8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2021

CLEARWATER PAPER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-34146	20-3594554
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

601 West Riverside,	Suite 1100	99201
Spokane,	WA
(Address of principal executive offices)		(Zip Code)

(509) 344-5900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name of former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchanged on which registered
Common Stock, par value $0.0001 per share	CLW	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.     Results of Operations and Financial Condition.

On February 25, 2021, Clearwater Paper Corporation (the “Company”) announced its results of operations for the fourth quarter and year ending December 31, 2020.  A copy of the press release containing this announcement is furnished as Exhibit 99.1 hereto. In addition, a copy of the Company’s Fourth Quarter 2020 Earnings Release Materials is furnished as Exhibit 99.2 hereto.

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), the following are disclosed the attached Adjusted EBITDA which is defined as earnings before interest expense, taxes, depreciation and amortization, other operating credits and charges, net and other non-operating items. Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA from continuing operations by net sales and discloses Adjusted income from operations which is calculated by excluding from income from operations, other operating credits and charges, net, and adjusts for a normalized tax rate. Adjusted EBITDA and Adjusted income from operations are not a substitute for the GAAP measure of net income or other GAAP measures of operating performance.

The Company discloses Adjusted EBITDA in the attached because it is used as important supplemental measure of its performance and believes that similarly-titled measures are frequently used by securities analysts, investors and other interested persons in the evaluation of companies in its industry, some of which present similarly-titled measures when reporting their results. The Company uses Adjusted EBITDA to evaluate its performance as compared to other companies in its industry that have different financing and capital structures and/or tax rates. It should be noted that companies calculate similarly-titled measures differently and, therefore, as presented by the Company may not be comparable to similarly-titled measures reported by other companies. In addition, Adjusted EBITDA has material limitations as a performance measure because it excludes interest expense, income tax expense and depreciation and amortization which are necessary to operate the Company's business or which the Company otherwise incurred or experienced in connection with the operation of its business.

The Company believes that Adjusted income from operations, which excludes other operating credits and charges, net, adjusted for a normalized tax rate is a useful measure for evaluating our ability to generate earnings and that providing this measure will allow investors to more readily compare the earnings referred to in the press release to the Company's earnings for past and future periods. The Company believes that this measure is particularly useful where the amounts of the excluded items are not consistent between the periods presented. It should be noted that other companies may present similarly-titled measures differently and, therefore, as presented by the Company may not be comparable to similarly-titled measures reported by other companies. In addition, Adjusted income from operations has material limitations as a performance measure because it excludes items that are actually incurred or experienced in connection with the operations of the Company's business.

Item 7.01 Regulation FD Disclosure

Effective beginning in the first quarter of 2021, the Company's financial results will reflect inter-segment baled pulp sales at market prices and will record external pulp sales within the segment that produces such pulp. This change is intended to align with the Company's revised internal business and segment evaluation processes and to provide an enhanced view of the results of each segment. This realignment has no impact on the Company's historical consolidated balance sheet, statement of operations or cash flows. To provide historical information on a basis consistent with the new reporting methodology, the Company has recast certain historical segment information in the attached Exhibit 99.3 for the years ended December 31, 2020, 2019 and 2018, as well as the quarterly periods in the years ended December 31, 2020 and 2019. This summary segment financial information is unaudited and subject to adjustment in future public filings by the Company.

The information in Item 2.02 and this item 7.01, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.  

Item 9.01.     Financial Statements and Exhibits

(d) Exhibit Index

Exhibit	Description
99.1	Press release issued by Clearwater Paper Corporation regarding the quarter and full year ended December 31, 2020 financial results.
99.2	Supplemental financial information for the quarter and full year ended December 31, 2020.
99.3	Unaudited reclassified summary segment financial information for Clearwater Paper Corporation for the years ended December 31, 2020, 2019 and 2018 and each of the quarters for the year ended December 31, 2020 and 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 25, 2021

CLEARWATER PAPER CORPORATION

By:	/s/ Rebecca A. Barckley
	Rebecca A. Barckley, Vice President, Corporate Controller
	(Principal Accounting Officer)

EX-99.1

Exhibit 99.1

Clearwater Paper Reports Fourth Quarter and Year End 2020 Results

SPOKANE, Wash.--(BUSINESS WIRE)-- February 25, 2021 -- Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality consumer tissue and bleached paperboard today reported financial results for the fourth quarter and year ended December 31, 2020.

2020 FOURTH QUARTER HIGHLIGHTS

•Delivered strong performance due to continued elevated demand for tissue products and solid operational execution

•Achieved net income of $23 million, or $1.34 per diluted share and Adjusted EBITDA of $72 million

•Net sales of $453 million, up 4.0% compared to the fourth quarter of 2019

•Net debt reduction of $58 million

2020 FULL YEAR HIGHLIGHTS

•Supported our customers and consumers during COVID volatility and delivered net income of $77 million or $4.61 per diluted share and Adjusted EBITDA of $283 million.

•Net sales of $1.9 billion, up 6.1% compared to 2019

•Net debt reduction of $200 million

"Our people delivered exceptional results while persevering through significant professional and personal challenges in 2020, and I could not be prouder of the team," said Arsen Kitch, president and chief executive officer. “We delivered an outstanding year by focusing on our people and our customers. Our tissue business navigated through significant demand volatility, built better customer relationships, and ramped the new Shelby paper machine. Our paperboard business maintained stability despite variable end market demand. This performance enabled us to reduce net debt and strengthen our balance sheet.”

OVERALL RESULTS

For the fourth quarter of 2020, Clearwater Paper reported net sales of $453 million, a 4.0% increase compared to net sales of $435 million reported in the fourth quarter of 2019. Net income for the fourth quarter of 2020 was $23 million, or $1.34 per diluted share, compared to net income in the fourth quarter of 2019 of $2 million, or $0.12 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the fourth quarter of 2020 of $25 million, or $1.45 per diluted share, compared to fourth quarter 2019 adjusted net income of $6 million, or $0.37 per diluted share. Adjusted EBITDA for the quarter was $72 million compared to the fourth quarter of 2019 Adjusted EBITDA of $52 million.

For the full year 2020, Clearwater Paper reported net sales of $1.9 billion, a 6.1% increase compared to net sales of $1.8 billion for 2019. Net income for the full year was $77 million in 2020, or $4.61 per diluted share, compared to a net loss for 2019 of $6 million or $0.34 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income for 2020 of $89 million, or $5.30 per diluted share, compared to 2019 adjusted net income of $4 million, or $0.23 per diluted share. Adjusted EBITDA for 2020 was $283 million, compared to 2019 Adjusted EBITDA of $167 million.

Consumer Products Segment

Net sales in the Consumer Products segment were $244 million for the fourth quarter of 2020, up 5.6% compared to the fourth quarter 2019 net sales of $231 million. In the fourth quarter of 2020, converted case shipments reached 13.9 million cases, an increase of 4% compared to 13.3 million cases shipped in the fourth quarter of 2019. Segment operating income for the fourth quarter of 2020 was $27 million compared to operating income of $2 million in the fourth quarter of 2019. Adjusted EBITDA for the segment was $44 million in the fourth quarter of 2020, up from $20 million in the fourth quarter of 2019. The increase in operating income and Adjusted EBITDA was primarily due to increased production and shipment volumes from elevated demand which drove improvement in fixed cost absorption. The segment also benefited from lower external pulp prices and freight costs.

Net sales in the Consumer Products segment were $1.0 billion for the full year 2020, up 14% compared to 2019 net sales of $907 million. For 2020, converted case shipments reached 60 million cases, an increase of 16% compared to 51 million cases shipped for 2019. Segment operating income for 2020 was $109 million, compared to operating loss of $7 million for 2019. Adjusted EBITDA for the segment was $178 million for 2020, up from $63 million for 2019.

Tissue Sales Volumes and Prices:

•     Total tissue volumes sold were 89,845 tons in the fourth quarter of 2020, an increase of 2% compared to 88,141 tons

in the fourth quarter of 2019. Retail volumes represented 93% of total volumes sold in the fourth quarter of 2020, an increase from 90% in the fourth quarter of 2019. Total tissue volumes sold were 380,973 tons for the year ended of 2020, an increase of 12% compared to 340,969 tons for 2019. Retail volumes represented 93% of total volumes sold for 2020, an increase from 91% for 2019.

•     Average retail tissue net selling prices increased 2% to $2,745 per ton in the fourth quarter of 2020, compared to $2,698 per ton in the fourth quarter of 2019. Average retail tissue net selling prices increased 0.1% to $2,742 per ton for 2020, compared to $2,738 per ton for 2019.

Pulp and Paperboard Segment

Net sales in the Pulp and Paperboard Products segment were $209 million for the fourth quarter of 2020, up 2.1% compared to fourth quarter 2019 net sales of $205 million. The increase in sales was due to higher sales volume with a positive mix partially offset by lower pricing. Segment operating income for the fourth quarter of 2020 was $34 million compared to $35 million for the fourth quarter of 2019. Adjusted EBITDA for the segment was $43 million in the fourth quarter of 2020, compared to $44 million in the fourth quarter of 2019.

Net sales in the Pulp and Paperboard Products segment were $836 million for 2020, down 2.2% compared to 2019 net sales of $855 million. Segment operating income for 2020 was $126 million compared to $115 million for 2019. Adjusted EBITDA for the segment was $163 million for 2020, compared to $155 million for 2019.

Pulp and Paperboard Sales Volumes and Prices:

•     Paperboard sales volumes were 206,232 tons in the fourth quarter of 2020, an increase of 3.6% compared to 199,074 tons in the fourth quarter of 2019. Paperboard sales volumes were 821,415 for the year ended 2020, a decrease of 1% compared to 827,913 tons for the year ended 2019

•     Paperboard average net selling price decreased 2.0% to $1,002 per ton for the fourth quarter of 2020, compared to $1,023 per ton in the fourth quarter of 2019. Paperboard average net selling price decreased 1% to $1,008 per ton for the year ended 2020, compared to $1,023 per ton for the year ended 2019.

COMPANY OUTLOOK

"For the first quarter of 2021, our primary focus will remain the health and safety of our people while we continue to operate our facilities and service customers. Demand for tissue products is expected to be volatile due to COVID-19 and will be lower than the first quarter of 2020 when COVID-19 started impacting consumer buying of tissue. We are anticipating some inflationary headwinds, notably in market pulp pricing, as well,” Kitch concluded.

WEBCAST INFORMATION

Clearwater Paper Corporation will discuss these results during an earnings conference call that begins at 2:00 p.m. Pacific Time today. A live webcast and accompanying supplemental information will be available on the company's website at http://ir.clearwaterpaper.com. A replay of today's conference call will be available on the website at http://ir.clearwaterpaper.com/results.cfm beginning at 5:00 p.m. Pacific Time today.

ABOUT CLEARWATER PAPER

Clearwater Paper is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. Clearwater Paper's employees build shareholder value by developing strong relationships through quality and service.

USE OF NON-GAAP MEASURES

In this press release, the company presents certain non-GAAP financial information for the fourth quarter and full year 2020 and 2019, including adjusted net income (loss) and Adjusted EBITDA. Because these amounts are not in accordance with GAAP, reconciliations to net income (loss) as determined in accordance with GAAP are included in the tables at the end of this press release. The company presents these non-GAAP amounts because management believes they assist investors and analysts in comparing the company's performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance. In addition, the company uses Adjusted EBITDA: (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the

effectiveness of the company's business strategies, and (iii) because the company's credit agreement and the indentures governing the company's outstanding notes use metrics similar to Adjusted EBITDA to measure the company's compliance with certain covenants.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the health and safety of company’s employees, product demand, markt pulp pricing, retail in-stock conditions and inventories and general economic conditions. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: the impacts of the COVID-19 pandemic on our business and operations; competitive pricing pressures for the company’s products, including as a result of increased capacity, as additional manufacturing facilities are operated by the company’s competitors; the loss of, changes in prices in regard to, or reduction in, orders from a significant customer; changes in the cost and availability of wood fiber and wood pulp; changes in transportation costs and disruptions in transportation services; changes in customer product preferences and competitors' product offerings; larger competitors having operational and other advantages; customer acceptance and timing and quantity of purchases of the company’s tissue products, including the existence of sufficient demand for and the quality of tissue produced by the company’s expanded Shelby, North Carolina operations; consolidation and vertical integration of converting operations in the paperboard industry; the company’s ability to successfully implement its operational efficiencies and cost savings strategies, along with related capital projects, and achieve the expected operational or financial results of those projects, including from the continuous digester at the company’s Lewiston, Idaho facility; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which the company operates; manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunctions and damage to the company’s manufacturing facilities; cyber-security risks; changes in costs for and availability of packaging supplies, chemicals, energy, and maintenance and repairs; labor disruptions; cyclical industry conditions; changes in expenses, required contributions, and potential withdrawal costs associated with the company’s pension plans; environmental liabilities or expenditures; reliance on a limited number of third-party suppliers for raw materials; the company’s ability to attract, motivate, train and retain qualified and key personnel; material weaknesses in the company’s internal control over financial reporting; the company’s substantial indebtedness and ability to service its debt obligations; restrictions on the company’s business from debt covenants and terms; negative changes in the company’s credit agency ratings; changes in laws, regulations or industry standards affecting the company’s business; and other risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019. The forward-looking statements are made as of the date of this press release and the company does not undertake to update any forward-looking statements based on new developments or changes in the company's expectations after the date of this press release

Clearwater Paper Corporation
Consolidated Statements of Operations
(Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per share data)	2020		2019		2020		2019
Net sales	$	452.8	$	435.5	$	1,868.6	$	1,761.5
Costs and expenses:
Cost of sales	376.1		384.2		1,574.4		1,597.0
Selling, general and administrative expenses	32.6		28.9		122.0		112.8
Other operating charges, net	2.1		4.3		14.0		6.3
Total operating costs and expenses	410.9		417.4		1,710.4		1,716.1
Income (loss) from operations	41.9		18.1		158.1		45.4
Interest expense, net	(9.5)		(12.4)		(46.5)		(44.9)
Other non-operating expense	(1.9)		(1.4)		(7.6)		(5.7)
Debt retirement costs	(1.1)		—		(5.9)		(2.7)
Total non-operating expense	(12.4)		(13.8)		(59.9)		(53.3)
Income (loss) before income taxes	29.5		4.3		98.2		(7.9)
Income tax provision (benefit)	7.0		2.3		21.1		(2.3)
Net income (loss)	$	22.6	$	2.0	$	77.1	$	(5.6)
Net income (loss) per common share:
Basic	$	1.36	$	0.12	$	4.65	$	(0.34)
Diluted	1.34		0.12		4.61		(0.34)
Average shares outstanding (in thousands):
Basic	16,597		16,539		16,569		16,533
Diluted	16,891		16,556		16,724		16,533

Clearwater Paper Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)	December 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	35.9	$	20.0
Restricted cash	—		1.4
Receivables, net	160.6		159.4
Inventories	263.3		281.4
Other current assets	15.2		3.6
Total current assets	474.9		465.8
Property, plant and equipment, net	1,191.5		1,257.7
Operating lease right-of-use assets	63.5		73.1
Goodwill and intangibles, net	48.8		52.0
Other assets, net	21.7		29.1
TOTAL ASSETS	$	1,800.4	$	1,877.7
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	1.7	$	17.9
Trade payables	143.4		159.5
Accrued compensation	41.7		42.3
Other accrued liabilities	58.0		60.7
Total current liabilities	244.8		280.4
Long-term debt	716.4		884.5
Long-term operating lease liabilities	54.3		65.6
Liability for pension and other postretirement employee benefits	80.5		76.6
Other long-term obligations	25.2		17.3
Deferred tax liabilities	158.1		121.3
TOTAL LIABILITIES	1,279.3		1,445.8
Common Stock	—		—
Paid in capital	16.6		9.8
Retained earnings	558.8		481.7
Accumulated other comprehensive loss, net of tax	(54.3)		(59.5)
Total Stockholders' Equity	521.1		432.0
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,800.4	$	1,877.8

Clearwater Paper Corporation
Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)	2020		2019		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	22.6	$	2.0	$	77.1	$	(5.6)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization	27.5		29.3		111.0		115.6
Equity-based compensation expense	3.1		1.1		10.5		4.1
Deferred taxes	10.1		5.7		33.5		(0.3)
Pension and other postretirement benefits	1.0		0.4		3.8		1.4
Debt retirement costs	1.1		—		5.9		2.7
Gain on divested assets, net	—		—		(1.4)		—
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	11.8		(5.5)		6.1		(18.0)
(Increase) decrease in inventory	(7.0)		(0.1)		18.1		(21.2)
(Increase) decrease in other current assets	(6.4)		4.4		(11.2)		(0.8)
Increase (decrease) in trade payables	(0.3)		7.8		(16.5)		(53.9)
Increase (decrease) in accrued compensation	(7.6)		8.8		(2.5)		4.8
Increase in other accrued liabilities	10.3		14.9		7.0		20.7
Other, net	4.7		3.1		5.6		6.1
Net cash flows provided by operating activities	70.9		71.8		247.0		55.6
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(12.2)		(14.3)		(39.6)		(140.1)
Net cash flows used in investing activities	(12.2)		(14.3)		(39.6)		(140.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings of short-term debt	—		14.5		108.5		549.3
Repayments of borrowings on short-term debt	—		(59.0)		(122.0)		(657.7)
Borrowings of long-term debt	—		—		275.0		296.1
Repayments of long-term debt	(70.4)		—		(449.4)		(103.0)
Payments for debt issuance costs	(0.1)		(0.5)		(4.4)		(2.3)
Other, net	—		(0.3)		(0.7)		(0.4)
Net cash flows provided by (used in) financing activities	(70.5)		(45.3)		(192.9)		82.0
Increase (decrease) in cash, cash equivalents and restricted cash	(11.7)		12.2		14.4		(2.5)
Cash, cash equivalents and restricted cash at beginning of period	48.6		10.2		22.4		24.9
Cash, cash equivalents and restricted cash at end of period	$	36.9	$	22.4	$	36.9	$	22.4

Clearwater Paper Corporation
Segment Information
(Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)	2020		2019		2020		2019
Segment net sales:
Consumer Products	$	243.6	$	230.6	$	1,032.7	$	906.8
Pulp and Paperboard	209.3		204.9		835.9		854.7
Total segment net sales	$	452.8	$	435.5	$	1,868.6	$	1,761.5
Operating income (loss):
Consumer Products	$	27.0	$	1.6	$	109.2	$	(6.6)
Pulp and Paperboard	34.4		35.3		126.0		115.3
Corporate	(17.3)		(14.5)		(63.0)		(57.0)
Other operating charges, net	(2.1)		(4.3)		(14.0)		(6.3)
Income (loss) from operations	$	41.9	$	18.1	$	158.1	$	45.4

Clearwater Paper Corporation
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA
(Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)	2020		2019		2020		2019
Net income (loss)	$	22.6	$	2.0	$	77.1	$	(5.6)
Add back:
Income tax provision (benefit)	7.0		2.3		21.1		(2.3)
Interest expense, net	9.5		12.4		46.5		44.9
Depreciation and amortization expense	27.5		29.3		111.0		115.6
Other operating charges, net1	2.1		4.3		14.0		6.3
Other non-operating expense	1.9		1.4		7.6		5.7
Debt retirement costs	1.1		—		5.9		2.7
Adjusted EBITDA	$	71.6	$	51.7	$	283.2	$	167.3
Consumer Products income (loss)	$	27.0	$	1.6	$	109.2	$	(6.6)
Depreciation and amortization	17.1		18.6		68.5		69.7
Consumer Products Adjusted EBITDA	$	44.1	$	20.2	$	177.7	$	63.1
Paperboard income	$	34.4	$	35.3	$	126.0	$	115.3
Depreciation and amortization	9.0		9.2		36.7		39.4
Paperboard Adjusted EBITDA	$	43.4	$	44.5	$	162.6	$	154.7
Corporate expenses	$	(17.3)	$	(14.5)	$	(63.0)	$	(57.0)
Depreciation and amortization	1.4		1.5		5.8		6.5
Corporate Adjusted EBITDA	$	(16.0)	$	(13.0)	$	(57.2)	$	(50.5)
Consumer Products	$	44.1	$	20.2	$	177.7	$	63.1
Paperboard	43.4		44.5		162.6		154.7
Corporate	(16.0)		(13.0)		(57.2)		(50.5)
Adjusted EBITDA	$	71.6	$	51.7	$	283.2	$	167.3

1Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 10 within Clearwater Paper's Form 10-K filed with the SEC for the year ended December 31, 2020 for the detailed breakout of this amount.

Clearwater Paper Corporation
Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income
(Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per share data)	2020		2019		2020		2019
Net income (loss)	$	22.6	$	2.0	$	77.1	$	(5.6)
Add back:
Income tax provision (benefit)	7.0		2.3		21.1		(2.3)
Income (loss) before income taxes	29.6		4.3		98.2		(7.9)
Add back:
Debt retirement costs	1.1		—		5.9		2.7
Other operating charges, net	2.1		4.3		14.0		6.3
Adjusted income before tax	32.8		8.6		118.1		1.1
Normalized income provision (benefit)	8.2		2.5		29.5		(2.7)
Adjusted net income (loss)	$	24.6	$	6.1	$	88.6	$	3.8
Weighted average diluted shares (in thousands)	16,891		16,556		16,724		16,533
Adjusted income (loss) per share	$	1.45	$	0.37	$	5.30	$	0.23

Clearwater Paper Corporation

Investors contact:

Sloan Bohlen

Solebury Trout

509.344.5906

News media:

Shannon Myers

509.344.5967

investorinfo@clearwaterpaper.com

EX-99.2

Clearwater Paper Corporation Fourth Quarter 2020 Earnings Release Materials February 25, 2021 ARSEN S. KITCH President, Chief Executive Officer And Director MICHAEL J. MURPHY Senior Vice President And Chief Financial Officer

© Clearwater Paper Corporation 2021Page 2 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 statements regarding our response to COVID-19 and the impact of COVID-19 on consumer behavior and our business and operations; industry trends in response to COVID-19; Q1 2021 outlook for Adjusted EBITDA; our assumptions for full year 2021 expenses including operational factors, interest, capital, depreciation and amortization and income tax; the operational and financial benefits from the Shelby expansion; our capital structure and liquidity; capital allocation objectives; scheduled debt maturity; and near-term strategic positioning and market assessment. These forward-looking statements are based on management’s current expectations, estimates, assumptions and projections that are subject to change. Our actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this presentation. Important factors that could cause or contribute to such differences include the risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, including but not limited to the following: impact of COVID-19 on our operations and our supplier’s operations and on customer demand; competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors and the impact of foreign currency fluctuations on the pricing of products globally; the loss of, changes in prices in regard to, or reduction in, orders from a significant customer; changes in the cost and availability of wood fiber and wood pulp; changes in transportation costs and disruptions in transportation services; changes in customer product preferences and competitors' product offerings; larger competitors having operational and other advantages; customer acceptance and timing and quantity of purchases of our tissue products, including the existence of sufficient demand for and the quality of tissue produced by our expanded Shelby, North Carolina operations; consolidation and vertical integration of converting operations in the paperboard industry; our ability to successfully implement our operational efficiencies and cost savings strategies, along with related capital projects, and achieve the expected operational or financial results of those projects, including from the continuous digester at our Lewiston, Idaho facility; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate; manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunctions and damage to our manufacturing facilities; cyber-security risks; changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; labor disruptions; cyclical industry conditions; changes in expenses, required contributions and potential withdrawal costs associated with our pension plans; environmental liabilities or expenditures; reliance on a limited number of third-party suppliers for raw materials; our ability to attract, motivate, train and retain qualified and key personnel; our substantial indebtedness and ability to service our debt obligations; restrictions on our business from debt covenants and terms; negative changes in our credit agency ratings; and changes in laws, regulations or industry standards affecting our business. Forward-looking statements contained in this presentation present management’s views only as of the date of this presentation. We undertake no obligation to publicly update forward-looking statements, to retract future revisions of management's views based on events or circumstances occurring after the date of this presentation. Non-GAAP Financial Measures This presentation include certain financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA, Adjusted Income, Net debt and Free Cash Flow. The Company’s management believes that the presentation of these financial measures provides useful information to investors because these measures are regularly used by management in assessing the Company’s performance. These financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered substitutes for or superior to GAAP results. In addition, these non-GAAP financial measures may not be comparable to similarly-titled measures utilized by other companies, since such other companies may not calculate such measure in the same manner as we do. A reconciliation of these measures (Adjusted EBITDA, Adjusted Income, Net debt and Free Cash flow) to the most relevant GAAP measure is available in the appendix of this presentation with the exception of forward looking non-GAAP measures contained in our Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort. FORWARD-LOOKING STATEMENTS

© Clearwater Paper Corporation 2021Page 3 Overall  Net Income of $23 million and Adjusted EBITDA of $72 million  Generated $58 million in free cash flow Consumer Products  Volatile demand during quarter  Tissue production largely met demand  Service levels were strong even during spike in quarter Paperboard  Overall strong quarter with solid execution Capital Structure  Reduced net debt by $58 million Q4 2020 BUSINESS HIGHLIGHTS

© Clearwater Paper Corporation 2021Page 4 Taking Care of Our People:  Temperature checks and sanitation practices  Social distancing and face covering requirements  Remote work access and travel restrictions  Enhanced benefits  $1,000 one-time bonus to ~ 2,800 of our people Focusing on Business Continuity and Customer Service:  Returning to pre-COVID service levels in tissue  Supporting customers in managing through demand surges  Positioning the business and our customers for the future Q4 2020 OPERATIONAL UPDATE Committed to protecting our two most important assets: our people and our customer relationships

© Clearwater Paper Corporation 2021Page 5 Industry (North America)  Pre-COVID: ~10 million ton demand with ~2/3 at home, ~1/3 away from home  COVID pandemic led to shift to at-home demand • Paper towels tracking above category demand trends in particular  Rationalized product offering, introduction of tertiary brands to meet elevated demand Clearwater Paper  Q4 2020 shipments were 13.9 million cases compared to 13.3 million in Q4 2019 and 14.5 million in Q3 2020, driven by COVID related demand • Slowing order patterns in October as retailers managed inventories • Consumer driven demand spike in mid November to mid December resulted in significant upside to original expectations  Balanced production with sales  Demand uncertainty could persist as our customers adapt to consumer buying patterns during this and future stages of COVID BUSINESS UPDATE – CONSUMER PRODUCTS COVID related demand for retail tissue was volatile in Q4 2020, leading to higher than expected shipments

© Clearwater Paper Corporation 2021Page 6 Industry  We estimate ~2/3 of industry demand is driven by recession resilient end-market segments, such as food packaging and other consumer goods  ~1/3 of demand is exposed to discretionary end-market segments, including food service, commercial print, luxury packaging etc. Clearwater Paper  Sales prices were down compared to Q4 2019 due to mix with increased volumes  Order backlogs are strong  Solid execution in Q4 2020 BUSINESS UPDATE - PAPERBOARD Diversified range of end-market products and flexibility in our supply chain provided overall strong results

© Clearwater Paper Corporation 2020Page 7 FINANCIAL PERFORMANCE ($ in millions, except per share amounts) 2020) 2019) 2020) 2019) Net Sales 452.8$ 435.5$ 1,868.6$ 1,761.5$ Cost of Sales 376.1 384.2 1,574.4 1,597.0 Selling, general and adminstrative 32.6 28.9 122.0 112.8 Other operating charges, net 2.1 4.3 14.0 6.3 Income from operations 41.9 18.1 158.1 45.4 Non-operating expense (12.4) (13.8) (59.9) (53.3) Income tax provision (benefit) 7.0 2.3 21.1 (2.3) Net income (loss) 22.6$ 2.0$ 77.1$ (5.6)$ Diluted income per share 1.34$ 0.12$ 4.61$ (0.34)$ Non-GAAP earnings per share 1.45$ 0.36$ 5.30$ 0.23$ Adjusted EBITDA 71.6$ 51.7$ 283.2$ 167.3$ Quarter Ended December 31, Year Ended December 31,

© Clearwater Paper Corporation 2020Page 8 REVENUE, INCOME AND ADJUSTED EBITDA BY SEGMENT ($ in millions) 2020) 2019) 2020) 2019) Net Sales Consumer Products 243.6$ 230.6$ 1,032.7$ 906.8$ Paperboard 209.3 204.9 835.9 854.7 452.8$ 435.5$ 1,868.6$ 1,761.5$ Operating Income Consumer Products 27.0$ 1.6$ 109.2$ (6.6)$ Paperboard 34.4 35.5 126.0 115.3 Corporate and other (17.3) (14.5) (63.0) (57.0) Other operating charges, net (2.1) (4.3) (14.0) (6.3) 41.9$ 18.1$ 158.1$ 45.4$ Adjusted EBITDA Consumer Products 44.1$ 20.2$ 177.7$ 63.1$ Paperboard 43.4 44.5 162.6 154.7 Corporate and other (16.0) (13.0) (57.2) (50.5) 71.6$ 51.7$ 283.2$ 167.3$ Quarter Ended December 31, Year Ended December 31,

© Clearwater Paper Corporation 2020Page 9 CONSUMER PRODUCTS RESULTS Q4 2020 vs. Q4 2019 Segment Adjusted EBITDA ($ in millions) Favorable mix offset by lower pricing Higher volume resulting in improved absorption Lower input costs from pulp, Shelby improvements and lower transportation costs

© Clearwater Paper Corporation 2020Page 10 CONSUMER PRODUCTS SALES AND PRODUCTION ($ in millions) Data Source: IRI Consumer Panel Data; Total US – All Outlets; 2020 YTD Week Ending December 31 4% 8% 100% 37% 19% 11% 17% 7% 11% 18% 53% 5% January February March April May June July August September October November December IRI Panel Data - Total Tissue – All Outlets 2020 Year over Year Growth Rate in Dollars Quarterly Growth Q1 – 34% Q2 – 23% Q3 – 12% Q4 – 26% Q4 2019) Q1 2020) Q2 2020) Q3 2020) Q4 2020) % changes) Q4 2020 vs) Q4 2019) % changes) Q4 2020 vs) Q3 2020) Sales, Cases 13.2 15.2 16.0 14.5 13.9 5.3% -4.2% Production, Cases 13.6 13.9 15.9 15.3 13.9 2.4% -9.0% Adjusted EBITDA 20.2$ 31.6$ 53.7$ 48.3$ 44.1$ 118.3% -8.7% Clearwater Paper Information

© Clearwater Paper Corporation 2020Page 11 PAPERBOARD RESULTS Q4 2020 vs. Q4 2019 Segment Adjusted EBITDA ($ in millions) Lower pricing partially offset by favorable mix Higher sales volume Absence of major outage at Arkansas mill offset by higher input costs

© Clearwater Paper Corporation 2021Page 12 Q1 2021: $51 to $59 Million of Adjusted EBITDA  Strength in paperboard  Lower expected tissue volumes  Modest inflation  Includes $6 – $8 million impact from weather event FY 2021 Operational Assumptions  Price/mix – impact of announced price increase in paperboard  Volume – COVID related tissue demand diminishing, dependent on course of pandemic, stability in paperboard  Inflation – $40 to $50 million impact, with pulp representing over half the total  Planned major maintenance outages, $25 to $30 million impact FY 2021 Other Assumptions  Interest expense $38 to $40 million  Depreciation and amortization expense: $106 - $110 million  CAPEX: ~$60 - $65 million – 2020 lower than expected due to COVID  Taxes: effective rate 25-26% with $16 million of current refunds / credits OUTLOOK FOR 2021

© Clearwater Paper Corporation 2021Page 13 Capital Structure: Supportive and Stable  Capital structure provides ample liquidity  No material near-term debt maturities  Corporate/Issuer ratings: Ba2/BB- Capital Allocation Objectives  Utilize free cash flow to reduce debt  Target net debt to adjusted EBITDA ratio of 2.5x  Targeted business improvements and maintenance capital • Normalized $60 million / year CAPITAL STRUCTURE AND ALLOCATION Liquidity Profile ($ in millions)1 ABL Availability $227.1 Less Utilization (3.6) Plus Unrestricted Cash 35.9 Liquidity $259.4 1 Note: ABL availability based on borrowing base calculations and consolidated balance sheet as of December 31, 2020, and utilization includes ABL borrowing of $0 million and outstanding letters of credit of $3.6 million. 2 Note: This chart excludes finance leases as of December 31, 2020 and assumes that the 2025 notes are repaid or refinanced at least 91 days prior to their respective maturities. Current debt maturities include $300 million of 5.375% notes due 2025; Term Loan due 2026; and $275 million of 4.75% notes due 2028 $0.0 $0.0 $0.0 $0.0 $300.0 $129.3 $0.0 $275.0 2021 2022 2023 2024 2025 2026 2027 2028 Scheduled Debt Maturity Profile ($ in millions)2

© Clearwater Paper Corporation 2021Page 14 People  Outstanding job by the team - focusing on health and safety at our facilities  Supported our people with enhanced benefits, products, and a financial bonus  New senior leadership team Tissue  Met or exceeded customer expectations as consumer buying patterns were highly volatile due to COVID, building better relationships  Implemented SKU rationalization, which benefited customers and operations  Achieved Shelby paper machine ramp in 2020 and realized other benefits from investment Paperboard  Maintained stable business despite variable end market demand  Accomplished strong operational execution despite some weather-related downtime Financial  Delivered Adjusted EBITDA of $283 million  Increased liquidity by reducing net debt by $200 million  Repaid $160.8 million of term loan and refinanced 2023 notes with new 2028 notes KEY ACCOMPLISHMENTS IN 2020

© Clearwater Paper Corporation 2021Page 15 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 economically resilient Paperboard:  Diversified range of end-market, well-invested national footprint  Focused on non-integrated customers with strong service and quality commitment  Well positioned for trends towards sustainable packaging and food service products Near-term Strategy is to Prioritize Free Cash Flow, Reduce Debt:  Deliver benefits from Shelby expansion including incremental converting, sales and supply chain  Operational improvements  Aggressively manage working capital  Prudent capital allocation CLEARWATER PAPER VALUE PROPOSITION Well positioned across two attractive businesses

© Clearwater Paper Corporation 2020 Appendix

© Clearwater Paper Corporation 2020Page 17 CONSUMER PRODUCTS SEQUENTIAL QUARTER RESULTS Q4 2020 vs. Q3 2020 Segment Adjusted EBITDA ($ in millions) Customer inventory issues and intentional select customer exits Favorable input cost in transportation, raw materials and energy Lower pricing

© Clearwater Paper Corporation 2020Page 18 PAPERBOARD SEQUENTIAL QUARTER RESULTS Q4 2020 vs. Q3 2020 Segment Adjusted EBITDA ($ in millions) Higher input costs in energy offset by lower maintenance costs Unfavorable mix and lower pricing

© Clearwater Paper Corporation 2020Page 19 KEY SEGMENT SALES INFORMATION * Reflect recasting of prior information to exclude contract sheeting Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Consumer Products Shipments Retail (short tons) 73,356 76,175 79,526 79,748 90,791 95,432 86,292 83,347 Non-Retail (short tons) 10,266 6,623 6,882 8,393 9,002 5,812 3,799 6,498 Converted Products (cases in thousands) 12,320 12,488 13,162 13,290 15,204 16,016 14,507 13,870 Sales Price ($ per short ton) Retail $ 2,789 $ 2,764 $ 2,707 $ 2,698 $ 2,732 $ 2,729 $ 2,766 $ 2,745 Non-Retail $ 1,799 $ 1,851 $ 1,805 $ 1,590 $ 1,548 $ 1,746 $ 1,820 $ 1,552 Pulp and Paperboard Shipments (short tons)* 197,761 220,613 210,465 199,074 208,010 201,728 205,445 206,232 Sales price ($/short ton) $ 1,024 $ 1,023 $ 1,021 $ 1,023 $ 1,013 $ 1,009 $ 1,009 $ 1,002 Note: Non-retail includes away-from-home and parent rolls

© Clearwater Paper Corporation 2020Page 20 RECONCILIATION OF ADJUSTED EBITDA ($ in millions) Quarter Ended Dec. 31, Sept. 30 Year Ended Dec. 31, 2020 2019 2020 2020 2019 Net income (loss) $ 22.6 $ 2.0 $ 21.4 $ 77.1 $ (5.6) Income tax provisions 7.0 2.3 9.9 21.1 (2.3) Interest expense, net 9.5 12.4 12.2 46.5 44.9 Depreciation and amortization expense 27.5 29.3 27.7 111.0 115.6 Other operating charges, net 2.1 4.3 0.3 14.0 6.3 Other non-operating expense 1.9 1.4 1.9 7.6 5.7 Debt retirement costs 1.1 - 3.9 5.9 2.7 Adjusted EBITDA $ 71.6 $ 51.7 $ 77.2 $ 283.2 $ 167.3 Consumer Products segment income $ 27.0 $ 1.6 $ 31.3 $ 109.2 $ (6.6) Depreciation and amortization 17.1 18.6 17.1 68.5 69.7 Adjusted EBITDA Consumer Products segment $ 44.1 $ 20.2 $ 48.3 $ 177.7 $ 63.1 Paperboard segment income $ 34.4 $ 35.3 $ 32.8 $ 126.0 $ 115.3 Depreciation and amortization 9.0 9.2 9.2 36.7 39.4 Adjusted EBITDA Paperboard segment $ 43.4 $ 44.5 $ 42.0 $ 162.6 $ 154.7 Corporate and other expense $ (17.3) $ (14.5) $ (14.6) $ (63.0) $ (57.0) Depreciation and amortization 1.4 1.5 1.5 5.8 6.5 Adjusted EBITDA Corporate and other $ (16.0) $ (13.0) $ (13.1) $ (57.2) $ (50.5) Consumer Products segment $ 44.1 $ 20.2 $ 48.3 $ 177.7 $63.1 Paperboard segment 43.4 44.5 42.0 162.6 154.7 Corporate and other (16.0) (13.0) (13.1) (57.2) (50.5) Adjusted EBITDA $ 71.6 $ 51.7 $ 77.2 $ 283.2 $ 167.3

© Clearwater Paper Corporation 2020Page 21 RECONCILIATION OF ADJUSTED INCOME ($ in millions income, except per share amounts) 2020) 2019) 2020) 2019) Net income 22.6$ 2.0$ 77.1$ (5.6)$ Add back: Income tax provision 7.0 2.3 21.1 (2.3) Income before income taxes 29.6 4.3 98.2 (7.9) Add back: Debt retirement costs 1.1 — 5.9 2.7 Other operating charges, net 2.1 4.3 14.0 6.3 Adjusted net income before tax 32.8 8.6 118.1 1.1 Normalized income tax provision (benefit) 8.2 2.5 29.5 (2.7) Adjusted net income 24.6$ 6.0$ 88.6$ 3.8$ Weighted average diluted shares 16.9 16.6 16.7 16.5 Adjusted net income per diluted share 1.45$ 0.36$ 5.31$ 0.23$ Year Ended December 31,)Quarter Ended December 31,)

© Clearwater Paper Corporation 2020Page 22 ADDITIONAL RECONCILIATIONS ($ in millions) Reconciliation of Net Debt Dec 31, 2019 March 30, 2020 June 30, 2020 Sept 30, 2020 Dec 31, 2020 Cash $ 20.0 $ 60.8 $ 48.2 $ 47.5 $ 35.9 Current debt 17.9 58.1 1.6 1.7 1.7 Long term debt 884.5 883.9 827.9 785.5 716.4 add: Deferred debt costs 8.1 7.7 6.4 8.2 6.9 less: Financing leases (22.0) (22.0) (21.6) (21.2) (20.8) 888.5 927.7 814.3 774.2 704.2 Net debt $ 868.5 $ 866.9 $ 766.1 $ 726.7 $ 668.3 Reconciliation of Free Cash Flow Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Cash from operations $ 71.8 $ 11.4 $ 109.0 $ 55.7 $ 70.8 Additions to property, plant and equipment (14.3) (10.5) (7.3) (9.7) (12.2) Free cash flow $ 57.5 $ 0.9 $ 101.7 $ 46.0 $ 58.6

© Clearwater Paper Corporation 2020Page 23 MAJOR MAINTENANCE SCHEDULE ($ in millions) Idaho$15 $23 $7 $10 $18 $20 $17 $7 $22 $18 $30 None $24 None $25 - $30 $19 - $23 2015 2016 2017 2018 2019 2020 2021e 2022e Q1 Q2 Q3 Q4 Total 1 1 1 This information is based upon management’s current expectations and estimates, as well as historical averages. Many factors are outside the control of management, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 2.

© Clearwater Paper Corporation 2020Page 24 1 Approximated annual volume and expense amounts are based on historical average consumption and management's current expectations and estimates with respect to future volumes, and these amounts may be significantly influenced by general market conditions and other factors outside of our control. Actual results may differ materially from the information set forth above. See "Forward-Looking Statements" on page 2. KEY COMMODITY CONSUMPTION VOLUMES COGS Input Unit of Measure Approximate Annual Volume1 (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

© Clearwater Paper Corporation 2020Page 25 IRI PANEL DATA - TOTAL TISSUE – ALL OUTLETS Year over Year Growth Rate in Dollars Data Source: IRI Consumer Panel Data; Total US – All Outlets; By Week -50.0% 0.0% 50.0% 100.0% 150.0% 200.0% 250.0% J a n -0 5 -2 0 2 0 J a n -1 2 -2 0 2 0 J a n -1 9 -2 0 2 0 J a n -2 6 -2 0 2 0 F e b -0 2 -2 0 2 0 F e b -0 9 -2 0 2 0 F e b -1 6 -2 0 2 0 F e b -2 3 -2 0 2 0 M a r- 0 1 -2 0 2 0 M a r- 0 8 -2 0 2 0 M a r- 1 5 -2 0 2 0 M a r- 2 2 -2 0 2 0 M a r- 2 9 -2 0 2 0 A p r- 0 5 -2 0 2 0 A p r- 1 2 -2 0 2 0 A p r- 1 9 -2 0 2 0 A p r- 2 6 -2 0 2 0 M a y- 0 3 -2 0 2 0 M a y- 1 0 -2 0 2 0 M a y- 1 7 -2 0 2 0 M a y- 2 4 -2 0 2 0 M a y- 3 1 -2 0 2 0 J u n -0 7 -2 0 2 0 J u n -1 4 -2 0 2 0 J u n -2 1 -2 0 2 0 J u n -2 8 -2 0 2 0 J u l- 0 5 -2 0 2 0 J u l- 1 2 -2 0 2 0 J u l- 1 9 -2 0 2 0 J u l- 2 6 -2 0 2 0 A u g -0 2 -2 0 2 0 A u g -0 9 -2 0 2 0 A u g -1 6 -2 0 2 0 A u g -2 3 -2 0 2 0 A u g -3 0 -2 0 2 0 S e p -0 6 -2 0 2 0 S e p -1 3 -2 0 2 0 S e p -2 0 -2 0 2 0 S e p -2 7 -2 0 2 0 O c t- 0 4 -2 0 2 0 O c t- 1 1 -2 0 2 0 O c t- 1 8 -2 0 2 0 O c t- 2 5 -2 0 2 0 N o v- 0 1 -2 0 2 0 N o v- 0 8 -2 0 2 0 N o v- 1 5 -2 0 2 0 N o v- 2 2 -2 0 2 0 N o v- 2 9 -2 0 2 0 D e c- 0 6 -2 0 2 0 D e c- 1 3 -2 0 2 0 D e c- 2 0 -2 0 2 0 D e c- 2 7 -2 0 2 0 J a n -0 3 -2 0 2 1 J a n -1 0 -2 0 2 1 J a n -1 7 -2 0 2 1 J a n -2 4 -2 0 2 1

EX-99.3

Exhibit 99.3

Unaudited reclassified summary segment financial information for Clearwater paper

The following unadjusted reclassified summary segment financial information is provided to reflect the realignment of Clearwater Paper’s baled pulp sales to record inter-segment sales at market price and the realignment of outside pulp sales to the producing segment effective during the first quarter of 2021. Clearwater Paper did not review results in this method for any of these prior periods and will begin to report comparative results under the new method effective with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.This summary segment financial information is unaudited and subject to adjustment in future public filings.

Reporting segment data on a quarterly basis for the years ended December 31, 2020 and 2019 and on the annual basis for the years ended December 31, 2020, 2019 and 2018 presented in the tables below:

	2020												2019
(In millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4
Segment net sales:
Consumer Products	$	262.5		$	271.3		$	245.9		$	238.9		$	223.1		$	222.8		$	227.9		$	228.7
Pulp and Paperboard	223.1			216.5			217.2			220.4			212.1			235.4			223.6			214.3
Eliminations	(7.8)			(7.2)			(5.6)			(6.4)			(6.4)			(6.1)			(6.2)			(7.6)
Total segment net sales	$	477.9		$	480.6		$	457.4		$	452.9		$	428.8		$	452.0		$	445.2		$	435.5
Operating income (loss):
Consumer Products	$	14.6		$	36.8		$	31.5		$	27.6		$	1.3		$	(5.0)		$	(4.3)		$	2.1
Pulp and Paperboard	26.2			32.0			32.6			33.7			29.4			33.4			17.0			34.8
Corporate	(13.4)			(17.6)			(14.6)			(17.3)			(16.6)			(12.7)			(13.2)			(14.5)
Other operating charges, net	(8.6)			(3.0)			(0.3)			(2.1)			0.3			(0.4)			(1.9)			(4.3)
Income (loss) from operations	$	18.8		$	48.2		$	49.2		$	41.9		$	14.4		$	15.3		$	(2.4)		$	18.1
EBITDA
Consumer Products	$	31.9		$	53.9		$	48.5		$	44.7		$	16.0		$	12.4		$	14.7		$	20.7
Pulp and Paperboard	35.5			41.2			41.8			42.8			38.9			42.9			28.2			44.0
Corporate	(12.0)			(16.2)			(13.1)			(16.0)			(15.0)			(11.1)			(11.4)			(13.0)
Adjusted EBITDA	$	55.4		$	78.9		$	77.2		$	71.6		$	39.9		$	44.2		$	31.5		$	51.7
EBITDA Margin
Consumer Products	12		%	20		%	20		%	19		%	7		%	6		%	6		%	9		%
Pulp and Paperboard	16		%	19		%	19		%	19		%	18		%	18		%	13		%	21		%
Overall	12		%	16		%	17		%	16		%	9		%	10		%	7		%	12		%
Revenue disclosure:
Retail Tissue	$	248.0		$	260.4		$	238.6		$	228.7		$	204.6		$	210.5		$	215.3		$	215.2
Non-retail Tissue	13.9			10.2			6.9			10.1			18.5			12.3			12.4			13.3
Paperboard	210.7			203.6			207.4			206.7			202.5			225.7			215.0			203.6
Pulp	10.9			11.1			8.1			11.1			6.7			7.7			6.9			9.4
Other	2.1			2.5			2.1			2.6			2.9			2.0			1.9			1.5
Eliminations	(7.8)			(7.2)			(5.6)			(6.4)			(6.4)			(6.1)			(6.2)			(7.6)
	$	477.9		$	480.6		$	457.4		$	452.9		$	428.8		$	452.0		$	445.2		$	435.5

	Year ended December 31
(In millions)	2020			2019			2018
Segment net sales:
Consumer Products	$	1,018.5		$	902.5		$	882.6
Pulp and Paperboard	877.1			885.4			862.6
Eliminations	(27.0)			(26.3)			(21.1)
Total segment net sales	$	1,868.6		$	1,761.5		$	1,724.2
Operating income (loss):
Consumer Products	$	110.6		$	(5.9)		$	(0.3)
Pulp and Paperboard	124.5			114.6			131.5
Corporate	(62.9)			(57.0)			(51.5)
Goodwill impairment	—			—			(195.1)
Other operating charges, net	(14.0)			(6.3)			17.5
Income (loss) from operations	$	158.1		$	45.4		$	(97.9)
EBITDA
Consumer Products	$	179.1		$	63.8		$	57.5
Pulp and Paperboard	161.3			154.0			169.3
Corporate	(57.2)			(50.5)			(45.2)
Adjusted EBITDA	$	283.2		$	167.3		$	181.6
EBITDA Margin
Consumer Products	18		%	7		%	7		%
Pulp and Paperboard	18		%	17		%	20		%
Overall	15		%	9		%	11		%
Revenue disclosure:
Retail Tissue	$	975.7		$	845.6		$	794.4
Non-retail Tissue	41.1			56.5			88.2
Paperboard	828.3			848.4			835.5
Pulp	41.2			30.7			23.2
Other	9.2			6.7			3.9
Eliminations	(26.7)			(26.3)			(21.1)
	$	1,868.6		$	1,761.5		$	1,724.2

XML

Cover	9 Months Ended
	Sep. 30, 2020
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 25, 2021
Entity Registrant Name	CLEARWATER PAPER CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	001-34146
Entity Tax Identification Number	20-3594554
Entity Address, Address Line One	601 West Riverside,
Entity Address, Address Line Two	Suite 1100
Entity Address, Postal Zip Code	99201
Entity Address, State or Province	WA
Entity Address, City or Town	Spokane,
City Area Code	509
Local Phone Number	344-5900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CLW
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001441236
Amendment Flag	false