Sylvamo Corp
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
SLVM$39.38+19.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001856485-25-000031
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking StatementsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001856485-26-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 63 previous paragraphs and 56 current paragraphs.
30 unchanged; 23 reworded; 3 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
2026 is a transition year as we work through some short-term capacity constraints resulting from the termination of the Riverdale supply agreement at the end of April and the extended outage at Eastover later this year as we execute our strategic investments. Comparing our performance in the first quarter of 2026 to the prior year, volume decreased, primarily due to lower North America volume as we build inventory in response to the end of the Riverdale mill supply agreement and the extended Eastover mill outage later in the year. Price and mix decreased primarily in Europe. Operations and costs and input costs were unfavorable. Planned maintenance outage costs were lower as the prior year outage in our Saillat mill did not repeat. We continued to return cash to shareowners through an $18 million dividend payment during the quarter.
Current report
Our high-return strategic investments at our Eastover mill are on track and making solid progress. These projects will generate incremental earnings and cash flow over the long term. On May 7, 2026, we completed the refinancing of our accounts receivable securitization facility and Term Loan F to extend our debt maturity profile in order to sustain flexibility and maintain a strong financial position. With a strong financial position we can navigate geopolitical and economic challenges and focus on improving our customer experience, continue reinvesting in low-risk, high-return projects as well as execute through the end of the Riverdale supply and the Eastover mill outage later this year.
Current report
The Organization for Economic Co-operation and Development (“OECD”) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits of large multinational companies. European Union member states along with many other countries have adopted or expect to adopt the OECD Pillar Two Model effective January 1, 2024, or thereafter. The OECD and other countries continue to publish guidelines and legislation that include transition and safe harbor rules. We continue to monitor new legislative changes and assess the global impact of the Pillar Two Model Rules. Based on our initial assessment, Pillar Two should not have a material impact to the Company’s income tax provision.
Removed paragraphs (10)
Previous report
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous report
Comparing our earnings performance in the third quarter of 2025 to the prior year, volume decreased, primarily due to lower North America volume resulting from International Paper’s Georgetown mill closure. Price and mix were unfavorable in Europe. More favorable operations and costs were partially offset by higher input and transportation costs. We continued to return cash to shareowners through an $18 million dividend payment and repurchased $42 million in shares during the quarter.
Previous report
Looking ahead to the fourth quarter of 2025, we expect price and mix to be unfavorable primarily driven by paper prices in Europe and mix across our regions. Volume is expected to be favorable, largely due to Latin America and North America. Operations and costs are projected to be unfavorable primarily due to seasonally higher costs. We expect input and transportation costs to remain stable. Lastly, planned maintenance outage costs will be unfavorable by $18 million as we have one planned outage in North America during the fourth quarter.
Previous report
Our Europe business segment sales decreased $10 million compared to the same period in 2024, primarily due to unfavorable sales price and mix ($26 million), partially offset by higher volumes ($2 million) and favorable foreign exchange impacts.
Previous report
Europe operating profit was $90 million lower than the same period in 2024, primarily driven by lower sales price and mix ($51 million), higher planned maintenance outages ($39 million) and higher input costs ($8 million), primarily for wood and energy, which more than offset lower unabsorbed costs due to less economic downtime ($7 million) and higher volumes ($1 million).
Previous report
Operating profit for Latin America was $14 million lower than the same period in 2024, primarily driven by lower sales price and mix ($7 million), higher operating costs ($13 million) and lower volumes ($1 million), which were partially offset by lower input costs ($7 million), primarily for purchased pulp, energy and distribution costs.
Previous report
Our Latin America business segment sales decreased $74 million compared to the same period in 2024, primarily driven by lower volumes ($40 million), a decrease in sale price and mix ($12 million) and unfavorable foreign exchange impacts.
Previous report
Our North America business segment sales decreased $208 million compared to the same period in 2024, primarily due to a decrease in volumes ($219 million) which was partially offset by an increase in sales price and mix ($12 million).
Previous report
Operating profit for North America was $45 million lower than the same period in 2024, primarily due to lower volumes ($58 million) and higher operating ($4 million) and input costs ($17 million), primarily for energy and chemicals, which more than offset higher sales price and mix ($12 million), lower planned maintenance outages ($4 million) and lower unabsorbed costs due to less economic downtime ($18 million).
Previous report
The Organization for Economic Co-Operation and Development (“OECD”) has been working on a project to act to prevent what it refers to as base erosion and profit shifting (“BEPS”). Most recently, the OECD, through an association of almost 140 countries known as the “inclusive framework,” has announced a consensus to address, among other things, perceived challenges presented by global digital commerce (“Pillar 1”) and the perceived need for a minimum global effective tax rate of 15% (“Pillar 2”). On December 15, 2022, the European Union formally adopted the Pillar Two Directive, and a majority of EU member states have enacted the directive into domestic law as of December 31, 2023. Other countries are taking similar actions. We have evaluated the developments and do not anticipate any material impact on our financial position, results of operations, or cash flows.
Reworded paragraphs (23)
Previous wording
Third quarter 2025 net income was $57 million ($1.41 per diluted share) compared with $95 million ($2.27 per diluted share) for the third quarter of 2024. Net sales were $846 million in the current quarter compared with $965 million in the prior year. Cash from operations was $87 million compared to $163 million in the third quarter of last year. Adjusted EBITDA was $151 million, with an adjusted EBITDA margin of 18%, compared to $193 million and an adjusted EBITDA margin of 20% in the third quarter of 2024. Free cash flow was $33 million compared to $119 million in the third quarter of 2024.
Current wording
First quarter 2026 net loss was $3 million ($0.08 per diluted share) compared with net income of $27 million ($0.65 per diluted share) for the first quarter of 2025. Net sales were $755 million in the current quarter compared with $821 million in the prior year. Cash used for operations was $10 million compared to cash provided by operations of $23 million in the first quarter of last year. Adjusted EBITDA was $29 million and our adjusted EBITDA margin was 4% compared to $90 million and an adjusted EBITDA margin of 11% in the first quarter of 2025. Free cash flow was $(59) million compared to $(25) million in the first quarter of 2025.
Previous wording
Management provides business segment operating profit, a non-GAAP financial measure, to supplement our GAAP financial information, and it should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. Business segment operating profit is reconciled to Income before income taxes, the most directly comparable GAAP measure. Business segment operating profit may be determined or calculated differently by other companies and therefore may not be comparable among companies.
Current wording
Management provides business segment operating profit, a non-GAAP financial measure, to supplement our GAAP financial information, and it should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. Business segment operating profit is reconciled to Income (loss) before income taxes, the most directly comparable GAAP measure. Business segment operating profit may be determined or calculated differently by other companies and therefore may not be comparable among companies.
Previous wording
The following table presents a comparison of Income before taxes to business segment operating profit:
Current wording
The following table presents a comparison of Income (loss) before taxes to business segment operating profit:
Previous wording
(a) We define business segment operating profit as our income before income taxes calculated in accordance with GAAP, excluding net interest expense (income) and net special items. We believe that business segment operating profit is an important indicator of operating performance as it is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments.
Current wording
(a) We define business segment operating profit (loss) as our income (loss) before income taxes calculated in accordance with GAAP, excluding net interest expense, the impact of foreign exchange on a note receivable from our Brazilian subsidiary and net special items. We believe that business segment operating profit (loss) is an important indicator of operating performance as it is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments.
Previous wording
(b) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include a gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, environmental reserves in Brazil, certain severance costs related to our salaried workforce, legal fees related to the Brazil Tax Dispute and integration costs related to the Nymölla acquisition.
Current wording
(b) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include charges related to the termination of the Georgetown mill offtake agreement, environmental reserves in Brazil and other charges.
Previous wording
The following tables present net sales and operating profit, which is the Company’s measure of business segment profitability, for each of the Company’s segments. See Note 15 Financial Information by Business Segment for more information on the Company’s segments.
Current wording
The following tables present net sales and operating profit (loss), which is the Company’s measure of business segment profitability, for each of the Company’s segments. See Note 15 Financial Information by Business Segment for more information on the Company’s segments.
Previous wording
Our Europe business segment sales decreased $52 million compared to the same period in 2024, primarily due to lower sales price and mix ($52 million) and lower volumes ($23 million), partially offset by favorable foreign exchange impacts.
Current wording
Our Europe business segment sales were consistent with the same period in 2025, primarily due to lower sales price and mix ($16 million) and lower volumes ($4 million) which were offset by favorable foreign exchange ($20 million).
Previous wording
Europe operating profit was $24 million lower than the same period in 2024, primarily driven by lower sales price and mix ($26 million) and higher operating ($1 million) and input costs ($4 million), primarily for wood and energy, which more than offset higher volumes ($2 million), lower planned maintenance outages ($1 million) and lower unabsorbed costs due to less economic downtime ($4 million).
Current wording
Europe operating losses were $20 million higher than the same period in 2025, primarily driven by lower sales price and mix ($16 million), lower volumes ($3 million) and higher operating ($9 million) and input costs ($4 million), primarily for energy, which more than offset lower planned maintenance outages ($12 million).
Previous wording
Our Latin America business segment sales decreased $19 million compared to the same period in 2024, primarily driven by lower volumes ($14 million) and a decrease in sale price and mix ($7 million), partially offset by favorable foreign exchange impacts.
Current wording
Our Latin America business segment sales decreased $12 million compared to the same period in 2025, primarily driven by lower sales price and mix ($8 million) and lower volumes ($13 million), partially offset by favorable foreign exchange ($9 million).
Previous wording
Operating profit for Latin America was $37 million lower than the same period in 2024, primarily driven by lower sales price and mix ($12 million), lower volumes ($9 million), higher operating costs ($16 million) and higher planned maintenance outages ($3 million), partially offset by lower input costs ($3 million), primarily for energy and distribution costs.
Current wording
Operating profit for Latin America was $22 million lower than the same period in 2025, primarily due to lower sales price and mix ($8 million), higher operating costs ($11 million), lower volumes ($3 million) and higher planned maintenance outages ($2 million) which more than offset lower input costs ($2 million), primarily for purchased fiber.
Previous wording
Our North America business segment sales decreased $82 million compared to the same period in 2024, primarily due to a decrease in volumes ($90 million) which was partially offset by an increase in sales price and mix ($8 million).
Current wording
Our North America business segment sales decreased $48 million compared to the same period in 2025, primarily due to lower sales price and mix ($6 million) and lower volumes ($42 million).
Previous wording
Operating profit for North America was $14 million lower than the same period in 2024, primarily due to lower volumes ($23 million) and higher input costs ($11 million), primarily for energy, chemicals and distribution costs, which more than offset higher sales price and mix ($8 million), lower unabsorbed costs due to less economic downtime ($11 million) and lower operating costs ($1 million).
Current wording
Operating profit for North America was $17 million lower than the same period in 2025, primarily due to lower volumes ($12 million), lower sales price and mix ($6 million) and higher input costs ($14 million), primarily due to higher energy, chemicals and distribution costs, which more than offset lower operating costs ($12 million) and lower unabsorbed costs due to economic downtime ($3 million).
Previous wording
Management provides Adjusted EBITDA, a non-GAAP financial measure, to supplement our GAAP financial information, and it should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Management uses this measure in managing the operating performance of our business and believes that Adjusted EBITDA provides investors and analysts meaningful insights into our operating performance and is a relevant metric for the third-party debt. Adjusted EBITDA is reconciled to Net income, the most directly comparable GAAP measure. Adjusted EBITDA may be determined or calculated differently by other companies and therefore may not be comparable among companies.
Current wording
Management provides Adjusted EBITDA, a non-GAAP financial measure, to supplement our GAAP financial information, and it should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Management uses this measure in managing the operating performance of our business and believes that Adjusted EBITDA provides investors and analysts meaningful insights into our operating performance and is a relevant metric for the third-party debt. Adjusted EBITDA is reconciled to Net income (loss), the most directly comparable GAAP measure. Adjusted EBITDA may be determined or calculated differently by other companies and therefore may not be comparable among companies.
Previous wording
(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include a gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, environmental reserves in Brazil, certain severance costs related to our salaried workforce, legal fees related to the Brazil Tax Dispute and integration costs related to the Nymölla acquisition.
Current wording
(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include charges related to the termination of the Georgetown mill offtake agreement, environmental reserves in Brazil and other charges.
Previous wording
(b) We define Adjusted EBITDA (non-GAAP) as net income (GAAP), net of taxes plus the sum of income taxes, net interest expense (income), depreciation, amortization and cost of timber harvested, stock-based compensation, and, when applicable for the periods reported, special items.
Current wording
(b) We define Adjusted EBITDA (non-GAAP) as net income (loss) (GAAP), net of taxes plus the sum of income taxes, net interest expense, depreciation, amortization and cost of timber harvested, stock-based compensation, the impact of foreign exchange on a note receivable from our Brazilian subsidiary, and, when applicable for the periods reported, special items.
Previous wording
The following is a reconciliation of Cash provided by operations to Free Cash Flow:
Current wording
The following is a reconciliation of cash provided by operating activities to free cash flow:
Previous wording
Cash provided by operating activities totaled $174 million for the nine months ended September 30, 2025, compared with cash provided by operating activities of $305 million for the nine months ended September 30, 2024. The decrease in cash provided by operating activities in 2025 relates primarily to lower net income and timing of cash flows related to working capital.
Current wording
Cash used for operating activities totaled $10 million for the three months ended March 31, 2026, compared with cash provided by operating activities of $23 million for the three months ended March 31, 2025. The decrease in cash provided by operating activities in 2026 relates primarily to lower net income offset by timing of cash flows related to working capital.
Previous wording
Cash used for working capital components (accounts and notes receivable, inventories, accounts payable and accrued liabilities, and other) was $66 million for the nine months ended September 30, 2025, compared with cash used for working capital components of $44 million for the nine months ended September 30, 2024. The nine months ended September 30, 2025 working capital components primarily reflect $69 million of cash provided by our accounts and notes receivables, offset by $34 million, $63 million and $38 million of cash used for our inventories, accounts payable and accrued liabilities and other operating activities, respectively. The nine months ended September 30, 2024 working capital components primarily reflect $28 million, $21 million and $11 million of cash used for our accounts and notes receivables, inventories and other operating activities, respectively, offset by $16 million of cash provided by our accounts payable and accrued liabilities balances.
Current wording
Cash used for working capital components (accounts and notes receivable, inventories, accounts payable and accrued liabilities, and other) was $28 million for the three months ended March 31, 2026, compared with cash used for working capital components of $50 million for the three months ended March 31, 2025. The three months ended March 31, 2026 working capital components primarily reflect $54 million of cash provided by our accounts and notes receivables, offset by $56 million, $23 million and $3 million of cash used for our inventories, accounts payable and accrued liabilities, and other operating activities, respectively. The three months ended March 31, 2025 working capital components primarily reflect $30 million and $4 million of cash provided by our accounts and notes receivable and inventories, offset by $63 million and $21 million of cash used for our accounts payable and accrued liabilities, and other operating activities, respectively.
Previous wording
The total cash used for investing activities for the nine months ended September 30, 2025 was consistent with the nine months ended September 30, 2024.
Current wording
The total cash used for investing activities for the three months ended March 31, 2026 increased from the three months ended March 31, 2025, due to increased capital spending in the current year.
Previous wording
Cash used for financing activities for the nine months ended September 30, 2025 primarily reflects the payments of $29 million, $8 million, $9 million, and $16 million on our outstanding principal debt balances for the AR Securitization, Term Loan A, Term Loan F-2, and Revolving Credit Facility, respectively. These amounts are primarily offset by draws on our AR Securitization and Revolving Credit Facility of $41 million and $23 million, respectively. During the nine months ended September 30, 2025 the Company also paid $55 million in dividends and repurchased $82 million of our shares pursuant to our share repurchase program. Cash used for financing activities for the nine months ended September 30, 2024 primarily reflects the payments of $117 million, $44 million, $23 million, and $10 million on our outstanding principal debt balances for Term Loan F, Term Loan A, the AR Securitization, and Revolving Credit Facility, respectively. Additionally, payments of $93 million were made to redeem, at a premium, the full value of our 7.00% Senior Notes and pay $5 million in debt issuance costs in connection with the debt refinancing in the third quarter. These amounts are primarily offset by the issuance of Term Loan F-2, draws on our Revolving Credit Facility, and AR Securitization of $235 million, $10 million, and $6 million, respectively. During the nine months ended September 30, 2024 the Company also paid $43 million in dividends and repurchased $30 million of our shares pursuant to our share repurchase program.
Current wording
Cash used for financing activities for the three months ended March 31, 2026 primarily reflects the payments of $15 million, $3 million, $3 million, and $25 million on our outstanding principal debt balances for the AR Securitization, Term Loan F-2, Term Loan A, and Revolving Credit Facility, respectively. These amounts are primarily offset by a draw on our AR Securitization and Revolving Credit Facility of $13 million and $90 million, respectively, as well as a receipt of $11 million from other financing arrangements. During the three months ended March 31, 2026 the Company also paid $18 million in dividends and repurchased no shares pursuant to our share repurchase program. Cash used for financing activities for the three months ended March 31, 2025 primarily reflects the payments of $5 million, $3 million, and $3 million on our outstanding principal debt balances for the AR Securitization, Term Loan F-2, and Term Loan A, respectively. These amounts are primarily offset by a draw on our AR Securitization of $22 million. During the three months ended March 31, 2025 the Company also paid $18 million in dividends and repurchased $20 million of our shares pursuant to our share repurchase program.
Previous wording
For the nine months ended September 30, 2025, we have invested approximately $168 million, or 6.8% of net sales, in total capital expenditures. Over that period, we spent approximately $124 million, or 5.0% of net sales, in maintenance, regulatory and reforestation capital expenditures, and approximately $44 million, or 1.8% of net sales, in high-return capital projects. Our annual maintenance, regulatory and reforestation capital expenditures are expected to be in the range of approximately $165 to $190 million per year (before inflation) for the next several years, which we believe will be sufficient to maintain our operations and productivity. In addition, we expect to spend approximately $55 million to $65 million on high-return projects in 2025.
Current wording
For the three months ended March 31, 2026, we have invested approximately $49 million, or 6.5% of net sales, in total capital expenditures. Over that period, we spent approximately $28 million, or 3.7% of net sales, in maintenance, regulatory and reforestation capital expenditures, and approximately $21 million, or 2.8% of net sales, in high-return capital projects. Our annual maintenance, regulatory and reforestation capital expenditures are expected to be in the range of approximately $165 to $190 million per year (before inflation) for the next several years, which we believe will be sufficient to maintain our operations and productivity. In addition, we expect to spend approximately $95 million on high-return projects in 2026.
Previous wording
The Company has included in the 2024 Form 10-K a discussion of these critical accounting policies, which are important to the portrayal of the Company’s financial condition and results of operations and require management’s judgments. The Company has not made any changes in these critical accounting policies during the first nine months of 2025.
Current wording
The Company has included in the 2025 Form 10-K a discussion of these critical accounting policies, which are important to the portrayal of the Company’s financial condition and results of operations and require management’s judgments. The Company has not made any changes in these critical accounting policies during the first three months of 2026.
Previous wording
Forward-looking statements are not guarantees of future performance. Any or all forward-looking statements may turn out to be incorrect, and actual results could differ materially from those expressed or implied in forward-looking statements. Forward-looking statements are based on current expectations and the current economic environment. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors that are difficult to predict. Although it is not possible to identify all of these risks, uncertainties and other factors, the impact of the following factors, among others, on us or on our suppliers or customers, could cause our actual results to differ from those in the forward-looking statements: deterioration of global and regional economic, civil and political conditions and trade relations including the imposition of tariffs or other trade protections; physical, financial and reputational risks associated with climate conditions and climate change, including adverse environmental events such as floods and fires; reduced demand for our products due to the cyclical nature of the paper industry, the industry-wide secular decline in paper demand, or competition from other businesses; increased costs or reduced availability of the raw materials, energy, transportation (truck, rail and ocean) and labor needed to manufacture and deliver our products; a material disruption at any of our manufacturing facilities; information technology risks including potential cybersecurity breaches affecting us or third parties with which we do business; extensive environmental, tax and other laws and regulations in Brazil, Europe, the United States and other jurisdictions to which we are subject, including our compliance costs and risk of liability and loss for violations; our reliance on a small number of customers; and the factors disclosed in Item 1A. Risk Factors of our 2024 Form 10-K, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the U.S. Securities and Exchange Commission (the “SEC”), including subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q.
Current wording
Forward-looking statements are not guarantees of future performance. Any or all forward-looking statements may turn out to be incorrect, and actual results could differ materially from those expressed or implied in forward-looking statements. Forward-looking statements are based on current expectations and the current economic environment. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors that are difficult to predict. Although it is not possible to identify all of these risks, uncertainties and other factors, the impact of the following factors, among others, on us or on our suppliers or customers, could cause our actual results to differ from those in the forward-looking statements: global or regional economic, civil, political conditions or trade developments, including protective trade measures and the Middle East conflict; adverse climate and weather conditions, including risks to our forestlands and mills from drought, fires or floods; reduced demand for our products due to the cyclical nature of the paper industry, the industry-wide secular decline in paper demand, or competition from other businesses; increased costs or reduced availability of the raw materials, energy, transportation (truck, rail and ocean) and labor needed to manufacture and deliver our products; disruptions at our manufacturing facilities; information technology risks including potential cybersecurity breaches affecting us or third parties with which we do business; extensive environmental, tax and other laws and regulations in Brazil, Europe, the United States and other jurisdictions to which we are subject, including our compliance costs and risk of liability and loss for violations; our reliance on a small number of customers; and the factors disclosed in Item 1A. Risk Factors of our 2025 Form 10-K, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the U.S. Securities and Exchange Commission (the “SEC”), including subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q.