Pactiv Evergreen Inc.

Good morning, and welcome to Pactive Evergreen third quarter 2022 earnings conference call. All participants will be in the listen-only mode. Should you need assistance, please signal a conference specialist by pressing star 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. I would now like to turn the conference over to Mr. Dhawal Patel. Please go ahead.

Thank you, Operator, and good morning, everyone. Thank you for your interest in Pact of Evergreen, and welcome to our third quarter 2022 earnings call. With me on the call today, we have Michael King, President, CEO, and John Bausch, CFO. Please visit the events section of the company's investor relations website at www.pactiveevergreen.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 maturely 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 quarterly reports on Form 10-Q, as well as 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 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 substitute for results prepared in accordance with GAAP and 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 Pack of Evergreens President and CEO, Michael King. Mike?

Thank you, Donald. Good morning, everyone, and welcome. Yesterday, after the market closed, Pactive Evergreen released solid third quarter 2022 results, and as a result is raising its 2022 full-year guidance to $760 million to $780 million. Coming off the company's best quarter in its history as a public company, in Q2, we're continuing to show positive momentum and stability on several fronts, including delevering the balance sheet and continuing to enjoy improvements in our operational performance. The company reported revenues of $1.6 billion, a 2% decline versus the prior quarter, and up 15% versus the prior year quarter. Adjusted EBITDA was $187 million for the quarter, a $62 million decline from 2Q 2022 levels, and a $68 million increase from the prior year quarter. Our volume declines are due to a combination of shifting consumer trends, the impact of inflation on consumables, and our continued focus on value over volume as we have improved our ability to service our customers. During the quarter, we completed a number of actions that continue to improve our balance sheet and our net leverage ratio. We closed the sale of our Evergreen Asia business and received gross proceeds of $336 million. We also completed another pension lift out to transfer $656 million of gross plan liabilities. This marked our third successful lift out and we will continue to explore additional opportunities to reduce the liabilities. We are now at a net leverage ratio of 4.5 times versus closing 2021 at approximately 7.6 times. We remain committed to lowering our leverage and reiterate our goal of sub four times net debt to EBITDA. Since last year, we have discussed the challenges of the tight labor markets and the overall lack of availability of labor impacting the industry. This has impacted our business and the ability to service our customers. We have also provided steady progress on our actions to improve the labor situation. Today, we are at target staffing levels in almost every area of the business. Our operations, as indicated by our results, are now stable. We are in a proactive state managing our labor needs in unison with our customer demand. In addition, operationally, The company has seen improvements in our overall equipment effectiveness and production throughput. There have been continued improvement in reliability and production in our paper mills, as well as our converting operations. Finally, we have restored our inventories to target levels and improved our overall service and delivery with our customers to pre-2019 levels. Our customers understand the value we provide and appreciate the strides we have made to support our mutual businesses together. By securing labor and improving our production output, we've been able to partner with our customers to get the needed support through pricing to enable us to favorably navigate the ongoing inflationary environment to a mutual benefit. As you will hear during this call, we are excited about our progress and the business momentum under a strong management team despite the ongoing macroeconomic environment. I am pleased to share we have shifted rapidly from a reactive state to a more proactive state in all segments. This is enabling us to favorably diagnose and proactively navigate the ongoing challenges across our markets. I will now turn it over to John to give you a more detailed overview of our results before my discussion on outlook and closing remarks. John.