ARSEN KITCH President, Chief Executive Officer and Director CLEARWATER PAPER CORPORATION FORWARD LOOKING STATEMENTS Non-GAAP Financial Measures Overall SHERRI BAKER Senior Vice President and Chief Financial Officer This presentation of supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding order patterns; product demand and industry trend ...

2022 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|--------------------|-----------------------------------|----------------------------|-----------------------------------------------|---------------------------------| | Interest expense | Quarter \n2023 \n$ | Ended September \n \n(7.4) $ | 30, \n2022 \n(8.0) $ | Nine Months Ended \n2023 \n(22.6) $ | September 30, \n2022 \n(26.6) | | Amortization of deferred debt costs | | (0 ...

SECOND QUARTER EARNINGS RELEASE MATERIALS AUGUST 1, 2023 BECKY BARCKLEY Corporate Controller and Interim Chief Financial Officer Cautionary Statement Regarding Forward Looking Statements Non-GAAP Financial Measures © Clearwater Paper Corporation 2023 2 Overall • Net income $30 million • Adjusted EBITDA $71 million, up $8 million versus Q2 2022 • SBS prices increased from Q2 2022 Consumer Products CLEARWATER PAPER CORPORATION ARSEN S. KITCH President, Chief Executive Officer And Director FORWARD LOOKING STAT ...

Clearwater Paper Corporation (NYSE:CLW) Q2 2023 Earnings Conference Call August 1, 2023 5:00 PM ET Company Participants Sloan Bohlen – Investor Relations Arsen Kitch – President and Chief Executive Office Becky Barckley – Corporate Controller and Interim Chief Financial Officer Conference Call Participants Paul Quinn – RBC Capital Markets Operator Thank you for standing by. My name is Dina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Clearwater Paper’s ...

Form 10-Q ITEM 5. Other Information 22 CLEARWATER PAPER CORPORATION Consolidated Statements of Comprehensive Income (Unaudited) | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|-------------------|----------------|-------|------------------------------|-------------------|----------------------------------------|------------------------------| | (In millions, except share amounts which are in thousands) | Common \n ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) Form 10-Q (Mark One) ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-34146 CLEARWATER PAPER CORPORATION Delaware 20-3594554 (State or other j ...

| --- | --- | |----------------------------------------------------------------------------|------------------------------------------| | | | | | | | Delaware | 20-3594554 | | incorporation or organization) (State or other jurisdiction of | (I.R.S. Employer Identification No.) | | 601 West Riverside, Suite 1100 | | | Spokane, WA | 99201 | | (Address of principal executive offices) | (Zip Code) | | | | Largeacceleratedfiler Non-acceleratedfiler Indicate by check mark whether any of those error corrections ar ...

Clearwater Paper Corporation (NYSE:CLW) Q3 2022 Earnings Conference Call October 31, 2022 5:00 PM ET Company Participants Sloan Bohlen - IR Arsen Kitch - President and CEO Michael Murphy - CFO Conference Call Participants Adam Josephson - KeyBanc Capital Markets Paul Quinn - RBC Capital Markets Mark Wilde - BMO Capital Markets Operator Good afternoon. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Clearwater Paper Third Quarter 2022 Ea ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Presents unaudited consolidated financial statements for Clearwater Paper Corporation as of September 30, 2022, highlighting improved financial performance [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased slightly to $1,703.6 million, while total liabilities decreased to $1,134.4 million, boosting stockholders' equity to $569.2 million Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | $570.2 | $487.2 | | Property, plant and equipment, net | $1,023.1 | $1,081.8 | | **Total assets** | **$1,703.6** | **$1,690.1** | | **Liabilities & Equity** | | | | Total current liabilities | $295.1 | $254.1 | | Long-term debt | $564.9 | $637.6 | | **Total liabilities** | **$1,134.4** | **$1,178.3** | | **Total stockholders' equity** | **$569.2** | **$511.7** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2022 net sales increased 19.6% to $538.8 million, with net income surging to $20.6 million, and nine-month net income reaching $51.9 million Q3 and Nine Months Operating Results (in millions, except per-share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $538.8 | $450.5 | $1,553.3 | $1,282.8 | | Income (loss) from operations | $48.9 | $13.8 | $113.3 | $(15.6) | | Net income (loss) | $20.6 | $1.9 | $51.9 | $(37.6) | | Diluted EPS | $1.21 | $0.11 | $3.04 | $(2.25) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities more than doubled to $132.8 million for the nine months, while financing activities used $87.6 million Nine Months Cash Flow Summary (in millions) | Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $132.8 | $64.4 | | Net cash used in investing activities | $(19.9) | $(29.9) | | Net cash used in financing activities | $(87.6) | $(42.5) | | **Increase (decrease) in cash** | **$25.3** | **$(8.1)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover segment performance, income tax calculations, and account breakdowns, highlighting strong growth in Pulp and Paperboard Segment Net Sales (in millions) | Segment | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Pulp and Paperboard | $300.8 | $237.5 | $862.8 | $684.6 | | Consumer Products | $241.0 | $214.2 | $696.1 | $603.2 | Segment Operating Income (Loss) (in millions) | Segment | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Pulp and Paperboard | $63.7 | $34.6 | $165.9 | $72.6 | | Consumer Products | $5.2 | $3.7 | $9.6 | $11.5 | | Corporate and eliminations | $(17.8) | $(14.3) | $(53.8) | $(44.8) | | Other operating charges, net | $(2.2) | $(10.2) | $(8.5) | $(55.1) | - The effective tax rate for the nine months ended September 30, 2022 was **36.1%**, compared to 26.8% for the same period in 2021. The variance from the 21% federal statutory rate is primarily due to state taxes, adjustments related to a tax audit, and nondeductible compensation[28](index=28&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=17&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights a 20% increase in Q3 net sales driven by pricing, with Adjusted EBITDA rising to $77.3 million and operating cash flow doubling Reconciliation of Net Income to Adjusted EBITDA (in millions) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $20.6 | $1.9 | $51.9 | $(37.6) | | **Adjusted EBITDA** | **$77.3** | **$49.9** | **$199.2** | **$119.0** | - Pulp and Paperboard segment sales prices increased **27.5%** per short ton in Q3 2022 vs Q3 2021, driving a **67.9%** increase in the segment's Adjusted EBITDA[56](index=56&type=chunk)[57](index=57&type=chunk) - Consumer Products segment's retail sales prices increased **12.8%** per short ton in Q3 2022 vs Q3 2021. However, for the nine-month period, the segment's Adjusted EBITDA decreased by **7.2%** due to higher input costs, primarily pulp and freight, which offset the price increases[59](index=59&type=chunk) - Net cash from operating activities for the first nine months of 2022 was **$132.8 million**, a significant increase from $64.4 million in the same period of 2021, driven by improved operating performance[68](index=68&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure to interest rates is minimal as of September 30, 2022, due to full repayment of the Term Loan and no ABL borrowings - As of September 30, 2022, the Term Loan Credit Agreement was fully repaid and no borrowings were outstanding under the ABL Credit Agreement, minimizing interest rate risk[73](index=73&type=chunk) [Controls and Procedures](index=25&type=section&id=ITEM%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2022[75](index=75&type=chunk) - No changes occurred during the quarter that materially affected, or are likely to materially affect, the company's internal control over financial reporting[76](index=76&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=ITEM%201.%20Legal%20Proceedings) Management believes ongoing legal proceedings will not materially adversely affect the company's financial condition - The company does not expect legal proceedings to have a material adverse effect on its financial condition[78](index=78&type=chunk) [Risk Factors](index=26&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the 2021 Form 10-K - No material changes from the risk factors disclosed in the 2021 Form 10-K were reported[79](index=79&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Uses%20of%20Proceeds) The company's stock repurchase program had $24.9 million remaining authorization, with 30,532 shares repurchased in Q3 2022 - As of September 30, 2022, **$24.9 million** remained available for repurchase under the company's stock repurchase program[79](index=79&type=chunk) Share Repurchases in Q3 2022 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2022 | 30,052 | $33.93 | | August 2022 | 480 | $35.02 | | September 2022 | — | — | | **Total Q3** | **30,532** | **$33.95** | [Exhibits](index=27&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files - Exhibits filed include Section 302 and Section 1350 certifications, as well as XBRL interactive data files[82](index=82&type=chunk)

Clearwater Paper Corporation (NYSE:CLW) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Sloan Bohlen - Investor Relations Arsen Kitch - President and Chief Executive Officer Mike Murphy - Chief Financial Officer Conference Call Participants Adam Josephson - KeyBanc Capital Markets Mark Wilde - BMO Capital Markets Paul Quinn - RBC Capital Markets Operator Good day, and thank you for standing by. Welcome to the Clearwater Paper 2Q '22 Earnings Call. [Operator Instructions] I wi ...