VRTV - Earnings call transcript Q3 2021

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Operator

Good morning and welcome to Veritiv Corporation's Third Quarter 2021 Financial Results Conference Call.

As a reminder, today's call is being recorded.

We will begin with opening remarks and introductions. At this time, I would like to turn the call over to Scott Palfreeman, Director of Finance and Investor Relations. Mr. begin. may you Palfreeman,

Scott Palfreeman

and everyone. Patricia good you, morning, Thank

call On from by our today, you open our prepared remarks will hear the will CEO, we Steve After the questions. Smith. call CFO, that, for Sal Abbate, followed

differ of and/or Before in statements Actual management beliefs, and/or are today's that future the could intentions, made predictions the forward-looking. the of we in regarding by note manner. begin, expectations please a some material presentation the results company

our those not Investor in cause in factors could results morning risks annual from Form and is financial of section also to non-GAAP today in XXXX Relations is filings. comments to of that report in and included and in our turn applicable forward-looking these the information section I'd contained this XX-K like the Sal. be included our the the which the to posted differ in are U.S. are Non-GAAP over the presentation This Relations Additional statements of call and veritivcorp.com. now measures includes Investor can A limited other presentation measures slides SEC at news company's the in to at measures issued reconciliation the in on found slides. but website. described is to, the the GAAP end release

Sal Abbate

we us. Thanks, quarter consolidated thank Scott. and Good reported another record Today, everyone for joining you our results. morning, for

earnings led segments third price driven net improved the Strong quarter contributed strategy, all all third continued with business to consolidated multiyear model and of efficient price and print The positions. our demand growth increases our growth, drove Sales both sales combination publishing sales our successful in the a in due sales increase Continued of sales our third our year-over-year throughout strategic and compared of and share led XXXX the market third operating XX% and segments. quarter business were increases to double third reported segments from an record for we of both of for to growth the packaging better-than-expected year of in restructuring for quarter. of and what strong growth prior last quarter, inventory benefits along to Supplier our of record also earnings execution plan quarter segments to our in diluted more year. inflationary nearly the in and demand $XX across results pass-through disciplined most $X.XX per figures. income in million

$XX share and Third were per net million quarter diluted was earnings income $X.X. year-to-date,

$XX and in adjusted the $XX than quarter compared of Our XXXX. to improvement increase, third nearly more prior was EBITDA million the to year third quarter compared million, a double reflecting a XX%

improvement highest Our XXX more point of EBITDA history. our third quarter the margins high Adjusted which across adjusted in level the reflects a basis was prior EBITDA and quarter three than any also margin quarter. reached year levels largest margin segments X.X% record in third over our our in

for seen above-market we with growth. we pursue opportunities earnings organization and to earnings pleased are We continue and have additional the improvement across

improvement of single third EBITDA Our for to year-over-year higher EBITDA in nearly in compared achieved of quarter which third marks was first quarter margin again segments in Packaging any EBITDA our Packaging our the quarter. million sales margin. This million adjusted than above quarter. Packaging third segment the XX% in adjusted in is $XXX the We our year in and Packaging consecutive EBITDA Packaging XX% time grew XXXX. adjusted record results a reported the adjusted XXth were of quarter prior of XX% $XXX third quarter.

consumer the growth volume, segment Packaging electronics, was product health sales prior increases sales key with categories within in due and growth compared of cumulative sectors and customer is packaging sales impact across an double-digit of to Sales to driven customer roughly our that sectors. other the to price. all growth Year-to-date, estimate growth more throughout we our quarter care quarter year. our Third included of particularly supplier manufacturing related our increase is in half driven implemented the half price in third was year. by pronounced while our Price strong

Moving now results. our to third other key quarter factors impacting

during cost changes closely proper supplier notice. mentioned, managed initiated I we with effectively were We customers this and worked our As first ensure three just suppliers experienced the year. and several price price of quarters and with increases to

inflationary result, our a factors. not As have margins impacted market-related these by negatively been

chain. and support expected prices volatility. our to Continued any efficiency broader of levels the Staying hire ongoing continue programs demand future our to with increases and consistent plan. quickly supply constrained conditions the These other throughout inflation increases to We tight and at by and fully wage market to us current storage allowed despite benefits competitive wage a supply retain will fuel saw XXXX and employees adjust with the at were costs has we market. labor and offset rate and a restructuring are higher market monitor price like

effects continue the adjusted on minimize margin. will in customers for impact inflation look ways We our to EBITDA and improvements protect our of to offset the recent to

historical own in maintain Our significant us our of allowed coupled warehouse levels fleet chain established to constraints marketplace. most best-in-class and supply trucking portfolio our broader of service suppliers, despite for the customers with network,

Our commercial in business. become the do part are how of a discipline integral the quarter an of and record we now results third has reflection

make necessary will and environment for way business they We We Veritiv. with the the has interact continue of market committed needs improve also remain customers. that do the our customers to the to recognize created current investments to challenges our and

performance and I'll third as and culture, Our reward guidance operating of Despite quarter significant additional on to it for the environment, our share quarter and then performance. an our employees new to about ways. demanding employees in now I'll customers to turn on more our performance. innovative year. over constrained the for This role to our we the execute of provide record are update with of a the a to played of year, in part company's capital. our pay-for-performance remainder our our upward employees continue recognition to Steve? incentive expecting and details revision Steve compensation financial the additional use details commitments

Steve Smith

morning, Sal Sal color flow sheet and I cash performance. consolidated our having some performance, balance good details segment you, everyone. earnings also our covered provide With provide Thank and will I results. on more on both will

when As performance, the differences. count for excluding results, and to exchange that we sales, any core of net impact day referencing we please adjusting sales we reported foreign review speak are these note the

of third quarter we of quarter in had the the XXXX number had shipping days in the As it as relates to day third count, we XXXX. same of

the we first of a day this shipping reminder, one XXXX. XXXX year. will of as As had year quarter prior fourth have first quarter days same the quarter less the number shipping in The of than

XX% third year the price As customer reported net customer our the sectors. impacts XX.X% and first and day the the demand XXXX company's growth the quarter of were history. quarter activities half of quarter and have quarter, adjusted margin EBITDA of of third increase were A less compared and segment, increases price A improvements combination $XXX of EBITDA Facility one year. prior plan prior in of and adjusted benefits robust increased to restructuring continued traditional XXXX. an across XX.X% drove In the a prior our pronounced X.X% slightly even Sales shipping particularly electronics, third core sectors in the XXXX. XXXX full in sales operational compared while sales sales third the over increases, Packaging decreased XXXX combination the to XX% we margin X.X%, the our away-from-home of to ongoing million quarter adjusted as net Packaging result, hospitality the consumer core favorable year. in timely in of in of adjusted in any the Solutions quarter pass-through favorable improvements continue than of In sales third EBITDA improve and more EBITDA end-use market quarter than the compared manufacturing will drove the in third entertainment in best XXXX resumed. to margin continue travel, sales our was and Demand health year. quarter our quarter adjusted the to be EBITDA of third year. a up Strong care market products of and to in in Packaging's at third quarter, increased XX.X% third

the office life like elevated temporarily recovery year. customer of expected, third from As of levels and the in personal sanitizers have sector our last experienced The protective remained sales our sales slow quarter. in declined pace COVID-related equipment categories

away-from-home in X.X% compared our and slightly of in our which Facilities prior office increase year. mix EBITDA efficiency segment product a the Despite an favorable adjusted adjusted chain X.X% record of million, quarter than ongoing was programs lack margin recovery year. better EBITDA Third $XX.X to prior drove activity, selling supply was and of Solutions

reported sales third to X.X% paper year. the the major revenue EBITDA due degree, year the paper record the our was the year. and This the XXXX. market margin X.X% in now Demand both for to of increases quarter increased capacity in prior EBITDA was quarter The inventories highs to growth remained and X.X% drove over of constrained third continue the in the to the in the segment. market grades. EBITDA It period third benefits drive years. plan in a in Net particularly grades price our margin were to $X.X Print mill only which the quarter of XXXX million prior core across seven sales quarter only compared $XX.X second all Print of of Supplier to to significantly increase growth, all-time quarter. of carryover volume. growth Moving helped million, during increased the quarter combination and of price the for quarter. X.X% pass-through quarter in and up coated our second XXXX segment third followed adjusted prior compared to triple third last restructuring across elevated, EBITDA lesser sales revenue revenue this increases the quarter disciplined Print in price third and in be in Adjusted year Adjusted adjusted

Elevated revenue year-over-year reported the in was sectors books to prior the history. the XX% year. increases of driver compared in education, demand quarterly and in our the core third increase the the highest in Our sales. primary XX.X% Publishing the The quarter was increase segment segment's customer advertising of net both and growth sales

or adjusted Third million for compared the XX.X% publishing was XXXX margin of quarter of the X.X% to EBITDA Publishing in quarter higher third $X.X quarter X.X% prior year. third than was XXXX. EBITDA in adjusted

cash flow. Moving now to

of XXXX, $X from the approximately $XX capital expenditures cash Subtracting September million. approximately XX, For about operations, flow the flow quarter flow free cash we of generated $XX from operations in was million ended cash quarter. from million

restructuring As impact million. at our is for on completed removing a on the we is of end third quarter, roughly cash now low to our earnings of be budget record XXXX capital third based At are least strong we free XXXX performance to of After to year. XXXX our $XXX the reached cash of $XXX onetime to X.Xx. EBITDA plan guidance million. in result our flow free year be raising and XXXX months, expect allocation. the normalized the restructuring debt be Shifting this plan, full net flow to ratio, substantially trailing quarter, XX a The scheduled adjusted leverage the

of we to September. share end We that completed million $XXX are our the report program repurchase pleased by

repurchased price reflects an approximately During in $XX we the average share outstanding. shares which per shares reduction course the of about XX% million at X.X of program, an

deploying In an improved organic to in customer capital capital efficiencies, investments make business addition own of growth continue experience. we our shares, the for to and repurchase drive process to

such XXXX materials However, the of projects delayed market been labor. availability some have capital and as constraints the during due to

to result, As $XX or anticipated be XXXX expect year we million $XX levels. now about our decrease million full from a expenditures originally capital a approximately

details opportunities this incremental on Given our both At Sal? time, back guidance. of generate inorganic turn our to provide well shareholder to and market leverage, that as continue to expectations I'll we Sal low as consider capital will net more it value. uses growth other

Sal Abbate

Thank you, Steve.

talk focus market expect shift balance the to for see year. about we now to the of will the We dynamics

in experienced our domestic large chain challenges by many international of supplier us heightened supply Our base sheltered the from competitors. the

impact to inventory the customers. particularly we not While challenges, Packaging, making help in immune strategic minimize been supply chain current investments, to our have to the

first and expect year However, to supply we do half quarter and in product constraints impact chain lead continue broader times. availability fourth which next of the could

increase due and As the times to of look through currently extended intentionally to for balance we we remain healthy XXXX constrained strong to supplier this we the season. demand time our segment, lead to volume customers seasonal environment our anticipation prepare have several expected supply to extended support expect in to invested of demand Packaging and environment, shopping inventory holiday tight the for lead relatively in chain to be In additional categories. market across the product continue the and during

While pricing areas chain, there certain at in of has support been the some demand capacity minor and limited relief manufacturing to is levels. expected healthy current supply

the first increases half continue a recent effect the price carryover of result, As of should XXXX. into

We Facility we pre-pandemic the XXXX. continue in segment remainder line levels. with market. products our sold traditionally sales segment XXXX environment. believe, of entertainment at the recovery XXXX travel, the in expect Solutions of for slow in slow to for anticipate broader as be to Therefore, to recovery hospitality sales a activities Facility of the into continue to and Solutions our growth and those We will, least half into returned That improve first project away-from-home closer pace we office in

segment, For paper of to our supply. expect remain to therefore the outpace Print in we is overall expected supply demand constrained and the market

have so at the this constrained our during expected grades received far Current operating will paper We impacting some increases grades from additional quarter notification price Print least across increase and that year. suppliers of rates have an all and implemented really quarter. into of second are price next multiple be fourth to continue the capacity navigated year

$XXX year now diluted and the year to income We year, million. the per increasing to for Given full we be be of our of range our EBITDA million guidance our full range $X. range earnings to expectations the XXXX expect for year performance conditions to $XXX year-to-date adjusted are $X XXXX $XXX net as of market $XXX in share full this as to a remainder record in million well of current million to the

capital around be $XX Steve expenditures million. As year are full mentioned the earlier, for to expected now

our capital full cash increased year for to Patricia, As free also a to year, of at ready $XXX this reduction are we result prepared our least we million. take concludes outlay guidance remarks. estimated are This in now earnings raising our questions. XXXX and flow be

Operator

first from Your comes [Operator line question Babcock the America. Instructions] of from John Bank of

Your line is open.

John Babcock

generally elaborated chain this morning fair to taking good bit the my but areas questions. these your know And the could I Hey, out that's also in I the thanks challenges? your just you in business? on just how about talk which about, and and guess supply a doing start you like, of you for talking different on are impacting terms keeping given facilities call stocked

Sal Abbate

half. investment for John, our as second anticipation really did but the segment. building a thanks I'll a by strong the conscious first and is inventory varies quarter It Sal. along business with been we back start question. Packaging in inventory far make in really way we've as Packaging the This of

more look We actions we're driven corrugated tapes, a and domestic protection we our we little expectations in took a in in market the so the and third experiencing And little benefiting in we've while little So a in investments same we're year. challenges box the than mentioned volume supply markets that little our faring quarter constraints highlights to do relief I bit saw. may are other in why impact base and Packaging than less the have customers of Packaging, shipment we're and growth mainly course, bit stronger earlier better immune that's overall by a Packaging our in inventory or chain areas. not the had supply the while from

really Facility the the a The do Print industry a obviously, -- has of faring a are supply and, for the on Most like environment. we're well been been definitely serve allocation constrained suppliers I'm market. that bit a we the moving that's strategic been Solutions impacting a out Print, we've we COVID suppliers little us stocked. is demand suppliers our as in and our I has creating -- tough best sorry, with And environment all within the on taken of definitely bully alignment can seeing Obviously, ourselves helped are but the not the capacity competitors. price outpace mean, is to and of On Print. increases problem. products our feel to strong and that's we couple

supply we adjustments in the to we've the constraints, Solutions seeing some seen over maybe that's but from where us In market. prevented as made the that particularly the in particularly like positioned quarter not Asia, some comes has heightened did we end-use some You've the in some the double-digit as to to from see well the seeing chain with business, categories most year year that an feel Facility respect have so second Relative constraints we versus supply growth those of dependency international rigid we're third. earlier in we're and sectors. well where those but our really from from handle demand

now mean, in relief So start ease show our products areas the could resin-based some that by bright the quarter. some side, and and particularly now there is some being first films I to early of as indicated suppliers, on as like

John Babcock

cost to you're annual you can And be that might know about that's the helpful. the basis? right I inflation very would most impact quantify how just also help on and Okay, able now kind where us if then, you business also don't talk seeing an of

Sal Abbate

been the kind in -- steady. we're the been increases answers of as John, And of steady two the but multiple Yes. pass increases product give -- every able In it's it's That's in sector, I'll last Print general since that that's know, quarters. that to been been on pronounced price on environment of manner. category. and on Packaging the been Steve impact almost specifics can give QX the quarter is you seeing a you and really diet that's been some the quantitative and you sort seen of more a timely across we've last it every and each the we've in so

So QX. pronounced going overall Steve, And that sort give QX course, feel quantitatively. that's we saw mentioned, is grades. a of all and in as the escalating you impact and can maybe paper grades of into I prices to for coated in the continue more across QX but

Steve Smith

Sure, Sal.

XX% our So majority John, the we is that is the the of inflation. that's concern cost, to roughly it about biggest product of inflation our maybe way for which sales think think vast as of

we've very about of price pass-through driven mentioned, Sal our disciplined been As supplier increases.

You'll in suffering. that improved as significantly early reflect those that back 'XX, that struggled with company 'XX and processes aren't and now we therefore, margins our we've such are more and timely a pass-through

And we costs, that the much of roughly us of prepared in commented neighborhood labor are for so sales. Separately, on component XX% a our remarks, fact. smaller in

to to with -- we've we employee have ahead labor efficiencies, and during through been It's that, costs labor been have in that. try We we've we vast a our retention. and friendly communicated offset that's to that's been our and year this pool of us colleagues helping incentives inflationary incremental to accruing of and majority for actions reduce be the those many employees

of So through few percentage we've has dollars our freight. small passing of a own and incremental we're some There bucks. of in million fleet, been fuel able over and neighborhood X%, it of that, And of our because a are customers. this supply in optimization our chain. of X%, quarter been fuel million a offset our cost efficiencies again, X% to, But of prior not and costs couple lastly, to through the third-party year

the are So three. those big

those. answer questions, If you can further have we

John Babcock

that's of in No, inflation. helpful terms I think pretty overall

I broadly front was what overall. to or bought you the numbers market different there seemed curious quarter? kind the your in but marketplace. there your and pricing whether much just Print so impact from I of I some share sense in from gained think it like trends mean, a guess, like Obviously, the not as you happened the varied especially the I Publishing, mean, far do As segments, in have why,

Sal Abbate

with John, mean, the segment. starting Print Yes. I

course, getting I we're market market well. stores some Recall think close did demand price lift and keeping from growth. Express we -- increase, with did as passing up on And last so we the price year. that we're of our we're have volume the Veritiv the

of up two are in actually front believe But a from we dynamics, a Rollsource when comping increases. that perspective quarter. bit strip little price first then, market pacing on the volume keeping And a distort that we business volume against So little independent ahead a numbers of out the course, the the year you with bit. those the of earlier are sale we the does and then this

believe market. broader we that our On is the segment, outpacing volume Packaging do the

If we market you our shipments, strictly would look outpaced the at mentioned, third Steve FBA that flatness that indicate as in the quarter. box the the volume, experienced

sectors around the a our that's think within I choices combination end-use of those. strategic and dynamics

example, lift for higher a we think I bit that manufacturing, did So, was year. transportation, a heavy slower in see last

inventory, us helped shipments be focus Obviously, rigid anticipated our we in of satisfy what business the really lastly, our our along that's mill business demand our have meet and the we're demand that's there unique market. healthy an more outpace that. in investments with front the to between with and growth So see volume then ability helped all terms on as bundling on in demand. customer seeing then helped increased pronounced and imbalance And has end Packaging services our the mentioned, value-added flexible our might And why base. the

John Babcock

the increases? XXXX, pass-through also us that's key very from the and our be factors of now the And ahead benefit in then getting helpful. could Okay, help price we look of are understand to considering what as you're some should we forecast you

Sal Abbate

Yes.

suppliers experiencing continue our first first supply the and So most labor most the shortages quarter, anticipate are to we the likely least into through constraints really, at for of businesses, do the the chain half. that

at with and and will levels maintain solid the volume the be respect first we a we're if price, to now Now the first of year. that strong half half

of all for our board the across that's businesses. So

to recovery environments we're this and we XXXX in continue customer through than expect we in from pre-pandemic side the Solutions from our morning, do clearly Packaging but the the base this and and much what expect now and the On to and because demand at least hearing do Facility year XXXX, haven't than recovery, at saw in we certainly levels offices that saw in return some more we about not office government; talked like XXXX. we seeing stronger healthy front,

Steve Smith

some And Sal, thinking and get two to that, as increases I'll lapping this factors benefits, free the that our you're over carryover just impacting there's lower 'XX effect, add in it to items from 'XX XXXX. both John, should think for And restructuring aren't margins. benefit over we fully cash 'XX, 'XX as about which flow about cash both incur price free whole costs we'll to those XXXX in relates so of important secondly, cash the restructuring flow, 'XX benefit

two things consider. are other those So to

John Babcock

And at all the increases? pass-through you. comment the Got want impact you of on may of to price the

Sal Abbate

Steve QX announced the we We've a anything changes benefit we balance mentioned, early into be seen would XXXX a second formally the don't in to of bit for But Yes. least of impact see as there. any seen slowdown and so half we the of XXXX the half or a at of first haven't anticipated and just of QX. little expect

we've mentioned suppliers these non-cost the calls place. we've plans efficiency Now we year, the as some heard to most cost and goods from rumblings of in increases regard of our of on have throughout with sold, put

that trigger helped we on costs, those customers. not those to on take need customers. whether our if to has not to and are those plan will or a we we begin to had restructuring But unrelated need offset cost our pass increases really look that to product just to at to on hard pass Our from have XXXX suppliers

John Babcock

question. just wondering the was for Okay, you bridge. of goal flow can if I that's then kind And great. provide last cash free

Steve Smith

Sure.

EBITDA So from to flow? here, cash adjusted you're talking free down about

John Babcock

Yes.

Steve Smith

Okay, very good.

the let's down the midpoint million, million items of we the So about $XXX million to $XXX cash taxes to then so items of of about and five walk $XXX $XX restructuring about and LIFO, of midpoint of through net I'll million $XX small income about two At a have million, amortization the million, other $XXX neighborhood that million. briefly then say guidance. of $XXX $XX about if of reduce mostly have five million, of $XX will net flow, John, adjusted EBITDA, bucket are million us $XXX depreciation income expense Those million, steps. pick you of interest things, you'll the to million, you $XX and of

that bring will from to million $XXX So down income. of $XXX you net midpoint of the about million

about So the add-back noncash From to is million. amortization depreciation mentioned we And step also this guided bad the through of There debt thinking reduced $XXX expense $XXX million. prior of we and there, the of step $XX items. second just the next million, I million $XX the year much and have from years.

number capital then use of costs have of guided We updated And million. finally, to about working So year of about that's $XX have this $XX capital about $XX million. an cash expenditures. we But million. we

that's million. bit, we're for As Packaging $XX Sal little the investing a particularly mentioned, inventory and in

add-backs it equal So the so happens cash. the that subtractions just of

as sum for net both as well flow income $XXX So that million guidance. the free cash is our a figure our of

said bit free little of million we and to least upside of flow cash at So $XXX there's this a that. year

John Babcock

for Got you. All the right. Well, all help. thanks

Sal Abbate

Thank you, John.

Operator

And your Michael next line question Sesser from comes the [ph]. of

Your open. line is

Unidentified Analyst

one congrats in very way. want I guys, question to John's different ask a of to a question strong a just but on similar quarter. Hi maybe

else quarter anything maybe EBITDA out from -- it just reason the your a would -- about It take be figure in ordinary we if of would there it is thinking correct? But any other EBITDA from at annualize Veritiv? when If just sounds are annualize -- were million. from about what the very over correct not So main that remarks look Is for you for demand just perspective. correct that to was that reasons a quarter to normalized there that there Veritiv? that we an perspective, million it wouldn't is is EBITDA this way and it, $XX had that $XX thinking strong normalized a be like the obviously to be that

Sal Abbate

Yes. halves patterns EBITDA We of some Michael, Thank because our intra-quarter adjusted inter-quarter the Sal. to you. this seasonal speak there noise. in is normally is or

as look or So before, to typically XX%-XX%. HX. what And expect versus normal historically is year accurate of turned be mentioned out where we be we've it HX the it different, at which was to more about pattern we even did last

have that half, and it. of if EBITDA our best adjusted half half we want first second way at would to that's year, normalize to individual be look the one really gauge XX% the So quarter it you and take of or the in the -- for XX%

you took million I'll respect maybe a that you can and with that would and means little the If that and and well, come now. about comment do -- historically, where then QX guidance I'll talk seasonal maybe answer bit what we back about can our Steve, of -- to pattern be $XX

that with let's that's our $XXX that to that to $XXX million adjusted $XXX guidance. So million we're of take coming full million. our QX $XXX range, of $XXX midpoint guidance full million the million where XX% up million, that the $XXX for year normal add year in at you say, our about, just would gets you year-to-date $XXX to pattern million EBITDA of that for And of if EBITDA. And in year adjusted somewhere to

Unidentified Analyst

helpful. very Okay,

ahead. go Sorry,

Steve Smith

questions I Michael. -- follow-up see to ahead, further there Just if was Go waiting are that. on

Unidentified Analyst

remarks well. But have any great don't add, to questions. you be that as would additional follow-up I That was No, want any helpful.

Steve Smith

with you. fine Michael. Thank that, we're No,

Unidentified Analyst

Okay, again. great, thanks. Congrats,

Sal Abbate

you, Thank Michael.

Operator

now for back further Sal Abbate the closing call remarks. I to turn to like no would are There questions.

Sal Abbate

our commitment driving celebrated our I'd employees to call, to Consistent trends, top our resilient team. with experience team to Thank customer past their weeks our As highlight improvement. our recently customers. everything in remained culture The both on appreciation performance of to contributions and of drive and steadfast of safety customer do. like the a we of first-class conclude a our our continue support have and continuous you, for needs employees we for you These teams truck the of significant all metrics today's employees experiences. safety remains again, priority. We improve to

to XXXX quarter forward and again our with next talking stay healthy and year safe year joining fourth the For we review those will That today, on the results. call full concludes you look and call. please us early we when

Operator

all. And conference all you. this for concludes participating. today's Thank you Thank

disconnect. You may now

Veritiv (VRTV) 3 Nov 212021 Q3 Earnings call transcript