OUR PROMISE TO A SUSTAINABLE FUTURE 1Q22 Earnings Presentation May 6, 2022 Disclaimers CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements include, but are not limited to, the guidance included in this presentation and the statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies r ...

Ranpak Holdings Corp. (NYSE:PACK) Q1 2022 Earnings Conference Call May 6, 2022 8:30 AM ET Company Participants Omar Asali – Chairman and Chief Executive Officer William Drew – Chief Financial Officer Sara Horvath – Vice President, General Counsel and Secretary Conference Call Participants Ghansham Panjabi – Robert W. Baird & Co. Adam Samuelson – Goldman Sachs Stefanos Crist – CJS Securities Alexander Leach – Berenberg Capital Markets Greg Palm – Craig-Hallum Group Operator Good morning. My name is Audra and ...

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 March 31, 2022 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) (State or other jurisd ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Ranpak provides sustainable paper-based protective packaging solutions globally, operating a razor/razor-blade model with diverse product lines and strong distributor sales - Ranpak operates a **razor/razor-blade business model**, providing proprietary PPS systems and selling high-margin, exclusive paper consumables, which generates recurring revenue[21](index=21&type=chunk)[22](index=22&type=chunk) - The company emphasizes environmentally sustainable products, with paper consumables being fiber-based, biodegradable, renewable, and curb-side recyclable. In 2021, **55.3%** of raw paper supply was from 100% recycled content[23](index=23&type=chunk)[32](index=32&type=chunk) 2021 Financial and Operational Highlights | Metric | Value | Source Chunk(s) | | :--- | :--- | :--- | | **Net Revenue** | $383.9 million | 39 | | **Income from Operations** | $12.2 million | 39 | | **Installed PPS Systems** | 133,200 units | 23, 30 | | **Revenue from North America** | 38.3% | 39 | | **Revenue from Europe/Asia** | 61.7% (49.6% Europe, 12.1% Asia/Other) | 23, 39 | | **Revenue from Distributors** | 87.6% | 36 | | **Revenue from Direct Sales** | 12.4% | 37 | | **Revenue from E-commerce** | 33.8% | 23, 57 | 2021 Revenue by Product Line | Product Line | Revenue (USD Million) | % of Net Revenue | Installed Base (Units) | | :--- | :--- | :--- | :--- | | **Cushioning (PadPak®)** | $162.6 | 42.4% | ~35,000 | | **Void-Fill (FillPak®)** | $154.5 | 40.2% | ~78,000 | | **Wrapping (WrapPak®, etc.)** | $52.0 | 13.5% | ~21,000 | | **Automation & Other** | $14.8 | 3.9% | N/A | - The company's growth strategy focuses on organic growth, innovation (e.g., PadPak® Auto-Coiler, AutoFill™), geographic expansion (especially Asia-Pacific), and strategic partnerships/acquisitions like Pickle Robot, Creapaper, and Recycold[47](index=47&type=chunk)[42](index=42&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) Ranpak faces supply chain risks from limited paper suppliers, rising input costs, global operational risks including currency fluctuations, and financial risks from debt covenants and significant shareholder influence - The company is highly dependent on a limited number of paper suppliers. In 2021, **46.1%** of North American raw paper was purchased from WestRock, and **11.4%** of global supply came from a Russian supplier, posing significant supply chain risk[85](index=85&type=chunk) - Rising costs for production inputs, particularly kraft paper, labor, energy, and freight, driven by global inflation, are expected to increase cost of goods sold and potentially pressure gross margins[77](index=77&type=chunk)[88](index=88&type=chunk) - Global operations expose the company to risks such as foreign currency fluctuations, tariffs (especially related to U.S.-China trade), and political instability. In 2021, **64.9%** of revenue was generated outside the U.S[98](index=98&type=chunk)[101](index=101&type=chunk)[104](index=104&type=chunk) - JS Capital holds approximately **37.5%** of the company's total outstanding shares, giving it significant influence over corporate actions, including the election of directors and major transactions[125](index=125&type=chunk) - The company's debt facilities impose operating and financial restrictions, including limitations on incurring additional debt, paying dividends, and making acquisitions. Failure to comply with covenants could lead to default[138](index=138&type=chunk)[140](index=140&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[176](index=176&type=chunk) [Properties](index=30&type=section&id=Item%202.%20Properties) Ranpak maintains global and regional headquarters, operates various production and assembly facilities, and is expanding automation capabilities with new sites Key Company Locations and Functions | Location | Function(s) | | :--- | :--- | | **Concord Township, Ohio** | Global HQ, PPS Assembly, Paper, Automation, Admin/Sales | | **Heerlen, The Netherlands** | Europe/Asia Regional HQ, PPS Assembly, Paper, Admin/Sales | | **Christiansburg, Virginia** | Automation | | **Kerkrade, The Netherlands** | Automation | | **Nyrany, Czech Republic** | PPS Assembly, Paper | - The company is expanding its automation capabilities with new facilities being built in Shelton, Connecticut, and Kerkrade, The Netherlands[177](index=177&type=chunk) [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business, not expected to have a material impact - The company is subject to various legal proceedings from time to time, which are considered part of the ordinary course of business[178](index=178&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[179](index=179&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Class A Common Shares trade on the NYSE under "PACK"; the company has not paid and does not plan to pay cash dividends due to debt covenants - Class A Common Shares are traded on the NYSE under the ticker "**PACK**"[180](index=180&type=chunk) - The company has not paid cash dividends and does not plan to in the foreseeable future, restricted by debt covenants[181](index=181&type=chunk) [Reserved](index=31&type=section&id=Item%206.%20Reserved) This item is not applicable - Not applicable[185](index=185&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, net revenue grew 28.7% to $383.9 million, net loss narrowed to $2.8 million, and liquidity improved with $103.9 million cash and reduced debt [Results of Operations](index=34&type=section&id=Results%20of%20Operations) In 2021, net revenue increased 28.7% to $383.9 million, gross margin declined to 38.8% due to higher costs, and net loss significantly improved to $2.8 million Comparison of Key Financials (2021 vs. 2020) | Metric (USD Millions) | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $383.9 | $298.2 | 28.7% | | **Gross Profit** | $148.9 | $122.6 | 21.5% | | **Income from Operations** | $12.2 | $11.7 | 4.3% | | **Net Loss** | $(2.8) | $(23.4) | 88.0% improvement | | **AEBITDA (Constant Currency)** | $117.8 | $93.7 | 25.7% | Net Revenue by Geography (2021 vs. 2020) | Geography (USD Millions) | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | **North America** | $146.9 | $127.4 | 15.3% | | **Europe/Asia** | $237.0 | $170.8 | 38.8% | - The increase in net revenue was primarily driven by a **21.4 percentage point** increase in the volume of paper consumable products sold[207](index=207&type=chunk) - Cost of goods sold increased **33.8%** to **$235.0 million**, outpacing revenue growth due to higher sales volumes, increased paper and freight costs, and a **$7.5 million** increase in depreciation[210](index=210&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2021, cash and equivalents increased to $103.9 million, total debt decreased to $406.5 million, and liquidity is deemed sufficient Cash and Debt Position (as of Dec 31) | Metric (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $103.9 | $48.5 | | **Total Debt** | $406.5 | $439.8 | Summary of Cash Flows (Year Ended Dec 31) | Cash Flow (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $54.3 | $63.8 | | **Net cash used in investing activities** | $(69.8) | $(34.5) | | **Net cash provided by (used in) financing activities** | $72.0 | $(1.6) | - In May 2021, the company sold **5.3 million shares** of Class A common stock for net proceeds of **$103.4 million**, which was used for debt prepayment and investment in a money market fund[230](index=230&type=chunk) [Critical Accounting Policies and Estimates](index=44&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment in revenue recognition, goodwill impairment, derivative financial instruments, and income tax estimations - **Revenue Recognition:** Revenue is recognized when control of goods or services is transferred. The policy requires significant estimates for variable consideration, such as customer rebates, which were approximately **7.4%** of revenue in 2021[257](index=257&type=chunk)[259](index=259&type=chunk) - **Goodwill and Intangible Assets:** Goodwill is tested for impairment annually (or more frequently if needed) by comparing the fair value of reporting units to their carrying value. This process involves significant management estimates of future revenues, operating margins, and discount rates[262](index=262&type=chunk)[264](index=264&type=chunk) - **Derivative Financial Instruments:** The company uses interest rate swaps and cross-currency swaps to manage exposure to interest rate and foreign currency fluctuations. These are recorded at fair value, with changes for designated hedges recorded in other comprehensive income[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) - **Income Taxes:** The company accounts for income taxes using the asset and liability method, requiring recognition of deferred tax assets and liabilities. Management must assess whether it is more likely than not that deferred tax assets will be realized[274](index=274&type=chunk)[275](index=275&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ranpak faces interest rate risk, foreign currency exchange rate risk (61.7% non-USD revenue), and commodity price risk, using derivatives to mitigate some exposures - **Interest Rate Risk:** A 100 basis point change in interest rates would have a **$10.7 million** impact on annual cash interest expense. The company uses interest rate swaps to manage this risk[280](index=280&type=chunk) - **Foreign Currency Exchange Rate Risk:** **61.7%** of 2021 net revenue was denominated in currencies other than the USD. A **10%** change in the Euro's value would impact net revenue by approximately **$23.7 million**[286](index=286&type=chunk)[287](index=287&type=chunk) - **Commodity Price Risk:** The company faces risk from paper price fluctuations. While annual supplier negotiations have historically mitigated this, recent global inflation may lead to increased price volatility[288](index=288&type=chunk) [Financial Statements and Supplementary Data](index=48&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for 2021, with an unqualified auditor's opinion, noting goodwill impairment as a critical audit matter Consolidated Balance Sheet Data (as of Dec 31) | Metric (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Total Assets** | $1,213.4 | $1,133.5 | | **Total Liabilities** | $577.2 | $610.6 | | **Total Shareholders' Equity** | $636.2 | $522.9 | Consolidated Statement of Operations Data (Year Ended Dec 31) | Metric (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Net Revenue** | $383.9 | $298.2 | | **Gross Profit** | $148.9 | $122.6 | | **Income from Operations** | $12.2 | $11.7 | | **Net Loss** | $(2.8) | $(23.4) | | **Loss Per Share (Basic & Diluted)** | $(0.04) | $(0.32) | - The independent auditor, Deloitte & Touche LLP, issued an **unqualified opinion** on the financial statements and internal controls. The goodwill impairment analysis was identified as a **Critical Audit Matter** due to the significant judgments required by management in estimating the fair value of its reporting units[295](index=295&type=chunk)[296](index=296&type=chunk)[300](index=300&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=84&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes or disagreements with its accountants regarding financial disclosure - None[516](index=516&type=chunk) [Controls and Procedures](index=84&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021, with no material changes - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2021[517](index=517&type=chunk) - Management assessed internal control over financial reporting and concluded it was **effective** as of December 31, 2021[518](index=518&type=chunk) [Other Information](index=86&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - None[529](index=529&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=86&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[530](index=530&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=86&type=section&id=Item%2010.%20Directors,%20Executive%20Officers,%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[531](index=531&type=chunk) [Executive Compensation](index=86&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[532](index=532&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=86&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[533](index=533&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=86&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[534](index=534&type=chunk) [Principal Accounting Fees and Services](index=86&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[535](index=535&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=86&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with or incorporated by reference into the Form 10-K report - This item lists all financial statements, schedules, and exhibits filed with the report[536](index=536&type=chunk) [Form 10-K Summary](index=87&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary for this Form 10-K - None[539](index=539&type=chunk)

Ranpak Fourth Quarter and Full Year 2021 Earnings Update February 25, 2022 Disclaimers 2 CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not hist ...

Ranpack Holdings Corp. (NYSE:PACK) Q4 2021 Earnings Conference Call February 25, 2022 8:30 AM ET Company Participants Omar Asali – Chairman and Chief Executive Officer (CEO) Bill Drew – Chief Financial Officer Sara Horvath – Vice President, General Counsel and Secretary Conference Call Participants Ghansham Panjabi – Baird Adam Samuelson – Goldman Sachs Greg Palm – Craig-Hallum Group Stefanos Crist – CJS Securities Alexander Leach – Berenberg Capital Markets Operator Hello, and welcome to the Ranpak Holding ...

Ranpak Holdings Corp. (NYSE:PACK) Q3 2021 Earnings Conference Call October 28, 2021 8:30 AM ET Company Participants Sara Horvath - VP, General Counsel and Secretary Omar Asali - Chairman and Chief Executive Officer Bill Drew - Chief Financial Officer Conference Call Participants Greg Palm - Craig-Hallum Group Ghansham Panjabi - Baird Adam Samuelson - Goldman Sachs Stefanos Crist - CJS Securities Alexander Leach - Berenberg Capital Markets Operator Hello, and welcome to the Ranpak Q3 2021 Earnings Call. [Ope ...

Ranpak Third Quarter 2021 Earnings Update October 28, 2021 Disclaimers CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, incl ...

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, 2021 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 98-137716 ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics, with a focus on revenue growth and profitability [2][3] Business Line Data and Key Metrics Changes - Specific business lines showed varied performance, indicating potential areas for growth and concern [2][3] Market Data and Key Metrics Changes - The company highlighted changes in market dynamics that could impact future performance, including shifts in demand and competition [2][3] Company Strategy and Development Direction - The management discussed strategic initiatives aimed at enhancing sustainability and market positioning, reflecting a commitment to long-term growth [2][3] Management Comments on Operating Environment and Future Outlook - Management provided insights into the current operating environment, emphasizing challenges and opportunities that lie ahead [2][3] Other Important Information - Additional information included updates on regulatory considerations and market trends that could affect the company's operations [2][3] Q&A Session Summary Question: What are the expectations for revenue growth in the upcoming quarters? - Management indicated optimism regarding revenue growth, citing strong demand in key markets as a driving factor [2][3] Question: How is the company addressing supply chain challenges? - The company is actively working to mitigate supply chain issues through strategic partnerships and inventory management [2][3] Question: Can you elaborate on the sustainability initiatives mentioned? - Management detailed ongoing sustainability efforts aimed at reducing environmental impact and enhancing product offerings [2][3]