食品和飲料整合為一個業務部門，同時保持了高服務水平，該業務部門執行情況良好。我們看到，通脹上升導致消費者在零售渠道內重新分配食品支出，以偏愛蛋白質和雞蛋等某些產品類別，同時減少在優惠容器等類別上的支出。

In the beverage side of the business, the results are impacted by the divestiture of our Asia business and fewer operating days at the Canton mill. We also experienced a slower-than-expected ramp up of production in Pineland following the Canton mill outage that occurred at the end of March into early April. Overall pricing and mix were higher partially due to the cumulative impact of our value over volume strategy over the past year.

在飲料業務方面，業績受到亞洲業務剝離和廣州工廠運營天數減少的影響。繼 3 月底至 4 月初廣州工廠停電後，Pineland 的產量增長也低於預期。總體定價和產品組合較高，部分原因是我們過去一年的價值超過銷量策略的累積影響。

In addition, our overall mix benefited from reduced uncoated freesheet production as the Canton mill ceased operations during the quarter. Year-over-year comparisons are impacted by the divestiture of our Asia business and the Canton mill closure. Net revenues were down 11%, volume was down 7%, mainly due to a focus on value over volume and the market softening in the inflationary pressures.

此外，由於廣州工廠在本季度停止運營，我們的整體組合受益於無塗層免費紙張產量的減少。同比比較受到亞洲業務剝離和廣州工廠關閉的影響。淨收入下降 11%，成交量下降 7%，主要是由於對價值的關注超過了成交量，以及通脹壓力導致市場疲軟。

Revenue is down 9% due to the dispositions. Price/mix was up 4%, largely due to pricing actions taken to offset higher rig costs. Adjusted EBITDA was down 2% due to higher manufacturing costs, lower sales volume, the closure of the Canton mill and the divestiture of Beverage Merchandising Asia, partially offset by favorable pricing net of material costs pass-through and lower transportation and employee-related costs. If we now have the impacts of the dispositions, revenue was down approximately 7% and EBITDA was up approximately 4% on an adjusted basis.

由於處置，收入下降了 9%。價格/組合上漲了 4%，主要是由於為抵消更高的鑽機成本而採取的定價行動。由於製造成本上升、銷量下降、關閉廣州工廠以及剝離 Beverage Merchandising Asia，調整後 EBITDA 下降 2%，但部分被扣除材料成本轉嫁後的有利定價以及較低的運輸和員工相關成本所抵消。如果我們現在受到處置的影響，調整後的收入下降了約 7%，EBITDA 增長了約 4%。

Quarter-over-quarter, net revenues were down by $45 million or 5%, mainly due to the closure of the can mill, while higher sales volumes due to seasonal benefits, primarily in our agriculture and retail channels was offset by unfavorable pricing. Adjusted EBITDA was up $8 million or 8% due to lower manufacturing costs and higher sales volume, partially offset by unfavorable pricing and material cost pass-through and the closure of the canton mill.

與上一季度相比，淨收入下降了4500 萬美元或5%，這主要是由於罐頭廠的關閉，而由於季節性因素（主要是在我們的農業和零售渠道）帶來的銷量增加被不利的定價所抵消。由於製造成本降低和銷量增加，調整後的 EBITDA 增長了 800 萬美元，即 8%，但部分被不利的定價和材料成本轉嫁以及廣州工廠的關閉所抵消。

Turning to Slide 22. I'd like to take the opportunity to reiterate the commitments that we have highlighted throughout the last year. First, we are committed to aggressively deleveraging our balance sheet and preserving our liquidity. We expect our net leverage to end the year in the low 4s. We also anticipate that our momentum will allow us to bring our net leverage into the 3s in early 2024, and we're not stopping there, as our focus will remain on debt pay down. Not only will that help reduce our interest burden, it will help us provide flexibility to invest in our future and drive profitable growth.

轉向幻燈片 22。我想藉此機會重申我們去年強調的承諾。首先，我們致力於積極去槓桿化資產負債表並保持流動性。我們預計今年年底我們的淨槓桿率將保持在 4 左右。我們還預計，我們的勢頭將使我們能夠在 2024 年初將淨槓桿率降至 3 左右，而且我們不會就此止步，因為我們的重點仍將是減少債務。這不僅有助於減輕我們的利息負擔，還將幫助我們提供投資未來並推動盈利增長的靈活性。

Second, we are committed to driving free cash flow growth through the economic cycle. This year is a great example of how our business is able to deliver on this commitment despite underlying economic headwinds and the meaningful onetime cash outflows related to the beverage merchandising restructuring plan.

其次，我們致力於在整個經濟周期中推動自由現金流增長。今年是一個很好的例子，說明儘管存在潛在的經濟逆風以及與飲料銷售重組計劃相關的大量一次性現金流出，我們的業務仍能夠兌現這一承諾。

Third, our commitment to generating sustainable and reliable returns remains a key priority. As we complete the final stages of the Beverage Merchandising and restructuring, we expect our business profile to benefit from lower capital intensity and reduced earnings volatility. Just as important, we have demonstrated our willingness to optimize our portfolio by divesting non-core businesses to help us focus on our core markets and maintain a disciplined capital allocation process.

第三，我們致力於創造可持續和可靠的回報仍然是我們的首要任務。隨著我們完成飲料銷售和重組的最後階段，我們預計我們的業務狀況將受益於較低的資本密集度和減少的盈利波動性。同樣重要的是，我們已經表明願意通過剝離非核心業務來優化我們的投資組合，以幫助我們專注於核心市場並維持嚴格的資本配置流程。

During the second quarter, we proactively reduced total debt by repaying $180 million of our $1.2 billion term loan due 2026, making a total debt reduction of $410 million since year-end 2021. After the close of the second quarter, we extended the maturity date of our $250 million revolving credit facility from August 2024 to August 2025 and substantially maintain the terms and conditions in the existing credit agreements. This is a favorable outcome as it preserves our liquidity and access to capital while also allowing us to pursue a longer-term extension at a more opportune time and what we anticipate to be a stronger credit profile.

第二季度，我們主動減少了總債務，償還了2026 年到期的12 億美元定期貸款中的1.8 億美元，自2021 年底以來總債務減少了4.1 億美元。第二季度結束後，我們延長了到期日從 2024 年 8 月到 2025 年 8 月，我們將使用 2.5 億美元的循環信貸額度，並大幅維持現有信貸協議中的條款和條件。這是一個有利的結果，因為它保留了我們的流動性和獲得資本的機會，同時也使我們能夠在更合適的時間尋求更長期的延期以及我們預期的更強勁的信用狀況。

As a result of the debt repayments, our cash balance declined to $302 million and total debt declined to $3.8 billion, resulting in net debt of $3.5 billion and a net leverage ratio of 4.7x. I'd also like to point out that the increase in net leverage during the second quarter of 2023 is a function of the second quarter of 2022, rolling off the back end of the LTM adjusted EBITDA metric. As you might recall, we posted adjusted EBITDA of $249 million in the second quarter of 2022, which is our strongest quarter of 2022.

由於債務償還，我們的現金餘額下降至 3.02 億美元，總債務下降至 38 億美元，淨債務為 35 億美元，淨槓桿率為 4.7 倍。我還想指出，2023 年第二季度淨槓桿率的增長是 2022 年第二季度的函數，滾動了 LTM 調整後 EBITDA 指標的後端。您可能還記得，我們在 2022 年第二季度公佈的調整後 EBITDA 為 2.49 億美元，這是我們 2022 年最強勁的季度。

As our business exhibits more traditional seasonality this year, we expect the second half to outperform the same period last year, which will help us to achieve our year-end net leverage target.

由於今年我們的業務表現出更傳統的季節性，我們預計下半年的表現將優於去年同期，這將有助於我們實現年終淨槓桿率目標。

Now, turning to Slide 23. Similar to Mike, I also wanted to take a moment to reflect on my 1-year anniversary with Pactiv Evergreen. During my first year as a company, we have rolled out a more robust set of KPIs tendered around operational performance, capital efficiency, balance sheet management and volatility management. Ultimately, we want to execute on the actions to drive shareholder value. So we look for this broader suite of financial KPIs to yield benefits in the future by focusing on the metrics that directly impact value creation to untack the four main pillars further.

現在，轉向幻燈片 23。與 Mike 類似，我也想花點時間回顧一下我與 Pactiv Evergreen 的合作一周年紀念日。在我加入公司的第一年裡，我們圍繞運營績效、資本效率、資產負債表管理和波動性管理推出了一套更強大的關鍵績效指標。最終，我們希望採取行動來推動股東價值。因此，我們希望通過關注直接影響價值創造的指標，進一步解決四個主要支柱問題，尋找這套更廣泛的財務關鍵績效指標，以便在未來產生效益。

Operational performance refers to how profitable we are and how much cash flow we generate. Capital efficiency measures how effective we are at generating cash from the assessing managed and how efficient we are deploying incremental capital. The gold balance sheet management is to set the right level of debt for our company and the right level of investment in working capital. With volatility management, we want to increase the predictability and dependability of our financial performance.

運營績效是指我們的盈利能力以及我們產生的現金流量。資本效率衡量我們從管理的評估中產生現金的效率以及我們部署增量資本的效率。黃金資產負債表管理是為我們公司設定適當的債務水平和營運資金投資的適當水平。通過波動性管理，我們希望提高財務業績的可預測性和可靠性。

We are excited about the momentum we are building and look forward to quantifying these KPIs further in the future. Now, please turn to Slide 24. Our company continues to execute at a high level across both business units, and we remain well positioned to capitalize on future growth opportunities. As we've highlighted, the outlook for the U.S. economy remains uncertain as higher interest rates and still elevated inflation we and consumer spending, which may also negatively impact our customers' purchasing decisions and order patterns throughout the remainder of 2023.

我們對我們正在建立的勢頭感到興奮，並期待未來進一步量化這些 KPI。現在，請轉到幻燈片 24。我們公司的兩個業務部門繼續保持高水平執行，並且我們仍然處於有利地位，可以充分利用未來的增長機會。正如我們所強調的，美國經濟前景仍然不確定，因為利率上升，通貨膨脹和消費者支出仍然上升，這也可能對我們客戶在 2023 年剩餘時間內的購買決策和訂單模式產生負面影響。

Despite these headwinds, our second quarter results demonstrate the resilience of our business and the company's ability to deliver sustainable results despite the uncertainty. We expect that our full year results will be at the high end of our previously guided adjusted EBITDA range of $775 million to $800 million. From a macroeconomic standpoint, our full year adjusted EBITDA guidance assumes no material deterioration in the second half of the year compared to current conditions.

儘管存在這些不利因素，但我們第二季度的業績證明了我們業務的彈性以及公司在存在不確定性的情況下實現可持續業績的能力。我們預計全年業績將達到之前指導的調整後 EBITDA 範圍 7.75 億美元至 8 億美元的高端。從宏觀經濟的角度來看，我們的全年調整後 EBITDA 指引假設下半年與當前狀況相比不會出現實質性惡化。

Our full year guidance for capital spending remains unchanged versus our original guidance and our expectations for total cash restructuring costs remain at $130 million to $160 million, with the majority of these costs expected to occur during 2023. Likewise, we reaffirm our guidance for full year free cash flow, which we expect to be in excess of $200 million. We've provided additional detail for this estimate in the appendix to the presentation. We believe this demonstrates the excellent free cash flow generating ability of our business and anticipate that will help us achieve our net leverage ratio target of the low 4s by year-end. With that, let's open it up for questions.

我們的全年資本支出指引與最初的指引相比保持不變，我們對現金重組總成本的預期仍為1.3 億至1.6 億美元，其中大部分成本預計將在2023 年發生。同樣，我們重申我們的全年指引自由現金流，我們預計將超過 2 億美元。我們在演示文稿的附錄中提供了有關此估計的更多詳細信息。我們相信，這證明了我們業務出色的自由現金流生成能力，並預計這將幫助我們在年底前實現低 4 的淨槓桿率目標。說到這裡，讓我們開始提問吧。

As a reminder, '(Operator Instructions)', and our first question comes from Ghansham Panjabi of Baird.

提醒一下，“（操作員說明）”，我們的第一個問題來自 Baird 的 Ghansham Panjabi。

This is actually Matt Krieger sitting in for Ghansham. I hope you're doing well. So, if we're sticking to the letter of the law, your EBITDA guidance actually implies lower second half earnings despite what would appear to be easier comparisons and potentially some raw material or cost benefits. What's driving the lower second half earnings dynamic? And how much conservatism is baked into the implied second half EBITDA guide?

這實際上是馬特·克里格（Matt Krieger）代替甘沙姆（Ghansham）。我希望你一切都好。因此，如果我們嚴格遵守法律條文，您的 EBITDA 指導實際上意味著下半年收益較低，儘管比較似乎更容易，並且可能存在一些原材料或成本效益。下半年盈利動態下降的原因是什麼？隱含的下半年 EBITDA 指南中包含了多少保守主義成分？

Yes, you're right. Our guidance implies for the second half of the year is just under $400 million. While we've taken great strides in managing through some of the recent shopping environments and returning to more normalized levels, there still are some uncertainties going into the second half. I mean, we're entering into the first normalized post-COVID season for that part of the year. We're closely watching inflationary impacts as it relates to labor markets, logistics, et cetera. Our operations are performing well, and we're cautiously optimistic.

你是對的。我們的指導意味著今年下半年的收入略低於 4 億美元。儘管我們在應對近期的一些購物環境並恢復到更加正常化的水平方面取得了長足進步，但下半年仍然存在一些不確定性。我的意思是，我們正在進入今年這段時間的第一個正常化的後新冠季節。我們正在密切關注與勞動力市場、物流等相關的通脹影響。我們的業務表現良好，我們持謹慎樂觀的態度。

Okay. Great. That's helpful. And then, given the challenging volume backdrop across the consumer landscape in recent quarters and increasing pressure by retailers to accelerate throughput, what are your thoughts on whether the customer base is ready or willing to ramp promotional activity into the second half of 2023 and into 2024? Are you seeing any actions already?

好的。偉大的。這很有幫助。然後，考慮到近幾個季度消費者格局面臨的挑戰，以及零售商提高吞吐量的壓力越來越大，您對客戶群是否準備好或願意在2023 年下半年和2024 年加大促銷活動有何看法？您已經看到任何行動了嗎？

Yes, good question. So as it relates to the volume backdrop and promotional activity, I think if you look at where we've been able to navigate successfully is maximizing the value over volume when it comes to both price cost, but also what we see in terms of demand challenges. And so if you look at the first two sequential quarters this year, we've not seen a ramp up in any way in terms of promotional activity. And largely, we see our customers enjoying the same strategy in terms of value over volume, whether it be as you highlight, retail, but even in the other channels where it's menu prices through the drive-through or menu prices within a sit-down restaurant. I think until we see a shift there, we're not going to see a large divergence back to a higher demand cycle from the consumer. I think it's a wait and see for us.

是的，好問題。因此，由於它與銷量背景和促銷活動有關，我認為，如果你看看我們能夠成功導航的地方，那就是在價格成本方面以及我們在需求方面看到的情況時，使價值超過銷量最大化挑戰。因此，如果你看看今年的前兩個連續季度，我們沒有看到促銷活動以任何方式增加。在很大程度上，我們看到我們的客戶在價值大於數量方面享受相同的策略，無論是零售，還是在其他渠道，即通過得來速的菜單價格或坐下來的菜單價格餐廳。我認為，在我們看到那裡發生轉變之前，我們不會看到消費者回到更高需求週期的巨大分歧。我認為這對我們來說是一種觀望。

Got it. That's helpful. And then if I could just sneak one more in. Just to follow up on that. Given that variability in the market and the resegmentation, can you provide us with an updated view on segment volume expectations for 2023, just to close it out?

知道了。這很有幫助。然後我是否可以再偷偷溜進去一次。只是為了跟進此事。考慮到市場的變化和重新細分，您能否向我們提供 2023 年細分市場銷量預期的最新觀點，以便結束它？

Yes. Maybe just give some color on the overall Mosaic would be good. And so similar to the rest of the sector, year-to-date volumes, especially when you look at comps from last year and some of the snapback effect from a strong Q4 in '21 and then a grand reopening again after an Omicron variant in Q1 of '22, there was a large buy-in from just about all sectors in terms of inventory replenishment.

是的。也許只是給整體馬賽克加上一些顏色就可以了。與該行業的其他部分類似，今年迄今為止的銷量，特別是當你看看去年的比較以及 21 年第四季度強勁的一些反彈效應，然後在 Omicron 變體之後再次盛大重新開放時22 年第一季度，幾乎所有行業都對庫存補充進行了大力支持。

We could sell every unit we can make. And if you recall, our Q1 and Q2 of '22 and like many others, label is still a challenge and be able to get inventory levels back to help that pendulum swung a little too far. And so, you've got to take that chatter out of what's really happening in the market. And largely, we reported this in Q1, we saw destocking moderate significantly. And while normal destocking happens in the normal inventory and supply cycle, I think it has been historically high in the last kind of sequential quarters. We reported in Q1 that we felt like destocking across our business and with our customer base was largely moderating, and we still feel that way.

我們可以出售我們能生產的每一個單位。如果您還記得，我們的 22 年第一季度和第二季度以及許多其他產品一樣，標籤仍然是一個挑戰，並且能夠恢復庫存水平以幫助鐘擺擺動得有點過頭。因此，你必須將這種喋喋不休從市場上真正發生的事情中剔除出來。很大程度上，我們在第一季度報告了這一點，我們看到去庫存顯著放緩。雖然正常的去庫存發生在正常的庫存和供應週期中，但我認為在最後一個連續季度中，庫存已經達到歷史最高水平。我們在第一季度報告稱，我們感覺整個業務和客戶群的去庫存在很大程度上正在放緩，而且我們仍然有這種感覺。

Our volumes are down sequentially and are down year-over-year in our food businesses. The other thing you have in our volume Mosaic is a little unique is the fact that we've closed the canton mill. We've divested an Asia business, and that skewed some of the beverage, our formal beverage business unit numbers. And so we're fairly flat within that. And then our food businesses are strong. We see an outpace of what the market is doing in our food businesses despite kind of what we're seeing in the market. So, it's just a bit noisy because of the comps. I also think that any further destocking we're somewhat unique and somewhat different in how we go to market with our supply chain. And so, we don't see that destocking given our category leadership to the extent maybe some others have.

我們的食品業務銷量連續下降，同比下降。我們的《馬賽克》卷中的另一件事有點獨特，那就是我們已經關閉了廣州工廠。我們剝離了亞洲業務，這扭曲了一些飲料，我們正式的飲料業務部門的數字。所以我們在這方面相當平穩。然後我們的食品業務就很強大。儘管我們在市場上看到了一些情況，但我們看到我們的食品業務超出了市場的表現。所以，由於比較的原因，它有點吵。我還認為，任何進一步的去庫存都有些獨特，而且我們的供應鏈進入市場的方式也有些不同。因此，鑑於我們在品類中的領先地位，我們並沒有看到像其他一些公司那樣的去庫存行為。

Our next question comes from Adam Samuelson of Goldman Sachs.

我們的下一個問題來自高盛的亞當·薩繆爾森。

Maybe taking actually that last kind of discussion on volume trends by business, maybe digging into the foodservice side a little bit. I mean, the volumes were down 6% organically versus a year ago. I know there's a little bit of noise with the resegmentation. But if I think about kind of the multiyear kind of trend on volumes and relative to going back to pre-pandemic levels, it would seem like the volume in that business is now meaningfully below pre-pandemic levels even if food service traffic is largely normalized. And so, just any additional kind of color or thoughts around that and maybe scope, any kind of conscious business exits or product line exits that you are trying to drive value and mix over just pure volume that would help kind of bridge that gap?

也許實際上是關於業務量趨勢的最後一種討論，也許可以深入研究一下餐飲服務方面。我的意思是，與一年前相比，銷量自然下降了 6%。我知道重新分割會產生一些噪音。但如果我考慮一下數量上的多年趨勢以及相對於回到大流行前水平的情況，即使食品服務流量基本上正常化，該業務的數量現在似乎明顯低於大流行前的水平。因此，圍繞這一點的任何其他類型的顏色或想法，也許是范圍，任何類型的有意識的業務退出或產品線退出，您試圖推動價值並混合純粹的數量，這將有助於彌合這一差距？

Yes. Great question. And so specific to food service, you got to think about our business in two big end markets. We get our broadline and distribution markets and then what we call our chain, our QSR markets. And they're both a little different. And we absolutely -- looking back at the last 24 months, we have made a cautious decision to not be everything to everyone. And we certainly have focused on commanding our space and not competing with imports and things like that. So, we have absolutely consciously exited some areas that were unprofitable or less profitable.

是的。很好的問題。對於食品服務，您必須考慮我們在兩個大型終端市場的業務。我們擁有我們的寬線和分銷市場，然後我們稱之為我們的連鎖店，我們的 QSR 市場。他們都有一點不同。回顧過去 24 個月，我們絕對做出了謹慎的決定，不會滿足所有人的一切。我們當然專注於掌控我們的空間，而不是與進口產品或類似的東西競爭。所以，我們絕對有意識地退出了一些無利可圖或利潤較低的領域。

I would tell you largely though, the way to think about our foodservice business is where we focus in those two channels, whether it's to sit down, C-store or a fast food restaurant. We're winning in all those spaces versus what the market is seeing both sequentially. And when you look at the back half of 2023, you're going to see that our plans to continue winning there, even despite some of the pricing elasticity that's allowed us to enjoy like our customers have the value over volume. And so if the market, depending on how you look at the market, let's just say the market decline in those two end markets year-to-date between 6% and 9%. Our volumes are down in that space, 6%. We've expanded our unit sales in both end markets through that same period. So despite how it looks, is a year-over-year and a sequential percentage, we are enjoying a higher quality of revenue and a modest unit growth in this environment.

不過，我主要想告訴你的是，考慮我們的餐飲服務業務的方式是我們重點關注這兩個渠道，無論是坐下來、便利店還是快餐店。與市場依次看到的情況相比，我們在所有這些領域都取得了勝利。當你展望 2023 年下半年時，你會發現我們的計劃將繼續在該領域獲勝，儘管存在一些定價彈性，使我們能夠像我們的客戶一樣享受超過數量的價值。因此，根據您如何看待市場，我們可以假設這兩個終端市場今年迄今為止的跌幅在 6% 到 9% 之間。我們在該領域的銷量下降了 6%。同期，我們在兩個終端市場的單位銷量都得到了擴大。因此，儘管看起來是同比和連續百分比，但在這種環境下，我們正在享受更高質量的收入和適度的單位增長。

Our next question comes from George Staphos of Bank of America.

我們的下一個問題來自美國銀行的喬治·斯塔福斯。

This is actually Kashan sitting in for George. We had clicking calls this morning. So, just to stay on volumes for a second. From some of the other reports, we've seen some variability month-to-month just on volumes. So I guess can you first talk about maybe how the quarter progressed from a volume perspective, kind of how exit rates are trending? And then I guess where you see some of this momentum building, whether it be the product or I guess, customer level there?

這實際上是卡尚在代替喬治。今天早上我們接到了電話。所以，我們暫時停留在音量上。從其他一些報告中，我們發現每個月的銷量都有一些變化。所以我想您能否首先從數量角度談談本季度的進展情況，退出率的趨勢如何？然後我猜你在哪裡看到了這種勢頭的增強，無論是產品還是我猜，那裡的客戶水平？

Yes. So, exit trends, I would say the back half of the quarter was definitely reassuring from a demand standpoint versus maybe how we entered the queue. You got to set some of the Memorial Day and Mother's Day and Easter chatter side in some of our end markets. But if we normalize looking at year-over-year, we really do think the resiliency in the consumer is a bit stronger and maybe points to why we feel like at least the back half unit volume is going to continue to stay where we kind of are from a run rate, which is stronger than I think a lot anticipated coming into the year. That said, it's Yes. The inflection point around what are the real step change, what needs to happen to see demand return across all end markets to a pre-2019 level? I do think that that remains to be seen, and we're watching it close, but we're cautiously optimistic about a resilient consumer in the back half, and we've definitely seen that get better through Q2 in our end markets.

是的。因此，就退出趨勢而言，我想說，從需求的角度來看，與我們進入隊列的方式相比，本季度的後半段絕對令人放心。你必須在我們的一些終端市場上設置一些陣亡將士紀念日、母親節和復活節的話題。但如果我們將同比情況標準化，我們確實認為消費者的彈性更強一些，這也許說明了為什麼我們覺得至少後半單位銷量將繼續保持在我們的水平來自運行率，這比我對今年的預期要強。也就是說，是的。真正的階躍變化是什麼的拐點，需要發生什麼才能使所有終端市場的需求恢復到 2019 年之前的水平？我確實認為這還有待觀察，我們正在密切關注，但我們對後半段消費者的彈性持謹慎樂觀態度，而且我們肯定看到終端市場的情況在第二季度有所改善。

Yes. And one thing I would add, just in terms of revenue that relates to the volume dynamic that Mike is talking about is we are expecting that revenues in the second half will be lower, just really one of the reasons just due to falling rising prices. But we do expect that our price cost actions, along with cost savings and mitigate any top line softness and keep us on track to achieve the top end of our adjusted EBITDA as well as free cash flow outlook for the year.

是的。我要補充的一件事是，就與邁克所說的銷量動態相關的收入而言，我們預計下半年的收入將會較低，這實際上是價格上漲下降的原因之一。但我們確實預計，我們的價格成本行動以及成本節約並緩解任何營收疲軟，並使我們有望實現調整後 EBITDA 的上限以及今年的自由現金流前景。

Okay. Got it. Appreciate that. And just longer term, I guess, as you look at your transformational journey and you work towards some of your goals, particularly on leverage towards 3x next year, I guess, how can we think about the capital priorities of the business longer term in terms of CapEx value return and potentially inorganic opportunities for Pactiv here?

好的。知道了。感謝。我想，從長遠來看，當你審視自己的轉型之旅並努力實現一些目標時，特別是明年槓桿率達到 3 倍時，我想，我們如何才能從長遠角度考慮企業的資本優先事項資本支出價值回報和Pactiv 潛在的無機機會是什麼？

So certainly, our balance sheet is a focus and it's a high priority for the business. It's been a high priority, and we're going to continue to focus on paying down debt. and getting into the 3s next year is definitely a starting point and what we do beyond that, absolutely. And it always remain a priority. I would tell you, if you look at the strategic steps we've made, it's really about a shift in geography from a sustained capital outlay to -- how do we get more capital leaning into the growth side of the business. And so, you're seeing us take a lot of steps to go capital light as a business model. And we absolutely acknowledge that we haven't been capital light in terms of all of our segments and where we're divesting and where we're exiting and where we're taking steps to lean in to new substrates and other substrates is where you'd expect us to be focused, and that's exactly what we're doing.

因此，當然，我們的資產負債表是一個焦點，也是我們業務的重中之重。這是一個高度優先的事項，我們將繼續專注於償還債務。明年進入 3 代絕對是一個起點，我們絕對會超越這個起點。它始終是一個優先事項。我想告訴你，如果你看看我們已經採取的戰略步驟，它實際上是關於地理上的轉變，從持續的資本支出到我們如何讓更多的資本傾斜到業務的增長方面。因此，您會看到我們採取了很多措施來實現輕資本商業模式。我們絕對承認，我們在所有細分市場上都沒有輕資本，我們在哪些領域剝離、在哪些領域退出、在哪些領域採取措施轉向新的基材和其他基材，這就是您所需要的。希望我們能夠集中註意力，而這正是我們正在做的事情。

And what I'd add is if you look at the business profile, the free cash flow generation of the business is quite strong. As I highlighted in the prepared remarks, we're going to generate over $200 million of free cash flow this year, and that's despite some meaningful outlays before the restructuring of the Beverage Merchandising business unit, which will amount to around $120 million this year. And going into next year, we continue to expect a strong free cash flow profile, if anything improved as we continue to try to get to a more capital-light structure. And within that, we're going to continue to be aggressive in paying down debt as one of those priorities while balancing the growth opportunities in the business. We should be able to do them all. But debt paydown is a priority, as we've highlighted.

我要補充的是，如果你看一下業務概況，就會發現該業務的自由現金流量非常強勁。正如我在準備好的發言中強調的那樣，我們今年將產生超過2 億美元的自由現金流，儘管在飲料銷售業務部門重組之前進行了一些有意義的支出，今年的支出將達到約1.2 億美元。進入明年，我們繼續預計自由現金流狀況將強勁，如果隨著我們繼續努力建立更輕資本的結構而有所改善的話。其中，我們將繼續積極償還債務，作為優先事項之一，同時平衡業務增長機會。我們應該能夠做到這一切。但正如我們所強調的，償還債務是當務之急。

'(Operator Instructions)'. Our next question comes from Arun Viswanathan of RBC Capital Markets.

'（操作員指令）'。我們的下一個問題來自加拿大皇家銀行資本市場的阿倫·維斯瓦納坦 (Arun Viswanathan)。

I hope you guys are well. So I guess, first off, on the guidance itself. If you look at the upper end of the range, maybe in the $7.90s and you take off the first half, it looks like you're around $3.90 for the second half. And if you annualize that, maybe you get to a similar range for next year. What's wrong with that math? I mean, what are maybe some big buckets you guys have dollar-wise that we could point to that would show some EBITDA growth? Is it maybe some recovery in foodservice and volumes as simple as that or some restructuring gains? And would it depend on a stronger promotional environment or at least a stronger consumer? Or how do you think about growth into next year?

我希望你們一切都好。所以我想，首先是指南本身。如果您查看該範圍的上限，可能在 7.90 美元左右，並且您去掉前半部分，那麼後半部分的價格似乎約為 3.90 美元。如果你將其按年計算，也許明年你會達到類似的範圍。這個數學有什麼問題嗎？我的意思是，從美元角度來看，你們可能有哪些大的桶，我們可以指出這些桶會顯示出一些 EBITDA 增長？是否可能是餐飲服務和銷量的一些復甦，或者是一些重組收益？這是否取決於更強大的促銷環境或至少更強大的消費者？或者您如何看待明年的增長？

Yes, sure. As you think about the exit rate for the second half of the year, some of the tailwinds that we have working for us. So as you mentioned, the restructuring, we talked about that being a $30 million annualized benefit. And so we are just starting to see the impacts of that in the first half of the year, given that the canton mills closed late May, we'll start seeing more of that in the second half of the year and then going into next year. One of the other big buckets is clearly around the operational execution that Mike and I touched on in the prepared remarks. As the market has normalized, we're able to do things more efficiently. We're getting closer to our customers with just giving us better alignment with our planning, improvement in our labor scheduling, minimizing some of our transfer freight being more efficient on our logistics being leaner on inventory. So, we're in the early stages of those improvements, but we should see more of those operational improvements irrespective of the market environment coming into next year.

是的，當然。當你考慮下半年的退出率時，我們遇到了一些有利的因素。正如您提到的重組，我們談到了 3000 萬美元的年化收益。因此，我們在今年上半年才剛剛開始看到這一影響，鑑於廣州工廠五月下旬關閉，我們將在今年下半年開始看到更多影響，然後進入明年。其他重要任務之一顯然是邁克和我在準備好的發言中提到的運營執行。隨著市場的正常化，我們能夠更有效地做事。我們與客戶的距離越來越近，只是讓我們更好地配合我們的計​​劃，改進我們的勞動力調度，最大限度地減少我們的一些轉運貨運，提高我們的物流效率，精簡庫存。因此，我們正處於這些改進的早期階段，但無論明年的市場環境如何，我們都應該看到更多的運營改進。

Great. Thanks for that, John. And beyond that, just maybe if you could comment on maybe some of the longer-term dynamics. It seems like, again, a lot of our companies are discussing inflation impact on the consumer and destocking for your own business, it appears that sometimes those could also act as tailwinds as far as shifting folks into different channels such as QSR that would benefit you. Are you still seeing those tailwinds? And are those expected to persist in the next year?

偉大的。謝謝你，約翰。除此之外，也許您可​​以對一些長期動態發表評論。看來，我們的許多公司都在討論通貨膨脹對消費者的影響以及為您自己的業務去庫存，有時這些也可能起到順風作用，將人們轉移到不同的渠道，例如QSR，這將使您受益。你還看到那些順風嗎？這些預計會在明年持續嗎？

Yes, tailwinds might be a little bit of a generous term for us. But what we see is a resiliency that may be is unique to a Pactiv Evergreen and that shifting consumer everybody's they need calories. So, how they choose to get those calories and where we play allows us to maybe insulate the business a bit more, it's a bit more resilient and the buy down that you see going from in-home to fast food or from in-room dining to more retail or see store purchases. The fact that we're strongly positioned in all those segments allows us to enjoy those sales for those calories. And so, those category shifts don't necessarily whipsaw the business like maybe other very dense segmented suppliers.

是的，“順風”這個詞對我們來說可能有點慷慨。但我們看到的是一種彈性，這可能是 Pactiv Evergreen 所特有的，並且消費者每個人都需要卡路里。因此，他們選擇獲取這些卡路里的方式以及我們在哪裡玩耍，也許可以讓我們更好地隔離業務，更有彈性，並且你看到的購買量從家庭到快餐或客房內用餐去更多零售店或查看商店購買。事實上，我們在所有這些細分市場中都處於強勢地位，這使我們能夠享受這些卡路里的銷售。因此，這些類別的轉變並不一定會像其他非常密集的細分供應商那樣對業務造成衝擊。

The other thing I would say is the consumer, despite anything you might read is continue to prove the backtrack long. And so we're watching that close, and we continue to have our supply chain and our manufacturing footprint aligned to continue to scale down and scale up as needed. And you're seeing any results of that in our first quarter of this year and our ability to react with inventory in both for the consumer and our customer forecasts a bit different. And so the way we bring product to market through large-scale distribution and be able to touch kind of any corner of the country with any product we make with a buffer allows us to address that quickly. And we've used that to grow sales volume where maybe others couldn't. And so we're excited about the shift in consumer because it really helps us win. And we expect that actually to kind of continue as the consumer tries to figure out how they want to get their calories.

我要說的另一件事是消費者，儘管你可能讀到的任何內容都繼續證明回溯很長。因此，我們正在密切關注這一情況，我們將繼續調整我們的供應鍊和製造足跡，以根據需要繼續縮小和擴大規模。您會在今年第一季度看到任何結果，以及我們對消費者和客戶預測的庫存做出反應的能力略有不同。因此，我們通過大規模分銷將產品推向市場的方式，以及能夠將我們生產的帶有緩衝區的任何產品觸及全國任何角落的方式，使我們能夠快速解決這個問題。我們用它來增加銷量，而其他人可能無法做到這一點。因此，我們對消費者的轉變感到興奮，因為它確實有助於我們獲勝。我們預計，隨著消費者試圖弄清楚他們想要如何獲取卡路里，這種情況實際上會繼續下去。

Thank you. I would now like to turn the conference back to Mike King for closing remarks.

謝謝。現在我想請邁克·金 (Mike King) 致閉幕詞。

Thanks, Tarapchak, for moderating today's call. And thank you all for joining. As we close out today, I'd like to turn your attention to Slide 26. As mentioned, Pactiv Evergreen is a strong, differentiated growing and socially responsible business. We're an industry leader in food service and Food and Beverage Merchandising within markets that are largely recession resilient. We're focused on generating sustainable returns and our strong experienced leadership team has demonstrated a willingness to transform the portfolio in ways that put us in the best position to deliver on our commitments.

感謝塔拉普查克主持今天的電話會議。感謝大家的加入。在我們今天結束時，我想將您的注意力轉向幻燈片 26。如前所述，Pactiv Evergreen 是一家實力雄厚、差異化發展且具有社會責任感的企業。我們是食品服務以及食品和飲料營銷領域的行業領導者，其市場在很大程度上具有經濟衰退能力。我們專注於創造可持續的回報，我們經驗豐富的強大領導團隊已經表現出願意改變投資組合，使我們能夠最好地兌現我們的承諾。

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. We set a goal of having 100% of our net revenues in 2030 comes from products made from recycled, recyclable or renewable materials. All of this yield strong adjusted EBITDA and free cash flow generation, which we carefully managed to drive deleveraging and further growth through our disciplined capital allocation process. We look forward to updating you again in the next quarter, and thank you again for joining today.

我們提供廣泛的產品和基材，並且與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。我們不斷致力於創新和開發最高品質的可持續產品。我們設定的目標是，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。所有這些都產生了強勁的調整後 EBITDA 和自由現金流，我們通過嚴格的資本配置流程精心管理，推動去槓桿化和進一步增長。我們期待在下個季度再次向您通報最新情況，並再次感謝您今天的加入。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。