Rayonier Advanced Materials Inc.

Good morning, and welcome to the Rainier 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. Mickey Walsh, Treasurer and Vice President of Investor Relations for Rainier Advanced Materials. Thank you. Mr. Walsh, you may begin.

Thank you, Operator, and good morning, everyone. Welcome again to Rainier Advanced Materials' third quarter 2021 earnings conference call and webcast. Joining me on today's call are Paul Boynton, our President and Chief Executive Officer, and Marcus Maltner, our Chief Financial Officer and Senior Vice President of Finance. Our earnings release and presentation materials were issued last evening and are available on our website at rainieram.com. I'd like to remind you that in today's presentation, we will include forward-looking statements made pursuant to the safe harbor provisions of federal securities laws. Our earnings release, as well as our filings with the SEC, list some of the factors which may cause actual results to differ materially from the forward-looking statements we may make. They are also referenced on slides two and three of our presentation material. Today's presentation will also reference certain non-GAAP financial measures, as noted on slide four of our presentation. We believe non-GAAP financial measures provide useful information for management and investors, but non-GAAP measures should not be considered an alternative to GAAP measures. A reconciliation of these measures to their most directly comparable GAAP financial measures are included on slides 18 through 23 of our presentation. I would now like to turn it all over to Paul.

Thank you, Mickey, and good morning, everyone. Today, I would like to hit some of the highlights for the quarter before turning the call over to Marcus to review the detailed financials. After Marcus's update, I will discuss our strategic outlook for the business. Starting on slide five, EBITDA from continuing operations improved by $3 million from prior year to $35 million, driven by continued momentum in commodity product prices, including high yield, viscose, and fluff bulbs, as well as solid demand for cellulose specialties. In addition to the improved financial results, we have executed on several key strategic initiatives. On August 28th, we successfully closed the sale of our lumber and newsprint assets for approximately $232 million, including $185 million in cash, with the remainder consisting primarily of shares of Green First Forest products. Additionally, year to date, we captured $192 million of EBITDA from these businesses prior to the sale. The company also repaid over $150 million of debt, including $127 million of its senior notes due in 2024 and $25 million of the senior secured notes. We also significantly increased cash on the balance sheet. This cash, along with future cash flow, driven by the announced price increases for cellulose specialties, as well as cash returns from our investments in reliability, cost reduction, and new bioproducts, will provide a catalyst to grow EBITDA margins, further right-size our balance sheet, and drive value to our shareholders. I'll provide a further perspective on our current markets, as well as our longer-term strategy, shortly. Now I'll ask Marcus to take us through the financial details for the quarter. Marcus?