Rayonier Advanced Materials Inc (RYAM) 2022 Q3 法說會逐字稿

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

早上好，歡迎參加 RYAM 2022 年第三季度收益電話會議。 （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 RYAM. Thank you. Mr. Walsh, you may begin.

我現在想將電話轉給您的主持人，RYAM 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。

Welcome again to RYAM's Third Quarter 2022 Earnings Conference 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.

再次歡迎來到 RYAM 的 2022 年第三季度收益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 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 materially differ 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 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 18 through 23 of our presentation.

今天的演示文稿還將參考我們演示文稿幻燈片 4 中指出的某些非公認會計原則財務指標。我們認為非公認會計原則措施為管理層和投資者提供了有用的信息，但非公認會計原則措施不應被視為公認會計原則措施的替代方案。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 18 至 23 中。

I'll now turn the call over to De Lyle.

我現在將把電話轉給 De Lyle。

Thank you, Mickey, and good morning. I would like to start today by providing an update on our near-term initiatives as well as some financial highlights for the third quarter before turning the call to Marcus to provide additional details on each of our businesses. After Marcus' update, I will come back and provide additional perspectives on the business and a market outlook before opening the call for questions.

謝謝你，米奇，早上好。我想從今天開始提供我們近期計劃的最新信息以及第三季度的一些財務亮點，然後再致電 Marcus 提供有關我們每項業務的更多詳細信息。在馬庫斯的更新之後，我會回來提供關於業務和市場前景的更多觀點，然後再開始提問。

Let's start by turning to Slide 5. We have made very good progress against our near-term initiatives. Our top priority remains the refinancing of our senior notes, which, as you probably know, mature in June 2024, put us in the best possible position to accomplish this objective. We are working to improve our credit metrics via EBITDA growth and debt reduction.

讓我們從幻燈片 5 開始。我們在近期計劃方面取得了非常好的進展。我們的首要任務仍然是優先票據的再融資，您可能知道，該票據將於 2024 年 6 月到期，使我們處於實現這一目標的最佳位置。我們正在努力通過 EBITDA 增長和債務減少來改善我們的信用指標。

I am pleased to report that we have improved our net leverage to 5.1x by reducing net debt by $16 million and growing EBITDA by $35 million in the third quarter. We will maintain an intense focus on improving our net leverage metric in order to give us the best opportunity to refinance our debt prior to these notes becoming current in 2023. Our EBITDA growth has been driven by success in three areas: First, as we discussed in our last update, we completed extensive planned maintenance outages at all of our facilities in the first half of this year. As a result, we're now realizing improved productivity and reliability, leading to lower unit fixed costs.

我很高興地報告，我們通過在第三季度將淨債務減少 1600 萬美元並將 EBITDA 增加 3500 萬美元，將淨槓桿率提高到 5.1 倍。我們將繼續密切關注改善我們的淨槓桿指標，以便在這些票據於 2023 年生效之前為我們提供為債務再融資的最佳機會。我們的 EBITDA 增長是由三個領域的成功推動的：首先，正如我們所討論的在我們的最後一次更新中，我們在今年上半年完成了我們所有設施的大規模計劃維護停機。因此，我們現在實現了更高的生產力和可靠性，從而降低了單位固定成本。

We believe that we have further opportunities to improve the performance of our facilities, which will likely generate even better results in the future.

我們相信，我們還有進一步的機會來提高我們設施的性能，這可能會在未來產生更好的結果。

Our next area of focus is capturing fair value for our unique product offerings. Generally, demand for our products remains strong. We are capturing value for our commodity products from the current market strength. Regarding our cellulose specialty products, we negotiated significant price and volume increases for 2022, and as we saw inflation accelerate, we implemented a $146 per metric ton cost surcharge effective April 1, and have maintained the surcharge as inflationary pressures continued.

我們的下一個重點領域是為我們獨特的產品提供公允價值。總體而言，對我們產品的需求依然強勁。我們正在從當前的市場實力中為我們的商品產品獲取價值。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，並且隨著通脹加速，我們從 4 月 1 日起實施了每公噸 146 美元的成本附加費，並在通脹壓力持續的情況下維持了附加費。

More recently, we implemented a 20% increase effective August 1 on the small sales volume of cellulose specialties that are not under contract. Currently, we are in negotiations with our cellulose specialty customers for 2023 pricing with the objective to fully capture the fair value of these products.

最近，我們從 8 月 1 日起對未簽訂合同的纖維素特種產品的少量銷售量實施了 20% 的增長。目前，我們正在與我們的纖維素專業客戶就 2023 年的定價進行談判，以充分獲取這些產品的公允價值。

Our final area targets responding to the current inflationary environment and supply chain challenges. While inflation remains persistent, we have a multipronged approach to help mitigate these pressures. As already noted, we implemented a cost surcharge to help offset this extraordinary inflation.

我們的最終目標是應對當前的通脹環境和供應鏈挑戰。儘管通脹仍然持續存在，但我們採取了多管齊下的方法來幫助緩解這些壓力。如前所述，我們實施了成本附加費以幫助抵消這種異常通貨膨脹。

We also are leveraging our scale, managing discretionary spending and decreasing the input material usage to reduce our cost. Additionally, we are seeking alternative supply options in wood, chemicals and transportation, including utilizing multiple shipping channels, carriers and shipment modes to reduce shipping delays, improve reliable service to our customers and manage our logistic cost.

我們還利用我們的規模，管理可自由支配的支出並減少投入材料的使用以降低我們的成本。此外，我們正在尋找木材、化學品和運輸方面的替代供應選擇，包括利用多種運輸渠道、承運人和運輸方式來減少運輸延誤、改善對客戶的可靠服務並管理我們的物流成本。

Let's now turn to Page 6 for an overview of our financial performance. Our revenues increased 25% from prior year to $466 million as a result of price increases and strong demand across all segments, reflecting a 25% increase for our cellulose specialty products inclusive of our cost surcharge and a 34% increase for our paperboard products.

現在讓我們翻到第 6 頁，了解我們的財務表現。由於價格上漲和所有細分市場的強勁需求，我們的收入比上年增長了 25% 至 4.66 億美元，這反映了我們的纖維素特種產品（包括我們的成本附加費）增長了 25%，我們的紙板產品增長了 34%。

Adjusted EBITDA for the quarter was $68 million, up 106% from the prior year as the price and volume increases more than offset cost inflation. The increases from prior year were led by our high period cellulose segment, which delivered $53 million of adjusted EBITDA in the third quarter, an improvement of $21 million or 66% from prior year. Paperboard delivered $15 million of adjusted EBITDA, which was $9 million or 150% favorable to prior year results, driven by strong demand and higher prices. High-yield pulp contributed positively to the results with $6 million of adjusted EBITDA.

本季度調整後的 EBITDA 為 6800 萬美元，比去年同期增長 106%，因為價格和數量的增長超過了成本通脹的抵消。較上年同期增長的主要原因是我們的高時期纖維素部門在第三季度實現了 5300 萬美元的調整後 EBITDA，比去年增加了 2100 萬美元或 66%。由於需求強勁和價格上漲，紙板實現了 1500 萬美元的調整後 EBITDA，比上年業績好 900 萬美元或 150%。高產紙漿對業績做出了積極貢獻，調整後 EBITDA 為 600 萬美元。

Corporate expenses improved $8 million from last year, driven by a change in valuation of the GreenFirst shares, which negatively impacted prior year results by the $8 million.

由於 GreenFirst 股票估值的變化，公司開支比去年增加了 800 萬美元，這對上一年的業績產生了 800 萬美元的負面影響。

With these strong financial results in the third quarter and the solid outlook for the fourth quarter, while increasing our full year 2022 guidance to now exceed $175 million of adjusted EBITDA, an increase of $15 million from prior guidance.

憑藉第三季度這些強勁的財務業績和第四季度的穩健前景，同時將我們的 2022 年全年指引提高到現在超過 1.75 億美元的調整後 EBITDA，比之前的指引增加了 1500 萬美元。

Now I'd like to ask Marcus to take us through the financial details for the quarter. Marcus?

現在我想請馬庫斯帶我們了解本季度的財務細節。馬庫斯？

Thank you, De Lyle. Starting with the company's High Purity Cellulose segment on Slide 7. Third quarter sales increased $81 million or 28% to $369 million, driven by 21% increase in total sales prices, which includes a 25% increase in CS prices from prior year. Sales volumes increased 7% to 240,000 metric tons for the quarter, driven by improved productivity and logistics. Net sales also included $33 million of other sales, primarily from bio-based energy and lignin.

謝謝你，德萊爾。從幻燈片 7 中公司的高純度纖維素部門開始。第三季度銷售額增長 8100 萬美元或 28% 至 3.69 億美元，這主要得益於總銷售價格增長 21%，其中包括 CS 價格比上年增長 25%。本季度銷量增長 7% 至 240,000 公噸，這得益於生產力和物流的提高。淨銷售額還包括 3300 萬美元的其他銷售額，主要來自生物能源和木質素。

EBITDA for the segment improved $21 million to $53 million, driven by higher prices and volumes, which were partially offset by the impact of significant cost inflation.

該部門的 EBITDA 增加了 2,100 萬美元至 5,300 萬美元，這是由於價格和銷量的上漲，但部分被成本大幅上漲的影響所抵消。

Turning to Slide 8. Our Paperboard segment sales grew $14 million driven by a 34% increase in sales prices, partially offset by a 7% decline in sales volumes. EBITDA for the segment grew by $9 million to $15 million as higher pricing more than offset increased costs for purchased pulp, chemicals and logistics as well as the impact of lower sales volumes.

轉到幻燈片 8。由於銷售價格上漲 34%，我們的紙板部門銷售額增長了 1400 萬美元，部分被銷量下降 7% 所抵消。該部門的 EBITDA 增長了 900 萬美元至 1500 萬美元，因為較高的定價抵消了購買紙漿、化學品和物流的成本增加以及銷量下降的影響。

Turning to our high-yield Pulp segment on Slide 9. Sales declined by $2 million from prior year, driven by an 18% decrease in sales volume as a result of productivity challenges in the quarter and supply chain congestion. Sales prices increased 15% due to strong demand for global market pulp.

在幻燈片 9 上談到我們的高產紙漿部門。銷售額比去年下降了 200 萬美元，原因是本季度生產力挑戰和供應鏈擁堵導致銷量下降 18%。由於對全球市場紙漿的強勁需求，銷售價格上漲了 15%。

EBITDA for the segment declined $3 million to $6 million for the quarter as the higher prices only partially offset lower volumes and cost increases for chemicals and logistics due to inflation.

本季度該部門的 EBITDA 下降了 300 萬美元至 600 萬美元，因為價格上漲僅部分抵消了由於通貨膨脹導致的化學品和物流的銷量下降和成本增加。

Turning to Slide 10. On a consolidated basis, operating income improved $26 million from prior year to $29 million. Sales price increases across each segment and volume improvements in HPC more than offset $63 million of higher costs driven by persistent inflation on key cost inputs and logistic constraints. SG&A and other expenses increased $2 million, primarily driven by higher variable stock compensation.

轉到幻燈片 10。在綜合基礎上，營業收入比去年增加了 2600 萬美元，達到 2900 萬美元。每個細分市場的銷售價格上漲和 HPC 數量的增加抵消了 6300 萬美元的成本增加，這些成本是由於關鍵成本投入和物流限制的持續通貨膨脹而導致的。 SG&A 和其他費用增加了 200 萬美元，主要是由於可變股票薪酬增加。

Turning to Slide 11. Our net debt declined $16 million to $748 million as we continue to repay debt. Through October, the company has reduced debt by $59 million, while still preserving adequate liquidity. Liquidity ended the quarter at $283 million, including $132 million of cash. We continue to make solid progress towards our stated goal of $725 million of net debt.

轉到幻燈片 11。隨著我們繼續償還債務，我們的淨債務減少了 1600 萬美元至 7.48 億美元。截至 10 月，該公司已將債務減少 5900 萬美元，同時仍保持充足的流動性。本季度末流動性為 2.83 億美元，其中包括 1.32 億美元的現金。我們繼續在實現淨債務 7.25 億美元的既定目標方面取得堅實進展。

With lower debt and improving credit metrics, we continue to monitor capital markets and are prepared to opportunistically refinance our 5.5% senior notes, which mature in June of 2024. We remain confident that the company will obtain an acceptable refinancing at the appropriate time and prior to the notes becoming current in mid-2023.

隨著債務的減少和信用指標的改善，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。我們仍然相信公司將在適當的時間和之前獲得可接受的再融資到 2023 年中期成為現行的票據。

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. Expanding on Marcus' point about reducing debt, we have a target to achieve 2.5x net debt-to-EBITDA leverage in the next 3 to 5 years. We have made significant progress towards this goal.

謝謝你，馬庫斯。擴展馬庫斯關於減少債務的觀點，我們的目標是在未來 3 到 5 年內實現 2.5 倍的淨債務與 EBITDA 槓桿率。我們在實現這一目標方面取得了重大進展。

Turning to Slide 12. We can see that we reduced our leverage from 10x at the end of 2020 to 5.1x as of the third quarter of this year by reducing our debt balance by $215 million and increasing our adjusted EBITDA margin from 7.4% to 10%. We expect that we will achieve a net leverage ratio of 4.1x by year-end 2022.

轉到幻燈片 12。我們可以看到，通過將債務餘額減少 2.15 億美元並將調整後 EBITDA 利潤率從 7.4% 提高到 10，我們將槓桿率從 2020 年底的 10 倍降低到今年第三季度的 5.1 倍%。我們預計到 2022 年底，我們將實現 4.1 倍的淨槓桿率。

To get to our 2.5 leverage ratio goal, we will focus on further increasing our EBITDA margins while also continuing to pay down our debt. Our objective over the next 3 to 5 years, is to increase EBITDA margins into the 13% to 15% range and reduce debt by another $100 million.

為了達到我們 2.5 的槓桿比率目標，我們將專注於進一步提高 EBITDA 利潤率，同時繼續償還債務。我們未來 3 到 5 年的目標是將 EBITDA 利潤率提高到 13% 到 15% 的範圍，並再減少 1 億美元的債務。

Let's now turn to Slide 13. We plan to deliver our EBITDA margin goal by addressing 4 drivers of total shareholder return. First, we are focused on capturing the fair value for our products. As mentioned earlier, we have already taken positive actions towards this objective. Specifically, we negotiated double-digit price increases for our cellulose specialty products coming into 2022.

現在讓我們轉到幻燈片 13。我們計劃通過解決股東總回報的 4 個驅動因素來實現我們的 EBITDA 利潤率目標。首先，我們專注於獲取產品的公允價值。如前所述，我們已經朝著這個目標採取了積極的行動。具體來說，我們協商了到 2022 年我們的纖維素特種產品的兩位數價格上漲。

Then as we saw inflation accelerate, we led the market with a cost surcharge on all our cellulose specialty products. And to top it off, we recently implemented a 20% increase for noncontract cellulose specialty business. Beyond our core cellulose specialty products, we have also led price increases for our paperboard and high-yield pulp products.

然後，當我們看到通貨膨脹加速時，我們以對我們所有的纖維素特種產品的成本附加費引領市場。最重要的是，我們最近對非合同纖維素特種業務實施了 20% 的增長。除了我們的核心纖維素特種產品外，我們還引領我們的紙板和高產紙漿產品價格上漲。

As for 2023, our objective is to realize further price increases. We will also plan in the years ahead on improving our mix of cellulose specialties and capturing additional value as market demand for sustainable and renewable products increased. The second area to drive shareholder value is around cost reduction. Recently, we have taken several key actions to position us for success.

至於2023年，我們的目標是實現進一步的價格上漲。隨著市場對可持續和可再生產品的需求增加，我們還將計劃在未來幾年內改進我們的纖維素特種產品組合併獲取額外價值。推動股東價值的第二個領域是降低成本。最近，我們採取了幾項關鍵行動來定位我們的成功。

First, we significantly invested in our assets this year to improve reliability, and this investment is yielding results. We expect further benefits of $20 million to $30 million in fixed cost absorption as additional reliability improvement is realized.

首先，我們今年對資產進行了大量投資以提高可靠性，並且這項投資正在取得成果。隨著可靠性的進一步提高，我們預計在固定成本吸收方面將獲得 2000 萬至 3000 萬美元的進一步收益。

Second, we are reducing our expenses by closely managing our discretionary spending as well as more efficiently consuming key inputs in production. Looking forward, we have set for ourselves a 2% per annum labor productivity objective, which we can realize through improved reliability and automation.

其次，我們通過密切管理可自由支配的支出以及更有效地消耗生產中的關鍵投入來減少開支。展望未來，我們為自己設定了每年 2% 的勞動生產率目標，我們可以通過提高可靠性和自動化來實現這一目標。

Third, we are diversifying our logistics channels in order to bypass the constraints of a couple of shipping points. This will allow us to reduce our freight cost, improve our on-time shipping experience and reduce our working capital.

第三，我們正在多元化我們的物流渠道，以繞過幾個運輸點的限制。這將使我們能夠降低我們的貨運成本，改善我們的準時運輸體驗並減少我們的營運資金。

The next area to improve shareholder value is reducing debt. As discussed, we have reduced debt by $59 million this year, primarily by using the proceeds from the sale of our equity ownership in GreenFirst and the collection of $23 million in cash tax refunds. Looking forward, we plan to repay additional debt in the fourth quarter and then further reduce debt in the next few years with free cash flow from operations and reduced working capital.

提高股東價值的下一個領域是減少債務。如前所述，我們今年減少了 5900 萬美元的債務，主要是通過出售我們在 GreenFirst 的股權所得的收益和收取的 2300 萬美元現金退稅。展望未來，我們計劃在第四季度償還額外債務，然後在未來幾年內通過運營自由現金流和減少營運資金進一步減少債務。

Our last area of focus is on innovation. We plan on leveraging RYAM's deep experience and capability of developing specialized sustainable products. For example, our second-generation bioethanol facility in France is expected to come online in 2024. It's important to note that though this strategic project is expected to cost $33 million, it will be primarily financed with low-cost green loans.

我們的最後一個重點領域是創新。我們計劃利用 RYAM 在開發專業可持續產品方面的豐富經驗和能力。例如，我們在法國的第二代生物乙醇設施預計將於 2024 年投產。需要注意的是，儘管該戰略項目預計耗資 3300 萬美元，但其主要資金來源是低成本的綠色貸款。

In addition, our world-class R&D labs are working to bring to market very high intrinsic viscosity ethers to compete with cotton linters and unique value-added niche products, such as order control and noncompressible fluff products.

此外，我們世界一流的研發實驗室正在努力將特性粘度極高的醚推向市場，以與棉短絨和獨特的增值利基產品（例如訂單控制和不可壓縮絨毛產品）競爭。

Turning to Slide 14. I believe that RYAM offers a very compelling investment proposition. RYAM has been a renewable and sustainable company for over 95 years. And as the world moves away from products that are made from fossil fuels, the role will demand more and more of our products. Our renewable and sustainable manufacturing process starts with wood harvested from working forest.

轉到幻燈片 14。我相信 RYAM 提供了一個非常引人注目的投資主張。 RYAM 95 多年來一直是一家可再生和可持續發展的公司。隨著世界遠離由化石燃料製成的產品，這一角色將需要我們越來越多的產品。我們的可再生和可持續製造過程始於從工作林中採伐的木材。

Working forests are forests that are profitably managed to supply wood-related products not only for today, but for generations to come as new trees are planted as the current crop is harvested. We then utilize the full inherent value of the harvested tree. Today, we developed the world's highest quality cellulose products and utilize much of the lignin, sugars and extractives for our own internal energy needs.

工作林是指經管理可盈利地供應木材相關產品的森林，不僅為今天，而且在收穫當前作物的同時種植新樹，為子孫後代提供木材相關產品。然後，我們利用採伐樹木的全部內在價值。今天，我們開發了世界上最優質的纖維素產品，並利用大部分木質素、糖和提取物來滿足我們自己的內部能量需求。

In the near future, we believe that we will have many opportunities to extract much greater value from these wood constituents to produce new renewable and sustainable products as customer demand shifts away from current fossil fuel-based products. We also believe that RYAM's assets and know-how are very hard to replicate. We have invested over $2.8 billion in our assets and very few businesses have the technical capabilities and product know-how to compete in this demanding cellulose specialty's market.

在不久的將來，我們相信隨著客戶需求從當前的化石燃料產品轉移，我們將有很多機會從這些木材成分中提取更大的價值來生產新的可再生和可持續產品。我們還相信 RYAM 的資產和專有技術很難復制。我們在資產上的投資已超過 28 億美元，很少有企業具備在這一要求苛刻的特種纖維素市場中競爭的技術能力和產品知識。

RYAM also is committed to do its part to reduce its environmental impact. We have committed to reduce our greenhouse gas emissions by 40% from 2020 to 2030. In just our first year, we have reduced total emissions by 8%.

RYAM 還致力於盡其所能減少對環境的影響。我們承諾從 2020 年到 2030 年將溫室氣體排放量減少 40%。僅在第一年，我們就將總排放量減少了 8%。

Regarding our renewable and sustainable products, our specifications are some of the most demanding in the industry. Our products are used by consumers every day, including LCD screens, plastic acetate eyeglasses, pharmaceuticals, filtration, food, textiles and baby products. Given our success in developing products that meet the exacting specification of our customers, we enjoy many long-term relationships, including some that span over 90 years.

關於我們的可再生和可持續產品，我們的規格是業內要求最高的。消費者每天都在使用我們的產品，包括液晶顯示屏、醋酸塑料眼鏡、藥品、過濾、食品、紡織品和嬰兒用品。鑑於我們在開發滿足客戶嚴格規格的產品方面取得的成功，我們享有許多長期的合作關係，其中一些跨越了 90 多年。

We sell our products into over 80 countries with no one country accounting for more than 35% of our revenue. Consequently, we believe that our diversity of customers, end markets and geography, helped mitigate our exposure to our potential global recession.

我們將產品銷往 80 多個國家，沒有一個國家占我們收入的 35% 以上。因此，我們相信我們的客戶、終端市場和地理的多樣性有助於減輕我們對潛在全球衰退的影響。

Turning to Page 15. I will conclude with an update on each of our segments. We continue to experience strong demand for our High Purity Cellulose products, albeit tempered by a slowing economy. Average sales prices for this segment are expected to decline modestly in the fourth quarter as the greater mix of commodity sales is forecasted as production and logistic constraints improve. We also forecast that key raw material inflation will persist. Consequently, we expect EBITDA to decline slightly in the coming quarter, but will still be well above prior year.

翻到第 15 頁。最後，我將對我們的每個部分進行更新。我們繼續感受到對我們的高純度纖維素產品的強勁需求，儘管受到經濟放緩的影響。由於隨著生產和物流限制的改善，預計商品銷售的更大組合，預計該細分市場的平均銷售價格將在第四季度小幅下降。我們還預測關鍵原材料通脹將持續存在。因此，我們預計 EBITDA 在下一季度將略有下降，但仍將遠高於去年同期。

In Paperboard, strong demand for packaging and commercial print products is expected to continue, which will drive higher prices in the fourth quarter. Volumes and costs are expected to hold steady. As such, our paperboard business is expected to deliver strong EBITDA in the coming quarter.

在紙板方面，預計對包裝和商業印刷產品的強勁需求將持續，這將推動第四季度的價格上漲。預計銷量和成本將保持穩定。因此，我們的紙板業務預計將在下一季度實現強勁的 EBITDA。

In high-yield Pulp, though price indices appear to be peaking, we expect to realize higher prices due to the sales timing lag. EBITDA is anticipated to increase as productivity and logistics improve.

在高產紙漿方面，儘管價格指數似乎已見頂，但由於銷售時間滯後，我們預計價格將上漲。隨著生產力和物流的改善，EBITDA 預計將增加。

Corporate expenses are expected to be approximately $45 million for the full year, which is $5 million favorable to our previous expectations, driven by the strength of the U.S. dollar.

在美元走強的推動下，預計全年公司費用約為 4500 萬美元，比我們之前的預期高出 500 萬美元。

Lastly, we remain committed to managing our capital expenditures to within our original $140 million to $150 million guidance for the full year. With that, operator, please open the call to questions.

最後，我們仍然致力於將我們的資本支出管理在我們最初的 1.4 億美元至 1.5 億美元的全年指導範圍內。有了這個，接線員，請打開問題電話。

(Operator Instructions) And we'll take our first question from George Staphos from Bank of America.

（操作員說明）我們將向美國銀行的 George Staphos 提出第一個問題。

A couple of questions, and I'll turn it over. First of all, to the extent that you can comment, how are your customer negotiations and discussions going this year? I realize there's not much perhaps you can say, but where you can what are kind of the key issues that you're reviewing? How might they vary from past negotiations that you had this time of year going back?

幾個問題，我把它翻過來。首先，在您可以評論的範圍內，您今年的客戶談判和討論進展如何？我意識到您可能無話可說，但是您可以在哪裡查看您正在審查的關鍵問題是什麼？它們與您每年這個時候過去的談判有何不同？

George, this is De Lyle. I really can't say much given that discussions have just started, but we do believe that the momentum that we have experienced in 2022 will be sustained as we go into 2023 because the drivers really aren't changing much, other than we're starting to see some softening in the economy. But at the end of the day, we still got to cover inflation. We still believe that many of our products are such that there is a few substitutes for them. And we believe that we still got some room to go before we capture full fair value for them. So we will continue to be pressing for some price increases in '23.

喬治，這是德萊爾。鑑於討論才剛剛開始，我真的不能說太多，但我們確實相信，我們在 2022 年所經歷的勢頭將在我們進入 2023 年時保持下去，因為驅動因素實際上並沒有太大變化，除了我們正在經濟開始出現一些疲軟。但歸根結底，我們還是要彌補通貨膨脹。我們仍然相信我們的許多產品都有一些替代品。我們相信，在我們為他們獲得全部公允價值之前，我們還有一些空間。因此，我們將在 23 年繼續推動價格上漲。

Understood. On the capturing a fair value, and again, I realize there's not much you really will say on live mic call, but what are you trying to illustrate to your customers in terms of where you feel there's a gap to fair value? How are you demonstrating that? Are you demonstrating that in terms of the value of their product? In the final market relative to the cost of your product, how are you doing that? And then a couple of quick follow-ups.

明白了。關於獲取公允價值，我再次意識到，在現場麥克風通話中您真的不會說太多，但是您想向您的客戶說明您認為與公允價值存在差距的地方是什麼？你是如何證明這一點的？您是否在他們的產品價值方面證明了這一點？在相對於你的產品成本的最終市場中，你是如何做到的？然後是幾個快速跟進。

Well, primarily, the way I look at it is I just look at my EBITDA margin and compare that to the rest of the world. And right now, I believe that there is room to go with respect to that. So that's my principal metric.

嗯，主要是，我看待它的方式是我只看我的 EBITDA 利潤率並將其與世界其他地區進行比較。現在，我相信在這方面還有發展空間。所以這是我的主要指標。

Okay. We wish you well in that effort. And then just CS volumes increased 7%. How do you feel about that continuing at that pace recognizing we're seeing a bit of a slowing economy, as you pointed out? Would there be any situation where there might be some pre-buying ahead of next round of pricing that you're talking about now that would have driven that 7%? How should we think about the sustainability of that growth rate?

好的。我們祝你在這方面的努力。然後只是 CS 量增加了 7%。正如您所指出的，您認為我們正在看到經濟放緩，繼續以這種速度繼續下去，您感覺如何？是否存在任何情況下可能會在您現在談論的下一輪定價之前進行一些預購，從而推動 7% 的增長？我們應該如何考慮這種增長率的可持續性？

With respect to prebuying, I don't think we've seen that as of yet through the end of the third quarter. There may be some of that in Q4, although I would suspect that folks are probably trying to conserve cash, so they probably wouldn't want to build much inventory. So I don't think that's going to be a big play this year going into '23.

關於預購，我認為截至第三季度末我們還沒有看到這種情況。第四季度可能會有一些這樣的情況，儘管我懷疑人們可能正在努力節省現金，所以他們可能不想建立太多庫存。所以我不認為這將是今年進入 23 年的一場大戲。

With respect to the impact of the economy and general GDP on our business going forward. With respect to cellulose specialty demand, I would say that a good 2/3 of our demand is largely recession-resistant. For example, one of our largest segments is going to acetate that goes into tow applications. And I don't see that, that demand is going to be much impacted by what's going on with respect to the economies right now. And there's a number of other applications, particularly with our ethers and that go into food and pharmaceutical applications. And even in our fluff products, I don't expect that there will be a lot of impact with respect to any decline in the economy.

關於經濟和總體 GDP 對我們未來業務的影響。關於纖維素特種需求，我會說我們需求的 2/3 在很大程度上是抗衰退的。例如，我們最大的細分市場之一是醋酸鹽，它進入了絲束應用。而且我不認為，這種需求將受到目前經濟狀況的很大影響。還有許多其他應用，尤其是我們的醚類以及食品和製藥應用。即使在我們的絨毛產品中，我也不認為經濟的任何下滑都會產生很大的影響。

That being said, there's roughly 1/3 of our business that will be. And so we're not immune to what's going on. But fortunately, I would say that a good chunk of our business is somewhat resistant.

話雖如此，我們大約有 1/3 的業務將是。所以我們不能對正在發生的事情免疫。但幸運的是，我想說我們的大部分業務都有些抗拒。

Understood. Just a quick and I'll turn it over. On acetates and screen sales, technology sales, are you seeing any kind of negative effect in your business relative to what we might have seen in headlines?

明白了。只要快速，我就會把它翻過來。在醋酸纖維和屏幕銷售、技術銷售方面，與我們可能在頭條新聞中看到的相比，您是否看到您的業務有任何負面影響？

That's a great question, but I would suspect very little right now. So again, it's a small portion of our business. So a small change in that demand is going to be relatively de minimis.

這是一個很好的問題，但我現在很少懷疑。再說一次，這只是我們業務的一小部分。因此，這種需求的微小變化將是相對微不足道的。

And we'll take our next question from Paul Quinn from RBC Capital.

我們將向 RBC Capital 的 Paul Quinn 提出下一個問題。

Just a follow-up on George's question on the 1/3 of HPC, where you're sensitive, what are those products? And what are you seeing on the demand side for those products?

只是對 George 關於 1/3 的 HPC 問題的跟進，您在哪裡敏感，那些產品是什麼？您在這些產品的需求方面看到了什麼？

Okay. You're talking about the 1/3 that's exposed or possibly in recession. Yes. So construction ethers, particularly in Europe, as we're seeing exposure there right now. So we're seeing some softness in construction ethers. And now anything that's related to automotive end markets, including tire cord and filtration, we're seeing some softness and expect that, that would be highly correlated to the GDP activity. And then, obviously, viscose right now and the very low operating rates that we're seeing in China is having some impact on demand as well as on pricing.

好的。你說的是暴露或可能處於衰退中的 1/3。是的。因此，建築醚，特別是在歐洲，正如我們現在看到的那樣。所以我們看到建築用醚有些柔軟。現在任何與汽車終端市場相關的東西，包括輪胎簾子線和過濾器，我們都看到了一些疲軟，並預計這將與 GDP 活動高度相關。然後，顯然，現在粘膠纖維和我們在中國看到的非常低的開工率對需求和定價產生了一些影響。

So those are probably the big areas that I would suggest that we're seeing some exposure.

所以這些可能是我建議我們看到一些曝光的大領域。

Okay. And then just on the volumes. Last year, you were kind of up in the 913,000 tons on HPC volumes. It's been a [654] year-to-date, which -- last year, it's kind of [359] for the quarter. Is that something that you're capable of doing? And how weak is the mix shift going to be in Q4?

好的。然後就在卷上。去年，您的 HPC 數量增加了 913,000 噸。年初至今是[654]，去年，本季度是[359]。那是你有能力做的事情嗎？第四季度的混合轉變有多弱？

Well, again, we think for the full year, in terms of HPC demand, we should make 930 -- you said 913, right?

好吧，再一次，我們認為全年，就 HPC 需求而言，我們應該製造 930 -- 你說的是 913，對嗎？

Yes, that's what you did last year.

是的，這就是你去年所做的。

Right, right. In fact, I think we'll exceed that number this year.

是的是的。事實上，我認為我們今年會超過這個數字。

And with respect to Q4, we're not expecting a significant drop-off in demand in Q4 versus Q3. The issue around the change in EBITDA really would be a change in mix versus our cellulose specialty business in our commodity business.

關於第四季度，我們預計第四季度與第三季度的需求不會顯著下降。圍繞 EBITDA 變化的問題實際上將是我們商品業務中的纖維素特種業務與我們的纖維素特種業務的組合變化。

Okay. That's good. And then just wanted some background on the refi potential. I'm sure you're talking to that group quite extensively, based off your expectation of where your leverage -- where your net debt is going to be -- do you foresee any issues? Or are they saying, yes, if you get there, you're good? Or can you just help us try to understand the potential of that refi?

好的。那挺好的。然後只是想了解一些關於再融資潛力的背景。我敢肯定，根據你對槓桿率的預期——你的淨債務將在哪裡——你會和那個群體進行廣泛的交談，你預見到任何問題嗎？還是他們說，是的，如果你到了那裡，你就很好？或者您能不能幫助我們嘗試了解該 refi 的潛力？

Well, our strategy all along has been to improve our credit metrics this year. And so we believe that we're going to go out of this year at a 4x leverage ratio. And I think we believe that, that puts us in a pretty good position to go into the credit markets to refinance the 24 unsecured notes. But I'll tell you -- obviously, the credit markets are fragile right now. So -- and we recognize that.

好吧，我們今年的戰略一直是改善我們的信用指標。因此，我們相信今年我們將以 4 倍的槓桿率退出。我認為我們相信，這使我們處於進入信貸市場為 24 張無擔保票據再融資的有利位置。但我會告訴你——顯然，信貸市場現在很脆弱。所以——我們認識到這一點。

So we're keeping all of our options open and having discussions with a number of parties looking at different possibilities of what we can do there. We're very confident we'll be able to refinance the notes. But how we're going to do it, we're still in discussions.

因此，我們保持所有選項的開放性，並與許多各方討論我們可以在那裡做些什麼的不同可能性。我們非常有信心能夠為這些票據再融資。但我們將如何做到這一點，我們仍在討論中。

Okay. That's good. And then just lastly, just on Anomera that was an investment a couple of years ago. Just wondering how that -- if you could give us an update on that?

好的。那挺好的。最後，就在幾年前投資的 Anomera 上。只是想知道那是怎麼回事-如果您能給我們提供最新信息嗎？

Yes. We actually had our first commercial sales this year. Really, the sales were fairly de minimis. But they were sales that we made to customers that needed the product for product qualifications. We expect that we'll go into full commercialization in '23 and '24 with the goal of breakeven in mid-'25.

是的。今年我們實際上進行了第一次商業銷售。真的，銷售額相當低。但它們是我們向需要產品認證的客戶進行的銷售。我們預計我們將在 23 和 24 年進入全面商業化階段，目標是在 25 年中期實現盈虧平衡。

(Operator Instructions) And next, we'll take Roger Spitz from Bank of America.

（操作員說明）接下來，我們將選擇美國銀行的 Roger Spitz。

First, with the repayment of $9 million of additional debt in October, was that the 5.5s?

首先，在 10 月份償還了 900 萬美元的額外債務，那是 5.5s 嗎？

Roger, it's Marcus. That was on our cogen facility up in Canada that we paid that principal payment.

羅傑，我是馬庫斯。那是我們在加拿大的熱電設施上支付的本金。

Got it. And then can you tell us what kind of working capital dollar inflow you might be thinking about in Q4? I mean, among other things, you're -- instead of $880 million now, you want to get to $725 million that's a $155 million repayment. You've just done $9 million in October. So that suggests that there's -- unless you take your cash balances down further that you're going to be generating some free cash -- operating cash flow here less CapEx.

知道了。然後你能告訴我們你在第四季度可能會考慮什麼樣的營運資金流入？我的意思是，除其他外，你 - 而不是現在的 8.8 億美元，你想要達到 7.25 億美元，這是 1.55 億美元的還款。你在 10 月份剛剛賺了 900 萬美元。因此，這表明存在 - 除非你進一步降低現金餘額，否則你將產生一些自由現金 - 這裡的運營現金流較少資本支出。

Yes. Roger, as you mentioned, we're focused on the working capital item. You can see year-to-date the changes in working capital on our cash flow statement that we disclosed was around $68 million. We're going to be focused on working on our accounts receivable and improving that cash conversion cycle to the support that next step to the $725 million target.

是的。羅傑，正如你提到的，我們專注於營運資金項目。您可以在我們披露的現金流量表中看到年初至今的營運資金變化約為 6800 萬美元。我們將專注於處理我們的應收賬款並改善現金轉換週期，以支持下一步實現 7.25 億美元的目標。

Got it. And are there any assets that you could consider selling or perhaps a sale leaseback to further reduce debt?

知道了。是否有任何資產可以考慮出售或出售回租以進一步減少債務？

Roger, this is De Lyle. Not right now. We don't see that we have any assets that are available and -- readily available to sell. So we're going to have to kind of monetize the working capital, manage and tighten down our custodial CapEx, other elements to make sure at the end of the day, we'll have the free cash flow to pay down our debt going forward.

羅傑，這是德萊爾。不是現在。我們沒有看到我們有任何可用的資產並且 - 隨時可以出售。因此，我們將不得不將營運資金貨幣化，管理並收緊我們的託管資本支出和其他要素，以確保在一天結束時，我們將擁有自由現金流來償還未來的債務.

And Roger, thanks for the questions. Mickey and I will plan to be down at the conference at the end of the month that you're hosting.

還有羅傑，謝謝你的提問。米奇和我計劃在你主持的月底參加會議。

We look forward to that.

我們對此充滿期待。

And we'll take another question from George Staphos from Bank of America.

我們將回答美國銀行的 George Staphos 的另一個問題。

Just a couple of quickies for me to finish up. Just -- and this has come up, I think, in past calls. As you think about the high-yield pulp markets that you operate in. We've obviously been going through a couple of years of very, very strong pricing. Earnings have improved somewhat, but it would seem like pricing has gone up a lot more in the cycle, it's probably closer to a peak than closer to a trough. So how -- what would you say to us as we try to figure out what your earnings trajectory can look like when we may be looking at pricing that's plateauing, if not declining, over the next few quarters?

我只需要幾個快速完成。只是 - 我認為，在過去的電話會議中，這已經出現了。當您考慮您經營的高產紙漿市場時。顯然，我們已經經歷了幾年非常非常強勁的定價。收益有所改善，但似乎價格在周期中上漲得更多，它可能更接近峰值而不是接近谷底。那麼，在我們試圖弄清楚你的盈利軌跡會是什麼樣子時，你會對我們說些什麼呢？我們可能會看到在接下來的幾個季度中，如果沒有下降的話，定價會趨於平穩嗎？

And then separately, can you give us a bit more color -- you probably talked about this in the past, just the interplay on some of the production issues that you've had in your non-cellulose specialty markets relative to demand? And what kind of latent or incremental demand pickup could you get once those are resolved, over the, let's say, the next 1 to 2 quarters?

然後另外，你能否給我們更多的色彩 - 你過去可能談到過這個，只是你在非纖維素專業市場中遇到的一些生產問題相對於需求的相互作用？一旦這些問題得到解決，在接下來的 1 到 2 個季度，你能獲得什麼樣的潛在或增量需求回升？

Yes, it's Marcus. I can touch on the high yield question, certainly. Given our range of products that we produce in the high yield, our customer base is very focused on 3 ply board and packaging, which, as you know, in this economy really resonates from a sustainability footprint. And we're seeing our product well placed in that market. You're right, there is more capacity in the future. But given the bulk attributes of our products, we're seeing the ability to perhaps be positioned in a niche where we will, on a mix basis versus BEK, still have a pretty good position.

是的，是馬庫斯。當然，我可以談到高收益問題。鑑於我們以高產量生產的產品系列，我們的客戶群非常關注 3 層板和包裝，如您所知，在這個經濟體中，這確實與可持續發展足跡產生了共鳴。我們看到我們的產品在該市場上處於有利地位。你是對的，未來還有更多的容量。但考慮到我們產品的大部分屬性，我們看到了可能定位在一個利基市場的能力，在混合基礎上，我們與 BEK 相比，仍然擁有相當不錯的位置。

George, does that answer that one question before we try to address your second question?

喬治，在我們嘗試解決您的第二個問題之前，這是否回答了第一個問題？

Yes, it's helpful. I appreciate it. Why don't we move on to the other ones, guys, that would be great.

是的，這很有幫助。我很感激。伙計們，我們為什麼不繼續討論其他的，那就太好了。

All right. George, can you just articulate your first question again just to make sure I got it right?

好的。喬治，你能不能再把你的第一個問題說清楚，以確保我說對了？

Well, the first question was on really the high yield outlook, which I thought you were largely covering, but really...

嗯，第一個問題實際上是關於高收益前景的，我認為你在很大程度上涵蓋了這一點，但真的......

The other question is what I was referring to.

另一個問題是我所指的。

Yes. Just can -- you've had production issues in your non-cellulose specialties markets, which implicitly have impacted your demand, what kind of demand pickup can you get once you've gotten those issues resolved over the next 1 to 2 quarters?

是的。只是可以 - 您在非纖維素特種市場中遇到了生產問題，這隱含地影響了您的需求，一旦您在接下來的 1 到 2 個季度解決了這些問題，您可以獲得什麼樣的需求回升？

All right. And we're talking about HPC, or kind of our commodity HPC business. Is that your question?

好的。我們談論的是 HPC，或者我們的商品 HPC 業務。那是你的問題嗎？

Yes. And also, I think paperboard, you said you've had some issues there.

是的。而且，我認為紙板，你說你在那裡遇到了一些問題。

Right. So quickly about -- to talk about paperboard. We've got largely the issues around paperboard are addressed and will be addressed in Q4. We believe that business will remain sold out as we go into '23. In fact, we are very confident that we will realize higher prices in '23 for our paperboard business. So as I mentioned earlier, we believe that we should have a very strong year in '23 with that particular business.

正確的。這麼快——談談紙板。我們已經在很大程度上解決了與紙板有關的問題，並將在第四季度解決。我們相信，隨著我們進入 23 年，業務仍將售罄。事實上，我們非常有信心在 23 年為我們的紙板業務實現更高的價格。因此，正如我之前提到的，我們相信我們應該在 23 年與該特定業務有一個非常強勁的一年。

With respect to our HPC, call them commodity grades that I think you're referring to, whether it's the fluff business, the viscose business. We've already touched on the viscose business a little bit. There's a lot of excess capacity in that market. Pricing is going down, but -- and so we're not really targeting that business. We look at that business as a business to fill up capacity if we need to at our mills, but it's not a business that is particularly attractive right now.

關於我們的 HPC，我認為您指的是商品等級，無論是絨毛業務還是粘膠業務。我們已經稍微談到了粘膠業務。這個市場有很多產能過剩。價格正在下降，但是 - 所以我們並沒有真正針對該業務。如果我們需要在我們的工廠填充產能，我們將這項業務視為一項業務，但目前這並不是一項特別有吸引力的業務。

The fluff business, again, we are -- spent a lot of money and made a number of investments to improve its reliability in '22, and we see that as a business that we can differentiate ourselves on by bringing in some new product characteristics, for example, the order control or noncompressible fluff products that we're hoping to launch in '23. And so we continue to look at that as a business that we will continue to consider strategic and we'll take a product differentiation strategy as we go forward there.

絨毛業務，我們再次 - 花了很多錢並進行了大量投資以提高其在 22 年的可靠性，我們認為作為一項業務，我們可以通過引入一些新的產品特性來區分自己，例如，我們希望在 23 年推出的訂單控製或不可壓縮絨毛產品。因此，我們繼續將其視為一項我們將繼續考慮戰略性的業務，並且我們將在前進的過程中採取產品差異化戰略。

On paperboard -- one last one, and I'll turn it over and good luck at the rest of the quarter. On pricing for paperboard, I assume you're referring more to just pricing that's already been recognized and (inaudible) like and that you'll have a benefit from on an average basis in '23 versus '22. Are you suggesting you think you can see further pricing, incremental pricing in '23, i.e., new pricing?

在紙板上——最後一張，我會把它翻過來，祝你在本季度剩下的時間裡好運。關於紙板的定價，我認為您更多地指的是已經被認可和（聽不清）喜歡的定價，並且您將從 23 年與 22 年的平均基礎上受益。您是否建議您認為您可以在 23 年看到進一步的定價、增量定價，即新定價？

Well, I think certainly, the pricing that we've -- momentum that we've had in '22 will also be sustained into '23. It's too early to tell whether we'll be able to get anything higher than that and press -- be able to press further prices in '23, right now.

好吧，我當然認為，我們在 22 年所擁有的定價勢頭也將持續到 23 年。現在判斷我們是否能夠獲得比這更高的價格並按下 - 現在能夠在 23 年進一步推高價格還為時過早。

And we'll take another question from Paul Quinn from RBC Capital.

我們將回答 RBC Capital 的 Paul Quinn 提出的另一個問題。

Yes. Just one further one. You already stated that you're trying to improve your HPC mix in '23. Just wondering where you're sitting on your commodity mix between fluff and viscose? Where are you heavy to now? And what's your ability to switch from viscose to fluff if viscose markets are really weakening?

是的。再多一個。您已經說過您正在嘗試在 23 年改進您的 HPC 組合。只是想知道您在絨毛和粘膠纖維之間的商品組合中處於什麼位置？你現在重到哪裡去了？如果粘膠市場真的疲軟，你從粘膠轉向絨毛的能力是什麼？

Yes. Marcus, you may have a better insight on the.

是的。馬庫斯，您可能對此有更深入的了解。

Well, it's Marcus. So we're definitely a larger weighting to fluff given the (inaudible) at Jesup. And then at viscose, it's mainly Temiscaming. So certainly a larger weighting to fluff. And as you know, the market is holding pretty good for fluff right now. And on softwood, we're still getting the premium versus hardwood viscose in the market, even though it's softened a bit.

嗯，是馬庫斯。因此，考慮到 Jesup 的（聽不清），我們絕對是一個更大的權重。然後是粘膠纖維，主要是 Temiscaming。因此，絨毛的權重肯定更大。如你所知，目前市場對絨毛的持有相當不錯。在軟木方面，與硬木粘膠纖維相比，我們仍然在市場上獲得了優質的產品，儘管它已經軟化了一點。

(Operator Instructions) And there appear to be no further questions at this time. I'd like to turn the floor back over to Mr. Bloomquist for closing remarks.

（操作員說明）目前似乎沒有其他問題。我想請布盧姆奎斯特先生結束髮言。

Well, thank you, everybody, for your time today. I'm very proud of the accomplishments we made this past quarter and confident that we will continue to execute on our near-term initiatives to improve our profitability and to reduce our debt. And I look forward to our next update. Until then, if you have any questions or need to reach out to us, please feel free to do so.

好吧，謝謝大家，今天的時間。我為我們在上個季度取得的成就感到非常自豪，並相信我們將繼續執行我們的近期計劃，以提高我們的盈利能力並減少我們的債務。我期待著我們的下一次更新。在此之前，如果您有任何問題或需要與我們聯繫，請隨時聯繫我們。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝你。女士們，先生們，今天的電話會議到此結束。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。