Financial Data and Key Metrics Changes - First quarter 2025 sales were $667.1 million, a slight decrease of 1.4% compared to the first quarter of 2024, primarily due to unfavorable foreign exchange [13][14] - Adjusted EBITDA for the quarter was $58.7 million, compared to $29.3 million in the first quarter of last year, driven by lean initiatives and restructuring savings [14][17] - Net income for the first quarter of 2025 was $1.6 million, compared to a net loss of $31.7 million in the first quarter of 2024 [15] - Capital expenditures totaled $17.5 million, or 2.6% of sales, consistent with the previous year [15] Business Line Data and Key Metrics Changes - The company achieved $20 million in savings through lean initiatives and $8 million from restructuring initiatives in the first quarter [7][8] - The company awarded $55 million in net new business during the first quarter, indicating strong customer demand for new technologies [8][9] Market Data and Key Metrics Changes - The global production forecast for hybrid vehicles has significantly increased, with expectations raised by nearly 4 million units for 2030 and nearly 7 million units for 2035 [23][24] - The hybrid vehicle trend is expected to drive higher average content per vehicle, benefiting the company's fluid business [24][26] Company Strategy and Development Direction - The company is focused on driving profitable growth through sustainable technologies that enhance vehicle efficiency and reduce carbon footprint [22] - The strategic imperatives include innovation, operational efficiency, and corporate responsibility, aiming for double-digit adjusted EBITDA margins and returns on invested capital [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating the impact of tariffs and expects to recover the majority of costs associated with them [28][37] - The company anticipates that clarity around trade policies will improve by the end of the second quarter, allowing for a more meaningful update on full-year guidance [29] - Management remains optimistic about the ability to adapt to market conditions and expects continued support from customers [30][60] Other Important Information - The company was recognized as GM Supplier of the Year for the eighth consecutive year, reflecting its commitment to customer value [9] - The company aims to achieve carbon neutrality in Europe by 2040 and globally by 2050, highlighting its commitment to sustainability [12] Q&A Session Summary Question: Is the $2 million in duties and tariffs a timing issue? - Yes, it was a minor impact due to uncertainty about the implementation date, and the company expects to recover these costs [35][36] Question: Is the trajectory of hybrids coming at the expense of electric vehicles? - The increase in hybrid production is driven by consumer preference, and hybrids offer greater content opportunities for the company [40][41] Question: Is the company withdrawing guidance? - No, the company is maintaining its guidance and will provide updates after the second quarter [43][44] Question: What are the key assumptions for achieving a net leverage ratio of around two turns by the end of 2027? - The assumptions include normalized volume production, continued execution of cost reduction initiatives, and profitable growth [72][74]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $104.2 million, a year-over-year decrease of 2.4% [18] - Annualized recurring revenue was $396.2 million, a year-over-year decrease of 4.7% [18] - Billings for Q1 were $79.4 million, up 7.2% year-over-year [19] - Gross margin for Q1 was 61% of revenue, compared to 59.8% for the prior year [19] - Net income attributable to shareholders for Q1 was $3.4 million, or $0.04 per diluted share, compared to $0.01 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - Operating expenses as a percentage of revenue declined to 32.9% from 36.7% year-over-year [21] - Professional fees and other costs of litigation were $1.9 million for Q1, down from $2.9 million in the prior year [22] - PeopleSoft revenue was approximately $7 million, or 7% of revenue, down from $8.2 million, or 8% of revenue, in the prior year [26] Market Data and Key Metrics Changes - Clients in the United States represented 48% of total revenue, while international clients represented 52% [18] - The EMEA and Asia Pacific regions led geographically in billings growth [8] Company Strategy and Development Direction - The company is focused on expanding global alliances and partnerships to drive sales leverage [9] - New partnerships with ServiceNow, Workday, and T Systems North America aim to enhance service offerings and market reach [10][11] - The company is committed to optimizing its cost structure while investing in growth opportunities [20] Management's Comments on Operating Environment and Future Outlook - Management believes that deglobalization trends and global trade policy shifts will benefit the business [16] - The company is confident in its ability to achieve positive revenue growth despite the headwinds from the PeopleSoft wind down [39] - Management is cautious about the impact of macroeconomic factors on IT budgets and renewals [50] Other Important Information - The company is continuing to suspend guidance until there is more clarity around the impacts from ongoing litigation with Oracle [26] - The litigation with Oracle has been ongoing for over fifteen years, with recent favorable rulings for the company [12][14] Q&A Session Summary Question: Which of the three partnerships discussed has the largest long-term potential? - Management identified the ServiceNow partnership as having substantial global potential, with significant opportunities in workflow and automation [29] Question: What is the expected timeframe for the ServiceNow partnership to become meaningful? - Management anticipates meaningful revenue impact from the ServiceNow partnership in 2026, with ramping expected in the latter half of 2025 [34] Question: Can you size the maintenance from Oracle and SAP generated from the federal government? - Management estimates the opportunity in the federal government to be in the billions of dollars annually for software support and upgrades [36] Question: Is deferred revenue up for the first time in several years, and what does that indicate? - Management expressed confidence that despite the PeopleSoft wind down, there are opportunities to achieve positive revenue growth [38] Question: What areas are being targeted for continued cost-saving measures? - Management indicated that cost-saving measures are focused on streamlining internal operations and reducing administrative costs [45] Question: Are there any macroeconomic factors that could negatively impact growth? - Management noted that while there are potential pressures on IT budgets, their methodology allows for cost reduction while enabling growth [50]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $104.2 million, a year-over-year decrease of 2.4% [18] - Annualized recurring revenue was $396.2 million, a year-over-year decrease of 4.7% [18] - Billings for Q1 were $79.4 million, up 7.2% year-over-year [19] - Gross margin for Q1 was 61% of revenue, compared to 59.8% for the prior year [19] - Net income attributable to shareholders for Q1 was $3.4 million, or $0.04 per diluted share, compared to $0.01 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - Operating expenses as a percentage of revenue declined by 5.8% year-over-year due to cost optimization efforts [8] - Professional fees and other litigation costs were $1.9 million for Q1, down from $2.9 million in the prior year [22] - PeopleSoft revenue was approximately $7 million, or 7% of revenue, down from $8.2 million, or 8% of revenue, in the prior year [26] Market Data and Key Metrics Changes - Clients in the United States represented 48% of total revenue, while international clients represented 52% [18] - The EMEA and Asia Pacific regions led geographically in billings growth [8] Company Strategy and Development Direction - The company is focused on expanding global alliances and partnerships to drive sales leverage [9] - New partnerships with ServiceNow, Workday, and T Systems North America were announced to enhance service offerings [10][11] - The company is continuing to wind down services for Oracle's PeopleSoft product, with a significant reduction in related clients and revenue [25] Management's Comments on Operating Environment and Future Outlook - Management believes that the current macroeconomic environment, including deglobalization trends, will ultimately benefit the business [16] - The company is confident in its ability to reaccelerate growth and improve profitability despite ongoing litigation with Oracle [17] - Management has suspended guidance until there is more clarity regarding the impacts of current litigation activity [26] Other Important Information - The company ended Q1 2025 with a cash balance and short-term investments of $122.6 million, down from $129 million in the prior year [24] - Deferred revenue as of March 31, 2025, was $256.4 million, compared to $254.3 million in the prior year [24] Q&A Session Summary Question: Which of the three partnerships discussed has the largest long-term potential? - Management indicated that the ServiceNow partnership has substantial global potential and is expected to have a meaningful impact by 2026 [29][32] Question: Can you size the maintenance from Oracle and SAP generated from the federal government? - Management stated that the opportunity in the U.S. Federal Government is significant, potentially in the billions of dollars annually [34][36] Question: Is the company confident in crossing the year-over-year growth mark this year, excluding PeopleSoft impacts? - Management expressed confidence in achieving positive revenue growth despite the headwinds from the PeopleSoft wind down [37][40] Question: What areas will the continued cost-saving measures come from? - Management confirmed that cost-saving measures will focus on streamlining internal operations and reducing administrative costs [44][46] Question: Are there any macroeconomic factors that could negatively impact growth? - Management noted that while there are potential cost pressures, the overall macro environment is seen as a net positive for the business [48][51]

Financial Performance - Q1 2025 revenue reached $391 million, and Adjusted EBITDA was $76 million, representing 20% of revenue[12, 14] - Full-year 2025 revenue is expected to be over $1,700 million, with Adjusted EBITDA exceeding $350 million[50] - Q2 2025 revenue is projected to be between $400 million and $410 million, a sequential increase of approximately 4% from Q1[51] - Q2 2025 Adjusted EBITDA is expected to range from $80 million to $90 million, with an Adjusted EBITDA margin increase of +100 basis points sequentially[52] Regional Performance (Q1 2025) - North & Latin America (NLA) revenue was $134 million[16] - Europe & Sub-Saharan Africa (ESSA) revenue was $112 million[16] - Middle East & North Africa (MENA) revenue was $94 million[16] - Asia Pacific (APAC) revenue was $51 million[16] Business Strategy and Operations - The company has a robust backlog of $22 billion[13] - The company is implementing the Drive25 cost optimization program, with over 50% of cost improvement initiatives completed[12] - The company is targeting over $30 million in run-rate savings through Drive25, with approximately 50% expected to be reflected in 2025 financial results[57, 64]

Financial Data and Key Metrics Changes - Total company operating EBITDA grew by more than 12% in Q1 2025 compared to Q1 2024, driven by solid operational performance in collection and disposal, contributions from WM Health Care Solutions, and sustainability businesses [11][12] - WM's legacy business achieved a 30% margin for the fourth consecutive quarter, an increase of 40 basis points year-over-year [22] - Operating cash flow was $1,210 million in Q1, a decrease from the previous year but in line with expectations due to planned increases in cash interest payments [25] Business Line Data and Key Metrics Changes - Operating EBITDA for the collection and disposal business was up almost 5%, with margin expanding by 10 basis points [17] - Combined operating EBITDA from recycling and renewable energy grew by over 20% year-over-year [12] - The residential line of business achieved an operating EBITDA margin of 20% for the first time in six years, growing more than 130 basis points [21] Market Data and Key Metrics Changes - Revenue growth was driven by collection and disposal yield of 4% and core price of 6.5%, with churn remaining stable at around 9% [18] - Special waste volumes were positively impacted by California wildfire cleanup, although overall collection and disposal results were flat on a workday adjusted basis [19] Company Strategy and Development Direction - The company is focused on growing customer lifetime value, leveraging technology to optimize cost structures, and delivering on strategic investments in sustainability [11] - There is a robust pipeline of tuck-in acquisition opportunities, with expectations of closing more than $500 million in solid waste acquisitions in 2025 [27][63] - The integration of WM HealthCare Solutions is progressing well, with a target of achieving $250 million in annual run rate synergies by 2027 [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial guidance for the year, citing strong operational execution and the resiliency of the business model [11] - The company remains optimistic about volume outlook for 2025, expecting continued strength in special waste pipelines and service intervals [19] - Management noted that the business is recession-resistant, with recent volume increases indicating that earlier declines were primarily due to adverse weather conditions [86][88] Other Important Information - Capital expenditures totaled $831 million in Q1, with investments in sustainability growth in line with expectations [26] - The leverage ratio at the end of the quarter was 3.58 times, with expectations to reduce it to approximately 3.15 times by the end of 2025 [28] Q&A Session Summary Question: Outlook for Q2 and margin improvement - Management indicated optimism for Q2 margins, expecting a normal seasonal uptick and continued momentum in synergy capture from the healthcare business [31][33] Question: Yield in solid waste business - Management noted a drop in yield conversion but emphasized strong core price performance and margin expansion [34][35] Question: Healthcare Solutions revenue trends - The regulated medical waste business is slightly up, while the secure information destruction side saw a dip due to event work weakness [42][44] Question: Synergy capture from Stericycle - Approximately $16 million in synergy value was captured in Q1, with confidence in achieving the midpoint of the synergy guidance for the year [50][51] Question: M&A opportunities - The company expects to close $500 million in solid waste acquisitions, with a strong pipeline and increased willingness from smaller companies to sell [62][63] Question: Resilience in downturns - Management expressed confidence in the company's resilience to economic downturns, supported by diversification in sustainability and healthcare investments [85][88]

Q1 2025 Performance Overview - BeFra Group's net revenue decreased by 2.9%[2] - EPS decreased significantly by 48.7% due to lower sales, profitability, and higher taxes[3] - Gross Margin declined by 353 basis points, primarily due to FX pressures in Betterware Mexico and Jafra Mexico[3] Betterware Mexico - Betterware Mexico revenues declined by 9.8%, marking the first decline since Q3 2023[6] - The distributor base decreased by 6.0%, and the associate base declined by 10.4%[6] - Gross Margin contracted by 473 basis points due to increased costs driven by the depreciation of the Mexican Peso, with costs increasing from $18 to $20[7] - EBITDA for Betterware Mexico declined by 31.6%[7] Jafra Mexico - Jafra Mexico's net revenues increased slightly by 1.1%[10] - Gross margin declined by 398 basis points due to volume-price initiatives and a shift toward lower-priced products[10] - EBITDA decreased by 25.2%, impacted by the decline in Gross Margin and increased promotional activities[10] Jafra US - Jafra US net revenues decreased by 4.7% in USD[13] - EBITDA declined by 9.3%, impacted by one-time legal settlements[13] Financial Position and Outlook - The board of directors has proposed a Ps 200 million dividend for Q1 2025, subject to approval[28] - Management maintains its 2025 financial guidance, projecting high single-digit growth in net revenue and EBITDA[26, 27]

Financial Data and Key Metrics Changes - The first quarter results were in line with earlier expectations, but activity levels softened further in key segments and geographies, with adjusted free cash flow of $66 million and adjusted EBITDA margins at 21.2% [11][13] - Revenue expectations for 2025 have been adjusted to $4.6 billion to $5 billion, with adjusted EBITDA of $975 million to $1.1 billion, reflecting a conservative outlook due to market conditions [36][37] - The company has maintained a net leverage ratio of 0.5 times trailing 12 months adjusted EBITDA and liquidity of approximately $1.3 billion [41][34] Business Line Data and Key Metrics Changes - North America saw a sequential decline of 4%, while Mexico experienced a year-over-year decline of around 60% [12][70] - The Middle East and Asia regions showed year-on-year growth, demonstrating resilience and stability amidst overall market softness [12][18] - The company has divested its Argentina Pressure Pumping and Wireline businesses, which will impact revenue and EBITDA but allow for a focus on more profitable areas [25][27] Market Data and Key Metrics Changes - The overall international market has softened, particularly in Mexico and U.S. land activity levels, with lower commodity prices leading to cautious customer spending [18][20] - The company anticipates a broad-based slowdown in the second half of the year, influenced by global trade reductions and increased supply [22][24] - Despite the downturn, the company expects to maintain EBITDA margins in the low-20s, better than two years ago [24] Company Strategy and Development Direction - The company is focused on maintaining a sustainable dividend and share repurchase program while adapting its cost structure to current market conditions [41][42] - A multi-year cost optimization program is in place to achieve sustainable productivity gains through technology and lean processes [43] - The company aims to position its portfolio for the future with lower capital intensity and has identified growth opportunities in the Vaca Muerta region [25][120] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future but acknowledged the need to pivot due to changing market conditions [39] - The outlook is characterized by uncertainty, with management preparing for a range of outcomes while remaining hopeful for stability in key markets [51][56] - The company is focused on improving working capital efficiency to drive free cash flow conversion to a sustainable 50% [44][90] Other Important Information - The company has reduced its headcount by over 1,000 and annualized personnel expenses by over $100 million [23][99] - Recent U.S. tariffs and retaliatory tariffs have added uncertainty to the market, potentially impacting demand and pricing [20][130] - The company is exploring smaller tuck-in acquisitions while maintaining a flexible approach to capital allocation [122][124] Q&A Session Summary Question: How are key countries in MENA trending? - Management noted continued stability in MENA, with robust spending patterns in Kuwait, UAE, and Oman, while acknowledging potential challenges in Saudi Arabia due to rig count reductions [50][52][54] Question: What is the expected duration or severity of the downturn? - Management indicated that the downturn may be milder than previous cycles, with different causes in different regions, and expressed hope for a short-lived impact [58][60][62] Question: What is the magnitude of the impact from divestitures? - The divestitures are expected to reduce revenue by approximately 100 to 300 basis points, with additional adjustments made for market reductions in various regions [71][72] Question: How will the proceeds from divestitures be utilized? - Proceeds will enhance overall liquidity, support dividends, and facilitate opportunistic share repurchases or small acquisitions [76][77] Question: What is the potential impact of tariffs? - Management stated that quantifying the impact of tariffs is difficult at this stage, but they expect a reduction in activity levels due to uncertainty [128][134] Question: How is the digital strategy viewed in the current environment? - Management believes there is significant opportunity in production optimization and data utilization, which could lead to increased demand for digital solutions [138]

Financial Data and Key Metrics Changes - Total net sales for 2024 were $455 million, down 8% from the prior year [13] - Adjusted gross profit margin improved to 61.7% [13] - Adjusted EBITDA for the year was $32.6 million, representing 7.2% of net sales [19] - Fourth quarter net sales were $143.5 million, down 13.2% year-over-year [14] - Reported gross profit margin for the fourth quarter was 61.1%, up 280 basis points from the previous year [16] - GAAP net loss for 2024 was $180.2 million, an improvement from a net loss of $195.3 million in 2023 [19] Business Line Data and Key Metrics Changes - Declines in retail and direct-to-consumer channels within the Solo Stove segment were noted, partially offset by increased sales in the Chubbies segment [14] - Selling, general and administrative expenses decreased to $81.8 million from $84.3 million in the prior year [16] - Adjusted net income for the year was $11.4 million, with an adjusted EPS of $0.12 [19] Market Data and Key Metrics Changes - The company is experiencing challenges in the consumer environment, leading to a pause in financial guidance [23] - Tariff impacts are being actively addressed, with production shifts to alternative countries to mitigate risks [24] Company Strategy and Development Direction - The company is focused on an aggressive turnaround plan for 2025, with over 30 value-accretive initiatives [7][10] - Key initiatives include resetting the cost structure, focusing on profitability by channel and product, and revamping marketing strategies [31][32] - A new water sports division has been created by consolidating ISLE paddle boards and Oru Kayaks to enhance profitability [35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges ahead but believes in the solid foundation for success, including strong brands and loyal customers [11] - The company plans to improve profitability compared to the previous year, especially as major initiatives ramp up in the second half of the year [23] - Management is committed to maintaining momentum in the transformation plan despite leadership changes [9] Other Important Information - The company ended the quarter with $12 million in cash and cash equivalents, managing working capital closely [25] - There are no M&A plans for 2025, focusing instead on disciplined capital allocation [26] - The company is evaluating strategies to refinance existing debt due to uncertainty in business operations [28] Q&A Session Summary - No questions were taken after the prepared remarks, as management aimed to address most immediate inquiries during the presentation [12]

Financial Data and Key Metrics Changes - Total revenue for 2024 was $8 million, reflecting a 45% growth compared to $5.5 million in 2023 [30] - Gross profit margin decreased to 20.7% in 2024 from 25.6% in 2023, primarily due to timing differences in revenue recognition and low-margin contracts being phased out [9][38] - Net loss for 2024 was $3.7 million, an increase from $2.9 million in 2023, but the net loss for Q4 2024 improved to $504,000 from $995,000 in Q4 2023 [44] Business Line Data and Key Metrics Changes - Population Health revenues were $1.7 million in 2024, more than double the $715,000 in 2023, with a Q4 revenue of $418,000, a 285% increase year-over-year [32][33] - Healthcare Workforce revenues increased to $5.9 million in 2024 from $4.3 million in 2023, with Q4 revenue reaching $1.5 million, a 17% growth [34] - Health Education business unit saw revenues grow to $40,000 in 2024 from $12,000 in 2023, with expectations for continued growth [36] Market Data and Key Metrics Changes - Non-Healthcare Workforce revenues accounted for 26% of total revenues in 2024, up from 23% in 2023, indicating a strategic shift towards higher-margin revenue streams [15] - The company has potential RFP submissions equating to $80 million in multiyear contract value, indicating strong market demand [12] Company Strategy and Development Direction - The company is focused on diversifying revenue streams and enhancing operational efficiencies to improve margins and profitability [11][14] - Strategic priorities include expanding the sales pipeline, targeting higher-margin revenues, and investing in innovative technology products [14][50] - The Syrenity App is a key product aimed at capturing growth in the mental and behavioral health markets, with plans for international expansion [13][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving margins and profitability, driven by a focus on high-margin offerings and operational efficiencies [11][46] - The company anticipates low-double digit percentage revenue growth for 2025, supported by strong trends exiting 2024 [46] Other Important Information - The company has implemented cost-cutting measures resulting in a 39% reduction in operating expenses in Q4 2024 compared to Q4 2023 [17][40] - The Syrenity App has shown positive preliminary results in clinical studies, indicating its potential effectiveness in improving mental health outcomes [20] Q&A Session Summary Question: What was the rationale for filing a mixed shelf for up to $75 million? - The shelf allows the company to streamline capital raise tasks and provides flexibility for acquisitions and strategic initiatives [54] Question: How will the company protect itself from the risk of delisting due to non-compliance? - The company is in compliance with Nasdaq Listing standards, maintaining stockholder equity above the required minimum [57] Question: How does Syra plan to address the minimum bid price issue? - The company is exploring options to regain compliance without reverse stock splits, focusing on strengthening fundamentals [59] Question: Can you tell me about the sales of Syrenity? - The company is marketing Syrenity to various sectors, with an expanding addressable market and expectations for recurring revenue growth [61] Question: Any updates on the Federal government contracts announced in early 2024? - The company is actively bidding on task orders under the Federal contracts and will provide updates as they materialize [64]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $145 million, an improvement of $7 million compared to the prior year quarter [28] - Adjusted EPS for the quarter was $0.39, lower than the prior year primarily due to a non-recurrence of a one-time tax benefit of $48 million and $14 million of higher interest expense [28] - Adjusted free cash flow was a net use of $62 million, slightly higher than the prior year due to increased interest expense [29] Business Line Data and Key Metrics Changes - Polymers segment saw a 2.7% increase driven by demand in small containers and IBC in the ag and food sectors, particularly in EMEA [20] - Integrated Solutions experienced low double-digit growth in both caps and closures and paints, linings, and adhesives [20] - Fiber volumes were slightly up, with operating rates in both paper grades in line with the industry [21] - Metals segment continued to be impacted by a soft industrial economy, particularly in bulk chemicals and petrochemicals [21] Market Data and Key Metrics Changes - EMEA demonstrated the highest level of resilience, followed by APAC, while LATAM showed a slight downward trend and North America had the most bearish demand sentiment [24] - Demand trends in boxboard were flat year-on-year, with specific subsegments like URB showing softness [84] Company Strategy and Development Direction - Company announced a $100 million cost optimization initiative and a commitment to achieve $1 billion EBITDA and $500 million free cash flow by 2027 [7][10] - The decision to sell the timber portfolio of approximately 176 acres was made to reduce debt and refocus on core growth areas [17] - The company is focusing on growing in GDP-plus growth markets such as agrochemicals, food and beverage, and pharmaceuticals [99] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about future volume growth, noting that while some markets showed sequential improvements, no clear inflection point had been observed [54] - The company remains committed to operational excellence and customer-centric growth, aiming to create continuing value for stakeholders [106] Other Important Information - The organizational realignment in 2024 resulted in new strategic business units (SBUs) to better visualize portfolio fit and growth objectives [16] - The company is experiencing short-term SG&A cost inflation as it reallocates resources for long-term value creation [31] Q&A Session Summary Question: Fiber segment performance relative to expectations - Management indicated that fiber performance was in line with expectations, but SG&A allocation protocols may have caused confusion regarding profitability [45][46] Question: Differences in demand between EMEA and North America - Management explained that the difference is due to end market exposure, with growth in agrochemical markets contributing to EMEA's resilience [50][51] Question: Margin expectations for Q2 and beyond - Management expects EBITDA margins to steadily improve through the year, driven by volume lift and fixed cost leverage [63] Question: Timberland sale details - Management stated that the timberland sale is aimed at reducing debt and that the value of timberland has been increasing due to various factors [66][72] Question: Demand trends in boxboard - Management noted that total boxboard demand is flat year-on-year, with specific subsegments showing varying performance [84] Question: Competitive landscape in polymers and metals - Management emphasized a focus on value over volume, maintaining confidence in market position despite competitive pressures [90][95] Question: Exciting end markets and concerns - Management highlighted agrochemicals and food and beverage as exciting markets, while expressing caution regarding the pharma space due to long lead times [99][100]