Ranpak Holdings Corp.

Hello and welcome to the RANPAC Q3 2021 earnings call. Please note that all lines are on mute until the Q&A session. If you do wish to ask a question during that session, it starts followed by one on your telephone keypad. I'll hand over to Sarah Horvat to begin today's presentation.

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 Securities Litigation 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 Form 10-K and our other filings filed with 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 actual results to differ materially from these statements. LAMPAC assumes no obligation and does not intend to update any such forward-looking statements. We 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 FDC 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 have included reconciliations to the comparable GAAP information. please refer to the table and slide presentation accompanying today's earnings release. Lastly, we'll be filing with the SEC our 10-Q for the three-month ending, September 30, 2021. The 10-Q 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 third quarter results and they will provide some additional detail before opening up the call for questions. With that, I'll turn the call over to Omar.

Thank you, Sarah, and good morning, everyone. I appreciate you all joining us this morning. RAMPAC continued the momentum of our strong first half of 2021 by delivering another quarter of outstanding results. Our strong performance was driven by our employee base around the globe, dedicating their efforts to drive growth and improvements in the business. The focus, dedication, and most importantly, the effort has been tremendous, and I could not be more proud of the team. In particular, I'd like to recognize the supply chain team for their contributions over the past few months as we navigate a complex and dynamic supply chain environment. At the same time, our business development team has helped us add meaningful capabilities to our complex through our M&A and investment efforts. Demand for our products remains robust as companies across the globe are looking to make their fulfillment processes more efficient, more reliable, and more environmentally friendly. Our teams have done an excellent job to position us well to meet this increased demand. We continue to expect a record year at RAMPAC, meaningfully surpassing our original guidance and entering 2022 well positioned to achieve our longer-term growth objectives. Our diversified portfolio once again delivered balanced results with all product lines up meaningfully year over year and all regions displaying double-digit top-line growth. We also have a number of initiatives in process currently that we believe will position RAMPAC for success over the next few years. Our profitability was up meaningfully in the quarter as the teams have been working extremely hard to address headwinds from the inflation affecting so many input costs, such as commodities and transportation, as well as scarcity of labor. Although we are not completely immune from these market challenges, our teams have been diligent throughout the year in their pursuit to insulate us as much as possible from the impact of supply chain disruptions occurring globally. Our investments in working capital earlier this year have helped us navigate this environment well and enabled us to continue to meet customer needs for our paper and equipment. Our pricing actions to date have helped maintain our best-in-class margin profile while also positioning us to increase penetration. This environment continues to be fluid, so we will continue to be proactive about managing our P&L and addressing areas of continued input cost pressure. In general, given the rise in input costs globally, whether it is materials, freight, or labor, we believe this is an environment that should drive further demand for our solutions as we provide our end users with the ability to have faster throughput, reduce labor, optimize dunnage, and reduce package size. In our last earnings call, we announced our strategic investment in Pickle Robots. As a reminder, Pickle has developed a low-cost collaborative package handling robot that automates several key tasks along the e-commerce supply chain. We believe their offering is a great complement to RAMPAC's portfolio of automated solutions. In this quarter, RAMPAC made an additional strategic investment, this time in the area of material science. We have invested in an emerging German company called Creapaper, which uses a patented process to produce grass pap, a raw material required for producing grass paper. Grass paper is exciting because it is renewable and helps reduce CO2 emissions across the global paper and packaging industry. Grass paper reduces the use of wood pulp and meaningfully reduces water consumption. In our view, CREA Paper's grass paper products, which currently include hygienic papers, food and carrying bags, and single-use plastic replacements, are poised for expansion across the globe and complement Rampax core products quite well. Turning the discussion now to third quarter highlights, I'm extremely pleased with the performance of the quarter as we achieved solid growth in old regions and product lines compared to prior year. For the quarter, consolidated net revenue on a constant currency basis increased 25.6% to $95.6 million driven by robust demand for old product lines. North America continued its solid growth trajectory for the year, with an increase in net revenue of 12% for the quarter, driven by cushioning and wrapping. Activity levels across all applications remain strong as we continue to expand our relationships with 3PLs and achieving closes related to toys, retail, health and beauty. We continue to gain traction with our post-consumer paper offering, helping us replace air pillows at a number of retail and consumer brands. Europe and Asia Pacific led the way this quarter in terms of growth. On a constant currency basis, for the quarter, net revenue in Europe and Asia Pacific was up approximately 36.2% as all product lines delivered meaningful growth. We had strong close activity across a variety of end markets in the quarter, with sustainability and e-commerce continuing to be key drivers of performance in the region. Retail and industrial were particular areas of strength in the quarter, resulting in void fill and cushioning, seeing substantial new close activity. Adjusted EBITDA and constant currency terms increased 20.3% year over year due to increased sales, offset slightly by increased operating costs and G&A as we manage inflationary headwinds and increased headcount dedicated to our growth initiatives. Overall, I'm very pleased with our results. and believe they reflect the balance we are trying to achieve as a company between growth and maintaining profitability. We're investing in additional production capacity across the globe, as well as growth initiatives to fuel RAMPAC over the next number of years with the goal of creating incremental shareholder value. We believe RAMPAC has the ability to grow meaningfully through new product innovation, expansion into under-penetrated geographies, and by expanding our offering. With that, let me turn the call over to Bill, who will give you further details related to the quarter.