Pactiv Evergreen Inc.

Greetings and welcome to Pactive Evergreen's conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Deval Patel, Senior Vice President of Investor Relations and Strategy. Thank you. Mr. Patel, you may begin.

Thank you, Operator, and good morning, everyone. Thank you for your interest in Pact of Evergreen, and welcome to our fourth quarter 2021 earnings call. With me on the call today, we have Michael King, Chief Executive Officer, and Michael Reagan, Chief Financial Officer. Before we begin, please visit the events section of the company's investor relations website at www.pactofevergreen.com and access the company's supplemental earnings presentation. Management's remarks today should be heard in tandem with reviewing this presentation. Before we begin our formal remarks, I would like to remind everyone that our discussions today will include forward-looking statements, including statements regarding our guidance for 2022. These forward-looking statements are not guarantees of future performance, and actual performance could differ materially from those contemplated by our forward-looking statements. Therefore, you should not put undue reliance on those statements. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect We refer all of you to our recent SEC filings and our upcoming annual report on Form 10-K for a more detailed discussion on those risks. The forward-looking statements we make on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements except as required by law. Lastly, during today's call, we will discuss certain GAAP and non-GAAP financial measures which we believe can be useful in evaluating our performance. Our non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP, and a reconciliation to the most directly comparable GAAP measures is available in our earnings release and the appendix to today's presentation. Unless otherwise stated, all figures discussed today during today's call are for continuing operations only. With that, let me turn the call over to Pact of Evergreen CEO, Michael King.

Mike? Thank you, Davil. Good morning, everyone, and welcome. Yesterday after market closed, Pact of Evergreen released its fourth quarter 2021 results. We finished 2021 with momentum across all of our business segments, achieving 30% year-over-year revenue growth in the queue. This included a 23% improvement in price mix due to contractual cost pass-through and pricing actions that partially offset inflationary pressure in materials, conversion, and transportation costs. We were able to deliver a quarterly adjusted EBITDA of $205 million, This is our highest level as a public company. That said, due to the continued labor constraints impacting our industry that worsened in the fourth quarter due to Omicron related absenteeism, our fourth quarter and full year 2021 results remain below the revised full year fiscal 2021 adjusted EBITDA target we provided in September. While these industry challenges will likely continue for several quarters, the company remains committed to strengthening our innovation pipeline increasing productivity, and exceeding our valued customers' expectations. I am proud of our employees, their perseverance, and the sequential progress we've delivered over the past few quarters. We have taken a number of steps to stabilize, strengthen, and better position the company for long term, but our work is not done. I will go through this later in more detail, but first I wanted to turn it over to Mike Reagan to walk us through the financials for the fourth quarter.