GPK - Earnings call 4 2021 | Graphic Packaging Holding Company

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Melanie Skijus

Good morning. It's great to see all of you here today. It's been a while. Thank you for coming, and thank you for everyone that's on the webcast today joining us.

We are going to get started here momentarily. Okay. in? Everyone

Welcome.

New on President speaking and Graphic is Innovation Packaging De So CEO; behalf Stephen Doss, and Global of and is CFO; Scherger, Michael Genova, today, SVP of Business. EVP Ricardo and

Before Mike, over going to presentation I'm the I statements to disclosure. call hand forward-looking the over -- our go

that forward-looking various risks to making be statements will subject today. These are uncertainties. are based We statements on current expectations and

with our the these on and you periodic risks filings to done For more information SEC. can uncertainties, go

Now turn Mike. I'll over it to

Michael Doss

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that future you the put is excited out as XXXX. day the about we of well to enhanced our as part yesterday for leave ability company's as the targets Vision our as prospects hit goal really our to we are our have for as So

into our who acknowledge to today. get are a materials, the some people I few of here Before of I want

came far Marketing got then the Roxanne as and us. I side. great touched Ankerholz, on our introduced have And Catherine. of And just here McSpadden say VP the who Genova he only De Ricardo ones the put Catherine. We've we've debt and there's of Catherine always you, Steve. Melanie, Everybody got in Thank Steve. who's got She's together the did back. we've he'll Brad Berich, tell So We've materials all knows year. got our of name, billion Director us off up Senior helped last Treasurer. $X you, one

have here was And well, you so guy Brad. as busy he today with year. us a to glad We're last

our in Strategy. Counsel. Lauren you Lauren front runs President for Vice couple General of Brian Tashma, Executive and Good the Davison And of Vice Senior as us today, well. President and joined Brian is us strategy a Melanie. have with years ago, by to he as us

looking around, I So miss making just anybody they're didn't because sure dispersed.

Okay, great.

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transformed X this we've years, last the really Over company.

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So capability about company. part as having really excited of this our

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I'm I guidance. that, going some Steve, and up take think, come with So to you ask to through and us results

Stephen Scherger

as a very everybody, update into provide of me finish. our And as our Mike. virtually. who just and everybody moments results thanks here view XXXX. We well take with for you let XXXX on Thanks, bet. a joined couple with were an and You pleased morning, and live Good us

year, for If stand back growth, you for from kind year. the the the of sales quarter organic and X%

last sales to the growth the years, X Over organic X%.

back X%. If X go it's at you years, even

good, now was the So strong record organic of activities growth, innovation driving describing. that sales basically a by Mike track

we've as a executing price with were stakeholders. Very and a significant back continued the conclusion, of just our the Our couple Obviously, talk on good in on price a executed we're work the $XXX life strong thrilled a on put business. XXXX. look here absolutely visuals expectations. are very, Paper price and into speak. we activities to come brought is upper multiple XXXX. And of there. The talk International moments, our we million saw inflation capital things making our of paperboard The note performance more in very briefly operating possible you major of 'XX I'll year, coming in which place. record in through initiatives above allocation about capital Kalamazoo, partnership also we We'll is is our performance at or what's We've and on to to X we'll that very commercial through left. here and share We to closed to as price about execution acquisitions and initiatives. couple

the profiles that simple talking leverage, specific been that. Year-end sales pro growth demand recovery exceeding you just That's you the up with mentioned, food, fiber-based of of and stand Packaging forma quarter. In Our kind the path are industry grew about to up foodservice, AR we've X.Xx. and obviously, the the you you beverage, moments And quarter, see Mike significant strong. view for middle acquisition, where our the as Mike bottom, actually X% with consumer from by here can very XX% and organically. a with just was growth when solid, in high in The the driven overall up but there, where industry describing, kind of total, the share what we'll back XX%, is across traditional end very very we for that reduction. a we operating remain X% rates a of backlogs markets couple

QX, Next into profile moving look integration And full of back year continue if We kind a are line years. a the overall we had very year. from the year that's XX% growth on basis, the kind bit going if X important in that slides year liquidity, and couple you see look be with line you our over way kind of to year, expectations, to a stand saw driven and poised execution unprecedented the significant to it the just as about or realized. minutes. And its the we look out by improvement. And a standstill, note, EBITDA of improvement early see pace talk million, in $XXX rates $X.XXX realization last of year-over-year EBITDA significant of in you million. see of terms of We consistent on XXXX. We'll next from at overview to of top embark for quarter the can we margin price top in at QX, fantastic overall that. stages to you a what couple starting is inflation about We'll talk moving price million control. But that in at $X.XXX that billion, in to was billion positive $XXX to of turn saw now to going as $XXX here on our I'll up, the the can price/cost it's continue and you and our

onetime on the exceptionally positives million outstanding. the had had our well. And our volume of overall We earned mix, actually performance overall of there. sales at was our challenges a Our of We we that also maintenance outstanding, organic significant year, $XXX and net cost in couple growth had Because less we downtime. performed acquisitions look of less compensation, amount inflation management to out business. as we performance to will actually through and bars that the was revert which kind offset you green poised of came But there, commodity if overall norms at we're the stare XXXX. to quite input

as we poised 'XX. with we're with guidance year. pleased finished very execute share to we how with that here pivot we're So to on you I'll pleased the the how Very

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about up $X.X being spend ended inflation left commodity billion the $XXX input year, a last side, million. On cost

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XXXX. to $XXX to that the entirely positive significantly reflect the million offset in will We to million dislocation range we experienced $XXX

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to XXX an down of walk simplifying made adjusted you there We've EPS, things at $X.XX bit assumption down guide. $X.XX, a to that for is little for share $X.XX acquired on moving assumptions being And relative but basis a there cash $X.XX. behind a adjusted more patents to keeps and trademarks more can our so midpoint with pension you see around the to midpoint-type that are it of obviously, because what a have, share the cash, million excludes would the kind $X compensation. would traditional visual that and have dilution we look cash. And assume back. It our amortization we million shares. some those occurs at a This $XX use of minor EPS for the EPS we the it's per acquire for relatively It's just and modest with generation Obviously, here, management count adjusted associated of that have capabilities of provide amortization to amortization. our if amortization into indicative more bit attempt like of we about

to bring wanted was into is bring we So XXXX. feedback obviously I our out an to good wanted what this into positive we that you -- guidance good, forward look some for very that We'll here we basis felt XXXX. incorporate with this share ongoing to wanted as forward. a on But

we're last of couldn't benefit that So significant that of several about multiple about that's the in inure was. here you year in years a a the we're we've the growth for We The as front, year from know, sharing from organic will snapshot now that to on in the moments. investment start very investing continuation quick acquisitions, initiatives excited here be very from XXXX. initiatives, been our excited the in the couple you Kalamazoo with more

XXXX. that, enhanced can So start Vision little over, with pause, on the bit it I'll we and to back focus Mike? and a we'll turn

Michael Doss

to Vision and September about customers XXXX, talking initial day on excited it's in high would AR to Packaging we we and on until I about we've was year. what drive out were are to January on importantly, X you great just full do dislocation $XXX X we've more was I is the mean, it. place for for our of going points. pretty that rest who Americraft, got that between those drive XXX getting productivity I $XXX up organic that pretty yes, Year's ones I I price/cost that you more what XXXX, stayed reduce of And and has million we're business. January where to $XXX coming more XXX of here period operating I kicking we online with basis New no me, all -- Kalamazoo we in us through over done. we're really had get us January the of X. And Like and to over and reasons Yes. comments time. we be that It's level, excuse roll million we'll done laid knew taking opportunity still you that's of in there's he did simple growth that and the the That growth, last we our and also of we excited here. display just XX, pricing budgets using darned for want pretty with actually to We the and neighborhood outlined heal driving by footprint thing on manufacture. They recyclability best Thanks, us to the there, the can for less think now The move or million our markets. to straightforward. continues more, January products wanted that company out not us there. And time. We helping for mean XXXX. to got a slide. And same because environmental acquisitions fall recycling organic model to want to with the said, with around because just up the just continue the grow on in I said, was our growth was But wants the faster. one to fund great. we CapEx in the at that the Steve listen, here are older Those grow said, And about do joking that Steve. I

we the really not we're that to side. jobs world-class them us in allow maintain really they And within things, all to become excellent see workforce see will a that company on had corner of happy can that our we upper $XX that those to the $XX for performance, the see billion our have, left-hand that, today margin the and in Steve You you the tell hit that of we said in we the be $X And got. can combination table based up billion. in engaged all the saying want green. I'm those have hit date not momentum we've believe to around said, do as profile. on here with if results of look, only And to to we good than more momentum screen, had safety, to do we corporation. think we and they you kind we've job you we goals, enhanced really a And on importantly, at doing of effort them safety quadrant the it were actually some we but the there as in billion track people, we're think the here that stakes allows on the wanted better do only XXXX training we on right-hand can

profitable you. And there for will that track growth, time points looks well organic as as we're that synergies. that will record some spend and so neighborhood XXX require talking what with which like each comes to model to of And I every been that XXX pretty has year going basis think strategic Steve about in good. that M&A our ongoing

hit some our just a goal confidence set it over that by was there share concern to the even where over $X that ago. we we'd got rolled be up was and know this And actually we going time take think can Importantly, I to ambitions $X why X from hit EPS $X, setting the a lot was a out, And years XX%, we're of We've frame. higher. that's share we're $X. when that at able we to

our for X% EBITDA at here little margin Think done that and which is true about, spend year you things a right up to talked improvement, $XXX we that our base to projects that what going Kalamazoo ambition to see CapEx to us is we're level terms the bit margin XX% million this of upwards at the projects. drive like just enhancing You in see edged X%, which why we've Steve of margin.

those in markets the that North Europe, that market are what in best we consumer that. And do #X on at packaging. of So really market that leader done things now can customers, look side, combination it's gives if you all the converted share with confidence best acquisition us both a and America Packaging, of fiber-based we we've in AR

top line cover million of that time, we've We've here worth our So of We period. with through something over $XXX that new funded productivity, that that period of product time that driven growth accomplished million X.X this online over years. $XXX and over sales in more bit good we detail. We've that good I'll start do year, which from a really the Kalamazoo, job coming done that each at every M&A. And include benefits and here doesn't little a will year.

on and little every basis XXX points now at and businesses, time to Ricardo And have those and year. doing growth about and all come those excited You see that Packaging. AR you Genova as like helped good that it work our about with De mentioned, to you're XXX Americraft, talking the already business Greif Craft is our build and categories is do what look about strong. driving these I'd and Ricardo a some categories, Carton are you're Quad, up there. spend really, each of And us why team your I've globally, and out. diversify as portfolio momentum talked our I

Ricardo De Genova

today. right. that a change for everyone, and great. All you, for be in is to attending thank Thank a you pleasure Mike. It's here morning, Appreciated. Good person

you want saw, we phrase this. As track sustainable innovation, to organically growing that's a we established have good record at how through and

So right forward, the how of we are increase bar growth we we the view to over minutes, elements that you with to a have is the how to few moving like in innovate order of next provide and point do to what win. I'd going to sustain why of

the right right the capabilities, substrates. have We

multigenerational portfolio are trends efforts consumer address aligned those And those that changes. development a are have that solutions the We behaviors. developing with our we of we'll that drive

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have is got the I'm because global importantly So passionate in to inventive today, a representing glad the future. be and that here group company the we've that of job be employees here XXX to today over most proud coolest

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of one think -- showed with. slides I showed the we that Mike deal here brands that the of the size that

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that to I be plastic doing. One I slide. is of we of X would of the the Mike start is our over course, the doing KeelClip of to used through developing, that of walk here, basically KeelClip supermarket, a samples a that here not needs pipeline. I one things really industry. So this are only that materials like about the not to paper minutes, have our a our platform. still here us. We we you mention we and slide, things of is is multipack that you And through other being XXXX, that a we alternative to materials are to Because that on. we Clips, we in And have and and I'll move enclosed companies a film if make these things you portfolio for wraps, these thing out representative days other to replace the the to we are break, been here exhaustive And lot speaking few we portfolio sample innovations objective an before also I are like a that for next is but the and Because what over the of see is that this go number life. normally all large. available, of from the are our really -- is in with be a want opportunity what range want this This shrink options meet can I'd thing full that beverage here advantages. rings have used. do with of few in plastic that baskets, walk representative to introduced clever examples are working of referred segment rings, core to, developing fastener fully the historically replaced the

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that, with bring it to Mike. back So I'll

Michael Doss

of right. a team Packaging. It And Graphic part great be Ricardo, to a you're doing Well, your time is is job. a great

and of X% basis of of in XXXX. XXXX, XXX actually to actually you we our about X% XXX points think and quarters, then points. If X out we hit the averaged XXX XXXX in XXXX growth, And basis X objective

fiber-based that's I is to strike record want growing, today us company I as home to want are. because because track and a see integrated our you packaging we consumer we really something that growing what know So

your want for Ricardo, now year driving time spend of growth. productivity out. we part in that fund thank how to And So that little you, year our we DNA. by growth This a and fund about is comments. I talking really

credit give us I think this. will most of you for

do realities long business. frankly, Our even some different a differently we go we a to it quite the on of in and given number forward, accomplished. want few a minutes this And spend of as because track little in quite ways, have record we're is this around we about I labor and our slide thinking

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competitive about over pretty excited We think advantage it time. create will it. really I'm

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the Canada XX% the States. North So I when of North American, I'm mill say is United and American our market, counting Kalamazoo

Our mill. plan Middletown run our now is to

to it kind you're So to talk tell be to on before. over to that's we to through looked cash able going to August and conversions And into XXX,XXX do deliver not to continue I growth had our EBITDA We've I where of do when how that paperboard. like hard take a on We're through us looks do that able that flywheel worked taking project material change internal when of We're business CRB model. of a our be system, done I'll our will what that really, you've us at, it actually announced cost why going it done operations. from of it you of minute. share that and do see sense now it's we low-cost on. that with better we're autoplastic over we we this growth. our it got makes through for material able today, it's where advantaged, our I'll we better grow we've our it's operating that driven through in so. I so based it. were advantage, supply And to tons into us integrate about in businesses all 'XX, converting We're market. to imagine own and you what where one like got X and to actually we flow growth a integrated again, to the But early open took all allow profile material like 'XX operations. not in And because around some around it's from. The years driving because the seeing to have that This acquisitions going kind be that's unwind agreements all how is of can were mill the And CRB. is coming that starting will for that and really cost. you next own

Ricardo heard talk the about in There's back. You sample that. a

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benefited and We as us certainly have it, well. COVID during that

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will summer, Creek. see production we're than it's facility machine down exceeds in in go on you sooner our that, doing the the as has KX go Kalamazoo that than gone But Battle If currently because it sometime plan. down what ramp-up better our in

variable remains see can same. the You the reduction cost

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the XXX,XXX demand tons, easy growth. At it's math. Lastly,

it. can do of EBITDA We around guys You $XXX make per ton.

$XX with that Steve will of then $XXX kind So into that million see how another ultimately, and year in you into can this and XXXX million of said, comes remaining million million into savings $XX all worth together then XXXX. tier the $XX as starting

us. life. for excited Really to is tenacity about done. of really project changer I our that. And and proud So grit for This I bring -- they've having that talk range credit time and kind game team to cost of mean, need to a what of sustainable. These give XX%. when said, lot profile types we we about a that our to are margin like to do advantage that's X% structurally to structure competitive projects really CapEx the change within the going X% of over on create I

Okay.

and XXXX we've recognize done us. At doing time, we our rolled diversity better the the forward. minutes the for the It's last out. Let's environment, is industry. performance important us and of of things company. in a Vision X in more we culture. few going our to a and safety We're really on few the importantly, it What of to thought one we're that's people when world-class that. other to overall in do opinion quartile really going talk a a about said also something our same of maintain we here we're plan years makes our Spend goals of top we and Look, safety terms what

amount fair company. and on diversity So a of we're our spending within time inclusion

matter Chairs of actually Tashma, a Council. and our our Diversity GC As Inclusion fact, Lauren

we better. you or Thank that. chairing chaired of business it opinions Employee the now, purchase operational thoughts right as see an Global good We that the and of come groups Alianza have of Black that helps members groups that. And you and as Network, at Portuguese X my nonetheless, us Latinx, isn't we I'm lot. are those course, make all affinity but groups. all have of and yours, a happy my our our And diversity resource products these for by really Think staff. learn ally Chairs about decisions, I'm, Ricardo Steve Chairs to to

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and recyclability So cups. we're of hitting and the it Material both particular science recovery these ways.

real be right. full-blown bin organize next and time have across we you ourselves the to perhaps They do we seeing see team, to it have amount very required lean And in So her make simple. years. look, comply company. a and sure because the background as you that you as really starting take Sustainability a sustainability. a of them carton little and decide, meeting page are and experience, the minimum to first the ESG early in differently even just are see year, have going that do in at it legacy cup make a our on, with here a terms to Chemours that we on decide leave to report. our proud it way make both the it's experience doing well XX better? touches it we'll sustainability hired breadth really end, recycling that when a because than that and corporation did to educational the VP that report you wide Fitzpatrick that of can is as requirements what Last saw you help of Reporting, Michelle We're a paper announce business can latter our sustainability. that take it. Companies Kalamazoo we to around into that here. Michelle do ESG her choosing And former. And put or they first you're turn the of ESG as in hopefully, really look can choice aspects It's on to they're been for to going We've its the back we're reporting either leadership it makes a and from the the actually than better industry comes of company to we us

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this said we're targets to you when in push developing next of report provide more here. the able also in be still science-based detail release that and that going we'll December out anticipate the we process fall a lot We We're of to ESG those our in year.

So real that. of Really progress here. proud

from there. And come become as you like all to can and I'd value to for our recognition team, You We Steve, kind these show up now we've then into Michelle to is help got that. of going do, I and on that have like on what thrilled know our shareholders. Newsweek have she's see creation better how well some us models

Stephen Scherger

that that be I'd make together move you earlier, thrilled into was Mike. to sharing with then goals and glad do to over with in able beyond more out saw as bringing that after next up the mentioned we're Mike wrap We'll Thanks, Q&A looking prepared years, stronger, we're yes, that. But goals our we're and September stretched XXXX back we for actually which that several all and actually our possible today. that. enhanced remarks the

XXXX. at to we progress achieve The I'll rates is on to expect Integration from XXXX XX%. trajectory a to this is really look do we the path will we going of what about in give do substantial. path to years? If XXXX What What us that sense kind kind So the of focus a that what over have what's do achieve like you to that the a experienced confidence significantly. talk here to there? have to We're next I'd believe? gives believe date, that X just is can to you to XXXX for progress you up we

price/cost the up in path significantly. this 'XX significantly to billion. year or in You've off billion Margins seen capital being back cost on are where us go from of to positive the dislocation heading above $X Time be $X horizon move XX%, we towards XX% as company, going significant. Size a to at more to very coming of of such, XX%, XXXX. were the above ROIC

a that momentarily. a But to can middle EBITDA the we a of and adjusted predominantly. margins on billion -- moment. The organic to into path the talk EPS from path see a the from we kind profile for you be even XXXX front XXXX to I'll can the possible approaching billion a too mid-Xs you than here basis up about and out $X.X additional you. our updated a towards chart that's XXXX stage of today, can an by talk just of Mike excluding we range, on So in sets We it doubling about back can out the year. the couple stronger look more see and things $X.X XXXX of little billion, is XXXX, see what side path driven the as to for utilization can that the capital, of as from there, about us on $X the that to talked, the the of come talk Vision for this the $X.X a can the to what growth lay most aspirational have for and XXXX and we see any excluding a in adjusted We we'll XX%. what left believe of enhanced at we part, amortization. And guidance acquisitions, from billion want billion, into see what can our With bit $X.X path there. year we see progress path

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we help then acquisitions wanted of comes I gets integration, packaging there, work So help long you that is a we at integration that, a rate to thing way that the you acquisitions relative very when in give the share that kind drive are we've done, moment. One that of that out put the up, returns the to we that and that I'll of company a without which acquisitions, expanded, us Packaging through it AR build know, new footprint here trajectory drive money we've wanted to have thoughtfully global the XX% and really, to take specifically.

XXXX, like of be our X will in a tons even New Europe and If produce the that. purchase look you million have X in paperboard. of lot of require U.S., It who line $X here in the kind Europe, top acquisitions. that our million tons mentioned, million supports in it's as at certainly of Australia, Zealand, the in we will in through about tons, We'll parts billion our X some We'll some through it's Mike but of really businesses of around relationships and places globe. Brazil,

XXX to with and that, for acquisitions know with -- how the then as incredible we we do some concepts we drive rates support to bring CRB Mike we ideas a have from midpoint drive optionality points, the we we year that Kalamazoo. And shared that, have of paperboard beyond additional our the in-house They're in to us integration We investment increased we'll to to XXX this example, grow that purchase can. are to that clear. around at then some that those integration. clear because organically purchase So XX%. up XX% have of when XX% towards optionality basis of

it. basis to the this exactly about Doesn't this of The Of laid talk with product That's We given years. I on that was neutral it, have assumptions have. we than when to $XXX end. pretty that's business of that, And as what of aspirations, from lot components course, it the underlying around at that's play the X.X as on probably all that on So the input million path. But on with transparent for of that path organic XXX commodity shelf. a that, path couple of It's sales, we consistent today you over require doing building elected know you hundred it that engine as reasons We stand tend the growth we, we'll there purchasing really earning we be to we midpoint will relatively over not. acquisitions. the let's elsewhere inflation given is we're through a in and a line XX% integration of it will the has million. of multiple out. Price/costs top XXX of recovery be time move We into more points, cost But $XX back we've was that well we potential produce end of we who year you it's be turns the the a period can chart. vision an the kind off one year. this packaging to from company. That are this take what that an XX% really innovation internalization our out will price that we'll a several or that to the towards way? be conceptual. that year. next And there's our That's dollars XX% million drives that paperboard see earn consumer, a earn high the not are. Ricardo to sharing the which surprise numbers organic

That with will next synergies a the increased year's on core cost net X% that years. what characteristics this EBITDA $XXX for X%. got come A if of $XX combination more couple our Kalamazoo of at we've that can a earn put X%, next says $XX long benefits built $XX million labor million plus have to the and the over history lot the inflation. we structure, that quality, yield spend of The $XX of we beyond drive than investment million. We've the will you CapEx, confidence see that time, we over the range in offsetting million the have, period of there. Kalamazoo. We'll We million performance, performance after will our

balance investments You consistent and capital improvement. our drives math can behind if Xx CapEx returns do a on billion drives drives about million sheet a to to $X the past that that a in of path billion is to then post-synergy $X.X $XXX capital billion, the acquisition additional you are it, to that EBITDA. returns earning margins. billion great Those total, And return math, on the $X work $XXX in the spot $X.X put to million with basis, probably us that's investments, the allows of have of to put

and provide I allow to will assumptions achieve So the vision enhanced that a the established us path, business. just for the we've to characteristics wanted that the

and with, pension, of kind the costs, We'll reduction, of into we past. critical to to. $XXX allows end terms sight We've obviously, it to $X.X CapEx flow X% invest of cash et back for the of you, billion so productivity low line got as back invest maintain back and billion share to cetera, in that interest to priority. EBITDA in so, out put has wanted kind I work $X.X of billion look business. this terms $X consistent you of to you also and with period range, if work of just our with to million in things time. We've this our do XXXX, you put to some well of generates assets is to this Requires the what of all that's we'll dividend $X.X as mid-Xs supplying and to that XXXX the assume shared got And great $X invest us into our that moving a in billion. or the in, core common in put us debt year, We've to with kept work business, to absolute we've particular billion an of do. work have that That

of for we'll so lot that on And a embark cash reduction. flow debt

every And that company. put Some while have to capital that obviously, in the if significant work about we're capacity flow the here to generating thoughtfully between very back do us the then we're optionality XXXX. Balance sheet investments cash a buy the of talking to we has year strategic and to still allows position, M&A.

we next the it I to a consistent you the give wanted work so cash for And how a just with over the kind several put way, very is of to balanced years. opportunity in to we that sense our have would there. deploy history

you've today of goals sharing in invest in course, operate give invest you with the give we're you that kind the in assumptions the business history, those and organically, in the So that's XX inherent the at us back in the today. but we're way just to also that that as to a a that we've to has so we seen a enhanced specificity the different we confidence with allows build last go race, we minutes And of business packaging is September in and what a case. the that have originally running you sharing because grow that us economics confidence our we or sustainability-driven beyond that company in brought confidence back XXXX. Hopefully, had life that's that environment of with of financially investment bit compelling a established have that it which with advancing back why the to level of forward really shared important we've us and, that's you consistent

Mike, move back to and Q&A. wrap break turn I we So and can why it don't a for you that, with then just to a

Michael Doss

the helping the few and the like opportunities we Yes. future, we inspired our we that are, creation today for to years. value about more over Graphic leave gave that with on you had, life hoping we and Thanks, the our are Those prepared the for Steve bring next Packaging and comments I'm story here company's Ricardo for me the stage. presentation prospects growth with

that, into what we about a back importantly, should come is do think take then and XX-minute break With and get I Q&A.

So is XX watch on, have -- XX:XX. back at I don't it? my come what time

Okay.

why come That So so would to? XX:XX. much. [Break] Thank be Five don't back we you at great.

Melanie Skijus

Welcome Okay. back.

you here Roxanne For pass time on X the and a who's and X side ahead will question to morning the you on Please room questions submit room. right-hand and take your Instructions] the those room, webcast then take of we'll that on of and to microphones this and forth. in to [Operator go the questions morning, we'll a start We'll the this side put to screen. permitting. Catherine, in we'll you move can get your over We'll of webcast around. go question the

Okay.

Philip Ng

CRB which for cash coming you're looked XXXX about is fair from flow on cost through. XX% for a one the I think pretty the pretty But bridge This is for amount assumption your had Phil broader industry. question reasonable. side, neutral, is Ng I reasonable Jefferies. adding price The was is of The it's and capacity the

much price else. keep have algorithm everyone guys of than cost profile you cost kind to ability Your lower certainly, that intact, a

FBB and in capacity, the but from certainly if little new adding a maintain the comfort past, potential kind some been perspective, your of then is return supply/demand your choppy next in has to a confidence And few entrant years? a SBS

Michael Doss

don't here as investors terms going split talk apart. may for Middletown I'd to Thanks be deeper that I market. our FBB going familiar. CRB, to we'll through that we're own is to slide, remember a not we're about to to I'm that probably looking take Phil. talk tons generate terms some drive distinction discussion tons I take those because But Yes. that ask warrants to what it cut? of the to is a running the the for internal CRB about Why operations. not of think on of that looking the that, in going by then I'm I in We're about talked those keeping and you

tons also that integrating we're buying others. we're in of from And URB XX,XXX

of talked for along a so little I few that, while. if there's is a back with and who've looks CUK you X capacity happened the many things, and examples going CRB gives away. ways. gave lot just the There know what's Graphic of seem decade, But West Monroe. and to us counterintuitive into that you those And step grow. close about growth were take that a that in think actual some in Packaging I led to that were Macon of like, been last of of movement I you that out went both and of around been over And they a a about, lot a really old might and big machines what to life, we market confidence CRB that. end CUK had a

to machine modern our actually operations we're the bring the business. already so cost those and take to not materials CRB, We're have from And to into that our looking new able with what customers business we some of you're us markets. through with with open commitments tons back grow run Again, profiles, we're already that seeing and modern online. those it and packaging helps are to orders integrated sales looking

Stephen Scherger

I'd make of hundred moved out million. Phil, that CUK Think it the maybe moves talked of us just seen it couple at CRB, end of about a only And about very thousand you've move in got different just day, we we of platform. took significant growing the out Mike context add about of things our X environment and We've a a in think is may the some we've way as CUK and to to CUK. Because got that, in We to platform, the and tons. into a it And just thing CRB. to growing saying, elect substrates. was of

talking to points growing So capacity portfolio, which you've basis year. XXX organic with you're supported our mean, X%, and got then X% a it to us as XXX I really there think growth. it's a about it's by in growth means

how we in terms so And think kind overall think it's That's an that's the distinction important one. I how about it portfolio. think a we of of about

Michael Doss

I go that, little maybe in for Steve. maybe And makes think talk a kind bit one. I'll about FBB, bit you what it it question, back FBB just so of this. I'll his describe to know sense which is, little good what Thanks Yes. a on for Phil and everybody, has a And on referenced is

it. So asking for thank you

is folding sheet the FBB different European boxboard. in North SBS boxboard SBS Folding the predominant a opposed stands in which as because And market. way predominant sheet, is sheet to it's America. made X-layer a the for virgin X-layer is than it's

sheet, thermal mechanical ply is So on that the pulp. middle X-layer actually

in you ply, layer. ground to get where the both and lot creates take So is the that or wood that applied so caliber particular, And middle the particular bottom top ply you and in okay? chemical middle bulk down and a then goes the bulk, grade. pulp is And they're logs the of the and it on

So in to our sheet, a similar paperboard on machine. got doing we're Kalamazoo coated you X-layer what recycled

by over year did we machines. lot acquisition new a in existing operations. now AR Europe reminder, So FBB and paper our the tons of XXX,XXX Packaging every with about X-layer with buy, of way we We know

operations. it. know of a in through our got about it convert with sheet. of we've So the running a lot terms familiarity lot it And carton of We we a lot

sheet. Europe, really pure there CUK a isn't In

which So our is call and GD it's it's board, CRB. FBB they to what equivalent

that is spend competitor buy they that manufacturer were the come to the and roughly printing writing FBB. of announced that $X said, phases. they middle Escanaba, the primary they they make mills convert with in to were of X to also name In a large by convert going one they billion So Europe. of back substrates paper and they in December, to acquired X BillerudKorsnas, a announced which mill of were to the little I'll a Michigan there's going acquisition, Corporation, going And CUK, later, to Verso

online first to phase going one be brought The that was they machine in XXXX.

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which we So questions rightfully created number over come market. the roughly for got our medium term, a online, means that you'd a number X.X tons what have of million from people so of capacity of around

think, don't talking we that you I done got Steve, why to XXXX. just going go the about be to company that in we're

the tonnage I to look think coming online. to it's XXXX when that we're company starts important be at going in

it it Assuming as they would, said on okay. comes

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terms aligned we're in So looks like. that what of

you're willing to where and so, importantly, be going structure when your much those takes cost to and you much convert can paper you are how to What time It to want comes about any is to spend, do anything do it machines, said I down do. money for to to sell is done this years tons? I've you're publicly it you most what going machine know how paper

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other in talking mill, I about particular that The in that is, and and spent time basket of of up it, Michigan. a in wood side and Steve particular this lot Northern I grew

for XX it. So familiar Mead knows in well. years. Steve quite mill with I'm for worked Westvaco He Corporation well that

you X about about think it's to time, of we're not going competitive there. what's advantage tell or on how itself, renewability advantage knowledgeable of the there's So is I'll we the kind regenerates that like and cost relative profile What the on way tend not to know. it It's things fast quality fast of so fiber. want fiber fiber grows, of you fiber, that it cost that how importantly, the over

the were of make one to they machine. so that going they said, on And things CUK

And many shorter Because southern linerboard. why. substantially states about machines to Think that the Great are than freesheet that softwood in loblolly big you a Michigan, of the uncoated Lake make have ever happens. yellow tell have converted pine been We fibers how in to whether which the question mark indigenous mills. is pine is source pine. of around jack the prevalent and most the Northern I'll The the

They handle and if was it's bottles I'm it care buy of cans that make brown. and brown. tear. hold But They can't customers, -- in whether They're or the the something and I less the you told for necessary the on beverage what that's not they strength not saying brown. strength is care characteristics buying remember are that the could up about slide air. they not to performance got that

we so money time publicly they've we'll time probably and think about and spend it's experience machine. about it, more given as give converting enough far, money, if with what than they So that our talked and them

CUK for complete an sheet that really more work market. to loses a to the that markets and does And amount of are low-cost given in make of with structure balance. struggle reasons at assets It's the talking here, this about kind about. this just they're of I'm mill conversion. probably there if doing that a going some high-cost over be and question threat we're money is mill sure, even I time, a in to almost talked of rebuild like said, balancing, can anything a I see Phil, period over FBB that wins, that they grow We keep I'd And the to will time

years mechanical you'll we property a Having over about a that our we we said at acquired on actually the for X.X did publicly, that, adjacent that our Augusta thermal a other long-term had hear mill, They to newsprint treated Corporation. one And actually is we thing our talked mill. water from ago, and pulp acquired little mill mill, that them. Resolute was of contract, that the the fibering we that and haven't

operation And actually to to because of brand-new couple cost allows the reasons. shut on take wood that it Augusta had property. us we're from able that when of chipping they our purchased they roundwood them mill down, a in One, lower a into for we

we're go to matter operation track that chipping from a long March. just operational belt our month that of a fact, of finishing be As the mill in will and will

we're about that. excited So

capitalized. But mechanical that and had thermal this also well was modern it pulp

sense it We've it the capital. got how a X% actually looks and mills that for us and in to a FBB us March well terms what that talked to looking some integration could in help of makes and X% and be virgin over all for been we've of create of different a for optionality what pulping our trials look at We've going it will so do. to our run company. been year. months to April over Steve large about at see drive that take lot And here the what -- We're studying our And in see products time.

of we want And do a a is the to about today. you But competing walk away that this they're that going and be manage lot well. something company with when talk believe to it's online. comes have to to is we so can with have optionality because don't what We you we that project I that actually

we -- tons think XXX,XXX as facilities. not tons Europe to our our reach XXX,XXX said, of buy make of ship can CUK we to Steve Again, we and a year. own It's every supply -- we what or own FBB acquire

a could capability about that. that, think goes No of along Now passing in tremendous trade packaging opportunities It all and shipping That's one cup carton. the really we that it why right, us our business that having for I'll gives create grow things lot starts for But with Atlantic. likes the with cost of transportation over some there's value interesting because a time. because sale us. creation And optionality and pause.

Stephen Scherger

the factual And the add And Yes. advantaged of some around just terms base, there's been think only discussions conversation wood advantage. advantage wood because think that base, cost around Sweden. I I versus that just were I costs one public I and of thing wood that's of No. for the cost think things is relevant in kind we'd think fact conversation

you the the what to structure perspective terms the what's a we perspective, cost think cost is And from Lake U.S., of wood the look a advantaged I that wood modestly of where Southern a lot on versus our on located of with obviously, States. in really we're advantage. wood from is time basis, competitive States. in a spend at And United want

the States, the so we Southern mentioning, themselves spend time, But as of quality a And modestly just paperboard fits -- doing States. United versus is that there's of with what was the overall obviously, the Mike advantaged Lake trees clarity where CUK. point we're of to our relative

there. CUK a that of how So raw material was clarity I our think kind the about inherent point mills. and of It's SBS there think a just we comparison around services

Michael Doss

on than Forisk, North what actually nice willing for our hired a leading is lot length to pine. a I out shows And study we website, really we'd to about. be forestry so United And really. America, a we're post we of us, company couple and talking because end, the And that fibers called in kind the firms a of they the were getting we are study did of this think see one shorter on questions. consulting the you -- of The which a can that millimeters loblolly did it States,

costs renewability well. relative as the see and can You there

things then. again, it's is to are that's look, is have market lot The do we important going deal able that. now that powerful positioned have grow. long we're well with, of something to to to time So between very company thing now. but A XXXX, a XXXX, a to going and this from be most And is to happen going

George Staphos

One, Staphos, through of to line or that regard? and in what you over years to There cyclicality Steve, gives life. cyclical, next, presentation, some the most quick XXXX Mike Of will the mentioned, you your recognizing, to the things gives less the no answered George X, what America. here. whatever, more X Bank paperboard are linear most you comfort be, that has this comfort in Two than business that you that questions the more it. guarantees fact, the look, extent in

mic. at we Relatedly, get and the moat X% it too to supply? can't around lines X% X% to you've potential that got of you now developmental directed around making integrated up -- this Is these more from is see around pulp new live more much nudging into will were fiber new sales so that But you're you previously, that I it larger CapEx projects? that's being against the sure and slightly recognize and

the did as third with the where of up? it the a get which in constraints quarter, from, the weeks? did And Where seen demand was come backlog one, supply pick a pickup quick at huge or you then CRB, out XX already it we've just into

Michael Doss

Yes.

got for we're So those -- conversions drawing lot that one customers conversions as and last because the really CRB of the the balancing of Those it's online because and make conversions ability coming we're X integrating do the took in let's had that take have We paperboard. and the we some pipeline made as talking our how about and to easiest because CUK, George, It's profile. that's think we all first our out demand of shortest We've recycled just answer. substrates, I it. are that to put about. the it filling a coated into mentioned,

that the you give So is answer there. one I'll

I'll you point hit finer on these and put then can it. a

or the operate the want is "I support end-use economy to and America case circular we by today around consumers types I the about move saying, the creating think even that a these by of towards with the whether certainly foam we foodservice principal career, paper, North made Europe things a George, conversions opportunities, that's around create and markets into what I of that different things to and really attack. and is there more we buy. think it's of in tailwind my funnel products way And in giving it types in the that is than nice his a that the backlog, we've Ricardo that team experienced, of out

that's reasonable the the And of averaged because gives year, around that, XXX that points in basis I XXX we've points. we last confidence think XXX to given basis we really that, out particularly there. so what been us put And pretty

source the overall how [ drives picks as our And volume, performance if ] we creep out and into Steve on it It of really so -- each tons at efficiencies kind it plays that laid does up of out year. it's EBITDA drives you generation through. there, of every look that the when the earn of drops kind waterfall that coming those mills, margin and really a

the way. I here. also we happen, really tested it's is about one biggest would thought So the actually through were that We developed part the it and started And changes it that time together fact it's seeing COVID. like we of of been

of COVID think foodservice and drive-through big think that to go way saw customers where we eat event, they consumption right? way mentioned about huge up. back we a We they have. normalizing to eat, ultimately how And certainly that, earlier see about window down. here I back, they And go saw to as home the type disrupting a is now want you and of the our was want convenience want kind If in

bit So last delivered is a the us ambition. our quarters, out side, linear. linear. get not lumpy. is X X be that, said something that, of that on tends Having to growth the helps certainly we've little totally more organic growth But It

here just sitting In terms projects about, that this I on you a mentioned because just of we've board. And TMP that it line We do project. still above would most I of stuff. at the And Virgin sense around looking will got at a hands, makes standpoint our we to ones lot know CapEx, to it talked look of our as a likely work that we're Mills. lot competitive that the we in want from X%, be that. not that on a like the buy

pulp we've investments do. like got make do going a mentioned, if decided the project I would were of But we we be Steve's the would filter we the into trials bar would As do. to to that that, that that type for project and capital

year company because Having of said the We converting and every our get that at better improving in that, in X%. our we're mills.

generate, built there. So EBITDA us mentioned down remarks, our over And of the important that's better of the because up a and really customer cash bunch flywheel it's decade. down prepared enhance creates cost of really unlocks for that creates whole to customer a a part my of got number us experience, virtuous we've cycle and in as and our we allows and our healthy I benefits service that that drive that that efficiencies it road, we've spinning the that

Stephen Scherger

Yes.

well that getting earn which X, those the that over patient we've the particularly of in and on particularly enhancement on as we've 'XX, will, to XX continuing what's return the the are as about. investment the the see add to look out over XX of investment as years, of those that through terms a George, words, talked margin of the points linear to couple coming -- years, it, the where on over out couple should if you kind we kind margins the be and the been XXX we next of the to if now the comments, confidence, I specifically the alone that thing other walk next you In that from earn Mike's can growth X in mean think months drive organic, earning basis XXX only ongoing on Kalamazoo. organic linear, of next of really I patience start-up to is company. I'd made, good

Anthony Pettinari

to of you Anthony Do Pettinari lags. maybe could from to wondering ROIC just 'XX in work do improve tighten up of where Europe? that was with goals EBITDA Mike, Citi. a in America Europe similar you done Steve, sort America maybe more I understanding are have the from you work have perspective, if compare chop. you've North perspective, pass-throughs, to And lot wood company-wide. an

is then the attractive of assets, to an ability in of just get market here? terms And finally, which valuation maybe acquisition perspective, more synergies, from availability

Stephen Scherger

we'll that. and team tag start, then on just I'll

Europe, a in of platform, of profile dollar you in platform. the just it, early return with lot the the of in trajectory growth seeing earlier, European and we're couple now think is growth Europe. infrastructure from a coming Packaging growth billion A international AR lot the comments, we of profile I terms really like heard and the really Ricardo's the as of

our or KeelClip, I we're as we're a And of return as so the to the rates expect -- or talked platform, European above seeing mean at, so And PaperSeal, here. at such, we we profile kind grow is company. that where above it at,

We're we a trajectory So we billion-plus there's have. -- that, talking really seeing not they're we're of And this it's larger growth overall, to the modest. in But I fair variations big -- footprint think, close, other relatively like $X words that say. so and the are distinction. not

are it to from and the of in Europe integration? X because comes that to be as it, comes to Can ourselves, to it? very thoughtful it both see options acquisition that drive component X when in to well up. we'll continue the Americas drive Obviously, does asking There integration we be rates the turns there we'll exist improvement the

reasonably going it's acquisition-oriented. the that talked there we support kind converting kind non-acquisition-oriented to that move is on While of from consolidated, optionality side to of there, about

Michael Doss

Yes. I'll hit that.

you pretty I you, saw was and through. just a the It's actually converter. well, it right Packaging because goes think prices that paperboard -- largely up AR going the -- I'd that tell non-integrated quick, with pricing was

had those quickly. pass they to to stuff add So through that terms relatively

do a And going to Terms are lot it if able a be to a up you referenced, speaking. America be to platform we're that of North to last relatively thoughtful we solid those forward in in year market. good, go appreciate terms. I we -- created us let progress we very And to made that. And really not waste, that did allowed tighten and going continue how

thing, the smaller can level us, and scale other now Europe we Rim pretty we're past, paperboard. creates one of America, of given with customer. and field to sometimes business to And a kind truly in more then negotiations a in disadvantaged customer of the that for a the South course, only Pac We to platform create for able one got balanced be as approach in think we've we're I because Anthony, geography, And kind a a where use global too. our that the got U.S. partner set we've of playing might with

I'd I going too. about think new that's else you for here, a ask So something forward Graphic to capability that's think

Stephen Scherger

Did we hit everything Anthony?

Melanie Skijus

There thanking going from from of the you event. Ghansham. of questions. I'll are several you, Baird audience. he's to one is Ghansham remote Okay. for I'm take and do the all This Panjabi X.

new versus off, First backlog would product baseline? characterize how current the your you pre-COVID

Michael Doss

Go ahead, Ricardo.

Ricardo De Genova

of thank and I all, remotely. things one for -- of on first and for question Yes. think so connecting the the you

what understand is for in a take strong of development terms pipeline through right, that our economic was pre-COVID are COVID innovation of because pipeline, I and trying to enough cycles. question -- to us to the if a us these So in terms do nonevent create is we

we have is every funnel want that this of that innovation starts it at So the the deliver we multiples we end, that not understanding that the and created way results through to the end. goes initiative front-end all

pipeline. world during do period Also, lot we gave developments of very stopped, that industry the stops a comfortable or about us feel the that to very as So and a well. strongly opportunity when internal

from our application. brains because terms advantages keep work of in the behaves lot a competitive we relative that have to how innovation paperboard I referring of we final we one So And knowledge as that material best in create to of perspective put the science. an biggest

pretty have big launched about didn't a of during products the pandemic. and good feel we we it, bunch new impact a So that

So it. we good feel pretty about

Michael Doss

we're here how around Ricardo is question nice really of what necessity, that technology real-time I go a in And right? embraced allowed that given course, at were could We and truly that the Europe zero And globe. when other Packaging the was job in is And a and all and the the trends fact as that tools I around trends those AR that same the faster we'll some had created And that these as thing a that on see you're do of and to move do Europe is innovative faster guys do do that, Steve we us we his pick that gave know products in here. you that a you to the lot around COVID thing that to and move I And team year of goes the on looking that allow to sustainability, much you up really quickly? that ground think virtual. momentum maybe, Ricardo, the way. information company for on. the starting at circularity confidence move did looking a globe

Ricardo De Genova

Yes. And from we to to those speak total AR at that $X the billion. innovation, for that you billion trends, when estimate if look market, simply of acquisition, I was in billion. available XXXX, believe size So $X we with $X.X the came went the right? here And of

continue the to more see plastic But at and see that end innovations and the continue here to market. find the room. gives these find represented at even development to us by momentum we to back So as the primarily -- to grow, bring that we driven opportunities of opportunities, that substitution, you

Melanie Skijus

$XXX Okay. million have And potential you. in is A The about written people few more, one Steve, this. for in this inflation.

talk more If that assumptions? just you our of about encapsulates some could and what

Stephen Scherger

be to. I'll glad No, Yes.

shared and the the to is, we -- to together, was pulled in help sight see million you bit. that $XXX we know that we basis, I what -- that what kind answer here it on the paperboard we're purchase. a just of was knew when heading of the real saw the I'll run run what year. of line had with going knew. there inflation rate kind beyond And we million we terms that, think of the million beyond so what of of we $XXX the little quarters the But a $XXX kind rate was $XXX into and to talk million that about kind And

could as past. realities what we've conceivably run XXXX, the Given in seen in the don't of we know we saw what

it. not. but million XX% spend predicting or could we And we listen, we to not acquire it's what level commodity. of a at X% -- spend the It's up inflation. saw not on commodities, what It's possible. of was -- so so on pointed $XXX if more But a move what's particular any really, see And that another we we're

the us million. everything in for is mentioned mark-to-market based about now, remarks, I right the where As $XXX upon landed has

where of we've line kind upon of based sight a get that's have are times. become inflation So But tear what on -- we at seen to. we today

sure make so that we just this about And context putting we wanted what into were was to plausible.

see we're to price put the QX we're kind to of the the on, million quarter inflation just executing a probably last $XXX quarter million to in just in for of material, see, into $XXX it will that million of million do We $XXX of expect going in QX. moment, that the be off QX. range And $XXX we coming for

in ran we're positive. price/cost and confidence It the going QX here we're that us which us seeing mid-February, when our right So gives in through that because to But very be positive, that in ran, we're the benefit will we highest in price/cost results inflation that given come mid-quarter. it to pivot overall inure starting gives confidence QX. to year-over-year likely is

Michael Doss

And why of all our now pricing pricing. know seen us got right really pricing you've overall because continued We've so because of terms Ghansham, of push and we've our there that actions on that's grades uncertainty, to for don't sure. we out X aggressive in

backlogs Our are Demand very solid. strong. is busy. We're really

environment continue quite has pursue push over the XX uncertainty And and frankly, the so sense for months. it makes to operating us given last that that, been to the

Kyle White

details a you all and Is the channel? the the still lined the peel plastic keeping and the pipeline cup Bank. coating, OptiCycle for there to the stable the uses Ricardo PaperSeal with shelf on the believe PaperSeal appreciate but innovation. coating you water-based the could PaperSeal on product Kyle I White question OptiCycle and anything off. cup. grocery have a go I -- with a the where it Deutsche innovation through A keeps you to coating has that water-based in and retail similar product the -- able that said

details Just are any there? on what working you guys

Ricardo De Genova

I very much appreciate the you it. for question. Thank

let's So where and talk little a goes. the PaperSeal it about applications bit

B, So to from point atmosphere we applications. it's recognized point go we said, sealed not that packaging packaging applications, I And started, vacuum line. straight modified to A like in a sometimes

be that -- we going entirely objective that is and So is compostable, ideally, architecture recyclable, our cetera. to to platform to particular for an go et

a We're improvements making not perfect journey, sustainability But letting we good. we're as go. be of right? as And the enemy seeing are the we

So go if is a able about is paper, think step. XX% you the that fact are to That plastic very point. as to from XXX% This good first step, already we right? one a

mentioned external going we remarks, deliberate new are are with we partners as get now being constantly Second enable internally, there. is, I working more point working much are step-changing to in to about but that my us this develop to innovations

a yet have take determined. be type prospects are to to projects continues to in going because direction. be we it's in very place to sure evolve. If active application, the water-based But steps technology currently or we the material some other good And that of it's make

Gabe Hajde

the you your customers' of the Hajde, about center kind Fargo. foodservice, pace a specifically of grocery behalf replace the on thinking serve? bit versus where easier of to end order? channel. if little -- I'm just solution to clamshell. talk be to that aisles, the guess, seems curious conversion conversion you investment but paper across -- Gabe relative some that's it like a store can foodservice needed I'm purchase And of markets the probably different adapt about, it's Wells just a any a made I or fiber-based And It's to not different

Michael Doss

you it. it that, Gabe. Thanks Yes. can for some color on and hit I'll put

it's packaging I lot that a think you're type stuff. hand in right of

they doesn't the of side. drive-through you'd as Having on get some foodservice to go be overall Gabe, that through have So trialing said how place their can surprised that QSRs And it these away. right takes at integrated appreciate, to want that, operations. you the have out

slows on. It worked that them needs problem. be to anything a So down is

packaging they we're customers all elements those what with And to so we're some learning about the our looks help like, with them use. more that working time of and around that

it's As plastic, I plastics. certain of this mentioned in mean my statutory to I prepared remarks, of some jurisdictions, in single-use get they've out got

of certainly paper that of But I you CRB primary of what on on of those mentioned a cube our on when XX,XXX sack what That's big stuff I around foam that's think happens, pipeline one And that see It's like focuses, quicker there's to conversion longer it over half there, of a once. type working tons. that mills at they're it's so is thing. really number. all to one And smaller foodservice. some then

the got thing the asked of pull. to forever. that backlogs, have customers XX-week know ability to that, And but they do and shorten a able backlog We've occurs. can't George question want the they the their that be kind their to predict to down that's around demand because XX-week don't

service that And make so we're about ongoing. to our kind mill our sure Middletown us going that's operations of carton why run, types conversions those help to it's we're of integrated that with continuing excited able are because to

know to I it thing. parse one really can that we down So don't any

I all us all on how of working be think to focused competitive them. that's we're them probably of advantage what because trying we're work gives but

past As -- every chasing to not he I took talked sure we're need Ricardo about truck job, to the farm. this goes when just make that we the dog

neck these down we to really move So the one that each into can try platforms in critical few of that needle. the

you look, X far, over so internally think I debates along more so basis go choices If years. good, points resources, kind those Board. well, you of add good could you I could we guess made and ask, we've lines. XXX have But faster? the last And pretty those with our

Ricardo De Genova

We from science, certain we engineering So life, right? just competencies bring we R&D don't innovation. -- material have to way it And of at Yes. I to an a and mentioned operate because in terms core it's in terms an of example look perspective, machine the design.

give that the ProducePack these example in using Punnet snacking with So come U.S. we're for conjunction. just all to are tomatoes. where me mentioned we let an in to going I market you now

you today, So it's plastic is those with supermarket used the to that go be a clear to right, film a to tomatoes. package going lid, if

smart instead at plastic were the configuration the run We So geography looking We this and and a about use have dynamics that they holistically, are board, currently a equipment of as sealing at the developed we to looking option that well. same enables it. design to growers right? paperboard a

we So approach solutions. a have take of portfolio we the because don't one-size-fits-all

Gabe Hajde

don't specifically the one, costs, that. for presentation. with I Maintenance Day Thanks are because saw And then married just I in earnings think up anything there. I

If like us that what relative give looks XXXX. a for just view you to can

the perspective cash that? then there was left TRA taxes. on your this Is payment, And then And XXX anything on think, I year.

this I year, period. million forecast million over $XX to think how trends the you said that of $XX kind

Stephen Scherger

taxpayer, Cash taxes Yes. a No, on 'XX. those. very let U.S. modest cash from in me touch

modest be in would to 'XX. 'XX. expect expect some We beginning in to We have ramp-up

one, that's want the And of I trajectory so again, kind Remind other sure. the me say that to make there. again,

Michael Doss

receivable. Tax

Stephen Scherger

us. that's International Yes, complete. everything receivable. tax behind the Paper Yes, Oh, with is now

of 'XX agreement of place So company. we debt structure the the in that had tax is part the receivable in

all. And so no change there at

Gabe Hajde

maintenance? And

Stephen Scherger

the Maintenance, the a in bit it's is back or planned flat bit and it's for a our -- maintenance materials million last in of back $XX is overall, QX of $XX the fundamentally minus to There's plus million. There's flat year-over-year. little year little the flat But appendix, year. year-over-year.

Michael Doss

as year, up heads service tons the demand customer Kalamazoo. So we we down, need that run ramp have all the mills we've got we to

David Paige Papadogonas

from Paige David RBC.

the a benefits global company mentioned Packaging being acquisition. after of the You AR

when another get you that? have what the X.Xx, And what back your acquisition? it any plans end color region market? have significant So do to leverage X, Do or you you would to be of on target do

Michael Doss

down debt through do Look, being CapEx and to your year, thing range have as of down this our up. our to ramping to first applied through you took do debt able EBITDA normalizes Kalamazoo and I to cash rearview X.X our flow in the and growth year, our that plan point, mirror of reduction, get established to Xx, debt Steve pay a of free is think kind this be with we and combination to to the

said partners, best Europe. markets, Europe In North of They're very slide markets, haven't customers, on fragmented market. And like a we is it's changed. for the America terms those best and still

#X us, XX% but For XX%. we're the we're market or share,

We're So to to there. there's be done work a lot of there. happy be still

out time and too, in paperboard, other this capital the the drive buying strategic any I'd Steve are we're X integrated is to model? best time, would could to at look lot can mandate, U.S. those of capital of the a for our acquire solution a context that continue something in over Europe. it's as million of allocation us We in we ultimately we'll of outlined It's thing And other say tons look look there. that terms mill. over What's tons a ship of the but We to not equation. stuff at

think on X and us and outside materially to I see next continuing markets Europe, principal sure, moving for America X you'll So the those of focusing North years for of them. not

Stephen Scherger

bet what an a do don't given to Yes, market, the that the throughout really that point, we and Europe. well Americas you see in exists as big as see emerging in making opportunity is need won't because us the

there's mature-market oriented will be room still it So to more maneuver because there.

Melanie Skijus

like take on can couple Goldman is This allocation, of Sachs, also we a capital Samuelson Okay, this and one. from the Adam audience. you'll from

the longer not in stock in XXXX? share capital be the in Assuming reflecting XXXX your if term. seem could at repurchases XXXX, deleveraging potential you achieve How, barely factor company targeted the your and of growth does to all, allocation

Stephen Scherger

we'll we're appropriately If the buy valued, company. not back

to over one of we those one us. you've that things we us the tools time. think of I -- do that just that seen have available it's It's

a And so and will the view of value company, forward the community it. the of we have determine investment

have it's to the approximating to back back years in the that of balanced, company utilize few be $XX always a line believe we'll and We sight you've that we when right But we'll to the stock, if one. ago. direction. one the it us that We down we X.X move tool XXXX $XX, seen that is Xx. here to advancement leverage bought job the of we the make and big see and a past believed it's do in do in We it's value at why XX% -- it's a creation. And future were

towards investments as business can drive confident improvement return that's profile margin into we up So the possible a goals. that yet very today's we drive it's organic us, in XXXX to we tool to the what growth, the to see of we're the the know in always Vision make available

Michael Doss

Adam, the agree think, I made. question. the look, thanks Steve comments Yes, for I with all

where I do think in we that we're is the XXXX thing growth. another year to biggest on going deliver have

of basis said, quarters, last points. As XXX that, I we've out done X X the

get to as start we're I need and engine fact my growing, us lot prepared integrated a able remarks, in company. optionality. we packaging later, that's or the to And solid a very Sooner we've mentioned being of cash-generating credit gives for got a

us we've have done But been the always think as time. in year spot different things a to very our get be be for to year profiled over that where this we'll Steve that that shareholders all and time. And period think I do, to over do full will can of display. this various on we So pretty that, will thoughtful investors do we our we earn we really manner those the a do and appreciate and are allocations with we recognize We really exciting it. have

Melanie Skijus

printers? of Okay. board more Can conversion? And wet Mark prospective questions. Wilde BMO. on And and you packaging X with digital for update Actually, from of one new applicability strength Texarkana KX

Michael Doss

question. the that, I appreciate for Thanks Mark. Yes.

business. busy. about the year. were that of we Texarkana that run we we talked doing project wouldn't down Texarkana, And that too conversion, take to we if terms SBS to all have right We customers. need in machine We're now that this In do and had our service

Certainly would around returns Phil's the we above capital earlier CUK. the us. the project in X% range It's of question made could our do for So around that solid we towards more still big the believe delay that great things have mills in virgin that. decision another the be X% XXXX, real We won't option we've a to some it. we need got it's

we've because now, operate business. we able just we we're the have be tons need And curtain all for coater, while it a going the to So we're to store what that purchased was... right -- to a actually

Stephen Scherger

terms in of optionality. Kalamazoo,

Michael Doss

Thanks, Mark. Yes.

freezer now, on So get crank because kind tons that as crews real the are there to running right for that be those customers and have ramp-up as more grade that, could that grade could as the as interest really said actually Having we you we're think well CRB can standard along options some well work appreciate, we the a material of of lines. with machine. both for that interesting comfortable expressed want our beverage

us beverage Battle would million probably 'XX. focus around going get there, But It of synergies Joe machine, look that is up most likely journey. would and pretty ideas that really into we more be more and that grade $XX something that out good some The we Europe. gives getting with at there. some for look this now, has ramp create run comfortable got more we're capability optionality 'XX on some right ramping our to that, Creek year as delivering with down And and as and we'll good

Stephen Scherger

We and Mike's one Europe. point, strong it's we of to and CUK to service prefer around a integrated. globally, in And highly growth an for such We're we're ourselves. buyer paper-based CUK, CUK-type packaging have board important

into and around your service allows the where to the -- nice to that's world. need And ourselves in potentially opportunity CRB, to optionality to and move us currently so we our have example, Mark, freezer grade being question a demand the a CUK and growth

critical to the to the where pull there. those which we X that's are between markets infrastructure relative in substrates is and those that driven again the to fact is they all the possible can among, Mark's question, so because participate, why levers demand what's this that by growth so million-ton apply relative And around

from here One or George again.

George Staphos

George to supposed I of on the Staphos, I OptiCycle in think OptiCycle. starting piggyback wanted America. on, Kyle Ricardo, I started commercialized to, be And remember, was had question XXXX. Bank on

of a terms that Now have impact big in rollout. had COVID might

you winning those are fact, you plastic, plastic? the in that often don't jump minority, versus things might you're Generally at when I what are the owners talk based paperboard you not product Of the when for believe against that? jump that brand you speaking, think, recognizing But say about new out you And of to how back win the win have would and you, your say? balls if can every where look rollout delayed products, there, been are the ball. on what going you push many it's on slide, had you

me. one last then from And

Europe contingency have a relatively Just with are close region, what all you do for tension or geopolitically running right are in in plans that few facilities now, Europe? the the your

Ricardo De Genova

for question. the you Thank

a of OptiCycle, of Let's not it's and last start launched XXXX correction. matter XXXX. so QX with just year, We in OptiCycle

Michael Doss

George, To before had be talked to about coatings then... PLA fair we

George Staphos

he Yes, about talked it.

Michael Doss

Yes, yes.

the you're capability more to referencing of where synthetic that So really that's really that make have see a do And we because to wants there. plastic. they but to move the isn't what as those, customer

Ricardo De Genova

terms OptiCycle, in And lot Yes. as Correct. paper imagine, so a of cup currently, have it. has we a you behind of engineering might

to that So time-consuming terms and brand cetera, performance, of a do testing, acceptability, want owners sure market et that's in operation. due these diligence their they make

the seeing XXXX are in OptiCycle. now very confident start we going of we're half that So to first commercializations for

Michael Doss

in And the X of European Eastern actually Yes. that in terms footprint, Russia. facilities have we are

to companies, tobacco applications. calculate it we revenue principally some Western care $XXX think all the and health million. I services And around be

else everybody yes, on small a that so would working we're but of stream. overall our is relatively part like And it's contingencies around like, revenue look what

that that the U.S., think that go to and we'd pricing recovers the And to the those like would that bigger types through shocks implications that, would energy was have if of respond things. and be happen. with Europe course, to both of I things

versus gas us as high we Like right they're that. we market over a MMBtu. $XX paying tight would at doing now, is, Europe this in an currently is as in that's think MMBtu paying $X one natural what And for do is

So going scenario pretty Not what's thinking our a we're most, that's likely small of a And geopolitical to predict I can we portfolio. on think, contingency but there. part through again, plans. it's standpoint, that happen most George, the

George Staphos

jump And be, ball's estimate? would

Michael Doss

jump and a into appreciate that because a great win customers always It's do Packaging framing market. we that. expect portion our of their a of it question, is that every you say There's that ball. QSR to cups a We couple moved be way competitive would going actually have It's never I been competitive. we'd plastic.

their And around experience less their cold to drinks, it's consolidation they've side, sustainability SKUs between they've have their creates drinks, and at which the given got cold cup reason isn't question, us faster Gabe's that the and store. again, coffees cold really to a around the

provided about So around thinking us. that that's to how you'd have mean, they've I ask they're to them And a that the been from rationale sustainability standpoint.

Stephen Scherger

Yes.

to to think, well again, around balls. question of kind George, the you, your jump as both I of

the into being say we is that world packaging, very think fiber conversions the I those jump words, in happening. would the won based, what beverage are are In balls moves other of significantly.

If at on product, to you to away moving perimeter the decision perimeter from if be existing seeing resin-based the store, of of of fiber. the of we're move out talk of wins alternatives, the a is a store, going kind into the made lot

the just some area happen country on that's the the The said, those Mike believe go see where making of balance decision that in is and we that center QSR appropriate make, the SKU see on occasion. foodservice be up decision do as to they you because jump occasion, go where someone direction balls might rationalization an other and

movement pet areas fiber-based real the and the there the also some I like, we're of like food positively in of, say seeing towards e-commerce the and that solutions. would

overall So profile. in tend way maybe and world you'll and things confidence is the see, or we move to -- those of I'd occasion, the tend is see another. cups say balance, where one in the have where foodservice to growth on organic QSR on it's you'll

Michael Doss

of go see our on and that up, we more as costs point, be packaging in the you more kind emphasis tertiary It's And environment, on a primary package. there'll good pressure own. usually packaging hold

Melanie Skijus

are Weintraub as Seaport. boxboard you said, to XXXX. price understands or either Mark later says a any is there? I've pricing in XXXX success from initiatives a here. through potential Okay. there up much February that on he And will in cost got cushion show XXXX? of He this year That couple assuming

Michael Doss

Yes.

for So always to thanks outlying difficult pricing to the try for the years. us in our project question, Mark. It's

As terms of effective on scored we're X actions a a on the we've back I mentioned, now, ton increase in $XX January. taking got It RISI. substrates night Friday right in all by will really be

And so we'll what say. they see

into a around and you backlogs actions for lead of and demand know of in and things, substrates, we've insight our some these of We of us, the very of X aggressive what that's done. been holds tons for because don't that fact in we go there's times. of lot are we've there, supply the and given out grades terms out I've good the you're meaning in what our types really is why some demand the continue the know terms just those balance pricing seeing future to

very we supply measured pricing thoughtful to around expect all activities, centered be and continue we'll that and it's our and demand. So in

Stephen Scherger

what positive, beyond gets I to Mike if the net where we Neutral 'XX And a just 'XX towards of above recover to the -- XXXX. at if question, convey you spot fully to on march, either to dislocation, will. required it's 'XX, then wanted you earn with we consistent or driving us not a be we Mark's other can said, will, the components recovery. will to this full Yes. between is year, think right, What

Melanie Skijus

Okay.

of XXXX even rising remote inflation in factors the face outlook, says another appears pressures. you increase which Capital Let's that able Markets also it then And in range you the do RBC were your from guidance to from Arun slightly slightly audience. the beat you swing would XXXX? better-than-expected consider as mainly attribute for else estimates? a you volume helped QX to Would what guidance

Stephen Scherger

the We've is, what meaning good, really just portfolio a worked environment. in into on as think seen and we're of focus has we've price XXXX price balanced on, execution I obviously operating very And touching supply-demand Mike actions. been was good, as very throughout XXXX I'd inflation. that such, entire

portfolio A that which just inflationary us that confidence and recognition, million, not in of of gives pricing the initiatives actions, is about RISI meant realities portfolio cover to cost terms, And negotiations. environment. it's the $XXX of it's models, it's recover conditions, renewals, the

to goes demand And the XXX the And so that, really growth, points with phenomenal combination strong has that say that's I'd basis And job a inured of coupled being that, supply really of really teams value. inherent the operating difficult environment. applause day-to-day. did the and in very the chain a

Melanie Skijus

European from the Rueckert UBS newly if acquired differently the model? Cleve manage you at from U.S. asks how, all, will business

Michael Doss

Yes.

say, mean question, and sending leaders thanks Europe, already experienced I as Europe most he's lived over our one Cleve. So really me operational for to years. for we're of you in heard X that

quite well. knows folks. he So is AR of market really a that That a lot combined team, team Packaging combined

the are Europe, positions manager members X of AR as CFO said, work well the for who as I directly filled X Packaging, at level As from by will out our general for Joe.

we that board ship So that. the tons board, year, we number our integrated mentioned, our the is ship that is that for operate about market our be continues than market board, how an talked integrated that make one into businesses will that. don't XXX,XXX other, the grow difference those meaning more over over like way this now, I the so piece. we European feels We as right primary just we buy buy so FBB will And CUK the that as beverage that in so Steve business. GD don't make We much to

on we of was what about really overlap is Maggie for going So customer difference business I'm North of of XX%. them both the and do in Joe did excited is in the the in do lot and there's America, there governance what how will between set before Joe structure of terms What terms Europe. operate not almost to what in our a

given the knowledgeable scale actually is we with going about more in these are point job, to I people that's and balance a workload. negotiation with in look headquarters commercial and fashion. of real markets the us, that about geography where of will in, of aspects too, that create a at for kind talked able how think some closer the So touch minute. the that those about some customers to global a share They and the for around question Anthony's

ask think think I'd I you that's really Cleve. how it, to about So

Stephen Scherger

Got you there one Why back don't yes, go. here. you

Jesse Barone

Jesse BMO. Barone with

know and on Just I beauty business. and it you recognize one guys Could so, the health business XX% X% I to I And future? where be first, guess, that GPK? eventually two, business for grow? if kind GPK in it is could of care, new pretty kind X% or it [ it's ], Clearly small pretty are the only long-term of it's the of a a now? of

Michael Doss

Yes.

and Right it cereal But to a it What ARP, Steve have in you're a acquired Kalamazoo, work, get cartons right? it's try thrilled we speeds and were make I time. we pharmaceutical I about and bet. high-speed It making health that question, now, as just bet. boxes when the mean is don't incredibly for long to been a make doesn't we thanks you So at Michigan. know because right. high web cartons presses. care and they Think

on consumer some is to This that in detailed process. very cases, Braille selling paper. printed got touch, Leaflets be a put can to the actually on do you -- read There's to high it have so it. embossing

You in aren't do facilities it. don't up set it run that to

fact that a to position, we And $XXX it meaningful these know how looking do we acquired of to in #X to the Europe, as in neighborhood the commercial people the small in a number million, and we're lot in million time, And the Europe do but business. learn. It's very business of not $XXX in that here think hopefully a scale million eventually converters over that that so a facilities we can position the U.S. fragmented service just mentioned, I $XX of business,

got up. a spaces rolling we've experience kind kind But of of lot of those

here I kind the market. big for It's make mainly uses that billion It So number were XX% business, this of and and over and think we in a talking that time? I manufacture, true. like us Texarkana, paperboard Yes, business be a paperboard around, Steve bleached number. could that $X the your in our we mills it's probably that, we is Augusta

as basically Smithers, the health in Americas calculated beauty the and and well. between somewhere all $X care, it's they of that saw pharma between Europe billion in neighborhood You care

and it, XX going the like we months. lot learn over we're yes, a to next So

Melanie Skijus

few of a the Brian got inflation, from in $XXX wants more. question, if Management. Steve. include $XXX I've know It's this Hawkins clarification exclude does external He to does million a paperboard? it? Or million mark-to-market, the it Millennium

Stephen Scherger

No, inclusive. that's

million it $XXX non of and non-carryover. -- $XXX across of think million the kind as So

no, it plus million. million, the basket is not $XXX costs. So $XXX of $XXX total so -- it's not I'll It's repeat, not it's $XXX commodity million million for

we're we based what at $XXX know. upon million of -- mark-to-market, now, end So $XXX right million low the the we're to

specific it if any so clear. that was thank or And around the you question. very wasn't there And to being asking for that's uncertainty

Melanie Skijus

to think similar unprofitable asked the do announcements? paper be the Mallette & Napier is then conversions Beth to And mill potential announced, paperboard Okay. from you additional profitable to mills for Verso Manning what

Stephen Scherger

Graphic like us because question about and mean time you for sell to online answer. much said be to going the And to you're virgin product XX% the have comes is do take? definition going are we're That's to it's going we the and Where in going integrated. lowest-cost going worry it's lines. dynamic. world see happen, this my got to importantly, mills to are money And be is We're a I tough those remember, But on curve? shock to America lowest-cost when reasons have as conversions. the what how ultimately I aspirationally, and the going by what of next know for in good awe most the cost and in over How the much demand that you spend? along comments, And be time, machine. big some you people know they by time supply I to is, again, saying we're we've going who North machine CRB to? And to you

think those So of people have types those decisions to calculations. they when make about

the got optionality right to flow have them that for to that we've time continue medium our over Clearly, But business. strengthen to they over we see a to give we turns now. generation say how won't of that's cash lot out going know one on Not term. going us happen. We'll

manageable. it's So probably I think

I some And working cost. And on about line because the just good got market a think price already allocation a And also should lot there. bottom to we so, create had the here. think is of mill. with working a market on capital? we're world's work a quality rightfully in of great good money is not we questions, line We're got highest somebody, just top that to lowest-cost, Kalamazoo we CRB you Graphic put the We what from

us. it capabilities small, many now very they chart because are end and of that, said, very, that, assets the when creates it limited better for opportunity are we of I did than FisherSolve the it like As are saw. their this I And those at growth life, you on

customers that to do us to that's we will If our towards let need it. with EBITDA If the was the So sooner on the work comes be over all us. top on XX% going earn we're line. was that, margin. it really both a fair. and our one bottom to of and do someone do we around price, in time, We good that disrupts job how And later, CRB mind things or

we something It's from will over certainly deal integrated think we win with company, strategy kind of developing, we're environment. with question. the the long appreciate in I that an can and the that to being medium time So term, we time. an packaging have to But

Gabe Hajde

market. any see Gabe ESG investors in open curious on would Question in you've the tobacco perspective, something Hajde, if you one. in relates I'm not to I'm But be from of to -- lens advance got end would an number sorry Wells that's they terms Fargo. it like? here, to feedback I if spot the don't put from as and or

vertical two, about bill I front? of on not terms might the And internally, integration helping necessarily in growth it, then fit but help you the number think how of do increase it question guess, some

Michael Doss

the in in we company is, more world, public it's a than bit, and I else. is pretty it and asking people common edges, Gabe, smoking very of a a been minor have question. Yes, parts And the paperboard. little by of appreciate around outside gotten Europe the lot questions so uses The other anything is reality definition. still We're of

at look for shareholders. need creating so we opportunities arrive, to when it through And of those the lens value our

off do terms small look, of And overall that but ] like, going still looks are invest in It of throws Packaging. our part good. margins parts better that allow so in we'll a come AR be relatively it's cash. portfolio. what that us did a along a with what our of obviously And The other -- flow It profile forward have growth lot business growing and [ faster is cash here. to is of thoughtful

it about think way. that So

Stephen Scherger

there the Gabe, terms Yes. where the of But markets. long-run. consumer deploy And size, markets, of in in in the we're of can the oftentimes are that in terms that mean, are very be of of just one there having in work that the terms under It's I X% of that assets deployed it. assets actually, earlier is conversation the it's also it's other at, was Mike company. just well utilized things oftentimes that looking some assets for our

applications. example, Beverage food the some of business, an for as works

that look Europe. that's assets the what's portfolio, long-term also one we as in we're those having highest really in return opportunity assessing footprint, So at from the the particularly

Michael Doss

growth It's making the an us. do kind we're now of the better opportunities taking ROIC to cash and dance applying for need we between into it

we from square how So that's a strategy standpoint.

Melanie Skijus

of today? Brandon from and that confirm the Teel got could if more Okay. a recognized, it updated I've of accepted fully implemented Partners another $XXX pricing asked confirmation. question, million as and just pricing is it's you is 'XX and of ArrowMark

Michael Doss

and coming through. our effect X. Implemented, -- recognized, January results it in we went saw January on into It's

down. $XXX So write that million

Stephen Scherger

and not that which has recognized, no, million million. feedback substrates we first ton tomorrow. not for $XX been $XXX all the the $XXX per hear yet the the And X does And include will on it

Melanie Skijus

flow on And that if it would Okay. on Would recognized when that is in flow pricing XXXX? the business? through Friday, one, through

Michael Doss

contracts we'll of update our combination a of that you The saw year, XXXX. past, terms work, consistently last pricing what And be will as it recognized, when do, happened. what in everybody recovery. in will So of the XXXX as means, that and overall done when it's we've terms in way we is

Melanie Skijus

more. I've got

Michael Doss

Melanie? there, out else Anything

Melanie Skijus

how goals? virgin revenues talk asks are your into most recovered, of is Yes. is reliant CRB packaging your while relatively of through Blair so the total sustainability percentage products that still you Aberdeen high low about of you fiber-based Cooper your links the from talk fiber. and a Can this as amount on of

Michael Doss

Because appreciate have really here. that question. as recycled harvest both is and what for mentioned can sustainable And core really, back, -- is, of are mills. Maybe topics forestry that. can that favorite wood who I Yes, circular we economy Thank to we It's we I go to here, core in kind to the click if strategy. that you through do all tracks. my virgin our you grown I it's of the one

it's there's itself, it's U.S. tree definition, strict the means that particularly And what the requirements is how to how market. in by brought for And harvested and

are you as can these South, as see, healthy. fast in at inches industry actually growing it enough, hear and grows of in we the every year, adds middle you baskets see the it quite It sometimes the and summer. night renews

And so we'll Xx. or about post that I carton mills or what go then Angus, downstream talked that X footprint recycle and have, our beverage new Middletown might confectionery that will here, Kalamazoo recycled of, start we kind our can as to carton, East to or that

we're end-use squarely by So longer, mill that. going if because Middletown that's appreciated fits more it bringing on fact our run into CRB that, the we're the to And anything, shows consumer.

time, We've people CUK and the see good I big that the into that it. convert first And converted into we one opportunities some back. of to we now stuff were of as things got mentioned, coming

primary are So this they great America in visual. feel package high Customers know here to well comments. of And and with the when put their they their is bin. that stuff Ricardo North consumers. paper -- as they part in that Europe. in reused get really goes recovery back his a resonating their like doing rates ultimately, they're It's said it's in and it really And

So for one a cycle the packaging question. question. All as being model Well, thanks from last right. truly I reasons one company our the for and great think other mentioned. probably us really this of sustainable for really the is life most the entire differentiates across many We types

Jesse Barone

BMO. Barone Jesse from

of spread cost-based kind we about there? either year 'XX, your reverses RISI-based contracts price/cost model of you inflation, contracts. about then or the it differentiate this if could thinking think kind half how And of between Just should and second if

Michael Doss

Yes.

supply and answer the high-level guess at of I what really end pricing to the is that So day. is demand the drives

So we've points or as year basis couple than we paperboard you been XXX America XXX% growth the over last XXX continue to North last more year drive X% before. to of of the that in saw the generated years,

RISI. we'd continue about. will Steve So of a it's lines. kind was a contracts talked remain if bit, not Prices We a margin advantage. in of see tracking pricing along of that all do solid. They're to terms inflation to those And combination recede profile have that ultimately,

Others in different in are are forms models. that. of cost Some

it's So you keep mix. informed a We'll on it.

and normally, up that is demand our inflation that keep the we But, -- go from we'll we is process. little holding in standpoint, key a pick when bit And our for look see is really And margin margin. strong? if do down, of see strong, matters a holding what there that pricing us demand

All right.

Melanie Skijus

have up. If we for that going it to in the webcast of wrap back those you the time, submitted interest your we get didn't And get on questions we're will to questions, shortly. to certainly

Michael Doss

of for It's you to much want who of you you today, again coming came in that. really all see so great for Those everybody I listen, participating today person. thank to thank Well, here.

over watermark, our XXX high webcast. had we people me tells on we had Melanie

about than inspired growth did raising you're jobs, we've confidence we the a here. maybe away in we've walking XXXX what company goals coming little thought feeling our about think to inspired little and a hopefully, why you broader in. prospects our if So differently, about you got us vision our And pretty

you thanks day. So for coming. Hope great have a

Stephen Scherger

Thank you.

Graphic Packaging Holding (GPK) 17 Feb 222021 Q4 Earnings call transcript