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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

 

 

 

Page

Part I – Financial Information

 

1

Item 1. Condensed Consolidated Financial Statements (Unaudited)

 

1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

51

Item 4. Controls and Procedures

 

51

Part II – Other Information

 

52

Item 1. Legal Proceedings

 

52

Item 1A. Risk Factors

 

52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

52

Item 3. Defaults Upon Senior Securities

 

52

Item 4. Mine Safety Disclosures

 

52

Item 5. Other Information

 

52

Item 6. Exhibits

 

53

Signatures

 

54

 


 

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

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

Class A common stock, $0.0001 par, 200,000,000 shares

 

 

 

 

 

 

 

 

authorized at September 30, 2020 and December 31, 2019

 

 

 

 

 

 

 

 

Shares issued and outstanding: 68,991,155 and 64,293,741

 

 

 

 

 

 

 

 

at September 30, 2020 and December 31, 2019, respectively

 

 

-

 

 

 

-

 

Class C common stock, $0.0001 par, 200,000,000 shares

 

 

 

 

 

 

 

 

authorized at September 30, 2020 and December 31, 2019

 

 

 

 

 

 

 

 

Shares issued and outstanding: 6,511,293 at September 30, 2020

 

 

 

 

 

 

 

 

and December 31, 2019

 

 

-

 

 

 

-

 

Additional paid-in capital

 

 

563.4

 

 

 

557.5

 

Accumulated deficit

 

 

(47.3

)

 

 

(29.1

)

Accumulated other comprehensive income

 

 

1.2

 

 

 

3.4

 

Total shareholders' equity

 

 

517.3

 

 

 

531.8

 

Total liabilities and shareholders' equity

 

$

1,121.0

 

 

$

1,104.4

 

 

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)

    

 

 

Ordinary Shares

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

Class B

 

 

Class A

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Earnings (Deficit)

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

 

Successor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 3, 2019

 

 

2,770,967

 

 

$

-

 

 

 

11,250,000

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

16.9

 

 

$

(11.9

)

 

$

-

 

 

$

5.0

 

Forward purchase shares

 

 

15,000,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Additional shares purchased

 

 

16,149,317

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of forward purchase and additional shares

 

 

(31,149,317

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25,454,282

 

 

 

-

 

 

 

5,695,035

 

 

 

-

 

 

 

267.0

 

 

 

-

 

 

 

-

 

 

 

267.0

 

Shares canceled

 

 

-

 

 

 

-

 

 

 

(3,854,664

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(33.0

)

 

 

-

 

 

 

-

 

 

 

(33.0

)

Convert Class B

 

 

-

 

 

 

-

 

 

 

(7,395,336

)

 

 

-

 

 

 

6,663,953

 

 

 

-

 

 

 

731,383

 

 

 

-

 

 

 

63.4

 

 

 

-

 

 

 

-

 

 

 

63.4

 

Convert public shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,581,346

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

125.0

 

 

 

-

 

 

 

-

 

 

 

125.0

 

Convert private placement warrants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

658,051

 

 

 

-

 

 

 

84,875

 

 

 

-

 

 

 

6.4

 

 

 

-

 

 

 

-

 

 

 

6.4

 

Public shares redeemed

 

 

(2,770,967

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amortization of restricted stock units

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-