$PACK
Ranpak Holdings Corp.

2021 Q2 Form 10-Q Financial Statement

#000095017021000593 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $90.00M $66.10M
YoY Change 36.16% 64.02%
Cost Of Revenue $54.30M $39.10M
YoY Change 38.87% 68.53%
Gross Profit $35.70M $27.00M
YoY Change 32.22% 57.89%
Gross Profit Margin 39.67% 40.85%
Selling, General & Admin $24.60M $20.70M
YoY Change 18.84% 107.0%
% of Gross Profit 68.91% 76.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.70M $7.900M
YoY Change 35.44% 68.09%
% of Gross Profit 29.97% 29.26%
Operating Expenses $24.60M $20.70M
YoY Change 18.84% 107.0%
Operating Profit $1.100M -$2.100M
YoY Change -152.38% -74.39%
Interest Expense $6.000M $5.500M
YoY Change 9.09% -31.25%
% of Operating Profit 545.45%
Other Income/Expense, Net
YoY Change
Pretax Income -$6.100M -$9.000M
YoY Change -32.22% -39.19%
Income Tax -$900.0K -$500.0K
% Of Pretax Income
Net Earnings -$5.200M -$8.500M
YoY Change -38.82% -46.2%
Net Earnings / Revenue -5.78% -12.86%
Basic Earnings Per Share -$0.07 -$0.08
Diluted Earnings Per Share -$0.07 -$0.12
COMMON SHARES
Basic Shares Outstanding 77.65M 70.95M
Diluted Shares Outstanding 77.65M 70.95M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.3M $22.60M
YoY Change 454.42% 96.52%
Cash & Equivalents $125.3M $22.60M
Short-Term Investments
Other Short-Term Assets $3.400M $2.700M
YoY Change 25.93% -3.57%
Inventory $25.60M $15.60M
Prepaid Expenses
Receivables $40.80M $38.30M
Other Receivables $6.600M $7.000M
Total Short-Term Assets $201.7M $86.20M
YoY Change 133.99% 44.63%
LONG-TERM ASSETS
Property, Plant & Equipment $124.8M $125.4M
YoY Change -0.48% 17.2%
Goodwill $454.9M $448.6M
YoY Change 1.4%
Intangibles $423.3M $444.4M
YoY Change -4.75% -0.83%
Long-Term Investments
YoY Change
Other Assets $9.900M $3.500M
YoY Change 182.86% -2.78%
Total Long-Term Assets $1.021B $1.022B
YoY Change -0.14% -0.09%
TOTAL ASSETS
Total Short-Term Assets $201.7M $86.20M
Total Long-Term Assets $1.021B $1.022B
Total Assets $1.222B $1.108B
YoY Change 10.3% 2.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.20M $22.50M
YoY Change 47.56% 100.89%
Accrued Expenses $18.10M $16.50M
YoY Change 9.7% 60.19%
Deferred Revenue $2.100M $2.000M
YoY Change 5.0% -25.93%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $1.600M
YoY Change -68.75%
Total Short-Term Liabilities $65.70M $43.00M
YoY Change 52.79% 77.69%
LONG-TERM LIABILITIES
Long-Term Debt $408.1M $418.2M
YoY Change -2.42% -20.6%
Other Long-Term Liabilities $900.0K $1.900M
YoY Change -52.63% -34.48%
Total Long-Term Liabilities $409.0M $420.1M
YoY Change -2.64% -20.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.70M $43.00M
Total Long-Term Liabilities $409.0M $420.1M
Total Liabilities $592.9M $594.2M
YoY Change -0.22% -11.54%
SHAREHOLDERS EQUITY
Retained Earnings -$51.40M -$41.20M
YoY Change 24.76% -53.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $629.3M $513.9M
YoY Change
Total Liabilities & Shareholders Equity $1.222B $1.108B
YoY Change 10.3% 2.37%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$5.200M -$8.500M
YoY Change -38.82% -46.2%
Depreciation, Depletion And Amortization $10.70M $7.900M
YoY Change 35.44% 68.09%
Cash From Operating Activities $30.80M $10.70M
YoY Change 187.85% -180.45%
INVESTING ACTIVITIES
Capital Expenditures -$26.80M $8.100M
YoY Change -430.86% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$26.80M -$8.100M
YoY Change 230.86% -98.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 73.20M -300.0K
YoY Change -24500.0% -100.05%
NET CHANGE
Cash From Operating Activities 30.80M 10.70M
Cash From Investing Activities -26.80M -8.100M
Cash From Financing Activities 73.20M -300.0K
Net Change In Cash 77.20M 2.300M
YoY Change 3256.52% -76.53%
FREE CASH FLOW
Cash From Operating Activities $30.80M $10.70M
Capital Expenditures -$26.80M $8.100M
Free Cash Flow $57.60M $2.600M
YoY Change 2115.38% -116.25%

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-5200000
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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2600000
us-gaap Net Income Loss
NetIncomeLoss
1100000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
35900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29600000
us-gaap Amortization Of Financing Costs
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1100000
us-gaap Amortization Of Financing Costs
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700000
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Amortization Of Deferred Hedge Gains
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us-gaap Amortization Of Deferred Hedge Gains
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0
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
2600000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
200000
us-gaap Restricted Stock Expense
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7400000
us-gaap Restricted Stock Expense
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4200000
us-gaap Increase Decrease In Accounts Receivable
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900000
us-gaap Increase Decrease In Accounts Receivable
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9200000
us-gaap Increase Decrease In Inventories
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4800000
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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300000
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7500000
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10200000
us-gaap Increase Decrease In Accrued Liabilities
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800000
us-gaap Increase Decrease In Accrued Liabilities
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2100000
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8300000
us-gaap Increase Decrease In Other Operating Capital Net
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4600000
us-gaap Net Cash Provided By Used In Operating Activities
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30800000
us-gaap Net Cash Provided By Used In Operating Activities
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22300000
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21900000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
15100000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
4300000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
3100000
us-gaap Payments To Acquire Property Plant And Equipment
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26200000
us-gaap Payments To Acquire Property Plant And Equipment
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18200000
us-gaap Payments To Acquire Intangible Assets
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600000
us-gaap Payments To Acquire Intangible Assets
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400000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26800000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18600000
us-gaap Proceeds From Issuance Of Common Stock
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104000000.0
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
20900000
us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
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us-gaap Payments Of Stock Issuance Costs
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600000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
800000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
700000
us-gaap Finance Lease Principal Payments
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300000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0
us-gaap Net Cash Provided By Used In Financing Activities
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73200000
pack Exit Payment
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8200000
pack Exit Payment
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0
CY2020Q4 us-gaap Property Plant And Equipment Gross
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173600000
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
67800000
CY2021Q2 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
70000000.0
CY2021Q2 us-gaap Cash
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70000000.0
CY2021Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
41400000
CY2020Q4 us-gaap Accounts Receivable Gross Current
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39600000
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600000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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500000
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40800000
CY2020Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
39100000
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14100000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
9800000
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
1200000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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InventoryFinishedGoods
11300000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6800000
CY2021Q2 us-gaap Inventory Gross
InventoryGross
26600000
CY2020Q4 us-gaap Inventory Gross
InventoryGross
17100000
CY2021Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1000000.0
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1000000.0
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25600000
CY2020Q4 us-gaap Inventory Net
InventoryNet
16100000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2900000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48500000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19700000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125300000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22600000
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49200000
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124800000
us-gaap Net Cash Provided By Used In Financing Activities
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-700000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-400000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-100000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
76800000
us-gaap Nature Of Operations
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<p id="fs_footnotes" style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Note 1 </span><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">—</span><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> Nature of Operations</span></p><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Ranpak Holdings Corp. (formerly known as One Madison Corporation) is a leading provider of environmentally sustainable, systems-based, product protection solutions for e-Commerce and industrial supply chains. Through proprietary protective packaging systems and paper consumables, the Company offers a full suite of protective packaging solutions. The Company’s business is global, with a strong presence in the United States and Europe. Throughout this report, when we refer to “Ranpak,” the “Company,” “we,” “our,” or “us,” we are referring to Ranpak Holdings Corp. and all of our subsidiaries, except where the context indicates otherwise.</span>
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates </span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">— The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material.</span></p>
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700000000
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InterestRateSwapLiabilityCurrentPortion
4600000
CY2020Q4 pack Interest Rate Swap Liability Current Portion
InterestRateSwapLiabilityCurrentPortion
4600000
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124400000
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10700000
CY2020Q2 us-gaap Depreciation
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7900000
us-gaap Depreciation
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21200000
us-gaap Depreciation
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15400000
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2300000
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2600000
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6600000
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3500000
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3300000
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1200000
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4600000
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1800000
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8200000
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26800000
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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1500000
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1700000
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RightOfUseAssetObtainedInExchangeForLeaseLiabilities
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pack Right Of Use Asset Obtained In Exchange For Lease Liabilities
RightOfUseAssetObtainedInExchangeForLeaseLiabilities
10600000
pack Right Of Use Asset Obtained In Exchange For Lease Liabilities
RightOfUseAssetObtainedInExchangeForLeaseLiabilities
0
CY2021Q2 pack Equipment Purchased Under Capital Leases
EquipmentPurchasedUnderCapitalLeases
0
CY2020Q2 pack Equipment Purchased Under Capital Leases
EquipmentPurchasedUnderCapitalLeases
100000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
30700000
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8200000
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5400000
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us-gaap Interest Paid Net
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4300000
CY2020Q2 us-gaap Income Taxes Paid
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900000
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300000
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100000
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800000
us-gaap Capital Expenditures Incurred But Not Yet Paid
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400000
us-gaap Capital Expenditures Incurred But Not Yet Paid
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2600000
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2
us-gaap Number Of Reportable Segments
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1
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66100000
CY2021Q2 us-gaap Revenues
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90000000.0
us-gaap Revenues
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177700000
us-gaap Revenues
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129500000
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35700000
CY2020Q2 us-gaap Gross Profit
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27000000.0
us-gaap Gross Profit
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72000000.0
us-gaap Gross Profit
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53800000
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24600000
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20700000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43700000
us-gaap Selling General And Administrative Expense
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40300000
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7700000
us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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2400000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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60300000
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317200000
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380400000
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45900000
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334500000
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483600000
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423300000
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486500000
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440600000
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14700000
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29300000
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29300000
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29300000
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28700000
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184300000
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315600000
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7400000
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17900000
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2700000
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7200000
us-gaap Amortization Of Intangible Assets
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14700000
us-gaap Amortization Of Intangible Assets
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14200000
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433200000
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408100000
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10000000.0
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0.10
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DebtCovenantRestrictivePayments
7000000.0
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4600000
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us-gaap Interest Expense
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11700000
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CY2021Q2 pack Lessee Operating Lease And Finance Lease Liability Payments Due Year Four
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CY2021Q2 pack Finance Lease Liability Payments Due After Year Four
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CY2021Q2 pack Lessee Operating Lease And Finance Lease Liability Payments Due After Year Four
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CY2021Q2 pack Right Of Use Asset Obtained In Exchange Lease Liability
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pack Operating Cash Flows From Finance Leases
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200000
pack Financing Cash Flows From Finance Leases
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us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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5500000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
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CY2021Q2 pack Incremental Common Shares Attributable To Earnout Shares
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CY2020Q2 pack Incremental Common Shares Attributable To Earnout Shares
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CY2021Q2 us-gaap Common Stock Shares Authorized
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CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q2 us-gaap Common Stock Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021Q2 pack Dilutive Effect Of Shares Omitted From Calculation Of Diluted Weighted Average Shares Outstanding And Diluted Earnings Per Share
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400000
CY2020Q2 pack Dilutive Effect Of Shares Omitted From Calculation Of Diluted Weighted Average Shares Outstanding And Diluted Earnings Per Share
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pack Incremental Common Shares Attributable To Earnout Shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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