UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 June 30, 2022 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 (Exact name of registrant as specified in its charter) Delaware 20-3594554 (State or other ju ...

Clearwater Paper Corporation (NYSE:CLW) Q1 2022 Earnings Conference Call April 28, 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. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2022 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 (Exact name of registrant as specified in its charter) Delaware 20-3594554 (State or other j ...

Financial Data and Key Metrics Changes - For Q4 2021, the company reported net sales of $490 million, adjusted net income of $9 million, and adjusted EBITDA of $56 million, which was at the high end of expectations [5][6] - For the full year 2021, net sales were nearly $1.8 billion, adjusted net income was $17 million, and adjusted EBITDA was $175 million [5][6] - The company maintained liquidity of $265 million at the end of the quarter and reduced net debt by $37 million during the quarter, totaling a $69 million reduction for the year [8][30] Business Line Data and Key Metrics Changes - The paperboard business experienced strong demand, leading to implemented price increases across the SBS portfolio [6][12] - Tissue business demand stabilized, with Q4 volume similar to Q3, shipping 12.4 million cases in Q4, slightly higher than 12.3 million cases in Q3 [22][23] - Adjusted EBITDA for the paperboard division reached a record $61.9 million in Q4, benefiting from price increases and favorable mix improvements despite inflationary pressures [25][26] Market Data and Key Metrics Changes - The U.S. tissue market was approximately 10.6 million tons in 2020, with the at-home market accounting for about 7.6 million tons [20] - The private-branded tissue market has grown more quickly than the branded market, with private brands now representing over 30% of total tissue share in the U.S. [47][48] - The company noted that the top five retailers now account for nearly 70% of all private-branded tissue demand, indicating significant industry consolidation [21] Company Strategy and Development Direction - The company is focused on operating efficiencies and price increases to offset cost inflation, particularly in the tissue segment [7][40] - The paperboard division is positioned to benefit from favorable market dynamics, with a commitment to sustainability and product innovation [16][19] - The company is evaluating its tissue asset footprint to ensure competitiveness and is open to consolidation opportunities in the industry [61][93] Management's Comments on Operating Environment and Future Outlook - Management expects inflation and supply chain disruptions to continue impacting operations in 2022, with a projected adjusted EBITDA range of $48 million to $56 million for Q1 2022 [32][34] - The company anticipates annual pricing benefits of $120 million to $140 million in 2022, but expects cost inflation to be a significant headwind [35][36] - Management remains optimistic about the long-term outlook for both the paperboard and tissue businesses, citing strong demand and sustainability trends [42][48] Other Important Information - The company has updated its investor handout with refreshed information on Clearwater Paper and the industries in which it competes [11] - Major maintenance outages are expected to impact adjusted EBITDA in 2023, with significant capital expenditures anticipated for recovery boiler work [38][39] Q&A Session Summary Question: Impact of 2022 shift mix in the bleached board business - Management noted strength in the food service category from a pricing standpoint, expecting a less pronounced negative impact compared to previous years [51] Question: Strategy to counter European boxboard producer - Management emphasized the complexity and risk of conversions, maintaining a positive outlook on the paperboard business due to demand outstripping supply [53][54] Question: Activity levels in January and February - Strong demand in paperboard continues, while tissue sales in January were in line with Q4, indicating normalization [56][57] Question: Supply-demand challenges in the tissue market - Management acknowledged the need for industry consolidation to improve scale and cost positions, expressing willingness to participate in such opportunities [60][61] Question: Major contract renewals in tissue - Approximately 50% of the business is up for renewal this year, which is higher than the typical 25% [76] Question: Major maintenance in 2023 - A significant project is planned for the recovery boiler at the Lewiston mill, addressing the end of useful life of certain components [77] Question: Challenges in implementing price increases in tissue - Pricing is driven by supply and demand dynamics, with negotiations being critical as customers have alternative suppliers [80] Question: Cash flow expectations for 2022 - The company expects to be a cash taxpayer this year, with some offsetting liabilities related to payroll tax repayments [89]

Sales Performance - Pulp and Paperboard segment sales increased by 7.8% to $946.0 million in 2021 from $877.1 million in 2020, while Consumer Products segment sales decreased by 18.0% to $835.0 million from $1,018.5 million[14]. - Total sales for the company decreased by 5.1% to $1,772.6 million in 2021 from $1,868.6 million in 2020[14]. - The Consumer Products segment held a 6% share of the overall U.S. at-home tissue market in 2021[21]. - Consumer Products segment sales decreased by 18.0% to $835.0 million in 2021 from $1,018.5 million in 2020, driven by lower consumer demand due to the lessening impact of COVID-19[109]. - The pulp and paperboard business saw higher sales prices in 2021, partially offset by major maintenance in operations[93]. Financial Performance - For the year ended 2021, the company reported net sales of $1.8 billion, down from $1.9 billion in 2020, with a net loss of $28.1 million or $1.67 per diluted share compared to a net income of $77.1 million or $4.61 per diluted share in 2020[93]. - Adjusted EBITDA for 2021 was $174.6 million, a decrease from $283.2 million in 2020, primarily due to reduced demand for retail tissue and higher costs for pulp, energy, and transportation[93]. - Operating income for the Consumer Products segment fell by 96.3% to $4.0 million in 2021 compared to $110.6 million in 2020, reflecting higher input costs and reduced sales volumes[109]. - The company reported a net loss of $28.1 million for the year 2021, compared to a net income of $77.1 million in 2020[140]. - The comprehensive loss for the year 2021 was $16.3 million, compared to a comprehensive income of $82.3 million in 2020[142]. Cost and Expenses - Total operating costs and expenses increased to $1,760.6 million in 2021 from $1,710.4 million in 2020, reflecting a rise of 2.9%[140]. - The company experienced increased price and promotion competition in its consumer products business, which decreased gross margins[40]. - Anticipated inflation in raw materials, freight, and energy costs is projected to be between $90 million and $100 million for the year ending December 31, 2022[22]. - The total production capacity for tissue converting is 377,000 tons, with the company producing 390,000 tons of tissue parent rolls across its facilities[78]. Debt and Financing - As of December 31, 2021, the company had approximately $644 million in outstanding debt, including $300 million in 2014 Notes and $275 million in 2020 Notes[62]. - The company has a substantial amount of indebtedness, which could negatively affect its financial condition and ability to secure future financing[61]. - The fixed charge coverage ratio was approximately 3.56x as of December 31, 2021, indicating strong cash flow relative to fixed charges[68]. - The company prepaid $79 million of principal under the Term Loan Credit Agreement in 2021, maintaining a first lien secured leverage ratio of 0.24x[121]. - The ABL Credit Agreement includes covenants that limit the company's operational flexibility, potentially hindering growth opportunities[66]. Operational Risks - The company relies on a limited number of third-party suppliers for raw materials, which could affect pricing and availability[40]. - The ongoing integration of new facilities in North Carolina involves risks that could adversely affect business operations[40]. - Transportation disruptions in 2021 led to difficulties in procuring sufficient transportation and significant increases in transportation costs[40]. - The pulp and paperboard business is subject to cyclical market conditions, which may lead to production downtime and lost revenue[50]. - Competitors with greater financial resources may negatively impact the company's market position and pricing strategies[45]. Employee and Labor Relations - Approximately 42% of the company's employees are covered under collective bargaining agreements as of December 31, 2021[36]. - Approximately 42% of full-time employees were represented by unions as of December 31, 2021, posing a risk of labor disruptions[50]. - The company faces challenges in attracting and retaining qualified personnel, which could negatively impact operations and financial performance[73]. Environmental and Regulatory Compliance - The company faces significant environmental compliance costs and potential liabilities due to evolving regulations, particularly related to greenhouse gas emissions and water quality standards[54]. - Increased regulatory activity regarding climate change could necessitate significant expenditures or operational changes for the company[54]. - Extreme weather events related to climate change have previously caused operational disruptions, such as the curtailment of natural gas supply to the Arkansas mill in 2021[55]. Pension and Retirement Obligations - The company contributed approximately $5.7 million to multiemployer pension plans in 2021, with potential future increases in contributions that could reduce cash available for business needs[58]. - As of December 31, 2021, the company’s salary pension plan was underfunded by $7.4 million, which may require future contributions, impacting cash flow[60]. - The pension benefit obligation was measured at $310.1 million as of December 31, 2021[132]. Market Conditions - The U.S. tissue market is segmented into at-home and away-from-home categories, with the at-home segment representing over 70% of market sales in 2021[97]. - The company anticipates that demand for tissue products will normalize and approach pre-COVID-19 levels as consumers return to away-from-home activities[97]. - The company experienced significant volatility in demand and pricing due to macroeconomic conditions and the impact of the COVID-19 pandemic on the paperboard industry[96].

Clearwater Paper Corporation (NYSE:CLW) Q3 2021 Earnings Conference Call November 2, 2021 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 Mark Wilde - BMO Capital Markets Paul Quinn - RBC Capital Markets Adam Josephson - KeyBanc Operator Ladies and gentlemen, thank you for standing by and welcome to the Clearwater Paper Third Quarter 2021 Earnings ...

Financial Data and Key Metrics Changes - The company reported net sales of $406 million for Q2 2021 and adjusted EBITDA of $15 million, which was better than expectations [5][20] - The net loss for Q2 2021 was $52 million, with a diluted net loss per share of $3.10 and an adjusted loss per share of $1.07 [20][21] - Liquidity at the end of the quarter was $297 million, and net debt was reduced by $4 million [8][26] Business Line Data and Key Metrics Changes - The paperboard business experienced strong demand, leading to implemented price increases across the SBS portfolio [6][10] - The tissue business saw a decline in shipments, with 10.2 million cases shipped in Q2, down approximately 36% year-over-year and 13% sequentially [16][24] - The major maintenance outage in the paperboard business impacted adjusted EBITDA by $22 million [12][22] Market Data and Key Metrics Changes - The U.S. tissue market is traditionally split into 2/3 at-home and 1/3 away-from-home, with total demand around 10 million tons per year [13] - Retailer shipments of finished goods bottomed out in April, indicating a recovery period beginning in May [15][16] - The company expects tissue shipments to grow by 10% to 15% in Q3 relative to Q2 [30] Company Strategy and Development Direction - The company is focused on reducing costs and improving cash flow, particularly in the tissue business, while also maximizing production in the paperboard segment [39][44] - The closure of the Neenah tissue mill is part of a strategy to exit the away-from-home market and reduce overall costs [18][35] - The company is planning to shift some capital projects to 2022 to accommodate strong paperboard demand [33][77] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging due to inflation and competitive pressures, but they are optimistic about long-term growth in both business segments [40][43] - The company anticipates continued recovery in tissue demand and expects to manage production levels to align with market needs [30][39] - Management highlighted the importance of monitoring consumer and channel trends, especially in light of the Delta variant [81] Other Important Information - The company expects input cost inflation to be between $60 million and $70 million for 2021, primarily driven by pulp prices [34] - The anticipated financial impact from raw material inflation is expected to increase in the coming quarters [24][29] Q&A Session Summary Question: What are the inflation expectations for the year? - Management indicated that inflation expectations have slightly improved due to offsetting factors in pulp and freight costs [46] Question: Can we expect further price increases in SBS? - Management confirmed that sequential improvements in SBS pricing are expected from Q3 to Q4 [47] Question: How does the company view the tissue market post-COVID? - Management believes that the current year reflects a more normal baseline for tissue demand compared to the COVID-impacted year [49] Question: What is the outlook for tissue shipment volumes? - Management expects tissue shipment volumes to grow by 10% to 15% in Q3 compared to Q2 [30][67] Question: How is the company managing inventory levels? - Management stated that inventory levels are still higher than desired, but they are actively working to reduce them [62] Question: What is the status of the Neenah site closure? - The closure is expected to improve the overall cost structure and avoid losses associated with the site [35][18] Question: What are the expectations for capital expenditures? - Management indicated that capital expenditures have been reduced this year, with a focus on scrutinizing spending [76][77]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 June 30, 2021 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 (Exact name of registrant as specified in its charter) Delaware 20-3594554 (State or other ju ...

Financial Data and Key Metrics Changes - The company reported net sales of $426 million and adjusted EBITDA of $54 million for Q1 2021, indicating strong financial performance despite challenges [5][18] - Net income for the first quarter was $12 million, with diluted net income per share at $0.71 and adjusted income at $0.69 per share [18] Business Line Data and Key Metrics Changes - The paperboard business experienced strong demand, particularly in the folding carton segment, leading to announced price increases across the SBS product portfolio [5][10] - The tissue business faced lower orders and shipments, with a nearly 20% decline in overall tissue dollar sales compared to Q4 2020, attributed to consumer de-stocking and elevated inventory levels [6][15] Market Data and Key Metrics Changes - The U.S. tissue market is traditionally split into 2/3 at-home and 1/3 away-from-home consumption, with total demand around 10 million tons per year [13] - The company estimates an excess inventory of over a month between consumers and retailers, impacting tissue demand and shipments [14][15] Company Strategy and Development Direction - The company is focused on implementing price increases in the paperboard business and managing costs in the tissue segment to address inflation and lower demand [30][32] - A transformation effort has been launched to improve core operations, supported by a consulting firm, aimed at achieving the company's full potential over the next several years [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant cost inflation and a temporary decrease in tissue demand, with expectations of a mid double-digit decline in tissue volume year-over-year for 2021 [27][28] - The company remains optimistic about long-term consumption growth in the tissue market, projecting a growth rate of 1% to 2% per year [15][28] Other Important Information - The company reduced net debt by $21 million using free cash flows generated during Q1 2021, maintaining a strong balance sheet with liquidity of $282.7 million [7][23] - The planned maintenance outage at the Lewiston mill is expected to impact earnings by $21 to $24 million, consistent with prior expectations [25] Q&A Session Summary Question: What is the expected timeline for the SBS pricing increase to take effect? - Management indicated it would take about two quarters to fully implement the price increase [36][37] Question: How will lower sales and production cuts impact the second quarter? - Management provided a breakdown of expected costs, indicating a significant impact from production cuts and lower sales [40] Question: What strategies are being implemented to mitigate rising costs in tissue? - The company is working with customers on pricing adjustments and product changes to address rising costs [41][42] Question: How is the company positioned regarding the recent acquisition of a large independent carton producer? - Management stated that their exposure to the acquired producer is limited and emphasized strong relationships with independent converters [44] Question: Is the downtime in Q2 sufficient to clear the inventory overhang? - Management noted uncertainty regarding the exact amount of overhang but indicated that the downtime is aimed at matching demand and reducing inventory [46][47] Question: What is the company's philosophy regarding quarterly guidance? - Management explained that due to significant changes in business conditions, they are providing expectations rather than specific guidance [54][56] Question: What is the current focus on capital allocation? - The company is prioritizing debt reduction, targeting a leverage ratio of 2.5x, with no expectation to achieve that this year [60][61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2021 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 (Exact name of registrant as specified in its charter) Delaware 20-3594554 (State or other j ...