Core Viewpoint - Glatfelter Corporation reported a narrower earnings per share loss in Q2 2024 compared to the previous year, despite a decline in net sales, indicating mixed performance across its segments [1][3]. Financial Performance - The company incurred a Q2 2024 EPS loss of 35 cents, an improvement from a loss of 82 cents in the same quarter last year [1]. - Net sales for the quarter were $329.4 million, down 7.7% from $357 million in Q2 2023 [1]. - Adjusted EBITDA increased to $25.6 million, up $17.3 million year-over-year, driven by better performance in Composite Fibers and Spunlace segments [2]. - Gross profit improved to $36.8 million from $18.1 million in Q2 2023, although a net loss of $16.3 million was reported, narrower than the $36.9 million loss in the prior year [3]. Segment Performance - **Airlaid Materials**: Experienced a 14.4% decline in net sales to $130.6 million, impacted by a 3.7% decrease in shipment volumes and a 13% drop in EBITDA to $15.1 million [4]. - **Composite Fibers**: Showed a 3.1% increase in shipment volumes and a 102.2% increase in EBITDA to $9.7 million, despite a 6.8% decline in net sales to $117.2 million due to reduced selling prices [5]. - **Spunlace**: Outperformed with a 4.9% increase in shipments and a 3.5% rise in net sales to $82.2 million, with EBITDA surging 158.4% to $5.6 million [6]. Financial Position - As of June 30, 2024, cash and cash equivalents were $33.9 million, down from $50.3 million at the end of 2023, with total assets declining to $1.5 billion [7]. - Total debt increased slightly to $870.3 million, while shareholders' equity dropped significantly to $205.5 million from $256.9 million [7]. - Leverage stood at 3.5X, with a cash outflow of $20.6 million in the first half of 2024, an improvement from $53 million in the same period of 2023 [8]. Other Developments - Glatfelter reached a $6.5 million settlement related to its former Specialty Papers business, expected to be recognized in Q3 2024 [9]. - The company is progressing with its merger with Berry Global's HHNF business, having obtained all necessary regulatory approvals and awaiting shareholder approval [9][10].

CHARLOTTE, N.C., July 16, 2024 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE: GLT) announced today that it expects to issue its 2024 second-quarter results on Thursday, August 8, 2024. Management will hold a conference call at 11:00 AM (ET) that morning to discuss the Company's results. Glatfelter's earnings release and an accompanying financial supplement, which includes significant financial information to be discussed on the conference call, will be available on its Investor Relations website at https ...

What: Q2 2024 Glatfelter Earnings Conference Call OR access via our website: Glatfelter Webcasts and Presentations Participant Dial-in Number: (323) 794-2423 (800) 289-0438 About Glatfelter Webcast registry: Q2 2024 Glatfelter Earnings Webcast Conference ID: 9525221 Glatfelter is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. The Company's high-quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that a ...

Zacks Investment Research has recently initiated coverage of Glatfelter Corporation (GLT) with an Underperform recommendation. The comprehensive research report outlines several critical factors contributing to this outlook, highlighting significant financial challenges and operational inefficiencies that this NorthCarolina based company currently faces. A substantial financial leverage limits the company's borrowing capacity and heightens the risk of financial instability, as highlighted by the research re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 4350 Congress Street, Suite 600 Charlotte, North Carolina 28209 (Address of principal executive offices) (704) 885-2555 | (Registrant's telephone number, including ar ...

Exhibit 99.1 N E W S R E L E A S E Corporate Headquarters 4350 Congress Street Suite 600 Charlotte, NC 28209 U.S.A. www.glatfelter.com For Immediate Release Contacts: | Investors: | Media: | | --- | --- | | Ramesh Shettigar | Eileen L. Beck | | (717) 225-2746 | (717) 225-2793 | | ramesh.shettigar@glatfelter.com | eileen.beck@glatfelter.com | GLATFELTER REPORTS FIRST QUARTER 2024 RESULTS ~ Achieved significant merger milestone with expiration of HSR waiting period ~ Update on Merger with Berry's HHNF Busines ...

CHARLOTTE, N.C., April 04, 2024 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE:GLT) announced today that it expects to issue its 2024 first-quarter results on Thursday, May 9, 2024. Management will hold a conference call at 11:00 AM (ET) that morning to discuss the Company's results. Glatfelter's earnings release and an accompanying financial supplement, which includes significant financial information to be discussed on the conference call, will be available on its Investor Relations website at https://w ...

CHARLOTTE, N.C., April 04, 2024 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE: GLT) announced today that it expects to issue its 2024 first-quarter results on Thursday, May 9, 2024. Management will hold a conference call at 11:00 AM (ET) that morning to discuss the Company’s results. Glatfelter’s earnings release and an accompanying financial supplement, which includes significant financial information to be discussed on the conference call, will be available on its Investor Relations website at https:// ...

```markdown [Part I](index=4&type=section&id=PART%20I) [Business](index=4&type=section&id=Item%201%20Business) Glatfelter, a global engineered materials supplier with $1.4 billion in 2023 net sales, is executing a turnaround strategy and pending merger - Glatfelter is a leading global supplier of engineered materials with 2023 net sales of approximately **$1.4 billion**, serving customers in over 100 countries from fifteen manufacturing sites[15](index=15&type=chunk) - In 2022, the company initiated a turnaround strategy focused on six key initiatives: portfolio optimization, margin improvement, fixed cost reduction, cash liberation, operational effectiveness, and returning the Spunlace segment to profitability[16](index=16&type=chunk)[17](index=17&type=chunk) - On February 7, 2024, Glatfelter announced a definitive agreement for a Reverse Morris Trust transaction with Berry Global Group, Inc to merge with its Health, Hygiene and Specialties segment (HHNF) Post-merger, Glatfelter shareholders will own approximately **10%** of the new combined company[21](index=21&type=chunk)[92](index=92&type=chunk) Net Sales Contribution by Segment (2021-2023) | Operating segment | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Airlaid Materials | 42.3% | 40.4% | 43.4% | | Composite Fibers | 34.8% | 35.1% | 51.3% | | Spunlace | 22.9% | 24.5% | 5.3% | Metric Tons Sold by Segment (2021-2023) | Metric tons | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Airlaid Materials | 156,442 | 164,844 | 148,134 | | Composite Fibers | 94,742 | 103,092 | 132,196 | | Spunlace | 61,618 | 72,725 | 12,514 | | Total | 311,544 | 340,661 | 292,844 | [Airlaid Materials](index=6&type=section&id=Item%201%20Business%23Airlaid%20Materials) The Airlaid Materials segment, with $586.5 million in 2023 net sales, leads in absorbent nonwovens for consumer products - The segment's 2023 net sales were approximately **$586.5 million** The feminine hygiene category accounted for **37.0%** of its net sales in 2023[23](index=23&type=chunk)[24](index=24&type=chunk) Airlaid Materials Production Overview | Attribute | Value | | :--- | :--- | | Estimated Annual Production Capacity | 190,000 metric tons | | Principal Raw Material (PRM) | Fluff pulp | | Estimated Annual Quantity of PRM | 130,000 metric tons | - Approximately **77%** of the segment's 2023 net sales were under contracts with pass-through provisions for key raw material costs[25](index=25&type=chunk) [Composite Fibers](index=7&type=section&id=Item%201%20Business%23Composite%20Fibers) The Composite Fibers segment, with $483.5 million in 2023 net sales, leads in specialty fiber products like coffee filtration - The segment's 2023 net sales were approximately **$483.5 million**, with a market leadership position in single-serve coffee/tea filtration and wallcover base material[28](index=28&type=chunk) - The company's Philippine pulp mill produces abaca pulp, a key specialized raw material, providing a unique advantage The company also sells excess high-quality abaca as part of its cash liberation initiative[31](index=31&type=chunk) - Approximately **50%** of the segment's 2023 net sales were under contracts with pass-through provisions for key raw material and energy costs[32](index=32&type=chunk) [Spunlace](index=8&type=section&id=Item%201%20Business%23Spunlace) The Spunlace segment, with $317.9 million in 2023 net sales, manufactures premium nonwovens for personal care and medical uses - The segment's 2023 net sales were approximately **$317.9 million** It was formed following the acquisition of Jacob Holm[33](index=33&type=chunk) Spunlace Production Overview | Attribute | Value | | :--- | :--- | | Estimated Annual Production Capacity | 91,000 metric tons | | Key Raw Materials | Synthetic fibers, Pulp-based fibers, Fluff pulp, Non-wood fibers, Base paper | - Approximately **48%** of the segment's 2023 net sales were under contracts with pass-through provisions for key raw material costs[35](index=35&type=chunk) [Concentration of Customers](index=9&type=section&id=Item%201%20Business%23Concentration%20of%20Customers) The company has significant customer concentration, with Procter & Gamble as a major customer in Airlaid Materials and Spunlace - In 2023, sales to Procter & Gamble Company accounted for approximately **16%** of consolidated net sales[36](index=36&type=chunk) - The top three customers accounted for approximately **57%** of Airlaid Materials' and **42%** of Spunlace's net sales in 2023[37](index=37&type=chunk) [Capital Expenditures](index=9&type=section&id=Item%201%20Business%23Capital%20Expenditures) Capital expenditures were $33.8 million in 2023, projected to be $35 million to $40 million in 2024 Capital Expenditures (2021-2024E) | Year | Amount (in millions) | | :--- | :--- | | 2021 | $30.0 | | 2022 | $37.7 | | 2023 | $33.8 | | 2024 (Est.) | $35 - $40 | [Human Capital](index=9&type=section&id=Item%201%20Business%23Human%20Capital) As of December 31, 2023, Glatfelter employed 2,920 people globally, with 68.3% unionized, emphasizing safety - As of December 31, 2023, the company employed approximately **2,920 people** worldwide[40](index=40&type=chunk) - Approximately **68.3%** of employees are represented by local works councils or trade unions in Europe, the United Kingdom, Canada, and the Philippines[40](index=40&type=chunk) - The company's Total Case Incident Rate (TCIR) has consistently ranked in the top quartile for safety performance in its industry[44](index=44&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A%20Risk%20Factors) Glatfelter faces significant risks from economic downturns, volatile costs, geopolitical issues, high indebtedness, and merger uncertainties - Approximately **46%** of 2023 net sales were from shipments to customers in Europe, making the company susceptible to economic conditions in that region[53](index=53&type=chunk) - The Russia/Ukraine conflict has adversely impacted the business, leading to a significant reduction in wallcover revenues and a **$117.3 million** non-cash asset impairment charge in Q1 2022[61](index=61&type=chunk)[62](index=62&type=chunk) - The company has significant foreign currency exposure, with euro-denominated net sales exceeding euro expenses by an estimated **€170 million** annually[65](index=65&type=chunk) - A few large customers represent a significant portion of sales for the Airlaid Materials and Spunlace segments In 2023, the top three customers accounted for **57%** of Airlaid Materials' and **42%** of Spunlace's net sales[73](index=73&type=chunk) - The company has substantial indebtedness, with approximately **$370.7 million** of secured debt and **$501.0 million** of unsecured debt as of December 31, 2023 This could make it difficult to satisfy obligations and obtain future financing[88](index=88&type=chunk) - The pending Reverse Morris Trust transaction with Berry's HHNF Business is subject to shareholder approval and other conditions, and failure to complete it could adversely impact Glatfelter's stock price and business operations If terminated under certain circumstances, Glatfelter may owe Berry a **$10 million** termination fee[92](index=92&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk) [Unresolved Staff Comments](index=17&type=section&id=Item%201B%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[96](index=96&type=chunk) [Cybersecurity](index=17&type=section&id=Item%201C%20Cybersecurity) Glatfelter implements a NIST-aligned cybersecurity program with Board oversight to manage threats and prevent harm - The company's cybersecurity program is aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework and includes periodic risk assessments, vulnerability scans, and penetration tests[97](index=97&type=chunk) - Cybersecurity governance is managed by the Board's Audit Committee, a Cybersecurity Steering Committee, and an IT security management team The Senior IT Director over Cybersecurity holds a CISSP certification and has over 25 years of experience[99](index=99&type=chunk) [Properties](index=18&type=section&id=Item%202%20Properties) Glatfelter owns most manufacturing facilities globally, with some leased properties, all considered adequate for current operations - The company owns substantially all land, buildings, and equipment at its manufacturing sites in the United States, Canada, the United Kingdom, Germany, France, Spain, and the Philippines[100](index=100&type=chunk) - Leased properties include the metallized paper production facility in Wales, land at the Mount Holly, NC site, and the corporate offices in Charlotte, North Carolina[100](index=100&type=chunk) [Legal Proceedings](index=18&type=section&id=Item%203%20Legal%20Proceedings) The company is involved in ordinary lawsuits not expected to materially affect its financial position, liquidity, or operations - The company does not expect ongoing lawsuits to have a material adverse effect on its consolidated financial position, liquidity, or results of operations[101](index=101&type=chunk) [Executive Officers](index=18&type=section&id=Executive%20Officers) This section lists Glatfelter's executive officers as of February 28, 2024, including the President & CEO and SVP, CFO & Treasurer Executive Officers (as of Feb 28, 2024) | Name | Age | Office with the Company | | :--- | :--- | :--- | | Thomas M. Fahnemann | 62 | President & Chief Executive Officer | | Boris Illetschko | 51 | Senior Vice President, Chief Operating Officer | | Eileen L. Beck | 61 | Senior Vice President, Global Human Resources & Administration | | Ramesh Shettigar | 48 | Senior Vice President, Chief Financial Officer & Treasurer | | David C. Elder | 55 | Vice President, Strategic Initiatives, Business Optimization & Chief Accounting Officer | | Jill L. Urey | 57 | Vice President, General Counsel & Compliance | [Mine Safety Disclosures](index=19&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[109](index=109&type=chunk) [Part II](index=19&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=19&type=section&id=Item%205%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Glatfelter's common stock trades on the NYSE under 'GLT'; the company suspended its quarterly cash dividend in Q3 2022 - The company's common stock is traded on the New York Stock Exchange under the symbol "GLT"[109](index=109&type=chunk) - The Board of Directors suspended the quarterly cash dividend in the third quarter of 2022 No cash dividends were declared in 2023[110](index=110&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%207%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Glatfelter reported a $78.1 million loss from continuing operations on $1.39 billion net sales, with improved operating cash flow [Results of Operations](index=21&type=section&id=Results%20of%20Operations) In 2023, Glatfelter's net sales decreased to $1.39 billion, with operating income turning positive to $2.7 million Consolidated Results of Operations (2023 vs. 2022) | In thousands, except per share | 2023 | 2022 | | :--- | :--- | :--- | | Net sales | $1,385,516 | $1,491,326 | | Gross profit | $129,707 | $148,802 | | Operating income (loss) | $2,712 | $(163,951) | | Loss from continuing operations | $(78,103) | $(194,117) | | Loss per share from continuing operations | $(1.73) | $(4.33) | Reconciliation of Net Loss to Adjusted Earnings (2023 vs. 2022) | In thousands, except per share | 2023 | 2022 | | :--- | :--- | :--- | | Net loss | $(79,053) | $(194,208) | | Adjustments (pre-tax) | $35,307 | $200,140 | | Income taxes & Other tax adjustments | $4,113 | $(25,058) | | **Adjusted earnings from continuing operations** | **$(38,683)** | **$(19,035)** | | **Adjusted EPS from continuing operations** | **$(0.86)** | **$(0.42)** | Adjusted EBITDA (2023 vs. 2022) | In thousands | 2023 | 2022 | | :--- | :--- | :--- | | Net loss | $(79,053) | $(194,208) | | EBITDA | $55,408 | $(104,869) | | **Adjusted EBITDA** | **$92,597** | **$98,853** | Segment Operating Income (Loss) (2023 vs. 2022) | In thousands | 2023 | 2022 | | :--- | :--- | :--- | | Airlaid Material | $43,207 | $54,809 | | Composite Fibers | $21,347 | $16,923 | | Spunlace | $(2,068) | $(9,289) | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with $50.3 million cash and $85.1 million credit capacity, improving operating cash flow Summary of Cash Flows (2023 vs. 2022) | In thousands | 2023 | 2022 | | :--- | :--- | :--- | | Cash used by Operating activities | $(25,616) | $(40,820) | | Cash used by Investing activities | $(37,101) | $(33,098) | | Cash (used) provided by Financing activities | $(949) | $46,919 | - At December 31, 2023, the company had **$50.3 million** in cash and cash equivalents and **$85.1 million** of capacity under its revolving credit facility[161](index=161&type=chunk)[170](index=170&type=chunk) - The decrease in cash used by operating activities was primarily due to a **$31.9 million** improvement in working capital usage, partially offset by a **$26.0 million** increase in interest paid[162](index=162&type=chunk) - As of December 31, 2023, the company's leverage ratio was **3.4x**, which was within the maximum limit of **4.25x** allowed under its amended Credit Agreement[165](index=165&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%207A%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate and foreign currency fluctuations, particularly with the euro, and asset valuation estimates - As of December 31, 2023, **11.4%** of the company's **$853.2 million** in long-term debt was at variable interest rates A hypothetical 100 basis point increase in rates would increase annual interest expense by **$1.0 million**[174](index=174&type=chunk) - The company has significant foreign currency risk, particularly with the euro, as annual euro-denominated net sales are estimated to exceed euro expenses by approximately **€170 million**[176](index=176&type=chunk) - In 2022, the company fully impaired the goodwill for its Composite Fibers and Spunlace segments[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - During the Q4 2023 annual impairment test, the fair value of the Airlaid Materials segment exceeded its carrying value by approximately **19%**[181](index=181&type=chunk) [Financial Statements and Supplementary Data](index=34&type=section&id=Item%208%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2023, including management's effective internal control report and unqualified audit opinion [Management's Report on Internal Control Over Financial Reporting](index=34&type=section&id=Management's%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework - Management concluded that the Company's internal control over financial reporting was effective as of December 31, 2023[191](index=191&type=chunk) [Report of Independent Registered Public Accounting Firm](index=35&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued unqualified opinions on Glatfelter's 2023 financial statements and internal controls, noting Airlaid Materials goodwill valuation as a critical audit matter - The auditor, Deloitte & Touche LLP, expressed an unqualified opinion on the consolidated financial statements as of and for the year ended December 31, 2023[197](index=197&type=chunk)[202](index=202&type=chunk) - The auditor also expressed an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[196](index=196&type=chunk)[203](index=203&type=chunk) - The valuation of the Airlaid Materials reporting unit's goodwill was identified as a Critical Audit Matter due to the subjectivity and judgment required in management's estimates for the discounted cash flow model[207](index=207&type=chunk)[208](index=208&type=chunk) [Consolidated Financial Statements](index=38&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for 2023 show a net loss of $79.1 million on $1.39 billion net sales, with total assets of $1.56 billion Consolidated Statement of Income (Loss) Highlights - Year Ended Dec 31, 2023 | Metric (in thousands) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net sales | $1,385,516 | $1,491,326 | $1,084,694 | | Operating income (loss) | $2,712 | $(163,951) | $28,614 | | Net income (loss) | $(79,053) | $(194,208) | $6,937 | Consolidated Balance Sheet Highlights - As of Dec 31 | Metric (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Total current assets | $605,967 | $679,484 | | Total assets | $1,563,796 | $1,647,353 | | Total current liabilities | $280,368 | $360,406 | | Total liabilities | $1,306,942 | $1,329,349 | | Total shareholders' equity | $256,854 | $318,004 | Consolidated Statement of Cash Flows Highlights - Year Ended Dec 31, 2023 | Metric (in thousands) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used by operating activities | $(25,616) | $(40,820) | $70,977 | | Net cash used by investing activities | $(37,101) | $(33,098) | $(489,766) | | Net cash (used) provided by financing activities | $(949) | $46,919 | $462,352 | [Notes to Consolidated Financial Statements](index=43&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail 2022 goodwill impairments, 2023 debt restructuring, environmental liabilities, and the subsequent Berry Global merger agreement - In 2022, the company recognized a goodwill impairment charge of **$42.5 million** for the Spunlace segment and **$76.4 million** for the Composite Fibers segment, writing off the entire goodwill balance for both[252](index=252&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) - On March 30, 2023, the company entered into a new **€250.0 million** Term Loan with affiliates of Angelo, Gordon & Co., L.P at a fixed rate of **11.25%**, maturing in 2029 Proceeds were used to extinguish the existing **€220.0 million** Term Loan[328](index=328&type=chunk) - The company has a remaining liability for the Fox River environmental site, with a reserve of **$13.7 million** as of December 31, 2023, for long-term monitoring and government oversight costs[361](index=361&type=chunk) - On December 9, 2023, a tornado damaged a leased Spunlace facility in Tennessee The company accrued an estimated **$29 million** for repairs, with an expected insurance recovery of approximately **$27 million**, net of a **$5 million** deductible[316](index=316&type=chunk) - Subsequent to year-end, on February 6, 2024, Glatfelter entered into a definitive agreement for a Reverse Morris Trust transaction with Berry Global Group, Inc to merge with its HHNF business[371](index=371&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosures](index=74&type=section&id=Item%209%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) The company reports no changes in or disagreements with its accountants on accounting or financial disclosures - None[373](index=373&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%209A%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of December 31, 2023, with no material changes in Q4 - The chief executive officer and chief financial officer concluded that as of December 31, 2023, the company's disclosure controls and procedures were effective[374](index=374&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of 2023 that have materially affected, or are reasonably likely to materially affect, internal controls[376](index=376&type=chunk) [Other Information](index=74&type=section&id=Item%209B%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during 2023 - During 2023, none of the Company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement[377](index=377&type=chunk) [Part III](index=74&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=74&type=section&id=Item%2010%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the upcoming Proxy Statement - Information required under this item concerning directors and corporate governance is incorporated by reference from the company's Proxy Statement to be dated on or about April 1, 2024[380](index=380&type=chunk) [Executive Compensation](index=75&type=section&id=Item%2011%20Executive%20Compensation) Executive compensation information is incorporated by reference from the company's upcoming Proxy Statement - Information required under this item is incorporated by reference from the company's Proxy Statement to be dated on or about April 1, 2024[384](index=384&type=chunk) [Security Ownership of Certain Beneficial Owners and Management](index=75&type=section&id=Item%2012%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management) Security ownership information for beneficial owners and management is incorporated by reference from the upcoming Proxy Statement - Information required under this item is incorporated by reference from the company's Proxy Statement to be dated on or about April 1, 2024[385](index=385&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=75&type=section&id=Item%2013%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the upcoming Proxy Statement - Information required under this item is incorporated by reference from the company's Proxy Statement to be dated on or about April 1, 2024[386](index=386&type=chunk) [Principal Accountant Fees and Services](index=75&type=section&id=Item%2014%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the upcoming Proxy Statement - Information required under this item is incorporated by reference from the company's Proxy Statement to be dated on or about April 1, 2024[387](index=387&type=chunk) [Part IV](index=76&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=76&type=section&id=Item%2015%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, schedules, and exhibits filed as part of the Form 10-K report - This item provides an index of all financial statements, schedules, and exhibits included with or incorporated by reference into the Form 10-K filing[388](index=388&type=chunk)[390](index=390&type=chunk) [Form 10-K Summary](index=76&type=section&id=Item%2016%20Form%2010-K%20Summary) This item is not applicable, and no summary is provided - None[389](index=389&type=chunk) ```

2023 Fourth Quarter Earnings Conference Call Forward Looking Statements and Use of Non-GAAP Financial Measures 2 • 2023 Full year EBITDA of ~$93 million, within guidance range • Spunlace EBITDA higher by ~$4 million versus Q4 2022 driven by higher volume, price-cost gap improvements, and turnaround strategy actions (cost and operational improvements) • On February 7, 2024, Glatfelter and Berry Global announced plans for tax-free spin-off and merger of Berry's Health, Hygiene and Specialties Global Nonwovens ...