Pactiv Evergreen Inc.

Good morning, and welcome to the Pactive Evergreen Second Quarter 2022 Earnings Conference Call. All participants will be in a 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 withdraw your question, please press star, then two. Please note this event is being recorded today. I would now like to turn the conference over to Deval Patel. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for your interest in Pact of Evergreen, and welcome to our second quarter 2022 earnings call. With me on the call today, we have Michael Caine, Chief Executive Officer, and John Back, Chief Financial Officer. 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 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 maturely 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 a more detailed discussion of 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 the results prepared in accordance with GAAP Any reconciliation to the most directly comparable gap 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 Pactive Evergreen's CEO, Michael King. Mike?

Thanks, Davil. Good morning, everyone, and welcome. Yesterday after the market closed, Pactive Evergreen released its second quarter 2022 results. I'm pleased to report that we had yet another strong quarter as the team continues to focus on and deliver improving business results. Revenues continue to benefit from pricing due to lagged raw material cost pass-throughs, while adjusted EBITDA benefited from the pricing net of higher costs, as well as the benefit from the Faber-Cal acquisition. We continue to make steady progress across the organization over the past few quarters. While COVID is still something we track, It's not impacting our business as significantly as it has in the past. The labor gap that we had highlighted last year and previously this year has narrowed considerably thanks to the strong efforts across the organization. Finally, our profitability is improving versus last year's depressed levels. All of this is possible because throughout the organization, we continue to drive and embrace a culture of excellence and continued improvement. We also saw better cube efficiencies, improved productivity, and an increase in automation across our warehouses. In general, we are seeing more stable operations across all three segments. At the same time, we are seeing higher raw materials and inflation cost, and we intend to take pricing actions where needed to return profitability to normalized levels. We have also delivered on our broader strategic initiatives as the integration of Fabrikal is proceeding ahead of plan And earlier this week, we also announced the close of the sale of our Asia-based business. The sale of the Asian business allows us to focus on our strong North American business while also enhancing our balance sheet. Finally, I'd like to take a moment to welcome John Bocht, our new Chief Financial Officer, to the team. John brings with him extensive financial expertise with prior experience as an investment banker, as well as a CFO dealing with the public markets. We look forward to working with him and for all of you to get to know John. Let me now turn it over to John to walk us through a more detailed review of our financials in the second quarter. John?