The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jonathan Tanwanteng - CJS Securities Inc - Analyst
: Nice job in the quarter. My first question is just regarding the full-year outlook. I noticed that you're taking down the top line for APT, which makes
sense. I was wondering if you could actually speak to the Performance Materials segment and to the publicized aluminum plant fires in North
America, the chip shortages that are going on in China, and just how that's impacting your outlook there and what's implied in the guidance and
if you've accounted for that?
Question: Jonathan Tanwanteng - CJS Securities Inc - Analyst
: Got it. That's helpful. Thank you. And then just on the discontinued ops, you mentioned -- or I guess you gave metrics for what you expect from
the year in the [Inspect] business. Could you kind of tell us what's implied in the Q4 just because we don't have the first half results in there and
then you broke out the Q3 in terms of EBITDA contribution?
Question: Jonathan Tanwanteng - CJS Securities Inc - Analyst
: Okay. Great. Thanks.
Question: Daniel Rizzo - Jefferies LLC - Analyst
: You mentioned working capital and free cash flow. I was just thinking -- wondering how we should think about working capital post the divestiture
as maybe as a percent of sales or just how you plan to kind of manage that?
Question: Daniel Rizzo - Jefferies LLC - Analyst
: Right. Well, just -- I mean, not for just 2026, but just how it changes at all once the business is divested.
Phillip Platt
Yeah. Hey, Dan. This is Phil. I think if you look at our balance sheet, which is included in the press release schedules, we broke out the impact of the
discontinued ops on the balance sheet and pulled them out as separate line items. So it will give you a really good clear indication for what we're
thinking working capital looks like for the business going forward.
Question: Daniel Rizzo - Jefferies LLC - Analyst
: All right. Thank you very much.
Question: John Mcnulty - Bank of Montreal - Analyst
: Yeah. Sorry about the last second question there. So I guess I just wanted to understand Performance Materials a little bit better for the full-year
sales to be kind of flat to slightly down. I mean, when we look at kind of the overall auto forecast out there, they're roughly in line with that. But I
assume normally, you're getting some reasonable amount of price.
So I guess, is it -- is there some negative mix that we should be thinking about on the auto builds that may be contributing to this type of a result?
Or is pricing maybe more modest than it's been where maybe it's taken a little bit of a pause after the last few years? I guess, can you help us to
think about that?
Question: John Mcnulty - Bank of Montreal - Analyst
: Got it. Okay. Fair enough. So it sounds like it's really a mix thing more than anything else. And then I guess the other question is just any update
on the Nexeon platform and that venture and how things may be going there?
Question: John Mcnulty - Bank of Montreal - Analyst
: Got it. Thanks very much for the color.
| 
