Company Quick10K Filing
One Madison
Price8.15 EPS-0
Shares71 P/E-29
MCap577 P/FCF-22
Net Debt408 EBIT11
TEV986 TEV/EBIT89
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-K 2019-12-31 Filed 2020-03-17
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-13
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-29
S-1 2017-10-13 Public Filing
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-28
8-K 2020-03-05
8-K 2020-03-03
8-K 2020-02-14
8-K 2019-12-13
8-K 2019-12-12
8-K 2019-12-11
8-K 2019-11-07
8-K 2019-11-05
8-K 2019-09-16
8-K 2019-08-09
8-K 2019-07-29
8-K 2019-07-22
8-K 2019-06-27
8-K 2019-06-03
8-K 2019-05-30
8-K 2019-05-30
8-K 2019-05-28
8-K 2019-05-15
8-K 2019-05-13
8-K 2019-05-01
8-K 2019-04-23
8-K 2019-04-07
8-K 2019-03-27
8-K 2019-03-05
8-K 2019-02-21
8-K 2019-01-29
8-K 2018-12-13
8-K 2018-12-13
8-K 2018-09-13
8-K 2018-05-18
8-K 2018-02-21
8-K 2018-01-22
8-K 2018-01-22

OMAD 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Nature of Operations
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
Note 3 - Supplemental Balance Sheet Data and Cash Flow Information
Note 4 - Segment and Geographic Information
Note 5 - Revenue Recognition, Contracts with Customers
Note 6 - Goodwill, Long - Lived and Intangible Assets, Net
Note 7 - Acquisition
Note 8 - Long - Term Debt
Note 9 - Derivative Instruments
Note 10 - Accumulated Other Comprehensive Income (Loss)
Note 11 - Fair Value Measurement
Note 12 - Income Taxes
Note 13 - Commitments and Contingencies
Note 14 - Stock - Based Compensation
Note 15 - Shareholders' Equity
Note 16 - Earnings (Loss) per Share
Note 17 - Transactions with Related Parties
Note 18 - Restatement of Previously Issued Unaudited Condensed Consolidated Interim Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 ranpakq220ex101.htm
EX-31.1 ranpakq220ex311.htm
EX-31.2 ranpakq220ex312.htm
EX-32 ranpakq220ex32.htm

One Madison Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02018201920202021
Assets, Equity
0.20.10.10.0-0.0-0.12018201920202021
Rev, G Profit, Net Income
0.70.40.0-0.3-0.7-1.02018201920202021
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) 
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended June 30, 2020
or
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number 001-38348

RANPAK HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware98-1377160
(State or other jurisdiction of 
incorporation or organization)
(I.R.S. Employer
Identification Number)
 
7990 Auburn Road
Concord Township, Ohio 44077
(Address of principal executive offices) (Zip Code)
(440) 354-4445
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and formal fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Ordinary Shares, par value $0.0001 per sharePACKNew York Stock Exchange
Warrants, each whole warrant exercisable for one Class APACKWSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of July 28, 2020, the registrant had 64,566,543 of its Class A common shares, $0.0001 par value per share, outstanding (which includes 6,116,453 Class A common shares that are subject to an earn-out provision as described in Part 1, Item 1 of this report) and 6,511,293 of its Class C common shares, $0.0001 par value per share, outstanding, of which 731,383 Class C common shares are subject to an earn-out.



RANPAK HOLDINGS CORP.
FORM 10-Q
FOR THE PERIOD ENDED JUNE 30, 2020
 
TABLE OF CONTENTS
 
Page



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Index to Unaudited Condensed Consolidated Financial Statements
RANPAK HOLDINGS CORP.
1

RANPAK HOLDINGS CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(in millions, except share and per share data)
SuccessorPredecessor
Three Months Ended June 30,Six Months Ended June 30,June 3, 2019April 1, 2019January 1, 2019
20202020– June 30, 2019– June 2, 2019– June 2, 2019
Paper revenue$52.9  $106.3  $15.7  $33.5  $88.8  
Machine lease revenue9.4  17.9  2.5  5.4  14.4  
Other revenue3.8  5.3  (1.9) 1.4  3.2  
Net revenue66.1  129.5  16.3  40.3  106.4  
Cost of goods sold39.1  75.7  13.0  23.2  61.2  
Gross profit27.0  53.8  3.3  17.1  45.2  
Selling, general and administrative expenses20.7  40.3  4.9  10.0  23.8  
Transaction costs    0.3  7.0  7.4  
Depreciation and amortization expense7.7  15.2  3.0  7.1  17.7  
Other operating expense, net0.7  1.0  0.2  1.2  2.2  
Loss from operations(2.1) (2.7) (5.1) (8.2) (5.9) 
Interest expense5.5  11.7  8.0  12.1  20.2  
Foreign currency (gain) loss1.4  (0.1) 1.7  (0.2) (2.2) 
Loss before income tax expense(9.0) (14.3) (14.8) (20.1) (23.9) 
Income tax benefit(0.5) (2.2) (2.4) (4.3) (4.9) 
Net loss(8.5) (12.1) (12.4) (15.8) (19.0) 
Loss per share ―  ―  ― $(15,807.96) $(19,195.40) 
Weighted average number of shares outstanding ―  ―  ― 995  995  
Two-class method
Earnings per share
Basic$(0.12) $(0.17) $(0.23)  ―  ―
Diluted$(0.12) $(0.17) $(0.23)  ―  ―
Weighted average number of shares outstanding - Class A and C
Basic70,947,868  70,898,813  53,868,925   ―  ―
Diluted70,947,868  70,898,813  53,868,925   ―  ―
Other comprehensive income (loss), before tax
Foreign currency translation adjustments$3.5  $(0.5) $4.8  $(0.6) $(4.0) 
Interest rate swap adjustments(1.6) (11.7)       
Total other comprehensive income (loss), before tax1.9  (12.2) 4.8  (0.6) (4.0) 
Provision (benefit) for income taxes related to other comprehensive income (loss)0.1  (2.2)       
Comprehensive loss, net of tax$(6.7) $(22.1) $(7.6) $(16.4) $(23.0) 
__________
See notes to unaudited condensed consolidated financial statements.

2

RANPAK HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
June 30, 2020December 31, 2019
 (unaudited)
Assets
Current assets
Cash and cash equivalents$22.6  $19.7  
Accounts receivable, net38.3  36.1  
Inventories, net15.6  11.6  
Income tax receivable7.0  1.5  
Prepaid expenses and other current assets2.7  2.5  
Total current assets86.2  71.4  
Property, plant and equipment, net125.4  122.5  
Goodwill448.6  448.8  
Intangible assets, net444.4  458.6  
Other assets3.5  3.1  
Total assets$1,108.1  $1,104.4  
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable$22.5  $12.3  
Accrued liabilities and other16.9  15.5  
Current portion of long-term debt1.6  1.6  
Deferred machine fee revenue2.0  2.5  
Total current liabilities43.0  31.9  
Long-term debt418.2  418.8  
Deferred tax liabilities114.7  115.0  
Derivative instruments16.4  4.6  
Other liabilities1.9  2.3  
Total liabilities594.2  572.6  
Commitments and contingencies – Note 13
Shareholders' equity
Class A common stock, $0.0001 par, 200,000,000 shares
authorized at June 30, 2020 and December 31, 2019
Shares issued and outstanding: 64,556,459 and 64,293,741
at June 30, 2020 and December 31, 2019, respectively    
Class C common stock, $0.0001 par, 200,000,000 shares
authorized at June 30, 2020 and December 31, 2019
Shares issued and outstanding: 6,511,293 at June 30, 2020
and December 31, 2019    
Additional paid-in capital561.7  557.5  
Accumulated deficit(41.2) (29.1) 
Accumulated other comprehensive income (loss)(6.6) 3.4  
Total shareholders' equity513.9  531.8  
Total liabilities and shareholders' equity$1,108.1  $1,104.4  
__________
See notes to unaudited condensed consolidated financial statements.
3

RANPAK HOLDINGS CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(in millions, except share data)
Ordinary SharesCommon Stock
Class AClass BClass AClass C
SharesAmountSharesAmountSharesAmountSharesAmountAdditional Paid-In CapitalAccumulated Earnings (Deficit)Accumulated Other Comprehensive Income (Loss)Total
Successor
Balance at June 3, 20192,770,967  $—  11,250,000  $—  —  $—  —  $—  $16.9  $(11.9) $—  $5.0  
Forward purchase shares15,000,000  —  —  —  —  —  —  —  —  —  —    
Additional shares purchased16,149,317  —  —  —  —  —  —  —  —  —  —    
Conversion of forward purchase and additional shares(31,149,317) —  —  —  25,454,282  —  5,695,035  —  267.0  —  —  267.0  
Shares canceled—  —  (3,854,664) —  —  —  —  —  (33.0) —  —  (33.0) 
Convert Class B—  —  (7,395,336) —  6,663,953  —  731,383  —  63.4  —  —  63.4  
Convert public shares—  —  —  —  14,581,346  —  —  —  125.0  —  —  125.0  
Convert private placement warrants—  —  —  —  658,051  —  84,875  —  6.4  —  —  6.4  
Public shares redeemed(2,770,967) —  —  —  —  —  —  —  —  —  —    
Amortization of restricted stock units—  —  —  —  —  —  —  —  0.2  —  —  0.2  
Other—  —  —  —  —  —  —  —  (2.6) —  —  (2.6) 
Net loss—  —  —  —  —  —  —  —  —  (12.4) —  (12.4) 
Other comprehensive income—  —  —  —  —  —  —  —  —  —  2.3  2.3  
Balance at June 30, 2019—  $—  —  $—  47,357,632  $—