CLW - Earnings call transcript Q2 2022 | Clearwater Paper Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the Clearwater Paper 2Q '22 Earnings Call. [Operator Instructions] I will now turn the conference over to Sloan Bohlen, Investor Relations. Please go ahead.

Sloan Bohlen

Thank you, Sarah. you call. Clearwater thank XXXX second and conference earnings afternoon, for Paper's joining quarter Good

on call Chief me XXXX along Executive results Joining with the the were Officer; and Kitch, for of today's and Chief released President the shortly Mike market quarter filing Murphy, second Financial after Financial today Officer. of are close, Arsen XX-Q. our

website current Relations a including a the our company's information, page presentation Investor slide the supplemental outlook clearwaterpaper.com. of find on will You posted at of providing

Rather Additionally, information we on certain provided in it this providing to in Arsen. that, non-GAAP over note are information going A reconciliation and referencing we by let than in call rereading discussion. information will be remarks. Slide GAAP our our me included this website. of to forward-looking X of is And incorporate slide, to our supplemental release supplemental afternoon's to the information prepared information Please the with turn press statements. non-GAAP the the comparable covering

Arsen Kitch

afternoon, joining $XXX we XX% We Adjusted you million. a at than outlook basis, turn On was top quarter sales second net income end net Please for were $XX came the $XX that range. us. thank an adjusted outstanding was X. of EBITDA had consolidated Slide million, our year. to which and reported of Good and higher in prior million,

input headwind energy price Tissue demand agreements across of expiring help pulp, strong fiber, share freight. highlights. increases. a chemicals, to remains and inflation. costs, continued, also Let prices Strong customer year was in few were successfully captured tissue key a increased. consumers demand We that particularly renewed me most impact private turn paperboard as of our and Inflation the offset this brands to and

worth to businesses. the as X almost for reduced quarter the Please with operating turn finally, costs. to XXXX, And million industry months million RISI debt In few by in some $XX that per in Slide has $XXX its reported The that, $XXX improve price markets market on strong quarter on achieved addition with Paperboard about increases which and XXXX our beginning another target. remaining year. debt of $XXX of impact the discuss the of to the of rising business. as both first RISI. in and higher demand shares result, a we net $XXX pricing With price in our leverage a U.S. quarter, we million $XX the performance, comments the let's authorization. details of experience and SBS first additional ton. We of X mitigated totaled end $XXX And our the our continued was Since $X XXXX across in reported repurchased for that by XXXX. we second continue the increases, to of million of

not reflected As portfolio up X a also mechanisms grades that reminder, that in includes is price in to RISI. financials. additional and for are noting worth It it reflected typically be us changes to our our price quarters takes

strong uncertainty to to economic perceived outstrip demand as backlogs continue While consumer is strong continued supply. business. we behavior, remained our orders see June impacting across

outlook prepared later both our our the in for discuss of will We businesses remarks.

up quarter year. and over for than high. some of are branded We previously tissue of cases for year. on volume private of higher branded becoming million tissue products Private quarter X oriented. an half second share the more all-time XXX,XXX higher business. I demand of in XX.X quarter seeing cases Slide our the to that million over We're the in first second XX.X to consumers this shipped June, was than year for the Tissue considerably increased in which turn market last renewal please cases this shipped the mentioned climbed Now additional tissue comments is value XX% our as

working customers done our wonderful new Our has a team securing job to closely key renew sales volume. with agreements, and while extend

done increases great the to job previously a inflation. team announced offset price implementing help In has addition,

moves, XXXX substantially have reduced With come. renewal the we in for our and these business positioning and years XXXX, in risk to success while

As discussed substantial quarters, businesses our inflation. in both continue previous of to see

on that control. productivity to continued price discuss will In addition and our is increases, now I the pricing ask in and quarter focus detail. helping to headwinds chain supply operating to we on more we focus our cannot improving That performance. offset Mike second results our inflationary

Mike Murphy

previously second consolidated net X. The income company by Thank announced The offset $X.XX. share shows Please largely a Pulp are our across price most were XXXX $X.XX. Paperboard for XXXX, adjusted $XX corresponding which of per segment to of net our Arsen. Slide net categories. and the on results our second and was Diluted statement summary was from Slide for increases, per share quarter was higher X benefited income income our turn Adjusted in X. quarters comparison million is EBITDA you, the second Slide We year-over-year spend inflation quarter. income In XXXX. business

modest outage the $XX of million. You quarter of we $X the EBITDA outage of in million. versus positive impact XXXX; XXXX in second adjusted took in in smaller impacted net a by $XX larger We will the that XXXX million. outage had XXXX outage the of quarter major recall maintenance A a second was

second XXXX announced You Slide on mixed realized to the relative and implemented quarter. the Slide second Tissue can a Please a quarter our XX. increases a our We first year-over-year in review turn benefit in comparison to for We price quarter provide X. previously of performance comparison the quarter. business

was Our destocking. prior experiencing pantry volumes year the versus improved when market

pressures, partially by Our last offset closure higher from benefits to inflationary were Neenah due costs the the year.

of our XX. review to relative structure. outlines a You XX quarter on first can Slide second performance comparison XXXX Slide quarter capital our

our cash that to mature million cash our in $XXX million, of which term We free full $XX $XX second Our is now notes repurchased our the by and the was the flows in debt $X million loan with liquidity XXXX. free at net repay reduced repaid in flow quarter. We of by million end quarter. utilized

our restarted share in XXX,XXX of price to the average using repurchase approximately second we $XX.XX an $X quarter, share. shares per million Additionally, at around program buyback

the second Our our EBITDA leverage discussed net was and at $XXX quarter XXXX previously meets of debt net to the X.Xx, which end adjusted debt was million, target.

on allocation XXXX. call. outlook We to assumptions capital quarter earnings our some expect with third a longer-term third XXXX key our communicate quarter drivers part of XX as rest and our strategies perspective of Slide provides and the for priorities

difficult to has predict. first decreased without elevated, our risk continue realization price want quarter. to disruptions but since remain we assets to reiterate these and Our continue significant We disruptions. The that to the expectations operate our assume will supply of that inflation be chain

Our quarter adjusted the $X third of the outpace quarter than current price second higher the increases previously freight for million, inflation. is is to expectation the third million million. $XX adjusted EBITDA range that $XX the will announced EBITDA expectation $XX million The the of quarter of for midpoint but

$XX million impact the million, million me quarter-over-quarter by the planned maintenance a paperboard during could that and we third in share tissue expected million. We in quarter. the be million Previously impact to major $X to total. outage to price Paperboard's impact to some million and by had expected in Let changes. have quarter quarter increases impacted tissues $XX in positively million none announced $XX and are could $X $XX second $XX us be paperboard us

other labor particularly expect also and energy $XX to fiber, We experiencing additional We're higher chemicals, us inflation, in an to cost pulp, costs. million. freight and million $XX

Let to me comment on full operational some key a assumptions year about framework think our potential of to performance. XXXX for with the you provide

million -- of we a With $XXX If you guidance an current million $XXX million if year tissue. benefit million announced our $XX paperboard in prices paperboard to million at upon based our and to in previously $XXX strength to remain paperboard $XXX and throughout increase levels momentum continued tissue. full previously represents $XX XXXX, prior from expect tissue in million. in This and

be pulp, but chemicals than Cost is fiber, will expect by which be in higher to is million, energy converted $XXX freight, the tissue previous also expectations. supply and we million growth expect volume, costs. to benefits including We $XXX inflation, chain largely expected offset higher

communicated million. announced mitigation labor maintenance previously of XXXX expectations. expect financial are versus our have cost relative expected be our a our realization inflation to increase is to approximately be approximately net Paperboard reflecting outlook major increases, to outages price net similar million In to planned expected previous higher million of price is total, a business, $XX We inflation, $XX In for impact of efforts 'XX. XXXX. in $XX us This

as million $XX XX% to we supply do capital previously cash million. to between $XXX million, between million chain deal For interest XX%. we're $XX long-term and the continue after our year anticipating lower rate capital than other the also year first in full to our amortization is note expenditures I with half depreciation million flows $XX want following: that effective to achieved the and the $XXX of and between were of expenditures $XXX expense expenditures capital million. This and around tax $XX million, expected XXXX, constraints,

in to the following second first cash of from not levels we're generated due the million flow timing the not half. in half specific benefited achieve some to in While we working a guidance, these This timing-related second issues Net provide reverse will the cash the expecting that flow of do half. year capital issues. positive $XX

We in taxes our million in to expect higher the total to first spend half. versus million be half. more of year the capital in are expected And half second $XX approximately second the the $XX cash

back the Arsen. over Let me call turn to

Arsen Kitch

useful end a maintenance at address mentioned boiler to our XXXX major mill previously than We their the planned tubes, Mike. at are recovery of screen which Thanks, Lewiston for larger normal our life. outage

require expense While $XX EBITDA we is that that is outage impact now million. $XX an and estimated capital of adjusted still likely believe million in occur more possible it's expected outage XXXX, a the XXXX. to timing may That the approaching

decision XXXX updates earnings timing We and XXXX We expect the intend final this on further year-end for and the with outages you to year. provide during quarter fourth in to make of call. our

key inflationary offset success. our to to ability Our pressures is

successfully our have with offset pressures of operating improvements. business We previously Paperboard a increases in price and combination announced these

not have the reducing been progress we increasing of inflation products. While have offset business, made fully and we in on prices our cost able our to Tissue

$XX above run benefit tissue expect will We these in that annualized actions million. an have rate pricing

great made also progress our that us for several next position for tissue success in agreements the customer years. We in

some our key conclude for Paper my to remarks, prepared wanted I of creation. As Clearwater shareholder I emphasize value priorities

is drive cash we're flow and compelling chain We story to continue generation operational improvements. To flow a for free believe demonstrate will cash creation. commercial, free shareholder actions investors. focused Our our that these on supply value essential for cash flows,

opportunities of flow of as they're free in financial resilient which rebuild to that that cash take used a our flexibility, critical building have advantage regardless business conditions. presented We market can is

While outlook. in our cost our leverage the we the quarter, during target anticipate the we second of the debt economic ratio rising achieved given uncertainty revisiting target and

thank As noted, would a for will customers With approach to take that our and plan we like to their and and operations our earnings to prepared and do capital safely customers. priorities in trust allocation capital our possible and further I shareholders questions. be for M&A. to servicing performance intend our include will during likely they will return and we running priorities capital that, people our our end continued anchored for and deleveraging remarks placing expenditures and support also by These discuss your to our third and us. to In call. all want our their improvement continued I efficiently Mike for keep thank opportunistic quarter balanced shareholders, closing,

Operator

Josephson Your Adam of comes [Operator the KeyBanc first from of Markets. line Instructions] Capital question

Adam Josephson

missed, cost inflation ranges midpoint if wasn't numbers I comments, there all labor missed? expectations by $XX to to don't you listen but your have Thank any those your you. if year expectation I at please it for year Mike, think I and I that wrong. change, mix I'm me, components correct of gave, price has that the might but Are prepared million price full the inflation me the able like your forgive improved looks of of

Mike Murphy

moved inflation have you million expectations cost what $XX correct $XX Adam, -- higher and prices on commented the improved last inflation versus input we seen. that bit product year-over-year, our quarter. And was No. relative it, we that have that than still spoke little we've million a last to it first price, Obviously, the time that labor the differential by are that more call quarter. up in

Adam Josephson

next over same look And year so, going give we in that what topic, early a should rough some that think on could year, us albeit benefit of And of into that price/cost order assume, you you effect business? some about left Mike, magnitude as that just in if it's next your would you like? have days help can still SBS

Mike Murphy

Adam, in to XXXX. not going on tissue we that side recovered point to fact commenting Arsen's the the will from I'm the of we've comments, have that hope the stay inflation I away I yet seen we're -- business. on

So to what experienced months. we've work do we've got more the over XX relative a little to past

work So recover to to there some do is margin. again, more that

Adam Josephson

topic, the those that I about next of appreciate talk to your that on fits year price that about cost key what how on you and agreements tissue you this can in kind into able terms you're of Tissue And that. recovery those were agreements? talking renewal renew business? And

Arsen Kitch

Thanks for Adam. question, the

than those expect of reduce through, work, a in from and the renewal some of some specific renewal this focused risk more renewal ago, work below agreements XX normal away and customer And XX next have But months. on business year. but significantly for few that our 'XX. commenting 'XX us to in And to to well on There's extending to up still was details couple renewing So quarter, agreements. I pricing. our we or half for is I'll what last mentioned quarters we stay

some also We volume customers. successfully with our expanded

So news into we I for think next year. us that's very as positive head

-- I basis, it's our think if pricing look annual rate, comments made a $XX the full run take at a I actions approaching if that one you is of million. on year-to-date you

run million it's And $XX $XX a last $XX full rate improvement. million a year. on basis, recognizing we're versus So year to million this

as So made good volume customer both agreements. extending headway on well we've as pricing,

So team. our sales by a it's job great

Adam Josephson

Kudos to one you for last guys. And just one me.

albeit of SBS, whose mean paper I'm a out. increase that have talk over boxboard When paper year, these price the dynamic distinct as aware we've that. can? and the cumulative about seen folding other carton, the grades to think Do has other also weakened, from paper the at markets up a containerboard, boxboard grades? X a you even the erosion as kraft mentioned extraordinary XX% other as cumulative prices of economy well same moved boxboard since you're to last have look really is of if it's you increase SBS that's stands about you ton. beginning reason I the to the somehow in You price increases price such pretty sure extent that $XXX compared XX%, past years, not paper, other any Just grades And

Arsen Kitch

Yes. Certainly, we're seeing some economic uncertainty as everyone else is.

year remain What books the our balance very and strong today; well. than Our order tell very outlook more for can producing. sell can we're as of is we I strong is you

the consumer so towards packaging I if market, food remains And and it's SBS you -- look at used more that service. think

for during experiences. as are recession services So food call approximately buying to that X/X pharmaceuticals, rebounded service certainly it, believe and consumers and food, shifting cosmetics, e-commerce struggled to and market we but resilient. has from, be goods The COVID,

know other is demand what has What over has So can strong -- the I is exactly Food or recovering we're don't in year so. last seeing certainly markets. service what's tell you continues. the going been on

we're strong we're change. signs certainly for of a So seeing market, watching but it any

Operator

next line of Wilde comes BMO question Your the with Capital from Mark Markets.

Mark Wilde

And I if also granularity we it's kind now. of what you right with us as any Yes. more up? move seeing labor, just around you're possible major key contracts forward if inputs wondered, a to provide on particularly here, your coming Arsen, little have

Arsen Kitch

and have I in So of may let blanks missed. some me can Mike start then the fill that

and for are the that across our of up, freight be is to place. is it's trend probably -- seems look up XX% up, up. that's that categories, Wood Energy that pulp year-over-year. issues us that is up is worsening trend global are -- is north with If cost knows you Chemicals everyone taking up.

think I around seeing probably XX% last this input in inflation. total. point were total, we cost We're a in probably So pushing quarter, at XX%

board. the seeing that across we're So

starting easing. to we're think some moderation on of I hints Now freight, see and

guess. some in and some peak and areas, In terms to see anyone's in appears terms we're the easing. pulp, what of freight starting But it's potentially be of to cost

we at have sure certainly they make near-term, needs any the -- right On side, in we'll come to something we'll up labor be those be and closely done operating as agreements here the the that's looking what workforce that seeing but coming don't up, have assets. to our we

Mark Wilde

pricing there comments further you Okay. And the pulp, [Indiscernible] pulp on have stories that? to China about see price show starting just Arsen. in dropped that provide to North or America. X, I some Would did any and in kind some in the of on cracks care here day last just been

Arsen Kitch

the think pace of I slowed. increases has

that's good coming forecast peaked. there's to have to supporting to I and months. logistics capacity still suppose next I is But pulp. of softwood, out the there eucalyptus Latin new So XX demand appears We in it some online underlying NBSK America. news. think strong XX try

We haven't at been successful very it.

look at the we've but the they of for If wrong forecasts, all in forecast. second easing terms -- last some the some pulp think in of quarters expecting been easing are I half, of external you number here

Mark Wilde

might been on of kind Yes. do for to sequentially of much kind a years, trying price expect move of Well, just when quarter, your that luck. quarter from realizations? of also side to give we and I've you haven't third Can XX in second I just the sense us terms what had we tissue

Mike Murphy

question. good Mark, So

to that thought So quarter-over-quarter. up million $XX for in million be we we that the commented we'd remarks tissue, prepared $X

So that's third second quarter. to quarter

of our end price price third our I the to quarter. the add run terms that, hit realizations maybe for tissue think of towards we think increases I rate that in

benefit. so And $XX that's hitting that be we'll million annualized when

Mark Wilde

to competitors couple the Tissue just I about your the putting in $X.X noticed overcapacity billion make talking in is at really business, aimed to biggest we've commercial mill and looks market. of consumer and tissue curious machine, like just just looks the like I'm And years a that used they're Arsen, last And the a going to tissue. it going it invest in that into of Okay. it's TAD spent be

face So still why returns pretty just disappointing in of that investments? the and thoughts situation tissue such have capital across would been we're on seeing huge any of the much sector,

Arsen Kitch

from actions. on specific away stay I'll commenting

and you're players. subtractions I is additions seeing some what think by

at look the picture, north there you at was added look macro, primarily tons branded of 'XX, and if in macro you the If space. the 'XX XXX,XXX private

or in tons, be But additions there XX,XXX about give net 'XX. the to a some take, to total, being for forecasted return XX,XXX they're capacity is announcements 'XX added. justify suspect from at perspective it's look and be you tons 'XX, it appears 'XX, and net-net getting out to of there more were, that a If in slowing are XX,XXX, in that is and harder there expensive. And additional I there

that on the be so -- the on an having impact And market may industry.

Operator

Markets. [Operator next Quinn of line Your from Instructions] Capital with the comes question RBC Paul

Paul Quinn

of get competition question into starting -- from lot the you the business year, of it of there's just And mean, Tissue wouldn't that North you the new I you there so of a lot mills second the be knowing on ahead guys year, volume Were just the was to run coming these into started these especially in up on half going in looks but renewals did a the first year. renewal the American of contract in contracts. -- tissue and tissue your the those came up? second and like capacity the out half half of like market capacity customer that's of a of

Arsen Kitch

had a as how this them with number unusually fell contracts We time renewals frame. on an large or year just of these they the out. normal negotiating renewals up, come how agreements think the start we given I

largest good a negotiating we're We're our a started and -- place to got getting we place. to good to getting we customers. So with

promise think several and quality delivered supply, are think looking what We've And is years, especially the these value and I what delivered. they times. at service, their we've over that. in during last I on -- these they're they're is reliable recognizing that -- think I

implementing with pleased a in agreements that environment the in very these I'm challenging place So made while price get increases. progress we've to

Paul Quinn

Okay.

XX% I XX%. think this was renewal said that previously, with year up contracts have of you your typically, So over for heavier you

year-over-year pattern Given it the the you some year, renewals, or more expect of kind Are like XX%, XX%? Or and similar then of extended renewals going basis? next to less like you've have normalized XX% sounds and another on a them. you a

Arsen Kitch

thoughtfully stagger agreements, risk we months these typically last risk as as renewal if between have so lower finalize try on think through 'XX than XXXX, next working this expect particular renewals, I 'XX. see think increased But what XX should we the to is renewals and the year. we've And details few would to look over we in you I year -- them less we normal in these we're than see. I see and don't also any

Paul Quinn

great. recovery impact That's a and off production Is pushing that then on that pushing into And the -- XXXX. have off boiler facility? potentially that going just on to the asset

Arsen Kitch

But through out And in may of this working Lewiston. outage the think still most XXXX. scenario we'll it definitive major know coming this that. -- have in do we'll thought We're initially, at we timing is year And the end a as do we that. 'XX. more of then point, we likely I At

our when be normal So work, outage repair an major of do downtime to as there outage. part take certainly, will maintenance the we

Mike Murphy

it as get greater the closer to We'll the mill. production front, nailing the impact updates will the on production timing Paul, And provide our at outage. down pulp for we you

Operator

Your is Markets. a next question Capital follow-up KeyBanc Josephson Adam with from

Adam Josephson

question recession I you. for obligatory appreciate Arsen, it. X

event the this and the recession. in are come private dramatically of high are would fact in tissue perhaps I and move in think that likely you'd toward ongoing benefit quite down to So historically a pulp prices one, given label

pricing X/X fact years sales are that of what prices suggest consider XX% or industry recession-resistant end sales to -- you that industry or But the that that markets. hand, X.X business. in you in On the SBS, the other in mentioned would up your pretty is obviously, cyclical

come whatever all to those your frame to recession in profit and you would others mind? light how variables of sensitivity So a

Arsen Kitch

tissue years, growth would you the in during private the I I But more what a if to gain. XX you you've last think seen look years, typically at side. X last or private if tell is, the X branded share see continue branded at look recession, you actually you

So were up this XX%. XXXX, in to we XX%. were XX%, we last And quarter,

towards So share you're seeing more the this continued private march space. in branded tissue

recessions, demand branded well. point, nature, tissue don't a I At know how global the say this know in of that But react. private should the they during should costs. maybe recession. do in fair to don't pulp there terms it's how so markets to certainly, So react They're be an easing

On supply in the paperboard was that was paperboard and a in was side, 'XX had we today and than fundamentally, recession and 'XX, decline to what's major 'XX market it the But and different 'XX. demand last situation fundamentally is time in and what the a there and supply going demand demand. drive

-- supply is to demand and to continues so And is outpace be continues supply supply tight.

certainly, what So outpacing would impact to experienced demand, our fixed we've as on there don't here picture. has -- the X.X being have supply if demand far and enter a last we supply know in and supply. really years driven been it I by and But slowdown were was what recession, a demand over

it will the look service, so it's conversion, this recession plastic So to how it that tell packaging, what recession to exactly similar this happens food depends and on hard have. to paper we last -- one the pretty really in

Adam Josephson

import costs port see FBB goes the to because that is you potentially all congestion pandemic has during and which on, Arsen, that where and which along the the dynamic tightness. the of extent question and about talk the changed Can going? that sky-high One supply freight you

Arsen Kitch

Yes.

over assume that's more on FBB a to that converters on a think on there's been logical I challenging imports, for it's it's sitting to been Europe. coming rely ship constraint from and

constraint been FBB. there's certainly, with a So

logistics -- ease shores. up paper we that and show freight expect up, of got to more our up I to on think As eases will we see

before? will the once they becomes, where to is impact do up? back when will be supply they those go what chain were the Europeans The ease that decide do certainly When to question So an really costs And ease do? up.

Adam Josephson

reinvestment. capital, And Arsen, talked including Yes. capital future M&A, about No, on absolutely. returning allocation, presumably opportunities, you

Just most cap businesses? in but thoughts you're compelling it of one it of look reinvestment about the along months? those to talk yet, more cash you what at I returning not that going on Is lines you opportunities thoughts plan a other know to there preliminary to stage? any in shareholders? this matter Any perhaps -- appreciating communicate Is allocation

Arsen Kitch

after have more QX, changed, talk costs preliminary markets have some thoughts. but increased. capital just We'll Yes. The debt

So our further we to need upcoming invest makes And have the -- what we'll to that if target continue our X.X We're do capital years, the couple revisit if sense. and been our several suspect expenditures to than going in leverage see our years. deleveraging they assets. targets frankly, I last is. of in lower

where identify need projects to have invest we So we to good internally in.

to mean, share all we'll and above, Beyond to provide on, but of so opportunistic more the that, I QX. I it's QX. more be detail bit buybacks doing think that after and on after we'll come be when returning it to and a comes going

Operator

apologies. My

Wilde Capital follow-up with BMO Markets. We from a question Mark have

Mark Wilde

question, curious, now port carton than which that dynamic U.S. significant I'm I'm just is would imports. got to drop those the more buyer to of the just may into to have going market the off do back you're favorable, think is any would much to because congestion folding boxboard the other about you if we've that a to and different when ship would tag Adam here about. -- pretty tonnage customer, along producers. folding be how in the Arsen, have typically, is equation But people not make be kind a when U.S. exports euro, other think attractive currency on the asked favorable. currency not forth that that seem suppliers toggle flexibility And of they between part for

Arsen Kitch

Yes. at of the heart And the that's issue. really

CPG an or you're large an you quality and have of you're a converter attributes specific a specific if out a a independent Board. So the contract company, and with agreement [specking]

spec So in not it's from that, set supply reliable up becomes next month. board if that CPG a either you're And there's into may supply company it board right? you make especially a -- X that -- knowing Europe, go hard of up show not coming to substrate, for so

forth. So North at comes decades. comes And a dollar on and the phenomenon here been in depending the and so heart that's logistics, America. reliability I has for supply of think -- been of really that new on This the is issue issue. in it been goes the and has strength biggest not FBB the

Mark Wilde

Okay. That's year. the helpful. Good the luck back half of in

Arsen Kitch

Thank you.

Operator

session This question-and-answer as as conference concludes call. the well today's

may lines. disconnect You your now

Clearwater Paper (CLW) 3 Aug 222022 Q2 Earnings call transcript