CLW - Earnings call transcript Q4 2018 | Clearwater Paper Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Clearwater Paper Corporation's Fourth Quarter and Full Year 2018 Earnings Conference Call.

As a reminder, this call is being recorded today, March 12, 2019. I would now like to turn the conference over to Ms. Robin Yim, Vice President, Investor Relations of Clearwater Paper. Please go ahead.

Robin Yim

Andrew. you, Thank thank and and joining Paper's Clearwater Good year you XXXX quarter fiscal earnings fourth afternoon, for conference call.

the slides Officer; close. Chief released shortly at release find Joining and outlook and full for on call today's XXXX Linda quarter will earnings press are me the clearwaterpaper.com, were of Massman, the Chief and information, fourth Executive Officer. Posted market and presentation Financial Hertz, after providing both year on supplemental John the Financial results today Investor expectations Relations page current you of our Web of the and site company's the including estimates. President

this of cause statements are differ Litigation meaning differ the Factors forward-looking Additionally, and current results estimates, the we expectations, to and amended. the on the include projections and could or to in we this projects to any forward-looking this of non-GAAP in no our actual on and forward-looking information on information the will the supplemental to XX, Any conference environment, Reform XXXX, Linda assumes that, for during statements press XXXX, described call, assumptions our release as overview the today's obligation and risks update XX-K we'll from the December and open from call materials session. for will information time change, making begin Then, XX-Q. year the that statements. Securities quarter XXXX, uncertainties question-and-answer may Act as are providing After based on with statements Web the call made company actual like by will These be in to would subject results Exchange certain the provided for remarks business site. only of of John the Form comparable our I our filings quarter quarterly non-GAAP included remind year an the reconciliation afternoon's outlook in and the with and results update within prepared Massman of discussion. our financial that are our materially forward-looking filings forward-looking first fourth highlights Securities that Commission, A date strategic materially GAAP Linda statements. with full from Private those will including our ended conclude Form you XXXX. time of be is to followed an the of Hertz.

call turn I'll Now, the over Linda. to

Linda Massman

for Thank joining you, thanks us Robin. everyone, Hello, today. and

overview of XXXX. me with an Let start

results largely paperboard of record which strength driven the production to dedicated our demand execution and shipment innovative teams. by Our of were hard and our business, and and and work led pulp strong

down that month, industry. macro the of change and $XXX EBITDA, tremendous Paper the environment the and a year, we have billion a side Clearwater business in as undergoing XXXX and adjusted For we over is from the for year XXXX dynamic was tissue the overall challenging of said revenues, past From in million operates perspective, XXXX. versus generated flat $X.X X% incredibly an

progress priorities strategic However, XXXX. we made established on for the we

a millions taking accomplishments external results produce road costs. and of to miles in our the business key reducing regional is implementing beginning products our of Some consumer include by operating off which model warehousing

great While in progress CPD early the is we in the making are team stages, improving margins.

of which the has start-up North off Shelby, contributed our converting transportation reducing new taking road to Carolina Second, we additional costs. lines also accelerated in miles the and

we market. on at continuous which in mill. mill to ultra-quality of digester Ladysmith, we to completed tissue continue on strategy Third, tissue our benefits the retail And pulp our our for of recycled Wisconsin our us focus full and work sale of producing Lewiston allows realizing the fourth, premium the

the call, for our future rapidly on continue will discuss market. improvements strategic our headwinds position and some the investments anticipate a we we evolving XXXX, in in us While believe growth later we’ll in operations which

and annual converted evaluation Regarding transportation our and that related that Cellu impairment took an sales the took parent of as from tissue charge our Tissue of our quarters. in our is acquisition to a volumes, into will lowering pulp price certain tissue result higher involving XXXX. you of release, several roll non-cash for account costs for saw sales business products, of of projection continue write-off lower we increased goodwill case mix impairment and $XXX charge This million the

It for longer-term However, is charge we financial the impact the important for the the or assets does flexibility of flows. label write-off future and to the tissue brands. ability is note remain optimistic that to of non-cash cash not and our positive private preference fundamentals about goodwill our trend consumer generate current business growing a

details solution and begin and to bank debt ahead initiatives deliver quality to year. each Looking to the products down the benefits and second finalizing paper continuous prepared a paying I operating rate the of optimizing third, up expectations; in for million new are areas and cash manufacturing customer continue these we second, half following $XX to the catalyst; related our of on performance. flow remarks. focusing network the XXXX, strong plant on Shelby financial maintaining later run to will fulfill to the today’s focused provide a starting include on digester on in contracts, generating drive These further our the at of machine

our Now, I’ll to discuss turn results. John call the financial to over

John Hertz

Linda. you, Thank

we commodity in and year impacted prices environment of $XX private businesses then level and market and with XXXX outage competitive XXXX, we half We were major Let were through of the challenging significant transportation label and some me price higher of XXXX both mix couple comments tissue reduction gains, a million into and XXXX a million cost the high $XX lack saw productivity tissue get of programs achieving of in portion second start year. XXXX able and cost selling those significant full the erosion and comments versus specific by versus In cost inflation XXXX. to transportation commodity inflation. the macro QX. on adversely and a a on a overcome and of headwinds in was

we During $XXX EBITDA price net from previously the of million erosion flow remained to is at than $XXX sales. cost lower mentioned. the mix due Cash strong XXXX adjusted approximately of operations inflation million delivered and which $XX XX% million, year,

site. non-GAAP to I results I turn stating results. GAAP release GAAP rest by posted supplemental of adjusted is distinguishing QX, reconciliation the from preface throughout Web or between on will to Before my and press I’d slides my the comments to adjusted like and in The remarks provided that be our

adjustments partially to $XXX of million largely expense with impairment million on a associated mark-to-market directors’ netted $XXX of a in charge non-cash $X million For a units. cash stock to settled due the pre-tax benefit and common by to $XX $X reorganization-related the EBITDA goodwill offset of all and gain full the year, sale Ladysmith expenses, million million the mill due

For the of XXXX, netted due million pre-tax charge. of largely the quarter fourth impairment the goodwill to expense EBITDA to adjustments $XXX

X.X% offset boiler of Now prices to This tissue natural end from shipments the outlook margin were lower and Idaho up same of $XXX higher was million to down QX $XX Idaho the net income with recovery in from XXX basis benefit for sales the disruption of QX high from flat was volumes the prices quarter points was results. down the which of but washes was XX million and gross $XX SG&A a Fourth basis operating Idaho and primarily of to largely mill. X.X% Adjusted down mill reduction previously to X.X% is range the total XX.X% effort. Corporate margin. the million the points. QX from our our factors sale tissue Ladysmith points of million, by was cost spending impacted pulping as the margin million X% mill to run SG&A million fourth annual of reflecting at higher quarter regionalize the pulp gas quarter or impacted XX due that the and and due flat paperboard was pipeline versus fourth mills, in down above of to and fourth XXX discussed of SG&A Arkansas both adjusted third came to at lower seasonal Adjusted both in quarter gross higher purchased from QX. and in $X from planned Adjusted our water expense $XX quarter margin by XXXX, above outlook midpoint due $XX the disruption QX demand. expense the process rate due QX. basis operating

with QX. Net a of our XX.X% end to or of $XX at that, outlook $X came high interest sales at As in of result of is of million $XX million. adjusted flat the net was million million expense which $XX EBITDA of all

diluted cash alternative benefit is in a compensation Turning million related adjusted benefit the $XX credit in XXXX. of net tax in our rate XXXX income and in compares depreciation write-off, grants XX.X% recorded to did That share, not performance Non-cash million to of share. quarter tax Fourth our came equity-based was federal to vest. tax or million, $XXX $XX tax net net XXXX above of million production to and adjusted do impact expense. $XXX,XXX taxes. outlook accelerated taxes that which and the QX couple approximately expense, to the per was an to in and goodwill stock On expect effective quarter to in third third medical a XX% the pay or at $X energy Due a we with earnings federal an pension in compares non-cash the expenses minus quarter taxes XX.X% capital net did $XX plus QX the cash benefit. million diluted $X our of points of amortization, $X.XX per $X basis, associated a tax retiree pay That provision included $X.XX quarter in million, tax due tax not quarter. as not projects, included million which depreciation fourth or XXXX of adjusted earnings

increases the third XXXX, retail lower quarter $X up segment mix third previously due the from Ladysmith X.X% adjusted million market X.X% richer the products in the or headcount quarter which were generated operating and $XX demand. net Operating products announced the EBITDA net offset and sale Consumer of model of income the in reversing warehousing costs changes, sales and the freight, prior million the with in conditions reduced weakened margin tissue. of a external loss results. versus the operating seasonally fourth the quarter or products million margin improve partially Consumer XX discuss the quarter. price for was of will adjusted I of of $XX in million consumer quarters. by implementation continues sales to was QX two the to Now offset points up fourth basis $XXX implementation to operating trend of

division. an paperboard’s as purchase of pulp operating prices to previously mix. net the natural to from QX XX.X% in pulp. to Turning boiler to versus million record sales the and offset $XX need prime the higher of compared XX gas quarter, Pulp basis third of XX.X% adjusted or higher was of fourth million per was the price was QX washes, ton our due amounts high mix, external or the the and paperboard increase weaker and quarter. to of income paperboard sales generated quarter, weaker of by Average third recovery points net in million primarily higher increases net price sales pricing announced water $XX Pulp $XXX flat sales and

was Now XXXX. capital were was Fourth and expenditures year. cash sheet. in fourth $XXX $XX $XXX for million Balance capital million in quarter to quarter $XXX the expenditures the full and the turning sheet million balance million

CapEx For capital $XXX we capital million anticipate to expect quarter. balance project $XXX XXXX, We expenditures our than for or million to Shelby $XXX expect estimated $XX be we million. million approximately to million higher total total the cash we $XX be last expenditure sheet and to

have overcome the is timeline for last to make we short-term months recurring allowed tight material had borrowings outstanding including customers’ those We our investments us as XX unchanged revolver the focus to weather-related Long-term commitments. costs our covenant The end secured similar the million the of market. $XX EBITDA X.XXx debt. million. QX investments construction, of of could identified As under at project coming of building and at the we outstanding was necessary best to end debt ratio other quarter at of the labor $XXX to to covenant the hold adjusted close, meet to Xx. issues, has in a higher been quarter, a versus remains challenges million These purpose leverage $X last very

flows to early the expect outstanding net of transactions. by timeframe chain timing debt cash certain in on financing was reported end as thereafter. QX impacted depending year We Short-term begin peak at decreasing total supply debt and late QX

financing in chain financing reimburse be payables rather that financial debt filed invoices the them those reporting of was at of our Remediation over for vendor date intermediaries the filing the our supply than do short-term XXXX. and program, upcoming of prior paid not be where we on XXXX. There have may applicable statements XXXX those debt Our as of those of completed balance of to expected we $XX earlier end result payables material programs than expect trade trade in chain that a affect are material on the financial of classification vendors report weaknesses the been as XX-K. XX, XX-K. payables. statements million of short-term annual program incur invoices to classified sheet, cases allow no to identified is the invoices. connection to and December fees fiscal in we Primarily previously related to weaknesses Form as on accounting timely financial expect short-term material with There for classified by due controls in the vendors and to our December report supply appropriate weaknesses internal In XX, our trade as material debt

repurchase current is any down the top the we to authorization. and million fourth the therefore, under not completing $XX repurchase capital remains project the in Since on did stock revolver Approximately then Moving stock allocation. priority, Shelby paying quarter. our

under fourth revolver. and liquidity. of Turning quarter available the the unrestricted we million ended We to $XX with $XXX cash had million

we back now During call the activities will I remarks. net to $XX the million concludes operating my of sales. generated of cash or quarter, That fourth from And turn Linda. XX.X%

Linda Massman

John. you, Thank

more for our business regarding our share now the and environment strategic discuss details me Let segments. market projects, we expect what

with quarter which our conclude is plan our with of I completion the Finally, is to for the year full will QX. in scheduled start paper and expansion start producing first outlook XXXX. I’ll nearing for Shelby and

million This We cost we $XX will an million of which to approximately is expect complete higher expansion $XXX $XX QX. estimate. versus the also what had run total increase the is than as million this of original estimated

higher of issues weather default to engineering mentioned, experienced third of Also, some materials through the it specific such costs moved and the project. identified quarter labor, of we same became more construction. John during the we As as last as the the conditions and year relates equipment as

we leadership In our on customer customer our remains track meet the plant to strategy and addition, new volumes. to current service our implemented at ensure commitments that

capacity of machine all fact, customers. production the XXXX is the to committed new In from existing

slightly of approach machine conservative Our ensure paper to decision commission led to take what to the more a a ramp in smooth up and stages later is production start-up.

this and challenging their dedication throughout on, I thank Before work process. move the like for team I’d to hard

converting ultimately expected, transportation trend warehouse the to and continues the external contribute drive and business. consumer operating in improved warehouse our costs savings regional earnings As the of which in accelerated lines to start-up

full We running to expect the machine months. be capacity within new paper XX at

volume All been fill the XXXX customer of earmarked orders. existing production has to

We ramp expect typical start-ups. costs initial line up in with

million $XX Turning maintain XXXX digester and to in well for digester benefit achieved is to Idaho, is rate goal annual the Lewiston, pulp running XXXX. project our in new the the continuous run

in then towards in installed million polysulfide our with Once we $XX optimize the equipment catalyst, of achieving we evaluating process determining we have to catalyst the to to appropriate continue received cost progress be challenges making and remaining make tailored the the We will pulp and work the to specification. also Currently, benefits. resolving are reactor. associated the process

generating to As a in realize incremental benefits important, to will on continue the operating our result, And we sometime cash levels. debt we initial reduce but most flow expect XXXX. last focus

American Turning the the our for North to with view businesses tissue of environment of our market. starting market and each

of challenges. to continues business products mix consumer us opportunity Our a bring and

new suggest that grow. the acceptance While online products private as came and the and to environment brand in XXXX, preference capacity intensified data continue competitive for consumers’

tissue X.X% panel year which same points data versus by were basis compares This ago. brands period. IRI the by the growth X.X% estimated driven in private down XXXX, that over national the in to terms dollar For healthy brands year-over-year U.S. up market grew XX the is

CAGR reflected brand in five-year growth for share positive private national is of private brands is result, brand to In a market brands points products products experienced negative the mass for brands have trend XXXX. quality a tissue premium versus for ago to market, XX% brands. period five-year XX X% brands. X.X% negative a in compared a As five-year for XX% to a CAGR approximately basis sold X.X% the a Private XXXX private over XX.X% for national in supercenters brands over tissue compared last XX% years. last the grow private was total Underlying the The continued CAGR retail in ultra-quality tissue share private the the the for through and of X.X% private up five brands. the category, club, from brands year total and

a While grocery and down the modest grew growth the IRI of XXXX. stabilized In same ultra-quality has at was due XX.X%, constraints. largely share market Internet X.X% capacity to of our portion private XXXX total XXXX tissue the market that Paper’s in on data, XXXX over of tissue in by versus relatively and period. $X.X of from Clearwater XX.X% in Based modest drug sold was share label the at XX.X% billion, e-commerce and still which the have XXXX, over comparison private total channel brands is less dollar decline products the than channels experienced showed

our are new so the glad capacity Shelby shortly. online come fixed capacity ultra balancing customer existing in have addition challenged our by customers, base We with we ultra-quality new and in been growth our will of

RISI forecast forecast the continue and mill is to label at XX,XXX tissue the for gain is approximately current which net tissue believe that should of end grow QX in XXXX a new The U.S. capacity decline trends to XXX,XXX tons X% RISI’s Looking through most private XXXX closures. tons from announced line RISI XXXX, to estimates of from long-term recently will the market we with share.

coming next additions in XXX,XXX XXX,XXX RISI’s tons tons tons the in XX,XXX XXXX XXXX, in forecast XXXX. capacity three Over years, scheduled online and

tons, demand net XXX,XXX to ratio imports as America, that of is approximately plus capacity in North American to inducing capacity the in scheduled all XXXX Assuming North approximately demand for comes RISI for estimates XX%. be online forecasted

RISI’s a Turning market forecast absorbed to balanced paperboard, averaging forecast RISI’s to the likely grow in in to rates growth capacity American operating CUK domestic North certain industry the X.X% forecasting XXXX be X.X% the still outlook a growth prices imports. segment. are with that approximately for for demand packaging, to for consistent operating for and the decrease uptick a year. following X% RISI is CRB in suggest rates and and forecasted XX% XXXX in and of is in SPS with grade by improve, incremental XXXX liquid healthy in XXXX. in strength X% service food approximately exports XXXX relative published of X% RISI by X.X% SPS

whether continue. SBS, garnering price it predict As for will to premium CUK a difficult to this trend is

are seasonal time seeing far So for of normal year. backlogs we this

could to as the in SBS SBS tighten for substrate market. example, this less if to extensive CUK, up serve For such were a customers substitute

debt. will expect cash In used allocation machine be devoted pay Shelby completion of our being with capital to facility new our priorities to tissue terms excess XXXX, a we of any down in at our capital

of fourth first to outlook to the quarter compared Now of our XXXX quarter XXXX.

resulted on an converted to that lower an the down higher operating a natural consumer to input our due consolidated adjusted primarily improved net and pipelines of in shipments, in the natural based mix adjusted paperboard expect cost to mill gas to surge business servicing range disruption XX%. to We X% for the X% higher X% be an by the case unprecedented rate margin resulting seasonal tax Consolidated X.X% sequentially, offset to Lewiston in of quarter of prices shipments. in be in has gas from one sales

in $XX first million following $X.XX range our We of net in result items. expect adjusted of to this range $XX pretty the We adjusted $X.XX. a the of EBITDA believe XXXX, share diluted to quarter in our of the million the remainder good outlook and except fully earnings represents business baseline for to for for

by QX our around $X in natural Cypress We which $XX starting $X the million quarter maintenance to planned levels estimated $X Lewiston to an prices per Bend approximately an cost major going forward in return should quarter to for of estimated gas outages through and second normal cost fourth expect with scheduled the and in cost quarter more million million for million. of are QX reduce with

the there in a demand, to side, effect Paper As planned products and in input on well PPD number fiber our of and our as quality make meet to paperboard transitional conclusion, necessary final investments, as will ramp XXXX look Those cost particularly to the American market we outages the online manage pulp ongoing as shifts on produce year domestic include And the QX, Shelby. whose impact QX through XXXX, on foreign wood new channel of tissue customer will paperboard major it’s tissue financial CPD maintenance and outcome and exports capacity the their cost to in impact of entrants the tissue. headwinds at Clearwater coming the North rates be inflation, are and ability within gas performance. pass imports. our our variables and natural In outcome right side at exchange paperboard new in production through retail and we a ability

Clearwater encouraged are And to also at efficient and in while the who us I’d thank every paperboard industry of thank our heart market challenging make our their on term, for are commitment support well to to who for the tissue better keeping more a always both I current term. of our While questions. like employees fundamentals closing, of and bode want businesses long to day and the in continue In our focus business our near we’ll be safer for making that shareholders. the take we customers. conditions the Paper operations your with now needs our that, customers consumer sharp

Operator

Thank you. [Operator Instructions].

Our with Dillon from Chip the Vertical comes question line first Research. of

now is line Your open.

Salvator Tiano

Salvator Hi, guys. for are Tiano Chip. This is speaking How you?

Linda Massman

Hi.

John Hertz

Hi, you? Salvator. How are

Salvator Tiano

good. I’m

we as Is kind the mean is? secondly, Is mix all? this it because the roll looked up and that? the of things of of first the of I which I easy And to levels we for of forward? think bit QX at does else this lower, came just maintained what parent should parent And tissue? wonder versus of we there questions. [ph] a non-retail are quarter I’m year, go – that offsetting couple the shipments essentially I saw away of a was decline. sort volumes on tissue about from roll a drove wondering and last home how what the So significantly right shipments think you’re high why quarter again, think pricing the remaining about Kroger loss or this

John Hertz

Yes.

the in third parent and that to was all reduction had coming parent Ladysmith that So roll we the in roll shipments facility. quarter that out was of late largely sold fact pretty due much the shipments

Salvator Tiano

pricing, going up? with non-retail regard And the to

John Hertz

and having of recycled Ladysmith Yes, was – a the mix it’s in because that’s paper. function it not the

pricing a have high that. don’t we as as So on

Salvator Tiano

little to Shelby. Okay, great. then And clarify a on bit

delayed bit that firstly, a mentioned – the is versus mentioned expectations. start-up, on original You the little you it

talking QX. now projects was line, And are sure you’re we the decisions June? you saw is same are Xst bit right secondly, covenants of You all is almost essentially large going don’t you’re know really think talking we QX, your they’re – we or feedback now about the less you the corrected first – April high, how in you When that but finish internally given the in really mentioned to you is it leverage sure how sure How to on you the internally seems many not company return it attractive that these is not to equity going contrary see see stress that being thinking not value are I’m the taken of value. issues added making of it lot What had now the deliver project puts the and sure with to all and little amend the making making are process make a to company. risk, a again? times. that the where done about the future an

Linda Massman

Shelby so your somewhat can on not question we’re at let’s start-up in difference regarding start start we time going difference whether the slight from give and the Yes, what we specificity we’re and just QX. than machine this and to the QX, just first with I’d more other we’re just expected or originally say a saying tissue slight being semantics up machine. how starting the just

and the we the coming thoughtful systems approach customer the The taking commitments. begin to really machine. production very able methodically all before thorough We’re that meet in is long-term our be to of out strategy commissioning capacity and to a together Shelby the new and critical ensuring they investment up our well to work

in we the trends, the also where is on market this about capacity ultra demand talked we’re category I and As constrained. are seeing strong

capacity extra already give be those meet XXXX production. able will commitments and we customer customer have to to Shelby indicated we our meet to us So contracts

So we of in about good investment feel our care take ability are us so the from the Shelby. and to what looking customers for

the the of spending You and surprises along and of extra some way. we’ve some the had asked project about the

do and regard with you level do look that we’ll to going level forward. But we this faced risk, so capital manage change one I a investments risk making predict management going very a and at kind tell a be think what at undergone with years, the that time you’re dynamic few of an it’s as at of at at tissue through as of seriously the Board forward? a how always we and to is has difficult your it. conditions how would looking kind much to we environment thoughts large take the at I project going that over how manage we past multiyear project and industry any you’re how that about beginning in look the

will team to that being a of it trying a taken we’ve But in and better things forward. avoid to has engaged better, lot difficult that we I these major we the seen have investing as on will done which and will cost will actively these any and of in absolutely we that into of what track tell we capital are going Our project at increases go be on keep mitigate have economic consideration a could lot relates somewhat you done conditions time. cost project to to material, us what like back, make construction could differently been to of look cost we’re labor,

Salvator Tiano

Thank very you Great. much.

Operator

you. Thank Instructions]. [Operator

comes of of next Roger Bank the with Lynch. Our from question Spitz line Merrill America

Your is open. line now

Roger Spitz

good you Thank and afternoon.

John Hertz

Roger. Hi,

Roger Spitz

you EBITDA wonder a expect Do I could the Hi. further little discuss you identified control reporting weaknesses. impact key issues of of the sales that you were and and on any some if from this? what some

John Hertz

sales associated and chain we that EBITDA. Yes, back It’s with and shouldn’t is a to impact have a expect supply on my reclassification a commentary don’t the or happened. sheet to ended current payment any I’d making we balance financing liabilities. refer within up vendor that

where accounting in is program up to that judgmental it controls those issues and tighten over And general we so complex need more the call controls. particular over in

Roger Spitz

for Tissue impaired And reasons. you Cellu Okay. of variety a

something that other wouldn’t was those or pointed impair the and Clearwater sound legacy Cellu at You adverse was Clearwater? legacy ultra tissue general legacy was Clearwater Why about Cellu Paper of towards you to forces. environment impacts to more there issues? Tissue and down general the toilet cause like pricing, freight assets tissue market dollar, Obviously, market it Tissue was but these sort were different from

John Hertz

from within once a division. market that assets cash They to And at goodwill impaired were happened we enough flow the support remaining the CPD issues, had first. standpoint, general

Roger Spitz

lastly And to this and taking it. of you mean there’s those take Got I’m cash between to CapEx and numbers? what on you’ll show XX that just But said EBT, that and XXX Which XXX. two or unfamiliar flow I’m difference that’s cash the statement what’s your with that. expenditures on the it then I is you came capital I can which balance sheet offline up CapEx transcript. million guess mentioned there’s the

John Hertz

it’s on accrual balance actually cash is will The million. actually accounting using the flow property, statement sheet Yes, to show opposite. equipment up the XX and XXX basic hit is the plant the but would XXX on it

Roger Spitz

referring the were balance sheet. in You PP&E to the

very right, got All it. much. you Okay, thank

Operator

Clearwater that fiscal wonderful Ladies quarter you. you year the and day. and Everyone, We conclude appreciate gentlemen, XXXX Thank participation a conference Paper have earnings do does call. fourth now disconnect. and may your

Clearwater Paper (CLW) 12 Mar 192018 Q4 Earnings call transcript