Q2 2024 Glatfelter Corp Earnings Call

August 8, 2024

You are currently on hold for a GLADFELTER second quarter 2024 earnings release conference call. At this time, we're assembling today's audience and plan to be underway shortly. We appreciate your patience and push you down the line. Thank you.

Operator: Welcome to today's conference call. At this time, we are assembling today's audience and plan to get underway shortly. We appreciate your patience, and please remain on the line. Welcome to today's conference call. At this time, we are assembling today's audience and plan to be underway shortly. We appreciate your patience, and please remain on the line.

Operator: conference call. At this time, we're assembling today's audience and plan to be underway shortly. We appreciate your patience and will push me on the line.

Operator: Good day, and welcome to the Glatfelter second quarter 2024 earnings release conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Ramesh Shettigar. Please go ahead.

Thomas Fahnemann: The results were driven by higher shipments, increased production, and rigorous management of the price cost gap. However, the air laid material segment continued to experience softer demand, and therefore, we adjusted production downward, resulting in a 2 million decline in EBITDA compared to the same period in 2023.

Operator: Welcome to today's conference call. At this time, we are assembling today's audience and plan to be underway shortly. Good day and welcome to the Glatfelter second quarter 2024 earnings release conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Ramesh Shettigar. Please go ahead, sir.

Operator: Good day and welcome to the Glatfelter Second Quarter 2024 Earnings Release Conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Ramesh Shettigar. Please go ahead, sir.

Thomas Fahnemann: When combined, the segment's performance contributed to improved adjusted free cash flow, which was approximately $43 million higher compared to the second quarter of last year. While our markets remained mixed, especially in Europe, I'm pleased with the ongoing contributions and the disciplined way of managing our business that resulted from our multi-year turnaround efforts. The improvements we are seeing in the performance of both composite fibers and spun lathes are trending in the right direction.

Ramesh Shettigar: Anna, good morning and welcome to Glatfelter's 2024 Second Quarter Earnings Conference Call. This is Ramesh Shettigar, Senior Vice President, Chief Financial Officer, and Treasurer. Also on the call to present our second quarter results are Thomas Fahnemann, President and Chief Executive Officer of Glatfelter, and myself. Before we begin our presentation, I have a few standard reminders. During our call this morning, we will use the term adjusted earnings as well as other non-GAAP financial measures.

Operator: Thank you, Anna. Good morning and welcome to Glatfelter's 2024 Second Quarter Earnings Conference Call. This is Ramesh Shettigar, Senior Vice President, Chief Financial Officer and Treasurer.

Thomas Fahnemann: I'm particularly pleased that Spun Lace has delivered 20 million units of adjusted Ibida on a trailing 12-month basis. Also, we are actively working to expand our air late product portfolio through new product innovation to address continued demand challenges, which I will speak to toward the end of today's call. For these reasons, I remain confident in our ability to contribute to the long-term success of McNair. I will now turn the call over to Ramesh.

Ramesh Shettigar: On the call to present our second quarter results is Thomas Fahnemann, President and Chief Executive Officer of Glatfelter, and myself.

Ramesh Shettigar: A reconciliation of these financial measures to our GAAP-based results is included in today's earnings release and in the investor slides, both of which are available on our website. We will also make forward-looking statements today that are subject to risks and uncertainties. Our 2023 Form 10-K, which has been filed with the SEC, and today's release disclose factors that could cause our actual results to differ materially from these forward-looking statements. These statements speak only as of today, and we undertake no obligation to update them. I will now turn the call over to Thomas. Thanks, Ramesh.

Ramesh Shettigar: During our call this morning, we will use the term adjusted earnings as well as other non-GAAP financial measures. We will also make forward-looking statements today that are subject to risks and uncertainties. Our 2023 Form 10-K, which has been filed with the SEC, and today's release disclose factors that could cause our actual results to differ materially from these forward-looking statements. These statements speak only as of today, and we undertake no obligation to update them.

Ramesh Shettigar: Before we begin our presentation, I have a few standard reminders.

Ramesh Shettigar: During our call this morning, we will use the term adjusted earnings as well as other non-GAAP financial measures. A reconciliation of these financial measures to our GAAP-based results is included in today's earnings release and in the investor slides, both of which are available on our website.

Ramesh Shettigar: We will also make forward-looking statements today that are subject to risks and uncertainties.

Ramesh Shettigar: Our 2023 Form 10-K , which has been filed with the SEC and today's release, disclosed factors that could cause our actual results to differ materially from these forward-looking statements.

Ramesh Shettigar: These statements speak only as of today, and we undertake no obligation to update them.

Ramesh Shettigar: Thank you, Thomas. Following up on the financial highlights Thomas just provided, slide five shows a summary of the second quarter results for the Air Lead Material segment. Revenues were down 14% on a constant currency basis versus the same period last year, driven primarily by lower selling prices of approximately $13 million and 4% lower shipments. Selling prices were lower mainly due to cost pass-throughs reflecting declines in raw material and energy costs in Europe and selective price concessions to non-floating customers to regain volume.

Thomas Fahnemann: Hello, everyone, and welcome to Glatfelter's second quarter 2024 investor call. I'm pleased with the continued progress of the proposed merger with Barry's HHNF business during the second quarter, as we planned for the closing of the transaction later this year. The team continued to diligently progress the various legal and regulatory activities in preparation for when the business will operate under the name of McNaira, with Kurt Begle as CEO, currently president of Barry's HHNF division.

Ramesh Shettigar: On a net basis, the price cost gap was favorable to earnings by $1.2 million. Volume is lower year-over-year primarily due to weaker shipments in the hygiene and wipes categories. The decline in hygiene was largely driven by pricing actions taken in 2023 to protect margins and improve our price-cost dynamics. Conversely, the decline in wipes category was related to timing of customer orders, and we expect higher wipes volume in the third quarter. Operations were unfavorable by $2.2 million versus the prior year, primarily due to lower production of approximately 3,800 tons to manage inventory levels. Foreign exchange and related currency hedging negatively impacted earnings by $500,000, mainly due to the weaker euro.

Ramesh Shettigar: I will now turn the call over to Thomas. Thanks, Ramesh. Hello, everyone, and welcome to Glatfelter's second quarter 2024 investor call.

Ramesh Shettigar: I'm pleased with the continued progress of the proposed merger with Barry's HH&S business during the second quarter, as we planned for the closing of the transaction later this year. The team continued to diligently progress the various legal and regulatory activities in preparation for when the business will operate under the name of McNaira, with Kurt Begle as CEO, currently president of Barry's HH&S division. We achieved $25.6 million of adjusted EBITDA. The results were driven by higher shipments.

Ramesh Shettigar: I'm pleased with the continued progress of the proposed merger with Barry's HHNF business during the second quarter as we plan for the closing of the transaction later this year.

Speaker Change: the team continued to diligently progress the various legal and regulatory activities in preparation for when the business will operate under the name of mcara with curred bagley a ceo currently president of various h and s division

Ramesh Shettigar: And EBITDA margins for the segment improved by 20 basis points versus the prior year. Slide six shows a summary of the second quarter results for the composite fiber segment. Total revenues were down 6% on a constant currency basis, mainly due to lower selling prices of $7.5 million from floating contracts implemented with larger food and beverage customers and targeted pricing actions to preserve volume. Shipments were higher in all categories except wall cover when compared to the same period last year. Overall, the price-cost gap for composite fibers remained favorable, with prices declining by $7.5 million versus lower prices for key raw materials, energy, and freight, which improved earnings by $8.4 million versus the same quarter last year.

Thomas Fahnemann: For today's earnings call, I will focus on Glatfelter's steadfast second quarter performance as we position the business to successfully launch McNair. The highlights of our performance included several meaningful outcomes. We achieved $25.6 million of adjusted EBITDA, for an 8.3 million improvement compared to the same quarter last year. The Composite Fibers and Spun Lace businesses achieved higher EBITDA of approximately $5 million and $3 million, respectively, compared to the same quarter last year.

Ramesh Shettigar: For today's earnings call, I will focus on Glatfelter's steadfast second quarter performance as we position the business to successfully launch McNaira. The highlights of our performance included several meaningful outcomes.

Ramesh Shettigar: Operations and other were favorable by 1.7 million dollars, mainly due to higher inclined wire production. Foreign exchange was slightly favorable by $100,000, and EBITDA margins for the segment improved by 450 basis points versus the prior year quarter. Slide 7 shows a summary of second quarter results for this monthly. Revenues were up 4% on a constant currency basis driven by higher shipments of 5%, mainly in the critical cleaning and hygiene category. This is partially offset by lower selling prices of approximately $2 million coming from raw material costs passed through provisions, primarily in the hygiene and wipes category.

Ramesh Shettigar: Raw material, energy, and other inflation were favorable by $4.1 million, resulting in a positive price-cost gap. Operations were $1.1 million favorable, mainly driven by higher production. However, foreign exchange negatively impacted earnings by $400,000, coming from the weaker Euro. And EBITDA margins for the segment improved by 410 basis points versus the prior quarter. Slide 8 shows corporate costs and other financial items; corporate costs were approximately $1.9 million lower versus the same period last year. This was primarily driven by a lost recovery related to a fiber vendor for faulty materials supplied to Glatfelter in 2022.

Ramesh Shettigar: We achieved $25.6 million of adjusted EBITDA for an $8.3 million improvement compared to the same quarter last year.

Ramesh Shettigar: The Composite Fibers and Spun Lace businesses achieved higher EBITDA of approximately $5 million and $3 million respectively, compared to the same quarter last year.

Thomas Fahnemann: The results were driven by higher shipments, increased production, and rigorous management of the price-cost gap. However, the air laid material segment continued to experience softer demand, and therefore, we adjusted production downward, resulting in a 2 million decline in EBITDA compared to the same period in 2023. When combined, the segment's performance contributed to improved adjusted free cash flow, which was approximately $43 million higher compared to the second quarter of last year. While our markets remained mixed, especially in Europe, I'm pleased with the ongoing contributions and disciplined way of managing our business that resulted from our multi-year turnaround efforts.

Ramesh Shettigar: The results were driven by higher shipments, increased production, and rigorous management of price-cost gaps.

Ramesh Shettigar: The air-laid material segment continued to experience softer demand and therefore we adjusted production downward, resulting in a 2 million decline in EBITDA compared to the same period in 2023.

Thomas Fahnemann: Strategic initiatives costs were again higher this quarter, driven by our proposed transaction with Barry's HHNF business, which we are expecting to close in the second half of this year. Slide 9 shows our cash flow summary. For the second quarter of 2024, our adjusted free cash flow was approximately $40 million higher versus the same period in 2023. This was largely driven by higher earnings of approximately $8 million and lower working capital usage of approximately $40 million, primarily from accounts paid.

Ramesh Shettigar: When combined, the segment's performance contributed to improved adjusted free cash flow, which was approximately $43 million higher compared to the second quarter of last year.

Thomas Fahnemann: Capital expenditures were lower by $2 million, while other operating items lowered cash flow by approximately $7 million, largely driven by fewer vendor rebates this quarter compared to the same quarter last year. Slide 10 shows some balance sheet and liquidity metrics. Our leverage ratio, as calculated under the bank credit agreement, was three and a half times as of June 30, and we had available liquidity of approximately $112 million at the end of Q2. This concludes my prepared remarks. I will now turn the call back to Thomas.

Ramesh Shettigar: While our markets remained mixed, especially in Europe , I am pleased with the ongoing contributions and disciplined way of managing our business that resulted from our multi-year turnaround efforts.

Thomas Fahnemann: The improvements we are seeing in the performance of both composite fibers and spun lathes are trending in the right direction. I'm particularly pleased that Spun Lace has delivered 20 million units of adjusted Ibida on a trailing 12-month basis. Also, we are actively working to expand our air-laid product portfolio through new product innovation to address continued demand challenges, which I will speak to toward the end of today's call. For these reasons, I remain confident in our ability to contribute to the long-term success of McNair. I will now turn the call over to Ramesh.

Ramesh Shettigar: The improvements we are seeing in the performance of both composite fibers and spun lace are trending in the right direction. I'm particularly pleased that spun lace has delivered 20 million of adjusted IBITDA on a trailing 12-month basis.

Ramesh Shettigar: Also, we are actively working to expand our air-laid product portfolio through new product innovation to address continued demand challenges, which I will speak to toward the end of today's call.

Ramesh Shettigar: For these reasons, I remain confident in our ability to contribute for the long-term success of McNaira.

Thomas Fahnemann: and Ramesh. As demonstrated by our first half results, I'm pleased with the underlying performance of our business, despite the challenging market backdrop, especially in Europe. Now turning to our efforts in innovation, we have made very good progress on a few key initiatives during the second quarter. One initiative in particular targets the filtered media specialty material to be manufactured within our air lead segment in Europe, which should generate a favorable mix relative to our hygiene portfolio.

Ramesh Shettigar: I will now turn the call over to Ramesh.

Speaker Change: Thank you, Thomas. Following up on the financial highlights Thomas just provided, slide 5 shows a summary of second quarter results for the Air Lead Material segment.

Ramesh Shettigar: Revenues were down 14% on a constant currency basis versus the same period last year, driven primarily by lower selling prices of approximately $13 million and 4% lower shipments. Foreign exchange and related currency hedging negatively impacted earnings by $500,000, mainly due to the weaker euro. However, foreign exchange was slightly favorable by $100,000, and EBITDA margins for the segment improved by 450 basis points versus the prior year quarter. Revenues were up 4% on a constant currency basis, driven by higher shipments of 5%, mainly in the critical cleaning and hygiene category.

Ramesh Shettigar: Selling prices were lower mainly due to cost pass-throughs reflecting declines in raw material and energy costs in Europe , and selective price concessions to non-floating customers to regain volume. On a net basis, the price-cost gap was favorable to earnings by $1.2 million.

Ramesh Shettigar: On a net basis, the price-cost gap was favorable to earnings by $1.2 million. Volume is lower year-over-year primarily due to weaker shipments in the hygiene and wipes categories. The decline in hygiene was largely driven by pricing actions taken in 2023 to protect margins and improve our price-cost dynamic. Conversely, the decline in wipes volume was related to timing of customer orders, and we expect higher wipes volume in the third quarter.

Ramesh Shettigar: Volume was lower year-over-year, primarily due to weaker shipments in hygiene and wipes categories. The decline in hygiene was largely driven by pricing actions taken in 2023 to protect margins and improve our price-cost dynamic.

Ramesh Shettigar: conversely the decline in white category was related to timing of customer orders and we expect higher white volume in the third quarter

Ramesh Shettigar: Operations were unfavorable by $2.2 million versus the prior year, primarily due to lower production of approximately 3,800 tons to manage inventory levels. Foreign exchange and related currency hedging negatively impacted earnings by $500,000, mainly due to the weaker euro. EBITDA margins for the segment improved by 20 basis points versus the prior year. Slide six shows a summary of the second quarter results for the composite fiber segment. Total revenues were down 6% on a constant currency basis, mainly due to lower selling prices of $7.5 million from floating contracts implemented with larger food and beverage customers and targeted pricing actions to preserve volume. Shipments were higher in all categories except wall cover when compared to the same period line.

Ramesh Shettigar: Operations were unfavorable by 2.2 million dollars versus the prior year, primarily due to lower production of approximately 3,800 tons to manage inventory levels.

Ramesh Shettigar: Foreign exchange and related currency hedging negatively impacted earnings by $500,000 mainly due to the weaker euro. And EBITDA margins for the segment improved by 20 basis points versus the prior year quarter.

Ramesh Shettigar: Slide 6 shows a summary of second quarter results for the composite fiber segment. Total revenues were down 6% on a constant currency basis, mainly due to lower selling prices of $7.5 million from floating contracts implemented with larger food and beverage customers and targeted pricing actions to preserve volume.

Ramesh Shettigar: Shipments were higher in all categories except wall cover when compared to the same period last year.

Ramesh Shettigar: Overall, the price-cost gap for composite fibers remained favorable, with prices declining by $7.5 million versus lower prices for key raw materials, energy, and freight, which improved earnings by $8.4 million versus the same quarter last year. Operations and other were favorable by 1.7 million dollars, mainly due to higher inclined wire production. Foreign exchange was slightly favorable by $100,000, and EBITDA margins for the segment improved by 450 basis points versus the prior year quarter.

Ramesh Shettigar: Operations and other was favorable by 1.7 million dollars mainly due to higher incline wire production.

Ramesh Shettigar: Foreign exchange was slightly favorable by $100,000 and EBITDA margins for the segment improved by 450 basis points versus the prior year quarter.

Ramesh Shettigar: Slide 7 shows a summary of the second quarter results for this Monday. Revenues were up 4% on a constant currency basis, driven by higher shipments of 5%, mainly in the critical cleaning and hygiene category. This is partially offset by lower selling prices of approximately $2 million coming from raw material costs passed through provisions primarily in the hygiene and wipes category. Raw material, energy, and other inflation were favorable by $4.1 million, resulting in a positive price-cost gap.

Ramesh Shettigar: Slide 7 shows a summary of second quarter results for this Monday segment.

Ramesh Shettigar: Revenues were up 4% on a constant currency basis driven by higher shipments of 5% mainly in the critical cleaning and hygiene categories.

Ramesh Shettigar: This was partially offset by lower selling prices of approximately $2 million coming from raw material costs passed through provisions, primarily in the hygiene and wipes category.

Ramesh Shettigar: Raw material, energy, and other inflation were favorable by $4.1 million, resulting in positive price-cost gaps.

Ramesh Shettigar: Operations were $1.1 million favorable, mainly driven by higher production coming from the weaker euro. For the second quarter of 2024, our adjusted free cash flow was approximately $43 million higher versus the same period in 2023. Slide 10 shows some balance sheet and liquidity metrics.

Ramesh Shettigar: Operations were $1.1 million favorable, mainly driven by higher production; foreign exchange negatively impacted earnings by $400,000, coming from the weaker European markets. EBITDA margins for the segment improved by 410 basis points versus the prior quarter. Slide 8 shows corporate costs and other financial items; corporate costs were approximately $1.9 million lower versus the same period last year. This was primarily driven by a lost recovery related to a fiber vendor for faulty materials supplied to Glatfelter in 2020.

Ramesh Shettigar: Operations were $1.1 million favorable, mainly driven by higher production. Foreign exchange negatively impacted earnings by $400,000, coming from the weaker euro.

Ramesh Shettigar: And EBITDA margins for the segment improved by 410 basis points versus the prior quarter.

Ramesh Shettigar: Slide 8 shows corporate costs and other financial items. Corporate costs were approximately 1.9 million dollars lower versus the same versus the second quarter of last year. This was primarily driven by a lost recovery related to a fiber vendor for faulty materials applied to Glatfelter in 2022.

Ramesh Shettigar: Strategic initiatives costs were again higher this quarter driven by our proposed transaction with Barry's HHNF business, which we are expecting to close in the second half of this. Slide 9 shows our cash flow summary. For the second quarter of 2024, our adjusted free cash flow was approximately $43 million higher versus the same period in 2023. This was largely driven by higher earnings of approximately $8 million and lower working capital usage of approximately $40 million, primarily from accounts paid.

Ramesh Shettigar: Strategic initiatives costs were again higher this quarter driven by our proposed transaction with Barry's HHNF business which we are expecting to close in the second half of this year.

Ramesh Shettigar: Slide 9 shows our cash flow summary.

Ramesh Shettigar: For the second quarter of 2024, our adjusted free cash flow was approximately 43 million dollars higher versus the same period in 2023. This was largely driven by higher earnings of approximately 8 million and lower working capital usage of approximately 40 million dollars, primarily from accounts payable.

Ramesh Shettigar: Capital expenditures were lowered by $2 million, while other operating items lowered cash flow by approximately $7 million, largely driven by fewer vendor rebates this quarter compared to the same quarter last year. Slide 10 shows some balance sheet and liquidity measures. Our leverage ratio, as calculated under the bank credit agreement, was three and a half times as of June 30th, and we had available liquidity of approximately $112 million at the end of May. This concludes my prepared remarks. I will now turn the call back to Thomas.

Ramesh Shettigar: Slide 10 shows some balance sheet and liquidity metrics.

Ramesh Shettigar: Our leverage ratio as calculated under the bank credit agreement was three and a half times as of June 30th, and we had available liquidity of approximately $112 million at the end of Q2.

Ramesh Shettigar: This concludes my prepared remarks. I will now turn the call back to Thomas.

Ramesh Shettigar: Ramesh, as demonstrated by our first half results, I'm pleased with the underlying performance of our business, despite the challenging market backdrop, especially in Europe. I'm proud to lead this team, and I feel very good about the capabilities of our people and look forward to their continued success for many years to come.

Thomas Fahnemann: Ramesh, as demonstrated by our first half results, I'm pleased with the underlying performance of our business, despite the challenging market backdrop, especially in Europe. Now, turning to our efforts in innovation, we have made very good progress on a few key initiatives during the second quarter. One initiative in particular targets the filtered media specialty material to be manufactured within our elite segment in Europe, which should generate a favorable mix relative to our hygiene portfolio.

Ramesh Shettigar: Thank you, Ramesh. As demonstrated by our first half results, I'm pleased with the underlying performance of our business, despite the challenging market backdrop, especially in Europe .

Ramesh Shettigar: Now turning to our efforts in innovation, we have made very good progress on a few key initiatives during the second quarter.

Ramesh Shettigar: One initiative in particular targets the filtered media specialty material to be manufactured within our air lead segment in Europe , which should generate a favorable mix relative to our hygiene portfolio.

Thomas Fahnemann: We have entered into a supply agreement with a new customer for this product, and we will continue to enhance the product to its full potential in the month ahead. Equally exciting for our customer and the team, this product is biodegradable and meets the standards established by the EU Single-Use Plastics Directive.

Ramesh Shettigar: We have entered into a supply agreement with a new customer for this product and we will continue to enhance the product to its full potential in the months ahead.

Speaker Change: Equally exciting for our customer and the team, this product is biodegradable and meets the standards established by the EU Single-Use Plastics Directive.

Thomas Fahnemann: In closing today's call, I want to take this opportunity to again thank our Glatfelter employees for their commitment and dedication to the company. As we are now well underway with the third quarter, I commend the entire team for their hard work these past several years and, especially this year, having to successfully run the day-to-day business while also preparing for the transition to McNair. I'm proud to lead this team, and I feel very good about the capabilities of our people and look forward to their continued success for many years to come. I will now open the call for questions. And if you would like to ask a question,

Thomas Fahnemann: In closing today's call, I want to take this opportunity to again thank our Glatfelter employees for their commitment and dedication to the company. As we are now well underway with the third quarter, I commend the entire team for their hard work these past several years and, especially this year, having to successfully run the day-to-day business while also preparing for the transition to McNaira. I'm proud to lead this team, and I feel very good about the capabilities of our people and look forward to their continued success for many years to come. I will now open the call for questions. And if you would like to ask a question,

Ramesh Shettigar: In closing today's call, I want to take this opportunity to again thank our Glatfelter employees for their commitment and dedication to the company.

Ramesh Shettigar: As we are now well underway with the third quarter, I commend the entire team for their hard work these past several years, and especially this year, having to successfully run the day-to-day business while also preparing for the transition to McNaira.

Ramesh Shettigar: I'm proud to lead this team and I feel very good about the capabilities of our people and look forward to their continued success for many years to come.

Operator: If you would like to ask a question, please signal by pressing Star 1 on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach your equipment.

Operator: And if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, that is star number one if you would like to ask a question, and we'll pause for just a moment. And we'll now take our first question from Mike getting Jennings with TPG Angelo Gordon.

Ramesh Shettigar: I will now open the call for questions.

Speaker Change: And if you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach your equipment. Once again, that is star 1 if you would like to ask a question. And we'll pause for just a moment.

Operator: Once again, that is star number one if you would like to ask a question, and we'll pause for just a moment. And we'll now take our first question from Mike getting Jennings with TPG Angelo Gordon.

Speaker Change: And we'll now take our first question from Mike Jennings with TPG, Angelo Gordon.

Mike Ginnings: Morning, guys. Congrats on the quarter. Nice progress out of Q1. I guess I'll start with some questions on the air laid segment.

Speaker Change: Morning guys, congrats on the quarter, nice progress out of Q1. I guess maybe starting with some questions on the air laid segment.

Mike Ginnings: There's typically been a stronger performance in the back half of the year. What are you seeing out of seasonality in the business, in the first instance, and then, I guess, kind of secondarily, you know, we've been talking about these volume-related issues now for a couple quarters, primarily in Europe. Any sort of thoughts or visibility on those matters, whether it's the market itself or the initiatives that you guys have undertaken to find other sales channels?

Speaker Change: There's typically been a stronger performance in the back half of the year. What are you seeing out of seasonality in the business in the first instance? And then I guess kind of secondarily, you know, we've been talking about these volume-related issues now for a couple quarters, primarily in Europe .

Speaker Change: Any sort of thoughts or visibility on those matters, whether it's either, you know, the market itself or the initiatives that you guys have undertaken to find other sales channels?

Thomas Fahnemann: Okay, Mark. Maybe taking the second part of your question first, if we look at the volumes, yeah, we have seen some weakness in the market. But what we're seeing right now is that North America is clearly healthier than Europe. We are still faced with some issues in Europe, but we're also seeing a little bit of an improvement in Europe. But definitely, North America is much healthier than Europe.

Mark Miles: Okay, Mark. Maybe taking the second part of your question first, if we look at the volumes, yeah, we have seen some weakness in the market. But what we're seeing right now is that North America is clearly healthier than Europe. We are still faced with some issues in Europe, but we're also seeing a little bit of an improvement in Europe, but definitely, North America is much healthier than Europe.

Mark Miles: Okay, Mark.

Mark Miles: maybe taking the second part of your question first if we look at the volumes here we have seen some weakness in the market what we'are seeing right now is that

Mark Miles: North America is clearly healthier than Europe . We are still faced with some issues in Europe .

Mark Miles: But we are also seeing a little bit of an improvement in Europe. But definitely North America is much healthier than Europe.

Thomas Fahnemann: What we have done, and we mentioned this before, we are really looking to diversify our product portfolio. And I'm really very happy that we were able to get a new product into the market. So it's a product; we signed a contract. So that really helps us. And from, if you look at seasonality, I would also expect that the air-laid volume, despite all the market challenges, will be stronger in the second half of this year than in the first. And we're already kind of seeing some signs in July.

Thomas Fahnemann: What we have done, and we mentioned this before, we are really looking to diversify our product portfolio, and I'm really very happy that we were able to get a new product into the market. It's a great product. We signed a contract, so that really helps us. And if you look at seasonality, I would also expect that air-laid volume, despite all the market challenges, will be stronger in the second half of this year than in the first half of this year. Thank you. And we're already kind of seeing some signs in July.

Thomas Fahnemann: What we have done, and we mentioned this before, we are really looking to diversify our product portfolio, and I'm really very happy that we were able to get a new product into the market. So it's a product. We signed a contract, so that really helps us. And from, if you look at seasonality, I would also expect that the air-laid volume, despite all the market challenges, will be stronger in the second half of this year than in the first. And we're already kind of seeing some signs in July.

Thomas Fahnemann: What we have done, and we mentioned this before, we are really looking in diversifying our product portfolio, and I'm really very happy.

Thomas Fahnemann: that we were able to get a new product into the market. So it's a product, we signed a contract, so that really helps us. And from, if you look at seasonality, I would also expect that the air leg volume, despite all the market challenges, will be stronger in the second half of this year than in the first half.

Thomas Fahnemann: And we're already kind of seeing some signs in July .

Thomas Fahnemann: Excellent. And I guess, like Thomas, as we think about how to contextualize that maybe in terms of utilization rates. I know there's some commentary around that last quarter. Any color you can provide on air late in terms of sort of where we are from a utilization perspective in North America and sort of where we are in Europe?

Mike Ginnings: Excellent. And I guess, like Thomas, as we think about how to contextualize that maybe in terms of utilization rates. I know there's some commentary around that last quarter. Any color you can provide on air late in terms of sort of where we are from a utilization perspective in North America and sort of where we are in Europe?

Thomas Fahnemann: Excellent, and I guess as Thomas, as we think about how to contextualize that maybe in terms of utilization rates, I know there's some commentary around that last quarter. Any color you can provide on air late in terms of sort of where we are from a utilization perspective in North America and sort of where we are in Europe ?

Thomas Fahnemann: Yeah, in terms of I can, I can. Okay, go ahead.

Mike Ginnings: Yeah, in terms of I can, I can. Okay, go ahead.

Operator: Yeah, in terms of this, I can, I can. Okay, go ahead.

Speaker Change: Yeah, in terms of, I can, I can. Okay, go ahead. So, you know, in terms of utilization, Mike, on the air laid side...

Speaker Change: We were roughly around 80% utilization in the first half of 2024.

Speaker Change: For the second half, maybe slightly higher than that, going into the second half of this year, we're seeing some demand pick up, as Thomas was mentioning.

Speaker Change: Historically when we compare that to the last couple of years we've been probably in the 85 to 90 percent range so you can clearly see that with the softness and air laid we've also had to adjust our production and utilization so that's naturally come down.

Ramesh Shettigar: So, you know, in terms of utilization, Mike, on the air laid side, we were roughly around 80% utilization in the first half of 2024. For the second half, maybe slightly higher than that. Going into the second half of this year, we're seeing some demand pickup, as Thomas was mentioning. Historically, when we compare that to the last couple of years, we've probably been in the 85 to 90% range. So you can clearly see that with the softness and air lay, we've also had to adjust our production and utilization.

Ramesh Shettigar: So, you know, in terms of utilization, Mike, on the air laid side, we were roughly around 80% utilization in the first half of 2024. For the second half, maybe slightly higher than that. Going into the second half of this year, we're seeing some demand pickup, as Thomas was mentioning. Historically, when we compare that to the last couple of years, we've probably been in the 85 to 90% range. So you clearly see that with the softness and air lay, we've also had to adjust our production and utilization. So that's naturally come down.

Thomas Fahnemann: So, you know, in terms of utilization, Mike, on the air laid side, we were roughly around 80% utilization in the first half of 2024. For the second half, maybe slightly higher than that. Going into the second half of this year, we're seeing some demand pickup, as Thomas was mentioning. Historically, when we compare that to the last couple of years, we've probably been in the 85 to 90% range. So you can clearly see that with the softness and air lay, we've also had to adjust our production and utilization. So that's naturally come down.

Ramesh Shettigar: So that's naturally come down. In composite fibers, you know, utilization for the first half was around 90%, especially in the inclined wire assets. Second half, we're expecting that to be maybe around 80 to 85%. And historically, also, we've been in the 80 to 85% range.

Speaker Change: In composite fibers, you know, utilization for the first half was around 90 percent, especially in the inclined wire assets.

Thomas Fahnemann: Second half, we're expecting that to be maybe around 80-85%, and historically also we've been in the 80-85%. And then in Spun Lace...

Thomas Fahnemann: In composite fibers, you know, utilization for the first half was around 90%, especially in the inclined wire assets. Second half, we're expecting that to be maybe around 80, 85%. And historically, also, we've been in the 80 to 85% range. And then in spun lace, the first half was around 70% utilization. And we expect roughly the same going into the second half. And historically, we've been kind of between 60 and 70%,

Ramesh Shettigar: In composite fibers, you know, utilization for the first half was around 90%, especially in the inclined wire assets. Second half, we're expecting that to be maybe around 80, 85%. And historically, also, we've been in the 80 to 85%. And then in spun lace, the first half was around 70% utilization. And we expect roughly the same going into the second half. And historically, we've been kind of between 60 and 70%, if

Thomas Fahnemann: The first half was around 70% utilization, and we expect roughly the same going into the second half. And historically, we've been kind of between 60 and 70%, if that helps.

Thomas Fahnemann: But coming to the, maybe one comment on Spun Lace, I think we always mention that there's a lot of upside as far as capacity is concerned, and you see now that we are kind of filling this capacity and positioning in the market. And again, also, I mean, we delivered 20, a little north of $20 million in EBITDA and Spun Lace for the last 12 months. So that's really, and again, and there's still room for more equipment there because we have capacity available. Correct.

Thomas Fahnemann: But coming to the, maybe one comment on Spun Lace, I think we always mention that there's a lot of upside as far as capacity is concerned, and you see now that we are kind of filling this capacity and positioning in the market. And again, also, I mean, we delivered 20, a little north of $20 million in EBITDA and Spun Lace if I look at the last 12 months. So that's really, and again, and there's still room for improvement there because we have capacity available.

Speaker Change: Excellent. No, that's super helpful.

Thomas Fahnemann: Yeah, but coming to the, maybe one comment to respond, I think we always mentioned that there's a lot of upside as far as capacity is concerned. And you see now that we are kind of filling this capacity, positioning in the market. And again, also, I mean, we delivered.

Speaker Change: 20, little north of $20 million in EBITDA and Spun Lays, if I look at the last 12 months. So that's really, and again, and there's still room for, for, for, for more equipment there because we have capacity available. Correct.

Mike Ginnings: And maybe two last questions, if you'll indulge me, I guess, Ramesh, in terms of working capital evolution over the balance of the year, how are you thinking about that?

Ramesh Shettigar: And maybe two last questions, if you'll indulge me, I guess, Ramesh, in terms of working capital evolution over the balance of the year, how are you thinking about that?

Mike Ginnings: And maybe two last questions, if you'll indulge me, I guess, Ramesh, in terms of working capital evolution over the balance of the year, how are you thinking about that?

Speaker Change: excellent and maybe to ask questions if feel indulgge me i guess mesh in terms of working capital evolution over the balance of the year how are you thinking about that

Ramesh Shettigar: I would say, Mike, expecting favorable working capital. You know, if you look at the entire second half, the third quarter will most likely be a use of cash as we kind of continue to ramp up some production here going into the second half. Fourth quarter, usually production is a bit lower, you know; we're focused on inventory, working capital, and so on. So our fourth quarter is typically our strongest quarter from a cash flow perspective coming out of working capital.

Ramesh Shettigar: i would say my expecting favorable working capital if you look at the entire second half third quarter will most likely be a use of cash as we kind of continue to ramp up some production here going into the second half

Ramesh Shettigar: 4th quarter usually production is a bit lower you know we're focused on inventory working capital and so on so

Speaker Change: Our fourth quarter is typically our strongest quarter from a cash flow perspective coming out of working capital.

Ramesh Shettigar: But net-net, you've seen we've been a user of cash in the first half of this year, and then we expect that to get unwound here in the second half of 2024. So positive, favorable working capital as we get into the second half of this year.

Speaker Change: net netyou've seen we'have been a user of cash in the first half of this year and then we expect that to get unwound here in the second half of two thousand andtwentyfour so so positive favorable working capital as we get into the second half of this year

Mike Ginnings: Great. And then, I guess, just lastly, on the closing of the transaction, could you just remind us sort of what items are still left in order to complete the transaction? Any updates and timing on that? And then lastly, just a refresh on the kind of the pro forma capital structure, including the guarantees and liens that both kinds of the new debt and the amount of new debt and then the existing debt that's not being refinanced will have?

Mike Ginnings: Great. And then, I guess, just lastly, on the closing of the transaction, could you just remind us sort of what items are still left in order to complete the transaction, any updates and timing on that? And then lastly, just a refresh on kind of the pro forma capital structure, including the guarantees and liens that both the new debt and the amount of new debt and then the existing debt that's not being refinanced will have.

Speaker Change: Great and then I guess just lastly on on the closing of the transaction could could you just remind us sort of what items are still left in order to complete the transaction any updates and timing on that?

Speaker Change: and then lastly just a refresh on the kind of the performma capital structure including the guarantees and leanans that both kind of the new debt and then oun of new debt and then the existing debt that's not being refinanced

Thomas Fahnemann: Sure, maybe let me just talk about the regulatory issues, and then Ramesh can talk about the financial structure. Mike, as you have seen, we were able to get all the antitrust regulatory approvals done, so we are done with that one. We also received a private letter ruling from the IRS. We are still working on all the filings, which we have to do. This is ongoing. And actually, the thing which we still need to do is our shareholder meeting in order to get approval from our shareholders for this transaction.

Thomas Fahnemann: Sure, maybe let me just talk about the regulatory issues, and then Ramesh can talk about the financial structure. Mike, as you've seen, we were able to get all the antitrust regulatory approvals done, so we are done with that one. We also received a private letter ruling from the IRS. We're still working on all the filings, which we have to do. This is ongoing, and actually, the thing that we still need to do is our shareholder meeting in order to get approval from our shareholders for this transaction.

Speaker Change: Sure. Maybe let me just talk about the regulatory issues and then Ramesh can talk about the financial structure.

Speaker Change: the mwe have assistteen we

Speaker Change: we're able to get all the antitrust reulatory approvals done so we have done with that one we also receiveved the private letter ruling from the irs we're still working on all the filings which we have to do this is ongoing

Speaker Change: And actually, the thing which we still need to do is our shareholder meeting in order to get approval from our shareholders for this transaction. So as far as timing is concerned, we are still

Thomas Fahnemann: So as far as timing is concerned, we are still very optimistic that in the second half of this year, we'll be able to really close the transaction. So everything is kind of on time, if you will. There's no big issue right now.

Ramesh Shettigar: I'm very optimistic that in the second half of this year, we'll be able to really close the transaction. So everything is kind of on time, if you will.

Ramesh Shettigar: Yeah, those are the two key steps, the S4 filing and then the proxy vote. On the cap structure, Mike, and financing, you know, I think what has been previously communicated still holds true. New capital raise of about $1.6 billion. You know, this will take into account the pay down of our Angelo Gordon term loan. It will also take into account the paydown of our existing revolver borrowing. So, kind of between those two existing pieces of debt, we're looking at about, you know, $300 to $400 million.

Ramesh Shettigar: Yeah, those are the two key steps, the S4 filing and then the proxy vote. On the cap structure, Mike, and the financing, you know, I think what has been previously communicated still holds true. New capital raise of about $1.6 billion. You know, this will take into account the paydown of our Angelo Gordon term loan. It will also take into account the paydown of our existing revolver borrowing. So, kind of between those two existing pieces of debt, we're looking at about, you know, $300 to $400 million.

Speaker Change: big issue right now yes those those are the two key steps the s for fil and in the prox vote on the cap structure mike and financing know i think what has been previously communicated still holds true

Ramesh Shettigar: New Capital Raise of about $1.6 billion.

Speaker Change: This will take into account the pay down of our Angelo Gordon term loan.

Ramesh Shettigar: It will also take into account the pay down of our existing revolver borrowings, so kind of between those two existing pieces of debt, we're looking at about, you know, three to four hundred million.

Ramesh Shettigar: And if you look at the $1.6 billion capital raise, so we'll have, call it, a billion dollars of a dividend roughly going up to Barry, and then the remaining proceeds will be used to pay off any closing transaction costs. So the instruments, as of right now, are still in the form of a term loan B for the $1.6 billion capital raise. Magnera will also have a $350 million asset-based revolving credit facility. And then, coming to our bonds, the $500 million Glatfelter bonds, those will still continue to remain outstanding, but they will become secured at the closing of the deal. And those bonds will also be equally and readily guaranteed by the same guarantors as the Term Loan B, which is the new financing. So, our bonds, while they will remain outstanding, will become secured. I got it.

Ramesh Shettigar: And if you look at the $1.6 billion capital raise, so we'll have, call it, a billion dollars of a dividend roughly going to Barry, and then the remaining proceeds will be used to pay off any closing transaction costs. So, the instruments, as of right now, are still in the form of a term loan B for the $1.6 billion capital raise. Magnera will also have a $350 million asset-based revolving credit facility. And then, coming to our bonds, the $500 million Glatfelter bonds, those will still continue to remain outstanding. But they will become secured at the closing of the deal, and those will also be equally and readily guaranteed by the same guarantors as Term Loan B, which is the new financing.

Speaker Change: And if you look at the $1.6 billion capital raise, so we'll have, call it a billion dollars of a dividend roughly going up to Barry, and then the remaining proceeds will be used to pay off any closing transaction costs.

Speaker Change: The instruments, as of right now, still in the form of a Termlon B for the $1.6 billion capital raise.

Ramesh Shettigar: Magnera will also have a $350 million asset-based revolving credit facility.

Speaker Change: And then coming to our bonds, the $500 million Glatfelter bonds, those will still continue to remain outstanding.

Speaker Change: but they will become secured at the closing of the deal and those will also be equally and readily guaranteed by the same guarantors as the term loan B which is the new financing so our bonds while they will remain outstanding they will become secured

Mike Ginnings: So, our bonds, while they will remain outstanding, they will become Got it. Thanks, guys. Yeah, no, that was perfect. Appreciate all the time. And again, congratulations on the quarter.

Operator: Our bonds, while they will remain outstanding, will become

Mike Ginnings: Yeah, no, that was perfect. I appreciate it all the time. And again, congratulations on the quarter.

Speaker Change: Got it. Thanks, guys.

Speaker Change: Yeah, no, that was perfect. I appreciate all the time, and again, congratulations on the quarter.

Operator: We'll now take our next caller, who is Roger Spitz with Bank of America.

Roger Spitz: Thank you. Thank you.

Speaker Change: We'll now take our next caller who is Roger Spitz with Bank of America.

Roger Spitz: Thanks very much. I'm glad you confirmed that the bonds will become routably secured upon.

Roger Spitz: Thanks very much. I'm glad you confirmed the bond will become readily secured upon the Currents at the $0.6 billion terminal. So thank you for that. The price class spread was positive in Q2 in all three segments. I'm just curious, you know, how were you able to do that during this period of a rising price market environment?

Roger Spitz: Thanks very much. I'm glad you confirmed the bonds will become routably secured upon the

Speaker Change: Currents at the .6 billion term line.

Speaker Change: So thank you for that.

Speaker Change: The price cost spread was positive in Q2 in all three segments. I'm just curious, you know, how you...

Speaker Change: How were you able to do that during this period of rising pulp price market environment?

Thomas Fahnemann: Okay, yeah. Roger, I mean, in general, we have two different types of arrangements, if you will. We have our pass-through customers. So that's more or less an automatic path through of raw material or energy price increases, or if the price goes down, we adjust it downwards. Think about this. We have a time lag there. So normally, I would say three months, sometimes even six months for one customer, but normally there's a quarter time lag. And sometimes it hurts you, and sometimes you gain a little bit.

Thomas Fahnemann: Okay, yeah, Roger, I mean, again, in general, we have two different types of arrangements, if you will. We have our pass-through customers.

Thomas Fahnemann: So that's more or less an automatic pass-through of raw material or energy price increases or if the price goes down we adjust it downwards. You have to

Thomas Fahnemann: Think about it. We have a time lag there. So normally, I would say three months, sometimes even six months for one customer, but normally there's a quarter time lag. And sometimes it hurts you, and sometimes you gain a little bit.

Thomas Fahnemann: Think about this. We have a time lag there. So normally, I would say three months, sometimes even six months for one customer, but normally there's a quarter time lag. And sometimes it hurts you, and sometimes you gain a little bit.

Thomas Fahnemann: But this is one part of the customers. And the other one, and again, this was one of the really focused areas which we said, because we were kind of caught a little bit in 2022 when we had a huge gap there. We are raising prices. We are with customers and kind of raised prices. And this is actually the result that if I look at customers who are not on a path right now, we captured this. And this was actually then the result is that we are still positive. And you should also see more coming in the third quarter, based on the raw material increases we are seeing in the second quarter.

Thomas Fahnemann: Think about this.

Thomas Fahnemann: We have a time lag there. So normally I would say three months, sometimes even six months for one customer, but normally there's a quarter time lag.

Thomas Fahnemann: And sometimes it hurts you and sometimes you gain a little bit. But this is one part of the customers and the other one. And again, this was one of the.

Thomas Fahnemann: really focus areas, which we said because we were kind of caught a little bit in 2022 when we had a huge gap there.

Thomas Fahnemann: And the result is that we are still positive. And you should also see more coming in the third quarter, based on the raw material increases we are seeing in the second quarter. And this was all part of the turnaround strategy, right? And that's a part of the strategy where we kind of made it very clear also, and I would say the people did a good job, and there was a lot of discussion, but yeah, so those are these two areas. And again, people who are not on a formula, we can do it relatively fast. There's always a little delay, but we can do it relatively fast. People on pass-through, three months, four months delay.

Thomas Fahnemann: And the result is that we are still positive. And you should also see more coming in the third quarter, based on the raw material increases we are seeing in the second quarter. And this was all part of the turnaround strategy, right? And that's a part of the strategy where we kind of made it very clear also, and I would say people did a good job, and there was a lot of discussion, but yeah, so those are these two areas, and again, people who are not on a formula; we can do it relatively fast. There's always a little delay, but we can do it relatively fast. People on pass-through, three months, four months delay.

Thomas Fahnemann: We are raising prices. We are with customers and kind of raise prices, and this is actually the result that if I look at actually for

Thomas Fahnemann: Customers who are not on a pass-through right now, we captured this, and this was actually then the result is that we are still positive. And you should also see more coming in the third quarter based on the raw material increases we are seeing in the second quarter.

Thomas Fahnemann: And this was all part of the turnaround strategy. And that's part of the strategy where we kind of made it very clear also and I would say people did a good job.

Thomas Fahnemann: and there was a lot of discussion.

Speaker Change: yeah so that's kind of these two areas and again people will not on a formula we can do with relatively passed that's always a little delay but we can do it relatively passast people on p through three months four months delay

Roger Spitz: Thank you for that. And you just spoke a little bit about the guidance on, you know, working capital. I guess the last two quarters you haven't sort of updated your original guidance like they do for the pending merger. But are you able to give any 2024 guidance overall, like, you know, the guidance for the EVA doc, FX, etc.?

Operator: David, thank you for that. And you just spoke a little bit about guidance on, you know, working capital. I guess in the last two quarters, you haven't sort of updated your original guidance like they do to

Speaker Change: Thank you for that. And you just spoke a little bit about the guidance on, you know, working capital. I guess the last two quarters you haven't sort of updated your original guidance like they do to the

Ramesh Shoulding: Ramesh Shoulding

Thomas Fahnemann: Okay, I mean, let me just talk about EBITDA, Roger. I mean, we have given some guidance, and there's really no change to the guidance. That's why we didn't mention it.

Ramesh Shettigar: Okay, I mean, let me just talk about EBITDA, Roger. I mean, we have given some guidance, and there's really no change to that guidance. That's why we didn't mention it. And so from that standpoint, we still feel pretty good. 110 to 120. If I look at it right now, maybe a little bit of a lower end than the higher end of the 110 to 120, but we feel pretty confident that there's no change to our guidance.

Thomas Fahnemann: Okay, I mean, let me just talk about EBITDA, Roger. I mean, we have given some guidance, and there's really no change to that guidance. That's why we didn't mention it. And so, from that standpoint, we still feel pretty good, 110 to 120. If I look at it right now, maybe a little bit of a lower end than the higher end of the 110 to 120, but we feel pretty confident that there's no change to our guidance.

Ramesh Shettigar: Okay, I mean, let me just talk about the EBITDA, Roger. I mean, we have given some guidance and there's really no change to the guidance. That's why we didn't mention it. And so, from that standpoint, we still feel pretty good. 110 to 120. 110 to 120. If I look at right now, maybe a little bit of a lower end than the higher end of the 110 to 120, but we feel pretty confident that there's no change to our guidance.

Thomas Fahnemann: And so from that standpoint, we still feel pretty good. 110 to 120. Maybe a little bit of a lower end than the higher end of the range of 110 to 120, but we feel pretty confident that there's no change to our guidance.

Ramesh Shettigar: And Roger, if you and I can hit the other elements like cash interest,

Ramesh Shettigar: And, Roger, if you, I can hit the, you know, other elements, like cash interest still around $70 million, CapEx between $30 and $35 still holds true, cash taxes between $15 and $20, working capital, you know, still roughly around break-even, I would say, to maybe slightly positive, and then we've got, you know, other cash costs as part of the turnaround strategy, as part of the strategic initiatives, and so on, between $20 So, I would say net cash flow is still going down to about a negative $30 for a full year.

Ramesh Shettigar: And, Roger, if you, I can hit the, you know, other elements, like cash interest still around $70 million, CapEx between $30 and $35 still holds true, cash taxes between $15 and $20, working capital, you know, still roughly around break-even, I would say, to maybe slightly positive, and then we've got, you know, other cash costs as part of the turnaround strategy, as part of the strategic initiatives, and so on, between $20 to $25, so I would say net cash flow is still walking down to about a negative $30 for a full year.

Ramesh Shettigar: and Roger if you I can hit the you know other elements like cash interest still around 70 million

Ramesh Shettigar: CapEx between 30 and 35 still holds true. Cash taxes between 15 and 20.

Ramesh Shettigar: Thanks for watching. I'm Ramesh Shettigar.

Ramesh Shettigar: Working capital, you know, still roughly around break-even, I would say, to maybe slightly positive.

Ramesh Shettigar: And then we've got, you know, other cash costs as part of the turnaround strategy, as part of the strategic initiatives, and so on, between 20 to 25. So I would say net cash flow is still walking down to about a negative 30 for a full year.

Roger Spitz: Perfect. Thank you very much. And that's it for me.

Thomas Fahnemann: Okay, good. I'm happy to do it. Thanks so much.

Roger Spitz: Perfect. Thank you very much. And that's it for me.

Operator: And that concludes today's question and answer session. I'd like to turn the conference back over to Mr. Fahnemann for any additional or closing comments.

Roger Spitz: Okay, good. Happy to do it. Thanks so much.

Ramesh Shettigar: And that concludes today's question and answer session. I'd like to turn the conference back over to Mr. Fahnemann for any additional or closing comments.

Thomas Fahnemann: Okay, yeah, thank you. Thank you so much for taking the time for our quarterly update and the call. I wish everybody a great day.

Speaker Change: Okay, yeah, thank you. Thank you so much for taking the time for our quarter update and the call. Wish everybody a great day and we'll talk to you later. Thank you.

Operator: And once again, that does conclude today's...

Speaker Change: Thank you.

Speaker Change: and once again that concl today's conference me thank you all for your participation you may now disconnect

Operator: Mark Miles, Thomas Fahnemann, Thomas Fahnemann, Thomas Fahnemann Fahnemann, Thomas Fahnemann , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , [music] , , , , , , , , , , , , , , , , , , Thanks for watching!

Operator: You are currently on hold for Glatfelter's second quarter 2024 earnings release conference call. At this time, we're assembling today's audience and plan to be underway shortly.

Q2 2024 Glatfelter Corp Earnings Call

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