Ranpak Holdings Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ranpak Holdings Corp. has filed its 2023 10-K report, detailing financial instruments, debt, and compensation.</b>

AI Summary

Ranpak Holdings Corp. (PACK) filed a Annual Report (10-K) with the SEC on March 14, 2024. Ranpak Holdings Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes details on financial instruments such as interest rate swaps and cross-currency interest rate contracts. Information regarding debt facilities, including the First Lien Term Facility and revolving credit facilities, is presented. The report references various accounting standards updates, including ASU 2016-02 and ASU 2014-09. Executive compensation details and stock-based compensation plans like Director Stock Units and Employee Stock Options are mentioned.

Why It Matters

For investors and stakeholders tracking Ranpak Holdings Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ranpak's financial health and operational structure for the fiscal year 2023, crucial for investors assessing performance and future outlook. The detailed information on financial instruments and debt facilities offers insights into the company's risk management strategies and its leverage position.

Risk Assessment

Risk Level: medium — Ranpak Holdings Corp. shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but the complexity of financial instruments and debt structures introduces inherent risks that require careful analysis.

Analyst Insight

Investors should review the detailed financial statements and risk factor sections to understand the implications of the company's debt and hedging strategies.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-14 — Filing Date (Date of submission)
• 001-38348 — SEC File Number (SEC registration number)
• 2670 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Ranpak Holdings Corp. (company) — Filer name
• PACK (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• 0000950170-24-031390 (other) — Accession number
• 7990 Auburn Road, Concord Township, OH 44077 (address) — Business address
• One Madison Corp (company) — Former company name
• 2017-07-20 (date) — Date of name change

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health over the past year.)

Interest Rate Swap

A derivative contract whereby two parties exchange interest rate streams, one with a fixed interest rate and the other with a variable interest rate. (Indicates the company's strategy to manage interest rate risk.)

First Lien Term Facility

A type of secured loan that has priority over other loans in the event of bankruptcy or liquidation. (Provides insight into the company's debt structure and its most senior debt obligations.)

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share PACK New York Stock Excha
• $4.52 — he registrant's Class A common stock of $4.52 per share as reported on the New York S
• $336.3 million — . In 2023, we generated net revenue of $336.3 million. Our revenues are geographically divers
• $133.9 million — 2023. Our Void-Fill products generated $133.9 million in revenue in 2023, accounting for 39.8
• $145.8 million — 2023. Our Cushioning products generated $145.8 million in revenue in 2023 and accounted for 43
• $36.0 million — , 2023. Our Wrapping products generated $36.0 million in revenue in 2023, which accounted for

Filing Documents

• pack-20231231.htm (10-K) — 3403KB
• pack-ex4_2.htm (EX-4.2) — 20KB
• pack-ex21_1.htm (EX-21.1) — 16KB
• pack-ex23_1.htm (EX-23.1) — 3KB
• pack-ex23_2.htm (EX-23.2) — 2KB
• pack-ex31_1.htm (EX-31.1) — 16KB
• pack-ex31_2.htm (EX-31.2) — 16KB
• pack-ex32.htm (EX-32) — 14KB
• img2839282_0.jpg (GRAPHIC) — 92KB
• 0000950170-24-031390.txt (&nbsp;) — 15749KB
• pack-20231231.xsd (EX-101.SCH) — 2306KB
• pack-20231231_htm.xml (XML) — 3159KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 26 Item 1C Cybersecurity 26 Item 2

Properties

Properties 27 Item 3

Legal Proceedings

Legal Proceedings 27 Item 4 Mine Safety Disclosures 27 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6 Reserved 29 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A

Controls and Procedures

Controls and Procedures 73 Item 9B Other Information 79 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 Part III Item 10 Directors, Executive Officers, and Corporate Governance 79 Item 11

Executive Compensation

Executive Compensation 79 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13 Certain Relationships and Related Transactions, and Director Independence 79 Item 14 Principal Accounting Fees and Services 79 Part IV Item 15 Exhibits and Financial Statement Schedules 79 Item 16 Form 10-K Summary 80

Signatures

Signatures 83 Throughout this Report, when referring to "Ranpak," the "Company," "we," "our," or "us," we are referring to Ranpak Holdings Corp. and all of our subsidiaries, except where the context indicates otherwise. Unless otherwise noted, references to a particular year are to our fiscal year, which corresponds to the calendar year ended or ending on December 31 of the same year. For example, a reference to "2023" is a reference to the year ended December 31, 2023. Cautionary Notice Regarding Forward-Looking Statements All statements other than statements of historical fact included in this Annual Report on Form 10-K ("Report"), including, without limitation, statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. When used in this Report, words such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions, as they relate to us or our management, identify forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission ("SEC") filings. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. No assurance can be given that results in any forward-looking statement will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. The cautionary statements made in this Report should be read as being applicable to all forward-looking statements whenever they appear in this Report. For these statements, we claim the protection of the safe harbor for forward-looking statements con

BUSINESS

ITEM 1. BUSINESS Our Business Ranpak is a leading provider of environmentally sustainable, systems-based, product protection and end-of-line automation solutions for e-commerce and industrial supply chains. Since our inception in 1972, we have delivered high quality protective packaging solutions, while maintaining our commitment to environmental sustainability. We differentiate ourselves by our: Distinct Business Model . Our paper-based Protective Packaging Solutions ("PPS") business utilizes a razor/razor-blade model where our proprietary PPS systems are provided to our distributors and certain select end-users for a nominal user fee, charged on a per-unit basis, and are coupled with the sale of high-margin value-added paper consumables that work exclusively with our PPS systems. Use of other suppliers' paper on our PPS systems increases the likelihood of negative operating consequences, such as jamming, ineffective yield, and/or other performance deficiencies. We retain ownership of most of our PPS systems. This business model is designed to generate attractive margins that are recurring in nature through the sale of our paper consumables. Our business is global, with a strong presence in the U.S. and Europe along with an expanding footprint in Asia. End-users rely on our paper consumables for use exclusively with our installed base of systems. Environmentally Sustainable Product Portfolio . Our paper packaging materials are fiber-based, biodegradable, renewable, and curb-side recyclable to customers. Our paper packaging materials contain little or no plastic or other resin-based inputs. Additionally, a majority of our paper packaging materials are manufactured from entirely or partially recycled content. We believe that preference for environmentally sustainable packaging solutions will be a key driver of growth moving forward, particularly to the extent plastics and other resin-based solutions come under increasing public scrutiny. Attractive Financ

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View this 10-K filing on SEC EDGAR