Rayonier Advanced Materials Inc (RYAM) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Rayonier Advanced Materials Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

早上好，歡迎參加 Rayonier Advanced Materials 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Mr. Mickey Walsh, Treasurer and Vice President of Investor Relations for Rayonier Advanced Materials. Thank you. Mr. Walsh, you may begin.

我現在想將電話轉給您的主持人，Rayonier Advanced Materials 的財務主管兼投資者關係副總裁 Mickey Walsh 先生。謝謝你。沃爾什先生，你可以開始了。

Thank you, operator, and good morning, everyone. Welcome again to Rayonier Advanced Materials Second Quarter 2022 Earnings Call and Webcast. Joining me on today's call are De Lyle Bloomquist, our President and Chief Executive Officer; and Marcus Moeltner, our Chief Financial Officer and Senior Vice President of Finance. Our earnings release and presentation materials were issued last evening and are available on our website at ryamglobal.com.

謝謝接線員，大家早上好。歡迎再次參加 Rayonier Advanced Materials 2022 年第二季度財報電話會議和網絡直播。與我一起參加今天電話會議的還有我們的總裁兼首席執行官 De Lyle Bloomquist；以及我們的首席財務官兼財務高級副總裁 Marcus Moeltner。我們的收益發布和演示材料於昨晚發布，可在我們的網站 ryamglobal.com 上獲取。

I'd like to remind you that in today's presentation, we will include forward-looking statements made pursuant to the safe harbor provisions of the federal securities laws. Our earnings release as well as our filings with the SEC list some of the factors which may cause actual results to differ materially from the forward-looking statements we may make. They are also referenced on Slides 2 and 3 of our presentation material.

我想提醒您，在今天的演講中，我們將包括根據聯邦證券法的安全港條款做出的前瞻性陳述。我們的收益發布以及我們向美國證券交易委員會提交的文件列出了一些可能導致實際結果與我們可能做出的前瞻性陳述存在重大差異的因素。我們的演示材料的幻燈片 2 和 3 也引用了它們。

Today's presentation will also reference certain non-GAAP financial measures, as noted on Slide 4 of our presentation. We believe non-GAAP financial measures provide useful information for management and investors, but non-GAAP measures should not be considered an alternative to GAAP measures. A reconciliation of these measures to their most directly comparable GAAP financial measures are included on Slides 15 through 19 of our presentation.

今天的演示文稿還將參考某些非公認會計準則財務指標，如我們演示文稿的幻燈片 4 所述。我們認為非 GAAP 財務指標為管理層和投資者提供了有用的信息，但非 GAAP 指標不應被視為 GAAP 指標的替代品。這些措施與其最直接可比的 GAAP 財務措施的對賬包含在我們演示文稿的幻燈片 15 至 19 中。

I would now like to turn the call over to De Lyle.

我現在想把電話轉給 De Lyle。

Thank you, Mickey, and good morning, everyone.

謝謝你，米奇，大家早上好。

I'm excited to be joining you on my first conference call as CEO of RYAM. Still new in this role, I have been with RYAM for 8 years as a Director of the company's Board, including as the Chairman of the Board since 2020.

我很高興能在我作為 RYAM 首席執行官的第一次電話會議上與您一起參加。我還是這個角色的新人，我在 RYAM 擔任了 8 年的公司董事會董事，包括自 2020 年以來擔任董事會主席。

Before my tenure with RYAM, I was -- my career focused on improving the financial performance of legacy companies in the chemical and industrial sectors. I have experience in many functions and roles, including finance, sales and marketing, distribution and logistics, production, strategic planning and general management, including as CEO.

在 RYAM 任職之前，我的職業生涯專注於改善化學和工業領域傳統公司的財務業績。我曾擔任過許多職能和角色，包括財務、銷售和營銷、分銷和物流、生產、戰略規劃和綜合管理，包括擔任首席執行官。

Because of my tenure on RYAM's Board, I have been involved with creating our strategy, which calls for us to improve our balance sheet, grow our global leading position in high-purity cellulose and expanding our capabilities into other bio-based solutions. As CEO, I will continue the near-term focus on EBITDA, increasing cash flow and reducing our leverage.

由於我在 RYAM 董事會任職，我一直參與製定我們的戰略，該戰略要求我們改善資產負債表，提高我們在高純度纖維素領域的全球領先地位，並將我們的能力擴展到其他生物基解決方案。作為首席執行官，我將在近期繼續關注 EBITDA，增加現金流並降低我們的槓桿率。

Turning to Page 5. We continue to make important near-term strides that will help us realize our strategic objectives. First and foremost, we are focused on opportunistically refinancing our senior notes, which mature in June 2024. To put us in the best possible position to accomplish this objective, we seek to improve our credit metrics via EBITDA growth and debt reduction. In the quarter, we sold our remaining ownership in GreenFirst Forest Products for $43 million and then repaid $20 million of senior notes. Subsequent to the end of the second quarter, we also repaid $10 million of debt in Canada.

轉到第 5 頁。我們將繼續取得重要的近期進展，這將有助於我們實現我們的戰略目標。首先，我們專注於對我們的優先票據進行機會性再融資，這些票據將於 2024 年 6 月到期。為了使我們處於實現這一目標的最佳位置，我們尋求通過 EBITDA 增長和減少債務來改善我們的信用指標。在本季度，我們以 4300 萬美元的價格出售了 GreenFirst Forest Products 的剩餘所有權，然後償還了 2000 萬美元的優先票據。在第二季度末，我們還償還了加拿大的 1000 萬美元債務。

We will continue to look to reduce our debt balance through the remainder of the year as opportunities arise.

隨著機會的出現，我們將繼續尋求在今年剩餘時間內減少我們的債務餘額。

To drive EBITDA growth, our second area of focus is increasing production and sales volumes by increasing mill reliability. The extensive planned maintenance outages that we completed at all of our facilities in the first half of the year were focused on improving productive manufacturing time, which we expect will increase production and economies of scale, leading to increased sales volumes and improved financial results.

為了推動 EBITDA 增長，我們的第二個重點領域是通過提高工廠可靠性來增加產量和銷量。今年上半年，我們在所有設施中完成的大範圍計劃內維護停工的重點是縮短生產製造時間，我們預計這將增加產量和規模經濟，從而增加銷量並改善財務業績。

Our third immediate area of focus is receiving fair value for our unique product offerings. Demand for our products remains strong. With respect to our commodity products, we are capturing value from the current market strength. Regarding our cellulose specialty products, we negotiated significant price and volume increases for 2022. And as we saw cost inflation accelerate, we implemented a $146 per ton cost surcharge effective April 1 and maintain the surcharge as inflationary pressures continued.

我們的第三個直接關注領域是為我們獨特的產品提供公允價值。對我們產品的需求依然強勁。關於我們的商品產品，我們正在從當前的市場實力中獲取價值。關於我們的纖維素特種產品，我們就 2022 年的價格和銷量大幅增長進行了談判。由於我們看到成本上漲加速，我們從 4 月 1 日起實施了每噸 146 美元的成本附加費，並在通脹壓力持續的情況下維持該附加費。

Most recently, we are implementing a 20% increase on the small sales volume of cellulose specialties that are not under contract effective August 1. Going forward, we are also updating the language in our standard cellulose specialty contracts that will allow us greater pricing flexibility to more effectively manage cost inflation within a contract's term.

最近，我們正在對 8 月 1 日生效的未簽訂合同的纖維素特種產品的小批量銷售量增加 20%。展望未來，我們還將更新標準纖維素特種產品合同中的語言，這將使我們具有更大的定價靈活性，以在合同期限內更有效地管理成本膨脹。

Finally, we are effectively responding to the current inflationary environment and supply chain challenges. As noted already, we implemented a cost surcharge to help offset the extraordinary inflation we are experiencing on key input costs. We are also exploring all avenues to help offset these significant increases, specifically seeking alternative supply options in wood, chemicals, transportation, while we're also managing our discretionary spending. For example, specific to transportation, we are leveraging multiple shipping channels, carriers and shipment modes to reduce shipping delays, maintain reliable services to our customers and manage the logistical costs.

最後，我們正在有效應對當前的通脹環境和供應鏈挑戰。如前所述，我們實施了成本附加費，以幫助抵消我們在關鍵投入成本方面所經歷的異常通貨膨脹。我們還在探索所有途徑來幫助抵消這些顯著增長，特別是在木材、化學品、運輸方面尋找替代供應選擇，同時我們也在管理我們的可自由支配支出。例如，在運輸方面，我們正在利用多種運輸渠道、承運人和運輸方式來減少運輸延誤，為客戶提供可靠的服務並管理物流成本。

Turning to Slide 6. I want to provide a summary of the financial results for the quarter. Sales increased 17% from prior year to $399 million, with price increases across all segments, driven by strong demand, including a 20% increase for our cellulose specialty products and a 25% increase for our paperboard products.

轉到幻燈片 6。我想提供本季度財務結果的摘要。銷售額較上年增長 17% 至 3.99 億美元，在強勁需求的推動下，所有細分市場的價格均上漲，其中包括我們的纖維素特種產品增長 20% 和我們的紙板產品增長 25%。

Our consolidated adjusted EBITDA was $34 million, which was flat to the prior year as the price increases and cost surcharge offset the extraordinary inflation to our costs.

我們的綜合調整後 EBITDA 為 3400 萬美元，與上一年持平，因為價格上漲和成本附加費抵消了我們成本的異常通貨膨脹。

Additionally, High Purity Cellulose was impacted during the quarter by the completion of the extensive planned maintenance outages at 3 of our 4 facilities. Corporate costs were higher than prior year, driven by a loss on the sale of the GreenFirst shares and higher stock compensation due to CEO transition, with a partial offset from favorable foreign exchange rates.

此外，高純纖維素在本季度受到我們 4 個設施中的 3 個完成大規模計劃維護中斷的影響。公司成本高於上年，原因是出售 GreenFirst 股票的虧損和首席執行官換屆導致的股票薪酬增加，部分抵消了有利的外匯匯率。

Overall, improving sequential financial results allows us to update our full year 2022 guidance to exceed $160 million of EBITDA.

總體而言，改善連續財務業績使我們能夠更新我們的 2022 年全年指引，以超過 1.6 億美元的 EBITDA。

Now I'd like to ask Marcus to take us through the financial details for the quarter. When Marcus is finished, I will then come back to provide additional perspective on the business and our market outlook. Marcus?

現在我想請馬庫斯帶我們了解本季度的財務細節。 Marcus 完成後，我將回來提供有關業務和市場前景的更多觀點。馬庫斯？

Thank you, De Lyle. Starting with High Purity Cellulose on Slide 7. First quarter sales increased 18% or by $47 million to $302 million, driven by a 20% increase in sales prices. This reflects a 20% increase in CS pricing as per our negotiated contracts any cost surcharge. Sales volumes for the segment were up slightly to 206,000 metric tons. Net sales also included $24 million of other sales, primarily from bio-based energy and lignin. EBITDA for this segment declined $2 million to $36 million driven by higher input costs, including wood, chemicals, energy and supply chain expenses.

謝謝你，德萊爾。從幻燈片 7 上的高純度纖維素開始。在銷售價格上漲 20% 的推動下，第一季度銷售額增長了 18% 或 4700 萬美元，達到 3.02 億美元。這反映了根據我們協商的合同任何成本附加費，CS 定價增加了 20%。該部門的銷量小幅上升至 206,000 公噸。淨銷售額還包括 2400 萬美元的其他銷售額，主要來自生物能源和木質素。由於包括木材、化學品、能源和供應鏈費用在內的投入成本增加，該部門的 EBITDA 下降了 200 萬美元至 3600 萬美元。

Turning to Slide 8. Our Paperboard segment sales grew $6 million driven by a 25% increase in sales prices, partially offset by a 10% decline in sales volumes. EBITDA for the segment doubled to $14 million as the higher sales prices more than offset higher costs.

轉到幻燈片 8。由於銷售價格上漲 25%，我們的紙板部門銷售額增長了 600 萬美元，部分被銷量下降 10% 所抵消。由於較高的銷售價格抵消了較高的成本，該部門的 EBITDA 翻了一番，達到 1400 萬美元。

Turning to our high-yield Pulp segment on Slide 9. Sales increased by $3 million from prior year, driven by a 12% improvement in sales pricing, reflecting strong demand for global market pulp. EBITDA for this segment declined slightly to breakeven for the quarter as the price increases helped offset higher costs.

在幻燈片 9 中談到我們的高產紙漿部門。銷售額比去年增加了 300 萬美元，這是由於銷售定價提高了 12%，這反映了對全球市場紙漿的強勁需求。由於價格上漲有助於抵消較高的成本，該部門的 EBITDA 在本季度略有下降以達到收支平衡。

Turning to Slide 10 on a consolidated basis. Operating income declined $4 million from prior year to a $3 million loss as sales price improvements across each segment were impacted by inflation on key input costs and supply chain constraints. SG&A and other costs increased $9 million, primarily driven by increased severance and variable stock compensation due to the recent CEO transitions.

在綜合基礎上轉向幻燈片 10。營業收入較上年減少 400 萬美元至虧損 300 萬美元，原因是各部門的銷售價格改善受到主要投入成本和供應鏈限制的通貨膨脹的影響。 SG&A 和其他成本增加了 900 萬美元，主要是由於最近 CEO 換屆導致的遣散費和可變股票薪酬增加。

Lastly, on Slide 11, liquidity declined to $274 million, including $148 million of cash as we repaid $20 million of senior notes, offset by the sale proceeds of shares in GreenFirst. As of today, our cash balances are down approximately $55 million, driven by an $18 million interest payment, a $10 million principal repayment on our cogen debt in Canada and timing of working capital.

最後，在幻燈片 11 上，流動性下降至 2.74 億美元，其中包括 1.48 億美元的現金，因為我們償還了 2000 萬美元的優先票據，被 GreenFirst 股票的出售收益所抵消。截至今天，我們的現金餘額減少了約 5500 萬美元，這主要得益於 1800 萬美元的利息支付、1000 萬美元的加拿大強制債務本金償還以及營運資金的時間安排。

Net debt ended the second quarter up slightly to $764 million compared to our full year guidance of $725 million. With the completion of all the planned maintenance outages, we spent approximately $140 million, including $54 million on deferred maintenance expenses and $87 million in CapEx.

與我們全年指導的 7.25 億美元相比，第二季度末的淨債務略增至 7.64 億美元。隨著所有計劃內維護中斷的完成，我們花費了大約 1.4 億美元，其中包括 5400 萬美元的延期維護費用和 8700 萬美元的資本支出。

Going forward, we expect a significant improvement in free cash flow for the remainder of the year, driven by our $160 million EBITDA guidance for the full year. We continue to monitor capital markets and are prepared to opportunistically refinance our 5.5% senior notes, which mature in June 2024.

展望未來，在我們全年 1.6 億美元的 EBITDA 指引的推動下，我們預計今年剩餘時間的自由現金流將顯著改善。我們將繼續監控資本市場，並準備機會性地為我們的 5.5% 優先票據再融資，這些票據將於 2024 年 6 月到期。

We expect to deliver improved results for the remainder of the year, which will further deleverage our balance sheet and improve the company's credit profile in the back half of the year. We remain confident that we will obtain an acceptable refinancing which we expect to complete prior to the notes going current in 2023.

我們預計今年剩餘時間將取得更好的業績，這將進一步去槓桿化我們的資產負債表，並在下半年改善公司的信用狀況。我們仍然相信，我們將獲得可接受的再融資，我們預計將在 2023 年票據生效之前完成。

With that, I'd like to turn the call back over to De Lyle.

有了這個，我想把電話轉回德萊爾。

Thank you, Marcus. Turning to Page 12, I want to provide an update on each of our businesses.

謝謝你，馬庫斯。轉到第 12 頁，我想提供我們每項業務的最新情況。

With respect to our High Purity Cellulose business, we continue to see strong demand, thus increased sales volumes for our core products. Sales prices for cellulose specialties increased 20% in the second quarter versus the prior year, driven by our negotiated contract pricing plus the cost surcharge implemented in the second quarter. We expect this cost surcharge to remain in place for at least the coming quarter, given the stubborn elevated input costs. We expect to realize higher prices on commodity high-purity cellulose products in this coming quarter as demand for these products remains stable and supply for fluff products remains constrained. However, we are cautious about supply chain constraints going into the third quarter.

關於我們的高純纖維素業務，我們繼續看到強勁的需求，從而增加了我們核心產品的銷量。受我們協商的合同定價加上第二季度實施的成本附加費的推動，第二季度纖維素特種產品的銷售價格比去年同期上漲了 20%。鑑於頑固的投入成本上升，我們預計這一成本附加費至少會在下一季度保持不變。由於對這些產品的需求保持穩定，而絨毛產品的供應仍然受到限制，我們預計下一季度商品高純度纖維素產品的價格將上漲。然而，我們對進入第三季度的供應鏈限制持謹慎態度。

As previously noted, we successfully executed the planned maintenance outages at our 4 facilities in the first half of 2022. We expect to improve reliability and productivity for the remainder of the year, which will result in significantly improved results for the second half of 2022.

如前所述，我們在 2022 年上半年成功執行了 4 個設施的計劃維護中斷。我們預計在今年剩餘時間裡提高可靠性和生產力，這將顯著改善 2022 年下半年的業績。

In Paperboard, we are experiencing strong demand for packaging and commercial print products. We expect to realize higher prices to offset inflation. Thus, we will maintain a strong and stable EBITDA in this business for the coming quarter.

在紙板方面，我們正經歷對包裝和商業印刷產品的強勁需求。我們預計實現更高的價格以抵消通貨膨脹。因此，我們將在下一季度在該業務中保持強勁和穩定的 EBITDA。

In high-yield pulp, we expect that we will also realize higher prices. The sales volumes will be dependent on production and supply chain constraints. Overall, we expect costs will moderate and EBITDA will become positive in the coming quarter.

在高產紙漿方面，我們預計我們也將實現更高的價格。銷量將取決於生產和供應鏈的限制。總體而言，我們預計下一季度成本將放緩，EBITDA 將轉為正數。

We expect our annual corporate expenses to be approximately $50 million for the full year, given the nature of these corporate expenses, while volatility between quarters is expected to remain high. We also remain committed to managing our capital expenditures to within our $140 million to $150 million guidance for the full year. Finally, we still expect to receive $21 million of tax refunds this year.

鑑於這些公司費用的性質，我們預計全年的年度公司費用約為 5,000 萬美元，而季度之間的波動預計將保持高位。我們還繼續致力於將我們的資本支出管理在我們全年 1.4 億至 1.5 億美元的指導範圍內。最後，我們仍預計今年將獲得 2100 萬美元的退稅。

Another key initiative of RYAM is reducing our greenhouse gas emissions. Earlier this year, we set a target to reduce our greenhouse gas emissions by 40% between 2020 and 2030. We're proud to report that we reduced our total greenhouse gas emissions by 8% in 2021 as compared to 2020. We still have more to go towards realizing our 2030 goal but this reduction was an important first step.

RYAM 的另一項重要舉措是減少我們的溫室氣體排放。今年早些時候，我們設定了在 2020 年至 2030 年間將溫室氣體排放量減少 40% 的目標。我們很自豪地報告，與 2020 年相比，我們在 2021 年將溫室氣體排放總量減少了 8%。我們還有更多去實現我們的 2030 年目標，但這種減少是重要的第一步。

With that, operator, please open the call to questions.

有了這個，接線員，請打開問題電話。

(Operator Instructions) Our first question comes from John Babcock from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 John Babcock。

I guess just quickly on cellulose specialties demand. Could you just talk about what you're seeing in Europe right now? I mean it seems like there's pretty decent commentary out there about just being a lot of hesitancy in the marketplace. I want to kind of get some color from you there.

我想很快就對纖維素特種產品的需求。您能談談您現在在歐洲看到的情況嗎？我的意思是，對於市場上的猶豫不決，似乎有相當不錯的評論。我想從你那裡得到一些顏色。

John, this is De Lyle, and thanks for being on the call.

約翰，我是德萊爾，感謝您接聽電話。

Overall, we're seeing our HPC as well as our cellulose specialty business, they're volumes are still continue to be relatively strong. One of the things we do is we constantly are talking to our customers to determine whether our -- whether the base business continues to go as well as we hope it will and we're still getting strong indications from our customers that the underlying demand is decent and strong.

總體而言，我們看到了我們的 HPC 以及我們的纖維素特種業務，它們的銷量仍然相對強勁。我們所做的一件事是我們不斷與客戶交談，以確定我們的基礎業務是否繼續像我們希望的那樣發展，並且我們仍然從客戶那裡得到強有力的跡象，表明潛在需求是體面而強大。

The issue in Europe is really around energy, and we continue to watch that. But currently, we're still seeing that demand is hanging in there. And -- but again, it's something that we're somewhat cautious about and are watching it on almost a daily basis.

歐洲的問題實際上與能源有關，我們將繼續關注這一點。但目前，我們仍然看到需求一直存在。而且 - 但同樣，我們對此有些謹慎，並且幾乎每天都在關注它。

Okay. That's very helpful. And then just with regards to the latest price increase that you announced on noncontracted volumes. Can you just remind me, were they impacted by the surcharge earlier this year?

好的。這很有幫助。然後只是關於您宣布的非合同數量的最新價格上漲。你能提醒我，今年早些時候他們是否受到附加費的影響？

Yes, they were. So this is in addition to the surcharge. And really, at the end of the day, it is us try to capture what we believe is our fair value for our products.

是的，他們是。所以這是附加費之外的。實際上，歸根結底，我們要努力捕捉我們認為我們產品的公允價值。

Okay. And overall, I mean, you talked about the maintenance costs and gave a little bit of clarity there. I was just wondering, even when we add that back, could you just talk about what gives you confidence that you'll see that inflection in earnings in the second half and particularly in light of the macro challenges that exists?

好的。總體而言，我的意思是，您談到了維護成本，並在此處進行了一些說明。我只是想知道，即使我們把它加回來，你能不能談談是什麼讓你有信心看到下半年收益出現拐點，特別是考慮到存在的宏觀挑戰？

Well, the impact of the outages was fairly significant in the first half of the year. I mean if you look at some of the facilities that we took down, we took them down for a good part of a month, if not over a month. And so having all those facilities operating in the second half of the year, obviously, should and will, in my opinion, will increase the production and therefore, the sales volume relative to what we had in the first half.

嗯，停電的影響在今年上半年相當顯著。我的意思是，如果您查看我們拆除的一些設施，我們將它們拆除了一個月的大部分時間，如果不是一個多月的話。因此，在我看來，讓所有這些設施在今年下半年投入運營，顯然應該而且將會增加產量，從而增加相對於上半年的銷量。

My guess is you'll probably see an increase in sales volumes of 10%, if not more, in the second half versus the first half as a result of the fact that all the facilities will be running flat out for the rest of the year.

我的猜測是，由於所有設施將在今年剩餘時間內全部用完，因此下半年與上半年相比，您可能會看到銷量增長 10% 甚至更多.

Okay. And then just last question before I turn it over. I mean overall, it seems like the Pulp segment has seen a pretty limited benefit from higher pricing. And I wanted to kind of get some sense from you as to how core you see this business to RYAM. I mean it just seems like per performance has been relatively mixed over the years. I want to just kind of get color on how you view that business and how important it is to RYAM as whole and whether it makes sense to maintain it.

好的。然後是我翻過來之前的最後一個問題。我的意思是總體而言，紙漿部分似乎從更高的定價中獲得的收益非常有限。我想從你那裡了解一下你對 RYAM 的核心業務的看法。我的意思是，這些年來似乎每場演出的表現都比較參差不齊。我想了解一下您如何看待該業務以及它對整個 RYAM 的重要性以及維護它是否有意義。

Well, I view it -- personally, I view it as strategic and core to our strategy. There are significant tailwinds with respect to the long-term demand for fluff business. And as a result, it's something that I think we will latch onto to grow our business going forward and going into the future. So I view it as something that we will continue to focus on to grow the business.

好吧，我認為它 - 就個人而言，我認為它是我們戰略的戰略和核心。對絨毛業務的長期需求有很大的順風。因此，我認為我們將抓住這一點來發展我們的業務並走向未來。所以我認為這是我們將繼續專注於發展業務的事情。

John, it's Marcus. Just an added comment on the high yield. It has an integrated piece to play with Paperboard, right? And it really creates that three-ply sheet with the bulk attributes that's well regarded in the marketplace.

約翰，我是馬庫斯。只是對高收益的補充評論。它有一個可以和紙板一起玩的集成塊，對吧？並且它確實創造了具有在市場上廣受好評的散裝屬性的三層板。

And to your comment on pricing, given the length of the supply chain, there is a lag effect on realized pricing. So again, you're not seeing it right now. But certainly, that lag will show itself in the future quarters.

對於您對定價的評論，鑑於供應鏈的長度，對實際定價存在滯後效應。再說一次，你現在沒有看到它。但可以肯定的是，這種滯後將在未來幾個季度顯現出來。

And our next question comes from Paul Quinn from RBC Capital Partners (sic) [Markets].

我們的下一個問題來自 RBC Capital Partners (sic) [Markets] 的 Paul Quinn。

I guess just a follow up on this high-yield pulp. So we're expecting this to be positive in Q3 here?

我想只是對這種高產紙漿的跟進。所以我們預計這在第三季度會是積極的嗎？

Paul, yes, we are.

保羅，是的，我們是。

Okay. And essentially, on the guidance on Paperboard that you expect price increases to more than offset the inflation so that should that be positive as well?

好的。本質上，關於紙板的指導，您預計價格上漲將超過抵消通貨膨脹，所以這也應該是積極的嗎？

That's correct, yes.

沒錯，是的。

And then, if we can just guide -- yes, sorry, go ahead.

然後，如果我們可以指導——是的，對不起，請繼續。

No, I was just got to say we expect that the volumes will remain consistent and pricing as well should remain relatively high through the period.

不，我只是想說，我們預計在此期間銷量將保持一致，定價也應保持相對較高。

Okay. And then just diving into this cellulose specialties business or high purity. And on the cellulose specialty, that cost surcharge of $146, that's just on the cellulose specialties portion, right? And was it on all volume?

好的。然後只是潛入這個纖維素特種業務或高純度。在纖維素特種產品上，附加費為 146 美元，這只是纖維素特種產品部分，對嗎？它是全音量嗎？

Yes, it's only on specialty cellulose business and it's on all volumes.

是的，它只適用於特種纖維素業務，而且適用於所有數量。

Okay. And then what are we seeing in terms of -- on the commodity side of that business, on the -- especially, I mean, we've seen fluff prices go to crazy levels here where you've got a differential between fluff and NBSK. I don't know, I think I tracked it over 20 years. It was about $46 and now we're over $300. One question is just how sustainable do you think that premium is? And number two, a lot of capacity coming in on the commodity dissolving side. Just wondering how you're feeling about that market going forward.

好的。然後我們在該業務的商品方面看到了什麼，特別是，我的意思是，我們已經看到絨毛價格在這里達到了瘋狂的水平，絨毛和 NBSK 之間存在差異.我不知道，我想我跟踪了 20 多年。大約是 46 美元，現在我們超過了 300 美元。一個問題是，您認為溢價的可持續性如何？第二，商品溶解方面的大量產能。只是想知道你對這個市場未來的感覺如何。

Well, we believe that we're probably seeing the commodity prices starting to peak and therefore, expect the coming in Q4 and so -- and thereafter, we'll start seeing those prices go down both for viscose as well as fluff.

好吧，我們相信我們可能會看到大宗商品價格開始見頂，因此，預計第四季度會出現 - 此後，我們將開始看到粘膠和絨毛的價格下跌。

Relative to your question on the premium of fluff pricing to the index. I expect that most of the new capacity is really coming on hardwood. And our play is primarily on softwood. And so at the end of the day, even though there may be some narrowing of that premium, we believe we're somewhat protected because of our focus being more in the softwood, therefore, less exposed to the new capacity.

相對於您關於絨毛定價對指數的溢價的問題。我預計大部分新產能真的來自硬木。我們的遊戲主要是在軟木上。因此，歸根結底，儘管溢價可能會有所縮小，但我們相信我們受到了一定程度的保護，因為我們更多地關注軟木，因此較少受到新產能的影響。

Okay. And then some of the commentary we're hearing on the acetate guys, the downstream guys is a little bit of weakness in the market. Is that consistent with what you're seeing from your customers?

好的。然後我們聽到的一些關於醋酸鹽的評論，下游的人在市場上有點疲軟。這與您從客戶那裡看到的一致嗎？

No, not really. In fact, I was just with one of our customers in the last week or so. He thinks that the inventory pull down has essentially played itself out, and he's actually expecting some modest growth going forward. So we actually think that acetate will be flat to increasing over the coming next few quarters.

不，不是。事實上，在過去一周左右的時間裡，我只是和我們的一位客戶在一起。他認為庫存下降基本上已經結束，他實際上預計未來會有一些適度的增長。因此，我們實際上認為醋酸鹽在未來幾個季度將持平至增加。

And our next question comes from Roger Spitz from Bank of America.

我們的下一個問題來自美國銀行的 Roger Spitz。

Marcus, do you have a view of if you intend to refi your 5.5s with either secured or unsecured debt. And a related question is, as of June 30, how much capacity do you have to incur carry secured debt under your 7 and 5/8s to 26 months.

馬庫斯，您是否打算用有擔保或無擔保債務來重新融資您的 5.5s。一個相關的問題是，截至 6 月 30 日，在 7 和 5/8 至 26 個月期間，您有多少能力承擔擔保債務。

Yes. So Roger, again, we're keeping all our options open, and Mickey and I stay close to the markets. And -- but we do have some capacity, right, on the 3.5 leverage test and the $87 million extra basket. So there is capacity to add some. And again, we're keeping our options open.

是的。所以羅傑，再次，我們保持所有選擇開放，米奇和我保持接近市場。而且——但我們確實有一些能力，對，3.5 槓桿測試和 8700 萬美元的額外籃子。所以有能力添加一些。再一次，我們保持我們的選擇開放。

Got it. And just looking at some cash flow items here. What is your 2022 cash tax expectation or -- and does that include the $21 million tax refund? Or is that in addition to any cash outflows?

知道了。只看這裡的一些現金流項目。您對 2022 年現金稅的預期是多少，或者——這是否包括 2100 萬美元的退稅？還是除了任何現金流出之外？

So the $21 million is a tax refund from the U.S. We are taxable in France. So we have some payments there. So think of a number in the range of $6 million to $8 million.

所以 2100 萬美元是來自美國的退稅。我們在法國應納稅。所以我們在那裡有一些付款。所以想一個在 600 萬到 800 萬美元之間的數字。

Of the outflow? Got it. And how does 2022 working capital inflow or outflow look for you?

流出的？知道了。 2022 年營運資金流入或流出情況如何？

So we gave the guidance, right, for our net debt at $725 million and we ended Q2 at $764 million. So Roger, if you're looking at your model, right, you can back into the EBITDA and CapEx. And then we have some remaining interest of $30 million. We talked about the tax refund. And then the one we're being cautious on but could impact that number positively as working capital. De Lyle spoke to the supply chain items that we're managing.

因此，我們為我們的淨債務提供了 7.25 億美元的指導，我們在第二季度結束時為 7.64 億美元。所以羅傑，如果你正在查看你的模型，對，你可以回到 EBITDA 和資本支出。然後我們還有3000萬美元的剩餘利息。我們談到了退稅。然後是我們持謹慎態度但可能對該數字產生積極影響的營運資金。 De Lyle 談到了我們正在管理的供應鏈項目。

So certainly, working capital, we see as a benefit for the balance of the year here vis-a-vis the bill that we had earlier in the year because of the shuts.

因此，當然，營運資金，相對於我們今年早些時候因關閉而產生的賬單，我們認為這是對今年餘額的好處。

And our next question comes from Paretosh Misra from Berenberg.

我們的下一個問題來自貝倫貝格的 Paretosh Misra。

So if I look at your full year EBITDA guidance, then the second half implies $100 million plus. So what's the right way to think about kind of your sustainable or 2023 run rate? Because you'll get some more pricing but I guess some of these maintenance costs will come back next year. So just wondering, what's the best way to think about like a more sustainable or next year's earnings run rate?

因此，如果我查看您的全年 EBITDA 指導，那麼下半年意味著超過 1 億美元。那麼，思考可持續或 2023 年運行率的正確方法是什麼？因為你會得到更多的定價，但我猜這些維護成本中的一些會在明年回來。所以只是想知道，考慮更可持續或明年的盈利運行率的最佳方式是什麼？

Paretosh, this is De Lyle. So looking forward, and I think I'll start with H2, and then I'll expand it to 2023. H2, as you noted, is right around $106 million to hit our guidance. So roughly $53 million per quarter run rate. And going forward, we believe that into 2023, that is going to be a good number for the year.

帕累托什，這是德萊爾。所以展望未來，我想我將從 H2 開始，然後將其擴展到 2023 年。正如你所指出的，H2 大約是 1.06 億美元，可以達到我們的指導。因此，每季度運行率大約為 5300 萬美元。展望未來，我們相信到 2023 年，這將是一個不錯的數字。

There are some pluses and minuses throughout the year. There may be some degradation in commodity prices, but we do think that there will be some strength in our specialty cellulose pricing. Volumes will be significantly higher, we believe, given that we won't likely have the same extended outages that we had with our facilities this year. And we do believe that we also have a much better control on our spending.

全年都有一些優點和缺點。商品價格可能會有所下降，但我們確實認為我們的特種纖維素定價會有一些優勢。我們相信，鑑於我們不太可能出現與今年我們的設施相同的長時間停電，因此產量將顯著增加。而且我們確實相信我們也可以更好地控制我們的支出。

So I think that mid-cycle, and I think we've given this guidance in the past, mid-cycle, we should be in the [$200 million-plus] EBITDA range. And I do believe that's going to be our target for next year.

所以我認為在周期中期，我認為我們在過去給出了這個指導，在周期中期，我們應該在 [2 億美元以上] EBITDA 範圍內。我相信這將成為我們明年的目標。

Got it. That's great color. And then can you provide an update on the bioethanol project in France? How serious are these permitting delays?

知道了。這顏色真好。然後你能提供法國生物乙醇項目的最新情況嗎？這些許可延誤有多嚴重？

I don't think -- the permitting delays, I think we've got a great solution to. What the cause of the delays were, there was a couple of species that were very sensitive to the specific environment that we were considering building the new facility on. We have redesigned that, so we don't disrupt that environment and have resubmitted the permits. And the current indications we're receiving from the regulators and so forth is that we should be able to get the permits late 2022, early 2023 and soon thereafter, we'll be able to start constructing the facility.

我不認為 - 允許延遲，我認為我們有一個很好的解決方案。延誤的原因是，有幾個物種對我們正在考慮建造新設施的特定環境非常敏感。我們對此進行了重新設計，因此我們不會破壞該環境並重新提交了許可。目前我們從監管機構等處收到的跡像是，我們應該能夠在 2022 年底、2023 年初獲得許可證，此後不久，我們將能夠開始建造該設施。

(Operator Instructions) And our next question comes from Paul Quinn from RBC Capital Markets.

（操作員說明）我們的下一個問題來自加拿大皇家銀行資本市場的 Paul Quinn。

Just a couple of follow-ups. I asked on ethers -- sorry, I asked on acetate. Just wondering how the ethers market is shaping up. I mean this is one of the real reasons why Rayonier bought Tembec, who is a global leader in ethers at the time, and we saw pretty good growth characteristics of that product. Just wondering if it's actually followed through.

只是一些後續行動。我問的是乙醚——對不起，我問的是醋酸鹽。只是想知道以太市場是如何形成的。我的意思是這是 Rayonier 收購當時全球以太坊領導者 Tembec 的真正原因之一，我們看到了該產品的良好增長特徵。只是想知道它是否真的被遵循了。

Paul, with respect to the ethers, we still are very bullish on the long-term prospects and growth rates in that business. In fact, it was one of the primary reasons we made the acquisition of Tembec. Short term, we're seeing a little bit of softness in the construction market with respect to what's going on in Europe. But again, long term, I think we're still very bullish on the growth for that particular market segment.

保羅，關於以太幣，我們仍然非常看好該業務的長期前景和增長率。事實上，這是我們收購天柏公司的主要原因之一。短期而言，我們看到建築市場相對於歐洲正在發生的事情有些疲軟。但是，從長遠來看，我認為我們仍然非常看好該特定細分市場的增長。

Okay. And then you referenced lower maintenance in 2023. Just wondering what that -- if you could quantify that in -- and is there -- is that maintenance schedules still heavily into the first half of the year? Or is it more balanced through '23?

好的。然後你提到了 2023 年的較低維護。只是想知道 - 如果你可以量化它 - 並且是否存在 - 維護計劃仍然大量進入今年上半年？還是在 23 年更平衡？

It's still -- with respect to the maintenance schedule, still pretty heavily focused on the first half of the year. Fernandina will be in the later part of the year, I would say, Q3, Q4. Jesup will definitely be Q1. Tartas will be Q1 and Temiscaming, as always, will be in the month of May. So as you know, we'll have three of the facilities done before we get into the second half of the year.

它仍然 - 就維護計劃而言，仍然非常關註今年上半年。 Fernandina 將在今年下半年，我會說，Q3，Q4。 Jesup肯定會是Q1。 Tartas 將是 Q1，而 Temiscaming 將一如既往地在 5 月份。如您所知，在進入下半年之前，我們將完成三項設施。

In terms of total maintenance, maintenance expense, there's a lot of daylight between now and next year. So a lot of what will actually transpire is going to be influenced by inflation. But I think that in terms of activity, it will be lower because, again, this year was a special year in that we focused on catching up on some of the maintenance needs at our key facilities.

就總維護、維護費用而言，從現在到明年有很多白天。因此，實際上會發生的很多事情都將受到通貨膨脹的影響。但我認為，就活動而言，它會更低，因為今年又是特殊的一年，我們專注於滿足我們關鍵設施的一些維護需求。

Okay. So lower is good. The question is how much lower?

好的。所以低一點就好。問題是低多少？

How much lower? Yes, and I'm not going to commit to right now, Roger.

低多少？是的，我現在不會承諾，羅傑。

No worries, it's Paul.

別擔心，是保羅。

Paul, sorry.

保羅，對不起。

And then just lastly on -- no worries. Listen, my partner gets it wrong all the time.

然後就在最後——不用擔心。聽著，我的搭檔總是搞錯。

So just last one. And I might have missed this because I joined late, but leadership changes, Rayonier, over the past number of years, has gone through a number of changes, both CEO now and CFO side. Just wondering, De Lyle, how you see -- do you see any change in direction of the company going forward? What do you see as the opportunities with Rayonier Advanced Materials and what are the things that keep you up at night?

所以就最後一個。我可能錯過了這一點，因為我加入晚了，但是領導層的變化，Rayonier，在過去的幾年裡，經歷了許多變化，包括現在的 CEO 和 CFO 方面。只是想知道，德萊爾，你怎麼看 - 你看到公司前進的方向有什麼變化嗎？您認為 Rayonier Advanced Materials 的機遇是什麼？是什麼讓您徹夜難眠？

That's a pretty broad question. Let me see if I could try to answer it as efficiently as I can.

這是一個相當廣泛的問題。讓我看看我是否可以盡可能有效地回答它。

With respect to what keeps me up at night right now, my primary focus is refinancing the 2024 debt. And to achieve that, I think the focus that -- well, the focus that I've got right now is to delever the company and improve its credit profile over the next couple of quarters as we enter into 2023. And really, it's around a couple of primary activities.

關於現在讓我夜不能寐的事情，我的主要關注點是為 2024 年的債務再融資。為了實現這一目標，我認為重點是——嗯，我現在的重點是在我們進入 2023 年的未來幾個季度內去槓桿化公司並改善其信用狀況。真的，它是幾個主要活動。

One is obviously improving EBITDA, which we've talked about, about the different things that we're doing there, both increasing sales volumes as well as taking advantage of market pricing. But also it's also paying down debt. And one of my long-term objectives is to continue to pay down debt to improve the resilience of the company so that if -- when the market turns on us, that we'll be able to more sustainably operate the business. So that's kind of the short-term objectives right now.

一個顯然是改善我們已經討論過的 EBITDA，關於我們在那裡所做的不同事情，包括增加銷量以及利用市場定價。但它也在償還債務。我的長期目標之一是繼續償還債務以提高公司的複原力，以便在市場轉向我們時，我們將能夠更可持續地經營業務。所以這就是現在的短期目標。

Longer term, I -- again, I'm going to be focused on paying down debt and keeping the leverage at a reasonable level. But also looking at growing the business by focusing on the growth opportunities for our core products, but also then expanding into other bio solutions that we think that we have a very strong competitive advantage on. So we'll be looking at growing the business through those adjacent and through our core businesses.

從長遠來看，我 - 再次，我將專注於償還債務並將槓桿率保持在合理水平。但也通過關注我們核心產品的增長機會來發展業務，然後擴展到我們認為我們具有非常強大競爭優勢的其他生物解決方案。因此，我們將著眼於通過鄰近的業務和我們的核心業務來發展業務。

Thank you. At this time, there are no more questions. I would now like to turn the floor back over to De Lyle Bloomquist. Sir?

謝謝你。此時，沒有更多的問題。我現在想把地板轉回給 De Lyle Bloomquist。先生？

Well, thank you all for joining us. I know this is a busy time of season for all of you. And I know your time is dear. And so I'm very appreciative of the time that you did spend with us.

嗯，謝謝大家加入我們。我知道這對你們所有人來說是一個繁忙的季節。我知道你的時間很寶貴。因此，我非常感謝您與我們共度的時光。

If you've got any questions in the future or if there's anything we can do, feel free to reach out to us. We'll be there available for you.

如果您將來有任何問題，或者我們有什麼可以做的，請隨時與我們聯繫。我們會在那里為您服務。

With that, I wish you a great day, and thank you for your time.

至此，我祝您有美好的一天，並感謝您抽出寶貴的時間。

Thank you. This does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

謝謝你。今天的會議到此結束。我們感謝您的參與。你可以在這個時候斷開你的線路，並度過美好的一天。