Pactiv Evergreen Inc.

Good day and welcome to the Pactive Evergreen Inc. First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To answer your question, please press Start Then 2. Please note this event is being recorded. I would like to turn the conference over to Deval Patel, Head of IR and Strategy. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for your interest in Factor of Evergreen, and welcome to our first quarter 2022 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 informal remarks, I would like to remind everyone that our discussions today will include forward-looking statements and including statements regarding our guidance for 2022. These forward-looking statements are not guarantees of future performance and actual results 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, including our most recent annual report on Form 10-K and our upcoming quarterly report on Form 10-Q for more detailed discussion on these 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 in the appendix to today's presentation. Unless otherwise stated, all figures discussed 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?

Thanks, Davil. Good morning, everyone, and welcome. Yesterday, after the market closed, Pact of Evergreen released its first quarter 2022 results. I'm pleased to report that we have started the year building off the momentum we saw late last year and realized strong year-over-year performance in the quarter. Revenues were up due to strong pricing, while adjusted EBITDA benefited from the strong pricing net of higher cost, as well as the benefit from the Fabrikal acquisition and the benefit from Winter Storm URI and the scheduled cold mill outage, which did not reoccur this year. In general, we are seeing more stability in our mill and converting operations and improved profitability in the business, which is helping us start the year well. It is also helping us to demonstrate our ability to deleverage the business as our LTM net debt to adjusted EBITDA ratio improved from 7.6 times at the end of 2021 to 6.2 at the end of the first quarter and remains on track to be in the low fives by year end, as we stated in the last quarter. Let me now turn it over to Mike Reagan to walk us through some more detailed financials for our first quarter. Mike?