Sylvamo Corp (SLVM) 2024 Q4 法說會逐字稿

Good morning.

早安.

Thank you for standing by. Welcome to Sylvamo Fourth quarter 2024 Earnings call.

感謝您的支持。歡迎參加 Sylvamo 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Hans Bjorkman, Vice President, Investor Relations. Sir, the floor is yours.

現在我想將電話轉給投資人關係副總裁 Hans Bjorkman。先生，請您發言。

Thanks, [Audra]. Good morning and thank you for joining our Fourth quarter and Full year 2024 Earnings call. Our speakers this morning are Jean-Michel Ribieras, Chairman and Chief Executive Officer, and John Sims, Senior Vice President and Chief Financial Officer.

謝謝，[奧德拉]。早安，感謝您參加我們的 2024 年第四季和全年財報電話會議。今天早上的演講者是董事長兼執行長 Jean-Michel Ribieras 和高級副總裁兼財務長 John Sims。

Slides 2 and 3 contain important information, including certain legal disclaimers. For example, during this call, we will make forward-looking statements that are subject to risks and uncertainties.

第 2 張和第 3 張投影片包含重要訊息，包括某些法律免責聲明。例如，在本次電話會議中，我們將做出受風險和不確定性影響的前瞻性陳述。

We will also present certain non-US GAAP financial information.

我們也將提供某些非美國公認會計準則的財務資訊。

Reconciliations of those figures to US GAAP financial measures are available in the appendix.

這些數據與美國 GAAP 財務指標的對帳表可在附錄中找到。

Our website also contains copies of the Earnings release as well as today's presentation.

我們的網站還包含收益報告以及今天的簡報的副本。

With that, I'd like to turn the call over to Jean-Michel.

說完這些，我想把電話轉給 Jean-Michel。

Thanks, Hans. Good morning and thank you for joining our call.

謝謝，漢斯。早安，感謝您參加我們的電話會議。

I'll start on slide 4.

我將從第 4 張投影片開始。

In 2024, we generated 23% return on invested capital as we executed our strategy and strengthened our competitive advantages in our core and [crucial] markets. We improved our financial position by repaying $154 million in debt.

2024 年，我們實施了策略並加強了我們在核心和[關鍵]市場的競爭優勢，實現了 23% 的投資資本回報率。我們償還了 1.54 億美元的債務，改善了財務狀況。

Achieving a net debt to adjusted EBITDA of 0.9 times.

實現淨債務與調整後 EBITDA 比率達到 0.9 倍。

We earned $632 million in adjusted EBITDA, generated $248 million in free cash flow, and we returned $130 million in cash to share owners. We reinvested $221 million across our manufacturing network and our Brazil forest land to strengthen our low-cost position.

我們的調整後 EBITDA 為 6.32 億美元，產生了 2.48 億美元的自由現金流，並向股東返還了 1.3 億美元現金。我們向製造網絡和巴西林地重新投資了 2.21 億美元，以加強我們的低成本地位。

We're committed to being the investment of choice and we believe we can generate significant shareholders' returns in the future by executing our strategy. Like 5 highlights of 2024 full year key financial metrics. I just did a bit was $632 million with a 17% margin. $248 million cash flow was more than $6 per share. Adjusted Operating Earnings for $7.42 per share, which is 14% higher than 2023. We now have three full years under our belt since becoming an independent company.

我們致力於成為首選的投資，我們相信透過執行我們的策略，我們可以在未來為股東帶來可觀的回報。喜歡2024年全年關鍵財務指標的5個亮點。我剛剛做了一點，金額是 6.32 億美元，利潤率為 17%。 2.48億美元的現金流超過每股6美元。調整後營業收益為每股 7.42 美元，比 2023 年高出 14%。自從成為獨立公司以來，我們已經有整整三年的歷史了。

And our financial results have established a solid track record and are indicative of our ability to navigate tough industry conditions, challenging geopolitical events, and other uncertainty that we may face. As we enter 2025, we are confident in our ability to continue to create value for customers and shareholders.

我們的財務表現已建立了良好的業績記錄，表明我們有能力應對嚴峻的行業形勢、具有挑戰性的地緣政治事件以及我們可能面臨的其他不確定因素。邁入2025年，我們有信心繼續為客戶和股東創造價值。

Let's move to slide 6.

讓我們翻到第 6 張投影片。

We have very strong cash generation to finish the year. This allows us to pay down additional debt, we invest in our business and return cash to share owners. Our teams collaborated well with customers to manage through a successful transition as a result of the Georgetown mill closure.

我們有非常強勁的現金產生能力來結束這一年。這使我們能夠償還額外的債務，投資我們的業務並向股東返還現金。我們的團隊與客戶進行了良好的合作，成功完成了喬治敦工廠關閉後的過渡。

I want to thank our employees for their hard work and execution as we navigate through the transition. I also want to thank our customers for the trust they place in us each and every day. We're committed to remain the supplier of choice, and we work hard to earn and retain the business.

我要感謝我們的員工在我們度過過渡期期間的辛勤工作和出色表現。我還要感謝客戶每天對我們的信任。我們致力於繼續成為首選供應商，並努力贏得和保留業務。

Lastly, regarding Project Horizon, our cost reduction program to streamline manufacturing, to buying and overhead costs, we exceeded our $110 million year and run rate saving goals by $34 million.

最後，關於我們的成本削減計劃「地平線」項目，該計劃旨在簡化製造、採購和管理成本，我們超出了 1.1 億美元的年度和運行率節省目標 3400 萬美元。

John would cover this in more detail in a few slides.

約翰將在幾張幻燈片中更詳細地介紹這一點。

Let's move to the next slide.

讓我們看下一張投影片。

Slide 7 shows our fourth quarter key financial metrics.

投影片 7 展示了我們第四季的關鍵財務指標。

We earn just a bit of $157 million. It's a margin of 16%. Free cash flow generation was $100 million. As we generated adjusted Operating Earnings of $1.09 per share. I'm proud of how our teams delivered impressive results while taking care of our customers. More importantly, I'm proud of our team's commitment to putting people before paper to ensure everyone returns home safe at the end of each day.

我們只賺了1.57億美元。利潤率為 16%。自由現金流產生量為 1 億美元。我們產生的調整後營業收益為每股 1.09 美元。我為我們的團隊在照顧客戶的同時取得的令人矚目的成果感到自豪。更重要的是，我為我們團隊致力於以人為本、以文件為先的承諾感到自豪，以確保每個人每天結束時都能安全回家。

We are focused on building a resilient safety kilter by involving every team member in our efforts to proactively eliminate risk and create a safer environment for everyone every day. Now John review our performance in more detail.

我們致力於建立有彈性的安全平衡，讓每個團隊成員都參與我們的努力中來，積極消除風險，為每個人創造一個更安全的日常環境。現在約翰更詳細地回顧一下我們的表現。

Thank you, gentlemen, and good morning, everyone.

謝謝各位先生，大家早安。

[Friday] contains our Fourth quarter Earnings bridge versus the Third quarter. The $157 million of adjusted EBITDA was in line with their outlook of $150 million to $165 million. Pricing mix was unfavorable by $18 million. 40% of this was driven by lower pulp and paper pricing in Europe, and about 30% was due the worst mix in North America.

[星期五] 包含我們第四季與第三季的收益對比。調整後的 EBITDA 為 1.57 億美元，與他們的預期 1.5 億美元至 1.65 億美元一致。定價組合不利，金額達 1800 萬美元。其中 40% 是由於歐洲紙漿和紙張價格下跌，約 30% 是由於北美市場價格組合狀況最差。

Volume increased by $6 million driven by the seasonality of Latin America. Operations and other costs were stable due to favorable effects and less economic downtime in North America. Which more than offset the planned 10-year turbine generator maintenance event at our Eastover mill that we highlighted on our last Earnings call. We also had some one-time events, some planned like an insurance settlement, and others like a LIFO adjustment. Plan maintenance outages costs increased by $17 million as we executed a major plan outage at the Eastover mill in the quarter.

受拉丁美洲季節性影響，交易量增加了 600 萬美元。由於北美受到良好影響且經濟停工時間減少，營運和其他成本保持穩定。這遠遠抵消了我們在上次收益電話會議上強調的 Eastover 工廠計劃的 10 年渦輪發電機維護活動。我們還有一些一次性事件，有些是計畫好的，像是保險理賠，有些是後進先出法調整。由於我們本季在 Eastover 工廠實施了一次重大計劃停機，計劃維護停機成本增加了 1700 萬美元。

Input and transportation costs increased by $9 million driven by transportation and seasonally higher energy prices.

由於運輸和季節性能源價格上漲，投入和運輸成本增加了 900 萬美元。

Maybe the slide 9.

也許是幻燈片 9。

A core pillar of our strategy is to be a low-cost producer. Project Horizon, our cost reduction program to streamline manufacturing, supply chain, and overhead cost is helping us to stay low cost. As Jean-Michel mentioned earlier, before inflation, we exceeded our $110 million year-end run rate savings goal by $34 million.

我們策略的核心支柱是成為低成本生產商。我們的「地平線計畫」旨在簡化製造、供應鏈和管理費用，從而降低成本，幫助我們保持低成本。正如 Jean-Michel 之前提到的，不考慮通膨因素，我們的年底運行率節省目標已超出 1.1 億美元 3,400 萬美元。

We beat our manufacturing savings targets by delivering results on over 180 initiatives across all three regions. These projects targeted chemical energy and fixed cost reductions as well as improving fiber efficiency and productivity. We surpassed our supply chain savings targets by reducing approximately 20% of our distribution centres in North America. Optimizing sheeting and rewinding outsourcing processes as well as other initiatives across our network. We executed all these initiatives while maintaining our focus on the customer experience.

我們在三個地區實施了 180 多項舉措，並取得了成果，超額完成了製造業節約目標。這些項目旨在降低化學能源和固定成本以及提高纖維效率和生產率。我們減少了北美約 20% 的配送中心，超額完成了供應鏈節省目標。優化單片和複捲外包流程以及我們網路中的其他措施。我們在執行所有這些措施的同時，始終專注於客戶體驗。

As we mentioned several quarters ago, we eliminated about 150 salaried positions or 7% globally. These collective efforts are making us a leaner, stronger company.

正如我們幾個季度前提到的，我們在全球裁減了約 150 個受薪職位，佔 7%。這些共同的努力使我們的公司變得更加精簡、更強大。

Let's move to slide 10.

讓我們翻到第 10 張投影片。

Another important part of our strategy is to is to invest in high return projects to strengthen our competitive advantages and increase future earnings and cash flow. Here are two examples at one of our flagship mills in Latin America, a Luis Antonio mill, where we are already seeing positive results. The first project increases our self-generation of power at the mill by upgrading the turbine and gearbox on one of our turbine generators. This was a $7 million investment that started up in the third quarter of 2024 and is showing approximately a 25% internal rate return.

我們策略的另一個重要部分是投資高回報項目，以增強我們的競爭優勢並增加未來的收益和現金流。以下是我們在拉丁美洲的旗艦工廠之一 Luis Antonio 工廠的兩個例子，我們已經看到了積極的成果。第一個項目透過升級我們的一台渦輪發電機上的渦輪機和變速箱來增加工廠的自發電量。這是一項 700 萬美元的投資，於 2024 年第三季啟動，內部報酬率約為 25%。

The second project reduces our production weight by installing a new real transition system on one of our paper machines. That's more than $1 million investment that also started up in the third quarter of 2024 and is yielding approximately a 40% internal rate return.

第二個項目透過在我們的一台造紙機上安裝新的實際過渡系統來減輕我們的生產重量。這是一項超過 100 萬美元的投資，於 2024 年第三季啟動，內部報酬率約為 40%。

These are just a few of the many high return projects that we are assessing and implementing to make us more competitive in the future.

這些只是我們正在評估和實施的眾多高回報項目中的一小部分，旨在提高我們未來競爭力。

Let's go to slide 11 and look at our first quarter outlook.

讓我們翻到第 11 張投影片，看看我們的第一季展望。

We expect to deliver first quarter EBITDA of $85 million to $105 million. We project price and let to be unfavorable by $10 million to $15 million. This is due to paper price decreases in Europe and in our Brazilian export regions, plus seasonally unfavorable mix in Latin America. These decreases are projected to be partially offset by realization on paper price increases communicated to customers in North America and Brazil in the fourth quarter.

我們預計第一季的 EBITDA 為 8,500 萬至 1.05 億美元。我們預計價格和租金將低於1000萬美元至1500萬美元。這是由於歐洲和巴西出口地區的紙張價格下降，加上拉丁美洲的季節性不利因素。預計這些下降幅度將被第四季傳達給北美和巴西客戶的紙面價格上漲所部分抵銷。

We should see higher realization from these increases in the second quarter.

我們應該會在第二季度看到這些成長實現更高的水平。

We expect volume to be unfavorable by $20 million to $25 million due to the seasonally weakest demand quarter in Latin America and lower North America volume from the Georgetown mill exit. Operations and other costs are projected to be stable to slightly up as our Project Horizon initiatives offset the non-repeat of favourable fourth quarter events. We expect input and transportation costs to increase by $5 million to $10 million primarily due to seasonally higher energy prices and the longer than expected extreme cold weather across the United States so, far this quarter.

由於拉丁美洲季節性需求最弱的季度以及喬治敦工廠出口的北美產量較低，我們預計產量將減少 2,000 萬至 2,500 萬美元。由於我們的「地平線計畫」抵消了第四季度未能重現的有利事件的影響，預計營運和其他成本將保持穩定或略有上升。我們預計投入和運輸成本將增加 500 萬至 1000 萬美元，主要原因是本季迄今為止季節性能源價格上漲以及美國境內極端寒冷天氣持續時間比預期更長。

Plant maintenance [alls] are projected to increase by $15 million. We expect quarterly earnings to improve throughout the year as we benefit from seeing stronger volume, less maintenance all expenses in the second half of the year, and realize the price increases we are currently implementing.

工廠維護費用預計將增加 1500 萬美元。我們預計全年季度收益將會改善，因為我們受益於下半年更強勁的銷售、更少的維護費用，以及實現我們目前正在實施的價格上漲。

You should note on appendix slides 44 and 45.

您應該注意附錄投影片 44 和 45。

That about 80% of our planned maintenance allergies will be in the first half of this year.

我們計畫的維護過敏症約有 80% 將發生在今年上半年。

Let's go to slide 12.

我們來看第 12 張投影片。

You shift now to talk about overall industry conditions across our region. In Europe, we're seeing improved order books and industry supply was reduced by 7% after two uncoded freesheet machines closed last year.

現在您來談談我們地區的整體產業狀況。在歐洲，我們看到訂單量增加，自去年兩台未編碼的免費報紙機關閉以來，行業供應量減少了 7%。

Hope and un-cutted freesheet prices have also stabilized as we are entering the new year. In Latin America, we expect seeing weaker industry demand in the First quarter and expect demand to be sequentially stronger in each calendar quarter like every year.

隨著我們進入新的一年，希望未切頁的免費報紙價格也穩定下來。在拉丁美洲，我們預計第一季的行業需求將會減弱，但預計與每年一樣，每季的需求都會逐漸增強。

In Brazil, we are currently seeing strong demand for back-to-school orders and notebooks. We previously communicated uncoded freesheet price increases to our customers in Brazil effective in January.

在巴西，我們目前看到返校訂單和筆記本的需求強勁。我們之前曾向巴西客戶通報未編碼的免費報紙價格上漲將於 1 月生效。

We are seeing uncoded freesheet pricing pressure for our Brazilian paper's exports to other Latin America and offshore markets. In North America we are seeing slightly lower industry demand in line with our expectations. Domestic industry supply was reduced by 10% after a few machines closed in the second half of last year. We previously communicated un-cutted free sheet price increases to our North American customers effective in January. Globally, pulp industry conditions appear to be stabilizing are anticipated to improve over the course of the year.

我們發現，巴西紙張出口到其他拉丁美洲國家和海外市場面臨未編碼免費報紙定價壓力。在北美，我們看到產業需求略有下降，符合我們的預期。去年下半年一些工廠關閉後，國內產業供應量減少了 10%。我們之前曾向北美客戶通報過一月份開始的未切割免費板材價格上漲的消息。從全球來看，紙漿產業狀況似乎正在趨於穩定，預計今年內將會改善。

I'll turn back over to on Jean-Michel, pick up on slide 13.

我將回到 Jean-Michel，從第 13 張幻燈片開始。

Thanks, John.

謝謝，約翰。

We have generated substantial cash since our inception, and I've allocated it of $1.8 billion as you can see on this slide. Over 70% of this cash was used to repay debt and reinvest in our business. After starting out with over $1.5 billion good debt, we have reduced it by almost 50% and have achieved a net debt adjusted EBITDA of 0.9% by the end of 2024.

自成立以來，我們已經產生了大量現金，正如您在這張投影片上看到的，我已經分配了 18 億美元。其中超過 70% 的現金用於償還債務和再投資於我們的業務。我們最初的優質債務超過 15 億美元，到 2024 年底，我們已將其減少了近 50%，並實現了淨債務調整後的 EBITDA 達到 0.9%。

Keeping a healthy financial position is the cornerstone of our capital allocation framework. This allows us to invest in our business to strengthen our competitive advantages to the cycle and to increase future Earnings and cash flow. As most of you already know, many people are investing to get out of [unco]. While we are reinvested over $600 million in our business in the last 3 years in order to improve our competitive position.

保持健康的財務狀況是我們資本配置架構的基石。這使我們能夠投資於我們的業務，以增強我們的週期競爭優勢並增加未來的收益和現金流。正如你們大多數人已經知道的那樣，許多人投資是為了擺脫[不協調]。為了提高我們的競爭地位，我們在過去 3 年裡對我們的業務進行了超過 6 億美元的再投資。

One of the main advantages we have as an independent company is that it allows us to invest in our future in a way that we could not do before. Improving our financial position allowed us to return home almost $350 million to share owners to dividends and share repurchases. We will continue to look for opportunities to purchase shares at attractive prices. We have generated substantial cash over the past 3 years and plan to continue to do so moving forward.

作為一家獨立公司，我們的主要優勢之一是，它使我們能夠以以前無法做到的方式投資我們的未來。改善我們的財務狀況使我們能夠向股東返還近 3.5 億美元的股息和股票回購。我們將繼續尋找以有吸引力的價格購買股票的機會。我們在過去三年中創造了大量現金，並計劃在未來繼續保持這種勢頭。

For 2025, we are planning $220 million to $240 million in capital spending. Our outlooks include approximately $125 million in maintenance and regularly spending of Brazil for Iceland are significant competitive advantage. This Eucalyptus plantations provide a material cost advantage relative to most other global competitors. We plan to invest roughly $35 million in our forest plan to increase our efficiency and reduce costs. Additionally, we will complete the $30 million, three-year wood supply agreement to ensure adequate food supply from '24 to '26.

到 2025 年，我們計劃資本支出 2.2 億至 2.4 億美元。我們的展望包括巴西約 1.25 億美元的維護和定期支出，這對冰島來說是顯著的競爭優勢。與大多數其他全球競爭對手相比，這種桉樹種植園具有材料成本優勢。我們計劃在森林計畫中投資約 3,500 萬美元，以提高效率並降低成本。此外，我們將完成價值 3,000 萬美元、為期三年的木材供應協議，以確保 2024 年至 2026 年期間充足的糧食供應。

As we have been saying for several quarters, we will continue to ramp up our high return projects to strengthen our assets. To increase our earnings and cash flow. This year we expect to invest $50 million to $70 million for high return projects.

正如我們幾個季度以來所說的那樣，我們將繼續加強高回報項目力度，以增強我們的資產。增加我們的收入和現金流。今年我們預計投資5000萬至7000萬美元用於高回報項目。

Speaking of reinvesting in our low cost's assets, we're excited to announce that we're investing in the future of our flagship mills is over South Carolina. We have 3 high return projects that will reduce cost while improving efficiency and mix of the most competitive and Freesheet mill in North America.

說到對我們的低成本資產進行再投資，我們很高興地宣布，我們正在對南卡羅來納州的旗艦工廠的未來進行投資。我們有 3 個高回報項目，這些項目將在降低成本的同時提高北美最具競爭力和免費板材工廠的效率和組合。

First, we're investing to optimize more for two paper machines.

首先，我們正在投資對兩台造紙機進行進一步優化。

Second, we are replacing an existing cashier with a brand-new sheeter.

其次，我們將用全新的切紙機取代現有的收銀機。

These first 2 projects will require a total investment of approximately $145 million over the next 3 years. The spending will start this year with a majority occurring in 2026. Once completed, these combined investments should have an internal rate of return of greater than 30%. They should create incremental adjusted EBITDA of more than $50 million per year, resulting in additional cash flow as well.

首兩個項目未來三年內將需要總計約 1.45 億美元的投資。支出將於今年開始，大部分支出將於 2026 年完成。一旦完成，這些綜合投資的內部報酬率應超過 30%。他們每年應創造超過 5000 萬美元的增量調整後 EBITDA，從而產生額外的現金流。

Third, we're partnering with an industry leader in woodyard operations. To modernize our woodyard and improve our efficiency while avoiding about $75 million in capital over the next 5 years. This is a very exciting moment for all of us. I'll turn it to John to discuss his higher return projects in more detail.

第三，我們正在與木材場營運產業的領導者合作。使我們的木材場現代化並提高我們的效率，同時在未來 5 年內節省約 7500 萬美元的資本。對我們所有人來說，這是一個非常令人興奮的時刻。我將與約翰更詳細地討論他的更高回報項目。

Yeah, thank you, Jean Michel. This is exciting.

是的，謝謝你，Jean Michel。這真令人興奮。

The first of these high return projects that our flagship Eastover Mill will be to optimize one of our two paper machines, modernizing it to the same world class level as our other paper machine at Eastover.

我們的旗艦 Eastover Mill 的這些高回報項目中的第一個將是優化我們的兩台造紙機中的一台，使其現代化到與 Eastover 的另一台造紙機相同的世界一流水平。

We plan to make investments starting at the head box continuing all the way down the paper machine through the forming press and dryer sections, including modifications to the winder at the end of the at the end of the machine. These enhancements will allow us to reduce costs while improving our product mix across both paper machines. This deep bottom neckling should result in up to an incremental 60,000 tons of uncoated freesheet.

我們計劃從流漿箱開始一直到造紙機、成型壓機和乾燥部進行投資，包括對機器末端的捲繞機進行改造。這些改進將使我們能夠降低成本，同時改善兩台造紙機的產品組合。這種深底部收縮將導致未塗佈自由片材的增量高達 60,000 噸。

The project has an investment of approximately $100 million over the next 3 years with an expected startup in the fourth quarter of 2026.

該項目未來 3 年的投資約為 1 億美元，預計將於 2026 年第四季啟動。

The second high return project will be to replace an existing sheet with a state the art cut size sheeter. This new and more efficient sheer will lower our seating cost up to 15%, reduce waste by maximizing paper machine trim while providing incremental cut size volume capability. This sheet will allow us to reduce outsource sheeting while providing better reliability and additional flexibility to better service our customers. This $45 million project is expected to start up in the fourth quarter of 2026.

第二個高回報項目將是用最先進的切割尺寸切紙機取代現有的紙張。這種新型、更有效率的剪切機將降低我們的座位成本高達 15%，透過最大限度地利用造紙機邊角料來減少浪費，同時提供增量切割尺寸的體積能力。這件板材將使我們能夠減少外包板材，同時提供更好的可靠性和額外的靈活性，以更好地服務我們的客戶。這個耗資 4500 萬美元的項目預計將於 2026 年第四季啟動。

And the third high return project at Eastover will be to improve our woodyard efficiency through innovation innovative modernization.

Eastover 的第三個高回報項目將是透過創新和現代化來提高我們的木材場效率。

We are entering into a 20-year partnership with an external provider, the Price Company.

我們正在與外部供應商 Price Company 建立為期 20 年的合作關係。

He was an industry leader in Woodyard operations. They design, finance, and operate the most efficient wood yards in the world. They will invest the capital to upgrade our Woodyard, and they will also operate and maintain the Woodyard at the Eastover mill. This will result in more efficient, reliable, and cost-effective wood processing operations. This project will greatly improve the overall reliability of our operations by replacing our aging wood yard equipment. As Jean-Michel mentioned earlier, this project will enable us to avoid spending about $75 million in capital over the next 5 years. The anticipated startup is in the first quarter of 2026.

他是 Woodyard 營運領域的產業領導者。他們設計、資助並經營世界上最高效的木材場。他們將投資資金升級我們的木材場，並且還將運作和維護位於 Eastover 工廠的木材場。這將使木材加工操作更加高效、可靠且經濟高效。該項目將透過更換老化的木材場設備，大大提高我們營運的整體可靠性。正如 Jean-Michel 之前提到的，這個項目將使我們在未來 5 年內節省約 7,500 萬美元的資本支出。預計啟動時間為 2026 年第一季。

These high return projects reinforce our commitment to reinvest to strengthen our low costs assets. To increase earnings and cash flow. I'll now turn it back over to Jean-Michel.

這些高回報項目強化了我們再投資以加強低成本資產的決心。增加收益和現金流。現在我將把發言權交還給 Jean-Michel。

Thanks, John.

謝謝，約翰。

We strive to create long term shareholder value by executing our strategy and delivering on our investment. Since becoming an independent company, just over 3 years ago, we have the total shareholders up almost 150% and over $2 billion adjusted that. Generated over $900 million in free cash flow that by almost $725 million. Reinvested over $600 million to strengthen our business and returned almost $350 million in cash to share owners.

我們努力透過執行我們的策略和實現我們的投資來創造長期股東價值。自從三年前成為獨立公司以來，我們的股東總數增加了近 150%，調整後的資產超過 20 億美元。產生了超過 9 億美元的自由現金流，比前一年增加了近 7.25 億美元。重新投資超過 6 億美元來加強我們的業務，並向股東返還近 3.5 億美元現金。

I'll conclude my comments on slide 20. I continue to be impressed with our team as we work to take care of our customer needs and remain the supplier of choice. We are reducing our cost structure and are reinvesting in our business through a great pipeline of high return capital projects which will enable us to grow our earnings and cash flow in the coming years.

我將在第 20 張投影片上結束我的意見。我們的團隊一直致力於滿足客戶的需求並繼續成為客戶的首選供應商，這給我留下了深刻的印象。我們正在降低成本結構，並透過大量高回報資本項目對我們的業務進行再投資，這將使我們能夠在未來幾年增加收益和現金流。

[Is creating] share owner values, strong cash generation and discipline capital allocation. We believe in the promise of paper for education, communication, and entertainment. And we intend to increase our competitive advantages in the regions we serve. We're confident in our future and motivated by the opportunities that lie ahead.

[正在創造]股東價值、強勁的現金創造能力和嚴格的資本配置。我們相信紙張在教育、交流和娛樂方面具有廣闊的應用前景。我們打算增強我們服務地區的競爭優勢。我們對未來充滿信心，並對未來的機會充滿動力。

With that, I'll turn the call back to him.

這樣，我就把電話轉回給他。

Thanks, Jean Michel, and thank you John. Okay, [Audra], we're ready to take questions.

謝謝，Jean Michel，也謝謝你 John。好的，[奧德拉]，我們準備好回答問題了。

(Operator instruction).

（操作員指令）。

And we'll take our first question from George Staphos at Bank of America.

我們將回答美國銀行的喬治·斯塔福斯提出的第一個問題。

Thanks so much, everyone. Good morning. Thanks for the details.

非常感謝大家。早安.謝謝你的詳細資料。

My two questions and congratulations on the progress over the last few years. My two questions, first of all, can you talk a little bit about what impact of pricing that might be in the process of being implemented. Is in your guidance for the first quarter, if anything at all, or is all of that pricing more or less locked and loaded from prior efforts and then If I go to slide 8, I believe, and we look at volume, you touched a little bit on it, but volume was a little bit weaker than what you've been looking for in the Fourth quarter. Can you give us a bit more detail on what was going on there?

我有兩個問題，並祝賀過去幾年所取得的進步。我有兩個問題，首先，您能否談談定價在實施過程中可能產生什麼影響。這是否包含在您對第一季的預測中，或者說所有這些定價是否或多或少都已根據先前的努力確定，然後，如果我轉到幻燈片 8，我相信，我們看一下交易量，您稍微提到了這一點，但交易量比您在第四季度所期待的要弱一些。您能否向我們詳細介紹那裡發生的事情？

Thank you, guys.

謝謝你們。

Yeah, George, and thank you to your first question. Actually, the, so we have two price increases that we've announced to our customers as we mentioned, one in Brazil, so that's about 50% of our volume down in Latam and one in North America, and we're in the process of implementing that in the first quarter because if we are implementing, I can't give you a lot of details, but I can say that the realization because of the timing of those, it's going to be more in the second quarter and very little in the first quarter in our outlook.

是的，喬治，謝謝你的第一個問題。實際上，正如我們所提到的，我們已經向客戶宣布了兩次提價，一次是在巴西，這意味著我們在拉美地區的銷量下降了約 50%，另一次是在北美，我們正在第一季度實施這一措施，因為如果我們要實施，我無法提供太多細節，但我可以說，由於實施時間的關係，我們預計第二季度的實施會很少。

The second question in terms of volume was lower than what we expected, really across all the regions, mostly in North America, and so that, that's really the difference between our outlook and the actual results.

第二個問題是關於銷量，實際上所有地區的銷量都低於我們的預期，主要是北美，所以，這確實是我們的展望和實際結果之間的差異。

I guess, John.

我想，約翰。

Why was it a little bit weaker in North America than the other regions if you had a view, I'm sorry, keep going.

如果你有觀點，為什麼北美比其他地區弱一點，對不起，請繼續。

Georgia, we was a little bit lower in the commercial printing and envelope market. Actually the cut sizes, the copy paper business was actually stronger than what we expected, but it was more so in the commercial printing area.

喬治亞州，我們在商業印刷和信封市場的地位略低。實際上，裁切尺寸的複印紙業務實際上比我們預期的要強勁，但在商業印刷領域尤其如此。

Okay, that makes sense.

好的，這很有道理。

Anyway, we had in North America to be Michel, thanks for joining in North America we had a November. I think we didn't anticipate it well enough, all the holidays and the impact it had we had as planned the October and December months, but November was below.

無論如何，我們在北美有 Michel，感謝你們加入我們在北美度過的十一月。我認為我們對此的預期不夠好，所有的假期及其影響我們都按計劃在 10 月和 12 月進行，但 11 月的情況卻低於預期。

Okay.

好的。

Thank you. I'll go back to you.

謝謝。我會回到你身邊。

We'll take our next question from Mattew McKellar at RBC Capital Markets.

我們將回答 RBC Capital Markets 的 Mattew McKellar 提出的下一個問題。

Hi, good morning. Thanks for taking my questions. I'd like to start by asking about tariffs.

嗨，早安。感謝您回答我的問題。我想先詢問一下關稅問題。

If the US were to apply a sustained 25% tariffs on goods from Canada and Mexico, and they in turn applied retaliatory tariffs on the US, how do you think your business would be affected and what would be your response in that scenario?

如果美國對加拿大和墨西哥的商品持續徵收 25% 的關稅，而他們反過來對美國徵收報復性關稅，您認為您的業務會受到什麼影響，在這種情況下您會如何應對？

So, thanks for joining the call first of all. This is still very difficult to assess, to be very honest.

首先感謝您參加此次電話會議。說實話，這仍然很難評估。

I think the 25% on aluminium and steel. Will have some impact that we've anticipated potentially. On some of the equipment we buy because the steel or aluminium might get more expensive in the US in general, but that's not material for us. I would not be too worried about that. The rest with Canada, Mexico, if it was to happen. It's more a question of what the retaliation is we're going to get. I don't think it's going to impact us. Really at all if there is no retaliation, but as of now, if these tariffs were to put in place, we don't know what Canada or Mexico will do, and that's a question mark. I don't have the answer.

我認為鋁和鋼的稅率是 25%。可能會產生一些我們預料到的影響。我們購買一些設備是因為美國的鋼材或鋁材價格普遍上漲，但這對我們來說並不重要。我不會太擔心這一點。如果發生這種情況，其餘國家將與加拿大、墨西哥結盟。問題更在於我們將會遭受什麼樣的報復。我認為這不會對我們造成影響。如果沒有報復的話，確實如此，但截至目前，如果這些關稅實施，我們不知道加拿大或墨西哥會怎麼做，這是一個問號。我不知道答案。

Okay, thanks for that color.

好的，謝謝你的顏色。

Maybe shifting to Latin America, I think you mentioned seeing some positive trends, in demand in Brazil. I'd also like to ask about your expectations for demand to the textbook order this year and maybe putting it all together, what that implies for how your volumes and mix kind of evolved through 2025 and If you put differently, you expect the seasonality we typically see in Latam to be exaggerated this year with a bigger ramp through the year than usual, driven by a more significant shift in mix, especially given the prices in Brazil are going up, but you called out prices in the export channel as being under some pressure.

也許轉向拉丁美洲，我想您提到看到巴西需求的一些積極趨勢。我還想問一下您對今年教科書訂單需求的預期，綜合起來，這對您的產量和產品組合在 2025 年的發展有何影響？換言之，您預計我們通常在拉美地區看到的季節性今年會更加明顯，全年的增長幅度將比往年更大，這是由產品組合更顯著的變化所推動的，特別是考慮到巴西的價格正在上漲，但您提到出口渠道的價格面臨一些壓力。

Yeah, Matthew, thank you, one of the questions you asked is just around the textbooks and the school business. So, if I heard that correctly, yes, we're seeing improved order books, demand for that down in Brazil. You got to remember in Brazil last year demand was down, so that does impact us from a negative mixed perspective as we ship less into Brazil. This year we're seeing it. Up the flat is slightly up and we expect as we said that that that Brazil and also Latam markets will subently increase throughout the year. So that's going to be positive from a volume perspective but also very positive from a mixed perspective and that'll start to really materialize itself, more as the year goes on, 2nd and 3rd quarter.

是的，馬修，謝謝你，你問的一個問題是關於教科書和學校事務。所以，如果我沒聽錯的話，是的，我們看到訂單量有所改善，巴西的需求有所下降。你要記住，去年巴西的需求下降了，這確實對我們產生了負面混合影響，因為我們對巴西的出貨量減少了。今年我們就看到了這一點。平盤略有上漲，我們預計，正如我們所說的，巴西和拉丁美洲市場全年將持續成長。因此，從數量角度來看這將是積極的，從混合角度來看也將是非常積極的，並且隨著時間的推移，在第二季度和第三季度，這將開始真正實現。

Thanks, that's helpful. I'll turn it back.

謝謝，這很有幫助。我會把它轉回去。

(Operator instructions). We'll go next to Daniel Harriman at Sidoti.

（操作員指令）。接下來我們將前往 Sidoti 拜訪 Daniel Harriman。

Hey guys, good morning. Thanks for taking my question. Just a quick one here today for me. Can you help us a little bit with the cadence of your capital spending in 2025 within that range of 220 to 240? Should we expect more or less that CapEx to kind of follow the cadence that it did in 2024?

大家好，早安。感謝您回答我的問題。今天我只想簡單說一下。您能否幫助我們了解 2025 年資本支出的節奏，在 220 到 240 的範圍內？我們是否應該預期資本支出將或多或少遵循 2024 年的節奏？

Yeah, Danny, are you talking about thanks for joining Daniel, are you talking about in terms of the timing of the is that what you mean? Yeah.

是的，丹尼，你是在說感謝你加入丹尼爾，你是在說時間方面，這就是你的意思嗎？是的。

Just how should we think about it being spread out throughout the year on a quarterly basis?

我們該如何考慮將其按季度分散到全年？

Yeah, and I think the way to think about that is, more heavily weighted to the first half because you can see 80% of our outages are in that. Now with the spending for the spending that we'll do on the Eastover projects that we talked about, that will occur throughout the year, not really tied to the outages as we prepare for that implementation in 2026.

是的，我認為應該多關注上半年，因為你可以看到 80% 的停電都發生在上半年。現在，我們將在討論過的 Eastover 項目上進行支出，這些支出將貫穿全年，與我們在 2026 年實施該項目時準備進行的停電無關。

Okay. All right.

好的。好的。

Thank you, John.

謝謝你，約翰。

At the outage this year particularly it's probably one of the most extreme we've had in terms of timing of outages first half versus second half of the year, which is part of our earnings growth where we have a hockey stick. You have 80% of our outage spending in the first half of the year versus 20% only in the second half. So that's a big component to take into consideration.

尤其是今年的停電，就上半年和下半年停電時間而言，這可能是我們遇到的最極端的停電之一，這是我們盈利增長的一部分，我們有曲棍球棒。我們的停電支出 80% 發生在上半年，下半年僅佔 20%。所以這是一個需要考慮的重要因素。

Thanks so much

非常感謝

But we do look at like the monthly spend, the projections that we have, and as we forecast, it's really not much different than what we had last year in terms of the A monthly spend on capital.

但我們確實會關注每月的支出，我們所做的預測，正如我們所預測的，就每月資本支出而言，與去年相比並沒有太大差別。

Okay, that's helpful, thank you.

好的，這很有幫助，謝謝。

We'll move next to George Staphos with Bank of America.

接下來我們將採訪美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi guys, thanks for taking the follows.

大家好，感謝關注。

My next two.

我的下兩個。

Can you talk a little bit about how the cost curve is shifting in Europe? Certainly, pulp prices stabilize. It looks like that in a few markets, but it was a declining situation in the second half. What did that mean for the cost curve and, ultimately pricing and your market shares in the region? The related question what do you think the industry operating rate is? In Europe right now.

您能否談談歐洲的成本曲線是如何改變的？當然，紙漿價格穩定下來。在一些市場看起來是這樣的，但下半年情況卻出現下滑。這對成本曲線、最終定價以及您在該地區的市場份額意味著什麼？相關問題您認為行業開工率是多少？現在在歐洲。

Thank you.

謝謝。

Yeah, George, I think when we take a look at the cost curve, it's, it is certainly moved up as really since.

是的，喬治，我認為當我們看一下成本曲線時，它確實已經上升了。

The Russian invasion into Ukraine and that's really driven, what that has driven it increased energy costs, gas costs, as well as wood. The wood costs we've seen go up across the region. If you look at your pricing, that's what we looked at Europe uncut appreciate pricing is stabilizing because about 20 or so, maybe even more, a quarter of.

俄羅斯入侵烏克蘭是導致能源成本、天然氣成本以及木材成本上升的主要原因。我們看到整個地區的木材成本都在上漲。如果你看一下你的定價，這就是我們看到的歐洲未削減的升值定價正在穩定，因為大約 20 左右，甚至更多，四分之一。

The cost curve is right now the pricing is, below the cash cost.

成本曲線目前定價低於現金成本。

So right now, we got about 20%-25% of the capacity that even with the pulp prices where they are today, which is bottoming, we have, cost that's above the current pricing.

因此，目前我們的產能約為 20%-25%，即使紙漿價格處於目前的低位，我們的成本也高於目前價格。

In in in Europe in terms of the operating rate, it has improved because of the outages or because of the closures that occurred, yes, and so it's in the mid-80s right now.

就歐洲而言，由於停電或關閉，營運率有所提高，目前約為 80 年代中期。

Including the 10%, I think you said reduction from closures.

包括那 10% 的話，我想您說的是因關閉而減少的金額。

That's right, including that kind of.

對啊，包括那種。

And John, just a point of clarity, clarification, I'll turn over. So, your view is the cost curve actually is up over the last quarter, two quarters in Europe, or it's more or less stable and certainly up over the last several years because of Ukraine and the like.

約翰，為了澄清一點，我將會轉述。所以，您認為成本曲線實際上在過去一個季度，歐洲的兩個季度是上升的，或者說，由於烏克蘭等因素，成本曲線在過去幾年里基本上保持穩定，而且肯定是上升的。

It's a latter. I mean, we, with the decreasing pulp prices, you can say that maybe quarter sequentially quarters is slightly down, but overall. The cost curve is increased, if you will, gotten higher cost.

是後者。我的意思是，隨著紙漿價格的下降，你可以說每個季度可能略有下降，但總體而言。成本曲線增加了，如果你願意的話，成本就會更高。

Okay.

好的。

Thank you, John. I'll turn it over.

謝謝你，約翰。我把它翻過來。

And we'll take a follow up from Matthew McKellar at RBC.

我們將跟進 RBC 的 Matthew McKellar 的後續報導。

Thanks very much. I'm just following up on an earlier response. I think you mentioned that you saw lower commercial printing and envelope volumes in North America in the quarter than maybe you're anticipating. Just wanted to, I guess, get a little bit more color on that, whether you've seen any kind of rebound in volumes, maybe start Q1 or whether maybe you're expecting to see some more permanent kind of demand destruction, maybe on the back of higher postal rates or any other factors.

非常感謝。我只是在跟進之前的回覆。我想您提到過，本季北美的商業印刷和信封數量可能低於您的預期。我想，只是想更詳細地了解一下，您是否已經看到交易量出現反彈，也許是從第一季開始，或者您是否預計會看到某種更持久的需求破壞，可能是由於郵費上漲或其他因素。

Now, I think we don't see that as a systemic issue. We see that coming back and our projections are for North America that the demand will be Down about 3%, the historical trend. That we have been seeing or, well, we haven't been seeing really because of the inventory corrections and all, but that we've generally been seeing over the for the industry, so nothing different. The normal.

現在，我認為我們不認為這是一個系統性問題。我們看到這種情況正在逐漸恢復，我們預測北美的需求將下降約 3%，這是歷史趨勢。我們已經看到了，或者，好吧，我們實際上還沒有看到，因為庫存調整等等，但我們普遍看到了整個行業的情況，所以沒有什麼不同。正常的。

Okay, thanks for that. So, if I could just sneak one more in on the Eastover Woodyard operations, of course, your partner will be laying out some capital and you're going to be avoiding spending your own capital. You also mentioned more efficient, reliable, and cost-effective operations. I guess with this agreement, how should we think about the impact to operating costs at least over both in '26 versus '25 and then how things progress over the longer term just specific to what you've announced with the wood yard here.

好的，謝謝。所以，如果我能再偷偷參與 Eastover Woodyard 的運營，當然，你的合作夥伴會投入一些資金，而你則會避免花費自己的資金。您也提到了更有效率、更可靠、更具成本效益的營運。我想，根據這項協議，我們應該如何看待至少在 26 年和 25 年對營運成本的影響，以及長期內事情將如何發展，具體到你們在這裡宣布的木材場的情況。

I think just the wood yard is not a huge impact in cost. It's avoidance of capital spending, the first thing, and then the yield and all of that, we continue to put our wood, which is very competitive, even more competitive. Once transformed at the mill. So, it's a small impact, but not, we'll take every penny, it counts everything in this industry. It's a small impact in the cost side. Better reliability, flexibility, and avoidance of capital. That's the way I would look at it.

我認為木材場本身不會對成本造成太大影響。首先要避免資本支出，然後是收益率等等，我們繼續投入木材，這是非常有競爭力的，甚至更具競爭力。曾在工廠進行改造。所以，影響很小，但不是，我們會珍惜每一分錢，因為這對這個產業來說至關重要。這對成本方面的影響很小。更好的可靠性、靈活性和避免資本。我就是這樣看待這件事的。

Okay, thanks for the help. I'll turn it back.

好的，謝謝你的幫忙。我會把它轉回去。

And a final reminder if you would like to ask a question, please press one and we'll go back to George Stapfos at Bank of America.

最後提醒一下，如果您想提問，請按 1，我們將回覆美國銀行的喬治‧史塔普福斯 (George Stapfos)。

Thanks guys. I want to piggyback off of Matt's question. So, what does your partner get from you in exchange for operating the Woodyard if you can talk about the terms there?

謝謝大家。我想順便回答一下馬特的問題。那麼，如果您可以談論那裡的條款，您的合作夥伴從您那裡得到什麼來換取經營 Woodyard 的利益？

Second question pencilling it out, free cash flow for the first quarter looks to be, on our math, kind of neutral to maybe up $20 million. I don't know if you called it out actually in the deck or the release if you did, I apologize for missing it, but if you could sort of give us some thoughts there, and then I'll turn it over, come back into cu.

第二個問題是，根據我們的計算，第一季的自由現金流看起來是中性的，可能增加 2000 萬美元。我不知道您是否在牌組或發布中真正提到過這一點，如果確實如此，我很抱歉錯過了，但是如果您能在那裡給我們一些想法，然後我會把它翻過來，回到 cu。

Yeah, I think the, your first question, George, we're not going to really disclose the terms of the agreement other than what we said, with the 20 year agreement we are paying them to service the Woodyard and the way Jean Michel talked about it, we're going to get some efficiencies on yield, but that's going to pay the service fee that we're charging them, so the big benefit there is really the capital avoidance because they will be investing the installing the equipment and maintaining the equipment in the Woodyard which will significantly modernize it so. That that's how that's going to work.

是的，喬治，我認為，你的第一個問題，除了我們所說的，我們不會真正透露協議條款，根據 20 年的協議，我們將向他們支付服務 Woodyard 的費用，以及 Jean Michel 談到的方式，我們將獲得一些收益效率，但這將支付我們向他們收取的服務費，因此，最大的現代好處實際上是避免資本損失，因為他們將投資於安裝設備和設備。這就是它的工作方式。

And on free cash flow?

那麼自由現金流呢？

All right, and I'm sorry, you're going to have to repeat your question again.

好的，很抱歉，你得再重複你的問題。

John, as I was pencilling it out, and I don't know if you've actually mentioned the deck or the release if you did, I missed it. I'm kind of coming out with sort of flat to up $20 million on free cash flow for the first quarter. Could you give us some thoughts on that?

約翰，當我用鉛筆寫下它時，我不知道你是否真的提到了甲板或發行版，如果你提到了，我錯過了。我預計第一季的自由現金流將持平至增加 2,000 萬美元。您能就此告訴我們一些想法嗎？

Yes, I'm sorry, I didn't, remember that question, but yeah, we don't do it, we don't give any guidance on free cash flow.

是的，很抱歉，我不記得這個問題，但是是的，我們不這樣做，我們沒有對自由現金流提供任何指導。

Just one thing I would say is like '24, I would expect a '25 with a seasonal stronger cash flow in the second half than first half.

我只想說，就像 24 年一樣，我預計 25 年下半年的季節性現金流將比上半年更強勁。

And remember in the first half, especially first quarter, we got this allergies in Europe which impacts the cash.

請記住，在上半年，特別是第一季度，我們在歐洲受到了這種過敏的影響，這影響了現金。

We've got the annual incentive compensation and customer rebates. So, we've got quite a one-time seasonal cost in Q1 versus the rest of the quarters. So, it's.

我們有年度獎勵薪酬和客戶回饋。因此，與其他季度相比，我們在第一季的一次性季節性成本相當高。原來如此。

I won't get exact number, but it might be more pressure than you have in your.

我無法得到確切的數字，但可能比你所承受的壓力更大。

Yeah, the first quarters always are.

是的，第一季總是如此。

Challenging in terms of cash flow.

現金流方面充滿挑戰。

They're worried for the year. It's just this tummy.

他們為這一年感到擔憂。只是這個肚子。

Understood. Hey guys, maybe I'll throw my last two in here if it's okay. Tax rate kicks up a little bit 28% to 29%. What's in that? And could you give us my last question? What was the effect of the one-timers in the quarter that I know you'll be offsetting with Horizon in the first quarter, but what was kind of that benefit that you got in the fourth quarter? Thanks, and good luck in the first quarter.

明白了。嘿夥計們，如果可以的話，我可能會把最後兩個放在這裡。稅率略有上升，從 28% 上升至 29%。那裡面有什麼？您能問我們最後一個問題嗎？我知道您將在第一季度用 Horizo​​​​n 來抵消本季度的一次性支出的影響，但是您在第四季度獲得了什麼樣的好處？謝謝，祝第一季好運。

Yeah, and thanks George and the question on the taxes, we had a benefit last year. We bought some credits that we were able to use and so that lowered our tax. We're not going to have that repeat right now. We we're going to be continuing to look at that, but that's not in our outlook. And the other thing is lower earnings in Europe as.

是的，感謝喬治，關於稅收的問題，我們去年獲得了福利。我們購買了一些可以使用的信用額度，從而降低了我們的稅收。我們現在不會再重複這樣的事情了。我們將繼續關注這個問題，但這不在我們的考慮範圍內。另一件事是歐洲的收入較低。

So that increases our tax, the overall tax rate because we have less earnings in Europe.

因為我們在歐洲的收入較少，所以這增加了我們的稅收，整體稅率。

Okay, and one timers.

好的，還有一次性的。

From four time yeah so.

從四次開始，是的。

Specifically, we had $5 million dollar insurance payment that we got, in the fourth quarter. LIPO was about $7 million.

具體來說，我們在第四季收到了 500 萬美元的保險金。LIPO 約 700 萬美元。

Okay, thanks very much.

好的，非常感謝。

I'll now turn the call back over to Hans Bjorkman for closing comments.

現在我將把電話轉回給漢斯·比約克曼 (Hans Bjorkman) 來做最後發言。

All right, thank you. Before we close up, I'm going to let Jean Michel kind of wrap up the call today.

好的，謝謝。在我們結束之前，我想讓 Jean Michel 來總結一下今天的通話。

Yes, so thank you everybody for joining, exciting times and we're right in our strategy about investing in our high return projects.

是的，感謝大家的加入，這是一個令人興奮的時刻，我們投資高回報項目的策略是正確的。

One thing for '25 is I don't intend to give you numbers on the annual earnings guidance, but with all the uncertainty of the macro and the geopolitical, I'll be prudent, but on a high level colour, if you look at '25 versus '24, both in North America and Latin America, we plan a slightly better '25 and '24 and I just did a bit done.

對於 25 年，我不打算給出年度盈利預測的數字，但考慮到宏觀和地緣政治的不確定性，我會保持謹慎，但從宏觀角度來看，如果將 25 年與 24 年進行比較，無論是在北美還是拉丁美洲，我們計劃在 25 年和 24 年取得更好的成績，而我已經做了一些工作。

For Europe, with this $35 million incremental me outage, we plan to be worse than '24.

對於歐洲來說，由於這次 3500 萬美元的增量停電，我們預計情況會比 24 年更糟。

So, I'm putting that with some salt, of course, because as you mentioned, all tariffs and macro is very difficult to forecast. And it's not an exact number, but it gives you a trend which I hope helps you. As we mentioned, we expect our quarter Earnings to improve throughout the year due to 3 main factors.

所以，我當然對此持懷疑態度，因為正如你所提到的，所有關稅和宏觀因素都很難預測。這不是一個確切的數字，但它可以給你一個趨勢，我希望這對你有幫助。正如我們所提到的，我們預計本季的收益將因三個主要因素而全年改善。

Seasonable, strong volume, Realization of the price increase in North America and Brazil and less maintenance allergies in the second half of this year. So, with that, I thank you for joining the call.

季節性強，銷售量強勁，實現北美和巴西的價格上漲，今年下半年維護過敏減少。因此，我感謝你們參加這次電話會議。

And have a good day.

祝您有美好的一天。

Once again, we would like to thank you for participating in Sylvamo's Fourth quarter 2024 Earnings call.

再次感謝您參加 Sylvamo 2024 年第四季財報電話會議。

Thank you. You may now disconnect.

謝謝。您現在可以斷開連線。