$PKG
PACKAGING CORP OF AMERICA

2024 Q3 Form 10-Q Financial Statement

#000095017024093466 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.182B $2.075B
YoY Change 12.73% 6.31%
Cost Of Revenue $1.677B $1.638B
YoY Change 10.1% 8.64%
Gross Profit $505.2M $437.7M
YoY Change 22.41% -1.57%
Gross Profit Margin 23.15% 21.09%
Selling, General & Admin $162.0M $149.5M
YoY Change 12.34% 2.68%
% of Gross Profit 32.07% 34.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $122.7M $118.7M
YoY Change 3.46% -7.19%
% of Gross Profit 24.29% 27.12%
Operating Expenses $178.1M $161.7M
YoY Change 23.51% 8.16%
Operating Profit $327.1M $276.0M
YoY Change 26.49% -6.5%
Interest Expense -$9.700M -$10.40M
YoY Change -21.14% -28.77%
% of Operating Profit -2.97% -3.77%
Other Income/Expense, Net $1.200M $1.100M
YoY Change -166.67% -155.0%
Pretax Income $318.6M $266.7M
YoY Change 30.31% -0.41%
Income Tax $80.50M $67.80M
% Of Pretax Income 25.27% 25.42%
Net Earnings $236.4M $197.5M
YoY Change 29.04% -1.64%
Net Earnings / Revenue 10.83% 9.52%
Basic Earnings Per Share $2.65 $2.22
Diluted Earnings Per Share $2.64 $2.21
COMMON SHARES
Basic Shares Outstanding 89.81M 89.80B
Diluted Shares Outstanding 89.50M 89.50M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $771.6M $1.104B
YoY Change 13.94% 90.74%
Cash & Equivalents $676.6M $613.6M
Short-Term Investments $95.00M $490.8M
Other Short-Term Assets $191.8M $204.5M
YoY Change 195.99% 170.86%
Inventory $1.062B $1.030B
Prepaid Expenses
Receivables $1.216B $1.145B
Other Receivables $0.00 $300.0K
Total Short-Term Assets $3.241B $3.484B
YoY Change 16.88% 30.45%
LONG-TERM ASSETS
Property, Plant & Equipment $3.982B $3.962B
YoY Change 3.08% -5.07%
Goodwill $922.4M $922.4M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $69.70M $68.40M
YoY Change 41.38% 35.18%
Other Assets $76.40M $68.40M
YoY Change 49.8% 65.62%
Total Long-Term Assets $5.512B $5.498B
YoY Change 2.0% 1.15%
TOTAL ASSETS
Total Short-Term Assets $3.241B $3.484B
Total Long-Term Assets $5.512B $5.498B
Total Assets $8.754B $8.982B
YoY Change 7.05% 10.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $459.9M $474.5M
YoY Change 13.3% 29.72%
Accrued Expenses $393.3M $345.6M
YoY Change 60.47% 12.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $399.9M
YoY Change -100.0% 20947.37%
Total Short-Term Liabilities $1.101B $1.432B
YoY Change -13.95% 79.45%
LONG-TERM LIABILITIES
Long-Term Debt $2.474B $2.473B
YoY Change 19.17% -0.45%
Other Long-Term Liabilities $80.40M $79.00M
YoY Change 33.33% -81.93%
Total Long-Term Liabilities $3.390B $3.424B
YoY Change 12.56% 17.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.101B $1.432B
Total Long-Term Liabilities $3.390B $3.424B
Total Liabilities $4.490B $4.856B
YoY Change 4.66% 14.04%
SHAREHOLDERS EQUITY
Retained Earnings $3.669B $3.544B
YoY Change 8.86% 6.15%
Common Stock $661.5M $651.2M
YoY Change 7.84% 7.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.264B $4.127B
YoY Change
Total Liabilities & Shareholders Equity $8.754B $8.982B
YoY Change 7.05% 10.8%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $236.4M $197.5M
YoY Change 29.04% -1.64%
Depreciation, Depletion And Amortization $122.7M $118.7M
YoY Change 3.46% -7.19%
Cash From Operating Activities $327.1M $278.3M
YoY Change -3.65% -22.67%
INVESTING ACTIVITIES
Capital Expenditures $146.9M $245.3M
YoY Change 63.04% 93.15%
Acquisitions
YoY Change
Other Investing Activities $396.2M $2.500M
YoY Change 32916.67% 1150.0%
Cash From Investing Activities $249.3M -$242.8M
YoY Change -380.43% 91.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -513.4M -114.3M
YoY Change 232.3% -7.6%
NET CHANGE
Cash From Operating Activities 327.1M 278.3M
Cash From Investing Activities 249.3M -242.8M
Cash From Financing Activities -513.4M -114.3M
Net Change In Cash 63.00M -78.80M
YoY Change -34.44% -172.03%
FREE CASH FLOW
Cash From Operating Activities $327.1M $278.3M
Capital Expenditures $146.9M $245.3M
Free Cash Flow $180.2M $33.00M
YoY Change -27.75% -85.83%

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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Operations and Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">January 25, 1999</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;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:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">We report our business in </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;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 18, Segment Information.</span><span style="color:#ff0000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The consolidated financial statements of PCA as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 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 six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;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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