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 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Or For the transition period from to Commission File Number: 1-12139 SEALED AIR CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 65-0654331 | | --- | --- | | (Sta ...

Financial Data and Key Metrics Changes - In the second quarter, net sales were $881 million for the food segment, up 3% on an organic basis, primarily driven by price realization, while adjusted EBITDA was $191 million, up 16% in constant dollars compared to last year [8][29] - Overall, adjusted EBITDA for the second quarter was $280 million, down 5% compared to last year, with adjusted earnings per share at $0.80, down 22% year-over-year but up 8% sequentially [29][75] - The company closed the second quarter with a net leverage ratio of approximately 4.1x and expects to use free cash flow generation to de-lever throughout the year and into 2024 [9][31] Business Line Data and Key Metrics Changes - Automation grew approximately 20% in the second quarter, with food automation particularly strong, increasing by about 40% year-over-year [6][72] - Protective solutions saw net sales of $500 million, down 18%, driven by volume declines across all regions due to market pressures and customer destocking [56][72] - The Fluids and Liquids segment experienced mid-single-digit growth, with the contribution from Liquibox expected to be approximately $300 million in sales for 2023 [31][75] Market Data and Key Metrics Changes - The APAC region grew by 6%, while the Americas declined by 2% and EMEA was flat [30] - The company anticipates continued retail softness in the U.S. and a headwind from the U.S. cattle cycle, partially offset by tailwinds from the Australian herd cycle [5][13] Company Strategy and Development Direction - The company is focusing on a Cost Take-Out to Grow program as part of Reinvent SEE 2.0, targeting annual savings of $140 million to $160 million by the end of 2025 [10][71] - The strategic pillars include Automation, Digital, and Sustainability, aimed at addressing customer packaging challenges and driving profitable growth [6][49] - The company is actively reviewing its protective portfolio to optimize and unlock value, including the closure of non-core businesses [73][116] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the global economic outlook and the lingering impact of inflation, while remaining confident in the Cost Take-Out to Grow program to restore earnings growth [78][110] - The company expects an L-shaped recovery through 2023 and into 2024, reflecting a post-COVID lower growth environment [57][110] - Management highlighted the importance of getting closer to customers to better understand volume outlook and address their needs amid changing market conditions [19][87] Other Important Information - The company reported a free cash flow use of $130 million in the second quarter, compared to a source of cash in the same period last year, primarily due to a $175 million IRS deposit [76] - The digital online transactions grew to 16% of total company sales, reflecting the rapid growth of the company's digital transformation efforts [52][54] Q&A Session Summary Question: Can you provide detail on volume expectations by segment for the second half of 2023? - Management indicated a shift in the U.S. cattle cycle impacting food volumes, with expectations of a 4% decline in volume for the second half [13][15] Question: What are the expectations for margins in the Protective segment? - Management expects margin expansion in the Protective segment due to cost control and a shift in product mix [102][105] Question: How does the company plan to address increased competition in the food packaging market? - Management emphasized strong product offerings and a focus on automation to regain market share lost to competitors [21][116] Question: What is the outlook for Liquibox's contribution to sales? - Liquibox is expected to contribute approximately $300 million in sales for 2023, although operational issues have led to a downward revision of expectations [31][99] Question: How confident is management in returning to growth in 2024? - Management expressed confidence in achieving low single-digit growth in 2024, supported by the Cost Take-Out to Grow program and new product introductions [78][110]

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Or For the transition period from to Commission File Number: 1-12139 SEALED AIR CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 65-0654331 | | --- | --- | | (St ...

Financial Data and Key Metrics Changes - In Q1 2023, net sales decreased by 2% on a constant currency basis, with adjusted EBITDA of $267 million down 18% compared to the previous year, reflecting lower volumes and unfavorable operating leverage [18][41][42] - Adjusted earnings per diluted share were $0.74, a decrease of 33% year-over-year on a constant currency basis [41] - The pro forma net leverage ratio at the end of Q1 was 3.7 times, with expectations to reduce it to approximately 3.5 times by the end of 2023 [19] Business Line Data and Key Metrics Changes - Food segment net sales were $853 million, up 1% on an organic basis, driven by a 4% increase from price realization, offset by a 2% decline in volume [8] - Protective Solutions segment net sales were $496 million, down 17% in constant dollars, primarily due to volume declines from recessionary pressures [42] - Automation sales increased by 5% in constant dollars, driven by automated protein solutions [17] Market Data and Key Metrics Changes - EMEA region grew by 4%, while the Americas and APAC regions saw declines of 4% and 1%, respectively [18] - The fastest-growing market was Fluids and Liquids, which grew double digits in Q1, representing close to 10% of total company sales [5][39] Company Strategy and Development Direction - The company is focused on transforming into a market-driven, customer-first solutions provider, with a strong emphasis on digital transformation and automation [5][39] - The acquisition of Liquibox is expected to enhance growth, contributing approximately $340 million to $360 million in sales for 2023 [19] - The company aims to exceed $1 billion in revenue from the Fluids and Liquids vertical by 2025, leveraging CRYOVAC and Liquibox technologies [39] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging first half of 2023 but expects a recovery in the second half driven by growth in Automation, Fluids, and Liquids businesses [17][19] - The company remains confident in its full-year guidance, expecting net sales in the range of $5.85 billion to $6.1 billion, with adjusted EBITDA margins around 21% [19] Other Important Information - The company repurchased approximately $80 million worth of shares in Q1 2023, with $537 million remaining under the authorized share repurchase program [18][19] - The company is implementing cost reduction efforts under the "Reinvent SEE 2.0" initiative, targeting $35 million to $45 million in savings within 12 to 18 months [17] Q&A Session Summary Question: Volume trends by region and end market - Management noted a tough quarter with Food overall volume down 3%, particularly in EMEA, while APAC faced challenges due to chaotic conditions post-lockdown in China [21][46] Question: Full year outlook and volume growth - The company is holding its full-year guidance, anticipating a slight uptick in Food volume and a decline of 2% to 3% in Protective [31][47] Question: Automation trends in a recessionary environment - Automation remains strong, with Food automation up 13% in Q1, while Protective automation was flat due to destocking [48][49] Question: Impact of destocking on Protective segment - Destocking has significantly impacted Protective volumes, with about one-third of the 18% decline attributed to this factor [53][78] Question: Price and volume expectations for 2024 - Management is addressing inflationary pressures with customers and believes automation will help maintain price realization while driving volume [81]

Acquisition and Expansion - The company acquired LB Holdco, Inc. (Liquibox) for $1.15 billion in cash, enhancing its sustainable packaging solutions[30] - In 2022, the company launched the BUBBLE WRAP brand paper bubble mailer, expanding its sustainable product portfolio[45] - The company operates four Packaging Solutions Development and Innovation Centers globally, focusing on innovation in packaging solutions[39] Research and Development - Research and development expenses were $103 million in 2022, up from $100 million in 2021 and $96 million in 2020, indicating a focus on innovation[37] - The company has approximately 2,630 patents and applications, emphasizing its focus on innovation and intellectual property[38] - The company owns or is the licensee of approximately 2,630 patents and 2,350 trademark registrations, filing an average of 185 patent applications annually[38] Sustainability and Environmental Goals - The company aims for net-zero carbon dioxide emissions within its operations by 2040, reflecting its commitment to sustainability[41] - The company integrates environmental sustainability into its business strategy through its Net Positive Circular Ecosystem approach[39] - The company is developing long-term expenditure forecasts to meet its sustainability goals, with costs not material in 2022 but potentially significant in future years[42] Workforce and Diversity - The company employs approximately 16,300 people, with a significant portion (10,200) in direct manufacturing roles[53] - As of December 31, 2022, 25% of the global employee base are female and 35% of the U.S. workforce belong to racial and ethnic minority groups[69] - The company aims to increase gender diversity across employees globally to more than 30% and the representation of racial and ethnic minorities in the U.S. workforce to above 35% by 2025[68] Financial Performance and Market Dynamics - The company experienced slightly higher net sales in the first half compared to the second half due to supply disruptions and recessionary pressures[87] - Raw materials typically represent approximately one-third of the consolidated cost of sales, with significant supply chain disruptions and sharp price increases experienced throughout 2022[82] - Minimal seasonality is observed in the business, with slightly higher net sales in the second half of the year due to holiday events[86] Supply Chain and Operational Efficiency - The company has a centralized supply chain organization aimed at achieving purchasing efficiencies and reducing total delivered costs across all regions[85] - The company faced supply chain disruptions and sharp raw material price increases in 2022 due to inflation, limited availability, and geopolitical factors[82] - The company is focused on operational excellence and aims to simplify and digitize its organizational structure to adapt to global market changes[34] Customer Base and Sales Distribution - The company’s customer base is diversified, with no single customer representing more than 10% of net sales in the past three years[33] - Approximately 50% of Protective sales were sold through distributors in 2022, with no single customer representing more than 10% of segment revenue[79] - In 2022, no single customer represented more than 10% of segment revenue in the Food segment, indicating a diversified customer base[75] Compliance and Regulations - The company has implemented an environmental management system to comply with various laws and regulations regarding the safe storage and use of raw materials and production chemicals[88] - Compliance with environmental regulations has not materially affected the company's capital expenditures or financial condition[88]

Sealed Air Corporation (NYSE:SEE) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET Company Participants Brian Sullivan - Investor Relations Ted Doheny - Chief Executive Officer Emile Chammas - Chief Operating Officer Christopher Stephens - Chief Financial Officer Conference Call Participants Arun Viswanathan - RBC Capital Markets George Staphos - Bank of America Ghansham Panjabi - R.W. Baird Phil Ng - Jefferies Anthony Pettinari - Citi Angel Castillo - Morgan Stanley Adam Josephson - KeyBanc Ad ...

Q4 & FY 2022 Earnings and 2023 Outlook SEE Accelerating to High Quality Growth Company Ted Doheny, President & CEO Chris Stephens, SVP & CFO Emile Chammas, SVP & COO Brian Sullivan, Executive Director Assistant Treasurer & Investor Relations February 9, 2023 Conference Call Supplement (Unaudited Results) This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of hist ...

Sealed Air Corp (NYSE:SEE) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET Company Participants Brian Sullivan - Executive Director, IR & Assistant Treasurer Edward Doheny - CEO, President & Director Chris Stephens - SVP & CFO Sergio Pupkin - SVP and Chief Growth & Strategy Officer Susan Yang - Corporate Treasurer & Finance Leader, SEE Automation Conference Call Participants George Staphos - Bank of America Merrill Lynch Ghansham Panjabi - Robert W. Baird & Co. Lawrence De Maria - William Blai ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported increased net sales and earnings for the nine-month period, alongside a significant decrease in cash and operating cash flow Financial Performance | Financial Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $4,236.0 M | $4,002.3 M | +5.8% | | Gross Profit | $1,348.9 M | $1,205.5 M | +11.9% | | Operating Profit | $716.8 M | $600.7 M | +19.3% | | Net Earnings from Continuing Operations | $396.6 M | $322.2 M | +23.1% | | Diluted EPS from Continuing Operations | $2.68 | $2.10 | +27.6% | Balance Sheet Summary | Balance Sheet Item | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $248.8 M | $561.0 M | | Inventories, net | $962.4 M | $725.7 M | | Total Assets | $6,075.1 M | $6,229.3 M | | Total Debt (Current + Long-term) | $3,639.1 M | $3,708.1 M | | Total Stockholders' Equity | $218.2 M | $248.7 M | Cash Flow Summary | Cash Flow Item | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $320.8 M | $377.5 M | | Net cash used in investing activities | ($183.8 M) | ($154.3 M) | | Net cash used in financing activities | ($419.0 M) | ($379.2 M) | [Note 3: Revenue Recognition](index=12&type=section&id=Note%203%20Revenue%20Recognition%2C%20Contracts%20with%20Customers) Revenue performance varied by segment, with growth in Food offset by a decline in the Protective segment during Q3 2022 Segment Revenue (In millions) | Segment Revenue (In millions) | Q3 2022 | Q3 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | **Food** | $829.8 | $797.4 | $2,443.3 | $2,236.3 | | **Protective** | $570.6 | $609.3 | $1,792.7 | $1,766.0 | | **Total** | $1,400.4 | $1,406.7 | $4,236.0 | $4,002.3 | [Note 5: Acquisition and Divestiture Activity](index=16&type=section&id=Note%205%20Acquisition%20and%20Divestiture%20Activity) The company acquired Foxpak Flexibles Ltd for $9.7 million to enhance digital printing capabilities in its Food segment - Acquired Foxpak Flexibles Ltd for **$9.7 million**, adding digital printing capabilities to the Food segment[55](index=55&type=chunk)[56](index=56&type=chunk) [Note 6: Segments](index=17&type=section&id=Note%206%20Segments) Both Food and Protective segments reported year-to-date growth in net sales and improved Adjusted EBITDA margins Segment Performance (YTD 2022 vs YTD 2021) | Segment Performance (YTD 2022 vs YTD 2021) | Food | Protective | | :--- | :--- | :--- | | **Net Sales** | $2,443.3 M (up 9.3%) | $1,792.7 M (up 1.5%) | | **Adjusted EBITDA** | $553.4 M (up 14.2%) | $363.2 M (up 13.5%) | | **Adjusted EBITDA Margin** | 22.6% (from 21.7%) | 20.3% (from 18.1%) | [Note 12: Restructuring Activities](index=22&type=section&id=Note%2012%20Restructuring%20Activities) The 'Reinvent SEE' restructuring program was extended, with total spending approaching its authorized limit - The 'Reinvent SEE' restructuring program has been extended to the end of 2022, with cumulative spend to date of **$208 million** out of a total authorized range of **$210-$220 million**[88](index=88&type=chunk)[89](index=89&type=chunk) - In the first nine months of 2022, total charges related to the program were **$13.1 million**, consisting of $4.6 million in restructuring charges and $8.5 million in other associated costs[87](index=87&type=chunk)[89](index=89&type=chunk) [Note 13: Debt and Credit Facilities](index=23&type=section&id=Note%2013%20Debt%20and%20Credit%20Facilities) The company managed its $3.64 billion debt portfolio through refinancing and new note issuance during the period Debt Composition (In millions) | Debt Component | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total current debt | $403.4 M | $488.5 M | | Total long-term debt | $3,235.7 M | $3,219.6 M | | **Total debt** | **$3,639.1 M** | **$3,708.1 M** | - In March 2022, the company amended and restated its senior secured credit facility, extending maturity to 2027 and transitioning from **LIBOR to SOFR**[95](index=95&type=chunk) - In April 2022, issued **$425 million in 5.000% senior notes** due 2029 to repurchase existing notes due 2023, recognizing a **$10.5 million pre-tax loss** on the transaction[98](index=98&type=chunk)[101](index=101&type=chunk) [Note 18: Commitments and Contingencies](index=33&type=section&id=Note%2018%20Commitments%20and%20Contingencies) The company faces a significant potential tax liability from an IRS dispute and has settled a class action lawsuit - The IRS is challenging a tax deduction from 2014 related to the Cryovac transaction settlement, potentially resulting in a **$525 million tax liability**[150](index=150&type=chunk)[154](index=154&type=chunk) - A securities class action lawsuit was settled for **$12.5 million**, which will be covered by the company's insurance[158](index=158&type=chunk) [Note 19: Stockholders' Equity](index=35&type=section&id=Note%2019%20Stockholders%27%20Equity) Capital was returned to shareholders through significant share repurchases and consistent quarterly dividends - Repurchased **4.5 million shares for $280.1 million** in the first nine months of 2022[162](index=162&type=chunk) - As of September 30, 2022, **$616.4 million remained** under the current $1.0 billion share repurchase authorization[161](index=161&type=chunk) - Declared and paid quarterly cash dividends of **$0.20 per common share** throughout 2022[165](index=165&type=chunk)[166](index=166&type=chunk) [Note 23: Subsequent Events](index=39&type=section&id=Note%2023%20Subsequent%20Events) The company announced a definitive agreement to acquire Liquibox for $1.15 billion subsequent to the reporting period - Announced the planned acquisition of Liquibox for **$1.15 billion in cash**, expected to close in Q1 2023[183](index=183&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sales growth was driven by price realization offsetting volume declines, though free cash flow decreased due to inventory investments [Highlights of Financial Performance](index=45&type=section&id=Highlights%20of%20Financial%20Performance) The company achieved broad growth across key GAAP and non-GAAP metrics, including net sales, operating profit, and Adjusted EPS YTD Performance Summary (In millions, except EPS) | Metric (YTD 2022 vs YTD 2021) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Net sales | $4,236.0 M | $4,002.3 M | 5.8% | | Operating profit | $716.8 M | $600.7 M | 19.3% | | Net earnings from continuing operations | $396.6 M | $322.2 M | 23.1% | | Non-U.S. GAAP Adjusted EBITDA | $913.0 M | $801.9 M | 13.9% | | Non-U.S. GAAP Adjusted EPS | $3.11 | $2.43 | 28.0% | [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Price increases drove net sales growth by offsetting volume declines and currency headwinds, improving gross margin YTD 2022 Net Sales Change Contribution | YTD 2022 Net Sales Change Contribution | Percentage | | :--- | :--- | | Price | +14.9% | | Volume | -4.3% | | Acquisition (Divestiture) | -0.8% | | Foreign currency translation | -4.0% | | **Total change (U.S. GAAP)** | **+5.8%** | - Food segment constant dollar sales increased **13.5% YTD**, driven by favorable pricing of $332 million, partially offset by lower volumes of $35 million[217](index=217&type=chunk)[219](index=219&type=chunk) - Protective segment constant dollar sales increased **5.1% YTD**, as favorable pricing of $263 million was partially offset by lower volumes of $137 million due to recessionary pressures[217](index=217&type=chunk)[221](index=221&type=chunk)[226](index=226&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains solid, but operating and free cash flow declined significantly due to increased working capital investment Free Cash Flow (In millions) | Metric (In millions) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Cash flow provided by operating activities | $320.8 | $377.5 | | Capital expenditures | ($183.5) | ($154.8) | | **Non-U.S. GAAP free cash flow** | **$137.3** | **$222.7** | - The decrease in operating cash flow was primarily driven by unfavorable working capital changes, including a **$120 million higher use of cash for inventory** and **$169 million lower cash generation from accounts payable** compared to 2021[289](index=289&type=chunk) - Net debt increased by **$243.2 million** since year-end 2021 to **$3.39 billion**[285](index=285&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from foreign currency, particularly in Argentina, and interest rate fluctuations - Recognized a **$6 million net foreign currency exchange loss** in the first nine months of 2022 related to the designation of Argentina as a highly inflationary economy[311](index=311&type=chunk) - A hypothetical **10% increase in interest rates** would result in a **$76 million decrease** in the fair value of the company's total debt balance[309](index=309&type=chunk) - The company's **€400 million senior notes** are designated as a net investment hedge against fluctuations in its investment in a European subsidiary[317](index=317&type=chunk) [Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective - Management concluded that disclosure controls and procedures were **effective at the 'reasonable assurance' level** as of the end of the reporting period[323](index=323&type=chunk) - **No material changes** to internal control over financial reporting were identified during the quarter ended September 30, 2022[324](index=324&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) This section references Note 18 for details on key legal matters, including an IRS dispute and a lawsuit settlement - Refers to Note 18 for details on the Settlement Agreement Tax Deduction dispute with the IRS, the Securities Class Action settlement, and Environmental Matters[325](index=325&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) The conflict between Russia and Ukraine is identified as a significant risk impacting supply chains, costs, and assets - The conflict between Russia and Ukraine poses risks including **supply chain disruptions, increased costs, and currency losses**[327](index=327&type=chunk) - As of September 30, 2022, net assets in Russia were **$79 million** and in Ukraine were **$4 million**[328](index=328&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company executed share repurchases totaling $30.0 million during the third quarter under its authorized program Share Repurchases in Q3 2022 | Period (2022) | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July | 0 | N/A | | August | 0 | N/A | | September | 614,190 | $48.81 | | **Q3 Total** | **614,190** | **$48.81** | - As of September 30, 2022, approximately **$616.4 million remained available** for repurchase under the company's authorized plan[330](index=330&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists all filed exhibits, including governance documents, executive certifications, and XBRL data - Filed exhibits include CEO and CFO certifications pursuant to Rule 13a-14(a) and 18 U.S.C. § 1350, along with corporate governance documents and XBRL data[333](index=333&type=chunk)

Liquibox Acquisition - SEE will acquire 100% ownership of Liquibox, which is forecasted to have $362 million in revenues and $85 million in Adjusted EBITDA for 2022[19] - The purchase price is $115 billion, resulting in an EV/Adj 2022E EBITDA multiple of 135x, which reduces to 10x after considering cost synergies[19] - The acquisition is expected to generate approximately $30 million in annual run-rate cost synergies, representing 8% of Liquibox's revenues[19] - The acquisition is forecasted to reduce the EV/Adj EBITDA purchase multiple by 5x by Year 3 through organic growth and cost synergies and is expected to be accretive to Adjusted EPS by Year 1, excluding Purchase Accounting[19] - The combined Fluids & Liquids sales are expected to be approximately $600 million[17] Q3 2022 Financial Performance - Net sales were $14 billion, flat as reported but up 5% in constant currency[34, 36] - Adjusted EBITDA was $293 million, up 8% as reported and 12% in constant currency, with a margin of 209%, up 170 bps[34, 36, 44] - Adjusted EPS was $098, up 14% as reported and 19% in constant currency[34, 36] - Free cash flow was $137 million, with capital expenditures up 19% compared to Q3 2021's $223 million[34, 35] 2022 Outlook - Sales are projected to be between $565 billion and $575 billion, with organic growth up 7% to 9%, but impacted by a foreign exchange impact of approximately (4%) and a net acquisition/divestiture impact of approximately ($35 million)[60] - Adjusted EBITDA is expected to be between $121 billion and $123 billion, up 7% to 9%, with a margin of approximately 21%, but impacted by a foreign exchange impact of approximately (4%)[61]