Rayonier Advanced Materials Inc (RYAM) 2024 Q3 法說會逐字稿

Good morning.

早安.

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

再次歡迎參加 RYAM 2024 年第三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 at 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因素，這些因素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。

They're 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，如簡報投影片 3 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.

我們簡報的投影片 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。

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

我現在想把電話轉給德萊爾。

Well, thank you, Mickey, and good morning.

好吧，謝謝你，米奇，早安。

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

我將從 2024 年第三季的財務概覽開始。

Afterward, I'll outline recent company actions before passing it on to Marcus, who will dive into business segments, capital structure and liquidity.

之後，我將概述公司最近的行動，然後將其傳遞給馬庫斯，他將深入探討業務部門、資本結構和流動性。

After Marcus' remarks, I will turn to discuss our ongoing initiatives and updated guidance for 2024.

馬庫斯發言後，我將討論我們正在進行的舉措和 2024 年更新的指導方針。

In Q3, we delivered robust performance with adjusted EBITDA reaching $51 million, marking a $27 million or 113% increase from last year.

第三季度，我們表現強勁，調整後 EBITDA 達到 5,100 萬美元，比去年增加 2,700 萬美元，成長 113%。

Margins nearly doubled year-over-year, reaching 12.7% in Q3 2024.

2024 年第三季利潤率較去年同期幾乎翻倍，達到 12.7%。

Year-to-date adjusted free cash flow stands at $99 million, highlighting our ability to generate substantial cash flow while executing strategic initiatives.

年初至今，調整後自由現金流為 9,900 萬美元，凸顯了我們在執行策略性措施的同時產生大量現金流的能力。

In the high purity cellulose segment, EBITDA rose by $32 million or 119% driven by higher cellulose specialty prices and volumes and decreased costs for key inputs.

在高純度纖維素領域，由於特種纖維素價格和銷售上漲以及關鍵投入成本下降，EBITDA 成長了 3,200 萬美元，即 119%。

Our nonfluff commodity exposure dropped to 4% of revenue in the quarter, down from 14% last year.

本季我們的非絨毛商品曝險佔營收的比例從去年的 14% 降至 4%。

The paperboard segment saw a $6 million EBITDA decline driven by reduced sales prices and increased pulp cost.

由於銷售價格下降和紙漿成本增加，紙板業務的 EBITDA 下降了 600 萬美元。

Meanwhile, our high-yield pulp segment showed a $6 million EBITDA improvement due to higher prices and productivity though partially offset by sales volume decreases.

同時，由於價格和生產力提高，我們的高產紙漿部門 EBITDA 提高了 600 萬美元，但部分被銷售下降所抵消。

Corporate expenses increased by $5 million, driven by unfavorable foreign exchange rates compared to the prior year period, and higher variable compensation in environmental expense.

由於與去年同期相比不利的匯率以及環境費用中可變補償的增加，公司費用增加了 500 萬美元。

Our overall success this quarter reflects strong performance in our core cellulose specialty segment.

我們本季的整體成功反映了我們核心纖維素專業領域的強勁表現。

We continue to shift our product mix towards specialty production and sales, while focusing on cost reductions across the enterprise.

我們持續將產品結構轉向專業生產和銷售，同時專注於降低整個企業的成本。

On October 11, we encountered an isolated fire at our Jesup, Georgia, facility.

10 月 11 日，我們位於喬治亞州傑瑟普的工廠遭遇了一場孤立的火災。

Thanks to the swift and effective response from our team and local emergency services, the incident was effectively managed, appropriate repairs were made, and we resumed full operations by October 25.

由於我們的團隊和當地緊急服務部門迅速有效的反應，事件得到了有效的管理，進行了適當的維修，並於 10 月 25 日恢復了全面運作。

The fire primarily compromised power lines and instrumentation in our A and B mill digester areas.

火災主要損害了我們 A 廠和 B 廠消化池區域的電源線和儀表。

Additional repairs will be conducted over the next couple of years and are expected to be capitalized.

未來幾年將進行額外的維修，預計將資本化。

We anticipate minimal impact to long-term operations.

我們預計對長期營運的影響最小。

Investigation into the cause of the fire is ongoing.

火災原因的調查正在進行中。

Currently, we expect the fire to impact EBITDA by $10 million in 2024 with an additional $3 million of maintenance capital.

目前，我們預計火災將在 2024 年影響 EBITDA 1,000 萬美元，並額外增加 300 萬美元的維護資本。

While work on the full claim amount is ongoing, we have put our carrier -- our insurance carrier on notice of a claim under our business interruption and property casualty insurance, which includes a $15 million deductible to mitigate financial exposure to this incident.

雖然全額索賠金額的工作仍在進行中，但我們已向我們的承運人（我們的保險公司）發出我們的業務中斷和財產傷亡保險索賠通知，其中包括1500 萬美元的免賠額，以減輕本次事件的財務風險。

On October 29, we achieved a key milestone by successfully refinancing our debt, providing flexibility to execute our long-term business strategy.

10 月 29 日，我們成功為債務再融資，實現了一個重要的里程碑，為執行我們的長期業務策略提供了靈活性。

This new structure allows us to deleverage strategically and invest in growth opportunities.

這種新結構使我們能夠策略性去槓桿化並投資於成長機會。

Marcus will provide additional details on the new debt agreement.

馬庫斯將提供有關新債務協議的更多細節。

Prior to the fire, we were on track to raise our EBITDA guidance for the year.

在火災發生之前，我們有望提高今年的 EBITDA 指導。

Thanks to our team's swift response, we minimized the impact on earnings and are holding our EBITDA guidance at $205 million to $215 million.

由於我們團隊的迅速反應，我們最大限度地減少了對盈利的影響，並將 EBITDA 指導維持在 2.05 億美元至 2.15 億美元之間。

Additionally, with improved visibility into year-end cash flows, we are increasing our full year adjusted free cash flow guidance to $115 million to $125 million.

此外，隨著年終現金流可視性的提高，我們將全年調整後自由現金流指引提高至 1.15 億美元至 1.25 億美元。

I'll now turn it over to Marcus to go over the quarter financials.

我現在將把它交給馬庫斯來檢查季度財務狀況。

Marcus?

馬庫斯？

Thank you, De Lyle.

謝謝你，德萊爾。

Beginning with our HPC segment on slide 5.

從投影片 5 上的 HPC 部分開始。

Quarterly sales increased by $33 million or 11% to $325 million.

季度銷售額增加 3,300 萬美元，成長 11%，達到 3.25 億美元。

Overall, HPC pricing increased 13% largely due to a higher mix of CS products.

總體而言，HPC 定價上漲了 13%，這主要是由於 CS 產品組合的增加。

Total sales volumes were flat, reflecting a 32% increase in CS sales, partially offset by a 24% decrease in commodity sales.

總銷量持平，反映出消費品銷售成長 32%，但被大宗商品銷售下降 24% 部分抵銷。

The rise in CS sales volumes was supported by several factors: The closure of a competitor's plant in late 2023, the easing of prior year customer destocking, a continued uptick in ether sales and bridge volumes from the indefinite suspension of the Temiscaming HPC plant.

CS 銷售量的成長受到以下幾個因素的支持：競爭對手工廠於 2023 年末關閉、上一年客戶去庫存的緩解、乙醚銷量的持續增長以及 Temiscaming HPC 工廠無限期停工帶來的銷售增長。

Other sales for the quarter were $26 million, including $14 million of green energy sales.

該季度的其他銷售額為 2,600 萬美元，其中包括 1,400 萬美元的綠色能源銷售額。

EBITDA for the HPC segment rose by $32 million to $59 million, primarily due to an enriched mix of CS sales and the benefit of decreased key input costs.

HPC 部門的 EBITDA 成長了 3,200 萬美元，達到 5,900 萬美元，這主要是由於 CS 銷售組合的豐富性以及關鍵投入成本下降的好處。

EBITDA margins for the quarter reached 18%.

本季 EBITDA 利潤率達 18%。

Turning to slide 6.

轉到投影片 6。

Sales in the paperboard segment decreased by $2 million driven by lower demand.

由於需求下降，紙板領域的銷售額下降了 200 萬美元。

EBITDA for the segment declined by $6 million to $11 million, primarily due to weaker sales mix and increased competitive activity from European imports as well as the impact of higher purchase pulp costs.

該部門的 EBITDA 下降了 600 萬美元，至 1,100 萬美元，主要是由於銷售組合疲軟、歐洲進口產品的競爭活動增加以及採購紙漿成本上升的影響。

EBITDA margins for this segment reduced to 20%.

該部門的 EBITDA 利潤率降至 20%。

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 increased by $3 million in comparison to the prior year, mainly due to a 14% increase in sales prices, partially offset by a 3% decline in sales volumes due to shipment timing.

與前一年相比，銷售額增加了 300 萬美元，主要是因為銷售價格上漲 14%，但部分被出貨時間導致的銷售量下降 3% 所抵銷。

Segment EBITDA improved $6 million to $1 million as compared to the prior year quarter, where the segment was generating negative EBITDA due to lower pricing and higher costs.

與去年同期相比，該部門的 EBITDA 提高了 600 萬美元至 100 萬美元，由於定價較低和成本較高，該部門產生了負 EBITDA。

Transitioning to slide 8.

轉到投影片 8。

The consolidated operating loss for the quarter amounted to $17 million.

該季度的綜合營運虧損達 1,700 萬美元。

This includes a $25 million noncash impairment charge related to the indefinite suspension of the Temiscaming HPC line as well as $7 million of suspension charges incurred in the third quarter.

其中包括與 Temiscaming HPC 系列無限期暫停相關的 2,500 萬美元非現金減損費用以及第三季產生的 700 萬美元暫停費用。

Excluding these onetime impacts, operating income for the quarter reached $15 million.

排除這些一次性影響，本季營業收入達到 1,500 萬美元。

The impairment and suspension charges more than offset the benefits of an improved product mix favoring HPC, CS grades, overall higher pricing for both HPC and high-yield pulp segments and a 32% increase in CS volumes.

減損和暫停費用遠遠抵消了有利於 HPC、CS 等級的產品組合改進、HPC 和高得率紙漿領域總體定價較高以及 CS 產量增加 32% 的好處。

Other cost benefits, including reduced key input costs, were partially offset by unfavorable foreign exchange rates as well as higher environmental expenses and variable compensation.

其他成本效益，包括關鍵投入成本的降低，被不利的匯率以及較高的環境費用和變動補償部分抵銷。

Now let's turn to slide 9.

現在讓我們轉向投影片 9。

Net debt ended the quarter at $653 million, a reduction of $90 million from the same period in 2023.

本季末淨債務為 6.53 億美元，比 2023 年同期減少 9,000 萬美元。

Net secured debt as reflected in our financial covenant ratio associated with the term loan ended the quarter at $622 million.

本季末與定期貸款相關的財務契約比率反映的淨擔保債務為 6.22 億美元。

Net secured leverage reduced further and closed the quarter at 2.8x. Liquidity grew to $281 million, reflecting $136 million of cash, $135 million available under our ABL facility and $10 million from our French factoring facility.

淨擔保槓桿率進一步下降，本季末為 2.8 倍。流動性增加至 2.81 億美元，其中包括 1.36 億美元的現金、我們的 ABL 設施下的 1.35 億美元以及我們的法國保理設施下的 1,000 萬美元。

Year-to-date CapEx totaled $80 million, with $30 million allocated towards strategic capital to support the startup 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 8,000 萬美元，其中 3,000 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 $12 million.

扣除融資後，戰略資本達1,200萬美元。

The company's pro forma capitalization is set out on slide 10.

該公司的預估資本載於幻燈片 10。

As previewed by De Lyle, I am pleased to announce that we have successfully completed the refi of our existing senior secured notes and term loan.

正如德萊爾所預見的那樣，我很高興地宣布，我們已成功完成現有優先擔保票據和定期貸款的再融資。

The company raised $700 million in secured term loan financing managed by Oaktree Capital Management.

該公司透過橡樹資本管理公司管理的擔保定期貸款融資籌集了 7 億美元。

This refinancing strengthens RYAM's capital structure and enhances our financial flexibility to execute the company's long-term business strategy.

此次再融資增強了 RYAM 的資本結構，並增強了我們執行公司長期業務策略的財務靈活性。

The new lending facility, combined with cash from our balance sheet, will be used to defease and redeem our existing 2026 senior secured notes and fully repay our 2027 secured term loan as well as cover-related fees and expenses.

新的貸款安排與我們資產負債表中的現金相結合，將用於廢除和贖回我們現有的2026 年優先擔保票據，並全額償還我們的2027 年擔保定期貸款以及與保險相關的費用和支出。

In conjunction with this refi, we also secured commitments for a new five-year $175 million asset-based lending facility with the sizing that better aligns with our current business portfolio.

與此再融資結合，我們也獲得了新的五年期 1.75 億美元資產貸款安排的承諾，其規模更符合我們目前的業務組合。

The facility is initially priced at SOFR plus 2%.

該設施的初始定價為 SOFR 加 2%。

As of the end of the quarter three, there were no outstanding borrowings on the existing ABL credit facility, and we had $35 million in letters of credit issued.

截至第三季末，現有 ABL 信貸安排沒有未償還借款，我們已簽發了 3,500 萬美元的信用狀。

The new term loan matures in five years and accrued interest at a rate of SOFR plus initial spread of 7%, which is subject to adjustment based on our consolidated net secured debt to covenant ratio.

新定期貸款五年到期，應計利息以 SOFR 利率加上 7% 的初始利差計算，並根據我們的合併淨擔保債務與契約比率進行調整。

Importantly, the term loan provides us with the flexibility to repay the debt at acceptable premiums starting in 18 months, allowing us to deleverage earlier if market conditions are favorable.

重要的是，定期貸款為我們提供了從 18 個月開始以可接受的溢價償還債務的靈活性，使我們能夠在市場條件有利的情況下更早去槓桿化。

The loan also provides a special payment provision for asset sales, enabling us to make prepayments from asset disposition proceeds.

該貸款還為資產出售提供了特殊付款準備金，使我們能夠從資產處置收益中預付款。

As our net leverage profile improves, the loan's pricing grid allows for reductions in the interest rate spread, further benefiting the company's financial position.

隨著我們的淨槓桿狀況改善，貸款的定價網格可以減少利差，進一步有利於公司的財務狀況。

This structure allows us to meet our obligations while positioning us to benefit from potential declines in interest rates.

這種結構使我們能夠履行我們的義務，同時使我們能夠從潛在的利率下降中受益。

It also provides the flexibility to make strategic investments that will fuel the growth of our biomaterials strategy.

它還提供了進行策略性投資的靈活性，這將推動我們生物材料策略的成長。

For 2024, we had set an objective to reduce total debt by $70 million, excluding related fees and expenses for the refi.

對於 2024 年，我們設定的目標是將總債務減少 7,000 萬美元，其中不包括再融資的相關費用和支出。

In Q3, we retired $12 million of outstanding senior notes through public market transactions and have repaid an additional $12 million of other term debt year-to-date.

第三季度，我們透過公開市場交易償還了 1,200 萬美元的未償還優先票據，並償還了年初至今額外的 1,200 萬美元的其他定期債務。

In addition, we chose to allocate $45 million of capital to support our refi activities.

此外，我們選擇分配 4500 萬美元的資本來支持我們的再融資活動。

Going forward, RYAM remains committed to reducing debt levels further and are confident that the company's strategic initiatives will continue to create long-term value for our shareholders.

展望未來，RYAM 仍致力於進一步降低債務水平，並相信公司的策略性舉措將繼續為股東創造長期價值。

Overall, our liquidity remains strong, and the company's LTM adjusted EBITDA has reached $208 million.

總體而言，我們的流動性仍然強勁，公司的 LTM 調整後 EBITDA 已達到 2.08 億美元。

Our various strategic initiatives have supported this positive performance improvement across the business.

我們的各種策略舉措支持了整個業務的積極績效改進。

With the successful completion of the refi and commitments for our -- the ABL facility, the company's capital structure has been strengthened and we are well positioned to continue executing our long-term business strategy.

隨著再融資的成功完成以及我們對 ABL 設施的承諾，公司的資本結構得到了加強，我們有能力繼續執行我們的長期業務策略。

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

說到這裡，我想把電話轉回給德萊爾。

Well, thank you, Marcus.

嗯，謝謝你，馬庫斯。

Let's now turn our attention to slide 11, where I'll provide an update on our key 2024 initiatives.

現在讓我們將注意力轉向幻燈片 11，我將在其中提供有關 2024 年關鍵舉措的最新資訊。

Our top objective this year was to refinance our 2026 senior notes before they became 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 月生效之前對其進行再融資。

As Marcus detailed, we've successfully refinanced this debt, providing us with the flexibility to continue executing our strategic plan while preserving the option to take advantage of improved credit metrics over time.

正如馬庫斯詳細介紹的那樣，我們已經成功地為這筆債務進行了再融資，為我們提供了繼續執行戰略計劃的靈活性，同時保留了隨著時間的推移利用改進的信用指標的選擇權。

Another key initiative this year is to optimize our balance sheet by demonstrating the enhanced earnings power of our core cellulose specialty business and exploring the potential sale of our non-core businesses.

今年的另一個關鍵舉措是透過展示我們核心纖維素特種業務增強的盈利能力並探索非核心業務的潛在出售來優化我們的資產負債表。

Our last 12 months adjusted EBITDA for our HPC segment was $220 million through Q3 2024, reflecting the inherent value of our specialty products in a market with supportive supply and demand dynamics.

截至 2024 年第三季度，我們 HPC 部門過去 12 個月調整後的 EBITDA 為 2.2 億美元，反映了我們的特種產品在供需動態支持的市場中的內在價值。

In September, we announced a price increase for our cellulose specialty products, up to 10%, effective immediately where contracts allow.

9 月，我們宣布將纖維素特種產品的價格上漲至 10%，並在合約允許的情況下立即生效。

We are currently in discussions about 2025 pricing with our specialty customers.

我們目前正在與專業客戶討論 2025 年定價。

We remain open to a sale of our paperboard and high-yield pulp assets.

我們仍然對出售我們的紙板和高產紙漿資產持開放態度。

While there are active parties interested, we have not yet received offers that meet our valuation expectations.

儘管有積極的各方感興趣，但我們尚未收到符合我們估值預期的報價。

Our priority is to ensure that any transaction aligns with the strong free cash flow profile inherent with these businesses.

我們的首要任務是確保任何交易都符合這些業務固有的強大自由現金流狀況。

We also wanted to reduce commodity exposure and earnings volatility this year.

我們也希望減少今年的大宗商品曝險和獲利波動。

To this end, we announced in April the indefinite suspension of the operations of our Temiscaming HPC plant.

為此，我們在 4 月宣布無限期暫停 Temiscaming HPC 工廠的運作。

As a result of this suspension, the percentage of non-fluff commodities of total revenue was 4% in Q3 2024, down from 14% for the same period last year.

由於此次暫停，2024 年第三季非絨毛商品佔總營收的比例為 4%，低於去年同期的 14%。

We forecasted the EBITDA losses from non-fluff commodities to be reduced by nearly half from last year.

我們預計非絨毛商品的 EBITDA 損失將比去年減少近一半。

The suspension is proceeding as planned and there are no expected changes to the anticipated financial impact of the suspension.

暫停正在按計劃進行，暫停的預期財務影響不會發生預期變化。

One of the most exciting initiatives this year involves our biomaterials strategy.

今年最令人興奮的舉措之一涉及我們的生物材料策略。

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

我們的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 due to public participation, which is not uncommon, and is being addressed through the administrative process.

由於公眾參與（這種情況並不罕見），該計畫的許可期限已被延長，目前正在透過行政程序解決。

We now expect that this project will commence operations in late 2026 due to the extension of the permitting timeline.

由於許可期限的延長，我們現在預計該專案將於 2026 年底開始營運。

Our prebiotic animal feed product is self-GRAS certified and is waiting on registration from the FDA.

我們的益生元動物飼料產品已獲得自我 GRAS 認證，正在等待 FDA 註冊。

The AGE project at our Jesup facility was recently awarded a purchase power agreement in July to sell green biomass-derived electricity to Georgia Power Company.

我們 Jesup 工廠的 AGE 項目最近在 7 月獲得了一份購買電力協議，向喬治亞電力公司出售綠色生質能發電。

Still in the development phase, additional information regarding the progress of this project will be shared in 2025.

該專案仍處於開發階段，有關該專案進展的更多資訊將於 2025 年分享。

Finally, we continue to evaluate crude tall oil projects in both France and the US.

最後，我們繼續評估法國和美國的粗妥爾油計畫。

As a final note on our biomaterials strategy, we expect to make significant -- a significant announcement regarding green capital to help finance these projects in the current quarter.

作為我們生物材料策略的最後一點，我們預計將發布一項有關綠色資本的重大公告，以幫助在本季度為這些項目提供資金。

Let's turn to slide 12.

讓我們翻到投影片 12。

Despite the $10 million EBITDA impact from the fire at our Jesup facility, we are reiterating our adjusted EBITDA guidance for the year to be in the range of $205 million to $215 million.

儘管 Jesup 工廠火災對 EBITDA 產生了 1,000 萬美元的影響，但我們重申今年調整後的 EBITDA 指引為 2.05 億至 2.15 億美元。

The underlying strong performance of our core cellulose specialty business is largely offsetting the impact of this isolated incident.

我們核心纖維素特種業務的強勁表現在很大程度上抵消了這一孤立事件的影響。

While softer results are expected in the fourth quarter due to the fire, we are confident that continued strength in our core cellulose specialty business, driven by improving demand and improved productivity will position us well moving forward.

儘管由於火災，預計第四季度的業績將趨於疲軟，但我們相信，在需求改善和生產力提高的推動下，我們的核心纖維素特種業務的持續強勁將使我們能夠順利前進。

Cash interest expense for 2024 is projected to be approximately $93 million, impacted by the timing of the refinance.

受再融資時間的影響，2024 年的現金利息支出預計約為 9,300 萬美元。

This includes a $15 million payment made in early January for last year's fourth quarter due to the timing of the payment around the holidays.

其中包括 1 月初因假日期間付款而支付的 1500 萬美元。

Pro forma for the new term loan annual cash expense will be just over $80 million.

新定期貸款的預計年度現金支出將略高於 8000 萬美元。

Maintenance CapEx for the year is estimated at $78 million including $3 million in capital related to the fire.

今年的維護資本支出估計為 7,800 萬美元，其中包括與火災相關的 300 萬美元資本。

We are also now expecting a $25 million benefit from working capital, which is lower than previously anticipated due to better-than-expected bridge volume production at Temiscaming as well as supply chain disruptions from the ILA port strike and Hurricane Helene in October.

我們現在也預計營運資金將帶來 2,500 萬美元的收益，這一數字低於先前的預期，原因是 Temiscaming 的橋樑產量好於預期，以及 ILA 港口罷工和 10 月份颶風海倫造成的供應鏈中斷。

We've received a $15 million IRS tax refund and the $39 million from the sale of lumber duty rights.

我們已收到 1,500 萬美元的國稅局退稅和 3,900 萬美元的木材稅權出售收入。

These gains will be partially offset by the impact of the Temiscaming HPC plant suspension.

這些收益將被 Temiscaming HPC 工廠停產的影響部分抵銷。

In summary, we are increasing our adjusted free cash flow guidance to $115 million to $125 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 1.15 億美元至 1.25 億美元。

These funds will continue to be allocated toward debt reduction and strategic capital investments.

這些資金將繼續用於減少債務和策略資本投資。

On slide 13, I dive deeper into the expected 2024 performance of each of our businesses.

在投影片 13 中，我更深入地探討了我們每項業務 2024 年的預期表現。

We project EBITDA for our high purity cellulose segment to range between $215 million and $225 million.

我們預計高純度纖維素細分市場的 EBITDA 將在 2.15 億美元至 2.25 億美元之間。

We anticipate the 2024 cellulose specialty prices will increase by a low single-digit percentage compared to the prior year as we continue to prioritize value over volume.

我們預計 2024 年纖維素特種產品價格與前一年相比將出現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 grow due to our competitors' plant closure, bridge volumes from the indefinite suspension of the Temiscaming HPC plant and a modest uptick in ethers demand.

由於我們競爭對手的工廠關閉、Temiscaming HPC 工廠無限期停工以及醚類需求小幅上升，預計纖維素特種產品的銷售量將會成長。

These gains will be partially offset by changes in prior year contract terms, acetate destocking and potential reduction in sales related to the Jesup fire.

這些收益將被上一年合約條款的變化、醋酸鹽庫存減少以及與 Jesup 火災相關的潛在銷售減少所部分抵消。

Demand for RYAM's commodity products remained steady.

RYAM 對商品的需求維持穩定。

Sales prices for fluff products are expected to decline by a high single-digit percentage compared to 2023 while sales volumes are projected to increase by nearly 30% year-over-year.

與 2023 年相比，絨毛產品的銷售價格預計將下降高個位數百分比，而銷售量預計將年增近 30%。

For non-fluff commodities, average sales prices are expected to rise by a single -- mid-single-digit percentage over 2023 levels though sales volumes are expected to decrease by almost half, consistent with our strategy to reduce non-fluff commodity exposure.

對於非絨毛商品，平均銷售價格預計將比 2023 年的水平上漲個位數，儘管銷量預計將減少近一半，這與我們減少非絨毛商品風險的策略一致。

Pricing for all commodity HPC products is forecasted to soften slightly in Q4 with volume seeing a modest increase sequentially.

預計所有 HPC 大宗產品的定價將在第四季度略有疲軟，銷量將環比小幅增長。

On the cost front, we anticipate lower overall costs in 2024, driven by reduced key input and logistics expenses, improved productivity and the ongoing Temiscaming HPC suspension.

在成本方面，我們預計 2024 年總體成本將會降低，主要推動因素包括關鍵投入和物流費用的減少、生產力的提高以及持續的 Temiscaming HPC 暫停。

These cost savings will be partially offset by increased maintenance costs, Temiscaming custodial site expenses and Jesup fire recovery costs.

這些成本節約將被增加的維護成本、Temiscaming 保管場所費用和 Jesup 火災恢復成本部分抵消。

Looking ahead to 2024, we expect EBITDA to be lower than in the prior year quarter, primarily due to the Jesup fire repair costs and lower cellulose specialty production and sales volumes resulting in the fire.

展望 2024 年，我們預計 EBITDA 將低於去年同期，這主要是由於 Jesup 火災修復成本以及火災導致的纖維素特種產品產量和銷售下降。

In biomaterials, we are making substantial progress to our growth objectives.

在生物材料領域，我們正在實現成長目標方面取得實質進展。

Our Tartas bioethanol facility is producing to feedstock availability.

我們的 Tartas 生物乙醇工廠正在根據原料供應情況進行生產。

We remain committed to strategic investments in green energy and renewable markets targeting several key projects.

我們仍然致力於針對多個關鍵項目對綠色能源和再生市場進行策略性投資。

As stated earlier, we expect to announce financial plans for these initiatives in the coming quarter.

如前所述，我們預計將在下一季宣布這些舉措的財務計劃。

Regarding paperboard, we expect to achieve EBITDA of approximately $45 million in 2024.

關於紙板，我們預計 2024 年將實現約 4,500 萬美元的 EBITDA。

Paperboard prices are expected to decrease in Q4 while sales volumes are projected to increase as inventories are reduced.

預計第四季紙板價格將下降，而隨著庫存減少，銷售量預計將增加。

However, raw material prices are anticipated to rise compared to Q3 levels due to increased purchase pulp costs.

然而，由於採購紙漿成本增加，預計原物料價格將較第三季上漲。

As a result of these factors, we anticipate EBITDA to decline in the coming quarters as market pressures persist with new competitive supply entering market in 2025.

由於這些因素，我們預計 EBITDA 將在未來幾季下降，因為隨著 2025 年新的競爭性供應進入市場，市場壓力持續存在。

Our high-yield pulp business is expected to achieve breakeven EBITDA in 2024.

我們的高產紙漿業務預計將在 2024 年實現損益兩平 EBITDA。

High-yield pulp prices are expected to decline sequentially due to ongoing price pressures from stranded pulp capacity in China.

由於中國紙漿產能閒置帶來的持續價格壓力，高產量紙漿預計將連續下跌。

Despite the lower prices, sales volumes are expected to increase significantly, driven by shipment timing.

儘管價格較低，但在出貨時間的推動下，銷售量預計將大幅增加。

However, the expected low sales prices are likely to persist, which would drive EBITDA loss for this business in the coming quarters.

然而，預期的低銷售價格可能會持續下去，這將導致該業務在未來幾季出現 EBITDA 損失。

We expect our 2024 corporate cost to be approximately $55 million.

我們預計 2024 年的企業成本約為 5,500 萬美元。

In Q4, corporate costs are expected to decrease subject to currency rate fluctuations.

第四季度，受匯率波動影響，企業成本預計將下降。

Let's turn to slide 14, where we illustrate the trajectory of our EBITDA margin growth and net leverage decline.

讓我們轉向幻燈片 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% to 13% range, driven by the improved sales mix towards specialty products.

到 2024 年，在特種產品銷售組合改善的推動下，我們預計利潤率將在 12% 至 13% 範圍內。

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

預估年底淨擔保槓桿率為 2.8 倍契約 EBITDA。

We remain confident that we will achieve our targeted net leverage ratio of 2.5x well before 2027.

我們仍有信心在 2027 年之前實現 2.5 倍的淨槓桿率目標。

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

那麼，接線員，請打開提問電話。

(Operator Instructions) Daniel Harriman, Sidoti.

（操作員說明）Daniel Harriman，Sidoti。

Congrats on another great quarter.

恭喜又一個偉大的季度。

Obviously, in recent weeks, we've seen your equity appear to be quite sensitive to what's going on in China.

顯然，最近幾週，我們看到你們的股票似乎對中國發生的事情非常敏感。

And I was just hoping if you could maybe clarify your exposure to that slowing market and any benefit you see from government stimulus in the country?

我只是希望您能否澄清您對市場放緩的影響以及您從該國政府刺激措施中看到的任何好處？

And then maybe just a quick update on what you're seeing in end market demand for construction in Europe since that's been coming up over the last six months or so?

然後，也許只是快速更新一下您在過去六個月左右的時間裡所看到的歐洲建築終端市場需求的情況？

Daniel, this is De Lyle.

丹尼爾，這是德萊爾。

Taking your first part of the question, which is around our equity sensitivity to China.

回答問題的第一部分，即我們對中國的公平敏感性。

I would agree with your comments.

我同意你的意見。

It does seem to be that there is some concern about what our exposure would be to China.

看來確實有人擔心我們對中國的影響。

But a couple of points I'd make to that.

但我想對此指出幾點。

First, just a couple of facts.

首先，有幾個事實。

Roughly about 20% of our total enterprise sales is exposed to China.

我們企業總銷售額的約 20% 左右來自中國。

And this is primarily around acetate, but also around some of our commodities like viscose and so forth.

這主要是圍繞著醋酸纖維，但也圍繞著我們的一些商品，如粘膠等。

And also, our high-yield pulp is -- has some exposure there as well.

而且，我們的高產紙漿在那裡也有一些曝光。

Talking about each one of those pieces.

談論其中的每一件作品。

With respect to acetate, acetate is very stable with respect to what goes on in China, whether -- so there's a disconnect between what's going on with their GDP in China and our acetate demand.

就醋酸鹽而言，醋酸鹽相對於中國的情況非常穩定，因此中國的 GDP 情況與我們的醋酸鹽需求之間是否存在脫節。

And that makes some sense.

這是有道理的。

I mean at the end of the day, most of our acetate going into China really goes into tow production and it's tied to, obviously, cigarette consumption.

我的意思是，歸根結底，我們進入中國的大部分醋酸鹽實際上都用於絲束生產，而且顯然與捲菸消費有關。

So we'd expect that to be stable.

所以我們預計這一情況將保持穩定。

With respect to viscose, as I mentioned already, the -- our strategy is to reduce our exposure there.

關於粘膠，正如我已經提到的，我們的策略是減少我們在那裡的暴露。

And so we've seen a significant reduction versus last year.

因此，我們看到與去年相比顯著減少。

And as we see continued growth in CS production going forward, we'll see that decrease going forward as well.

當我們看到未來 CS 產量持續成長時，我們也會看到未來產量的下降。

But it's already down to somewhere around very low single digits in terms of our revenue.

但就我們的收入而言，它已經降至非常低的個位數左右。

And then finally, with respect to -- I just mentioned high-yield pulp is one area of concern given the exposure we have with respect to, call it, the stranded pulp capacity that is in China and the impact it has on high-yield pulp pricing.

最後，關於——我剛才提到，鑑於我們所面臨的中國滯留紙漿產能及其對高產紙漿的影響，高產紙漿是一個值得關注的領域。

And what we're doing there is we're trying to move and extract value for our Maple 80 product that we sell globally and trying to get -- and we've been successful getting increased distance between our maple product and call our competitive Aspen products that are out there.

我們正在做的是，我們正在努力轉移和提取我們在全球銷售並試圖獲得的楓木 80 產品的價值 - 我們已經成功地增加了我們的楓木產品與我們的競爭性白楊木產品之間的距離現有的產品。

One other area I would say in terms of exposure is kind of indirect through our ethers.

我想說的另一個領域是透過我們的以太間接暴露。

When the Chinese domestic market is weak, we do see some ethers coming out of China into some of our more important markets, principally Europe.

當中國國內市場疲軟時，我們確實看到一些醚類產品從中國進入我們一些更重要的市場，主要是歐洲。

So there's a little bit of pressure on that.

所以這方面有一點壓力。

And it's -- but we're fighting back by getting to maintain market share in Europe as well as some of our other markets.

但我們正在透過維持歐洲以及其他一些市場的市場份額來反擊。

But we do see a little bit of the impact of some of the exports out of China into the ethers market as well.

但我們確實看到了一些從中國出口到醚市場的影響。

But right now, we've been very successful in defending our share there.

但現在，我們已經非常成功地捍衛了我們在那裡的份額。

And Daniel, it's Marcus.

丹尼爾，是馬庫斯。

As De Lyle highlighted, acetate is very stable, and that's 40% of our exposure that you highlighted.

正如 De Lyle 所強調的那樣，醋酸鹽非常穩定，這佔您所強調的我們暴露量的 40%。

So just -- so that's pretty sticky.

所以只是——所以這非常粘。

Daniel, can you remind me what your -- second part of your question was?

丹尼爾，你能提醒我你問題的第二部分是什麼嗎？

It was just a quick one.

這只是一個很快的事情。

If you could just update what you're seeing in the ethers market in Europe and the construction end market there?

您能否更新一下您在歐洲醚市場和那裡的建築終端市場所看到的情況？

Right.

正確的。

We're seeing a little bit of uptick in demand for ethers.

我們看到對以太幣的需求略有上升。

And I think that can be put into two different buckets.

我認為這可以分為兩個不同的桶子。

One is I think a rebound in restocking.

一是我認為補貨會出現反彈。

So we're seeing a build in the inventories there.

因此，我們看到那裡的庫存增加。

I think the destocking activity we saw in '23 was probably overdone.

我認為我們在 23 年看到的去庫存活動可能有些過度了。

And as a consequence, our customers are restocking the shelves, so to speak.

因此，可以說，我們的客戶正在重新補貨。

But we're also, I think, seeing an increase in underlying demand, but it's modest.

但我認為，我們也看到了潛在需求的成長，但幅度不大。

We're hopeful that as interest rates continue to decline, that that demand -- the underlying demand will increase.

我們希望，隨著利率繼續下降，這種需求——潛在的需求將會增加。

So one -- just to point out activity that I saw this morning, the German manufacturing index in terms of production was up, surprised on the upside this morning.

所以，我想指出我今天早上看到的活動，德國製造業指數在生產方面有所上升，今天早上的上升令人驚訝。

And again, that would be very favorable for us if that continued.

再說一遍，如果這種情況繼續下去，那對我們來說非常有利。

But again, right now, we're seeing modest demand improvement and expect that that will continue to improve as we go into '25.

但現在，我們再次看到需求略有改善，並預計隨著進入 25 年，這種情況將繼續改善。

Matthew McKellar, RBC Capital Markets.

馬修·麥凱勒，加拿大皇家銀行資本市場部。

Just wanted to follow on Daniel's question there.

只是想跟進丹尼爾的問題。

You talked about ethers and around China, but maybe just a little bit more holistically, could you provide some color on what you're seeing in the demand environment, I guess, particularly for acetate and other CS heading into 2025?

您談到了醚類和中國各地的情況，但也許更全面一些，您能否提供一些關於您在需求環境中所看到的情況的信息，我想，特別是進入2025 年的醋酸鹽和其他CS？

I know it's early for you.

我知道對你來說還早。

Thanks for joining the call.

感謝您加入通話。

With respect to acetate and other CS, and other CS was generally filtration and tire cord, MCC and so forth.

相對於醋酸酯和其他CS，其他CS一般是過濾和輪胎簾線、MCC等。

Acetate, let me answer that one first.

醋酸鹽，讓我先回答這個問題。

Again, it's generally along the same themes as I talked about earlier with respect to acetate in China, stable, and we expect that will be relatively stable going forward.

再說一遍，這與我之前談到的中國醋酸鹽的主題大致相同，穩定，我們預計未來將相對穩定。

Not a real growth engine for us, more of a cash cow business for us, but it's a business that we rely on to be stable, and we expect that to be the case going into '25.

對我們來說這不是真正的成長引擎，更多的是我們的搖錢樹業務，但這是我們賴以穩定的業務，我們預計進入 25 年也是如此。

Other CS, a little bit more economic sensitivity there.

其他CS，有更多的經濟敏感性。

And we expect that in '25, that demand will continue to improve.

我們預計到 25 年，這種需求將持續改善。

A little weak -- I wouldn't say weak, but there's some softness here or there for other CS.

有點弱——我不會說弱，但對於其他CS來說，這裡或那裡有些軟弱。

But one of the things that's offsetting that is obviously the shutdown of capacity at one of our competitors in Q4 '23.

但抵銷這一影響的因素之一顯然是我們的競爭對手之一在 23 年第四季的產能關閉。

And as a result, we were able to gain a lot of additional sales and production as a result of that shutdown.

結果，我們因停工而獲得了大量額外的銷售和產量。

So we, first, in '24 versus '23, obviously, we're going to see an increase in demand and production and sales as a result of that shutdown.

因此，首先，在 24 年與 23 年相比，我們顯然會看到由於停工而導致需求、生產和銷售的增加。

Great.

偉大的。

I guess next, I'd like to ask about the price increases you've messaged for CS.

我想接下來我想詢問一下您發來的 CS 漲價訊息。

Can you talk about how implementation has gone across volumes that are exposed to the increases so far?

您能否談談迄今為止面臨成長的數量的實施情況如何？

And then looking into '25 and across the CS portfolio, are you able to speak to what you expect in terms of a weighted average net price increase for '25 and how that may compare to how you're thinking about inflation across your cost structure next year?

然後看看 '25 和整個 CS 投資組合，您是否能夠說出您對 '25 的加權平均淨價格增長的預期，以及與您對整個成本結構中的通貨膨脹的看法進行比較明年？

I'm going to disappoint you, Matthew.

我會讓你失望的，馬修。

Way early in the process but as I've stated already that value over volume is our strategy.

在這個過程的早期，但正如我已經說過的，價值超過數量是我們的策略。

So we'll continue to press our advantages there where we can.

因此，我們將繼續盡可能發揮我們的優勢。

It will be a product grade sensitive.

它將對產品等級敏感。

So there'll be different prices increases relative to the different grades, but we are working our angle there.

因此，相對於不同等級，價格會有不同的上漲，但我們正在努力解決這個問題。

Matt, as you know, a lot of those discussions culminate in London Pulp Week.

馬特，如您所知，許多此類討論在倫敦紙漿週上達到了頂峰。

So that's coming up soon.

所以這很快就會出現。

Right.

正確的。

Okay.

好的。

That's fair enough.

這很公平。

And then if I could just sneak one last one in.

然後如果我能偷偷溜進去最後一張就好了。

It sounds like you're expecting a little bit more spending to repair Jesup over the next couple of years.

聽起來你預計未來幾年會花更多的錢來修復傑瑟普。

It sounds like that will be capitalized.

聽起來好像要大寫。

But can you just give a sense of kind of magnitude there, what kind of we should be thinking around spend levels in the next couple of years at Jesup specifically?

但是您能否給予一個具體的規模感，我們應該具體考慮未來幾年 Jesup 的支出水準？

It really can't.

實在不行啊。

We're obviously going through quite a bit of investigation and engineering.

顯然我們正在進行大量的調查和工程設計。

And then obviously, once that's done then we'll have to cost it out.

顯然，一旦完成，我們就必須付出代價。

So it's a little early to give you an estimate on that and how much we would spend in '25 versus '26.

因此，現在向您估計這一點以及我們在 25 年與 26 年相比將花費多少還為時過早。

It's something we still need to figure out.

這是我們仍然需要弄清楚的事情。

But it doesn't mean that we can't operate the plant safely and effectively in '25.

但這並不意味著我們無法在 25 年安全有效地運作該工廠。

These are issues that we feel that can be deferred, and we want to just make sure we do it right.

我們認為這些問題可以推遲，我們只想確保我們做得正確。

So we're taking our time doing the investigation and the due diligence on it.

因此，我們正在花時間對此進行調查和盡職調查。

(Operator Instructions) Dmitry Silversteyn, Water Tower Research.

（操作員說明）Dmitry Silversteyn，水塔研究中心。

A couple of questions, if I may.

如果可以的話，有幾個問題。

First of all, just to sort of circle back on the Temiscaming plant closure.

首先，我們回顧一下 Temiscaming 工廠的關閉。

You talked about bridge sales as you're getting ready to shut down the plant, helping you during the quarter.

當您準備關閉工廠時，您談到了過橋銷售，這將在本季度為您提供幫助。

Is that going to continue in the fourth quarter?

第四季會繼續這種情況嗎？

Or is that pretty much run its course and we should be thinking about a little bit bigger step down in revenue as we look into the fourth quarter?

或者這基本上是自然而然的事情，當我們展望第四季時，我們應該考慮進一步大幅降低收入？

That will help us a little bit.

這對我們有一點幫助。

Since July shutdown, the benefit has diminished as time has gone on as we've sold the -- call it, the bridge volume through the year.

自 7 月關閉以來，隨著時間的推移，隨著我們出售了全年的過渡量，收益已經減少。

But -- so there'll be a little uplift in Q4 as a result but not significant as it was in Q3.

但是，因此第四季會有一點提升，但不會像第三季那樣顯著。

The bigger impact there is obviously the working capital effect of activities up in Temiscaming for the quarter.

更大的影響顯然是本季 Temiscaming 活動的營運資金效應。

Yes, right, as we look at the inventories, that's right.

是的，沒錯，當我們查看庫存時，沒錯。

Okay.

好的。

So you'll get a little bit of bump in your generation from drawing down your working capital, got it.

因此，透過減少營運資金，您這一代會得到一些提升，明白了。

How should we think about the commodity volumes in your HPC business in the fourth quarter?

我們該如何看待第四季度 HPC 業務的商品量？

You did about 90 million -- or 90,000 tonnes in the third quarter.

第三季產量約 9,000 萬，即 9 萬噸。

Is that the run rate we should expect for the fourth quarter and into 2025?

這是我們對第四季和 2025 年的預期運行速度嗎？

Or is there going to be a little bit more declines before we stabilize?

或者在我們穩定之前還會有更多的下跌嗎？

It's likely to go up a little bit in Q4 versus Q3, and that is somewhat impact being driven by both seasonality and demand for CS.

與第三季相比，第四季可能會略有上升，這在一定程度上是由季節性和 ​​CS 需求推動的。

CS, the fourth quarter tends to be our lowest quarter or our slowest quarter with respect to demand for our CS products.

CS，就我們的 CS 產品需求而言，第四季往往是我們最低的季度或最慢的季度。

And also, I would say that the Jesup fire may have also had some impact given that Jesup is primarily focused, almost 100%, not a whole 100%, but A and B mills are specifically dedicated to CS production.

而且，我想說，Jesup 火災可能也產生了一些影響，因為 Jesup 主要專注於幾乎 100%，而不是完全 100%，但 A 和 B 工廠專門致力於 CS 生產。

So the impact of the fire was greater on CS than it was on the commodities.

因此，火災對CS的影響比對大宗商品的影響更大。

Got it.

知道了。

Got it.

知道了。

Okay.

好的。

And then finally, you've mentioned several times in this presentation, De Lyle, the growth in biomaterials and how important that business is for you.

最後，德萊爾，您在本次演講中多次提到了生物材料的增長以及該業務對您的重要性。

How does the growth in that business contribute to the achievement of the goals that you've highlighted in your sustainability report that you published last week?

該業務的成長如何有助於實現您在上週發布的永續發展報告中強調的目標？

And what market factors are driving that growth?

哪些市場因素推動了這種成長？

I mean you're entering markets that have other participants in it already but you're obviously doing very well with the bioethanol plant production.

我的意思是，您正在進入已經有其他參與者的市場，但您顯然在生物乙醇工廠生產方面做得非常好。

So what gives you confidence that as these products are approved and enter the market that they'll be able to deliver the growth that you're looking for and help you with your sustainability goals?

那麼，是什麼讓您有信心相信，隨著這些產品獲得批准並進入市場，它們將能夠實現您所尋求的成長並幫助您實現永續發展目標？

Okay.

好的。

Great question.

很好的問題。

And I could probably talk for an hour on it, but I'll try to be very brief.

我可能可以講一個小時，但我會盡量簡短。

With respect to the centrality of the biomaterials relative to our overall strategy, I would say that it's key to meeting our ESG objectives.

就生物材料相對於我們整體策略的中心地位而言，我想說這是實現我們的 ESG 目標的關鍵。

And it really goes around to the fact that as we -- our current core business, our HPC business, uses about 40% of the wood that we bring into the plant to make those products.

事實上，我們目前的核心業務，即我們的 HPC 業務，使用我們帶入工廠的大約 40% 的木材來製造這些產品。

The biomaterials business uses the other 60% of the wood.

生物材料業務使用另外 60% 的木材。

And so that just leverages off the circular processes and increases the renewable story that we have.

因此，這只是利用了循環過程並增加了我們擁有的可再生故事。

And as a result of that, we believe that that will make -- that feeds into existing markets where currently those markets are being supplied by products that are based on nonrenewable resources, whether it's hydrocarbon or whatever it may be.

因此，我們相信這將進入現有市場，目前這些市場由基於不可再生資源的產品供應，無論是碳氫化合物還是其他任何資源。

So that -- we believe that's where our comparative advantages, is that we're going to be able to make products out of the resources we're already bringing in the plants and we leverage off of the capabilities that we have within our facilities already.

因此，我們相信這就是我們的比較優勢，那就是我們將能夠利用我們已經引入工廠的資源來生產產品，並且我們利用我們設施中已經擁有的能力。

And it's going to go into markets where customers -- end-use customers are looking for more sustainable products, products that come from renewable resources versus nonrenewable resources.

它將進入客戶——最終用戶正在尋找更永續產品的市場，這些產品來自可再生資源而不是不可再生資源。

And that's really the megatrend that we think is going to drive the continued growth of not just biomaterials, but all of our businesses -- our core businesses going forward.

我們認為這確實是一個大趨勢，它不僅會推動生物材料的持續成長，而且會推動我們所有業務——我們的核心業務的持續成長。

So that's where we think we're going to get the growth.

所以這就是我們認為我們將獲得成長的地方。

And I would say that we're demonstrating that with our Tartas bioethanol plant today.

我想說的是，我們今天正在透過 Tartas 生物乙醇工廠來證明這一點。

And we believe that that is a good example of the demand for renewable products that have historically been produced by nonrenewable resources.

我們相信，這是對歷史上由不可再生資源生產的可再生產品的需求的一個很好的例子。

And Dmitry, we're looking forward to the call you're hosting with Ben Chambers on 13th of November.

Dmitry，我們期待您 11 月 13 日與 Ben Chambers 主持的電話會議。

It certainly gives you a lot more color on that.

它確實給了你更多的色彩。

Ben will probably talk about it for an hour, but I just wanted to get your take on it as well, De Lyle, so thank you for that and it is helpful to understand sort of the rationale behind you guys getting into this business in such an aggressive way.

本可能會談論一個小時，但我也想聽聽你的看法，德萊爾，所以謝謝你，了解你們進入這個行業背後的基本原理是有幫助的。

Congratulations on a strong quarter.

恭喜季度表現強勁。

Thank you.

謝謝。

At this time, I would like to turn the call back to Mr. De Lyle Bloomquist for closing remarks.

此時，我想將電話轉回德萊爾·布魯姆奎斯特先生，請其致閉幕詞。

Well, thank you once again for joining us today.

好的，再次感謝您今天加入我們。

We appreciate your interest and support of our strategy and of our company.

我們感謝您對我們的策略和公司的興趣和支持。

I'm very proud of all the hard work and dedication shown by the management team.

我對管理團隊所展現的辛勤工作和奉獻精神感到非常自豪。

We're very confident in our ability to enhance our profitability and to continue to reduce our debt and leverage.

我們對提高盈利能力並繼續減少債務和槓桿的能力非常有信心。

We look forward to providing updates in the future on these ongoing projects and initiatives as we continue to strive to drive our long-term success and value growth.

我們期待在未來提供這些正在進行的項目和舉措的最新訊息，因為我們將繼續努力推動我們的長期成功和價值成長。

We are committed to maintaining transparency and open communication.

我們致力於保持透明度和開放的溝通。

So if you've got any questions, feel free to contact us, and we'll do our best to answer those questions.

因此，如果您有任何疑問，請隨時與我們聯繫，我們將盡力回答這些問題。

So once again, thank you for your participation today.

再次感謝您今天的參與。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。

Thank you for your participation and have a great day.

感謝您的參與，祝您有美好的一天。