Clearwater Paper (CLW) Earnings Call Presentation

Company Overview - Clearwater Paper's 2023 sales reached $2.1 billion[13, 27], with adjusted EBITDA of $281 million[13, 27] - The company operates through two segments: Paperboard (51% of sales, 58% of adjusted EBITDA) and Consumer Products (49% of sales, 42% of adjusted EBITDA) in 2023[13] - Clearwater Paper reduced net debt by $89 million in 2023 and $450 million since 2020[27] Paperboard Segment - The Paperboard segment's net sales were $1.064 billion in 2023[38], with an adjusted EBITDA margin of 19%[38] - The company has 840,000 tons of SBS (solid bleached sulfate) paperboard capacity[38] and holds a 15% market share[38] - Industry-wide SBS shipments decreased by 15.5%, and production decreased by 13.7% in 2023[53] Consumer Products Segment - The Consumer Products segment's net sales were $1.023 billion in 2023[65], with an adjusted EBITDA margin of 15%[65] - The company has 390,000 tons of annual paper capacity[65] and holds a 6% US market share[65] - Private brand share is at approximately 36% of at-home demand[67, 72] Augusta Acquisition - Clearwater Paper intends to acquire the Augusta manufacturing facility for $700 million[60] - The Augusta facility has approximately 600,000 tons of capacity[57, 60], projected to be 70-80% utilized in 2024[60] - The acquisition is expected to increase Clearwater Paper's paperboard capacity by approximately 70% to 1.4 million tons[60]