$PKG
PACKAGING CORP OF AMERICA

2022 Q4 Form 10-Q Financial Statement

#000095017022021648 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.978B $2.126B $2.000B
YoY Change -3.17% 6.29% 18.09%
Cost Of Revenue $1.528B $1.608B $1.489B
YoY Change -0.34% 7.93% 10.47%
Gross Profit $450.3M $518.4M $510.7M
YoY Change -11.69% 1.51% 47.86%
Gross Profit Margin 22.76% 24.38% 25.53%
Selling, General & Admin $145.6M $145.2M $144.5M
YoY Change 3.19% 0.48% 13.69%
% of Gross Profit 32.33% 28.01% 28.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $118.8M $103.2M $95.50M
YoY Change 11.65% 8.06% 6.58%
% of Gross Profit 26.38% 19.91% 18.7%
Operating Expenses $162.2M $158.1M $144.5M
YoY Change 13.43% 9.41% 13.69%
Operating Profit $288.1M $360.3M $352.8M
YoY Change -21.48% 2.13% 68.4%
Interest Expense -$15.10M -$16.50M -$23.90M
YoY Change -30.73% -30.96% -2.05%
% of Operating Profit -5.24% -4.58% -6.77%
Other Income/Expense, Net $3.600M $3.600M $5.000M
YoY Change -26.53% -28.0% 733.33%
Pretax Income $276.6M $347.4M $333.9M
YoY Change -1.36% 4.04% 79.81%
Income Tax $64.90M $84.90M $83.20M
% Of Pretax Income 23.46% 24.44% 24.92%
Net Earnings $210.1M $262.5M $250.7M
YoY Change -2.96% 4.71% 80.23%
Net Earnings / Revenue 10.62% 12.35% 12.53%
Basic Earnings Per Share $2.81 $2.64
Diluted Earnings Per Share $2.311M $2.817M $2.63
COMMON SHARES
Basic Shares Outstanding 92.53M 93.74M 94.30M
Diluted Shares Outstanding 93.20M 94.70M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $405.2M $726.4M $1.791B
YoY Change -42.51% -59.45% 70.54%
Cash & Equivalents $320.0M $648.7M $1.703B
Short-Term Investments $85.20M $77.70M $88.30M
Other Short-Term Assets $58.30M $67.30M $55.40M
YoY Change 24.04% 21.48% 8.2%
Inventory $977.3M $994.9M $880.1M
Prepaid Expenses
Receivables $1.032B $1.113B $1.067B
Other Receivables $35.70M $6.100M $11.40M
Total Short-Term Assets $2.508B $2.908B $3.805B
YoY Change -8.21% -23.58% 38.67%
LONG-TERM ASSETS
Property, Plant & Equipment $3.900B $3.813B $3.361B
YoY Change 10.51% 13.46% 7.34%
Goodwill $922.4M $922.4M $863.5M
YoY Change -0.12% 6.82% 0.0%
Intangibles
YoY Change
Long-Term Investments $64.90M $67.10M $57.80M
YoY Change 8.17% 16.09% 27.88%
Other Assets $42.00M $70.00M $45.80M
YoY Change -6.46% 52.84% -12.26%
Total Long-Term Assets $5.496B $5.437B $4.826B
YoY Change 7.67% 12.66% 4.26%
TOTAL ASSETS
Total Short-Term Assets $2.508B $2.908B $3.805B
Total Long-Term Assets $5.496B $5.437B $4.826B
Total Assets $8.004B $8.344B $8.631B
YoY Change 2.13% -3.32% 17.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $410.4M $485.3M $499.1M
YoY Change -9.28% -2.76% 41.75%
Accrued Expenses $263.7M $259.5M $252.5M
YoY Change 3.41% 2.77% 9.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.900M $1.800M $698.1M
YoY Change 11.76% -99.74% 43531.25%
Total Short-Term Liabilities $875.5M $963.4M $1.644B
YoY Change -1.05% -41.41% 112.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.474B $2.473B $2.471B
YoY Change 0.08% 0.08% -0.31%
Other Long-Term Liabilities $57.40M $61.10M $57.40M
YoY Change -1.03% 6.45% -6.97%
Total Long-Term Liabilities $3.461B $3.410B $3.378B
YoY Change 3.48% 0.94% -0.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $875.5M $963.4M $1.644B
Total Long-Term Liabilities $3.461B $3.410B $3.378B
Total Liabilities $4.337B $4.373B $5.023B
YoY Change 2.53% -12.93% 20.52%
SHAREHOLDERS EQUITY
Retained Earnings $3.187B $3.444B $3.163B
YoY Change 2.73% 8.88% 12.69%
Common Stock $582.7M $601.5M $582.3M
YoY Change 0.41% 3.3% 5.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.667B $3.971B $3.608B
YoY Change
Total Liabilities & Shareholders Equity $8.004B $8.344B $8.631B
YoY Change 2.13% -3.32% 17.07%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $210.1M $262.5M $250.7M
YoY Change -2.96% 4.71% 80.23%
Depreciation, Depletion And Amortization $118.8M $103.2M $95.50M
YoY Change 11.65% 8.06% 6.58%
Cash From Operating Activities $420.1M $430.6M $283.6M
YoY Change 7.52% 51.83% -4.9%
INVESTING ACTIVITIES
Capital Expenditures $247.5M -$182.8M -$149.9M
YoY Change -203.6% 21.95% 44.97%
Acquisitions
YoY Change
Other Investing Activities -$4.300M -$1.000M $5.100M
YoY Change -97.74% -119.61% -121.52%
Cash From Investing Activities -$251.8M -$183.8M -$144.8M
YoY Change -41.36% 26.93% 13.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -497.0M -265.4M 591.9M
YoY Change -52.46% -144.84% -886.06%
NET CHANGE
Cash From Operating Activities 420.1M 430.6M 283.6M
Cash From Investing Activities -251.8M -183.8M -144.8M
Cash From Financing Activities -497.0M -265.4M 591.9M
Net Change In Cash -328.7M -18.60M 730.7M
YoY Change -69.68% -102.55% 662.73%
FREE CASH FLOW
Cash From Operating Activities $420.1M $430.6M $283.6M
Capital Expenditures $247.5M -$182.8M -$149.9M
Free Cash Flow $172.6M $613.4M $433.5M
YoY Change -72.59% 41.5% 7.94%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Nature of Operations and Basis of Presentation</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on </span><span style="font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">January 25, 1999</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation ("Pactiv"), formerly known as Tenneco Packaging, Inc. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois and we operate primarily in the United States.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We report our business in </span><span style="font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of containerboard and corrugated packaging products. The Paper segment manufactures and sells a range of communication-based papers. Corporate and Other includes support staff services and related assets and liabilities, transportation assets, and activity related to other ancillary support operations. For more information about our segments, see Note 19, Segment Information.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Our Jackson, Alabama mill had historically operated as an uncoated freesheet ("UFS") paper mill, with its results of operations reported in our Paper segment. During the fourth quarter of 2020, in order to meet strong packaging demand and maintain appropriate inventory levels, we temporarily began producing linerboard on the No. 3 machine at our Jackson, Alabama mill. In the first quarter of 2021, we announced the discontinuation of production of UFS paper grades on the machine and the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. In the third quarter of 2021, we began producing corrugating medium on the No. 1 machine at the Jackson mill (which had produced UFS paper in the past) to help satisfy our demand for containerboard, build necessary inventories, and evaluate the capability of the machine to produce containerboard on a cost-effective basis. For the periods presented in this Form 10-Q, operating results for the Jackson mill are included in both the Packaging and Paper segments, as appropriate.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The consolidated financial statements of PCA as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.</span></p>
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