At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] As a reminder, this conference is being recorded.

Sylvamo shares rose 20.36% YoY, outperforming the S&P 500. Explore its 2024 results, risks, and growth plans in North America ...

The partnership-level adjustment may be required for a substantial built-in loss, except for electing investment partnerships and securitization partnerships.