Rayonier Advanced Materials(RYAM) - 2020 Q4 - Annual Report

Customer Concentration - Rayonier Advanced Materials' ten largest customers accounted for approximately 31% of its 2020 sales, indicating a significant reliance on a small customer base[15] Market Risks - The company faces risks associated with fluctuations in raw material and energy prices, which could adversely impact its financial condition and results of operations[15] - The availability and pricing of wood fiber are critical factors that could materially affect the company's business and financial results[15] - Rayonier Advanced Materials operates in a highly competitive and cyclical industry, which may lead to pricing and volume fluctuations[15] Financial Obligations - The company has significant debt obligations that could adversely affect its business and ability to meet obligations[21] - Future financing needs may arise, and the availability of such financing on favorable terms is uncertain, which could dilute existing stockholders[21] - Significant debt obligations could adversely affect the company's business and ability to meet obligations[21] Interest Rate Risks - The phase-out of LIBOR as an interest rate benchmark in 2023 may impact the company's borrowing costs[21] - The phase-out of LIBOR in 2023 may impact the company's borrowing costs[21] Financial Performance Metrics - The company utilizes non-GAAP financial measures such as EBITDA and adjusted free cash flows to provide insights into its financial performance[19] - The company emphasizes that non-GAAP financial measures should not be relied upon for evaluating financial condition or future prospects[21] Labor Relations - Management's discussion highlights the importance of maintaining satisfactory labor relations to avoid adverse effects on business operations[21] - The company faces risks related to labor relations, which could adversely affect business operations[21] - Attracting and retaining key personnel is critical, as their loss could negatively impact the company[21] Cybersecurity Risks - The company is at risk of losing intellectual property and sensitive information due to potential cyberattacks[21] Environmental Regulations - The company is subject to extensive environmental laws and regulations that may restrict its operations and impact financial results[21] - Environmental laws and regulations may restrict business operations and adversely affect financial results[21] Retirement Benefits - The company may need to make significant cash contributions to retirement benefit plans if investment returns are lower than expected[21] Capital Access - Future access to capital may be materially affected by challenges in the commercial and credit environments[21] Acquisition Delays - Provisions in the company's bylaws could delay acquisitions, potentially decreasing the stock price[21]