UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 28, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-35672 BERRY GLOBAL GROUP, INC. A Delaware corporation 101 Oakley Street, Evansville, Indiana, 47710 (812) 424-2904 IRS ...

Financial Performance Highlights - Net sales for Fiscal Quarter 1 2020 were $2816 million, a 43% increase compared to $1972 million in 2019[6] - Operating income for Fiscal Quarter 1 2020 was $199 million, a 13% increase compared to $176 million in 2019[6] - Operating EBITDA for Fiscal Quarter 1 2020 was $451 million, a 36% increase compared to $331 million in 2019[6] - The company reaffirmed free cash flow guidance of $800 million[5] Segment Performance - Consumer Packaging, North America, achieved seven consecutive quarters of volume growth, with a +3% increase in the current December quarter[7, 11] - Consumer Packaging, International, showed solid performance, with legacy RPC recording +2% operating EBITDA growth on a constant currency basis since acquisition[7, 10] - Health, Hygiene & Specialties reported flat organic volume during the quarter, excluding a customer product transition[12] - Engineered Materials experienced organic volume and operating EBITDA declines consistent with expectations[13] Financial Outlook and Strategy - The company is targeting leverage below 4x through debt paydown[19] - Positive organic base volumes are anticipated in the March '20 quarter[5, 19] - Free cash flow for fiscal year 2020 is guided at $800 million[5, 19]

Financial Performance - Net sales for fiscal 2019 were $8,878 million, an increase of 12.8% from $7,869 million in fiscal 2018[70]. - Operating income for fiscal 2019 was $974 million, up from $761 million in fiscal 2018, reflecting a growth of 28.0%[70]. - Net income for fiscal 2019 was $404 million, compared to $496 million in fiscal 2018, indicating a decrease of 18.5%[70]. - Total assets increased to $16,469 million in fiscal 2019 from $9,131 million in fiscal 2018, representing an increase of 80.5%[70]. - Long-term debt obligations rose to $11,365 million in fiscal 2019, up from $5,844 million in fiscal 2018, a significant increase of 94.1%[70]. - Net cash from operating activities was $1,201 million in fiscal 2019, compared to $1,004 million in fiscal 2018, an increase of 19.6%[70]. - Comprehensive income decreased by $234 million (57%) in fiscal 2019, attributed to a $92 million decrease in net income and a $160 million unfavorable change in the fair value of interest rate hedges[97]. - Free cash flow for fiscal 2019 was $764 million, up from $634 million in fiscal 2018, reflecting improved cash flow from operating activities[127]. Segment Performance - The Consumer Packaging International segment saw a significant net sales increase of 472% to $1,229 million, largely due to the RPC acquisition contributing $1,031 million[85]. - The Engineered Materials segment experienced a net sales decline of 4% to $2,538 million, attributed to lower selling prices and a 5% base volume decline[90]. - The Health, Hygiene & Specialties segment reported net sales of $2,475 million, a 3% decrease, but operating income surged 117% to $410 million, aided by a $214 million gain from the sale of the SFL business[92]. Acquisition and Growth Strategy - The company reorganized into four reporting segments following the RPC Group Plc acquisition, aimed at improving service and driving future growth[8]. - Berry Global expects to realize annual cost synergies of $150 million from the RPC acquisition, with an estimated $75 million expected in fiscal 2020[78]. - The Company acquired RPC Group Plc in July 2019 for an aggregate consideration of $6.1 billion, which significantly impacted its financial position and operations[173]. - RPC represented approximately 49% of consolidated total assets and contributed 13% and 10% to consolidated net sales and net income, respectively, for the fiscal year ended September 28, 2019[151]. - Berry Global's acquisition strategy focuses on enhancing long-term financial performance and expanding product lines, with a goal of creating value through synergy realization[77]. Competition and Market Conditions - The company faces significant competition from firms such as Amcor, Silgan, and 3M, focusing on service, innovation, quality, and price[26]. - The primary raw material is plastic resin, which is subject to price fluctuations and potential shortages that could impact financial performance[27][40]. - Environmental regulations may impose additional costs and operational challenges, although the company believes it is in substantial compliance with current laws[30][32]. Debt and Financial Obligations - The company has substantial indebtedness, which may restrict its ability to meet obligations and limit operational flexibility[34][35]. - Total contractual cash obligations at the end of fiscal 2019 amounted to $15,122 million, including long-term debt of $11,356 million[119]. - The company had $7.5 billion in term loans and an $850 million revolving credit facility as of September 28, 2019, with a LIBOR rate of approximately 2.00% applicable to term loans[140]. Internal Controls and Compliance - The Company's internal control over financial reporting was assessed as effective as of September 28, 2019, based on the COSO criteria[175]. - The independent registered public accounting firm provided an unqualified opinion on the Company's internal controls over financial reporting[169]. - Management's assessment of internal controls excluded RPC's internal control over financial reporting due to its acquisition timing[151]. Employee and Operational Metrics - As of the end of fiscal year 2019, the company employed approximately 48,000 employees, with about 20% covered by collective bargaining agreements[28]. - The company operates 123 facilities in North America and 149 in Europe, the Middle East, India, and Africa as of September 28, 2019[62]. Cash Flow and Investments - Net cash used in investing activities increased by $5,216 million from fiscal 2018, mainly attributed to increased capital expenditures and higher acquisition spending[123]. - Net cash from financing activities increased by $5,313 million from fiscal 2018, primarily due to proceeds from long-term borrowings to finance the RPC acquisition[124]. - The company plans to adopt the new lease accounting standard (ASU 2016-02) beginning in fiscal 2020, which is not expected to have a material impact on retained earnings[120].

Berry Global Group, Inc. (NYSE:BERY) Q4 2019 Earnings Conference Call November 21, 2019 10:00 AM ET Company Participants Dustin Stilwell - Director & Head IR Tom Salmon - CEO Mark Miles - CFO Conference Call Participants Anthony Pettinari - Citigroup Ghansham Panjabi - Robert W Baird Brian Maguire - Goldman Sachs Neel Kumar - Morgan Stanley Tyler Langton - JPMorgan Kyle White - Deutsche Bank Arun Viswanathan - RBC Capital Markets Gabe Hajde - Wells Fargo Securities Mark Wilde - BMO Capital Markets Salvator ...

Always Advancing to Protect What's Important Fourth Quarter & Fiscal Year 2019 Thomas E. Salmon – Chairman and CEO Mark W. Miles – CFO Thursday, November 21, 2019 Earnings Conference Call Supplement (Unaudited Results) Safe Harbor Statements Forward-Looking Statements Statements in this presentation that are not historical, including statements relating to the expected future performance of the Company, are considered "forward looking" and are presented pursuant to the safe harbor provisions of the Private ...

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 June 29, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35672 BERRY GLOBAL GROUP, INC. A Delaware corporation 101 Oakley Street, Evansville, Indiana, 47710 (812) 424-2904 IRS employer ident ...

Financial Data and Key Metrics Changes - Net sales for the quarter were $1.94 billion, with operating EBITDA of $348 million, reflecting contributions from the Laddawn acquisition and growth in consumer packaging, offset by weakness in Engineered Materials and Health, Hygiene and Specialties [12][19] - Adjusted earnings per share were $0.90, and free cash flow for the quarter was $136 million, totaling $665 million for the last four quarters [12][30] - The company is targeting free cash flow of $800 million for fiscal 2020, representing a free cash flow yield approaching 12% [31] Business Line Data and Key Metrics Changes - Consumer Packaging reported sales of $652 million, a 1% decrease year-over-year, but volume grew by 3%, driven by foodservice, containers, and closure products [21][22] - Engineered Materials sales were $639 million, down from $687 million in the prior year, primarily due to lower resin prices and organic volume decline [23] - Health, Hygiene and Specialties division saw sales of $646 million, down from $726 million, attributed to weaker volumes and unfavorable currency impacts [25][26] Market Data and Key Metrics Changes - The North American baby care market continues to show weakness, impacting the Health, Hygiene and Specialties division, while the company is focusing on higher growth markets such as adult incontinence and feminine care [13][100] - The company is optimistic about growth in emerging markets and has committed to sustainability initiatives, which are expected to enhance its competitive position [15][16] Company Strategy and Development Direction - The acquisition of RPC Group is seen as transformational, with expected annual cost synergies of $150 million and a combined pro forma revenue of $13 billion [9][34] - The company is restructuring into four operating divisions to better serve customers and leverage growth opportunities [36] - Berry Global is committed to sustainability, aiming for 100% of plastics packaging to be reusable, recyclable, or compostable by 2025 [16][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving historical free cash flow growth and outlined a commitment to improving the balance sheet post-acquisition [18][39] - The integration of RPC is progressing better than planned, with management optimistic about the combined entity's potential in the healthcare and pharma sectors [66] - The company anticipates positive organic volume growth in the second half of fiscal 2020, driven by new business opportunities and market recovery [43][65] Other Important Information - The company completed the sale of its Seal For Life business for approximately $330 million, which will be used to repay debt and improve the balance sheet [10][11] - Management highlighted the importance of innovation and cost reduction to maintain competitiveness in a challenging market environment [80][96] Q&A Session Summary Question: Confirmation on material qualification issues - Management confirmed that material qualification issues have been resolved and progress has been made in recovering demand from regional distribution accounts [50][51] Question: Sensitivities around free cash flow and EBITDA - Management provided insights on the $800 million free cash flow target, including assumptions on capital expenditures and transition-related costs [53][54] Question: Impact of Seal for Life sale - The sale had a positive impact on the Health, Hygiene and Specialties segment, with annual sales of approximately $120 million and above-average EBITDA margins [58] Question: Volume outlook and confidence in growth - Management expressed confidence in achieving positive volumes by March 2020, supported by a $120 million pipeline of new revenue [63][64] Question: Performance of RPC business post-acquisition - RPC's performance has been in line with expectations, with modest growth in sales and EBITDA reported for the last six months [67][68] Question: Cost recovery and pricing strategies - Management acknowledged challenges in recovering costs due to competitive pressures but emphasized ongoing efforts to innovate and reduce costs [80][96]

Always Advancing To Protect What's Important Fiscal 2019 Third Quarter Tuesday, July 30, 2019 Earnings Conference Call Supplement (Unaudited Results) Thomas E. Salmon – Chief Executive Officer Mark W. Miles – Chief Financial Officer Safe Harbor Statements Forward-Looking Statements Statements in this presentation that are not historical, including statements relating to the expected future performance of the Company, are considered "forward looking" and are presented pursuant to the safe harbor provisions o ...

Financial Performance - Net income for the quarter ended March 30, 2019, was $65 million, a decrease from $114 million in the same period last year, representing a 43% decline [6]. - Comprehensive income for the quarter was $65 million, compared to $132 million in the previous year, reflecting a significant decrease [6]. - Net income for the quarter ended March 30, 2019, was $162 million, a decrease from $253 million in the same period last year, representing a decline of 36% [11]. - In the quarterly period ended March 30, 2019, the company reported a net income of $74 million, compared to $90 million for the same period in 2018, representing a decrease of approximately 17.8% [59]. - Diluted net income per share for the quarter was $0.55, compared to $0.66 in the same quarter of the previous year, a decrease of approximately 16.7% [59]. - Net income for the quarter stood at $74 million, consistent across Parent and Issuer segments [67]. - Comprehensive net income for the quarter was $132 million, down from $146 million year-over-year, showing a decrease of approximately 9.6% [70]. Assets and Liabilities - Total current assets decreased to $2,267 million from $2,285 million, with cash and cash equivalents at $353 million, down from $381 million [8]. - Total liabilities decreased to $7,453 million from $7,697 million, with long-term debt less current portion at $5,690 million, down from $5,806 million [8]. - Stockholders' equity increased to $1,531 million from $1,434 million, driven by an increase in additional paid-in capital to $901 million from $867 million [8]. - Total long-lived assets as of March 30, 2019, were $6,717 million, down from $6,846 million as of September 2018 [52]. - The Company’s total assets were $8,984 million as of March 30, 2019, compared to $9,131 million as of September 2018 [50]. - Current liabilities totaled $1.127 billion, indicating a manageable short-term financial position [66]. Cash Flow - Cash flows from operating activities increased to $331 million for the quarter ended March 30, 2019, compared to $285 million for the same period last year, reflecting a growth of 16% [11]. - Cash flow from operating activities was $331 million, demonstrating strong operational efficiency compared to the previous period [71]. - Cash flow from investing activities resulted in a net outflow of $655 million, primarily due to $474 million for business acquisitions [73]. - Cash flow from financing activities generated a net inflow of $354 million, including $497 million from long-term borrowings [73]. Debt and Financing - The company made $122 million in repayments on long-term borrowings during fiscal 2019 using existing liquidity [36]. - As of March 30, 2019, the company had long-term debt totaling $5.727 billion, a decrease from $5.844 billion as of September 29, 2018 [35]. - The company incurred interest expenses of $66 million, which may impact future profitability [67]. - The company amended its revolving line of credit, increasing total capacity from $750 million to $850 million, maturing in April 2024 [74]. - A 0.25% change in LIBOR would increase annual interest expense by $5 million on variable rate term loans [120]. Acquisitions and Investments - The company plans to acquire RPC Group Plc for approximately £3.3 billion ($4.3 billion), with total consideration expected to be around £5.0 billion ($6.5 billion) including debt refinancing [20]. - The acquisition of RPC Group Plc is expected to be completed early in the third quarter of calendar year 2019, pending antitrust clearances [22]. - The company acquired Laddawn, Inc. for a purchase price of $242 million, with identifiable assets including working capital of $26 million and intangible assets of $98 million [25]. - RPC acquired Clopay Plastic Products Company for $475 million, with the purchase price allocated to working capital of $70 million and intangible assets of $125 million [26][28]. - The company recognized goodwill primarily due to expected cost synergies from the acquisitions of Laddawn and Clopay, with goodwill of $79 million and $111 million respectively [25][27]. Operational Efficiency - The company anticipates continued focus on operational efficiencies and strategic growth initiatives moving forward [3]. - The company is exploring market expansion opportunities and potential acquisitions to enhance its competitive position [67]. - The company plans to continue investing in new product development and market expansion strategies to drive future growth [70]. - The company has various purchase commitments for raw materials and supplies, which are essential for its ordinary business operations [55]. Segment Performance - Engineered Materials segment reported net sales of $628 million for the quarter, down from $655 million in the same quarter of the previous year [50]. - Health, Hygiene & Specialties segment net sales were $683 million, a decrease from $706 million year-over-year [50]. - Consumer Packaging segment achieved net sales of $639 million, up from $606 million in the same quarter of 2018 [50]. - Total net sales for the quarter ended March 30, 2019, were $1,950 million, a decrease of 0.9% from $1,967 million for the same period in 2018 [50]. - Operating income for the quarter was $185 million, compared to $188 million in the same quarter of the previous year, reflecting a slight decline [50]. Legal and Compliance - The company is involved in various legal proceedings, but management believes that any ultimate liability would not be material to its financial statements [54]. - The company’s accumulated other comprehensive loss was reported at $(186) million as of March 30, 2019 [63].

Financial Performance - Net income for the quarter ended December 29, 2018, was $88 million, a decrease of 46% compared to $163 million for the same period in 2017[8] - Comprehensive income for the quarter was $67 million, down from $151 million year-over-year[8] - Total net sales for the quarter ended December 29, 2018, were $1.972 billion, an increase from $1.776 billion in the same period of the previous year, representing an 11% growth[56] - Operating income for the quarter was $176 million, up from $163 million year-over-year, reflecting an 8% increase[56] - Basic earnings per share (EPS) for the quarter was $0.67, compared to $1.24 in the prior year, reflecting a decline of 46%[63] - Diluted EPS for the quarter was $0.66, down from $1.20 year-over-year, indicating a decrease of 45%[63] - The company reported a comprehensive net income of $151 million for the quarter, compared to $67 million in the same quarter last year, indicating an increase of 125.4%[67] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $293 million, compared to $228 million at the end of the previous year[12] - Net cash from operating activities was $161 million, an increase from $153 million in the prior year[12] - Cash flow from operating activities for the quarter was $161 million, with cash flow from investing activities resulting in a net outflow of $75 million[69] - The company reported a net change in cash of $(88) million, ending the period with cash and cash equivalents of $293 million[70] Assets and Liabilities - Total assets as of December 29, 2018, were $8,972 million, a slight decrease from $9,131 million at the end of the previous quarter[10] - Total liabilities were $7,517 million, down from $7,697 million in the previous quarter[10] - Long-term debt totaled $5.737 billion as of December 29, 2018, a decrease from $5.844 billion on September 29, 2018, with compliance to all debt covenants maintained[38] - The company recognized a total of $427 million in accrued expenses and other current liabilities as of December 29, 2018, compared to $416 million on September 29, 2018[34] - Current liabilities totaled $1.179 billion, while stockholders' equity stood at $1.455 billion[68] Acquisitions and Investments - The company acquired Laddawn, Inc. for a purchase price of $242 million, with the acquisition expected to generate cost synergies and included working capital of $26 million and goodwill of $79 million[24] - The acquisition of Clopay Plastic Products Company, Inc. was completed for $475 million, with the purchase price allocated to working capital of $70 million and goodwill of $111 million[26][28] Stock and Shareholder Actions - Berry Global Group, Inc. repurchased $52 million worth of common stock during the quarter[12] - The company repurchased approximately 1,132 thousand shares for $54 million during the quarter, with $412 million remaining available for share repurchases[61] Debt and Interest Rates - The company has entered into factoring agreements, with gross amounts factored under U.S. programs at $212 million as of December 29, 2018, compared to $162 million on September 29, 2018[31] - Interest expense for the quarter was $62 million, compared to $64 million in the previous year, showing a slight decrease of 3.1%[67] - As of December 29, 2018, the company had $3.6 billion in term loans and a $750 million revolving credit facility with no borrowings outstanding[100] - A 0.25% change in LIBOR would increase annual interest expense by $5 million on variable rate term loans[100] - The applicable margin for LIBOR rate borrowings under the revolving credit facility ranges from 1.25% to 1.75%[100] - The margin for term loans ranges from 1.75% to 2.00% per annum[100] - The LIBOR rate applicable to term loans was approximately 2.50% as of December 29, 2018[100] Other Financial Metrics - The company reported depreciation of $96 million for the quarter, compared to $91 million in the same quarter last year[12] - The accrued rebate balance was $64 million as of December 29, 2018, up from $58 million on September 29, 2018, reflecting management estimates based on customer purchase agreements[20] - Long-lived assets totaled $6.766 billion as of December 29, 2018, a decrease from $6.846 billion as of September 29, 2018[57] - The company’s goodwill was reported at $2.941 billion as of December 29, 2018, slightly down from $2.944 billion as of September 29, 2018[56] - The balance of accumulated other comprehensive loss increased to $177 million as of December 29, 2018, from $156 million at the end of the previous year[64] - The company incurred restructuring and impairment charges totaling $11 million for the quarter[66] Future Outlook - The company plans to continue focusing on operational efficiencies and market expansion strategies moving forward[14] - The company is currently evaluating the impact of the new lease accounting standard, effective for fiscal 2020, which will require recognition of lease assets and liabilities on the balance sheet[17] Currency and Foreign Exchange - A 10% decline in foreign currency exchange rates would negatively impact the company's annual net income by $6 million[102] - The company has cross-currency swap agreements with a notional amount of 250 million euros to convert fixed-rate U.S. dollar loans to fixed-rate euro-denominated debt[103]