Rayonier Advanced Materials Inc.

Good morning. Welcome to the RIAM fourth quarter of a full year 2022 earnings conference call. During today's presentation, all parties will be in 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 call over to your host, Mr. Mickey Walsh, Treasurer and Vice President of Investor Relations. Thank you, Mr. Walsh. You may now begin.

Thank you, and good morning, everyone. Welcome again to RIAM's fourth quarter and full year 2022 earnings conference call and webcast. Joining me on today's call are Delisle Blomquist, our President and Chief Executive Officer, and Marcus Moltner, 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 new website at RIAM.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 27 of our presentation. I'd now like to turn the call over to Delisle.

Thank you, Mickey, and good morning. I will start today with financial highlights for 2022 before turning the call to Marcus to provide additional details on each of our businesses. After Marcus' update, I will provide an outlook and guidance for 2023 before opening up the call for questions. Let's start by turning to slide five. We finished 2022 with positive momentum on revenue and EBITDA. Revenues increased $309 million, or 22% from prior year, to $1.7 billion, driven by strong demand and prices across all of our products, including cellular specialties, which represent half of our revenue and a significant majority of our EBITDA. Adjusted EBITDA for the year increased $50 million, or 39%, to $177 million, as the price increases realized more than offset extraordinary cost inflation. The increases from prior year were led by our high purity cellulose segment, which delivered $150 million of adjusted EBITDA, up $11 million, or nearly 8% from the prior year. Paperboard delivered a solid $53 million of EBITDA, up $25 million, or 89%, driven by strong demand for sustainable packaging and higher prices. High-yield pulp contributed an additional $19 million of EBITDA, as we took advantage of high prices in the fourth quarter to capture significant value for this segment. Corporate expenses improved $5 million from last year to $45 million for the full year, driven by a change in the valuation of the Green First shares and favorable currency impact, which were partially offset by higher variable compensation. Now I'd like to ask Marcus to take us through the financial details for 2022 before I provide an outlook for 2023.