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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
or
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________.
Commission File Number 001-38348
RANPAK HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware |
98-1377160 |
(State or other jurisdiction of |
(I.R.S. Employer |
incorporation or organization) |
Identification Number) |
7990 Auburn Road
Concord Township, Ohio 44077
(Address of principal executive offices) (Zip Code)
(440) 354-4445
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and formal fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Class A Ordinary Shares, par value $0.0001 per share |
PACK |
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☐ |
|
Accelerated filer |
☒ |
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 4, 2020, the registrant had 68,999,035 of its Class A common shares, $0.0001 par value per share, outstanding (which includes 6,116,453 Class A common shares that are subject to an earn-out provision as described in Part 1, Item 1 of this report) and 6,511,293 of its Class C common shares, $0.0001 par value per share, outstanding, of which 731,383 Class C common shares are subject to an earn-out.
Ranpak Holdings Corp.
Quarterly Report on Form 10-Q
For the Period Ended September 30, 2020
Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Index to Unaudited Condensed Consolidated Financial Statements
Ranpak Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Successor – for the Three Months Ended September 30, 2020 and 2019, the Nine Months Ended September 30, 2020 and the Period June 3, 2019 through September 30, 2019
Predecessor – for the Period January 1, 2019 through June 2, 2019
Unaudited Condensed Consolidated Balance Sheets – September 30, 2020 and December 31, 2019
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity
Successor – for the Three Months Ended September 30, 2020 and 2019, the Nine Months Ended September 30, 2020 and the Period June 3, 2019 through September 30, 2019
Predecessor – for the Period January 1, 2019 through June 2, 2019
Unaudited Condensed Consolidated Statements of Cash Flows
Successor – for the Nine Months Ended September 30, 2020 and the Period June 3, 2019 through September 30, 2019
Predecessor – for the Period January 1, 2019 through June 2, 2019
Notes to the Unaudited Condensed Consolidated Financial Statements
1
Ranpak Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations
and Comprehensive Income (Loss)
(in millions, except share and per share data)
|
|
Successor |
|
|
|
Predecessor |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
June 3, 2019 |
|
|
|
January 1, 2019 |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
– September 30, 2019 |
|
|
|
– June 2, 2019 |
|
Paper revenue |
|
$ |
64.9 |
|
|
$ |
57.0 |
|
|
$ |
171.2 |
|
|
$ |
72.7 |
|
|
|
$ |
88.8 |
|
Machine lease revenue |
|
|
10.4 |
|
|
|
9.3 |
|
|
|
28.3 |
|
|
|
11.8 |
|
|
|
|
14.4 |
|
Other revenue |
|
|
1.5 |
|
|
|
2.8 |
|
|
|
6.8 |
|
|
|
0.9 |
|
|
|
|
3.2 |
|
Net revenue |
|
|
76.8 |
|
|
|
69.1 |
|
|
|
206.3 |
|
|
|
85.4 |
|
|
|
|
106.4 |
|
Cost of goods sold |
|
|
46.6 |
|
|
|
39.6 |
|
|
|
122.3 |
|
|
|
52.6 |
|
|
|
|
61.2 |
|
Gross profit |
|
|
30.2 |
|
|
|
29.5 |
|
|
|
84.0 |
|
|
|
32.8 |
|
|
|
|
45.2 |
|
Selling, general and administrative expenses |
|
|
17.8 |
|
|
|
17.7 |
|
|
|
58.1 |
|
|
|
22.5 |
|
|
|
|
23.8 |
|
Transaction costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.3 |
|
|
|
|
7.4 |
|
Depreciation and amortization expense |
|
|
7.7 |
|
|
|
10.3 |
|
|
|
22.9 |
|
|
|
13.3 |
|
|
|
|
17.7 |
|
Other operating expense, net |
|
|
1.9 |
|
|
|
0.5 |
|
|
|
2.9 |
|
|
|
0.8 |
|
|
|
|
2.2 |
|
Income (loss) from operations |
|
|
2.8 |
|
|
|
1.0 |
|
|
|
0.1 |
|
|
|
(4.1 |
) |
|
|
|
(5.9 |
) |
Interest expense |
|
|
4.9 |
|
|
|
9.5 |
|
|
|
16.6 |
|
|
|
17.5 |
|
|
|
|
20.2 |
|
Foreign currency (gain) loss |
|
|
3.2 |
|
|
|
(3.2 |
) |
|
|
3.1 |
|
|
|
(1.6 |
) |
|
|
|
(2.2 |
) |
Loss before income tax expense |
|
|
(5.3 |
) |
|
|
(5.3 |
) |
|
|
(19.6 |
) |
|
|
(20.0 |
) |
|
|
|
(23.9 |
) |
Income tax expense (benefit) |
|
|
0.8 |
|
|
|
(3.7 |
) |
|
|
(1.4 |
) |
|
|
(6.1 |
) |
|
|
|
(4.9 |
) |
Net loss |
|
$ |
(6.1 |
) |
|
$ |
(1.6 |
) |
|
$ |
(18.2 |
) |
|
$ |
(13.9 |
) |
|
|
$ |
(19.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
― |
|
|
― |
|
|
― |
|
|
$ |
- |
|
|
|
$ |
(19,195.40 |
) |
Weighted average number of shares outstanding |
|
― |
|
|
― |
|
|
― |
|
|
|
- |
|
|
|
|
995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two-class method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.26 |
) |
|
|
― |
|
Diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.26 |
) |
|
|
― |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding - Class A and C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
72,396,183 |
|
|
|
53,871,068 |
|
|
|
71,401,580 |
|
|
|
53,870,568 |
|
|
|
― |
|
Diluted |
|
|
72,396,183 |
|
|
|
53,871,068 |
|
|
|
71,401,580 |
|
|
|
53,870,568 |
|
|
|
― |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
$ |
8.4 |
|
|
$ |
(11.1 |
) |
|
$ |
7.9 |
|
|
$ |
(6.3 |
) |
|
|
$ |
(4.0 |
) |
Interest rate swap adjustments |
|
|
(0.5 |
) |
|
|
- |
|
|
|
(12.2 |
) |
|
|
- |
|
|
|
|
- |
|
Total other comprehensive income (loss), before tax |
|
|
7.9 |
|
|
|
(11.1 |
) |
|
|
(4.3 |
) |
|
|
(6.3 |
) |
|
|
|
(4.0 |
) |
Provision (benefit) for income taxes related to other comprehensive income (loss) |
|
|
0.1 |
|
|
|
- |
|
|
|
(2.1 |
) |
|
|
- |
|
|
|
|
- |
|
Total other comprehensive income (loss), net of tax |
|
|
7.8 |
|
|
|
(11.1 |
) |
|
|
(2.2 |
) |
|
|
(6.3 |
) |
|
|
|
(4.0 |
) |
Comprehensive income (loss), net of tax |
|
$ |
1.7 |
|
|
$ |
(12.7 |
) |
|
$ |
(20.4 |
) |
|
$ |
(20.2 |
) |
|
|
$ |
(23.0 |
) |
See notes to unaudited condensed consolidated financial statements.
2
Ranpak Holdings Corp.
Condensed Consolidated Balance Sheets
(in millions, except share data)
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
31.3 |
|
|
$ |
19.7 |
|
Accounts receivable, net |
|
|
42.4 |
|
|
|
36.1 |
|
Inventories, net |
|
|
13.5 |
|
|
|
11.6 |
|
Income tax receivable |
|
|
6.2 |
|
|
|
1.5 |
|
Prepaid expenses and other current assets |
|
|
3.5 |
|
|
|
2.5 |
|
Total current assets |
|
|
96.9 |
|
|
|
71.4 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
126.0 |
|
|
|
122.5 |
|
Goodwill |
|
|
453.1 |
|
|
|
448.8 |
|
Intangible assets, net |
|
|
441.8 |
|
|
|
458.6 |
|
Other assets |
|
|
3.2 |
|
|
|
3.1 |
|
Total assets |
|
$ |
1,121.0 |
|
|
$ |
1,104.4 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
21.8 |
|
|
$ |
12.3 |
|
Accrued liabilities and other |
|
|
25.6 |
|
|
|
15.5 |
|
Current portion of long-term debt |
|
|
1.6 |
|
|
|
1.6 |
|
Deferred machine fee revenue |
|
|
0.8 |
|
|
|
2.5 |
|
Total current liabilities |
|
|
49.8 |
|
|
|
31.9 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
424.8 |
|
|
|
418.8 |
|
Deferred tax liabilities |
|
|
115.8 |
|
|
|
115.0 |
|
Derivative instruments |
|
|
11.3 |
|
|
|
4.6 |
|
Other liabilities |
|
|
2.0 |
|
|
|
2.3 |
|
Total liabilities |
|
|
603.7 |
|
|
|
572.6 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies – Note 13 |
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Shareholders' equity |
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Class A common stock, $0.0001 par, 200,000,000 shares |
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authorized at September 30, 2020 and December 31, 2019 |
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Shares issued and outstanding: 68,991,155 and 64,293,741 |
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at September 30, 2020 and December 31, 2019, respectively |
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- |
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- |
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Class C common stock, $0.0001 par, 200,000,000 shares |
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authorized at September 30, 2020 and December 31, 2019 |
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Shares issued and outstanding: 6,511,293 at September 30, 2020 |
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and December 31, 2019 |
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- |
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- |
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Additional paid-in capital |
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563.4 |
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557.5 |
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Accumulated deficit |
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(47.3 |
) |
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(29.1 |
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Accumulated other comprehensive income |
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1.2 |
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3.4 |
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Total shareholders' equity |
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517.3 |
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531.8 |
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Total liabilities and shareholders' equity |
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$ |
1,121.0 |
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$ |
1,104.4 |
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See notes to unaudited condensed consolidated financial statements.
3
Ranpak Holdings Corp.
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity
(in millions, except share data)
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Ordinary Shares |
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Common Stock |
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Class A |
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Class B |
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Class A |
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Class C |
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Shares |
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Amount |
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Shares |
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Amount |
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Shares |
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Amount |
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Shares |
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Amount |
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Additional Paid-In Capital |
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Accumulated Earnings (Deficit) |
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Accumulated Other Comprehensive Income (Loss) |
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Total |
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Successor |
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Balance at June 3, 2019 |
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2,770,967 |
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$ |
- |
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11,250,000 |
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$ |
- |
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- |
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$ |
- |
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- |
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$ |
- |
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$ |
16.9 |
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$ |
(11.9 |
) |
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$ |
- |
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$ |
5.0 |
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Forward purchase shares |
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15,000,000 |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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Additional shares purchased |
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16,149,317 |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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Conversion of forward purchase and additional shares |
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(31,149,317 |
) |
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- |
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- |
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- |
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25,454,282 |
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- |
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5,695,035 |
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- |
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267.0 |
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- |
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- |
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267.0 |
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Shares canceled |
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- |
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- |
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(3,854,664 |
) |
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- |
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- |
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- |
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- |
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- |
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(33.0 |
) |
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- |
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- |
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(33.0 |
) |
Convert Class B |
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- |
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- |
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(7,395,336 |
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- |
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6,663,953 |
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- |
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731,383 |
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- |
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63.4 |
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- |
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- |
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63.4 |
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Convert public shares |
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- |
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- |
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- |
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- |
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14,581,346 |
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- |
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- |
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- |
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125.0 |
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- |
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- |
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125.0 |
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Convert private placement warrants |
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- |
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- |
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- |
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- |
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658,051 |
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- |
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84,875 |
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- |
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6.4 |
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- |
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- |
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6.4 |
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Public shares redeemed |
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(2,770,967 |
) |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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Amortization of restricted stock units |
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- |
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- |
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- |
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- |
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