Clearwater Paper Corporation · NYSE:CLW

Clearwater Paper — Investor Presentation (March 2021)

20 slides from Clearwater Paper's investor presentation, March 2021

  1. Slide 1: Investor Presentation

    Investor Presentation March 2021 Investor Presentation June 2020

  2. Slide 2: Forward Looking Statements

    FORWARD LOOKING STATEMENTS Cautionary Statement Regarding Forward Looking Statements This presentation of supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including

  3. Slide 3: Clearwater Paper – At a Glance

    CLEARWATER PAPER – AT A GLANCE TRUSTED PRODUCTS THAT ARE ESSENTIAL IN EVERYDAY LIFE Key Highlights Two Well-Positioned Businesses $1,869MM $283MM YE 2020 NET SALES YE 2020 ADJUSTED EBITDA 45% Adjusted 48% $1,033MM CPD $178MM 55% Sales1 52% EBITDA1 YE 2020 NET SALES YE 2020 LTM ADJUSTED EBITDA $836MM

  4. Slide 4: Clearwater Paper Value Proposition

    CLEARWATER PAPER VALUE PROPOSITION WELL POSITIONED ACROSS TWO ATTRACTIVE BUSINESSES Consumer Products:  Leading private brand provider with national scale & superior supply chain performance  Shift to private-branded over branded product continues with long runway  Tissue is need-based and econom

  5. Slide 5: Capital Structure and Capital Allocation Objectives

    CAPITAL STRUCTURE ALLOCATION Capital Structure: Supportive and Stable Liquidity Profile ($ in millions)1  Capital structure provides ample liquidity ABL Availability $227.1  No material near-term debt maturities Less Utilization (3.6)  Corporate/Issuer ratings: Ba2/BB- Plus Unrestricted Cash 35.9

  6. Slide 6: Sustainability

    SUSTAINABILITY People, Planet and Products Our approach utilizes Environmental, Social and Governance framework. We are committed to the health and safety of our employees and building a more diverse and inclusive workforce. We understand our role in conserving and protecting the planet’s air, water

  7. Slide 7: Consumer Products Division

    Consumer Products Division Page 7 © Clearwater Paper Corporation 2020

  8. Slide 8: CLW: Consumer Products Overview

    CLW: CONSUMER PRODUCTS OVERVIEW  Manufactures and sells a complete line of at-home tissue products  Small position in away-from-home (“AFH”) Description Business  Leader in growing North American private brand tissue segment  Approximately 1/3 of overall tissue market is private brand1  Nationa

  9. Slide 9: Consumer Products Industry Overview

    CONSUMER PRODUCTS INDUSTRY OVERVIEW Industry Overview Napkins Facial Tissue 7% AFH 7%  U.S. tissue market is comprised of at-home and the 28% AFH segments Paper Towels U.S. At-Home  At-home segment: bath, paper towels, facial and napkin U.S. 35% Tissue Industry Tissue Market1 Product Mix1 product

  10. Slide 10: Consumer Products: Favorable End-Market Characteristics and Trends

    CONSUMER PRODUCTS: FAVORABLE END-MARKET CHARACTERISTICS AND TRENDS The tissue industry is characterized by stable growth and minimal cyclical variation relative to the broader paper industry and the macroeconomy North American Tissue Demand and U.S. Population Growth North American Tissue Demand (Th

  11. Slide 11: Shelby Expansion: At-a-Glance

    SHELBY EXPANSION: AT-A-GLANCE Investment Overview  Installation of tissue machine and corresponding converting equipment and warehousing  Located in Shelby, NC, adjacent to existing tissue plant  Completed investment of $420mm Investment Benefit Summary  More effectively meet customers' growth f

  12. Slide 12: Paperboard Products Division

    Paperboard Products Division Page 12 © Clearwater Paper Corporation 2020

  13. Slide 13: CLW: Paperboard Segment Overview

    CLW: PAPERBOARD SEGMENT OVERVIEW  Manufactures and markets premium white Solid Bleach Sulfate (SBS) paperboard; offers services including custom sheeting and slitting, as well as converting Description Business solutions consulting  Focused on diverse North American SBS high-end packaging segments

  14. Slide 14: Paperboard Industry Overview

    PAPERBOARD INDUSTRY OVERVIEW Industry Overview Other • Clearwater Paper operates within the SBS or premium 4% Cup and white paperboard segment of the broader paperboard SBS Plate Unbleached Liquid Packaging 26% industry 55% 25% Kraft • SBS is a high-performance paperboard grade 26% U.S. North Americ

  15. Slide 15: Paperboard: Favorable End-Market Characteristics and Trends

    PAPERBOARD: FAVORABLE END-MARKET CHARACTERISTICS AND TRENDS Key Industry Trends  Pricing and supply for SBS market are stable  Continued shift in consumer preference away from both foam and plastic to paper food service and premium retail products supports demand for paperboard  Approximately 2/3

  16. Slide 16: Summary

    Summary Investor Presentation June 2020

  17. Slide 17: Clearwater Paper Value Proposition

    CLEARWATER PAPER VALUE PROPOSITION  Well positioned across two attractive businesses  Economically resilient market segments  Completed major capital expenditures  Focusing on cash generation to reduce debt by:  Delivering benefits from Shelby investment  Continued operational improvements  A

  18. Slide 18: Appendix

    Appendix Page 18 © Clearwater Paper Corporation 2020

  19. Slide 19: Major Maintenance Schedule

    MAJOR MAINTENANCE SCHEDULE ($ in millions) $30 $25 - $30 $24 $19 - $23 $22 $18 $20 $7 $7 $18 $17 Idaho $15 $10 None None 2015 2016 2017 2018 2019 2020 2021e 1 2022e1 Q1 Q2 Q3 Q4 Total 1 This information is based upon management’s current expectations and estimates, as well as historical averages. Ma

  20. Slide 20: Key Commodity Consumption Volumes

    KEY COMMODITY CONSUMPTION VOLUMES Unit of Approximate Annual Volume1 COGS Input Measure (in millions) Purchased Pulp Ton 0.3 Fiber Bone Dry Ton 1.7 Diesel Gallon 10 Electric MWh 1.0 Natural Gas MMBTU 10 Polyethylene Pound 30 Caustic Pound 90 Chlorate Pound 30 1 Approximated annual volume and expense

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