Ranpak Holdings Corp.

Good day and thank you for standing by. Welcome to the RANPAC Q1 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to David Murgill, Chief Financial Sustainability Officer and Secretary. Please go ahead.

Thank you and good morning, everyone. Before we begin, I'd like to remind you that we will discuss forward-looking statements as defined under the Private Security Mitigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K and our other filings of the SEC. Some of the statements and responses to your questions in this conference call may include forward-looking statements that are subject to future events and uncertainties that could cause our action results to differ materially from these statements. Ramp Act assumes no obligation and does not intend to update any such forward-looking statements. You should not place undue reliance on these forward-looking statements, all of which speak to the company only as of today. The earnings release we issued this morning and the presentation for today's call are posted on the investor relations section of our website. A copy of the release has been included in a form 8K that we submitted to the SEC before this call. We will also make a replay of this conference call available via webcast on the company website. For financial information that is presented on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the table and slide presentation accompanying today's earnings release. Lastly, shortly we'll be filing with the SEC our 10Q for the three months ending March 31st, 2021. The 10Q will be available through the SEC or on the investor relations section of our website. With me today I have Omar Asli, our Chairman and CEO, and Bill Drew, our CFO. Omar will summarize our first quarter results and Bill will provide some additional detail before opening up the call for questions. With that, I'll turn the call over to Omar.

Thank you, David. Good morning, everyone. As always, I hope everybody listening in and their families are staying healthy. 2021 is often a very good start for RAMPAC. The first quarter was a record quarter, driven by the continued robust demand for our products in Europe and Asia. Our team coordinated globally to serve our customers in these regions, and I'm incredibly impressed by the way our organization has come together. Once again, I must make a point to recognize, in particular, the hard work and contributions made by the RAMPAC employees who continue to show up every day to our manufacturing and converting facilities across the globe. Without them, we would not be able to place our equipment at a double-digit clip or achieve the outstanding top-line growth we saw in the first quarter. Our end users and customers rely on RAMPAC to keep their businesses running seamlessly and protect their goods, while at the same time signaling to the world that they are focused on the impact their supply chain has on the environment. RAMPAC team members take great pride in fulfilling these obligations and continue to go above and beyond to meet our customers' needs. I could not be more proud of our team. Throughout the pandemic, our utmost priority has been the health and safety of our employees and customers. we remain committed to following the advice of the CDC and other medical professionals around the globe to protect our team and customers. As we enter the vaccination phase, we are committed to helping our team members who choose to get vaccinated to do so with paid time off as needed. Just as COVID had its initial impact on the world at different times, so does the vaccine rollout as certain regions are further along in getting their populations vaccinated. We are monitoring this closely and taking a local and regional approach to expanding the abilities of our employees to ramp up business activity and return to slightly more normal rhythms. Because we put our employees' health and safety first, we're being cautious and will take a measured approach to bringing back groups of employees to the office, first in North America and then elsewhere as vaccination rates improve. As a company, we continue to be laser focused on execution and growing our business. We're implementing our growth strategies by adding technology, hiring talent, and improving our capabilities in key expansion areas. Our new products are gaining a lot of traction in all regions. And our retail rollout, which we paused in the spring of 2020, is off to a great start this year with solid adoption in a number of key retailers, both online and in-store. Our investment in ramp-back automation continues with building our team in North America with a particular focus on artificial intelligence and robotics. We are on offense in all areas of our business. I have previously said on numerous occasions that I believe we are still at the beginning of a sustainability and automation super cycle, and that ramp-back is making the investments needed to position ourselves for long-term success. From an operational and supply chain perspective, We're pleased to continue to report that operations at each of our global facilities continues uninterrupted. Like many other global businesses, we're navigating through longer lead times as ports remain backlogged, and shipping goods via boat, truck, or air has become more expensive. We're taking the necessary steps in our business to ensure we are meeting the needs of our customers and getting products to them when they need them. Commodity prices within protective packaging, whether resin or paper, have increased to start the year. So we are working with our suppliers as well as customers to ensure we are all being good partners in light of the current macro environment. Fortunately, the cost of competitive substrates like resin-based plastics has increased significantly. So overall, we are pleased with our competitive positioning and feel this is an environment where paper solutions are very attractive. While the near-term environment may be more volatile, I remain very constructive on our outlook and ability to grow our business. I am happy with the strong results of the first quarter as the team continued to execute and advance key ramp-back initiatives. For the quarter, consolidated net revenue on a constant currency basis increased 31.2% to $85 million, driven by robust demand for all protective packaging products as e-commerce has remained elevated and we have seen improvements in industrial activity globally. North America returned to growth as net revenue increased 3.7% year over year, with rafting leading the way. We continue to see strong adoption and trial activity of our newer products, as well as increased focus by end users of sustainability and automation offerings. Our enhanced commercial capabilities are getting traction in North America, And with the level of trial activity we have seen to start the year and the increased focus on environmentally friendly solutions, we feel that North America is very well positioned. I believe just like we did in Europe, North America will follow suit and we expect it to deliver meaningful growth for the rest of this year. Performance in Europe continues to be extremely strong with all applications up meaningfully year over year. Continuous e-commerce growth across almost all territories drove Voigtville performance with specific strength seen in the northern region of Europe, and in particular, the UK. We saw a continued rebound of industrial activity with the automotive and general manufacturing sectors in Germany, France, and Eastern Europe picking up momentum in the quarter. Wrapping continues to penetrate further in the region as our GEOMI products get solid traction in retail and ship from store. In Europe, sustainability is often highlighted by our end users as the reason for the switch from plastic-based, in-the-box packaging to paper applications. While we are extremely pleased with the sustainability tailwinds, we at GrandPak are always focused on delivering the top solution in the marketplace. We like to demonstrate to our customers how well we compete on speed, reliability, and cost, and rely on the sustainability of our products as the icing on the cake. In Asia Pacific, we had a very strong performance across the board, indicating a recovery in industrial and electronic market segments along the continued strength in e-commerce. Within the region, higher labor cost areas such as Australia, Japan, and South Korea took the lead in driving growth. In particular, Australia is experiencing significant growth driven by the switch to sustainable solutions and further development of e-commerce. Overall, we're very pleased with the level of activity in the region. We feel great about our ability to further penetrate the region as trial activity is robust and we have signed new distribution partners in Australia, Indonesia, and South Korea to help us expand our presence. In constant currency terms, adjusted EBITDA of $28 million was up 55% year over year due to higher sales volumes, relatively steady input costs, and greater operating leverage compared to last year. Those are the high-level points on our excellent start to the year. In summary, we continued our focus on safety of our employees, responded to strong demand, and continued to invest in future growth opportunities. With that, let me turn the call over to Bill, who will give you further details related to the quarter.