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Rayonier Advanced Materials (RYAM)

Participants
Mickey Walsh Treasurer and Vice President-Investor Relations
Paul Boynton President and Chief Executive Officer
Marcus Moeltner Chief Financial Officer and Senior Vice President-Finance
Paul Quinn RBC Capital Markets
Roger Spitz Bank of America
John Babcock Bank of America
Paretosh Misra Berenberg
Call transcript
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Operator

Good morning, and welcome to Rayonier Advanced Materials Third Quarter 2021 Earnings Conference Call.

During today’s presentation, all parties will be in a listen-only mode.

Following the presentation the conference will be open for questions with instructions to follow at that time.

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Vice Investor and Advanced for Treasurer Materials. Walsh, President Relations of Rayonier Mickey you. Thank Mr. begin. Walsh, you may

Mickey Walsh

Thank good conference operator, Materials you, and third Rayonier again quarter Advanced to XXXX earnings call webcast. morning, and everyone. Welcome

on Executive and and Chief Senior me President Financial of President our Officer; today's Boynton, Marcus Paul Joining our are Finance. and Vice Chief Moeltner, Officer call

we I'd federal Our will harbor in on our available evening and earnings are that made statements release and forward-looking provisions you at include presentation like rayonieram.com. pursuant materials today's safe remind were presentation, securities issued last the to website to laws. of

believe earnings provide I'll A GAAP make. reconciliation noted turn not measures measures factors filings will with which non-GAAP Slide They financial on alternative on Slides are Our forward-looking X differ the the the actual financial measures. as be non-GAAP GAAP of should through measures, cause included as our their to of XX most the to of to XX also our to presentation results referenced financial some as Today's over release and presentation material. may materially also Slides X well may SEC considered of measures are certain for we presentation. useful management our reference of on from presentation. investors non-GAAP Paul. measures comparable We an but and our directly information call list these statements X now

Paul Boynton

momentum financials. I slide as continuing for prior and our commodity Marcus cellulose by for to the bulbs, , discos fluff specialties. Mickey call in X million continued product well million, $XX operations to on demand turning for as the before I outlook like from improved detailed driven including the prices, the yield, from you, by would Starting to high hit Thank business. year to good highlights strategic $X EBITDA After solid some will of morning, and the Today update, everyone. over discuss Marcus's review quarter

several for key successfully sale primarily including approximately In financial addition the assets to with consisting On of we of improved of cash, products. the initiatives. the and green shares strategic have executed first in our newsprint remainder lumber $XXX million, August on million $XXX XX, results, forest we closed

we $XX year-to-date, million these notes. million captured businesses of debt to over due from million company $XXX sale. million prior also senior Additionally, the The of EBITDA of of secured notes XXXX its $XXX and $XXX in including senior the repaid

a with by significantly and on reduction also size as products as right along to the We flow, cash a in markets, investments shortly. sheet. perspective provide for grow catalyst specialties, drive as cellulose to new well bio cash cash provide further our from announced driven shareholders. EBITDA will increased price current cash I'll cost further balance sheet value our longer This our future on increases reliability, our well the and margins, balance our strategy returns as term

financial Marcus Marcus? through I quarter. Now details the for take ask to us the

Marcus Moeltner

increase $XX a in million volumes. prices, cellulose Paul. XX% sales $XXX X, a third by or high driven Starting on sales increased decline Thank you, X% in slide by to purity slight XX% with million, quarter offset sales

and toward stronger at while XXX,XXX tire sales automotive CS filtration sales by pharma, and volumes casings, prices CS volumes. volumes a mix cord per negotiations across including sales. driven all to bio yields. demand strong, sales Overall, impacted nearly lower increase. Jesup prior tons logistic CS CS Costs more EBITDA Overall, drove at plastics. the markets continued significant Commodity [indiscernible] for million. favorable acetate declined reliability construction, and remain well issue volumes by end metric down almost tons. to lower $X to $XX ocean by contract from commodity mix of input This and logistics with food, very related were XXXX expense shift expected, facility were going in freight, from ocean prices As combined resulted million our related production inflation as of the year issue late to XX,XXX higher with higher declined the segment as remained the production in for Jesup. flat and A reliability has challenges approximately higher materials, in key trucking which production maintenance downtime specifically costs

a as declined sales our the Kallima $X by constraints to cost ply strong segment segment offset supply material million price price improved by pulp raw from Turning by higher EBITDA million, challenges. paperboard slide than operation. in three increases resulting $X demand competitors inflation X, offset sales $X the brand, sales XX% for in driven increase driven by to million the logistic for more were and partially

improvement grew operational our segment impact million to $XX and high by to of slide higher $X were in for to EBITDA and on logistic segment million by million pulp improvements year Turning driven increased XX% the sales $XX $X XX% from as yield offset X, costs improvement the in volumes. price prior sales sales million a partially a challenges.

wood, volume on Turning improvement purity improved high sales. and fiber significantly consolidated continuing driven basis, to income higher reliability inflation paperboard operating $X and from as chemicals, and to in as costs million Costs and experienced purity by also respect The logistic maintenance well increases overall energy, from higher mix costs by raw all segments particularly year. operations Higher segment. across impacted were slide results. costs a price improvements impacted material our company costs, with high in and prior X,

driven improve costs Additionally, primarily million effects. corporate SG&A and by $X favorable

senior tax expect we the further and notes, of In French million We the ABL and and availability the profile including $XXX million cash ended newsprint, sale we with $XXX our of million of improved. the and liquidity company of XXXX. by facility. factoring the still of has secured lumber the quarter early October, on $XX $XX refunds million end credit With of repaid

of valued at lumber softwood as million quarter the products to rights forest of million green $XX the the we newsprint end approximately the sale duties. and assets, With of of $XXX have of the first million lumber also and XX shares

inflation Given investment and of term. carrying and the turn invest are back to logistics our short higher margins. greater we to the over now assets uncertainty to with cash in significant currently remain along that, prudently amount opportunities to Overall, like well balances we for generate related positioned With I'd call Paul.

Paul Boynton

you, Thank Marcus.

seeing As of XX, noted are markets. uncertain dynamics on we page the

remained strength fourth and negotiations. from the lag of fallen First year. policy have This reduce significantly bleached which to prior key paperboard rebounding the indices emissions specialties have quarter the Meanwhile, commodity indices. market relative strong pulp the experienced decreased with pulp, prices for prices the recently, a specifically quarter backdrop are The BEK high quarter, demand we has cellulose sequential lows provides or from products causes XXXX in of driven the XXXX by and our governmental although prices our these increases eucalyptus for fluff some off output. should second for benchmark provide the significantly higher of than price viscose energy higher to business resilient a received amid segments yield sharply these pricing China pulp our given third prices craft proxy moderating remain into also the

acetate, lint creating casings, substitute at cellulose for in see especially for grades increased for tire XXXX, markets, product substantially prices page Asia construction, Interestingly, cord markets. strengthening filtration competitive and many cotton interest in product have especially plastic our our also of from additional offerings. end XX. almost bio and across to and product automotive including all We end Turning pharma, demand food

for seen have leaving lines. advantages of disruptions customers a looking supply We of backstop competitors, with high our as specialties, purity some to our cellulose size, given and the us industry us of five scale our many manufacturing redundancy

but fulfilling of XXXX. both XXXX XXXX requests volume the able our at rise costs demand customers challenges with the supply year incremental are in significant and to seeing well our accommodate We'd given all extended outages and Jesup for and also agreed a balance for input We chain. in we're like producers most not into are in

our increases margins for dynamics, our the expect with strong we're our So cellulose focused for business restricted input improving in on Overall, of in driving of the we majority prices specialties costs, or are with ongoing all the escalating in in seeing these market. along print the This In supply packaging significant XXXX. also segment, and supply year. CS market, we're protecting strength demand the price demand, disruptions commercial coming industry return higher. from stronger demand addition continued paperboards to

costs comparable Our area surface in as markets cost unique ratio for this pulp pulp for prices segment lower quarter the the and of weight in pulp, margins expanded supply mills expect lower grow raw decline South to expect three-ply fourth expected to and quarter. to likely continues coming from customers material increase, persist. increase Kallima demand brand the our recognize high yield the we due to are With we China as American In value offerings. are while higher shrinking in from to the prices and logistic challenges share paperboard end to

business. So now for longer on the strategic let's our outlook a take view

complete, and sale core margins drive costs businesses lumber businesses. through of With improve newsprint the to target we our both

XX slide XX%. to Turning EBITDA year-to-date roughly margins are

EBITDA operations, intensive to allowed. we capital conditions purity our than high a generate much a business as expect margins For current level our would higher cellulose such have at

this least margins this and and offerings, we specialized in leadership, initiatives. key EBITDA focused we have goal, our position achieve few aim business. cost unique product to Given base, security technical developed on supply our of plan at a To asset improve generate XX% a

price discussed specialty our improvements already cellulose for products. we've First,

open we next capture of the increases cellulose our the With majority specialty price XXXX, significant in expect products negotiation to for in these year. for contracts

In purity utilize improve expect four to the drive million expect of to and approximately invest significant from facilities. custodial Additionally, expenditures. high assets capital down $XXX we spend and we on our costs cellulose at in our a portion to sale reliability XXXX, proceeds

know availability, sales having inflationary However, time and real on modulate the appropriately we with a materials of assets, with lower basis. volumes increases will and costs, We labor on pressures reliable that challenges efficiencies. CapEx drives cost

in next half year our focus As we planned the extended of reliability. facilities on with three a such, at first of outages four improving

XXXX. we increase reliability, investments also and to strategic in investments Beyond expect our

expected of return We productivity are million of high year reduction these and $XX incremental in quarter enhancement types for including $XX investment our the We've is projects energy next to energy, investments went strategic the green currently investment in bio cost generate online approximately success had million This green with initiatives. evaluating second and earnings $XX France million of at annually. facility. including recent Tartas,

provide above incremental drive will the margins governments energy over vehicles valuation that Europe project under in Tartas bio-ethanol; is demand additive part to in of green energy investments bio-future consumers natural returns seek medium to required our and capital company's as to power Another and of industry. the of greater and currently term. is the gasoline use production potential well These high cost a

Lastly, to our fiber continue environmentally we R&D a friendly projects. our investment in example growth. This method. in production fuels year, the experts An accelerated innovation and areas identified produced investment R&D has biomaterials in TemSilk increase driven a includes used will in working of our innovation for team with trend natural , and natural product Lyocell,

of But broad be In We immediate in single bio-plastics, these petrochemicals initiatives, the are prebiotics. and sharing of to applications, use many over at a will opportunities initiatives plastics. bio-plastics we most including more two details set time. of in replace focus however, looking are

of for supplements currently partners we Research Center on well as customers research have new several for leading Innovation, and as nutritional the industry. develop are the in prebiotics, We working partnered commercial this In poultry to opportunity. and with Institute universities, with of University the collaboration global Saunders capitalize the State Georgia Georgia to current

its of Additionally, in example but up and process in with through carboxylated for cosmetic care An expertise, coatings, the to related constructed is R&D performance of is at the plant and its newly looking Temiscaming formulators. is leading led distribution concrete. core in to cosmetic emerging capture closely strengths. for with near cosmetics, the [indiscernible], investment world's ramping looking opportunity and us Anomera nanocellulose other paints, Anomera attributes our outside sales the opportunities be one segments we personal Incorporated, term agreement production has which will and enhancing our growth our into

developing environmentally to for our significantly investors. evolve, to to as global expect Combined products well for more friendly offerings returns these offer existing EBITDA provide needs. higher new to demand products, solutions from we are actions growing positive both As we working drive continues meet our to natural as

As goal is debt times our reduce EBITDA. net to we stated, previously have X.X

stands debt quarter, net as Turning to million including the XX, the slide million of our of at $XXX cash. of $XXX end

the shares. Our With X.X from this our right new is term growth three in size with first specialties goal future. drive to within towards well finally refunds million our a positions five leverage years. markets, goal cash XX, margin to balance $XXX and is and And of with green leader targeted and for fluff the within tax times proceeds reputation turning to as market next as commodities our slide range viscose the over differentiated the cellulose sheet,

further and strong have platforms that market the broaden specialty we bio-future. on opportunities We to projects serve customers leading allows play develop and and supply to invest rely cash customers meet of and strength security solutions, A while to customers new position our of our allows security the to of tremendous us strategic in segments, many us supply to existing their us The diverse with future. will our into able providing based to growth reliability R&D natural all cost of as offerings biorefinery recently markets. the work redundancy which reduction, cellulose as assets offers of is and coming our were into

proven liquidity invest excited have drive about the that stable look sheet. a controlling please to and more open up and bio-future the expand a forward prudently margins questions. our and to costs We call EBITDA the operator, on balance We record cash With company. track managing plan of to to to we're and executing stronger

Operator

from you. be your Babcock Thank At [Operator question Instructions] session. first of conducting time, question America. with the a with Please answer comes this of proceed we Bank question. John Our will line and

John Babcock

the XXXX the cost all, my side, energy, you Hey, XXXX? guess for wood, of are balance about taking logistics into and the I just across for morning, thinking and on and first good pressures thanks how questions. of chemicals cost

Paul Boynton

over John. Good to it turn I'll morning, Marcus.

Marcus Moeltner

come Good will for the And impacts paperboard costs. on wood our some to I that of in well. lens for in impact Yes, that million chemicals, Jesup there. the you were you saw of but bridge as say we know, certainly nine, close amount increase an our basis, slight and as on inflationary transitory down were conditions indicating single accelerating high is on morning, bridge annualized inflationary we're remain assuming the type And see as really saw as digits John. inflation in percentage pressures. costs on through in price, And next page you pressures year. And we energy. the A year. certainly There's these would in logistics $XX the can on same pulp

John Babcock

the Got that ensure at and impact you. to then do it can a Could kiln facility you also help disruption us intended? as to quantify further have of you adjust any work to the run mill

Paul Boynton

we model, as model John, tons XX,XXX costs on and so assume based Yes, that. on absorption that can mentioned you your fixed the

fresh We some the to had also some line and for makeup maintenance. purchase

meaningful could think gauge I But pretty good on items, those with you So that was it get probably is. what enough. a

Marcus Moeltner

at to But mentioned upcoming expected. the reliably noted, some in And and lime we John that than Marcus and reoccur. our the with in we goal, can efficiencies. of four evaporators facility. particularly in each first facilities the reliability particularly of XXXX of improve and areas in it our of to of our our run this his very year issue, as is make sure it make doesn't also got to XX course And changes that comments ahead upon to and operational go us shutdown on We're our prepared [kiln] reliable going the for shutdown, focus half we and is three

doing XXXX be a to overall reliability focus help rates. of early and lot on we'll our So production improve throughput in

John Babcock

you. Got

reasonableness I to For realm there. in the million kind $XX kiln the would $XX disruption, though, mean be of million of

Marcus Moeltner

absorption We again, fixed a quantify sales. you're just costs assuming would some impact. John, the bit probably That's high. live

John Babcock

in what half year? the next Okay, first you. to do And you planning maintenance of mills, on are got

Marcus Moeltner

Yes.

front schedule, loaded So, next our year. again, is end shutdown

gate So first that's will in February, for number now. five be recovery out days, of and the Jesup it's extended the XX except boiler

in March. day days mentioned, in XX the vessel. consciously in that a of reason in Temiscaming, built is that. extend outage the And working it'll we in there Fernandina, days an the it's focus XX back test the in XX boiler it's XX inventories is May. economizer recovery cycle. that's of entire Remember, focused our At power on. the and is as Fernandina number unreliability. in So by year we're again, another on And the here that XX again boiler for XX followed anticipation Paul That's on October The Temiscaming on the it's days. month boiler, end

John Babcock

specialties the you price Okay, got what different focal And then customers, also, products with some still to you. to can you serve? in sense That's produced markets that give then of as very helpful. has cellulose extent with negotiations? those negotiations recognizing pricing in points risen you're primary for us the And

Paul Boynton

Yes.

we in the contracted price that we're and and discussed were as a out that's allow But we contracts majority. that on XX% targeting release increases said to there look, came minimum. out and So so put that's XX%, earlier

discussions us So those we're it A around those our cost this we shared year. material having now. focused going lot what Marcus out, think we're of just for increases. are raw is

customers. John, very as timeframe we to with year, this be don't June talking to about want early Next share And the started conversations we're the went We way out to the experiences. our customers that want a our because there all a And their getting communication as and through all be we that them. burden we on with productive. customers this have pass have should actually them been those

said And that pointedly these going the feel so I'm we're majority. confident and get to Again I we increases. on

able are that's just across that have about won't not is them our allow dialogue. we we because and to load this means to us overall, that because that good give conversation kind heads up we supply because having But on shipping And that. probably that pass feel [indiscernible] that again, we contracts minority really their plenty well good to to we the chain. the the and customers know customers feel the It's that also a of a So wouldn't it our customers. important as sharing they're be

John Babcock

have. Okay, That's thank all you. I

Paul Boynton

Thanks John.

Operator

RBC Our Paul question. with next your Quinn a with of comes line Please Markets. proceed from question Capital

Paul Quinn

Yes, thanks very guys. much. morning, Good

Just what negotiation trying that are for sale next understand business, contracts year? to the your up on price percentage price of especially increase

Paul Boynton

hey, majority that the Paul, of said good we there. out morning,

number I mean, that for over pick can you open negotiations. XX% is So somewhere

opportunity. our and can any you that burden some then in on balance, with that just seeing the the that dialogue customers about regardless see every caps cost what of dialogue On that have are we're with one our we have with we're some having do don't having that have we share them. and increases we But materials that here you

and getting expect the are customers needing go So feedback product that that through from of majority these our we are increases the where will we're our our again that they given and volume. on and price

Paul Quinn

the and shouldn't Okay and to $X one for get what plus, that for line? Is the the lime. fresh then fixed in not being off kiln range at on somewhere the million if quarter, lime I'm hit that repeat quarter tons that in XX,XXX bought that probably just I'm that looking absorption on the able you costs, next quarter.

Paul Boynton

say More than range the I'd Paul.

Paul Quinn

the pricing? of it paperboard pulp seen in then surely guess and I trickle through going a in expecting forward price the you're and there sort here drop number of we've QX side, expected and the on results off with better increases didn't, Okay, mean, to I

Marcus Moeltner

we open process. business the the yes, should with paperboard market weighting sequentially pulp from a know, manufacturing on on tons that price get, got higher benefiting Paul, lower I hardwood. XX,XXX as We the you in see inputs business So, we're

Paul Boynton

think quite was right. got considerably Yes, some if up XX% Paul, I numbers three I my our year-over-year

that in demand. strong and moving again, direction it's So certainly

continue expect So to going that as increases forward. of type Mark we show those said,

Paul Quinn

And able another and price far? at guys way what's been implementation? you or implement the Have all outs the increases to price look on increase is it to so left

Marcus Moeltner

talking paperboard or You're on CS? back to

Paul Quinn

Paperboard.

Sorry. Confused you. Paperboard.

Marcus Moeltner

accelerating. and of saw late have spring starting into you the Paperboard kind been Yes. those increases then summer

the And good it'll outcome good the you is good a offtake end pricing looks job So book our order that and good the say. all a in those all has been annualize certainly, markets. be We impacts, did I positive. once in it's would

Paul Boynton

there's kept And on these Yes. with key are tight increases a top part very demand supply out of market overall. disruptions been players. other I Paul of there that's the and think

that is So to noted, those yes, are of business, course we material course, pulp dependent and in dropping. that of on cost continue we of prices, coming as expect mainly raw through

quarter business expect improved in we in our well. definition even margins as being at I fourth come in and could look the next think XXXX as And fall. further that we'll that out attractive So with you very on a

Paul Quinn

green share see share can the on then shares, value first prices, you're look long do of in just should the How forecast and we in your the to lastly, monetize maybe being short your at per forward it's you and green Okay, on just going lumber term that? you or or term? something going that

Marcus Moeltner

the so market you Paul as well. know follow you

closed looking looking As recovered August, But a I'm market prices favorable Everything that in we they've dropped nicely. point, in pretty I points a September. to sharply reference ahead. at pretty think as

we'll situation. So close to stay certainly that

on We But views the fundamentals we'll shares very how best that time's very, six on certainly right. month to are get positive. position and have still for monetize the smart the lumber think I when our

Paul Quinn

I all that's had. Okay,

Paul Boynton

Paul. Thanks,

Operator

Bank America. your question. of from Our of proceed Spitz from a Roger with next Please line question comes

Roger Spitz

and much very good morning. Thanks

So us the what steer year full those you guidance give EBITDA if for those any XXXX, turnaround any maintenance can on or impact outages? outages from is in

Marcus Moeltner

tends So, those smooth Roger, the as it I mean so over you to costs amortize periods, we these out. know

a specific we have in on your those guidance but basis, maintenance So on give amount. you exact always P&L, yearly costs don't

Roger Spitz

Okay.

QX For CapEx, as as guidance for any do well XXXX? you have

Marcus Moeltner

Yes.

full call last in for XXX on basis from to this are saw we XX you net year-to-date, just on guided And our cash over a the year. range in had we're committed So of still and flow XX our custodial. to

balance So of that's the for the year. the expectation

Roger Spitz

$XX think that should be I in CapEx will So QX your million?

Marcus Moeltner

Or that a would be and combination custodial anything strategic. of

Roger Spitz

number, big know but. it's that of for game. steer any a I the CapEx now Okay, not XXXX out and you're

Speaker

and modulate million strategic cost the mentioned on that through evaluate XXX caveat lens critical would to seeing a then, execute his For Paul the we that with inflation on what that to alluded ‘XX comments. projects. based in opportunities we those custodial we're And for any

Roger Spitz

it. Got

I Sorry deminimis, million release, tax in including you maybe million statement? up lastly, cash that. the And or in next those sales, when $X to etc cash flow your they the adjustments, guess. in some talked to a I Did year those about million QX of then all are lumber related missed outflows press $X hedge show or might QX

Marcus Moeltner

for XX asset agreement closing adjustments. day The purchase provides a settlement after closing for all

So that happen quarter. will this

Roger Spitz

perfect. Okay, Thank you much. very

Paul Boynton

Thanks, Roger.

Operator

Our from of [Operator comes the question. question proceed line with Please Berenberg. Instructions] Paretosh Misra next with your

Paretosh Misra

Good you. morning. Thank

to wanted not announced that couple asking Just your the a thing? XX% volumes repricing or next go ago. that - are Is of to back for XX% up that CS that price months same increase are in price year plus that XX% for those you

Paul Boynton

make understand Paretosh, your I Hey sure question.

around for And that Paretosh, XX% grade that minimum Let majority XX% conversations open we in just moving I discussions. price are volume pricing me our type and me. XX% of of But is answer [indiscernible] depending the as up. the those think I and and don't allow have correct of think answer plus to range question, having on if we are contracts the you of are

the of balance that. you So have

in the that hopefully all started allowed seeing model. bit be there with I inflation we're And no to the again, it's we're those your and So the with discussions because it lot right that if But can to those letting a caps little is that there We're price quarter productive, price difficult customers question, in or onslaught dialogue still move does. the middle we been answers very again, a can't now. they've having minority second discussions either say customers. it. in having of know that is of these of trapped know we I of and But

margins. we we goal on of improved actually of where our is in if business. impact obviously, to tight, demand these those type that want mitigate is our can't, markets, So on noted inflation is And the

do trying again there backs. So of is, that's take what to this can't we're we on load out the our

work And us, across so with we've customers our with this work the to customers to distribute asked chain. to supply and their

Paretosh Misra

my it. that yes was And Got question.

we any is So I CS pricing guess, far shouldn't expect changes concerned, right? QX QX in the next as as to quarter major

Paul Boynton

to No, some pricing. the tend to and year pretty We've opportunity relatively for part they're the stable got there pricing most move stay But it's here stable. for up. we in

January X. effective movement the see you'll So

Paretosh Misra

just it. maybe you're provide? to then any you other little as could product, And more on your could as a seeing talk reception you what the bit and if Got Temiscaming for in market color as far

Marcus Moeltner

Yes. Sure.

two stories has key the there, product, So here. all positive. our like very reception With the qualified. been for out they product different One, our customers it's

So we feel to ready good about go. it. We're

I part COVID that is that fairly these market, been story Lyocell for of think the has second through times. market muted the

take when good what of develop. hold. no it's backed rebound sure the yet here do. their and a for that's take years. we And ready we're And so very position We to there be to going we to equation There's go. five think in customer want customers I market market markets see the that that's the for we're And our news happen. when to good an be next that in one advantage our to incremental to position But everybody on side the to that three potential off tons of to support is and that to for of really we're make waiting XXX,XXX happen wanted to to in is, be

Paretosh Misra

a maybe last And Thanks one. lot.

you of opportunities, think new require about year? biggest the TemSilk spending them might or CapEx which bio-ethanol, several bioplastics, So talked next either R&D you

Marcus Moeltner

Yes.

sitting our to stores are were Tartas able facility. sourced feel to that that's natural market out I based that. that really think certainly we serve when non-food production market. about a for with opportunity Obviously I product, already we looking bio-ethanol talked based need. potential for about good That's a wood the there. They inputs at meet

next believe I there. to we'll between so be in call move to position stay I'd tuned, to development we'd our forward talk able now and be about that in in like think that in project And project a in of some I our in say terms XXXX Tartas

Paretosh Misra

Got Well, had. that's I it. all Thanks.

Marcus Moeltner

Thanks.

Operator

and the over Ladies we turn the I session. the you. question have and call of for Thank closing reached Paul now Boynton to remarks. end answer gentlemen, will

Paul Boynton

business. operator. a growth for there's forward we everybody the challenges But And your out for These keeping for again, there's Yes. will results on Thanks, it Rayonier creates Materials. real look a lot you talk Advanced And and a updated to in our lot opportunity thanks, drive to of future. excitement are I in time you near also us, today. there. of certainly to

everyone. thanks So

Operator

you Thank conference may today's participation you day. have concludes for disconnect time. at wonderful a your your this This and lines and