Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Neenah Q1 2022 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, please press star one again. Thank you. Kyle Anderson, Vice President of Corporate Strategy and Investor Relations, you may begin. Good morning, and thank you for joining us on Neenah's Q1 2022 earnings call. With me today are Julie Schertell, Chief Executive Officer, and Paul DeSantis, Chief Financial Officer. Julie and Paul will discuss recent results as well as shared thoughts on our full year outlook, how we are executing our strategy, and our planned merger with SWM. We issued a press release covering Q1 financial results yesterday afternoon and posted supplemental material to our investor website to assist in better understanding our quarterly results. Following our prepared remarks, we will open the call for questions. As a reminder, our comments include forward-looking statements. Actual results could differ from these statements due to risks outlined both on our website and in our SEC filings. As we get started, a few opening highlights. In the first quarter, we continued our top-line growth momentum and set yet another quarterly record with net sales up 25% over last year. Adjusted earnings were $0.63 per share, excluding $0.29 of unusual costs, and adjusted EBITDA was $30.3 million. In Q1 2021, adjusted earnings were $1.04 per share and excluded $0.55 of unusual costs, with adjusted EBITDA of $35.7 million. Details of these adjusting items, along with the reconciliation to GAAP amounts, can be found in our earnings release. With that, I'd like to turn the call over to Julie. Thanks, Kyle, and good morning, everyone. I'll start with an overview of our first quarter performance. We were pleased with our results in the first quarter. Compared to Q1 2021, total volume was up 17%, with Fine Paper and Packaging up 7% and Technical Products up 23%. We delivered sales of almost $285 million, up 25% from last year. This was our third consecutive quarterly top-line record, a clear indication that our growth strategy is gaining traction. From a bottom-line perspective, despite a challenging year-on-year comparison against an exceptionally strong and pre-inflationary Q1 2021, I'm pleased with our progress on EBITDA margins as they improve sequentially from Q4 to Q1, from roughly 9% to around 11%. The primary driver of this improvement was continued success in our pricing initiatives. As we all know, the inflationary pressures over the last several quarters have been intense, escalating at an accelerated pace and to record levels. As discussed on prior calls, we've been aggressively executing on a disciplined pricing strategy to catch up to and offset these unprecedented inflationary costs. We are now beginning to over-recover input cost inflation while input costs are still increasing, demonstrating our pricing actions are working to recover margins and run ahead of inflation in 2022. These benefits will continue throughout the remainder of the year. Favorable sales volume and mix is also significant this quarter, signaling market demand remains very strong, and we are unlocking portfolio opportunities with innovation and alternative chemistries to offset some of the supply chain shortages. While we have supported our customers on supply, our internal operations were impacted by availability of raw materials and labor. At this time, we have successfully addressed operating labor shortages but remain in the training phase at many sites in North America. There is a learning curve that we expect to continue to improve upon throughout the year. We are reaffirming our full year guidance for 2022 of $135 million-$145 million of adjusted EBITDA, or a 15%-25% increase versus prior year. As we progress throughout the year, we expect earnings to benefit from several factors. First, we expect our pricing efforts to continue to offset rising input costs. We have announced additional pricing actions that will be effective during the second quarter in response to continuing escalation of costs. Second, demand for our products remains very strong. In some cases, we have orders placed into the fourth quarter, signaling continued market strength. We are also demonstrating strong progress against our growth drivers, including our most recent acquisition, Itasa, which continues to exceed our expectations and deliver record performance. Our release liner capacity expansion project is underway, and we are pleased with how this will serve as a foundation for growth going forward. With greater availability of inputs, increased stability of labor, and continued implementation of our operational excellence program, we expect to see manufacturing performance improve throughout the year. Lastly, we will continue to drive innovation and launch new products that customers value that expand our addressable market and that create the opportunity for higher margins. As an example, in April, we launched a new medical packaging solution capable of withstanding all types of sterilization technologies, including radiation. This is significant as single-use medical devices continue to gain popularity due to their ability to lower costs, increase efficiency, and reduce the spread of infection. Our new product allows customers to serve multiple market needs, is technology agnostic, and provides an alternative to polymer-based packaging. All of these efforts, strong pricing and volume, favorable mix, improving operating performance, and new products lead to improved margins throughout the year. While it continues to be a challenging environment, I'm very pleased with the actions and results our teams have demonstrated. We are directly addressing the challenges, delivering results, and positioning the business for further growth and margin expansion. We are confident in our earnings guidance, and our trajectory is on pace. Our strategy is clear, and we are demonstrating progress towards both near and long-term goals. With that, I'll turn it over to Paul to cover financial results, and then I'll wrap up with some comments on our long-range strategy and the planned merger with SWM. Thanks, Julie. As I begin, I would like to highlight a few enhancements to our quarterly results communication. We've streamlined the earnings release to help focus on the relevant items for the quarter, included a new bridge graphic to show the key drivers of adjusted EBITDA, and posted a supplement to our investor website. Consolidated sales reached $285 million, up $58 million from last year's comparable quarter. Itasa accounted for $39 million of the increase. Volume, including Itasa, was up 17%, while prices were up another 13%, partially offset by currency and mix of about 5%. Both segments demonstrated continued volume growth, which excluding Itasa, was up 3%. Adjusted EBITDA was $30 million compared to $25 million in last year's fourth quarter and $36 million in last year's first quarter. Q1 year-over-year pricing actions were favorable by $30 million, which were ahead of the input cost increases of $29 million. We're expecting that differential to keep increasing over the remainder of the year. It's also interesting to note pricing for all of 2021 was $19 million, highlighting the momentum we're seeing with our pricing actions. Adjusted EBITDA margins increased by 130 basis points on a sequential basis. This is the second quarter in a row of sequential margin improvement driven by the increased momentum in our pricing actions. The primary driver of the shortfall in profitability from last year's exceptionally strong first quarter was an unfavorable $15 million year-over-year variance in operating costs, including higher distribution expense. The input availability issues we've experienced over the last few quarters, combined with labor availability challenges, drove the inefficiencies, which result in slower throughput, higher waste, more downtime, and higher conversion costs. A few additional things to note. The unfavorability includes costs associated with the January fire in our Brownville, New York facility, which had about a $2 million impact in the quarter. This compares favorably to the $3 million we had originally estimated, thanks to the efforts of the team to work with customers, modify existing inventory, and start up the asset earlier than expected. Distribution costs were $3 million unfavorable year-over-year, reflecting the challenges in the freight and logistics marketplace. We drove improvement throughout the first quarter in manufacturing costs and expect the unfavorable variances to 2021 to improve and ultimately turn favorable by the end of the year as the actions we've taken in our facilities are showing traction. There are a couple of important points to be made here in terms of Q1 performance versus 2021 in operating costs. Q1 2021's operating performance was the best quarter in the last few years. Although we're $15 million unfavorable to Q1 2021, on a sequential basis from Q4, we're showing improvement and, as I said, expect that improvement versus prior year to continue throughout 2022. Another important point to be made is that we're about on plan with variances to plan primarily from the Brownville fire and distribution costs. Lastly, we're beginning to see very slight but noticeable improvements in raw material availability and expect that to continue throughout the year. Turning to segment results, Technical Products sales were $186 million, up 28% from 2021 and up 6% excluding Itasa and the facility closure last year. Pricing accounted for growth of 13% and volume was favorable, but mix and foreign exchange were both unfavorable. Adjusted EBITDA was $20.2 million. Down from a very strong $24.9 million last year, reflecting the impact of raw material availability and the related operating inefficiencies. Technical Products is bearing the brunt of the specialty chemical availability challenges and the related operating inefficiencies. Pricing momentum is very strong, which is expected to drive expanding net price over input cost favorability for the rest of the year. Fine Paper and Packaging sales were almost $100 million, up 21% from last year's level, with pricing up 14% and volume up 7%. Adjusted EBITDA was $14.5 million for the quarter, down slightly from last year's $15.3 million, reflecting the impact of the availability issues and the Brownville fire. We continued to perform above our original expectations, driven by the strength of the commercial print, packaging, and consumer products businesses. In both segments, we believe we're on track to offset the $21 million unrecovered input costs as well as offset expected 2022 inflationary pressures over the next few quarters. We ended the quarter with liquidity of $160 million and leverage of 3.9x. Cash flow from operations was a use of $2 million, driven by working capital increases reflecting the higher input pricing and selling costs and higher cash tax payments. CapEx was $8.3 million versus $4.8 million last year, primarily driven by spending for our growth initiatives. As we work our way through the year, we expect to increase cash from operations and reduce leverage to around 3x. From a CapEx perspective, for 2022, we expect to be at 4%-5% of net sales as we invest for growth. SG&A is up $6 million over the first quarter of 2021. Most of that increase is the impact of the Itasa business. A secondary driver is increased incentive compensation accruals reflecting the strong start to the year. For 2022, we anticipate that our full year normalized tax rate will be in the low to mid-20s as a percentage of pre-tax income. Our effective tax rate was 21% of pre-tax earnings in the first quarter of both 2022 and 2021. Our effective rate is lower than the statutory rate primarily as a result of benefits from U.S. R&D tax credits. Looking ahead, we were very pleased to see pricing offset input costs in the quarter. Additionally, we've seen progress in operations from Q4 2021 to this quarter and sequentially each month throughout the first quarter as our supply chain team's initiatives are addressing the inefficiencies resulting from the availability issues. As a result, as Julie said, we are reaffirming our full year guidance. Here are a couple of additional considerations for upcoming quarters. Top line remains robust and demand is strong. We are not yet seeing input costs moderate, particularly with pulp and energy. We've implemented immediate surcharges where necessary to offset those increases. We're also accelerating pricing actions to minimize the timing lag between input cost increases and our pricing. As a result, our pricing mechanisms are working faster than ever before. In terms of specialty chemicals, costs continue to increase, but at a rate slower than last year. Additionally, many downstream chemicals are still very tight, although we're seeing some progress in availability. We have minimal direct exposure from the Russia-Ukraine conflict, with no assets or employees located in those countries and virtually no revenue. We're continuing to address indirect impacts from the conflict, including European energy and logistics disruptions. Turning to margins, we expect to maintain our recent improvements near term, with gradual continued improvement beginning in the back half of the year as we address our operating challenges and execute our pricing actions. Of note, Q2 2022 will look more like Q1 2022, while the year-on-year comparisons in the back half of the year are expected to be more favorable versus prior year. As a headwind to our margin and growth initiatives, the euro is having an unfavorable impact on our U.S. dollar results. For each penny of appreciation of the U.S. dollar to euro exchange rate, we are impacted by approximately $650,000 of earnings on an annual basis. Our teams, including operations, R&D, purchasing, and sales planning, have responded very constructively to address the availability issues. As a result, we're seeing improvements in operations which we expect to continue throughout 2022. On that note, I'll turn it back to Julie. Thanks, Paul. I'm very pleased with how the Neenah team has focused on delivering results and executing as we said we would. During these volatile times, we've been able to aggressively grow our top line with improved pricing, volume, and mix, implement new and flexible pricing strategies that are showing early signs of success in offsetting record-level input costs, diversify our portfolio with continued strong growth in air and industrial filtration, release liners, and premium packaging. Strengthen our position with customers by leveraging a global supply chain that addresses their local needs, reformulating product chemistries to meet customer demand, and launching new products that expand their addressable markets and provide sustainable alternative solutions. As a result, we are seeing early traction on margin expansion, and we are reaffirming our full year guidance, which is supportive of our longer term goals. 5% top line growth, 10% bottom line growth, and greater than 15% EBITDA margins. Now shifting to the announced merger with SWM. This is a transformative inflection point for both Neenah and SWM, and we are extremely excited about the possibilities and the potential of the combined company. Together, we will form a leading global specialty materials company with an improved growth profile, compelling synergies, and meaningful scale. We view the merger as an and, not an or, meaning we will deliver the benefits of executing our combined business plan, and we will see incremental growth and value from the planned merger. We think about the benefits of this merger in three key areas. Strategy, synergies, and scale. First, we believe the merger accelerates our long-term strategy, will enhance the growth dynamics of our business, and drive attractive margins and cash generation. The combined companies should be well-positioned in diversified and high-growth categories such as filtration, protective films, release liners, healthcare, and sustainable packaging. With strong market positions and strong macro trends, what makes this combination even more powerful is that the two companies complement each other but don't overlap. By bringing together the strengths of our complementary product offerings, technologies, and geographies, the combined company will be poised to deliver powerful benefits, including a comprehensive suite of product solutions, an expanded toolbox to deliver innovative answers for our customers' challenges, and a stronger global presence to best serve our customers where they compete. Early feedback from customers is overwhelmingly positive, and we look forward to delivering on our combined promise. Second element is synergies. The combination presents a compelling and unique opportunity to optimize our organization, enhance margins, and drive meaningful value. We are expecting at least $65 million of incremental EBITDA from initial cost synergies with the potential for more. At any reasonable multiple, this would create hundreds of millions of dollars of shareholder value for the combined company. These synergies are expected to be unlocked quickly with a run rate at approximately 50% within the first 12 months and achieving the full run rate within 24-36 months after close. During the diligence process, we engaged a third party to validate the synergy potential, and we are confident in our ability to deliver this value. Let me provide a bit more detail on the sources of the cost synergies. About half of the synergies will come from reduced SG&A. Bringing two public companies together creates a meaningful opportunity with the largest single source of savings generated by eliminating redundant public company costs. Duplicate costs such as the C-suite, board of directors, outside agencies, and other purchased services are readily known and quickly achievable. Optimizing procurement will also drive a significant source of savings. We buy many similar items, creating an opportunity to concentrate purchases. Lastly, we expect savings in our operations, such as vertical integration opportunities, freight and warehousing optimization, and other cost efficiencies. As an upside to the cost synergies, we also expect to capitalize on the industrial logic of the combination to accelerate growth and drive incremental revenue. From cross-selling to geographic expansion to the innovation potential, the sales synergies should be sizable over time. Lastly, the merger will enhance the scale of the combined company. From a commercial standpoint, having a greater presence with customers and suppliers creates opportunities and places us among the leaders in specialty materials. Additionally, the increased size provides strategic optionality for portfolio management, unlocking the opportunity to reshape the business. Scale also helps from a capital market perspective. As a larger company, the merger presents the opportunity to increase liquidity and trading volume, broaden index participation, lower our cost of capital, and increase shareholder visibility, all of which should lead to value creation for our shareholders. From a financial point of view, the new company is projected to have around $3 billion of revenue and EBITDA of $450 million on a pro forma synergized basis. Each company on its own has a history of strong cash generation. Post-merger, we plan to drive cash to support delevering the business. On a pro forma basis, the combined company would approach 4x leverage by the end of the year based on our current earnings guidance. Another priority use of cash is an ongoing commitment to a strong dividend. We recognize this is important to our investors, and we will communicate our new company dividend policy in the weeks following the closing of the transaction. The key to unlocking value in any transaction is integration, and efforts are well underway to plan for a successful launch. We have formed a team of top talent comprised of both Neenah and SWM employees, as well as outside consultants who will help enhance and accelerate our efforts. We are developing team charters and action plans to ensure a smooth integration, quick synergy realization, and a seamless day one for our customers, suppliers, and employees. We've created a transformation office which will report directly to me and be accountable for driving synergies and ensuring a successful integration of the two organizations. Thus far, things are off to a great start, and the teams are working exceptionally well together, a testament not only to the talent in both organizations, but the complementary nature of our cultures. These are exciting times. We are better and stronger together. As we embark on the next stage of each company's journey, the potential is tremendous. Over the next few weeks, in advance of a shareholder meeting by each company, investors will have the chance to review the S-4 registration statement that gives additional information and details to further articulate why we believe this is a compelling transaction. We remain on track with the closing in the second half of 2022, as previously announced. To conclude, we remain laser-focused on executing our business strategy, managing through a challenging supply chain environment, servicing our customers, and taking the necessary actions to drive growth and margins. As we enter a new era, we are well positioned to deliver value both near and long-term, and we thank you for your continued support of our business. This is a pivotal time for Neenah. I could not be more proud to be a part of these efforts as we create a stronger future for our customers, our employees, and our shareholders. With that, we will turn the call over to questions. As a reminder, if you would like to ask a question at this time, please press star then one on your telephone keypad. Our first question today is from Jonathan Tanwanteng with CJS Securities. Your line is open. Hi. Good morning, everyone, and thanks for taking my question. Nice job on calling back the pricing there. Thanks, John. My first question is just regarding inflation and logistics. I think what I heard is that you're seeing either moderation or stability going forward. Could you clarify if that's actually what you're seeing, and if there's any places where you're seeing increasing headwinds or risks in your supply chain? Yeah. I think, John, what we said was we're actually not seeing those things slow down. In the prepared remarks, we talked about we're seeing the rate of increase in chemicals less than it was before, and we're saying that we really haven't seen pulp and energy slow down like we would have wanted to. I think the comment we were making is that we're really pleased at how quickly we were able to get pricing out there to offset that, and start to see that pricing cost turn. We've sped up our pricing mechanisms with the intention of offsetting changes and increases faster. Okay. Got it. That I appreciate that clarification. My second question is where is your utilization today, and how much more could you sell if you had more throughput available? I know you have, you know, manufacturing efficiency issues that are going on right now. How much more is likely to be freed up as you get through the year, and kind of what is the demand on that and beyond that, if any? Sure. You know, it varies. It varies by business, as you would imagine. If I think through our businesses, starting with filtration, we've unlocked capacity on our meltblown line for incremental revenue driven by our operational excellence program, the Neenah Operating System, so we're seeing continued upside there. That's our fastest-growing, highest-margin business. We have opportunity to continue to grow in meltblown, and we've invested in a new meltblown line, which will be the fourth sister line in our German facility, that will be up in early 2024. We're planning ahead and running ahead of any capacity challenges there. The second area I would hit on is release liners because that's a business that's growing at. It's historically grown at about 8% a year, and we expect to continue to grow at that level. We've got a coater continuing to ramp up in Mexico, and again, another investment that we've made that will start up in Q3 2023 to support that high single-digit growth in release liners. We have upside there. Those are two key growth platforms for us. If I go to our industrials business, it's really about driving margin in industrials more than volume. While we are somewhat sold out, I'd say, in that business, we have the opportunity to continue to drive improved mix and margins, and that's the key focus in industrials. Then in Fine Paper and Packaging, we're pretty tight on capacity. That business rebounded to a greater degree than we expected post-COVID, and the acceleration of that team from a packaging and consumer products standpoint has continued to perform really well. The opportunity there is, again, to continue to offset any pressures on the commercial print side with accelerated growth in packaging and consumer products, which the team has done a nice job of. Okay, great. That's a lot of good detail. I was wondering if you could just give us a little bit more color. You mentioned a portfolio rationalization and optimization in your prepared remarks. Post the merger, have you thought about addressing some concerns that we've heard from investors about ESG and being able to meet those internal mandates some of these funds have? Sure. You know, I would start with, as we talk about the merger, I'd be remiss if I didn't give a big thank you to Jeff Kramer, the CEO at SWM, and his entire leadership team for their support and collaboration through this early process that we've had the opportunity to spend time together and discuss many of these questions. I would tell you our focus is on driving our growth platforms and accelerating our strategic performance in those areas. We're going to continue to always look for ways to drive value, which includes looking at the opportunity to optimize the portfolio to a higher degree towards growth and margins and what fits and what doesn't fit in that future. The benefits of scale in this opportunity really gives us more options to make those decisions and changes that we wouldn't have as a standalone company or would be much more challenging as a standalone company. As we come together, we'll be focused on portfolio optimization and how we drive to fewer, larger growing business units in the combined company. Okay, great. The last one for me, just, at a high level, I mean, you could see this in the news, recession fears are growing. You're hearing it from a number of pundits and analysts that are out there. I was wondering what your thoughts are on the business and your end markets if rates start to, you know, adversely affect demand and what your positioning and thoughts are around that as you head into year-end and beyond. Yeah, we continue to see really strong demand. I think it's really important that we're looking at volume and not just revenue because of all the pricing activity. We've really focused on understanding our volume trends and leading indicators. Volume was up 3% in the quarter, and that's comping a really strong Q1 2021. It was up 7% in Fine Paper and Packaging, and that was really driven by packaging and consumer products. Technical Products was up overall, but it was mixed, as I mentioned, really driven by volume growth in filtration and digital transfer and release liners and focused on margin in Industrial Solutions. Where we want more volume, we're definitely seeing that. We are not seeing leading indicators at this point of volume slow down, but we continue to monitor it very closely. Great. Thank you, Julie. Thank you. Our next question is from Chris McGinnis with SIDOTI & Company. Your line is open. Good morning, and thanks for taking my questions. Have a nice quarter. Thank you. Good morning. I apologize if any morning. I apologize if any have been asked. I've already jumped on a little late. Julie, you were just talking about the strength on the packaging side and are you at the point where, given the new introductions, you would be investing in that business in terms of expanding capacity there? Yeah. Well, we invest in different ways in the business, and so we have definitely driven bias towards R&D investments in the Fine Paper and Packaging, and I think that's where we're seeing a nice pipeline of opportunities. They've launched a number of new products that continue to gain traction. They have a very healthy pipeline for future opportunities. And it's really a nice part of our business because it is so cost-effective and efficient because it operates on the same assets as our consumer products business and as our commercial print business. The other thing I would mention about packaging as we think about the future potential is I believe we'll find opportunistic synergies and revenue synergies in packaging with the SWM merger, whether that's cross-selling, you know, capabilities for lighter weight papers that we need to grow packaging, some of the distribution networks that each company has. I think there's even greater opportunity to leverage that in the future. Sure. It makes a lot of sense. Just in relation to the merger, have you learned anything new since the public announcement in terms of whether it's customer reaction or, you know, any more details around the synergies of the business that you somewhat discussed already? Well, I would tell you the customer reaction has been overwhelmingly positive, and it's been across both segments, Fine Paper and Packaging, as well as Technical Products. I was expecting it in Technical Products, but our Fine Paper and Packaging customers have reached out with an understanding of the opportunities for a greater portfolio. I think that's really exciting for the Fine Paper and Packaging team as well as Technical Products. On the, you know, have we learned anything more on the synergies, we've announced the $65 million of hard synergies. We view that as incremental EBITDA opportunity, highly achievable. Around this building, we refer to them as bankable, just so it's really clear we have to go and get those and drive margins. But in addition to that, there's revenue synergies. There's significant cross-selling opportunities, geographic opportunities, technical capabilities, and vertical integration opportunities that we haven't even begun to tap into yet. As the integration teams have started to form and work together, they're identifying even additional opportunities. I'm extremely excited about the upside potential. Great. And maybe just around the supply chain challenges that you did talk about, is there a way to maybe size the lost business that you know due to that? Yeah, that's a tough one for us, Chris, because we've been scrambling for a couple of things. We've been substituting different kinds of products together. You've seen the effect on mix. We're actually pleased to see that we had a favorable impact from mix on the bottom line, which is what we've really been trying to focus on. From a top line and a capacity perspective, we've been doing what we can to position the business and the assets to respond to what's happening with the demand. What we're seeing is order backlog is out. It's, you know, we're taking orders out to the back half of the year, right now. From an overall capacity perspective, it's a little tough to estimate how much, you know, we're foregoing from the top line and that impact. Fair enough. Are you at parity with the price cost kind of equation at this point, given the pricing increases? This is the quarter we offset input costs. We had pricing of $30 million in the quarter and input costs of $29 million. We hit that point of inflection, and we expect that to continue through the year, really accelerating and expanding in the back half of the year. Q2 likely looks more similar to Q1, but then we start to expand more dramatically in Q3 and Q4. We've announced additional pricing actions into Q2 and Q3 to drive that because as Paul mentioned, inflation is still continuing to move upwards. Perfect. I appreciate that. Julie, Paul, thanks for the time today, and good luck in Q2. Thank you. We have no further questions at this time. I'll turn it over to Kyle Anderson for any closing remarks. Thank you for your time today. To recap our call, demand for our products remains strong across our product categories, and we're seeing the results from the execution of our pricing strategy to offset the inflationary pressures and enhance our margins. We continue to make strong progress against our strategic agenda and our near and long-term goals, including the significant step of our announced strategic merger of equals with SWM. Details of the transaction can be found in the S-4 statement, which was filed yesterday by SWM. We look forward to interacting with many of you at our upcoming investor events, including both the Deutsche Bank and Stifel conferences in early June. Thanks, and have a great day. Ladies and gentlemen, this concludes today's conference call. Thank you for participating.