Rayonier Advanced Materials Inc (RYAM) 2024 Q2 法說會逐字稿

Welcome again to RYAM's second-quarter 2024 earnings conference call and webcast.

再次歡迎參加 RYAM 2024 年第二季財報電話會議和網路廣播。

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.

參加今天電話會議的還有我們的總裁兼執行長 De Lyle Bloomquist；以及我們的財務長兼財務高級副總裁 Marcus Moeltner。

Our earnings release and presentation materials were issued last evening and are available on our website, ryam.com.

我們的收益發布和演示材料已於昨晚發布，可在我們的網站 ryam.com 上取得。

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.

我想提醒您，在今天的演示中，我們將包含根據聯邦證券法安全港條款做出的前瞻性陳述。

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.

我們的收益發布以及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有重大差異的因素。

They are also referenced on slide 2 of our presentation materials.

我們的簡報資料的幻燈片 2 中也引用了它們。

Today's presentation will also reference certain non-GAAP financial measures, as noted on slide 3 of our presentation.

今天的簡報還將引用某些非 GAAP 財務指標，如我們簡報的幻燈片 3 中所述。

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.

我們認為，非公認會計原則財務指標為管理階層和投資者提供了有用的信息，但非公認會計原則指標不應被視為公認會計原則指標的替代品。

A reconciliation of these measures to their most directly comparable GAAP financial measures are included on slides 20 through 25 of our presentation materials.

我們簡報資料的幻燈片 20 至 25 中包含了這些指標與其最直接可比較的 GAAP 財務指標的調整表。

And now I'd like to turn the call over to De Lyle.

現在我想把電話轉給德萊爾。

Thank you, Mickey, and good morning.

謝謝你，米奇，早安。

I'll start with the financial overview for the second quarter of 2024.

我將從 2024 年第二季的財務概覽開始。

After that, I'll outline recent company actions before handing over to Marcus, who will provide more details on the business segments, capital structure, and liquidity.

之後，我將概述公司最近的行動，然後交給馬庫斯，他將提供有關業務部門、資本結構和流動性的更多詳細資訊。

Following Marcus' remarks, I'll return to discuss our ongoing initiatives and updated guidance for 2024.

在 Marcus 發表演說後，我將回來討論我們正在進行的舉措和 2024 年更新的指導方針。

This will include updates on the progress towards suspending operations at our Temiscaming HPC plant and brief comments on the sales process of our paperboard and high-yield pulp businesses.

這將包括我們 Temiscaming HPC 工廠暫停營運的最新進展以及對我們紙板和高產量紙漿業務銷售流程的簡短評論。

We will then open the floor for questions.

然後我們將開始提問。

Let's turn our attention to slide 4, where we'll discuss our strong second-quarter performance.

讓我們將注意力轉向幻燈片 4，我們將在其中討論我們強勁的第二季業績。

Adjusted EBITDA reached up to $68 million, a $41 million or 152% increase from the same quarter last year.

調整後 EBITDA 達到 6,800 萬美元，比去年同期增加 4,100 萬美元，即 152%。

In the high-purity cellulose segment, EBITDA improved by $38 million or 136%, driven by higher sales volumes for cellulose specialties, decreased costs for key inputs and logistics and improved productivity.

在高純度纖維素領域，由於纖維素特種產品銷售增加、關鍵投入和物流成本降低以及生產率提高，EBITDA 提高了 3,800 萬美元，即 136%。

Additionally, this quarter's results included a $5 million benefit from a Canadian wage subsidy received during the COVID pandemic, but it was recognized during this quarter due to the completion of the government audit of the benefit.

此外，本季的業績還包括在新冠病毒大流行期間收到的加拿大工資補貼的 500 萬加元福利，但由於政府對該福利的審計已完成，該福利在本季度得到了確認。

The paperboard segment experienced a $5 million or a 50% increase in EBITDA, driven by higher sales volumes, lower cost for purchased pulp; and a $2 million benefit from the Canadian wage subsidy.

由於銷售量增加、採購紙漿成本降低，紙板業務的 EBITDA 成長了 500 萬美元，即 50%；以及加拿大工資補貼的 200 萬加元福利。

These gains were partially offset by lower sales prices.

這些收益被較低的銷售價格部分抵銷。

In the high-yield pulp segment, EBITDA rose by $1 million, primarily due to reduced logistics and chemical costs, along with a $2 million benefit from the Canadian wage subsidy.

在高產紙漿領域，EBITDA 成長了 100 萬美元，主要是由於物流和化學品成本降低，以及加拿大工資補貼帶來的 200 萬美元收益。

However, these improvements were largely offset by the lower sales prices and volumes.

然而，這些改進在很大程度上被較低的銷售價格和銷售所抵消。

Corporate expenses increased by $3 million, driven by higher costs related to the ERP project, variable compensation, and discounting and financing fees in support of our working capital initiatives.

由於與 ERP 項目、可變薪酬以及支持我們的營運資金計劃的折現和融資費用相關的成本增加，公司費用增加了 300 萬美元。

These were partially offset by a favorable foreign exchange impact.

這些被有利的外匯影響部分抵消。

In summary, the overall performance was driven by strong results in our core cellulose specialty segment as we continue to pivot our mix to more specialty production and sales, and focused cost reduction across the enterprise which more than compensated for softness in some of our commodity businesses.

總而言之，整體業績是由我們的核心纖維素特種業務部門的強勁業績推動的，因為我們繼續將我們的產品組合轉向更多特種生產和銷售，並在整個企業範圍內集中降低成本，這足以彌補我們一些商品業務的疲軟。

Last quarter, we announced a significant transaction to monetize our lumber duty refund rights for $39 million.

上季度，我們宣布了一項重大交易，以 3900 萬美元的價格將我們的木材稅退稅權貨幣化。

I'm happy to report that we finalized that transaction in June and have received $39 million as expected.

我很高興地向您報告，我們已於 6 月完成了該交易，並按預期收到了 3900 萬美元。

This was reflected in our strong year-to-date free cash flow generation of $69 million.

這反映在我們年初至今 6,900 萬美元的強勁自由現金流生成。

The process to indefinitely suspend operations at our Temiscaming HPC plant remains on track.

我們的 Temiscaming HPC 工廠無限期暫停營運的進程仍在按計劃進行。

Under current market conditions, the suspension is yielding positive EBITDA benefits and enhanced our consolidated free cash flows.

在當前市場條件下，暫停正在產生積極的 EBITDA 效益，並增強了我們的綜合自由現金流。

Considering these updates and our strong performance in the first half of the year, I am pleased to increase our full-year EBITDA guidance to $205 million to $215 million and to raise our full-year adjusted free cash flow guidance to $100 million to $110 million.

考慮到這些更新以及我們上半年的強勁表現，我很高興將我們的全年EBITDA 指引提高至2.05 億美元至2.15 億美元，並將我們的全年調整後自由現金流指引提高至1 億美元至1.1 億美元。

With that, I'll hand it over to Marcus to walk us through the financials for the quarter.

接下來，我將把它交給馬庫斯，讓他向我們介紹本季的財務狀況。

Marcus?

馬庫斯？

Thank you, De Lyle.

謝謝你，德萊爾。

Beginning with our HPC segment on slide 5, quarterly sales increased by $32 million or 11% to $332 million.

從幻燈片 5 上的 HPC 部門開始，季度銷售額成長了 3,200 萬美元或 11%，達到 3.32 億美元。

Overall, HPC pricing increased 5%, reflective of a higher mix of CS products, whereas total sales volumes increased by 5%, resulting from a 25% increase in CS sales, partially offset by a 13% decrease in commodity sales.

總體而言，HPC 定價上漲了5%，反映出CS 產品組合的增加，而總銷量成長了5%，這是由於CS 銷售額成長了25%，但商品銷售額下降了13%，部分抵銷了這一影響。

EBITDA margins in the HPC segment reached 20%, demonstrating the success of our initiatives to enhance product mix and prioritize specialties.

HPC 領域的 EBITDA 利潤率達到 20%，證明了我們增強產品組合和優先考慮專業產品的舉措取得了成功。

The rise in CS sales volumes was supported by the closure of a competitor's plant in late 2023, the continued muted recovery in ether sales, and bridge volumes from the indefinite suspension of the Temiscaming HPC plant.

CS 銷售的成長得益於 2023 年底競爭對手工廠的關閉、乙醚銷量的持續溫和復甦以及 Temiscaming HPC 工廠無限期停產帶來的銷售增長。

Other sales for the quarter were $23 million, which included $13 million of green energy sales.

該季度的其他銷售額為 2,300 萬美元，其中包括 1,300 萬美元的綠色能源銷售額。

EBITDA for the HPC segment rose by $38 million to $66 million, primarily due to an enriched mix of CS sales previously noted and the benefit of decreased costs for key inputs and logistics, along with the impact of improved productivity.

HPC 部門的 EBITDA 成長了 3,800 萬美元，達到 6,600 萬美元，這主要是由於前面提到的 CS 銷售組合的豐富、關鍵投入和物流成本降低的好處以及生產率提高的影響。

This quarter's results also included $5 million for the CEWS benefit.

本季的業績還包括 500 萬美元的 CEWS 福利。

Turning to slide 6.

轉到投影片 6。

Sales in the paperboard segment increased by $12 million, driven by higher sales volumes.

由於銷量增加，紙板業務的銷售額成長了 1,200 萬美元。

EBITDA for the segment improved by $5 million, reaching $15 million, primarily as a result of increased sales volumes and the benefit of decreased purchase pulp costs.

該部門的 EBITDA 提高了 500 萬美元，達到 1500 萬美元，主要是由於銷售增加和採購紙漿成本下降的好處。

In addition, the segment included $2 million for CEWS.

此外，該部分還包括 200 萬美元用於 CEWS。

Turning to the high-yield pulp segment on slide 7.

轉向幻燈片 7 上的高產紙漿部分。

Sales declined by $11 million in comparison to the prior year, reflecting a 25% drop in sales volumes and a 9% decline in sales prices due to overall reduced demand and the impact of market supply dynamics in China.

銷售額較前一年下降 1,100 萬美元，反映出由於中國整體需求減少和市場供應動態的影響，銷售量下降 25%，銷售價格下降 9%。

Segment EBITDA improved $1 million to $2 million as compared to the prior year quarter.

與去年同期相比，該部門的 EBITDA 增加了 100 萬美元至 200 萬美元。

The quarter's results also included a $2 million benefit for CEWS.

該季度的業績還包括為 CEWS 帶來的 200 萬美元收益。

Transitioning to slide 8.

轉到投影片 8。

Consolidated operating income for the quarter amounted to $28 million, reflective of a $35 million improvement versus the second quarter of last year.

該季度的綜合營業收入為 2,800 萬美元，比去年第二季增加了 3,500 萬美元。

This positive change was primarily driven by improved product mix favoring HPC's CS grades, which more than compensated for lower sales prices.

這一積極變化主要是由於有利於 HPC 的 CS 牌號的產品組合的改進，這足以彌補銷售價格的下降。

The increased sales volumes of CS and paperboard were partially offset by reduced sales for commodity HPC products and high-yield pulp.

硬質纖維和紙板銷售量的增加被大宗 HPC 產品和高得率紙漿銷售的減少所部分抵消。

Other cost benefits, including the impact of favorable foreign exchange rates and a $10 million CEWS benefit, contributed to improved results.

其他成本效益，包括有利的外匯匯率和 1000 萬美元的 CEWS 效益的影響，也有助於改善績效。

These positive gains were partially offset by higher costs to support the company's ERP project, increased variable compensation, as well as discounting and financing fees incurred to support working capital initiatives.

這些積極收益被支持公司 ERP 項目的成本上升、可變薪酬增加以及支持營運資金計劃而產生的折現和融資費用部分抵消。

Now let's turn to slide 9.

現在讓我們轉向投影片 9。

Gross debt ended the quarter at $795 million, a reduction of $44 million from the same period in 2023.

本季末總債務為 7.95 億美元，比 2023 年同期減少 4,400 萬美元。

Net secured debt, as reflected in our financial covenant ratio associated with the term loan, ended the quarter at $659 million.

正如我們與定期貸款相關的財務契約比率所反映的，本季末的淨擔保債務為 6.59 億美元。

Net secured leverage reduced further and closed the quarter at 3.4 times, well within the covenant test.

淨擔保槓桿率進一步下降，本季結束時為 3.4 倍，完全符合契約測試。

Liquidity remains strong at $260 million, reflecting $114 million of cash, $135 million available under our ABL facility, and $11 million from our French factoring facility.

流動性仍然強勁，達到 2.6 億美元，其中包括 1.14 億美元現金、我們的 ABL 設施下的可用美元 1.35 億美元以及我們的法國保理設施下的 1100 萬美元。

Year-to-date CapEx totaled $58 million, with $28 million allocated towards strategic capital to support the start-up of the Tartas Bioethanol project and the implementation of our upgraded ERP system.

年初至今的資本支出總額為 5,800 萬美元，其中 2,800 萬美元用於戰略資本，以支持 Tartas 生物乙醇計畫的啟動和升級後的 ERP 系統的實施。

Net of financing, strategic capital reached $17 million.

扣除融資後，策略資本達 1700 萬美元。

Currently, all planned major maintenance outages for 2024 have now been completed.

目前，計劃於 2024 年進行的所有重大維護停駛現已完成。

And additionally, as De Lyle mentioned, we successfully completed the sale of our duty refund rights for $39 million.

此外，正如 De Lyle 所提到的，我們成功以 3900 萬美元的價格完成了退稅權的出售。

Overall, our liquidity remains strong, positioning us well to achieve our targeted $70 million debt reduction this year.

總體而言，我們的流動性仍然強勁，這使我們能夠很好地實現今年 7,000 萬美元債務削減的目標。

We are actively pursuing the refinancing of our senior notes before going current in January of 2025 and expect the company's improving business performance and enhanced credit metrics will enable the company to complete the refinancing by year end.

我們正在積極爭取在 2025 年 1 月流通之前對優先票據進行再融資，預計公司業務績效的改善和信用指標的增強將使公司能夠在年底前完成再融資。

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

說到這裡，我想把電話轉回給德萊爾。

Thank you, Marcus.

謝謝你，馬庫斯。

Let's now turn our attention to slide 10, where I'll provide an update on our key initiatives for 2024.

現在讓我們將注意力轉向幻燈片 10，我將在其中提供 2024 年關鍵舉措的最新資訊。

Our top goal this year is to refinance the 2026 senior notes before they go current in January 2025.

我們今年的首要目標是在 2026 年優先票據於 2025 年 1 月流通之前對其進行再融資。

Working closely with our advisers at Houlihan Lokey, we are actively exploring refinancing options and engaging with the market to secure the best terms.

我們與 Houlihan Lokey 的顧問密切合作，積極探索再融資方案並與市場互動以確保最佳條款。

In support of this refinancing effort, we are also on track to achieve our target of reducing gross debt by $70 million in 2024, supported by business generated free cash flow, a tax refund and proceeds from the recent sale of the duty refund rights.

為了支持這項再融資工作，在企業產生的自由現金流、退稅和最近出售退稅權所得收益的支持下，我們也有望實現到 2024 年將總債務減少 7,000 萬美元的目標。

We enjoy strong interest among potential lenders, therefore, we are confident in completing the refinancing at satisfactory terms within the year.

我們在潛在貸款人中享有濃厚的興趣，因此我們有信心在年內以令人滿意的條件完成再融資。

The sales process of our paperboard and high-yield pulp assets is progressing.

我們的紙板和高產紙漿資產的銷售進程正在進行中。

We have received offers for the Temiscaming assets from multiple parties, but these parties have not met our criteria to transact a sale.

我們已收到多方對 Temiscaming 資產的報價，但這些方未達到我們進行銷售交易的標準。

We are continuing dialogue with various parties and expect to continue diligence as we work through the complexities of the suspension of the HPC operations at Temiscaming.

我們正在繼續與各方對話，並希望在解決 Temiscaming HPC 業務暫停的複雜問題時繼續盡職調查。

We are committed to completing a sale of these assets if we receive an appropriate offer which values the high EBITDA margins and the low custodial capital intensity of the combined paperboard and high-yield businesses.

如果我們收到適當的報價，並且重視紙板和高收益業務合併後的高 EBITDA 利潤率和低託管資本強度，我們致力於完成這些資產的出售。

While the proceeds from the sales would significantly reduce our debt load, we are carefully balancing the estimated annual $50 million in free cash flow from these businesses against any potential debt repayment.

雖然出售收益將大大減輕我們的債務負擔，但我們正在謹慎平衡這些業務預計每年 5000 萬美元的自由現金流與任何潛在的債務償還。

Given the length of the process, we expect to refinance the 2026 senior secured notes at satisfactory turns prior to a potential sale of these assets.

考慮到該流程的長度，我們預計在可能出售這些資產之前，以令人滿意的周轉率對 2026 年優先擔保票據進行再融資。

In April, we announced our decision to indefinitely suspend the operations of our Temiscaming HPC plant.

4 月份，我們宣布決定無限期暫停 Temiscaming HPC 工廠的運作。

This decision in part reflected our commitment to mitigating the financial drag from non-fluff commodities, which we projected at the time would result in a 2024 EBITDA loss of $48 million.

這項決定在一定程度上反映了我們對減輕非絨毛商品造成的財務拖累的承諾，我們當時預計這將導致 2024 年 EBITDA 損失 4800 萬美元。

As a result of the suspension, we forecast these non-fluff commodity losses to be reduced by nearly half this year while also improving the supply/demand balance in the core cellulose specialty market.

由於暫停，我們預計今年這些非絨毛商品損失將減少近一半，同時也改善核心纖維素特殊市場的供需平衡。

The suspension continues per plan with operations suspended on July 16, 2024, slightly later than announced, utilized all the raw materials.

暫停繼續按照計劃進行，並於 2024 年 7 月 16 日暫停運營，比宣布的時間稍晚，並使用了所有原材料。

Mothball activities have commenced and will continue through October.

封存活動已經開始並將持續到十月。

The customer qualification process is ongoing, and we expect to retain approximately half of the CS sales volume and a significantly higher percentage of the EBITDA that was historically sourced from Temiscaming.

客戶資格審核流程正在進行中，我們預計將保留大約一半的 CS 銷售量，以及歷史上來自 Temiscaming 的較高比例的 EBITDA。

Going forward, these CS products will be produced from our A and B lines at Jesup and our sulphite plants at Fernandina and Tartas.

展望未來，這些 CS 產品將在 Jesup 的 A 和 B 生產線以及 Fernandina 和 Tartas 的亞硫酸鹽工廠生產。

We remain committed to our fluff business with most of the C line at Jesup continuing to focus on fluff production.

我們仍然致力於我們的絨毛業務，Jesup 的大部分 C 生產線繼續專注於絨毛生產。

We have upgraded our forecasted financial impact of the suspension for 2024 to a $10 million to $15 million positive impact on adjusted EBITDA and a $25 million to $30 million positive impact on free cash flow.

我們將暫停 2024 年財務影響的預測上調至對調整後 EBITDA 產生 1,000 萬至 1,500 萬美元的正面影響，對自由現金流產生 2,500 萬至 3,000 萬美元的正面影響。

We estimate onetime costs of $25 million to $30 million for severance, benefit extensions, outplacement services and mothballing.

我們估計遣散費、福利延期、再就業服務和封存的一次性成本為 2,500 萬至 3,000 萬美元。

The recurring financial impact remains as announced with an adjusted EBITDA improvement of $15 million to $20 million after customer qualifications are completed, primarily due to reduced EBITDA losses from commodity sales.

經常性財務影響仍然如所宣布的那樣，在客戶資格完成後，調整後的 EBITDA 提高了 1500 萬美元至 2000 萬美元，這主要是由於商品銷售的 EBITDA 損失減少。

Free cash flow is expected to increase by $30 million to $35 million due to the adjusted EBITDA improvement and avoided custodial CapEx for the Temiscaming HPC plant.

由於調整後的 EBITDA 改善以及 Temiscaming HPC 工廠避免了託管資本支出，自由現金流預計將增加 3000 萬美元至 3500 萬美元。

As previously stated, we will routinely monitor the status of this indefinite suspension in light of economic conditions, market dynamics, and other relevant factors.

如前所述，我們將根據經濟狀況、市場動態和其他相關因素定期監控無限期暫停的狀態。

One of our most promising initiatives involves our biomaterials business.

我們最有前途的舉措之一涉及我們的生物材料業務。

We are nearing completion of the detailed engineering phase for our Fernandina bioethanol plant.

我們費爾南迪納生物乙醇工廠的詳細工程階段即將完成。

The project's permitting timeline has been extended -- public participation, which is not uncommon and is being addressed through the regulatory process.

該項目的許可期限已延長——公眾參與，這並不罕見，正在透過監管程序解決。

This could result in a delay of the construction timeline of this project.

這可能會導致該項目的施工時間推遲。

We have submitted a notice for GRAS self-certification for our prebiotics animal feed product and expect to begin production trials in September.

我們已提交益生元動物飼料產品 GRAS 自我認證通知，預計 9 月開始生產試驗。

We are advancing other projects in our biomaterials project pipeline, including the proposed AGE project at our Jesup facility, which will produce green energy for sale and crude tall oil operations at both France and the US.

我們正在推進生物材料項目管道中的其他項目，包括在我們的 Jesup 工廠擬議的 AGE 項目，該項目將在法國和美國生產用於銷售的綠色能源和原油妥爾油業務。

We aim to primarily finance these projects with green capital.

我們的目標主要是用綠色資本為這些項目提供資金。

Let's turn to slide 11.

讓我們翻到幻燈片 11。

We are updating our guidance and now expect to achieve adjusted EBITDA of $205 million to $215 million for the year.

我們正在更新我們的指導，目前預計今年調整後的 EBITDA 為 2.05 億至 2.15 億美元。

The first half results exceeded expectations as we benefited from the recognition of $10 million in benefits related to CEWS.

上半年業績超出預期，因為我們受益於與 CEWS 相關的 1000 萬美元收益的認可。

We also benefited from customers advancing CS orders ahead of the indefinite suspension of our operations at the Temiscaming HPC plant.

我們也受益於客戶在 Temiscaming HPC 工廠無限期暫停營運之前提前交付的 CS 訂單。

While we don't expect the advancing order to repeat in the back half of 2024, we do expect to retain the majority of these sales in the future as we requalify production at our other plants.

雖然我們預計 2024 年下半年不會重複推進訂單，但隨著我們重新調整其他工廠的生產資格，我們確實預計未來將保留大部分銷售。

Overall, we still expect solid results in the back half of 2024, driven by increased specialty sales and reduced operating costs.

整體而言，在特種產品銷售增加和營運成本降低的推動下，我們仍預期 2024 年下半年將達到穩健表現。

Cash interest expense is projected at approximately $85 million, which includes a $15 million payment made in early January for last year's Q4 due to the timing of the interest payment around the holidays.

現金利息支出預計約為 8,500 萬美元，其中包括 1 月初因假期前後支付利息而支付的去年第四季的 1,500 萬美元。

Maintenance CapEx is now estimated at $75 million, reflecting a $10 million reduction due to the suspension of the Temiscaming HPC plant.

目前維護資本支出估計為 7,500 萬美元，由於 Temiscaming HPC 工廠的暫停而減少了 1,000 萬美元。

Additionally, we project a $35 million benefit from working capital, which includes $25 million resulting from the Temiscaming HPC plant suspension.

此外，我們預計營運資金將帶來 3,500 萬美元的收益，其中包括因 Temiscaming HPC 工廠停工而產生的 2,500 萬美元。

Furthermore, we anticipate $15 million in tax refunds and have successfully completed the transaction for $39 million for the monetization of the lumber duties.

此外，我們預計可獲得 1,500 萬美元的退稅，並已成功完成了 3,900 萬美元的木材稅貨幣化交易。

These gains will be partially offset by impacts related to the Temiscaming HPC plant suspension and other accrued liabilities.

這些收益將被與 Temiscaming HPC 工廠停工和其他應計負債相關的影響部分抵消。

In sum, we are raising our adjusted free cash flow guidance to a range of $100 million to $110 million for the year.

總之，我們將今年調整後的自由現金流指引提高至 1 億至 1.1 億美元的範圍。

These funds will be allocated towards debt reduction and strategic capital investments.

這些資金將用於減少債務和策略資本投資。

On slide 12, I dive deeper into the expected 2024 performance of each of our businesses.

在投影片 12 中，我深入探討了我們每項業務 2024 年的預期表現。

We project EBITDA for HPC segment to be in the range of $205 million to $215 million.

我們預計 HPC 領域的 EBITDA 將在 2.05 億美元至 2.15 億美元之間。

We anticipate cellulose specialty prices to increase by a low single-digit percentage compared to 2023 as we continue to prioritize value over volume.

我們預計，與 2023 年相比，特種纖維素價格將以較低的個位數百分比成長，因為我們繼續優先考慮價值而非數量。

Sales volumes for cellulose specialties are expected to increase due to our competitor's plant closure, an uptick in ether sales, and bridge volumes from the Temiscaming HPC suspension.

由於我們競爭對手的工廠關閉、乙醚銷售增加以及 Temiscaming HPC 暫停的影響，纖維素特種產品的銷售量預計將增加。

These gains will be partially offset by acetate destocking and changes in prior year contract terms.

這些收益將被醋酸鹽去庫存和上一年合約條款的變化部分抵消。

Demand for commodity HPC products remained stable with prices flat compared to 2023, and we project a slight increase in H2 2024 sales volumes driven by increased fluff sales.

與 2023 年相比，大宗 HPC 產品的需求保持穩定，價格持平，我們預計，由於絨毛銷售增加，2024 年下半年銷售量將略有增加。

We expect overall costs to be lower in 2024 due to reduced input and logistics costs, improved productivity and the Temiscaming HPC suspension, partially offset by net stranded costs related to the suspension.

我們預計，由於投入和物流成本降低、生產力提高以及 Temiscaming HPC 暫停，2024 年總體成本將會降低，但部分被與暫停相關的淨擱淺成本所抵銷。

We anticipate Q3 2024 EBITDA to be significantly stronger than Q3 2023.

我們預計 2024 年第三季 EBITDA 將明顯強於 2023 年第三季。

However, it will be lower than Q2 2024 due to the end of the CEWS benefit and CS bridge volumes as well as increased stranded costs from the Temiscaming suspension of the HPC plant.

然而，由於 CEWS 福利和 CS 橋容量的結束，以及 HPC 工廠 Temiscaming 暫停導致的擱淺成本增加，該數字將低於 2024 年第二季。

Our growth strategy is centered on strategic investments in our biomaterials business.

我們的成長策略以生物材料業務的策略投資為中心。

We have outlined several promising projects and have strong confidence in the earnings potential of both our current and upcoming initiatives.

我們已經概述了幾個有前途的項目，並對我們當前和即將推出的計劃的盈利潛力充滿信心。

Our first project, the Tartas bioethanol plant, is already generating positive earnings and is expected to contribute $3 million to $4 million of EBITDA this year, growing to $8 million to $10 million in 2025 as we achieve targeted production levels.

我們的第一個項目 Tartas 生物乙醇工廠已經產生了正收益，預計今年將貢獻 300 萬至 400 萬美元的 EBITDA，隨著我們實現目標生產水平，到 2025 年將增長至 800 萬至 1000 萬美元。

With the addition of the remaining projects in portfolio one, we anticipate achieving $40 million-plus of EBITDA from these initiatives on $100 million of revenue in 2027.

隨著投資組合一中剩餘項目的增加，我們預計到 2027 年，這些措施將帶來 1 億美元的收入，實現 4,000 萬美元以上的 EBITDA。

Regarding paperboards, we expect to achieve EBITDA of approximately $50 million in 2024.

關於紙板，我們預計 2024 年將實現約 5,000 萬美元的 EBITDA。

Prices are expected to decrease slightly in the second half of 2024, while sales volumes are projected to increase slightly as inventories reduce despite higher planned maintenance downtime for a distributive control system upgrade.

預計 2024 年下半年價格將略有下降，儘管分散式控制系統升級的計劃維護停機時間較長，但隨著庫存減少，預計將略有增加。

However, raw material prices are expected to rise due to increased purchase pulp cost.

然而，由於採購紙漿成本增加，原物料價格預計將會上漲。

Consequently, we anticipate EBITDA to decline in the coming quarter.

因此，我們預計下一季 EBITDA 將下降。

We expect our high-yield pulp business to achieve EBITDA of approximately $5 million in 2024.

我們預計我們的高收益紙漿業務將在 2024 年實現約 500 萬美元的 EBITDA。

Second half 2024 prices are expected to decline due to pricing pressures from stranded pulp capacity in China.

由於中國紙漿產能閒置帶來的價格壓力，預計 2024 年下半年價格將下降。

However, sales volumes are projected to increase due to improved productivity.

然而，由於生產力的提高，預計銷量將會增加。

As a result, we expect EBITDA to be moderately higher in the coming quarter.

因此，我們預計下一季 EBITDA 將適度提高。

For 2024, we expect corporate costs of $55 million in line with 2023 as we are in the final year of our multiyear ERP project implementation.

對於 2024 年，我們預計企業成本為 5,500 萬美元，與 2023 年持平，因為我們正處於多年 ERP 專案實施的最後一年。

Corporate costs are expected to increase slightly in the second half of 2024 due to this project and less favorable foreign exchange rates.

由於該項目和不利的外匯匯率，預計 2024 年下半年企業成本將略有增加。

As the ERP project concludes, we anticipate system enhancements and cost reductions starting in 2025.

隨著 ERP 計畫的結束，我們預計從 2025 年開始將實現系統增強和成本降低。

It's important to note that these costs may vary due to factors like currency fluctuations, environmental charges and other noncash expenses.

值得注意的是，這些成本可能會因貨幣波動、環境費用和其他非現金費用等因素而有所不同。

Turning to slide 13.

轉到投影片 13。

We want to provide an update on the current supply/demand dynamics in our core cellulose specialties market.

我們希望提供我們核心纖維素特種市場當前供需動態的最新資訊。

Given the recent capacity reductions with the GP Foley facility and the indefinite suspension of our Temiscaming HPC facility, we have seen an approximate 10% to 12% reduction in industry capacity.

鑑於最近 GP Foley 工廠的產能減少以及 Temiscaming HPC 工廠的無限期暫停，我們發現產業產能減少了約 10% 至 12%。

We believe the current market dynamics indicate a tight supply/demand balance.

我們認為當前的市場動態顯示供需平衡緊張。

Industry analysts project a supply/demand ratios to be around 87% in 2024, growing to 92% in 2026, inclusive of debottlenecking capacity increases from the remaining market participants.

產業分析師預計，2024 年供需比將達到 87% 左右，到 2026 年將增加至 92%，其中包括剩餘市場參與者消除產能瓶頸的影響。

We view anything above 87% as a supply-constrained market.

我們將 87% 以上的市場視為供應受限的市場。

With this favorable market outlook, we turn to slide 14, where we illustrate the trajectory of our EBITDA margin growth and net leverage decline.

鑑於這種有利的市場前景，我們轉向幻燈片 14，其中我們展示了 EBITDA 利潤率成長和淨槓桿率下降的軌跡。

In 2024, we anticipate our margins to be in the 12% range.

到 2024 年，我們預計利潤率將在 12% 範圍內。

The forecast for net secured leverage at the end of the year stands at 2.8 times covenant EBITDA.

預估年底淨擔保槓桿率為契約 EBITDA 的 2.8 倍。

We are confident that we will achieve our target net debt leverage ratio of 2.5 times well before 2027.

我們有信心在 2027 年之前實現 2.5 倍的淨負債槓桿率目標。

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

那麼，接線員，請打開提問電話。

(Operator Instructions)

（操作員說明）

Matthew McKellar, RBC Capital Markets.

馬修·麥凱勒，加拿大皇家銀行資本市場部。

Hi, good morning.

嗨，早安。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe first, just on your sales process for the high-yield pulp and paperboard business.

也許首先，關於高產紙漿和紙板業務的銷售流程。

I think you mentioned that parties have submitted bids, but they have not met your criteria.

我想你提到各方已經提交了投標，但他們沒有達到你的標準。

Is this a comment on price alone?

這是僅針對價格的評論嗎？

Or is there anything else worth considering here?

或者這裡還有什麼值得考慮的嗎？

And then are you able to give us a sense of how far apart the offers are that you've received from value that you think is fair for the business?

然後您能否讓我們了解您收到的報價與您認為對企業公平的價值相差多少？

Matthew, this is De Lyle.

馬修，這是德萊爾。

A couple of points I think I can make that further clarify where we are on the paperboard and high-yield pulp process.

我認為我可以透過幾點進一步闡明我們在紙板和高得率紙漿工藝方面的進展。

I really can't get into specifics with respect to what we've seen and how our diligence is going, but there are a couple of other points I can make.

我確實無法詳細說明我們所看到的情況以及我們的盡職調查進展情況，但我可以提出其他幾點。

So when I talk -- when I say criteria, it's other points in addition to valuation differences.

因此，當我談論標準時，除了估值差異之外，還有其他要點。

And really, the other points of criteria revolve around the suspension of operations at Temiscaming.

實際上，其他標準都圍繞著 Temiscaming 的暫停營運。

A good example would be the bumping process that is triggered by the reduction in force that is going on at the facility as we speak.

一個很好的例子是碰撞過程，它是由我們所說的設施中正在發生的力量減少所觸發的。

Because the unique contract gives the more senior employees employment rights versus the junior employees, those senior employees have the right to get a position in paperboard if they so desire.

由於獨特的合約賦予高級員工相對於初級員工的就業權利，因此如果這些高級員工願意，他們有權在紙板公司獲得職位。

So there's this whole process we need to go through as we go through this mothballing effort.

因此，當我們進行封存工作時，我們需要經歷整個過程。

Obviously, when you're changing out personnel, whether it's the hourly and salaried personnel, that raises questions or concerns with respect to the potential buyer.

顯然，當您更換人員時，無論是小時工還是受薪人員，都會引起潛在買家的疑問或擔憂。

So we really need to get through that process and demonstrate, when we get to the other end, that the plant will be able to run efficiently and effectively going forward.

因此，我們確實需要完成這個過程，並證明，當我們到達另一端時，工廠將能夠有效且有效地運作。

Another issue would be -- for example, would be around what's within the perimeter of the sale.

另一個問題是——例如，圍繞銷售範圍內的內容。

There are shared utilities, assets that both of us want to make sure are maintained and operated efficiently and effectively.

我們都希望確保有效率且有效地維護和營運共享的公用設施和資產。

So obviously, there's discussions around that of who's going to own them, who's going to operate them and so forth.

顯然，人們正在討論誰將擁有它們、誰將運營它們等等。

So those discussions are still ongoing as well.

因此，這些討論仍在進行中。

In terms of valuations, we point to the sale of the GP Augusta mill as kind of a benchmark, such has been fairly recent, where it sold at somewhere in the neighborhood of 6 to 7 times EBITDA, and after synergies around 5 times.

在估值方面，我們將 GP Augusta 工廠的出售作為一種基準，這是最近發生的事情，其出售價格約為 EBITDA 的 6 至 7 倍，而在協同效應之後約為 5 倍。

And that's kind of been our benchmark with respect to that.

這就是我們在這方面的基準。

I mean, that's where we're working and having discussions with our potential suitors.

我的意思是，這就是我們工作並與潛在追求者討論的地方。

Great.

偉大的。

Thanks very much for that color.

非常感謝那種顏色。

Maybe next, it sounds like you continue to make good progress on the prebiotic initiative.

也許接下來，聽起來你在益生元計畫上繼續取得了良好的進展。

Can you just maybe update us on how you're thinking about that project today?

您今天能否向我們介紹一下您對該專案的最新想法？

I think you previously talked about bringing that to market late '25 or '26.

我想您之前曾說過要在 25 或 26 年底將其推向市場。

Is that still a relevant timeline?

這仍然是一個相關的時間表嗎？

And then if you could just refresh us on any anticipated capital cost and targeted returns to the extent you're able to, please?

然後，您能否向我們介紹您所能達到的任何預期資本成本和目標回報？

Yes.

是的。

So the prebiotics opportunity, I mean, it would be located at our Jesup facility, taking advantage of some pulp product streams that the kraft mill generates and then purifying that stream and then spray-drying and packaging material to be sold to various animal feed suppliers.

因此，我的意思是，益生元的機會將位於我們的 Jesup 工廠，利用牛皮紙廠產生的一些紙漿產品流，然後純化該流，然後噴霧乾燥和包裝材料以出售給各種動物飼料供應商。

We've gotten through the called the self-GRAS-approval process, GRAS standing for generally regarded as safe process.

我們已經完成了所謂的自我 GRAS 核准流程，GRAS 代表普遍認為安全的流程。

And are working closely with our couple of key potential customers as they go through their own independent validation of the benefits of our product versus competitive offerings.

我們正在與我們的幾個關鍵潛在客戶密切合作，讓他們對我們的產品與競爭產品的優勢進行獨立驗證。

And come September, we're going to go through some production trials to make sure that we can produce this at scale before we start committing capital and doing the pre-engineering for the actual prebiotics plant.

到了九月，我們將進行一些生產試驗，以確保在我們開始投入資金並為實際的益生元工廠進行預設計之前能夠大規模生產。

In terms of timing, we're still targeting late 2025 for a startup.

就時間安排而言，我們仍將新創公司的目標定在 2025 年末。

And though that's starting to get a little tight, we still think we can still hit that date.

儘管時間開始變得有點緊張，但我們仍然認為我們仍然可以達到這個日期。

So right now, really haven't hit any speed bumps on that.

所以現在，在這方面還沒有遇到任何障礙。

But as you expect, you have to go through quite a lengthy qualification process, and we're marching through that.

但正如您所期望的，您必須經歷相當漫長的資格認證過程，而我們正在逐步完成這個過程。

Thanks very much.

非常感謝。

And is there anything you're able to say around anticipated capital costs or targeted returns of that project?

關於該專案的預期資本成本或目標回報，您有什麼想說的嗎？

The capital -- that's an open question, and that needs to be answered.

首都——這是一個懸而未決的問題，需要回答。

We do expect that -- though that, that capital will be largely financed by green capital that will be very inexpensive.

我們確實預計，儘管如此，這些資本將主要由綠色資本提供，而且成本非常低。

And in terms of return on equity, it will meet our thresholds, which is north of 30%.

就股本回報率而言，它將達到我們的閾值，即 30% 以上。

Thanks very much.

非常感謝。

And then last one for me.

然後是我的最後一張。

Could you maybe just provide a bit of an update around what you're seeing in the high-yield pulp markets?

您能否提供一些關於高產紙漿市場的最新情況？

And in particular, what you're seeing in China?

特別是，您在中國看到了什麼？

Yes.

是的。

This is one of my favorite topics, at least something I just talk about with my team all the time about because it's really kind of a moving dynamic.

這是我最喜歡的話題之一，至少是我一直與我的團隊談論的話題，因為它確實是一種令人感動的動態。

What we're seeing is that the paperboard plants that were recently constructed in China are having trouble finding a home for the production of paperboard.

我們看到的是，最近在中國建造的紙板廠很難找到生產紙板的地方。

So to bring in any kind of cash flow, they're running their pulp lines and then selling those pulp lines to competitive paperboard plants.

因此，為了帶來任何形式的現金流，他們正在運行紙漿生產線，然後將這些紙漿生產線出售給有競爭力的紙板廠。

And that's obviously in competition with the pulp that we bring into China for the same purpose.

這顯然與我們出於同一目的引入中國的紙漿形成競爭。

That dynamic continues and it's weighing heavily on the pricing in China.

這種動態仍在持續，並對中國的定價造成嚴重影響。

So in response to that, we're working to reposition our sales outside of China into other large markets like India and Europe.

因此，為了應對這個問題，我們正在努力將中國以外的銷售重新定位到印度和歐洲等其他大型市場。

But in terms of how long this is going to go on, given the questions around consumer activity in China, really don't have an idea right now.

但考慮到中國消費者活動的問題，這種情況會持續多久，目前還不清楚。

Daniel Harriman, Sidoti.

丹尼爾·哈里曼，西多蒂。

Thank you.

謝謝。

Marcus, De Lyle, good morning to you both.

馬庫斯、德萊爾，你們兩個早安。

And congrats on the quarter.

恭喜本季。

Just a couple of quick ones for me.

對我來說只有幾個快速的。

First, any concerns at all about the refinancing before the end of the year?

首先，對於年底前的再融資有什麼擔憂嗎？

And should we think about that as a Q3 event or a Q4 event?

我們應該將其視為第三季事件還是第四季事件？

And then finally, when we look at your viscose production, it's now down to like 3% of the sales total.

最後，當我們查看你們的黏膠產量時，它現在已降至總銷售額的 3% 左右。

So obviously, you're managing the commodity volatility there.

顯然，你正在管理那裡的商品波動。

Is it safe to assume that, that's going to continue to be a smaller piece of the revenue pie moving towards the end of the year?

可以肯定地說，到年底這將繼續佔收入蛋糕的一小部分嗎？

Hi, Daniel.

嗨，丹尼爾。

Good morning.

早安.

Let me address the issues around the refi first and about where we are with the process.

讓我先解決有關再融資的問題以及我們在流程中的進展。

What I can tell you is that we've been working with Houlihan Lokey now for a couple of months, and I have worked with a number of potential lenders as well as look at both the private and public markets and continue to do so.

我可以告訴你的是，我們已經與 Houlihan Lokey 合作了幾個月，我已經與許多潛在的貸款人合作，並關注了私人和公共市場，並將繼續這樣做。

We expect that we'll start receiving proposals for the refi come early September.

我們預計將在 9 月初開始收到重新融資的建議。

And so obviously, as we go through and evaluate those and pick the lead horses and all that, it's likely that the refi won't get completed until, let's say, the fourth quarter.

很明顯，當我們仔細檢查和評估這些內容並挑選領頭羊之類的時候，很可能要到第四季度才能完成重新配置。

But again, as we noted in our transcript, that we do expect to get this done before year end.

但正如我們在記錄中指出的那樣，我們確實希望在年底前完成這項工作。

With respect to your question around -- what was it?

關於你的問題──那是什麼？

Viscose.

黏膠。

Around the viscose, yes, around the viscose, Again, for viscose, similar levels as we've seen through the first half.

在粘膠纖維周圍，是的，在粘膠纖維周圍，同樣，對於粘膠纖維，與我們在上半場看到的水平相似。

In 2025 and beyond, we expect to see it decrease further.

2025 年及以後，我們預計這一數字將進一步下降。

Let's say, in '25 roughly, let's say, around 3% lower.

假設在 25 年，大約下降了 3% 左右。

And then we're going to continue to put in efforts to continue to push that to zero.

然後我們將繼續努力，繼續將其推向零。

And that will largely be accomplished through ether sales as ethers demand normalizes back to historical levels.

隨著以太坊需求正常化回歷史水平，這將主要透過以太坊銷售來實現。

Okay.

好的。

Perfect.

完美的。

De Lyle, thanks so much.

德萊爾，非常感謝。

That's very helpful and best of luck in the balance of the year, guys.

夥計們，這非常有幫助，祝您今年餘下的時間一切順利。

Thank you.

謝謝。

Dmitry Silversteyn, Water Tower Research.

德米特里·西爾弗斯坦，水塔研究中心。

Good morning, gentlemen.

早安，先生們。

Congratulations on a strong quarter and good to see you guys swing back into the black.

恭喜本季表現強勁，很高興看到你們扭虧為盈。

A couple of questions, if I may.

如果可以的話，有幾個問題。

First of all, you mentioned that your paperboard business is being impacted by lower prices due to European imports.

首先，您提到您的紙板業務受到歐洲進口導致價格下降的影響。

Can you talk about sort of the dynamic behind that?

能談談這背後的動力嗎？

Why are Europeans becoming more aggressive in terms of importing their product into the US?

為什麼歐洲人在將產品進口到美國方面變得更加積極？

Yes.

是的。

And it's, I think, no secret.

我認為這不是什麼秘密。

The issue is just the generally weak economic conditions in Europe.

問題在於歐洲經濟狀況普遍疲軟。

And I can probably say the weak economic conditions worldwide is really driving it.

我或許可以說，全球疲軟的經濟狀況才是真正的推手。

So you find the European folding boxboard producers are -- have plenty of capacity and looking for any kind of sales.

因此，您會發現歐洲折疊紙板生產商擁有充足的產能，並且正在尋求任何形式的銷售。

And so we have been seeing imports from Europe actually on an increasing basis and here in the first half.

因此，我們在上半年看到來自歐洲的進口實際上正在增​​加。

Okay.

好的。

So that's something that is going to be a longer-term issue.

所以這將是一個長期問題。

It has nothing to do with rightsizing inventories or anything like that.

它與調整庫存規模或類似的事情無關。

That's just a general

這只是一般

--

--

No, I think that it's all general.

不，我認為這都是一般情況。

It's all being driven by the weak consumer demand, I would say, in Europe.

我想說，這一切都是由歐洲消費者需求疲軟所推動的。

And until that returns and starts picking up, we'll see that pressure.

在這種情況回歸並開始回升之前，我們會看到這種壓力。

And Dmitry, that's happened before.

德米特里，這種事以前發生過。

It ebbs and flows with, as De Lyle mentioned, the general economy in Europe.

正如德萊爾所說，它隨著歐洲整體經濟的起伏而變化。

So

所以

--

--

Understood, Marcus.

明白了，馬庫斯。

And then my second question is, you mentioned in your comments strong ether volumes, probably not to the level that you'd like to see them, but certainly getting better.

然後我的第二個問題是，您在評論中提到了強大的以太量，可能沒有達到您希望看到的水平，但肯定會變得更好。

You also talked about lower input costs, which I'm assuming are wood chips and some other chemicals.

您還談到了降低投入成本，我假設是木片和其他一些化學物質。

Typically, you can interpret these data points as being indicative of perhaps construction demand improving, given that it's a key market for ethers.

通常，您可以將這些數據點解釋為建築需求可能會有所改善，因為這是以太坊的關鍵市場。

And your wood chip costs are inversely related to the growth in the construction market.

木片成本與建築市場的成長成反比。

So am I reading this right?

那我讀得對嗎？

Are we sort of starting to see an improvement in this important end market for you in ethers?

我們是否開始看到以太坊這個重要終端市場的改善？

Or am I reading too much into this?

還是我讀太多了？

With respect to ethers, what I could say there is that there has been some pickup in end market demand in certain areas.

就醚而言，我可以說的是，某些領域的終端市場需求有所回升。

But we do believe that some of the increase we saw in ethers is being driven by value chain doing some restocking.

但我們確實相信，我們看到的以太幣成長的部分原因是價值鏈進行了一些補充庫存。

So when we go into Q2, we are discounting the increase we saw in the first half related to restocking.

因此，當我們進入第二季時，我們會扣除上半年與補貨相關的成長。

So that is one issue.

所以這是一個問題。

With respect to the input costs, I would say that many of our key inputs, the purchase prices are lower than they were last year.

關於投入成本，我想說的是，我們很多關鍵投入、採購價格都比去年低。

But I also would like to emphasize that we're seeing improvement being driven by the capital investments we made last year in the plants.

但我還想強調，我們去年對工廠的資本投資推動了績效的改善。

And so you're seeing an improvement in material usage efficiencies as well in our operations, which would be much more -- obviously much more long lasting.

因此，您會看到材料使用效率以及我們的營運都得到了改善，這將是更加持久的。

And then finally, with respect to the impact on variable costs, we're seeing -- getting a benefit from the improved production mix across our facilities.

最後，關於對變動成本的影響，我們看到—從我們工廠改進的生產組合中獲益。

It's actually easier for us to make a specialty in many cases than it is to make the commodities.

事實上，在許多情況下，我們生產專業產品比生產商品更容易。

On fixed costs, we've also seen significant improvement.

在固定成本方面，我們也看到了顯著的改善。

One is, obviously, productivity is higher this year.

一是，今年的生產力顯然更高。

You may remember last year, we actually throttled back the plants to control inventories.

您可能還記得去年，我們實際上減少了​​工廠的建設以控制庫存。

This year, the plants are running at capacity.

今年，這些工廠已滿載運轉。

So the unit fixed costs are down this year.

因此，今年單位固定成本有所下降。

And then the other issue is that you may remember around -- about this time last year, we announced that we were going to aggressively start reducing costs at the facility.

另一個問題是，您可能還記得去年的這個時候，我們宣布我們將積極開始降低設施的成本。

And what you're seeing now is you're seeing the comparison of and the benefit of that cost reduction in the first half, so the continuation of those costs -- those realized cost savings that we began in the second half of 2023.

你現在看到的是上半年成本削減的比較和好處，所以這些成本的延續——我們從 2023 年下半年開始實現的成本節約。

So that's what's going on the cost side.

這就是成本方面的情況。

Okay.

好的。

That's very helpful, De Lyle.

這非常有幫助，德萊爾。

And then one last question on the acetate market.

最後一個問題是關於醋酸鹽市場的。

You talked about continuing destocking by customers.

您談到了客戶繼續去庫存的問題。

Is the expectation still that this is going to wind down by the end of this year?

是否仍預期這種情況將在今年底結束？

Or do you now expect it to get into 2025, given that global economy certainly isn't getting stronger?

或者考慮到全球經濟肯定不會變得更強勁，您現在預計它會進入 2025 年嗎？

Yes.

是的。

Let me make a couple of points about the acetate destocking.

讓我就醋酸酯去庫存說幾點。

First, given that Jesup is sold out, we felt that it was -- there was a need to levelize the expected demand across the whole year of 2024.

首先，鑑於 Jesup 已售罄，我們認為有必要平衡 2024 年全年的預期需求。

Previously, we had said that we would take the destocking hit in the first half, and then we'll start seeing improvements in the second half.

先前，我們曾說過，我們將在上半年承受去庫存的衝擊，然後我們將在下半年開始看到改善。

After seeing the difficulties we would have on trying to make that happen with the plant being sold out, we worked with our customers and we leveled out that demand for the all of 2024.

在看到工廠售空後我們要實現這一目標會遇到的困難後，我們與客戶合作，平衡了 2024 年全年的需求。

So you're not going to see this huge uptick in '24 because we essentially now have got essentially a flat line for the whole year.

所以你不會在 24 年看到如此巨大的上升，因為我們現在基本上全年都基本上持平。

More directly to your question, though, about do we think that it's going to end in '24, the destocking is going to end in '24?

不過，更直接回答你的問題，我們是否認為它會在 24 年結束，去庫存會在 24 年結束？

Unfortunately, we continue to see elevated inventories in Asia.

不幸的是，我們繼續看到亞洲庫存增加。

And again, I think that's been indicative of the consumer weakness, principally in China, but Asia generally.

再說一次，我認為這顯示了消費者的疲軟，主要是在中國，但整個亞洲也是如此。

And so there is a likelihood that we'll see some of the lower demand bleed off into '25.

因此，我們很可能會看到一些較低的需求會在 25 世紀消失。

Understood.

明白了。

Thank you.

謝謝。

That's been helpful.

這很有幫助。

Sandy Burns, Stifel.

桑迪伯恩斯、史蒂菲爾。

Hi, good morning.

嗨，早安。

And I'll also add congrats on a strong quarter in this environment.

我還要祝賀本季在這種環境下的強勁表現。

I'm just wondering if you can comment or maybe break down the different components of the increasing guidance from earlier in the year versus, is it mostly the volume mix improvement and increased confidence in it?

我只是想知道您是否可以評論或分解今年早些時候增加的指導的不同組成部分，主要是銷量組合的改善和信心的增加嗎？

More on the cost side?

更多關於成本方面？

The plant suspension?

植物懸浮液？

More clarity on the cost and benefits there?

更清楚地了解那裡的成本和收益？

Like how would you weigh those in terms of how -- what drove the increase in guidance?

就像您如何權衡這些因素——是什麼推動了指導的增加？

Well, part of it is obvious, which is the $10 million in CEWS benefit that we realized in the first half.

嗯，其中一部分是顯而易見的，這就是我們在上半年實現的 1000 萬美元的 CEWS 收益。

Obviously, that's $10 million of it, right?

顯然，這是 1000 萬美元，對吧？

And then the second component of that would be, call it, the advance sales by some of our customers that wanted to get some inventory in their stock rooms before we suspended operations at Temiscaming.

然後，第二個組成部分是我們的一些客戶的預售，他們希望在我們暫停 Temiscaming 的運營之前在他們的庫房裡獲得一些庫存。

So that -- we saw some sales move forward a little bit as a result of the suspension at Temiscaming.

因此，由於 Temiscaming 的暫停，我們看到一些銷售略有成長。

And then with respect to ether sales, we did see an uptick in ether sales, and that was related to demand growth -- or underlying demand growth.

然後就以太坊銷售而言，我們確實看到以太坊銷售有所上升，這與需求成長或潛在需求成長有關。

And that's driving some of the increase in benefit as well.

這也在一定程度上推動了效益的增加。

So if I were to break all that down, I would say that we're looking at roughly a $15 million or $20 million increase in the guidance when we look at the midpoints.

因此，如果我要細分的話，我會說，當我們查看中點時，我們的指導預計會增加約 1500 萬美元或 2000 萬美元。

Kind of that was CEWS.

CEWS 就是這樣。

And I would say roughly $5 million and $5 million on ethers -- improvement in ethers demand and then a $5 million improvement in the move-forward on sales related to the Temiscaming suspension.

我想說大約 500 萬美元和 500 萬美元是以太幣——以太幣需求的改善，然後與 Temiscaming 暫停相關的銷售進展增加 500 萬美元。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

There is no further question at this time.

目前沒有進一步的問題。

I will now turn the call over to De Lyle for closing remarks.

現在，我將把電話轉給德萊爾，讓其致閉幕詞。

All right.

好的。

Well, thank you once again for joining our call today.

好的，再次感謝您今天加入我們的電話會議。

We certainly appreciate your interest and support in the company.

我們當然感謝您對公司的興趣和支持。

I'm very proud of the hard work and dedication that has been shown by the RYAM team and are very confident in our ability to continue to enhance our profitability and reduce our debt and leverage.

我對 RYAM 團隊所表現出的辛勤工作和奉獻精神感到非常自豪，並對我們繼續提高盈利能力、減少債務和槓桿的能力充滿信心。

I look forward to providing further updates on all our ongoing projects initiatives and value your contribution and support as we strive for the long-term success and growth of the company.

我期待提供有關我們所有正在進行的專案計劃的進一步更新，並重視您的貢獻和支持，因為我們致力於公司的長期成功和發展。

We are committed to maintaining transparency and open communication, so please feel free to contact us if you have any questions or need further information.

我們致力於保持透明度和開放的溝通，因此如果您有任何疑問或需要更多信息，請隨時與我們聯繫。

So thank you again for your participation.

再次感謝您的參與。