SLVM - Earnings call transcript Q4 2021

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Operator

Good morning, and thank you for standing by. Welcome to today's Sylvamo Fourth Quarter 2021 Investor Earnings Day Conference Call. [Operator Instructions]. I'd now like to turn today's conference over to Hans Bjorkman, Vice President, Investor Relations. Please go ahead, sir.

Hans Bjorkman

Angie. Thanks, thank our and today. for you morning, call joining Good

Officer. Chairman are Executive Vice Our X Financial legal morning including Ribiéras, important President X and information, contain Chief Senior speakers this disclaimers. Sims, Jean-Michel Chief certain and John Officer; and Slides and

to during subject call, that this uncertainties. example, will make and For statements forward-looking we are risks

are will to U.S. figures also of Reconciliations those present We appendix. financial certain available measures information. the non-U.S. GAAP financial in GAAP

XXXX call earnings copies today's contains website Jean-Michel. quarter well I the Our release of as press fourth presentation. will also as now over that With turn the to

Jean-Michel Ribiéras

increased Hans. slide to adjusted And you improved X, XXX thank for margin $X.X our million. by morning significant EBITDA higher on or nearly EBITDA XX% demonstrates a sales basis I'm margin. in our improvement represents call. earnings. points XX% Thanks, which than and Good of adjusted full This billion. joining to and $XXX XX% sales our net XXXX XXXX

has XXXX. Our into We and heading adjusted momentum earnings per have positive generating improved by committed to remain XX% cash $X.XX. to over share

Let's turn X to fourth review quarter our performance. Slide to

adjusted discipline, pronged resulted are and to continued seeing offices excellence reopen. commercial in and fourth gradually financial Global in margin We excellence, uncoated excited, a operational of strategy free sheet the three our XX.X% quarter. EBITDA for which demand strengthen school

we strong, at capacity three full and remain run Our volumes in all regions.

of supply and input at Implementing two and customers. Eastover take X position cash safely how price Saillat debt and by We comprehensive generated of million flow enabling navigated allowing worked strong challenges, our costs. operated to $XXX maintenance million. All-in-all the highlights teams to performance to benefit We and pay a efficiently. to quarter, challenging and generated chain the down extremely fourth increasing prior and environment sales increase executed increases, I'm over of quarter our by our the large in strategy us also to cash and to costs, of care team. realize and mills continued free an net through $XX $XXX quarter our and outages, our transportation input this well offset million, price performance proud in Slide a in mix of during million $XXX year. of margin hardest X% million. EBITDA We $XXX the $XXX [ph] first standalone sequentially million XX.X% quarter. easiest to and Fourth adjusted our a increased

maintenance our quarter. would EBITDA normalize we for if expenses the adjusted outage margin However, been XX.X% have

$X.XX generated operating per of We share. also earnings adjusting

excellence Let's to Slide our turn X discuss commercial to efforts.

Our commercial the excellence supplier strategy help is by our customers the value our want customers We recognized be most. as designed to succeed. to they

from our them phones. are footprint mix mobile in computers, channels, we and leveraging for provides better, and geographic flows. pandemic, as maximize and premium Europe, impact product segments expand our our This for to profitable COVID help devices continues interface segment our better winning a to are shop, recover leveraging XX/X allows Sylvamo America In Global are allowing initial in creating our used to value freesheet are our across a are few to which our potential. trade position and the allows thermal global In our commercial to critical businesses, opportunities channel. which while increase customers is In with us mix Here tablets to global improve we we run incremental them North receipts. we of strategy growth paper sell access mix Latin their segments, uncoated examples profitability. end to America, our information teams for optimizing which demand product other use improving customer and is as their where innovation strategic such

X.X% Year-over-year copy global up incremental paper industry Latin still nearly America more region. to not eight and XX% demand growth more slide in XXXX, And demand in North to we XXX this since region would basis in outperformed America, XXXX. which increased understand turn by Europe, Let's up uncoated X% are at region We than in especially many recovery, than In to their back office was America, was see America. growth freesheet by X% North look to rates And workers globally, in points. XXXX returned our that the Latin going our in only be in still year. in we students offices. Europe industry school

who quarter Our XXXX John, the uncoated versus in call fourth will shipments detail. freesheet were over our turn more up performance XXXX. to now discuss I'll XX%

John Sims

mix which because solid a strong than Latin to our America. and orders by regions, included North North million in America Thank ship. favorable generated favorable was $XXX had a than well due credits in We $XX as all by our a $XX in environmental you outlook costs demand and and our had than America, to adjusted we fourth and $X $XX rose in Volume projected. faster improved Europe, Operations $X million, well more we and by were improved greater rate in greater overhead million in million benefits Jean-Michel. which prices at as had I'm could outlook outlook. This adjustment million million. quarter million. LIFO In we we of in what seasonal in of not ahead does include price million nine. improved $XXX We on $XXX EBITDA the slide

Input the million, Europe successfully significant spent As costs two third fiber energy, transportation all regions. rising costs than with conducted and and outages million Jean-Michel $XX North mentioned in planned for in quarter. by chemicals did more on across and transportation America, $XX outages and maintenance we increased we in

a reflection our Our chain worked customer and significant of pandemic We've through in global engaged and to quarter managed challenges. is performance teams. and this needs solid regional talented meet hard supply

of earnings margin. North our thirds EBITDA million North low with with at two- our brands. earned regions cost XX% of look earned a $XX and X% strength a a -- performed We positions Slide in margin in North America outages margin iconic America XX%. in maintenance XX. a which we a Europe would $XX EBITDA well of the in outside normalized at site America. XX% with outage XX% demonstrating European have America America Latin take million results quarter been $XX our Each the outage mill and XX% North XX earned regional of the coal our were had maintenance expenses mill margin. Let's EBITDA extensive margins. in a our reflected and in Nearly year been If conducted Europe have year, is margins over out would Eastover, our million an our

margins earnings remained realization Latin price the strong of Volume increases. America. in Europe strong reflect North the and Our in improved America and

efforts their and appendix Our commercial on strengthening teams results. The customer are regional value these in additional reflected our focused details on contains proposition successful performance. our

industry freesheet the enter to all uncoated as continues conditions uncoated favorable and world. as remain Uncoated demand freesheet throughout freesheet improve Let's turn in XX the to around continued fourth XXXX. quarter we regions. quite three industry Slide Global in conditions to discuss to they did XXXX improve

fiber have supply to Input is elevated, America, we and remain as competitors transportation converted shut and industry continued machine costs and increase. down and chemicals Europe costs for North expect capacity. shrinking While transportations and in

increases and fourth higher continue in throughout increased to quarter. the prices quarter as in increase will the first quarter the selling our price However, realized

to quarter an expect price of and $XX move outlook. share mix price realize In million Let's to $XXX per XX we in as We review project $XX deliver increases million to $X.XX continue to quarter, to EBITDA million to customers adjusted of communicated to $X.XX. and first our the our Slide improve regions. million first operating we adjusted and earnings to $XXX by all already

weaker America Europe. Typically our expect and by seasonally the We volume million our quarter, weakest to volume Latin in fourth for $XX quarter Eastern decrease million, strongest reflecting is to shipments. seasonally $XX seasonally is

$XX $XX million. repeat favorable and million the million cost included and quarter favorable won't quarter. in in expect that adjustment Fourth $X by North adjustments first We in America improve $XX in results operations a to Europe LIFO million

in which decrease $XX increases We and to by be half million We to for fewer $XX price and costs we expense as million, to These mix. maintenance expect by outages input higher quarter. XX conduct about transportation. and will chemicals transportation the outage is increase fiber this by improvement project costs million driven

Slide additional some guidance. for XX to XXXX turn Let's

of million to XXXX $XX So spending selected we and fund guidance. revised financial some have We for payback high by capital our costs return short projects. increased outlook the some without

wood rate of For yard than an a project of example, cost will fund nearly $X internal will expected that but XX%. Brazil million, less return productivity provide in

offer will We million pump. That stock mill nearly Eastover XX%. cost a project more our at to an little upgrade a expected IRR of than will the and a also fund

these fund low to projects have We assets. our look high return the many And cost we'll to further other future. improve in

changed projected no have the that guidance Brazilian credits tax we January, in foreign earnings. tax claim for longer may to and given rate. U.S. We also income be tax a on able regulations

We our boilers replaced December which engineering mill. capital to two new recovery in end also XX% life Board Svetogorsk Directors at our expect spending I work you to In to the for rate this would of XXXX boiler, $XX to of project. are like change XX%. that the approved tax the on million recovery will Svetogorsk increase proposed update for approaching our

very We mill. costs at low recovery increase and this this reduce that new reliability Russian and to improve boiler expect production cost

cash. generating discuss generated flow. the million flow inventory expect including We $XX time the to Georgetown $XXX free drive capital We and to $XX million in earnings, Let's fourth time cash strong cash to transition of cash Paper turn free XXXX. International to payments at hand from to the beginning year strong million XX cash the of spending. We intend million Riverdale quarter, use focused some on one of generated Slide and million flow and to $XXX The on remain of and we costs. $XXX fund cash in

I to to intend shareowners $X.X also in X.X our times debt this, we We're ended debt times EBITDA. gross begin quarter to We will the gross doing adjusted And adjusted Slide XX just EBITDA. debt review with Sylvamo returning over third at We launched the debt. a later positioning X.X on We all billion fourth year. cash current my ended gross at company structure. of with reduction. this comments continue conclude debt to quarter the to

fourth position quarter, quarter, the our we $XXX As we debt $XX and increased in earlier, cash mentioned paid by million. the we by down in million

We of fixed rate also rate. floating $XXX the debt for million swapped

from you XXXX. significant any don't have until debt the As maturities we can see table,

over I'll to back with So that, it you, turn Jean-Michel.

Jean-Michel Ribiéras

John. Thanks, Slide XX. on I'm

pleased We are first with in our quarter company. as a standalone our performance

advantage and enhance shareowners. to value taking We of opportunities employees, are for customers

major capital is allocation. Our opportunity

reinvest is another Focus cash shareholders. cash able we are We to use in now opportunity. generate to our to the and return assets,

customers importantly, that value to We in the teams, most. working most are with and customer term globally, our of to Most we the now and more one create paper teams. able world's culture, We're serve best spirit also iconic attractive customers we concentrate and the strategy that is Sylvamo entrepreneurial building more interest our supplier will are agile, talented act our more our being on brands, simplify the through and across to long value a the faster locations.

As increase we to commitment just all XX. strategy have further stakeholders. independent a our would our company, continue Slide an wrapped prepared remarks of become value up to on our for I'll evolve with

We are well continued success. positioned for

will significant flow. Our strategy tactics strong promotion us and earnings enable and operational generate to and cash free excellence

our strengthen our positions. cost spending to We will and will plans increase low execute capital

and shareholders. prepare sheet of appreciate to to prouder We their customers. could throughout discussions XXXX. plan We the strengthen with Directors. performance begin employees' near In Board commitment returning I future of will taking continue and to our of cash to safely be not initiate our we care balance working to our

strong We start. confident are customers is to our a employees, With turn passionate ability We're about results call the committed XXXX. entrepreneurship our back I to in and will that, to Hans. drive shareowners. in great Sylvamo to and our off are

Hans Bjorkman

thank Jean-Michel, you, Thanks, John. and

take that Angie, we're Okay, to with questions. the ready

Operator

your [Operator with of state the Instructions] Bank line Your first question question. from of America. Staphos Please George comes

George Staphos

with start Hi, the Thanks on details. I'll finishing the for all and year. morning. quick Guys, turn questions, everyone. it over. three I'll Good Congratulations

is to you guidance what And that and access I for thinking what in you to were in then guess importantly, heard markets, your First you outlook as Europe, that terms you in remind I at there us the yet. end where were the more relative day, And about the price of consumption, finding markets lastly supply How correct 'XX? increases? all, announced be what in and any guidance are of you're positively of supply you analyst and compare to or Jean-Michel, whatever post-COVID related would more more? bit of look far global chain. in And or the that opportunity terms that's the like. you your about leverage does A comment on going something negatively chain thought a more not I to questions like? end markets World, is that what you've increases can embedded your you. meant? as price Thank and Can the as guidance, said

Jean-Michel Ribiéras

George, and with John the question take will start you first one. joining. the morning, and I Good will thank for third two

In things, number, both and Europe was XXXX Eastern North in terms initially. was growth; than America mean, I remind demand, was X.X% X.X% seen of X.X% Europe Western our was growth; you've total. that X.X%; forecast Europe the better was I

office. 'XX, the X.X%. return than It despite So very we global school, expected. fact the in slow, cut there This return explains in was which was or that was clearly, size we momentum to demand only not to why had the even XXXX more

So I'll And I'm me, upside. see compared bullish some for our XXXX. quite we ask you forecast, original if say clearly to

size market pandemic. which I the see effects both very the And demand the going is where the cut we're on rebound, strong. to think to sector, continue starting the is despite worldwide graphics the to in grow,

positive. It's sure, have already 'XX, 'XX. quite asking in you're And we number, for me in it than and both original? was original, than if I'm So more as the more

George Staphos

What to Yeah, I statistics, positive of you just Jean-Michel, really, want in statistics, them. a Q&A, I of seen you're in here more Thank you more then collaborative if don't you. terms the doing the think, we've seeing in and it chain is yes, And happening? supply question terms is we're are the why what why? and guess but be hog pricing positive, your do question guidance?

Jean-Michel Ribiéras

is, demand the and more So why in think uncut I they freesheet. more have

I is, marketing, impact mailing direct of QX direct USPS has demand. us North numbers, which was old from the XX%. for in surprised commercial don't up latest but more offset remember direct the the this have number One the on I the which example, aspect, things number, example, for than mailing, America

So you to very which back-to-school, which is then I one the pandemic is even product. very the positive economy, use be of have or And an going activity is the favorable a our for with us. think post-pandemic on back-to-the-office to another

quite freesheet. are So there some that of seen specific a customers. shifting few uncoated also We've things our freesheet like in to

freesheet to foldable A short to coated fact equates which planned. freesheet has and on long had term not coated So is term has uncoated and I it. that uncoated we're think The demand used is the we incremental to sustainable work seeing is demand functional switched freesheet freesheet non-negligible. be created lot of

So But that's multiple examples. there examples. think are I few

of there view chain, have. On the which we global different supply options, are

with thanks term opportunity what concentrating to commercial long us, First strategic will of we an from and to and Europe good non-strategic region exports export. align partnership example, of X% our all, to got you customers customers. Russia, I call work we make look all team, if And for regions, towards combined today, from Sylvamo them as about region XX% to are the thanks sure for and of produce. both what for We now global we to what having to our commercial efforts optimize the do multiple demand, we

quite These and or is difference, mix to for Europe a opportunities, region to mix So $XX helping are better another just example, sometimes $XX difference. Europe, is be optimized one with chain, the example, supply Latin significant customers global quite to America to to Russia from our regional served.

XX% this very line is optimization we bottom see clearly So can important.

John is your or on included for pricing it answer question. not XXXX. your guidance the turn what on to So I and in that question maybe second will

John Sims

thanks Jean-Michel. Yes,

answer if carry your the over first that you announced price of there the in in realized quarter recall, to third be had we review, to we to that said that the quarter and question, So fourth fourth were going middle to were quarter. increases customers in the quarter our

our So in certainly Europe. increases America our price in customers to all and into regions, first also America we've in quarter. outlook, announced that the our North but Latin

of first realize occur will second but realization to start the the that in will of quarter. some start to quarter, And in really most it

of the outlook a bit is quarter. there that this So little is for in that

George Staphos

you Thank much. very

Operator

Instructions] [Operator

Hans Bjorkman

Hey, George. Hans. This is

If ahead to feel questions, up you've got ask. free go further any follow and

Operator

is George, open. your line

George Staphos

into Oh, questions supply are Europe, I chain okay. my hi, strikes two you, guys, put costs and your that other expect input quarter? trailed to that. be on your first guess Do on be comments the both Thanks Finnish in customers having don't the pricing you What for effect show earlier want on opportunities in market? the Europe on was to that again, place? the the -- hog here. relative will relate case in a and in sequentially your quarter the And

Jean-Michel Ribiéras

on Finnish on start very So a light. Finnish. with a is major uncoated strike coat. impact, it's not impact I'll The the It's especially big freesheet,

So now. big It's it's it. demand as not demand really very We impact. can impacting It's say incremental a we've top of because mostly of small. got our

was I'm of question, terms In your mostly-- second which sorry.

George Staphos

So in hedge be that you XQ. the inflation Europe, in pricing yeah will sequentially gap oh,

Jean-Michel Ribiéras

XQ we, gas December. have Europe, France. So the the peak there in in was price issue especially energy biggest we in costs in And a is

to which peak, some significant in after, one average, I and the so our But usually cost And impact we to February that you January. announced been then So March. will price our have we months have it more, say, see increase, back have customers.

price increase have cost. costs on already we've be mix Even announced. if price and we momentum better are to expect our input the which our we good from input QX than So high,

will So for us. net be positive the

George Staphos

to want go. the Jean-Michel, fit one Finnish last I on strikes one on

of it's would recognize as all your of competitors you. don't I So pricing, happen, relative you lot some equal not constraining pulp. else pulp integrated as But are that's I what sell certainly potentially a raising, market constraining guess, pulp supply,

you your turn can And free over. talk, at and could I'll your So positioning all you if effects? that how it about on and affect sheet competitive

Jean-Michel Ribiéras

Yeah, gas, which There but we're I two are a cost think, specific use to on XX% are We of our high terms very factors Europe, competitiveness. is self-sufficient energy this. very important there in in of gas.

So pulp that gives sell the biomass. a a I big fact we versus us we but major integrate mentioned, competitors. use of a it a price, are European gas, you advantage. That And pulp we only lot lot price, some we as of advantage think don't is

look are first good is advantaged if we quartile, more cost we pulp second usually definitely with and So now our and curve, gas where right high which price. you are even price high

So us to it's helping local leverage our sales.

John Sims

George, And is this John.

Just consider two-thirds gas have Russia would the to impacted. prices in other our really and is of thing capacities

George Staphos

Thanks. Thank over. Good John. you, point. it I'll turn

Hans Bjorkman

questions do Hey, in the have any Angie, we more queue?

Operator

Your state Capital. your comes Luft line of Eagle Jonathan question. from question the with Please next

Jonathan Luft

about Hey that I hear guys, seeing Jonathan would a the you what it's there be if Luft. Great shut to love bit Europe, I are North little perhaps America know what just obviously, in just in great. one America you're on you're down. what plant more competitive Canada, regionally, that'd environment. you quarter. in was in also seeing Thank competitive, was But expand and seeing Latin could you.

Jean-Michel Ribiéras

capacity, down So 'XX. let 'XX, to both been in there's it as in would In some shut effect know, and Europe, non-integrated region full region. you me take the which which see have integrated

small in would on down. So basis. Latin in say, less of announcement I mostly been machine it's seeing There's a freesheet uncoated supplying going a one we're stable. America, significant

it impact And capacity. in down huge. bit little our competitors, might from of of you terms it's as one, still of one America with supply, restart know, net-net, but a So not North

is supply we and almost you it look have Sylvamo which at know because Latin cost Asia example, now. low when the prohibitive is right freight our to demand from And strong to or side, has for the very customers, go right you North either import the now, -- America. demand favorable. very America that look So at making it's gets to But from when ratio we the specifically it's

all all So over now. the right favorable position we're in very a around world

Jonathan Luft

That's terrific.

term longer for you Sylvamo? you strategic perhaps see And to that sign or favorable out How a do the given sign so playing contract environment, more are able deals?

Jean-Michel Ribiéras

been they're So XX customers customers, contracts, Most formal but are of years contracts. we've experience our plus always with formal term on contracts us. with work our long sometimes not they like

to which opportunity term strategy the have the reinforce long customers, are views. to strategic our aligned opposition We with

feel to very that a our So start. and I good great very it to here for their customers are positive that's the going a thing be dynamic partner, about up And to is committed strategic think I very We're is, freesheet. it. think uncoated positive term. long Sylvamo. another And we also. for recognize creating I we're We're

Jonathan Luft

so Thank you much.

Operator

Markets. next Capital comes The Paul Quinn RBC line question from of the with

Paul Quinn

guys. Yeah, thanks much. very morning, Good

Jean-Michel Ribiéras

Paul. morning, Good

John Sims

Good morning Paul

Paul Quinn

sorry give region would Hey me. guys. but if busy increases But the including we're line where to just here the 'XX summary but even one-offs on Strong that me on sitting for quarter you a be price by get in morning of late, helpful. could most

John Sims

our terms the So and were that. call earlier we're going that this first announced process we in take the we prices driving really quarter. fully I what's realize now, increases the to that we sequential even in see the in Russia also improvement. that's in all third quarter, also was quarter we're And really our increases mentioned but back customers. that starting Russia. regions. of customers Where really in our And fourth in Paul, quarter. are that fourth America, the But announced in had and price outlook And And North to implementing on I'll right is in realizing price additional the second announced we've we have those. quarter in we that as to that's to of And that

North also and Russia, Latin America. Europe, in or rather So Brazil, America

Paul Quinn

were year. recent announcements 'XX in Okay, and this price increase all those

John Sims

stuff example, that is Well, six in month very increase Yeah. a for like typical between some we lag? six and lag see -- could not implementation, price Europe, contracts like that. the and And that months on of

region. XX upon the We from be have anywhere to to XX generally it'll depend days see,

Paul Quinn

demand And any your change of right. in any material is supply in key just markets? the lastly, All relationship there

Jean-Michel Ribiéras

the of I material. It's no impact of some biggest in say we will feel the would XXXX, XXXX. closure

the some So announcement. our other from will some you grades, our very change in potential see. of closing discussions that that's changes uncoated on freesheet competitors potential but incremental or nothing maybe from There's been recent to

John Sims

Jean, restart the was Well, there the of one machine.

Jean-Michel Ribiéras

aware there was, it. shutdown, America, was announced almost in other Also, Yeah, That was a out. it shutdown North well which of in each America. North balanced

Paul Quinn

Right, for bonus okay. the just the I guess is get you, kind the end you that? And of key [indiscernible] year? Where key, You a because got this the maybe on by question, of I down year? do you expect to know,

John Sims

as generate is cash Well, our we outlook flows. -- are to significant

to certainly We talking year. going debt. to will think the be to to we pay the we as positioned also, this cash opportunity board returning about mentioned, to shareowners be down well we're But begin

Paul Quinn

Guys. Thanks.

Jean-Michel Ribiéras

you. Thank

Operator

[ph]. from line question comes next Douglas Duffy question. DC Please state the Capital of Your your with

Unidentified Analyst

days, think morning. major talks commercial Terrific from of facility good some context been, Russia at a results you. presentation. there's lot and border Oh, And Thank certainly having and these that? a you sanctions in Europe? how Ukrainian the What and change base about about standpoint? major Could in customer nice stringent in a things you provide

Jean-Michel Ribiéras

than thanks we We've XX there more different very with let sanctions. is very been crisis our clear, -- time. and important. through me today. Douglas, of asset to gone years. course And joining Yes Yeah, we've been And for be Russian there long different

where to win. our sales people saying, office in and I place, as by case our about plan scenario. all worst want looking we in care care including We first start friends. at strong hope the so Ukrainian contingency a well. we And and diplomacy cases the we're will lot a Russia very our We about have

update very We've basis on a you It's then. happen plans a not for almost edge manageable prepared contingency -- be But of to risk are we're relations, we sometimes, right So would now. daily which the in of contingency don't we could strong on with difficult bad and feel good that. the as side what low us. on experts in able we've invasion, know place. the plan, know, We country's to major know news, we got challenging been we're

Unidentified Analyst

Thank you much. very

Jean-Michel Ribiéras

Thank you.

Operator

with a the of have line question follow America. You of Bank up George from Staphos

George Staphos

I'll it's thanks be guys, I Hey, know on, for to try late. follow quick. the

So run of paper, Coming first in costs in rate use of whatever $XXX is say. were on for inflation you of if of of want the current what all, pencil John, million terms XQ XX? run should or on products key inputs, to I rate did kind input annualized up you 'XX. out your inflation cost if the or each for key

this application types right, but of this profit Secondly, we I recognizing difference? thinking causes million, the bit this, ticky either you're it XQ. bridge. to about value the flow offline. to sizes million math the you're more the my tack under Board you us can type a EBITDA lot understanding going $X and sequentially, luck quarter. at about give declined or, And of Can water what about good then was from did operating question XX a take what juncture? of in an in Thanks return that of terms talk

Jean-Michel Ribiéras

particularly input starting to Thank some George. costs. continue certainly. seeing see Still questions to you terms chemicals. we're in And in about to first increases in of and costs, what your

We also slowing. We're to starting have is seeing some of but it a and wood this increases wood slow quarter. costs rate in

based So as I rate the increase still be, than year, we year. in really, going out to on quarter had your is drop, million but year that earnings still question be carve of less going financials would saw terms see third increased we're that higher to that you year-over-year average last the last IP. last cost on with of XXX $XXX say was you're mentioned, you share that the to we in per the On than remember going significantly we're IP, was got to and the

not big that the may and is the third taxes difference we that you was So question, question? what in the incurred. remember really And interest third

George Staphos

actually Yeah, EBIT. versus about was EBITDA

of If do shareholders? either the Thanks, think in early, answer recognizing or at it you have deliver really, question one, that we would Good you terms don't on about juncture, the dimensionalizing it how this to And luck it's And it. was you that offline. quarter. would in other was can you really just what the return how value take guys.

Jean-Michel Ribiéras

looking at options returning to of cash different are shareholders. we Yeah,

Of going shareholders. of to tools returning talk we're the with we options would different going Board or we're have dividends recommend two be course, them to to in we being we continue, look our terms to to as and the like cash to These reduce probably share major mentioned, going would are we and buybacks. debt,

John Sims

And EBITDA George we'll follow up with you question. the on EBIT,

George Staphos

you. thank Perfect,

Operator

questions. would there time, like any further Hans remarks. to or are the no to conference this back I At closing for additional Bjorkman turn

Hans Bjorkman

us We joining thank to Sylvamo to truly conversation. and a we appreciate a continued rest we just interest in look your and forward weekend. everyone great today. great your of And Have Bye-bye. want day for our

Operator

for participating call. earnings you today's XXXX in fourth investor quarter Sylvamo Thank conference

lines disconnect now may time. You your at this

Sylvamo (SLVM) 11 Feb 222021 Q4 Earnings call transcript