Glatfelter Corporation

Thank you for standing by and welcome to the Gladfelter's quarterly earnings release conference call. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today. Ramesh Shedegar, please go ahead.

Thank you, Celine. Good morning and welcome to Glatfelter's 2020 Fourth Quarter Earnings Conference Call. This is Ramesh Shedegar, Vice President of Investor Relations and Corporate Treasurer. On the call today to present our fourth quarter results are Dante Perini, Glatfelter's Chairman and Chief Executive Officer, and Sam Hillard, Senior Vice President and Chief Financial Officer. Before we begin our presentation, I have a few standard reminders. During our call this morning, we will use the term adjusted earnings as well as other non-GAAP financial measures. A reconciliation of these measures to our GAAP-based results is included in today's earnings release and in the investor slides. We will also make forward-looking statements today that are subject to risks and uncertainties. our 2019 Form 10-K filed with the SEC, and today's release, both of which are available on our website, disclose factors that could cause our actual results to differ materially from these forward-looking statements. These statements speak only as of today, and we undertake no obligation to update them. I will now turn the call over to Dante.

Thank you, Ramesh. Good morning, and thank you for joining us. Today's earnings call marks the conclusion of a very successful year in Glidefelter's transformation. Our strong financial performance amid a global pandemic speaks to the durability of the new Glidefelter. As businesses across the globe faced unprecedented challenges, we continue to make progress by focusing on employee health and safety while ensuring uninterrupted supply of critical products to our customers. and our reshaped portfolio helped deliver full year adjusted EBITDA growth of 12% for the company. Slide three provides a summary of our fourth quarter results. Gladfelder continued its track record of delivering quarterly results that meet or exceed expectations by generating better than expected adjusted EBITDA of $30 million and adjusted earnings per share of 22 cents. Air-laid materials posted higher quarterly shipments versus the same period last year in all product categories except tabletop, which continues to be heavily impacted by the pandemic. As a result, it was necessary to take additional downtime to manage inventory, which negatively impacted profitability. Composite fibers posted excellent quarterly results, as strong demand for wall cover and composite laminate products translated into higher production. This, when combined with a favorable mix and higher asset utilization, boosted profitability. At an enterprise level, we continue to benefit from our transformation, including an improved cost structure and an optimized engineered materials portfolio comprised of over 85% essential consumer staples. Our adjusted free cash flow for the year increased by $29 million, driven by EBITDA growth, and lower cash usage for working capital and taxes. With meaningful debt reduction and net leverage of 1.8 times, we ended the year with a very healthy balance sheet. Additionally, we recently announced the acquisition of Georgia Pacific's U.S. nonwovens business, further underscoring our focus on strategic growth. I will speak more about this acquisition later in my closing remarks. At this point, I'll turn the call over to Sam to give an in-depth review of our fourth quarter results.